Anyone who is watching the economy and the spending that is occuring in our nation right now can predict the inevitable: Inflation. Inflation is on its way, due in part to the amount of spending and tax credits that are occuring. I want my clients to receive as much for their money TODAY as possible. Here are some practical things you can do if you are planning to purchase not only a home, but major appliances, cars etc.
Stimulus Package-Do you qualify for any additional tax credits? You probably do and don’t realize it! Do you need any new appliances that you will most likely buy in the next five years? Consider buying this year or next to get an additional tax break. The government is giving enormous incentives for those making their home more energy efficient. Up to 30% of your cost can go back to you in a tax credit. Click Here to Learn Specifics.
Real Estate- If you are considering buying your first home, now is the time to do it. With record low interest rates, tremendous amount of inventory, and the extra government incentives (up to $8000 in tax credits) the opportunites for first time buyers are incredible. Make sure you close by 12/1/2009, so you will receive the tax credit.
Refinancing-if you have a high interest rate on your existing mortgage, you should consider refinancing. (Even if you’re home is not worth what you owe due to the current market, there are options under Obama’s Homeowner Affordability & Stability Plan) This way when interest rates do spike, you won’t be left with your mortgage still attached to a high interest rate.
Hope this helps and gets wheels turning for those of you wondering what to do in this economic climate. Please feel free to call me to discuss at 1-843-974-6029 or e-mail at Foster@HomesofSummerville.com.