If you are thinking about buying a new timber frame home, this may be the time. With the extended tax credits and low interest rates, the cost to own has dropped dramatically.
It’s no secret that construction and real estate have taken a hit the past year. We were all expecting it, probably at some point, but it did come as a surprise. The extended federal tax credits offer an incentive to buy for first time home buyers and for certain repeat buyers.
As we understand the credit, the purchase date is the “move in date”, so unless you are under construction, your new timber frame probably won’t qualify for the credit. However, if you are selling an existing home and building a new home, this tax credit may motivate a buyer.
The credit is outlined on the IRS website .
Whether this tax credit applies to you personally or to a buyer for your existing home, it is worth a look. Talk to your accountant and your real estate agent about it.
And, whatever you choose to do, remember to Build Boldly!
That said, I’ll sign off for now.
Tags: Construction Costs, design/build, small homes, timber frame homes, timber frames
