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First Time Home Buyers Tax Credit Extended to April 30th, 2010 (home loans)

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By Ashley Ford

 Just recently the U.S. House of Representatives decided to pass a new bill that will grant an extension and expansion of the Federal Tax Credit for First-time Home Buyers. This extended tax credit will be good through April 30th, 2010 that now also includes a 60 day extension should there be a binding contract in place prior to the deadline.

The tax credit for first time home buyers will still stand at a tax credit of up to $8,000. Existing homeowners however, will receive a reduced credit of up to $6,500. In order to for existing homeowners to be eligible for the $6,500 tax credit, they have lived in their current residences for at least five years. Another change in the bill is an increasing of the qualifying income limits. Single tax filers income limits were once $75,000 and joint filers were once $150,000. The new qualifying income limits are $125,000 for single tax filers and $225,000 for joint filers. The purchase price of the home is capped at $800,000. These new changes are aimed to encourage existing home owners to sell their first homes in exchange for purchasing larger and more expensive homes, basically their dream homes.

Additional stipulations in the bill include the ability for taxpayers to claim the credit on purchases that are completed in 2010 on their 2009 income tax returns. The bill also maintains that the home buyers utilize the home as their primary residence for 36 months after its purchase; otherwise the credit must be repaid. However, for any active duty military personnel this requirement is waived should they need to move due to military order.

So far this tax credit has had great success. According to the California Association of Realtors, nearly 40 percent of first-time buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered. This underscores the significance of the federal tax credit to the housing markets recovery in California.

For more information on the extended First-time Home Buyer Tax Credit contact the experienced and knowledgeable agents at Realty Executives Dillon. The agents at Realty Executives Dillon can offer you an expertise that is unsurpassed in the San Diego County real estate field. There are hundreds of property listings all throughout San Diego County and seasoned real estate agents are exactly what you are going to need to navigate your way. So for the best San Diego real estate services you could hope to find, visit Realty Executives San Diego at www.realtyexecutivesdillon.com.

The author of the article knows all about San Diego County Real Estate. He has provided San Diego Real Estate Services for many years now. He is one of the best Realty Executives San Diego.

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Ideas for Saving a Bundle on Energy Use at Home - Insulation and Windows

By JT Navary

 Insulation

The primary areas in your home that should be well insulated are the walls, attic and floors. Here are a few tips to help you get your insulation project moving in the right direction:

Does your home require extra insulation material? As a general rule, if your home has less than three or four inches of insulation in the attic, it would be a good idea add extra insulating material to achieve the appropriate levels. If none exists in the walls and/or floors, adding insulation is highly recommended.

You will need to determine whether you want to do the insulation work yourself or to use a contractor instead. Take into consideration that some insulation jobs are considerably harder than other household projects.

If you would prefer to have a contractor handle the job, make sure you get several bids. Only hire a bonded and properly certified contractor.

If you tackle the job yourself, be sure to follow installation instructions carefully and pay attention to pertinent safety precautions.

When buying insulating material, note the R-value. It shows the effectiveness of insulation. The larger the R-value the better the insulation.

Determine the type of insulating material you require. There are many different types of insulation products available including sprayed foam, rigid insulation, fiberglass, mineral wool/rock wool, and cellulose. The choice of material will largely depend on the area of the home you are insulating. A knowledgeable salesperson should be able to help determine the best type of insulating material and R-value you need.

Windows

The thermal efficiency of windows is rated by the U-value. This number specifies the window’s ability to insulate. The lower the value, the more efficient the window is at stopping the transfer of heat. The U-value of a window is based on the number of glass layers, the amount of of insulating space between the layers and the design of the window frame. A few tips include:

Inspect windows for broken glass, damaged frames and seals, rotten wood, loose putty, poorly fitting sashes, and air leakage.

For a quick but short-term fix before winter arrives, you can purchase storm-window kits constructed of plastic sheeting that you apply to the interior of your windows. The kits can usually be bought at most building supply stores for $5 to $10 for each window. They generally last from two to four years.

You can reduce heat loss through windows by mounting insulated curtains or drapes on the window’s interior. This will help reduce heat loss during cold weather and keep cool air in during the dog days of summer.

In the winter tie back the curtains if the sun is out to allow passive solar heating, and, during the summer block the sun with your curtains or attach an ultraviolet film to minimize the heating effect of the sun.

During the warmer months, when possible, open two or more windows at night and in the early hours of the morning when there is a breeze. Opening a window on opposing sides of your home will improve the flow of air and provide enhanced cooling.

Caulking & Weather-stripping

In addition to insufficient insulation, air leaks are amongst the leading causes of energy waste in homes.

Check your home for concealed air leaks by using a damp hand or candle flame to detect air leaks. Close all doors, windows and fireplace flues and switch off all ventilating fans to make the air movement easier to locate.

Caulk is most useful on areas that are smaller than 1/4″ wide. When available, use caulking that will remain flexible over a long number of years. If it is not completely hidden, choose a tinted caulk or one that can be painted.

If there are sizeable gaps and holes shielded from sunlight and moisture, use expanding foam sealers to plug them. However, please buy only products identified as ozone safe.

Crack filler or backer rod, is a elastic foam product available in long coils, with a variety of available diameters. It can be used to seal large voids. It also can be used as backing in deep gaps that are to be sealed with ordinary caulking.

Position insulating material behind electrical outlets and switches - potential leaks that are often overlooked.

Jim Navary has been a freelance writer and researcher for more thirty years

covering a broad range of subjects. He is also a licensed real estate salesperson

in the Commonwealth of Virginia specializing in real estate in the



Tri-Cities area of Virginia and, in particular,

Colonial Heights, Virginia, area homes for sale.

Your Online Source For Real Estate Investing Solutionsbad credit home loans

Monday, December 28th, 2009 at 9:15 pm and is filed under realestate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.