Tired of renting? Homeownership does have its advantages:
- Ability to deduct mortgage interest on your tax return.
- Home values generally appreciate over time.
- You can avoid increases in your monthly payment — something you can't avoid while paying rent.
You just may be ready to make the big step. But before you start collecting paint chips and fabric swatches, collect your thoughts around more practical matters — in particular, money matters.
The first question to ask yourself is “How much can I afford to spend on a home?” Purchasing a home at a price you can afford is key to successful homeownership.
I can help you figure out your maximum affordable home price. Give me a call @ 832-647-1769 or drop me a line at donte@TheNewlywedRealtor.com, and we’ll get you set on the path to homeownership.
Tuesday, December 8, 2009
Monday, December 7, 2009
Can you afford homeownership?
Are you thinking about buying a home, but don’t know whether or how well you can afford it? The best way to find out how much home you can afford is to prequalify for a mortgage.
Prequalifying for a mortgage is just a fancy way of saying “figuring out how much you can afford to spend on a home.”
Prequalifying shows you where you stand financially, based upon your current income, debt and savings. In doing so, you can determine:
- an estimate of a home purchase price and monthly house payment that you can afford,
- how much money you will need for the down payment (the difference between the sales price and the amount of your mortgage), and
- budgeting goals you need to set and achieve.
I can help you prequalify for a mortgage. (Please know that prequalifying is not a commitment on your part to work with me. It also does not guarantee you a loan. That all happens during the actual loan application process.)
Give me a call @ 832-647-1769 or drop me a line at donte@TheNewlywedRealtor.com, and we’ll get you moving toward moving day in no time!
Prequalifying for a mortgage is just a fancy way of saying “figuring out how much you can afford to spend on a home.”
Prequalifying shows you where you stand financially, based upon your current income, debt and savings. In doing so, you can determine:
- an estimate of a home purchase price and monthly house payment that you can afford,
- how much money you will need for the down payment (the difference between the sales price and the amount of your mortgage), and
- budgeting goals you need to set and achieve.
I can help you prequalify for a mortgage. (Please know that prequalifying is not a commitment on your part to work with me. It also does not guarantee you a loan. That all happens during the actual loan application process.)
Give me a call @ 832-647-1769 or drop me a line at donte@TheNewlywedRealtor.com, and we’ll get you moving toward moving day in no time!
Friday, December 4, 2009
Cutting Household Expenses In 2010
PSA: Check your household expenses and see what bills you can lower. Make a few phone calls to see if they are offering you the best deal. I did it and it was well worth the time. Life is all about what you negotiate. Treat your household like a business and see where you can cut cost in the new year.
Thursday, December 3, 2009
Dream Home
Once you’re ready to start looking for a home, think carefully about what you want — there is so much to consider: Sales price, Neighborhood, Distance to work, schools, shopping.
If you have children, you may want to know if there are other kids in the neighborhood and whether schools and playgrounds are nearby. As a working person, distance and travel time to and from work or the availability of public transportation may be a factor.
You’ll also want to consider the condition of the plumbing, heating, electrical systems, and whether these are up to code. Closet space. Number of bedrooms. The list goes on and on.
As a real estate agent, I know the local market and have information about such things as school systems, tax rates, water and sewer charges, public transportation and other concerns that might affect your decision to buy a particular home.
If you’re in the market for a home, please give me a call @ 832-647-1769 or send me an e-mail @ donte@TheNewlywedRealtor.com
If you have children, you may want to know if there are other kids in the neighborhood and whether schools and playgrounds are nearby. As a working person, distance and travel time to and from work or the availability of public transportation may be a factor.
You’ll also want to consider the condition of the plumbing, heating, electrical systems, and whether these are up to code. Closet space. Number of bedrooms. The list goes on and on.
As a real estate agent, I know the local market and have information about such things as school systems, tax rates, water and sewer charges, public transportation and other concerns that might affect your decision to buy a particular home.
If you’re in the market for a home, please give me a call @ 832-647-1769 or send me an e-mail @ donte@TheNewlywedRealtor.com
Wednesday, December 2, 2009
Stop Paying Rent, Invest in Your Future
Today may be the best time to buy in many years, especially if you plan to stay in your home for approximately five or more years. If you think you should keep renting because of the state of today's housing market, think again. Talk to any homeowner who purchased their home ten or more years ago. It's unlikely that they could buy their home today for what they originally paid.
Financial benefits to home ownership include: equity increase due to appreciation, principal reduction and home improvements, and tax benefits.
Personal benefits include: pride of ownership, stability, security, freedom to occupy or rent the home, and much more.
Your new home may be closer than you think. Call 832-647-1769 today for a free analysis of your situation, and learn how easily you may be able to afford your own home.
Financial benefits to home ownership include: equity increase due to appreciation, principal reduction and home improvements, and tax benefits.
