Imagine getting a loan that is 100% interest free for your first home. The federal government has done some revamping of the First Time Home Buyer tax credit, which is exciting news for first-time home buyers. With it, you could save up to $7,500 on your first home purchase. This is an interest free loan that you have 15 years to repay. Add to that falling home prices and you have the chance to buy a home that will repay you with thousands in equity when the market turns around.
If you have owned a home in the past, don't despair! You may still qualify if that home ownership is 3 or more years behind you. However, if you're married, you may want to ensure that your spouse also has not owned a home for 3 years prior to your home purchase, as having a spouse who is or has been a homeowner in the last 3 years disqualifies you from the credit. If you're planning on, say, buying a home with a parent or child, there is still some luck in store: as long as you're unmarried, the credit can be applied to the party who is a first-time home buyer.
You have to be intending to live in the house you buy to qualify for this credit and have to buy said residence between January 1, 2009 and December 1, 2009. However, if you've jumped the gun a little and bought between April 9, 2008 and January 1, 2009, you can still qualify for a tax credit up to 7,500.
There are income limits to this tax credit. If you earn more than 75,000 a year for singles or 150,000 a year for couples, you cannot qualify for the full credit. There is some leeway of 20,000 for people who earn a bit more than the above amounts and you may qualify for a partial credit if this is your case.
This credit is open to a wide variety of real estate. In addition to single family homes, it covers condos, townhomes, mobile homes, houseboats and new construction. If you're choosing a home that is to be constructed, whether you qualify for the credit will be determined by the settlement date.
The credit must be paid back, but you have 15 years to do so. In the meantime, it will not be accruing any interest charges or late fees.
The First Time Home Buyer Credit is a great way to alleviate some of the expenses involved with buying a home. Using it wisely will mean that you may be able to buy a house sooner than you expected and deal with house purchase costs. It's only here for a short time, so if you're looking to buy a home, perhaps now is the best time ever!
The First Time Home Buyer Credit
The Estate Agent
In the Republic of South Africa it is a known fact that all Real Estate Agents operating should be registered with the IEASA; Institute of Estate Agents of South Africa. This body was established in 1937 and has grown over the years. The IEASA provide the necessary training to its people so when dealing with a qualified agent you can be assured of the best possible service. These people are registered as a member of the institute and will therefore be able to assist you with all the expected support concerned with the dealings in property.
Very few owners of property these days will try and do the selling or renting of such property as a private venture. There are a lot of legalities to be considered and that alone can be time consuming, if you do not deal with this sort of thing on a daily basis. The Estate Agents has got all these finer details on their fingertips. They have for example the advertising space in local news papers and lately they distribute their very own property news papers. Their advertising has of course gone much further with the downing of the electronic medium. The internet and television adverts are playing a huge part in their success.
Because of the size of the industry and the vastness of the area that it is expected to cover, it was decided to provide each province with what is called a regional office. It makes it so much easier for both the individual Real Estate Agent as well as for the institute, to stay in touch and informed of any new developments in the industry. Property rentals have become big business and there are companies investing enormous amounts of money into this type of venture. This is where the services of the real estate agent become invaluable.
Presently there are new regulations in the pipeline to be implemented not later than 2011. These new regulations will curb for example the practises by newcomers to the industry, where one can register without any Real Estate qualification and then deemed qualified after working as a candidate for a period of 12 months. To survive in the property market can be a tough call, but once you have made a name for yourself and your agency, it can become a very successful venture. Well known Real Estate Agencies make use of the best agents in the field.
Most agents has the tendency to deal in one of the many options in the industry for example, one might prefer ?property rentals? above ?house sales?, it largely depend on the individual, but the same person will be in the position to point you in the right direction if you are looking for advise on anything else concerning property. Day by day dealings with the public, is one of the main objectives of the Estate Agent, The hours of work in most cases are not regular office routine. It can at times become very demanding but always a challenge and very interesting occupation.
Both Jerry & Villa118 Jaiswar118 are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Jerry has sinced written about articles on various topics from Hair Removal, Destinations and The Internet. Jerry Clifford has received the prestigious 100% Club award for his success as a real estate agent in the area. He is certified as an ePRO and. Jerry's top article generates over 18100 views. to your Favourites.
Villa118 Jaiswar118 has sinced written about articles on various topics from Property Sale, Finances and Home Buyers Guide. Villa Jaiswar is the Author of the Article South Africa . She is the CEO of PropertyHome. Villa118 Jaiswar118's top article generates over 5400 views. to your Favourites.
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