This is the first of the series: The Process of Buying a Home in Brookville, NY
AFFORDABILITY
Whether you are buying a home in Brookville, NY or Oyster Bay, NY or anywhere in the country for that matter, it is a very stressful experience to say the least. Looking for that dream home without knowing what it involves is not a good idea at all. As an informed buyer, you're in a better position to deal with all the intricacies of home buying process, going through the labyrinth of paperwork and making the right decision. This is the biggest purchase of your lifetime and you do not want to end up making the biggest mistake of your life.
With the economic situation in Long Island and the effect of the Wall Street meltdown, you must be wondering if buying a home now is the right thing to do. Although the value of home may go up or down, the value is still there. As long as you intend to stay in your home for a long time, the appreciation of home value will be there. Not to mention the fact that your home gives you shelter and a safe sanctuary for your family.
Before you get serious looking for a house in Brookville, NY, ask yourself this question: How much can you afford? Your best bet is to contact your accountant or mortgage broker who can advise you on what you can afford and what programs are available out there for you to take advantage of so you can buy your dream house. If you are a first time home buyer, ask about the $8,000 federal tax credit. Also, Governor Paterson just issued a press release on Aug. 10, 2009 announcing Federal Income Tax Credit for First-Time Home Buyers. Here is an excerpt of the press release:
"Governor David A. Paterson today announced that New York will offer a federal income tax credit to first-time homebuyers to encourage home sales in the State. The New York State Mortgage Credit Certificate (MCC) will enable first-time homebuyers to claim a tax credit equal to 20% of their annual mortgage interest costs, potentially saving the average homebuyer about $1,500 each year. The program will effectively extend, and in some cases improve upon the federal government's $8,000 First-Time Homebuyer Credit enacted as part of the American Recovery and Reinvestment Act of 2009, which expires on November 30th.
The New York State Mortgage Credit Certificate (MCC) can be used to reduce a homebuyer's tax burden for every year the mortgage loan remains outstanding. With an MCC, 20% of the amount paid in mortgage interest becomes a tax credit that can be deducted, dollar for dollar, from a homeowner's federal income tax liability. The remaining 80% of the mortgage interest continues to qualify as an itemized tax deduction, as long as there is sufficient federal tax liability. The MCC will be administered by the State of New York Mortgage Agency (SONYMA), a State agency that offers a variety of fixed-rate mortgages tailored to the needs of first-time homebuyers."
For more details on the program, please visit www.nyhomes.org.
Once you know how much money you need to buy your new home and the amount you need for living expenses, then you are on your way to start looking. With the state of the economy, you want to make sure you have enough money to sustain the mortgage payments and the maintenance of the house. To play it safe, make sure you have at least 6 months reserve for living expenses in case you lose your job.
Once you establish the fact that your finances is in good shape, then you are ready for the next move.
Copyright © 2009. By Rosalinda Morgan, "The Rose Lady". All rights reserved.. *THE PROCESS OF BUYING A HOME IN BROOKVILLE, NY - FIRST OF THE SERIES: AFFORDABILITY*
If you are interested in selling or buying a home in Brookville, Muttontown, Oyster Bay, East Norwich, Oyster Bay Cove, Syosset, Laurel Hollow, Bayville, Centre Island and Mill Neck, please contact Rosalinda Morgan, "The Rose Lady".
Ph - 516-385-0584
Email - linda@rosalindamorgan.com
Website - www.rosalindamorgan.com
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