Personal benefits include: pride of ownership, stability, security, freedom to occupy or rent the home, and much more.
Your new home may be closer than you think. Call 832-647-1769 today for a free analysis of your situation, and learn how easily you may be able to afford your own home.
Tuesday, December 1, 2009
Homebuyer Tax Credit Extended & Expanded
First-Time Homebuyer Tax Credit Extended through April 2010
Eligible first-time homebuyers who purchase by April 30, 2010, can qualify for a tax-credit of 10% of a home’s sale price, up to $8,000 for single and joint filers and $4,000 for married individuals filing separately. To qualify, buyers or their spouses may not have owned a residence during the three years prior to the purchase.
New: $6,500 Tax Credit for Current Homeowners through April 2010
Eligible current homeowners purchasing a home between Nov. 7, 2009, and April 30, 2010, may qualify for a tax credit up to $6,500. To qualify, homeowners must have owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date.
Dollar-for-Dollar Reduction
These tax credits are straight, dollar-for-dollar reduction of the buyers’ tax bills and will be paid out to eligible taxpayers, even if they owe no tax, or the credit is more than the tax that they owe.
Eligible Properties
Tax credits may be applied to any home that will be used as a primary residence, including single-family homes, condos and townhomes. The purchase price may not exceed $800,000, and the home cannot be purchased from other family members (parents, grandparents, children, grandchildren, etc.) or a spouse or a spouse’s family members.
Expanded Income Limits
Effective Nov. 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000 may receive the maximum tax credit. The amount is reduced for buyers with a modified adjusted gross income (MAGI) above those limits.
Buyers with an MAGI of more than $145,000 (single) or $245,000 (married) are not eligible. First-time homebuyers who purchased between Jan. 1, 2009, and Nov. 6, 2009, are subject to income limits in place prior to the extension of the tax credit. For married couples filing a joint return, that was an adusted gross income (AGI) of $150,000 or less; and all others, an adjusted gross income (AGI) of $75,000 or less.
Deadline
Homebuyers must have a written, binding contract to purchase in effect by April 30, 2010, and must close by June 30, 2010.
NOTE: This is only a brief summary of the First-Time Homebuyer and Current Homebuyer Tax Credit, intended for informational purposes only. This summary does not constitute tax, accounting or legal advice of any kind. Because other terms and conditions may apply to any individual taxpayer, individuals should consult their independent tax advisor to ascertain whether they are eligible for this tax credit. Although this summary is generally accurate, we do not warrant the accuracy, reliability or completeness of this summary. More information regarding the tax credit is available from the Internal Revenue Service at www.irs.gov.
Eligible first-time homebuyers who purchase by April 30, 2010, can qualify for a tax-credit of 10% of a home’s sale price, up to $8,000 for single and joint filers and $4,000 for married individuals filing separately. To qualify, buyers or their spouses may not have owned a residence during the three years prior to the purchase.
New: $6,500 Tax Credit for Current Homeowners through April 2010
Eligible current homeowners purchasing a home between Nov. 7, 2009, and April 30, 2010, may qualify for a tax credit up to $6,500. To qualify, homeowners must have owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date.
Dollar-for-Dollar Reduction
These tax credits are straight, dollar-for-dollar reduction of the buyers’ tax bills and will be paid out to eligible taxpayers, even if they owe no tax, or the credit is more than the tax that they owe.
Eligible Properties
Tax credits may be applied to any home that will be used as a primary residence, including single-family homes, condos and townhomes. The purchase price may not exceed $800,000, and the home cannot be purchased from other family members (parents, grandparents, children, grandchildren, etc.) or a spouse or a spouse’s family members.
Expanded Income Limits
Effective Nov. 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000 may receive the maximum tax credit. The amount is reduced for buyers with a modified adjusted gross income (MAGI) above those limits.
Buyers with an MAGI of more than $145,000 (single) or $245,000 (married) are not eligible. First-time homebuyers who purchased between Jan. 1, 2009, and Nov. 6, 2009, are subject to income limits in place prior to the extension of the tax credit. For married couples filing a joint return, that was an adusted gross income (AGI) of $150,000 or less; and all others, an adjusted gross income (AGI) of $75,000 or less.
Deadline
Homebuyers must have a written, binding contract to purchase in effect by April 30, 2010, and must close by June 30, 2010.
NOTE: This is only a brief summary of the First-Time Homebuyer and Current Homebuyer Tax Credit, intended for informational purposes only. This summary does not constitute tax, accounting or legal advice of any kind. Because other terms and conditions may apply to any individual taxpayer, individuals should consult their independent tax advisor to ascertain whether they are eligible for this tax credit. Although this summary is generally accurate, we do not warrant the accuracy, reliability or completeness of this summary. More information regarding the tax credit is available from the Internal Revenue Service at www.irs.gov.
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