This is a Sponsored Post written by me on behalf of Coldwell Banker. All opinions are 100% mine.
If you’re ready to move out of your apartment or your parent’s home, there isn’t any time better than the present. Right now, first-time homebuyers, or those who haven’t owned in the last three years, can receive up to an $8,000 tax credit.
Beginning to search for your first home is an important step to having the ability to build better finances and to live in a place that’s comfortable. If you’re considering a new home for your family, there are specific things that you’ll want to know before diving in.
Before you even begin to look at homes, make sure that you conduct your own investigation. This will mean that you should find the going rates, how much other owners are paying every month, and what you can or aren’t able to afford. Current homeowners who have lived in a current home consecutively for 5 of the past 8 years can receive up to a $6,500 tax credit when purchasing a home.
You will also want to see what types of houses are going and what they are going for. If you know the basics of what’s available, it’ll be easier for you to get exactly what you want. You should also consider things such as your credit rating and your paycheck. You don’t want to walk into something that is over your head or start to look for something, only to find out that you won’t be able to move in.
Making connections with the right people is important. One of the most important decisions that you can make is to find a real estate agent that you feel comfortable talking to. This will make a difference in the type of deal that you get as well as what type of home and mortgage you end up with. Real estate agents have the ability to do investigations for you and find something that is best for you. You’ll also want to make sure that there are connections with home inspectors and the right lenders. Without the right people set in place, you might encounter problems getting the best deal on your new home.
After you begin to look around with your real estate agent, be sure that you begin to understand the terms that are being given to you. Loan terms, terms about the market, and other real estate ‘jargon’ will oftentimes be mentioned. If you don’t know what something is, ask, research it, or check with someone who’s been through the process before. Getting into a first home is a tremendous step up from an apartment, making it important that you understand excactly what it is that you’re getting involved in.
Keep the following in mind to not miss out on 2010 Homebuyer Tax Credits.
Future extensions may not be availabe, so all qualified homebuyers are urged to act and have a written, binding contract by April 30, 2010, and must have a closing by June 30, 2010.
The income limits for singles is now $125,000, while for married couples it is $225,000 with a $20,000 phase-out of the credit for both.
While searching for a new home can be fun, it’s also a challenge.