Archive for the 'Home Buyers' Category
Tax Credit Extended for Military Members
July 30th, 2010 categories: Home Buyers
Thanks to Brandon Fischer from VABenefitsBlog for this guest post.
Real estate agents were super busy this year as many families took advantage of the $8,000 tax credit for first time homebuyers. Millions of people cashed in, according to the Internal Revenue Service. Because of the sheer number of applications sent in, the IRS was delayed for weeks. Some people are just now receiving their returns!
Unfortunately, for the average population, the time for the tax credit has passed. However, military personnel still have until April 30, 2011 to sign a sales contract and June 30, 2011 to complete the sale. That’s one whole extra year to still be able to claim the tax credit.
via JColman
The extension was enacted because of the many service members still on active duty. They do not have the time to search for a home much less think about claiming a tax credit. So, the government hopes the extension will give such persons who start to return home the ample time to find and buy a home. Read the rest of this entry »
| Discussion: 4 Comments »
Don’t Be Afraid of a Radon Mitigation System When Buying a Home
March 30th, 2010 categories: Central Connecticut News & Information, Home Buyers
Radon can be a problem for any home. A naturally occurring, radioactive gas found underground, radon can enter any home through cracks in a home’s foundation or in well water where it becomes trapped and cannot dissipate. In high levels, radon can cause cancer.
Radon is everywhere. The issue is the level - the EPA recommends that homes that test at 4.0 pCi/L or higher have a mitigation system installed. It can be in one home on a street and not any others or in all homes on a street but one. In Connecticut, Hartford County has the lowest reported levels in the state but some towns in Hartford County are notorious for the high levels of radon.
Weather affects radon levels. And if the soil around the home or nearby has been disturbed, radon levels can go up or down in a home.
Radon can be reduced to safe levels with a mitigation system. This is what a radon mitigation system might look like.
Essentially it’s a pipe inserted into the ground with a fan that sucks the radon up and out of your basement.
As a home buyer, you may think, “If there’s a radon mitigation system in the home then there is a problem with radon and therefore a danger.”
You may also think, “When I go to sell this house, no one will want to buy it with radon in it.”
Both are reasonable concerns.
But since radon levels over time can change due to weather, soil conditions, or nearby construction, a radon test below the level of 4.0 pCi/L can give you a false sense of security. What if the test was done improperly? What if conditions have changed?
Personally, I’d prefer to have a radon mitigation system installed in my home, especially if I were going to be spending any time in the basement. I can understand a buyer’s concern about an installed radon mitigation system but isn’t it safer to have one installed than not? And couldn’t it be used a selling point rather than a negative?
| Discussion: 2 Comments »
I Know How Stressful Buying and Selling Your Home Can Be
January 18th, 2010 categories: Home Buyers, Home Sellers
For the last few months, I’ve been busy buying, renovating and furnishing a new home.
It took me 3 years to find this house (looking regularly).
It took 4 months to close after we had an accepted contract and after the deal almost fell apart multiple times.
One week after we owned the house, we had a major plumbing issue in the house. Of the backed-up toilet variety.
It’s taken 3 months to renovate it enough so we can move in. In fact, we don’t officially move for another two weeks. I’m literally surrounded by boxes.
I know how stressful and all-consuming buying or selling a home can be. I haven’t written a blog post in three months…just no time.
I know you have doubts about the decisions you’ve made. I know that sometimes you don’t trust everyone involved in the sale/purchase. I know you’re feeling a lot of pressure to be in the new home by a certain date or that you need to be out by a certain date. I know how stressful it is to have people walking through your house day after day and no one seems interested in making an offer.
We’re not done working on our new house yet. Maybe we’ll never be done.
For now, I’m getting back into blogging and hope to share some things I learned along the way.
| Discussion: 1 Comment »
Time Running Out for $8,000 Home Buyer Tax Credit. Or Is It?
August 21st, 2009 categories: Home Buyers
The First-Time Home Buyer Tax Credit is part of the American Recovery and Reinvestment Act of 2009. In it, Congress authorized a first-time homebuyer tax credit of up to $8,000 for home buyers meeting certain qualifying criteria. The program’s goal was to stimulate the real estate market and the evidence is that it’s worked.
But time is running out for credit - it expires December 1, 2009.
What that actually means is a buyer must have closed on their purchase by December 1, 2009. With closings taking much longer than they did last year, buyers only have a small window of opportunity.
I would recommend that if you’re planning on using the credit, have the home you want to buy under contract no later than October 2, 2009.
There is a good chance Congress will extend the credit but the deficit may get in the way. See Congressional Quarterly article. We’ll see what happens when Congress reconvenes in September.
| Discussion: 1 Comment »
Buying Real Estate Always Involves Compromise
June 15th, 2009 categories: Home Buyers
In this market, buyers have a lot of choices. But even in a down market, with many homes to choose from, home buyers have to make compromises.
Most home buyers that I meet have a list of things they want in a home. There are the “must-haves” and the “like-to-haves.” When we begin looking at homes and matching their “must-haves” to their price range, compromises are needed.
I often tell clients, “even people looking at million-dollar homes need to make compromises.” It’s not only about price range.
Part of buying a home is education…showing buyers their options to prepare them to make a decision and make compromises. If you spend $300,000, you can get what you want but you only have $250,000 - let’s find a home that gives you most of what you want. What can you give up? Read the rest of this entry »
| Discussion: No Comments »
