Business Week magazine has a pretty interesting article on the opportunities that are out there for home buyers right now. I don’t agree with the title, but the information is very valid.
Click here to read the article from Business Week magazine
Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Ohio?
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If you are considering selling your home in the current real estate market it would be prudent to have a home inspection completed before putting your home on the market. It is rare that a buyer will not have a home inspection done before closing and being aware of any problems and taking care of them prior to selling can alleviate the pain that surprise issues can bring. Doing the inspection prior to listing also gives you time to seek out competitive estimates for completing the work as opposed to being under the gun right before closing.
It is a competitive real estate market out there. A seller’s best chance of snagging a buyer always comes from having the home in top notch condition. More than looking good, a home needs to function well and it is important to examine the mechanical systems such as plumbing, wiring, heating and cooling issues, as well as, the roof and other structural components.
If problems with a property are faced and dealt with before selling, it will make the entire process go more smoothly and there should be no surprises when going through the contractual steps before closing.
Thinking of selling a home in West Chester, Beckett Ridge or Liberty Township, Ohio?
Learn the current market value of your home here!
Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Ohio?
Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio
A question that surfaces on most people’s mind at some point is, whether to rent or to buy a home or condo. The first thing that pops to mind is affordability but there are other factors, such as job stability, relocation possibilities and lifestyle. If you intend on being in an area like West Chester, Liberty Township, Fairfield Township, Mason or Monroe, Ohio for at least two more years, your income is steady and purchasing a home fits your lifestyle then it is time to break out a pen, paper and a calculator and see if buying makes more sense financially than renting.
At first glance buying a home makes more sense than renting because of the ability to gain equity in a home, especially in today’s market with the lowest home prices in years and historically low interest rates. For First Time Homebuyer’s there is also the $8000 tax credit for purchasing a home to factor in.
There is no sense making a two column list when it comes out to equating the cost of renting and buying. Renting is a fixed equation, the monthly number typically doesn’t change. To compute your costs for buying a home you look at the following:
Your monthly costs will include your mortgage payment, property taxes, insurance, and any HOA dues that may exist. If these numbers add up to an amount you can afford it could make sense for you to purchase a home instead of rent. The important thing to remember is that once you buy a home you are not going to have a landlord to rely on to make repairs so factor in putting aside some extra money for a home repair and maintenance account.
Buying a home is an important decision and one which can add to future security and financial stability if done with great thought and evaluation.
Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Ohio?
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The Olde West Chester Christmas Walk is this weekend. Events and activities are held on both Friday, November 13th and Saturday, November 14th. The Christmas Tree lighting is on Friday at 7:00pm at the West Chester Township office and the annual parade is on Saturday evening beginning at 7:00pm
You can get more details at:
Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Ohio?
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The President has approved the first-time home buyer tax credit extension which will extend the tax credit of up to $8000 until April 30, 2010.
The extension is part of a large economic stimulus bill that will extend the $8,000 tax credit for home buyers who are purchasing their first home from the current November 30, 2009 deadline and expands the program to offer a credit of $6,500 to homeowners who have lived in their current home for at least five years and are seeking to buy a home.
The following details apply to the home buyer tax credit expansion:
First-time home buyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for up to an $8,000 tax credit. This is the tax credit that has been in place this year and is largely credited with keeping the housing market as stable as it has been,
Current homeowners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a new home to be their principal residence, may be eligible for up to a $6,500 tax credit.
Who is Eligible??
Income Limits:
Home buyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income is less than $125,000 or for married couples filing a joint return, the combined income limit is $225,000.
Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.
Effective Dates:
The eligibility period for the tax credit is for homes purchased after Nov. 6, 2009, and before May 1, 2010. However, home purchases under contract by April 30, 2010, will qualify for the tax credit provided closing occurs prior to July 1, 2010.
Types of Homes that Qualify:
All homes with a purchase price of less than $800,000 qualify, including newly-constructed or resale, and single-family detached, town homes or condominiums, provided that the home will be used as their principal residence. Vacation home and rental property purchases don’t qualify.
Tax Credit is Refundable:
This means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference.
As an example a first-time buyer who qualifies for the full $8,000 credit who owes $5,000 in federal income taxes would pay nothing to the IRS and receive a $3,000 payment from the government. If you are due to receive a $1,000 refund, you would receive $9,000 ($1,000 plus the $8,000 first-time home buyer tax credit).
A repeat buyer who owes $5,000 would pay nothing to the IRS and receive $1,500 back from the government. If you are due to get a $1,000 refund, you would get $7,500 ($1,000 plus the $6,500 repeat buyer tax credit).
All qualified home buyers can take the tax credit on their 2009 or 2010 income tax return.
Payback Provisions:
The tax credit is a true credit. It does not have to be repaid unless the home owner sells or stops using the home as their principal residence within three years after the purchase.
Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Ohio?
Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio