Cape Coral Real Estate

Cape Coral Real Estate information

Tax credits for new and repeat home buyers

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Buying a new home in Cape Coral is both an exciting and stressful experience.  The federal government
has made an offer we just can’t refuse.  Homes are now going to be much more affordable than ever, with a fantastic tax incentive for buyers. This is an amazing opportunity to finally own your own home or
relocate to the digs of your dreams.  Read below to see which program you qualify for.

$8,000 First-time Home Buyer Tax Credit

The $8,000 tax credit is for first-time home buyers only. For this tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence three-years prior to the purchase.

The tax credit does not have to be repaid unless the home is sold or is not used as the buyer’s principal residence within three years after the initial purchase.

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

 The tax credit applies only to homes priced at $800,000 or less.

The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer

The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.

The tax credit applies only to homes priced at $800,000 or less.

The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.

Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

We at Florida Future Realty want to make your Cape Coral home buying experience as positive and stress
free as possible.   Please call one of our qualified agents to assist you with finding the perfect home, or browse our site to begin a search of your own.

Yours in Success,

Florida Future Realty Team

(239)542-8521

Inquiry@floridafutureagents.com

 

Considering a second home?

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What will a second home in SW Florida cost?

As the prices of homes in SW Florida are, can we say, more than affordable, many people across the U.S. and abroad are entertaining the possibility of a second home. The biggest question on everyone’s mind is “What will it cost me?” Obviously it is pretty easy to find the listing prices of homes online but to truly understand what the ‘cost’ will be can take doing some research. In this article I will go over the basic costs you can expect
to pay when investing in a second home here in beautiful Cape Coral or Ft. Myers, Florida.

First to consider: Cost of Money
Are you planning to pay cash or do you plan to get a mortgage for some of
the purchase price? If you plan to pay cash make sure that you are comfortable with the rate of return on your investment. You may wish to consider getting a loan for some of the purchase to keep more capital for other investments (more houses, or?). If you are going to obtain financing make sure you determine which loan is best for you and your needs. Most investment properties will require 20-25% down. If you are Foreign National you must be prepared to put down at least 30% in most cases. You can also attempt to receive a loan from your country as well. The rates will be lower but you may have to put up your current
home as collateral (borrow against your equity). Some second homes may be
purchased with less money down. But your payments will be much lower with
the more money you put down on your purchase.

For comparison purposes here let’s take one of current waterfront listings.

It is located at 1429 Vendome Ct. Cape Coral, Florida 33904. It is a
gulf access home, built in 2007.

The current asking price is $375,000. Let’s assume that you plan to put down 25%. This means that you will be putting adown payment of $93,750.

Here is an estimate of closing costs:

Taxes: $ 6,422.24*

Loan fees: $3,846

Prepaid taxes & insurance: $5,778

Total costs to close: $103,374.

* from current 2008 tax bill – properties are reassessed every year
here so this could change. Currently this home is assessed at $374,230.

If we can help you further your search for a new home or second home, please don’t hesitate to call. We look forward to hearing from you!

Yours in Success,

The Florida Future Realty Team

239-542-8521

Inquiry@floridafutureagents.com

Meet Destiny

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Destiny Savakinus
Destiny Savakinus

Destiny Savakinus joined our office in 2008. She brings with her past experience in title and mortgages.

She came on as a transaction coordinator and has since been promoted to Customer Relations Manger.

If you ever need help with something she can probably help.

She also handles much of our public relations and marketing as well.

Destiny also plans on obtaining her Florida real estate license in the near future to better assist our real estate agents and customers.

Destiny can be reached at the office at 239-542-8521 or direct on her cell phone at (239) 677-6023. She can also be e-mailed at Destiny@SusanMilner.com