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Home Buying…Are You In or Not?

By: Allison Millar, Contributing Writer
In: In the news
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If you’re counting on an $8,000 tax credit to help with home buying, it’s time to get moving. According to this Chicago Tribune story, anyone interested in this home buying credit for first time buyers needs to sign a contract to purchase by April 30 and close by June 30. There also are tax credits for some move-up home buyers, as detailed by the National Association of Home Builders.

Home Buying Tax Credit

While a tax credit is great, you want to make sure that home buying is the right thing for you right now. This is particularly important if the house needs some home improvement, because you may need to focus on getting a contractor. Think about:

  • Employment. Is you employment stable? Are you in a marketable industry?
  • Savings. Do you have three to four months worth of mortgage payments set aside just in case?
  • The house. Will it require some home improvement and, if so, have you figured out a plan for paying for it? The good news is that many houses allow for remodeling over time. One approach is to talk to a contractor and get estimates. Then average out your yearly costs to find a monthly average.

Home Buying and Home Improvement

If contractors are in your future, you want to make sure you save a little extra before home buying. Even a few thousand can be a nice nest egg to cover repairs or quick fixes. If large projects are on the horizon, consider a mortgage that bundles construction funds into the purchase amount. Check out Construction Loan Center for more.

In the end, trust your gut. If this is the right time for home buying, go for it. That $8,000 will come in handy!

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