Take Advantage of a $10,000 Tax Credit for Your San Clemente Real Estate Purchase
For those of you who are currently looking to buy in the San Clemente real estate market, you may want to consider buying new development, the majority of which is located in the Talega real estate market. The state of California is currently offering a $10,000 tax credit if you buy new development. In order to obtain this credit, you must:
- Purchase new development that has never been occupied before
- Live in the residence for a minimum of two years
- Purchase before March 1, 2010
- Submit your application for the credit within one week after the close of escrow
- Be eligible for the property tax homeowners exemption under CA Revenue and Tax Code Section 218
While the credit is available until March 1, 2010, you may want to act quickly as the state of California has only allocated $100 million to this fund and approximately $50 million has been used to date. In addition, builders such as Standard Pacific out in Talega are still offering great incentives to purchase. While you could walk directly into their sales offices, we recommend contacting us first as the sales agents for these developments work for the builder and have the builders best interest in mind and not necessarily yours. We will be able to directly negotiate on your behalf in order to obtain the best purchase for the property based on your needs, recent sales in the neighborhood, and current market conditions.
Also, if you are a first time homebuyer, you may want to act by summer time in order to take advantage of the $8,000 tax credit offered by the government if you close escrow by November 30, 2009. This means as a first time buyer you would receive a total of $18,000 in tax credits, $10,000 from the state for buying new development and $8,000 for being a first time buyer purchasing before the end of November.
For more information on this credit, please contact us or visit the following link: Tax Credit for New Home Purchase
