Archive for the 'Boston First-Time Home Buyers' category
Home Ownership vs. Rentals
In a recent blog post by Scott Van Voorhis of boston.com, he discusses the idea of homeownership against the advantages of renting. He favors more towards homeownership: but why?
Apparently, the concept of owning your own home goes back to the founding of our country, and it is now assoociated with our cultural identity. Owning your home implies pride and suggests accomplishment: that where you live is actually your own because you made it that way.
However, Yale housing specialist Robert Shiller argues that renting should be looked as a better option for Americans. It is an interesting point, considering that the rental market is composed mainly of the single and the childless. And in Boston, this is especially so, as the price for a three bedroom apartment is comparable to that of a house.
Additionally, the developers of Boston and other local cities tend to be pressured to build one and two bedroom units to keep school costs down for the community.
Read the rest of this article and more on the topic here.
(Both images are available listings with Phoenix Realty, click for more info!)
Source: www.boston.com
What you need to know about the first-time home buyer tax credit extension
If you’ve been waiting and hoping that the federal government would extend the first-time home buyer tax credit, your patience has paid off. The bill, which was set to expire on November 30th, provides a tax credit of $8,000 to home buyers who have not owned their primary residence for at least 3 years.
ADDITIONALLY...
- Now home owners who have lived in their primary residence consecutively for five of the past eight years are also eligible for a tax credit of $6250 if they buy a new home.
- The current income limits to get the full tax credit are $75k for a single person and $150k for a married couple. With the new bill, income limits have been raised to $125k for a single person and $225k for a married couple. The purchase and sale agreement must be signed by April 30, 2010 and the property must change hands by July 1, 2010. The cost of the home must be less than $800k.
- The new bill also adds an anti-fraud rule. Buyers must attach documentation of the purchase to their tax return. To see a chart with a comparison of old and new tax credit ruling, click here.
The extra money from tax credits can help finance the little changes that a new homeowner wants to make the house their own or can be used toward the downpayment. Every little bit helps in these economic times.
The team of professional agents at Phoenix Realty can help you find that perfect home and ensure that you get all the tax credits and incentives possible. If you’re not sure whether this is the right time to move, we’re here to help. We’ll do a free appraisal of your exisitng home for both sales and rental potential and help work through the pros and cons of your various options. We’re also there to help you find your next great home. It’s easy when you have the right help!