I went to my uncle’s place and met up with my cousin MJ. We chatted over many things until we arrived on the subject of buying a house. MJ was interested to get a condo unit at the building being built near the mall. I was more interested in getting a house with a frontyard with white picket fences.
We talked about how much Buying First Home might cost and other money matters. Since we were first-time buyers and we were both unmarried, we were also wondering how much tax we might need to pay for such purchase.
It was to our delight that we learned of the extended 2010 Homebuyer Tax Credit wherein there is a provision of $8,000 tax credit for first-time homebuyers. The income caps for individuals was $125,000 and for families, it’s $225,000. The credit will apply for homes bought for less than $800,000. This is really advantageous for buyers like me or my cousin, as well as for other buyers like those families who have been renting for 5 years or so and would like to buy their residence for their own.
Owning a home is not an easy feat and we need all the help we can get. That includes, freebies, tax credits, discounts and such to lessen the cost of buying one’s dream house. For me and MJ, our dream houses can wait but one day, we will definitely get them.