OK, so the deadline for the homebuyer tax credit has come and gone. The passing of the deadline has gotten me thinking about a real estate phenomenon that has become more widespread in the past year or two.
It’s probable that many of the homebuyers who purchased homes before the deadline did so because of the tax credit. Generally, that’s fine. Ten percent of the home’s price, up to $8,000, is certainly an attractive offer.
But how many people bought homes JUST because of the tax credit? We’ll never really know, of course, but let’s hope the number was low. Because no matter how attractive the incentives are to buy a home – tax credits, low prices, low interest rates – it still comes down to the home making sense for you.
I have a feeling that those who have been out home shopping and missed the tax credit deadline because they didn’t come across the perfect home for them in time will be happier in the long run than those who rushed to buy a home because of the credit.
Whether it’s a home you’re going to live in, or it’s an investment property or vacation home, your purchase has to “feel” right to you. In this day and age of foreclosures and short sales, many people seem out to simply find a “deal.” Remember, you’re not going to live in a deal – you’re going to live in a home!
A tax credit or extremely low price shouldn’t be the deal-maker, or breaker, when you buy a home.
If your home is a primary residence, you have to be able to see yourself living there for some time. An $8,000 tax credit or buying 15-percent below market value isn’t going to make living in a house more comfortable.
If the home in question is an investment, buying the “best deal” – the cheapest house – doesn’t make much sense, either. Can you afford to put money into it? Will it be an attractive property to prospective tenants? Is it in an area of demand so that it will re-sell easily?
The bottom line is that, yes, the tax credit was great. But it should be icing on the cake. The reason to be happy about buying a home should be the home, and the tax credit just a bonus.
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