Murray Real Estate & West Jordan Real Estate | Buying a Home, Selling a Home, First Time Home Buyers, Real Estate Market, Homes for Sale, Home Listings, Foreclosures » Uncategorized

$8,000 TAX CREDIT EXTENSION

Taylor Nelson — Thu, 12 Nov 2009 17:04:03 +0000

It’s true folks. The $8,000 first time home buyer tax credit has been extended until April 30th 2010. 1st time home buyers who buy a home, condo, or townhome will be eligible for this credit.

Remember there are income restrictions. Single buyers who make over $125,000 and and married couples who make over $225,000 will not be eligible for this tax credit. Also, this credit is only for homes purchased that are under $800,000.

There is also a $6,500 tax credit for current home owners buying a home that have lived in or owned their property for 5 years. Let me know if you have any questions about these programs. Remember this tax credit is available if you buy a home in Murray, buy a home in West Jordan, or buy a home in Salt Lake City. It is a nation-wide program.

For more info regarding this program read this article from the National Association of Realtors http://www.realtor.org/HOME_BUYERS_AND_SELLERS/2009_FIRST_TIME_HOME_BUYER_TAX_CREDIT

BUYING A HOME IN MURRAY & WEST JORDAN VERSUS RENTING A HOME IN MURRAY & WEST JORDAN

Taylor Nelson — Thu, 27 Aug 2009 15:46:34 +0000

So many of you find yourselves asking yourself should I continue to rent or should I go ahead and buy. One of the main things to think about is do I have the finances to buy a place and am I ready for that committment. Below is a list of the pros and cons to buying a home in Murray and West Jordan and also renting a home in Murray and West Jordan.

PROS FOR RENTING

You are flexible to move around. After your lease is up you are able to move without having to sell your home.
Your money is not tied up. If something happened and you needed cash it wouldn’t be tied up in your home.
Typically if an appliance or something else breaks the landlord is responsible to fix it.

CONS FOR RENTING

There is a chance that the landlord could sell the property without you knowing.
You are typically not able to remodel, paint, or make the place your own.
If home prices are going up you are not building equity from owning a home.
Your rent is not tax deductable.

PROS FOR BUYING

Part of your motgage payment is tax deductable which could save you thousands each year.
You are able to remodel or fix up your house any way you want to.
If the market goes up you are building equity.
You feel great about owning and you don’t have to worry about a landlord or even getting the property sold without you knowing.
Getting a loan and making your mortgage payment each month is a great way to build your credit.

CONS FOR BUYING

You have more responsibilities such as yard work, a mortgage, and taxes.
In a bad market the home could depreciate.
You are not as flexible. If you want to move most likely you would have to sell your home.

Murray Real Estate: $8,000 TAX CREDIT WHEN BUYING A HOME

Taylor Nelson — Fri, 14 Aug 2009 21:47:28 +0000

So many of you may have heard about the $8,000 tax credit and wondered how can I get that. Well, this $8,000 is given to any first time home buyer. Whether you buy a home in Murray, buy a home in West Jordan, or buy a home anywhere in Salt Lake you are eligible.

There are a few restrictions however.

You must be a first time home buyer
You must purchase the home on or after Jan. 1st 2009 and before Dec. 1st 2009
Income restriction at $75,000 for a single person and $150,000 for a married couple
It does not have to be paid back unless, within three years of date of purchase, home buyer moves from the home
Home purchase must be for a primary residence

With this $8,000 tax credit it really is a great time to buy!!!!!