FREE Government Money for Move-Down Saratoga Seniors!*
By Michelle C. Carr-Crowe
Did you know there is now FREE Government Money for Move-Down Seniors in Saratoga in the form of a new, limited-time, tax credit?*
Right now, there’s a classic 3-bedroom bungalow in the exclusive Dry Creek are of Willow Glen in San Jose just waiting for a move-down senior owner. And if you act now and close by April 30, 2010, you may also qualify for approximately $6,000 in the form of a government tax credit-EVEN if you're not a first-time home buyer!
For example, located on a quiet, tree-lined street in beautiful Willow Glen, “Grandma’s Cottage” at 2180 Cheryl Way is a well-cared-for home featuring gleaming hardwood floors, an efficiency kitchen and dual pane windows. At a price of $600,000, a first-time, move-up or move-down buyer can move to a lovely home on a beautifully manicured street in an established neighborhood of million-dollar-plus homes.
The existing tax credit for first-time buyers, originally set to expire at the end of November, 2009, has been extended and expanded for homes purchased and closed by April 30, 2010. However, this limited-time-only new measure benefits a larger group of potential home buyers, including move-down seniors in Saratoga. It allows both first-timers and existing homeowners to take advantage of thousands in the form of a tax credit.
All properties must close by the end of April.
The existing measure would continue giving up to an $8,000 tax credit to first-time buyers (depending on price of the home, buyer income and other factors). In addition, it provides up to a $6,500 tax break to qualified homeowners looking to move up or down to middle-market homes that cost no more than $800,000, including seniors in Saratoga.
The legislation also significantly raises the qualifying income levels to $125,000 for individual income tax filers and to $225,000 for joint filers.
Thanks to Propositions 60 and 90, seniors selling and buying within Santa Clara County can also transfer their existing low tax basis. If you are a move-down senior buyer looking for a well-maintained home in a cohesive neighborhood of pride of ownership properties, take a look online at www.2180chery.com or Just Call 408.252.8900.
If you are a senior considering selling in Saratoga and buying down in 2010, receive a FREE list of single-family homes, condos or townhomes that meet your specific needs and price range, send an email to info@michellejudycarr.com or Just Call 408.252.8900.
