Home Buyer Tax Credits
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Extended Home Buyer Tax Credits
Home Buyer Tax Credits:
First-time Home Buyer (has not owned a home in the last 3 years) = Up to $8,000.
Long-time Resident (has lived in the same primary home for 5 of the past 8 years) = Up to $6,500.
General Terms to Qualify:
Purchase price of home must be less than $800,000.
Home purchased before May 1, 2010 with closing date before July 1, 2010.
Single income up to $125,000.
Married couple combined income up to $225,000. Both spouses must qualify for the credit. Credit applies if co-signer is needed.
How It Works:
File the proper form with the IRS after you purchase your home.
The IRS will send you the refund check !
Tax Credit does not need to be paid back if you live in the home for three years without selling.
For more information visit: www.federalhousingtaxcredit.com
Opportunity Knocks for Home Buyers
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Unprecedented Window of Opportunity
For those whose homeownership aspirations have been dampened or temporarily derailed by the housing and economic downturn—the people wondering if this is a good time to buy—the answer is simple: Yes. It’s a good time to buy. Today’s market, coupled with a temporary tax credit for first-time home buyers and near-record low mortgage interest rates, provides an unprecedented window of opportunity for prospective home buyers. In fact, there may never be another buyer’s market as good as today’s.
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Tax Benefits: For Home Owners Only
Unique tax benefits that apply only to housing also help lower the cost of homeownership. Both mortgage interest and property taxes are deductible. Moreover, profits of up to $500,000 on the sale of a principal residence (or $250,000 for a single owner) are excluded from tax on capital gains.
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Greener and Better
With high energy costs near the top of consumer concerns, it’s good to know that new homes today are more energy and resource-efficient than ever before. Through the use of new materials and construction techniques, today’s homes are built twice as energy efficient as new homes a generation ago, making them more affordable to own and operate.
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Low Interest Rates
Like inventory and pricing, mortgage interest rates are at favorable levels. And even though lenders are looking more closely at buyers than in recent years, qualified buyers should not have trouble getting financing. For several years, mortgage rates have been near record lows. But rates can, and do, change.
Home Tips
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Add Color Without Painting
There are many ways to put your creativity to use and you guessed it - this method of adding color costs much less than painting!
There are a variety of ways to add color and depth to your decorating without painting. Follow some of these great (and inexpensive tips) to bring more life to your room.
Frame it!
Creating a wall space of unique photos in frames of varying size. To do so, use a large piece of craft paper laid out on a flat surface. Arrange your frames in a please pattern and draw around the frames in pencil. Mark on each “frame” where the nail(s) will go. Hang craft paper on wall where you would like your pictures, and hammer nails directly through the craft paper. Remove paper and hang pictures. It’s that simple.
Shape your drapes!
To give an hour glass shape to the curtains spread them on the top on the curtain rod and tie them a little below from the middle.
Make your seating area pop with color!
If the sofas and chairs are a neutral shade, add bright cushions of varying colors that pick out other colors in the room.
Natural settings are peaceful!
If you’re home is set near water or a beautiful green space, keep your blinds or curtains open as often as possible. Every window is like an ever changing painting. Pull colors of your outside space in with rug accents, candles and pillows.
Buying Tips
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Should I take the risk of buying my first home?
Yes. When buying a home, even in our current tough economy, a few important rules are constant. First, buying a home is an investment. Being easily the most important purchase in a person's life, buying a home can be an awesome and overwhelming task. Nor should it ever not be viewed as a typical purchase. Even in our current economy, a home does not have to be a depreciating asset. Like with any other investment there is risk, but with the right investment plan, you can and should expect it to be an appreciating valuable, and any risk can be managed. Lastly, really knowing how much you can afford may be as simple as tracking your monthly budget. The most fundamental rule is to spend less than you earn and invest in quality.
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How to find the house you really can afford.
Don't rely solely on your lender for an answer. Use the classic 28/36 formula, which limits post-purchase housing expenses to 28 percent of gross income and caps total debt obligations to 36 percent of gross income.
Online calculators like CNN/Money's payment calculator can help you do the math.
Decorating Tips
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Do It Yourself
For great decorating do it yourself ideas, check out The Do It Yourself Website. This website is chock full of helpful hints, color ideas, decorating suggestions, and links to all the suppliers you could possibly need.
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A grand entrance
Set the mood from the front door on. Deciding the mood for how you and your visitors will experience your home is key. Use the following ideas to create a beautiful entryway and make your guests and family members feel welcomed.
Using mirrors and art with lots of perspective opens a hallway and immediately sets a relaxing mood.
Keep halls and corridors clear of clutter and obstructions; Clutter like shoes, coat racks, etc, have a negative impact on you every time you come home and on your guests when they arrive.
Keep your mail in the office – not on a hall table.
If halls and corridors are very long, break up the view from the front to back hanging art – eclectic choices like indoor wind chimes, hanging glass, etc; Add small, rounded plant containers on the floor; or paint motif on the wall to distract the eye. a stencil or a mural has movement and will have the same effect.
Flower arrangements echo your hospitality. Choosing flowers from your own garden brings the beauty of the outdoors of you home in. However, if you must use artificial flowers, do buy silk and do remember to clean them frequently.
Maintenance Tips
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Cleaning Your Gutters
Protect your siding, windows, doors, and foundations from water damage and help prevent flooding in basements by cleaning your gutters at the beginning of every season.
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Cleaning Your Chimney
A chimney should be cleaned every two years to keep it free from safety hazards. Inspect your chimney at the beginning of each heating season. Shine a flashlight inside, and check for obstructions such as leaves or birds’ nests. A clean chimney has a positive impact on your energy bill.