Bigelow Homes Reports Nice Surprises in the $...
For Release: 3/26/2009 9:53:13 AM
Thinking of taking advantage of the $8,000 first-time homebuyer tax credit? Here are some facts you probably aren't aware of: Did you know that, even if you purchase your home this year, you can claim your $8,000 first time homebuyer credit on your 2008 return?
Did you know that you have the option of using the credit to reduce your tax withholding throughout 2009? Did you know that you may qualify as a first-time buyer even if you've owned a home before? Did you know that it's possible to have the tax credit advanced to you as a loan before closing?
Did you know that if the tax credit amount exceeds your withholding, the remainder will come back to you as a check? Did you know that even those who are not U.S. citizens may be able to claim the credit?
The credit, part of the recently enacted American Recovery and Investment Act of 2009, is a gift from the federal government to first-time buyers, but it's a little tricky and mistakes can be costly.
"We've trained our sales staff to let buyers know exactly how the tax credit works and how they can best take advantage of it," said Mike Venetis, vice-president of sales and marketing for Bigelow Homes. "First-time buyers have always been one of our biggest markets, so we felt it was important to stay on top of new developments that affect them."
Here are the basics:
• The tax credit is for first-time buyers only.
• The tax credit doesn't have to be repaid.
• The tax credit is equal to 10 percent of the home's purchase price, up to a maximum of $8,000.
• The credit is available for homes purchased on or after Jan. 1, 2009 and before Dec. 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 quality for the full tax credit.
For purposes of the tax credit, the home's closing date is considered the purchase date. In order to avoid having to repay the credit, the owner must live at the new home for at least three years.
Did you know that interest rates are near historic lows? Did you know that new home prices may never be this low again? Did you know that multiple award-winning Bigelow Homes has a reputation for building some of the finest, most energy-efficient, people-friendly communities in the country?
"HomeTown Aurora has always been one of the strongest values in the Chicago metropolitan area," Venetis said. "Between the tax credit, the interest rates, and affordable home prices, I can't imagine that there will ever be a climate more favorable to homebuyers."
The small-town setting, quality, and the fact that single-family homes can be had for the price of a townhome, have always attracted first-time buyers to HomeTown Aurora. The community has the neighborhood features of a small Midwestern town such as classic American architecture; large, inviting front porches; white picket fences; big bay windows; six-foot wide sidewalks that accommodate side-by-side strollers; living courts; private cul-de-sacs; streets designed to keep traffic under 15 mph; and inviting destinations. In addition, there is a daycare center on the premises and an elementary school close by.
The community won the Metropolitan Planning Council's Community Vision Award for its environmentally responsible design. In addition, two of the 15 parks won an American Society of Landscape Architects award.
HomeTown Aurora is within three miles of the Westfield Fox Valley Shopping Center, Oakhurst Forest Preserve, Phillips Park Golf Course, Phillips Park Zoo, and the Eola Community Center, which includes a public library. The East-West Toll way and public transportation are 10 minutes or less away.
To get to HomeTown Aurora, take Route 59 to Ogden Avenue, west to Montgomery Road, then north one mile.
Furnished home models are open from 10 to 6 daily, and Fridays from noon to 6 p.m. Furnished models of the Lofts are open Mon., Tues., Thurs., Sat., and Sun. from 10 a.m. to 6 p.m., and Fridays from noon to 6 p.m. Loft models are closed on Wednesdays. No appointment is necessary.
Those looking for more information on HomeTown Aurora can call 630-851-8040.