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Monday, November 16, 2009
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Buying A Fixer Upper!
Thursday, November 12, 2009
| The definition of a fixer-upper is broad. It can be a house that simply needs "cosmetics" like fresh paint and updated fixtures - or a major renovation requiring foundation work and structural repairs. It's important that you assess your own abilities and interests before deciding to buy a fixer-upper. Some of the many questions to consider:
There are several possible advantages to buying a house in need of repair or remodeling. Many homeowners are able to buy the home for less than the market price. Plus you get the pleasure of truly becoming your own designer. You can choose paint colors that appeal to you, the flooring design/materials you like, and so on. A property inspection is recommended for any home purchase. When you're buying a fixer-upper, it's important that you consult with an expert who can give you a thorough report outlining which repairs or updates need to be done. A home inspector or contractor may be able to help you prioritize the repair items. New homeowners who choose fixer-uppers are sometimes working with limited budgets and therefore are unable to address everything all at once. So what should be done first - roof repair, foundation work, electrical system upgrades or plumbing? Let the professional, and your common sense, guide you in terms of making this priority list. Some fixer-uppers have "good bones" - meaning they're structurally sound and simply need to be updated or remodeled. For many first-time buyers, this is a wonderful entry into the process of fixing up property. Since you're not dealing with the larger structural issues, you're free to focus on cosmetics, such as updating flooring, applying fresh paint, installing new hardware in the kitchen and bath, or perhaps pulling out old carpet and redoing hardwood floors underneath. Financing the repairs and upgrades can be accomplished in a variety of ways. The interest on the cost of your improvements may be tax-deductible, and you have the luxury of being able to begin the renovations immediately. No reason to wait on updating that kitchen or putting in a new bath! Some homeowners would prefer a home equity line of credit, so they can draw down the money as they need it, thereby only paying interest on the money they need. Similar to a home renovation loan, the interest on home equity loans and lines of credit may be tax-deductible.* *Check with your tax advisor, some restrictions may apply This article was taken from Wells Fargo. |
Senate Passes Extention and Expansion of Homebuyers Tax Credit!!!
Friday, November 6, 2009
Earlier this week, the U.S. Senate passed an extension and expansion of the homebuyer tax credit. Yesterday, the House of Representatives approved the agreement reached in the Senate. The bill has now passed both chambers and is awaiting the President's signature.
The following explains the expansions and extentions of the tax credit:
1. The $8,000 tax credit will be extended and available for first-time purchases before May 1, 2010.
2. A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify for this provision, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.
3. Prospective purchasers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.
4. Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
If you know of anyone in the market to buy or sell or you are interested in taking advantages of these incredible tax credits, please contact us today!! We can help you find your new home in both the Greater Cincinnati areas and Northern Kentucky area!!! Remember now is the time to buy, interest rates are very low and prices are down!!
Displaying blog entries 1-3 of 3
