The Tax Credit is Also for Those Who Wish to Downsize

Tom and Jan, real estate Brokers in the Apple Valley real estate market want you to know the “First Time Home Buyer Tax Credit” is not just for “first time home buyers” or those buying a larger home, it also works for those wanting to downsize to a smaller home as well.

When the First Time Home Buyer Tax Credit was extended and expanded most people thought the expansion was only for home owners who wanted to move up, those who wished to buy a bigger, more expensive home.  In fact, the expansion includes those who have owned a primary residence and lived in it for at least five consecutive years out of the last eight years.  If current home owners in the Apple Valley want to downsize they can use the tax credit toward their new home, regardless of whether it costs less or is a smaller home than the one they are selling.

It is an anomaly that everyone assumes the tax credit is only for purchasing bigger and better.  Many people, especially those whose children have grown and left the nest, want to downsize.  After-all, who doesn’t want to make life simpler these days? 

If you have been considering selling your home and moving into a smaller space, consider doing so before the tax credit expires.  Place your new home under contract by April 30th and close by June 30th and you could have a few extra dollars in your pocket.

From February 1^st you only have 89 days left to us the Tax Credit

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