Your Local Realtor...Tony Lonergan...617-515-6165
Tony Lonergan

5 Common First-Time Buyer Mistakes




They don’t ask enough questions of their lender and miss out on the best deal.

They don’t act quickly enough to make a decision and someone else buys the house.

They don’t find the right agent whose willing to help them through the homebuying process.

They don’t do enough to make their offer look good to a seller.

They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.


Reprinted with permission from Real Estate Checklists and Systems


The first step to your next home...



     JUST LISTED SOLD DUPLEX IN TAUNTON, MA

     DUPLEX - A GREAT FIRST HOME WITH RENTAL OR INVESTMENT OPPORTUNITY.

   Don't miss this great opportunity. This well   maintained duplex (#21 and #23) with 2 BR each,   may be just what you were looking for as either an   investment property or your first home with rental   opportunity. Newer windows in #21 along with new   kitchen floor and renovated bath. #23 has newer   ceramic floor in kitchen. New water heater 7/08.   Both units have large dry basements. The attached   carport accommodates 2 cars. #21 is owner   occupied, #23 is rented to family member. 

     Click here to view the virtual tour

 

 

UPDATE:  

For home purchases where a binding sales contract was signed by April 30, 2010, otherwise qualified buyers now have until September 30, 2010 to complete the purchase. Congress has extended the closing date to provide buyers who had binding sales contracts in place by April 30, 2010, additional time to complete their purchases.

Below are important points about the  First-Time
Homebuyer Tax Credit that you need to know.


The homebuyer tax credit is one of 10 key provisions of the American Recovery
and Reinvestment Act signed into law by President Obama on February 17, 2009.
The bill provides for an $8,000 tax credit available to first-time homebuyers
purchasing a principal residence on or after January 1, 2009 and before April 20,
2010. The credit does not require repayment and can be claimed on a tax return
to reduce the purchaser’s income tax liability.

If any credit amount remains unused, then the unused amount will be refunded
as a check to the purchaser.

1. The amount of the credit is $8,000 and it is not a loan. Unlike the old
2008 program, this is a true credit via “tax refund” of $8,000 (or 10% of home
purchase price, if less). Recapture or repayment will only be required if you
sold your home within 36 months of purchase.

2. Who are eligible first-time buyers?
Any person who has not owned a principal residence in the past three years
qualifies as a first-time homebuyer. Also, someone who owns rental property
or a vacation home that is not their principal residence could still be a first-time
homebuyer.

3. The income limit is $75k for singles and $150k for couples.
A taxpayer must determine their modified adjusted gross income or MAGI.
To find it, they find their “adjusted gross income” or AGI for the year. Note that
AGI includes all forms of income including wages, salaries, interest income,
dividends, and capital gains. Singles’ MAGI limit is no more than $75,000 and
married couples cannot make more than $150,000 for the full credit. Partial
credit is available for those with MAGI between $75k to $95k ($150k-$170k for
joint filers).

4. What housing qualifies as a ‘principal residence’?
Single family homes, condos, townhouses, and co-ops qualify so long as they
are used as the taxpayer’s principal residence and purchased on or after
January 1, 2009 and before April 30, 2010. Homes purchased in 2008  do not
qualify for this program. Also, sales between immediate family members are
ineligible.

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Homeowner Oil Heating System Upgrade
and Insurance Law

Homeowner Oil Heating System Upgrade Law Delayed until September 30, 2011.
The effective date of the new state Homeowner Oil Heating System Upgrade and Insurance Law (installation of an Oil line sleeve or oil safety valve) has been delayed until September 30, 2011. The new law,originally set to become effective July 1, 2010, has been delayed and will become effective on September 30, 2011, giving homeowners fifteen additional months to comply
.

Who must take action?    What will an upgrade cost?

Click here to read more



New State Smoke Detector Requirements

A new regulation regarding the installation and maintenance of smoke detectors goes into effect April 5, 2010.

These new regulations were enacted by the Massachusetts Department of Fire Services and will apply to single and multi-family homes built or most recently substantially altered prior to Jan. 1, 1975 and sold on or after April 5, 2010. Homes built or substantially altered on or after Jan. 1, 1975 are governed by the State Building Code, which already imposes the same requirements & restrictions.

The regulations currently require two different types of smoke detectors to be in place depending upon the location in the home. In zones within 20 feet of a kitchen or bathroom, smoke detectors using photo-electric only technology will be required. Outside of the 20-foot kitchen and bath zone(s), both ionization and photoelectric technology must be installed. The battery/hard-wire rules are not changing at the state level.

These requirements were developed, in part, based upon research that shows that ionization smoke detectors tend to give false alarms due to fumes given off from typical cooking or steam from a shower. Frequent false alarms often lead residents to disable smoke detectors by removing their batteries.

This regulation shall be effective as of April 5, 2010, and shall be the applicable standard for sellers to comply with the provisions of M.G.L. c. 148, s. 26F upon sale and transfer of certain buildings or structures occupied in whole or in part for residential purposes.

General Requirements (1) Except for smoke detectors located in the vicinity of areas regulated by 527 CMR 32.03, an approved monitored battery power smoke detector, shall consist of a working device, that employs both ionization and photoelectric technology, in either a single unit or by means of two separate units.

32.03 Installation of Smoke Detectors In the Vicinity of a Kitchen, Bathroom or Other Areas No smoke detector employing ionization technology shall be installed within 20 feet of an entryway to a kitchen, or bathroom containing a bathtub or shower. The 20-foot measurement shall include and extend into common areas of a multi-family dwelling, if applicable.


Real Estate Resources

Discover how to purchase commercial property regardless of your income!!!

Click Here!

Want to learn how to "rent to own" Click Here!

You have heard about it, now discover the secrets of the millionaire mind!!! Click Here!

Sell Your House For Alot More Or Start Your Own Business Doing What You Love. Click Here!

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