Home Buying for Less Real Estate Blog

What is Home Staging and Why Should I Do It?

September 28th, 2009

Home staging has been called the act of preparing a home and its contents for sale or highlighting a home’s strengths and minimizing it weaknesses. By some definitions, staging and preparing a home for sale are slightly different things - one more about decorating and the other more about repairing. Either way, the goal is absolutely the same: to make your home appeal to the highest number of potential buyers. And that may mean looking at your home with new eyes.

When you become a seller, your home becomes a house, or rather a commodity, and for this you must separate yourself from your home. Removing an overabundance of personal items, reducing clutter, and adding more neutral décor is a start. It can also be helpful to ’see’ your home through the eyes of another. Invite a friend over to help look for areas that might need improvement. If there’s a problem area in your home, a friend or potential buyer will see it even if you no longer do.

Preparing your house to appeal to the largest pool of buyers will help you get the very best price for your home. And that’s where staging, in all its forms, comes in. A properly staged home leads the eye to the attractive features and attributes the property has to offer. You want your home to become a warm and welcoming product that anyone might want.

For help in transforming your home to appeal to the most buyers and in finding a new home, call the professionals at HomeBuyingForLess. Along with conventional full real estate service at unconventional discounts, we offer home staging consultation and other services. Call us today at 1-888-201-8565.

Next, we’ll look at the 3 “R”s - the basic home staging concepts that will attract the most buyers to your home.

: Steve Doyle, Head Broker and CEO

: Lisa Doyle

: Hill Matthews

: Lia Baras

Tags: home staging, preparing your home to sell
Posted in Home Selling Tips, Uncategorized | No Comments »

What Properties Qualify for the $8000 First-Time Home Buyers Tax Credit?

September 23rd, 2009

For those who want to take advantage of the $8000 First-Time Home Buyers Tax credit before the December 1st, 2009 deadline, here are some property guidelines to consider, courtesy of the IRS .

Properties That Qualify

Qualified buyers can claim the tax credit on:

Properties that are their principal residence or ‘main home.’. A simplified definition of ‘main home’ is the one lived in most of the time. This principal residence could be a:

Single-family detached house

Townhome

Condominium

Multi-family dwelling, if it is the principal residence of the buyer

Manufactured or Mobile Home

Houseboat

Cooperative Apartment

Another requirement is that property must be located in the United States.

Also qualifying is a new home constructed by the homeowner (rather than purchased from a builder) on their own lot. This is treated by the tax code as having been “purchased” on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and before December 1, 2009.

Properties That Don’t Qualify

Qualified buyers cannot claim the tax credit on:

Properties acquired by gift or inheritance

Properties located outside the United States

Properties acquired from a related person. A related person includes:

A spouse

Ancestors – parents, grandparents, etc.

Lineal descendants – children, grandchildren, etc.

Properties purchased from a corporation in which you directly or indirectly own more than 50% in value of the outstanding stock of the corporation

Properties purchased from a partnership in which you directly or indirectly own more than 50% of the capital interest or profits interest

If you would like to take advantage of the tax credit before the deadline, the real estate professionals at HomeBuyingForLess can walk you through the process. We even offer a rebate at Closing for our buyers. Call us today at 1-888-201-8565.

Tags: $8000 tax credit, Add new tag, first time home buyer, first-time home buyers tax credit
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Who Can Claim the $8000 First Time Home Buyers Tax Credit?

September 18th, 2009

The short answer to that question is qualified first time home buyers, but ‘qualified’ means more than having your finances in order. To take advantage of the American Recovery and Reinvestment Act of 2009 before the deadline, you need to know the following:

Who is eligible?
First-time home buyers purchasing a new or resale home located in the U.S. between now and December 1st, 2009 are eligible. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

What is the definition of a first-time home buyer?
The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase.

For married taxpayers, both the home buyer and his or her spouse must not have owned a prior principal residence.

What if co-buyers are not married?

Unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter.

Can a buyer purchase a home from a relative and claim the tax credit?

No. You cannot purchase a home from your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse. IRS form 5405 also says the home cannot be acquired by gift for inheritance.

Are there any income limits for claiming the full tax credit?
Yes. The income limit for single taxpayers is $75,000. The limit for married taxpayers filing a joint return is $150,000. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. This and other information is available on the IRS and the NHBA websites.

Remember, the tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. If you’re a qualified buyer who would like to take advantage of this and other savings opportunities, the experts at HomeBuyingForLess are ready to help you find your ideal home. Call us toll-free at 1-888-201-8565.

Steve Doyle, Head Broker and CEO

Lisa Doyle

Hill Matthews

Lia Baras

Tags: $8000 tax credit, first time home buyer, first-time home buyers tax credit
Posted in Home Buying Tips, Uncategorized | No Comments »

Basics of the $8000 First-Time Home Buyers Tax Credit

September 10th, 2009

As the clock ticks down on the $8000 tax credit for first-time home buyers, those who want to take advantage of this program need to move quickly. Here’s a quick overview from the National Association of Home Builders:

The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
This tax credit does not have to be repaid, as long as the buyer occupies the home for 3 years or more.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

Rob Dietz, Ph.D., director of tax issues for the NAHB, discusses the tax credit in this videotaped interview:

With less than 3 months left in the program, first-time home buyers need to start the process immediately to take advantage of the savings. At HomeBuyingForLess, our licensed realtors can assist you in identifying your perfect home. Our skilled team can help you through the home buying process. HomeBuyingForLess even offers a rebate at Closing for our buyers. This can amount to thousands of dollars! Call us today - we are ready to get started!

Tags: $8000 tax credit, first time home buyer, first-time home buyers tax credit
Posted in Home Buying Tips | No Comments »

What is Home Staging and Why Should I Do It?

What Properties Qualify for the $8000 First-Time Home Buyers Tax Credit?

Properties That Qualify

Properties That Don’t Qualify

Who Can Claim the $8000 First Time Home Buyers Tax Credit?

Basics of the $8000 First-Time Home Buyers Tax Credit

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