If you are planning on buying a home this year, now is a great time to think about buying new construction! Last month, the legislature for the State of California passed a new budget which included a tax credit of up to $10,000 for the purchase of a newly constructed home. This tax credit is only available for homes that are new construction and have not been lived in.
$100 Million is available for new construction home buyers in the State of California.
The $10,000 tax credit is for home buyers that purchase a new home between March 1, 2009 and March 1, 2010. The bill set aside $100 million for the tax credit, so after 10,000 new homes are purchased, the credit is gone.
1. The $10,000 tax credit is not a loan and if the home remains your primary residence for 2-years, you do not have to pay any portion of the tax credit back.
2. The tax credit is for new homes only. The construction of a new home generates more tax revenues than the $10,000 tax credit will cost, so the credit is limited to the purchase of new homes. You will not qualify for the state tax credit if you buy an existing home.
3. The tax credit is good for 5% of the home's price or $10,000, whichever is less.
4. And if the purchase is before Dec. 1, 2009, you may be able to pair it with the $8,000 federal tax credit in President Obama's stimulus package, provided you're a first-time buyer and meet other requirements.
Now, that you know you may be eligible to receive this $10,000 tax credit for new construction, make sure to stop by and see our new homes at the wonderful new gated community of Monterey Village in Elk Grove. Sales Office is open every Saturday and Sunday, from 11:00 - 4:00.
For more information on these wonderful new homes, call us at (916) 405-5765 or send email to
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Lori Mode & Bruce Durham, Keller Williams Realty, Elk Grove
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