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New Construction Does Not Come Without Headaches

New Home Construction

When you think of buying a newly constructed home you expect there will be no problems.  Most often problems are not apparent until you start living in your home.  The county has issued a certificate of occupancy and many new homeowners think this guarantees that everything is in working order and complete.  This couldn’t be further from the truth.

There are 1000’s of complaints homeowners have with their new home from plumbing leaks, electrical issues, roof issues,  flooring issues, mechanical issues and the list goes on.

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Construction defect law is a busy practice area in Florida, given the abundance of new homes, apartment buildings, and condominiums constantly being built.   Who is really building your home?  Builders contract the work out to subcontractors and then subcontractors hire subcontractors themselves.

As your new home construction Realtor I can help you ask the right questions of your builder and make you aware of things to protect yourself during the building process and after the building process.  Help you with choosing the best upgrades for maximizing your investment.

 

 

 

 

 

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Capital Gain Exclusion On The Sale Of A Residence

Capital Gains On Sale Of Home

Florida is where people from all over the United States and other countries come here to purchase a principal residence or second home.  If you currently own a principal residence  in the United States and want to buy a principal home in Florida you will want to consider the time frame you have to sell your current home to take advantage of the capital gain exclusion.  The time period to sell your current principal home is two years from the date of principal ownership to take advantage of the capital gain exclusion.  You can claim only one exclusion every two years.

The capital gain exclusion excludes up to $250,000 gain received on the sale of a principal residence for a single taxpayer and $500,000 for a married couple.  The taxpayer must have owned and lived in the property for two of the past five years from the date of sale. The occupancy does not need to be concurrent.    If you do not meet this test you may be able for partial exclusion consult your accountant.

If your spouse passes away consult your accountant to take full advantage of the $500,000 exclusion.

Consult your accountant for further information on this subject.