You know of some who would like to stop renting, and you certainly see a home in your future for someone - if not you! But is now the right time to make that big move?
Absolutely! The $8,000 first-time homebuyer tax credit is available to buyers who contract a home by April 30, 2010 and close by June 30, 2010. The amount will come as a refund when you file your 2010 tax return.
While the tax credit may be the most obvious reason for first-timers to buy now, there are many other good reasons to purchase a home. Pass this information along to the first timers:
• Homeownership allows you to improve your lifestyle, enhance your credit, and save for your future. Your home is your property, and you don’t need ask permission or pay fees to paint, make upgrades or have a pet.
• Today’s buyers market offers great homes, town homes and condos at very affordable prices. Selection has never been better.
• As the economy begins to improve, rental rates will increase. You’ll never get back the investment you make in rent.
• Interest rates are low, and one of the biggest factors that influence your monthly payment.
• Mortgage interest and property taxes are tax deductible each year.
This is a perfect storm for a buying a home. If not you, perhaps you know someone that should consider buying a home for the first time. Also remember, repeat buyers may be eligible for the $6,500 federal tax credit. Not a bad deal to start with!
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