All of us here at ReMax Town and Country Realty say…Go ahead! Take your piece of the pie out of the tax credit program while it lasts. Although the $8,000 first-time homebuyer and the $6,500 current home owner’s tax credit have been expanded, it won’t last forever. Taking advantage of this now will benefit you in the future. This is great advice but we also wanted to share with you other opportunities available to future and current homeowners. These tips are very useful no matter if you are looking to buy or sell, and the Shane T. White Team wants to let you in all the secrets for success. We have compiled a list of real estate trends for 2010 that might influence how you approach buying or selling a home this year. Today, we’ll talk about buyers. Watch our blog for Part 2 on Sellers.
Find down payment assistance
There are several down payment assistance programs for first-time homebuyers at the federal and local levels. There are also other down-payment assistance programs at the city, county and state level that can piggyback the federal programs. Just conduct an Internet search for “down payment assistance programs” with your locality's name added so you can find the programs available in your area.
Think long term
Buyers, don't settle for home you don’t like just because you're getting a bargain! . Examine functionality, neighborhood, location, access to services, highway access, work routes, nearness to work and school, availability to mass transit, not simply price. Especially if the home is your first one, it probably won’t be your home for life so it doesn’t have to be your dream home – but you should LIKE it! If you can spare the time, give yourself an extra month or two to make a decision…doing a little research will pay off in the long run. Shane T. White and his Team want you to be happy not only now, but years down the road.
Think Green
Think energy efficiency when you buy a home – or at least make energy saving features one of your first upgrades. With the Federal Tax Credits for Energy Efficiency through Dec. 31, 2010, homeowners who buy and install specific energy-efficient windows, insulation, roofs, doors and heating and air-conditioning equipment can get a 30 percent tax credit for up to $1,500 of their costs. If you want to take it a step further, you can buy greener (and more expensive) energy-saving products, including solar energy systems, geothermal heat pumps, small wind systems, residential fuel cells and micro-turbine systems, and get the 30 percent tax credit with no spending limit on each system, through 2016. Go to EnergyStar.gov's for a complete summary.
Consider rent-to-own deals
The current market has driven many former homeowners into rentals, where they have nothing to show for their payments. Rent-to-own or lease-to-own deals allow buyers to get the chance to test out a home for a designated period before actually committing to it. This gets renters vested in a home while they repair their credit and also helps frustrated sellers generate an above-market revenue stream. Make sure to draft a very specific contract that spells out all the options. ReMax Town and Country Realty would be happy to help with your rental needs whether searching for rental property or putting you own property up for rent.
If you've been waiting for the right opportunity to get into the market, now's the time. The tax credit is an important incentive that will help stabilize our local housing market, stimulate the economy, and create new jobs in central Texas. Call the Shane T. White Team at ReMax Town and Country Realty today to get started in buying your new home. We can even sell your existing home.
