Looking to take advantage of the home buyer tax credit before it expires?
Make sure you know how long it will take your builder to complete your new home.
It's important to know how the home building process works - you might not have as much time as you think.
Buyers have until April 30 to sign a sales contract. But they must close on the home by June 30 in order to qualify for the $8,000 tax credit for new home buyers or $6,500 tax credit for repeat buyers.
One of the first questions you need to ask your builder is, 'How long will it take to build the plan I have in mind, on the lot I chose?'
Here's some basic steps to keep in mind:
- Line up your financing
It can take 30-45 days or longer to get financing in place. Make sure to respond to your lender as quickly as possible when they request information - remember, they're working with quite a few other folks looking to take advantage of record low interest rates and tax credits, and make sure they're following all the new rules. Ask your builder for recommendations of responsive lenders. Yes, there is construction financing available, with good rates and low down payments - contact us.
- Get permits started for your new home
Your builder can apply for building permits as soon as your contract is signed and deposit in place - this can be as low as $2,000 for some builders. The permits can then be ready at the same time your financing is approved.
- Build your new home
The entire building process for a custom home in the $200s-$500s generally takes about 90-120 days, but this can vary by builder. Ask your builder what the timeline for your new home will be. And help everything stay on track by making your selections and any floor plan or other changes by the deadlines provided.
Have more questions on the First Time and Repeat Home Buyers Tax Credit? Check out the answers here:
http://www.federalhousingtaxcredit.com/
Did you know Stanton Homes also offers design/build services?
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Finding Your New Home in the Raleigh Area
Stanton Homes makes it easy! We'll guide you through the entire process - select from thousands of different floor plans, and hundreds of different locations. New homes from the upper $100s to the $500s. Custom modifications available too!
Call 919-278-8070 or visit www.StantonHomes.com to find out more about new homes in the Raleigh area today.
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Article copyright Stanton Homes 2010. Provided for informational purposes only, no claims are made by Stanton Homes regarding the validity of any statements. Please note: all listing information per MLS, and current as of posting date. Information subject to change. Stanton Homes does not make claims to ownership of above lot listings, but can work with homebuyers to purchase lots and build. Home plans to be approved on an individual basis, subject to neighborhood restrictive covenants and lot restrictions. Ask for further information regarding any community, lot or floor plan. Photos represent typical homes and details of each neighborhood, to help highlight different options available in the Raleigh/Triangle area. No claim of ownership is made to homes or land pictured.
I would be scared of building a new home because of the deadlines. Good post.
Penny,
This is a great way, for buyers, to capture the Federal Tax Credit and own a brand new home with all new energy efficient materials and equipment. There would also be no hassles with inspections, termite work, etc.
Steve
Gita - It all depends on which builder you're working with, and how quickly you can make decisions!
Steve - energy efficiency, Energy Star, and Energy Wise are our top requested features. A home that uses 1/3 of the energy of a home built a couple of years ago, or 1/5 of the energy of a home built 30 years ago, makes a BIG difference to the bottom line.