Although it is tough times for Real Estate there also many positives. Houses are slightly more reasonably priced offering more opportunity to the savvy investor or first time home buyer. One of the best things about being a first time home buyer is the tax credit that is being offered on homes purchased in 2009.
Some useful info can be found at the following link: www.federalhousingtaxcredit.com
quoting from this site:
“Home Buyer Tax Credit at a Glance
· The tax credit is for first-time home buyers only.
· The tax credit does not have to be repaid.
· The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
· The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
· Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. “
If you buy a home for 250,000 you will get a nice credit. Not a bad perk just for being a first time home buyer. A couple of other things to be aware of: if you owned a home but then sold it more then 3 years ago you will qualify. If you sell the home before living in it 3 years you do have to pay the government back.
So just a couple of things to keep on keeping on for 2009!
Written by Bliss for Tom Gurney