What you Need to Know About the $8000 Homebuyer Tax Credit
The government has recently issued an $8000 homebuyer tax credit in order to get the real estate market back on track and offer some relief for desperate sellers. This $8000 credit is available for homebuyers that purchase any type of principle residence, such as a home, townhome, or condo.
The $8,000 homebuyer tax credit has recently been made available for first-time buyers only. This tax credit does not need to be repaid like a similar tax credit that was effective last year. The tax credit that you will earn is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. This credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009. There are some income restrictions on who is eligible to receive the credit, single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
If owning your own property has always been a dream, this is the time to do it. There are thousands of affordable properties on the market right now that would make the perfect home. Banks are finally loosening up their strict lending policies to make obtaining financing much easier. The market values of real estate have decreased significantly over the past year so you are almost guaranteed to be getting the property for the lowest possible price. You might be surprised to find out that you can be making the same monthly payment that you had been dishing out for apartment rent towards a mortgage on a condo.
The government instituted the $8,000 homebuyer tax credit in an effort to revitalize the economy and assist the faltering real estate market. The tax credit was developed to encourage potential buyers to go out and look at properties, obtain financing, and to purchase a residential property.
Owning your own residence is a great accomplishment. Many people spend their lives renting properties and have nothing to show for it in the end. By purchasing your own property, you will see your money returned when it comes time to sell. And once the real estate market gets back on track, your property will build equity and sell for a profit. With all of the government incentives and assistance that is available right now, it would be a big mistake not to take advantage of what is being offered.
Need a Condominium Specialist
I needed to find a condominium specialist to help me navigate through the endless amount of real estate listings that were available. I started my search for a new condo in the newspaper. I was very disappointed by the condo ads. Very few had photos and they were very basic ads, some of them only three lines long. I wanted detailed information about condos before I went out and spent my entire Saturday out looking at condos that did not meet my minimum requirements.
Next, I picked up a real estate magazine that had nothing but condos for sale in the area that I was focusing my attention towards. The ads that contained photos were very low in quality and it was difficult to gage if a particular condo warranted a showing. The condo descriptions were more informative and they offered more room measurements and useful info. Some of the ads even included extra information about the condominium complex and the other amenities that were available. While these ads were an improvement from the ones in the newspaper, they still did not include all of the pertinent information that would assist me in my search. I was on the lookout for a condominium specialist that could help me find everything that I was looking for.
I tried searching on the internet next. While there are a number of valuable websites that I found, there was one website in particular that offered comprehensive information on condos. This website was a virtual condominium specialist. There were the most complete condo listings that I had ever seen; they included photos of every room and even photos of the view off of the balcony. The dimensions of all rooms were included along with descriptions of flooring and light fixtures. The appliances were listed and any improvements that had been made on the original units. They also included the year that the complex was built so that I would have a better idea of the type of overall building that I would be looking at.
There was also information about the neighborhood which was extremely helpful. Some condos advertised that they were minutes from parks, shopping, or public transportation. I was finally starting to believe that it was possible for me to find the perfect condo that had all of the amenities that I was looking for and all of the standard features that I needed.
Condominium Specialist
When seeking to buy a condo, especially if it's your first, please make sure you zero in our working with a condominium specialist. The effort you exert to make this happen in the beginning of your quest will certainly pay off in the future.
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A "condo only" condominium specialist means that he or she just sells condos. They do not represent homes, office buildings, land, an apartment building or a strip center. They sell condos and only condos. Though it seems to go without saying, this changes everything. This condominium specialist works only with buyers looking for condos. That means everyday they wake up, they are looking at different condo developments all over Chicago and getting to know the market better than anyone else. They are trained on condos every day, every week, every month back at the office. This naturally makes them better than anyone in the industry when it comes to condo representation.
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Working with a specialist that only represents condos in Chicago is one thing, but how about an entire company that only does this. Can you imagine every real estate agent in the office doing nothing but working with condos? This brings up the level of service significantly. This is what you need if you're looking to buy your first, second or twentieth condominium.Â
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There are many things to look out for when buying your condo in Chicago, Miami, Los Angeles or New York. Are the condo associations caught up? Do they have a reserve for soon to come major improvements? Are there any foreclosures in the condo complex affecting the state of the association budget? Your condo realtor and your attorney will help you through all of these questions and many more.
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It starts with you doing your due diligence. Focus on picking the real estate company that services condos only. Then, ask for a realtor or two within that company that you can interview to see who you feel comfortable. Remember, this is you most expensive transaction of your life. You're buying real estate.Â
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Don't take this lightly. The knowledge of Realtors that do nothing but sell condos is huge. Take advantage of it.
Condo Buying Guide
OwnACondo.com is a full service real estate company, known as being the best place to buy and sell condos. We have been working with buyers and sellers for the past two decades and we plan on continuing to work with buyers and sellers in the decades to come. So whether you are a First Time Homebuyer, an Investor and someone who is looking for a condominium, we are ready to work as your condo buying guide.
One of the first steps towards purchasing a condo is contacting a lender. When contacting one of OwnACondo.com’s preferred lenders they will usually ask a series of questions, including your income, outstanding debts and social security number. This information is used in determining the amount you are qualified to purchase. Once you know that amounts, one of our Condominiums Specialists is ready to act as your condo buying guide.
Your condo buying guide works with you and explains the different options pertaining to condominiums. We determine the things that are important to you in a condominium, like the areas you would consider living in. Is downtown Chicago the place you would like to look for your dream condo? Or is one of the quieter suburban communities the place to call home? Do you need to be close to transportation, or is garage parking a must? These are just a sample of some of the things your condo buying guide will discuss with you. Another important topic would be what size condominium would suit your needs? Is a studio right for you or do you need several bedrooms? How many bathrooms would you like? Your condo buying guide will also ask about additional amenities that help in narrowing the search for the perfect condominium to call home, such as laundry facilities, pool, and even a doorman. Chances are your condo buying guide will work with you to determine the must haves and the would likes in the characteristics to help in the search.
The next step is to begin searching for that perfect condo based on your individual specifications. Once you have found the ideal condo to call home, your OwnACondo.com condo buying guide writes up the Contract to Purchase and the offer is made. From this point three scenarios can happen…the contract is accepted as offered, a counter offer is made (which could be a counter offer in price or terms) or the offer is rejected.
Call the Condominium Specialists today. We are ready to work as your condo buying guide.
