Anne's Advice
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Dear Anne, I am looking into building my first new home. With so many different builders to choose from, how do I know I am making the right decision?
- Curious from Columbia A: Dear Curious, That's a very good question. There is no 'correct decision' in regards to which builder to choose, but you should always go with your gut and pick the one you feel most comfortable working with. There are some good guidelines to implement when searching for your dream builder. For one, you need to make sure the one you select is licensed and insured. Look for a running operation. There is no telling what type of quality will come from a builder who has not been active for months. Another good barometer is to avoid "too good to be true" type offers. This is a sign that the builder needs the money so badly because his firm is going under. You really want to make sure that the builder has current projects under construction. This is a good fore-shadowing tool to let you know that your house will also be under construction at some point. Having houses in production also shows us that the builder is in good economic standing, since they can finance the construction. There are many different ways to decipher among builders; these are just a couple of guidelines to streamline your search. Now go out and find the builder of your future dream house! - Anne
To submit a question, email newspost@classicmd.net or visit our Online Assistance page. |
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Classic Homes Events...
Attend our "Open House Duet"
On Sunday, March 21st, from 12-4pm, join Classic Homes representatives for a tour of TWO of our completed models. Learn all about building on your lot, talk to finance reps, and learn about our new products and specials. This is your best opportunity to learn about Classic Homes.
- What: City Series Models - Claremont (4000 sq ft), Princeton (5000 sq ft)
- Where: 10222 & 10230 Nolan Drive
Rockville, MD 20850
- When: Sun, March 21st, 12-4pm
- RSVP: Classic Homes Events Page
April 22 - Building Seminar: Howard & Baltimore County
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Builder News
Home Buyer's Tax Credit about to End
Homes & Money Newsletter
March 2010
You're probably up to your neck by now in forms and paperwork as the April 15th income tax deadline approaches. Maybe you've already completed your taxes, paid your bill, or are awaiting your refund check. Either way, now is the perfect time to revisit the extended and expanded Home Buyer's Tax Credit.
Why? Because now, as you calculate your tax bill or your refund, you can finally see in real terms just how beneficial a tax credit of up to $8,000 can be to your bottom line.
Here's the basics:
Qualified 2009 and 2010 first-time home buyers can get up to 10% of the home's purchase price or a maximum of $8,000. In November 2009, legislation extended a tax credit of up to $6,500 (or up 10% of the home's purchase price) to long-time residents of the same primary residence if they purchase a new main home. To qualify, eligible taxpayers must show that they lived in their previous homes for a five-consecutive-year period during the eight-year period ending on the closing date of the new home.
Important details to remember:
1) You don't have to pay it back (as long as you stay in your qualified home for at least 36 months).
2) If you qualify for the credit, you can still apply it to this year's taxes, even if you've already filed your returns, or save it for your 2010 returns.
3) This is a true tax credit, not a deduction. If you qualify for the full credit, there will be an actual dollar-for-dollar reduction of up to $8,000 (or up to $6,500 for qualified repeat buyers) on your tax bill now or in 2010.
4) New income qualification limits have been put in place that expanded the pool of qualified buyers.
5) If you purchased a qualified home or plan to after reading this article, you must have a contract in place by April 30, 2010 (with closing to take place by June 30, 2010), so don't wait!
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Jamie's Picks of the Month
- Bakery: Georgetown Cupcake came on the scene in early 2008 and quickly became
the leader in the cupcake game. With its deep
flavor, Chocolate Ganache won over the testers in the Food section's
2008 Cupcake Wars series. Toffee Crunch will appeal to mature palates,
Red Velvet to just about anybody with taste buds..
- Around Town: Brookside Gardens is Montgomery County's incomparable, award-winning 50-acre public
display garden situated within Wheaton Regional Park. Included in the
gardens are several distinct areas; azalea garden, rose garden,
children's garden, formal garden, fragrance garden, Japanese style
garden and trial garden. A horticultural reference library is located
in the airy Visitors Center. Admission is free.
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We hope you enjoyed the latest news and events from Classic Homes of Maryland. We look forward to hearing from you with questions and comments. Just send an inquiry/comment to info@classicmd.net.
Sincerely,
Classic Homes of Maryland
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