1) Many of the closing costs you incur when you purchase a property are deductions on your income taxes. Plus after you purchase the property, all of the real estate taxes and mortgage interest you pay on an annual basis are income tax deductions as well. You will save a lot of money. If it is towards the end of the year and if you can close before the end of the year... you can save on your income taxes for THAT year plus still get the big real estate taxes and mortgage interest deduction the following year. This makes your tax savings more immediate.
2) Conversely, if you close at the beginning of the year, you will be saving a lot of money on that years income taxes because you would have paid 12 months worth of taxes and interest plus the closing costs to write off!
3) If you close in the summer time it may be hard to tell if the heat is working properly.
4) If you want to make sure you are in your new home in tim e for the kids school year to start, you need to be in contract by the end of June as most real estate transactions in Brooklyn take 2-3 months to close.
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783