Taylor-Brown Real Estate Talks

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In an effort to stimulate the economy, Congress has extended the $8,000 First Time Home Buyer Tax Credit. However, you will have to hurry to take advantage of the credit. The extension is only until April 30, 2010 that means there are only 70 shopping days remaining. The reason the number of days is significant is that the buyer do not have to pay the $8000 tax credit back to the government as long as the buyer resides in the home for 36 months after purchase.

This credit was part of the stimulus plan that President Obama signed into law.

The good news about the extension of the first time home buyer credit is that it now allows more potential buyers the ability to purchase a home. It now allows not only first time home buyer the ability to utilize the credit, but now move up buyer can take advantage of the credit. The extension also increases the gross income for single buyer from $75,000 to $125,000, and for married couples from $150,000 combined income to $225,000 combined income.

To qualify as a first time home buyer, you must be purchasing your first home and be will to remain in the home for at least 36 months after purchase.

To qualify as a move up buyer, you must have lived in your present home for at least 5 years and your new home must be less than $800,000.

To claim the credit, use Form 5405 on your 2009 or 2010 tax return. Remember, you will have to write your contract by April 30, 2010 and the deal must be closed by June 30, 2010 to qualify for the credit.

The tax credit, low interest rate, and lower than ever real estate prices should make homeownership a number one priority for anyone thinking of purchasing a home in 2010.

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Your next remodeling job does not have to be stressful or costly if you adhere to these tips when hiring the contractor.

When the hiring the contractor, it is important to interview at least three contractors.  One of the criterions for the potential contractor is whether the contractor is licensed, bond, and insured.  However, an often overlooked criterion is the contractor’s personality.  Why is the contractor’s personality important, you ask?  It is important because the contractor will be in your home and interacting with you and your family for a specified time.  The person who will be interacting with you and your family needs to be someone who is approachable and liked by all members of the family.

The next criterion that needs to be considered when hiring a potential contractor is the contract.  The contract should have the start date of the project, the completion date of the project, the material used for the project, total cost of the project, payment schedule, description of the project, contractor’s name, contractor’s address, contractor’s phone number, name of all parties including the homeowner’s information, contractor’s license number, subcontractor’s license number and contact information, instructions on how to handle changes or add on to the project, and instructions on early termination.

It is important that the contract specifies who the head foreman is so that if there are any changes or concerns it will be addressed by one person.

Do not hire a contractor that can not give a written completion time.  The latter may be a signal that the contractor has to many jobs at one time to complete.

Let the contractor handle all aspects of the job that he or she was hired to do including but not limited to hiring of members of his or her work crew and getting required permits.

It is, however, important, that you know what the building codes are before hiring the contractor so you will know if the contractor is adhering to the building code regulations.  It benefits no one when a work stop order is given because the contractor did not follow the correct procedures and stating that you did not know will not lessen the fine.

It is up to you to ensure that the contractor has insurance because if a worker from the contractor’s crew gets hurt and the contractor do not have insurance the homeowner is liable.

Check with the Better Business Bureau to ensure that the contractor does not have any complaints against him or her.  You can also check with the state to ensure that the contractor is licensed. 

The contractor should provide a warranty or an affidavit for final release for the work performed once work is complete.

When the work is complete, do a final walk thorough once the work and ask questions about items you are unsure of.

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