Posts Tagged ‘mobile home’
Do I Qualify For the First Time Home Buyer Tax Credit If I Buy a Mobile Home?
The first time home buyer tax credit is made available after the present Obama administration took a big leap in reviving the declining market of housing realty. This credit is part of the stimulus package approved by the federal government to resuscitate the ailing US economy. Some of the home buyers can have the $7,500 credit available for them if they are qualified in the mentioned qualifications.
So if you’re looking for a mobile home for sale you can take advantage of the credit the federal government offers to would be home buyers like you. But you need to be aware that you know all the details of the credit prior to applying for it.
First time home buyer tax credit is available only if you buy a mobile home as your principal residence. This means that your mobile home will be the home where you plan to reside almost all of the time. This credit is additionally available to the principal purchase of a condominium, town home houseboat or a separated home if it is your principal residence. Accordingly, your mobile home must be in the US. Remember to note that it is ineligible if you purchase your mobile home from your father and/or mother or siblings.
Although mobile homes fall under the category of qualified homes for availing tax credit, there are other requirements you should take into consideration to avoid waste of your time and effort in applying the credit. Here are the following qualifications necessary for your application:
1. The tax credit is available only 1st time home buyers. The rules provide that anyone will be a first-time buyer if he or she has not owned a principal residence for three after buying a house. If you owned a vacation house that is not your principal residence, you can apply for the credit. Married couples must fit to the definition. But the rules on married couples are vague because the rules did not provide if the situation occurs where only one is qualified and the other is not.
2. An Individual must have a $75000 modified gross income, or MAGI, entered in your Federal Tax Return if you list yourself as married head of a household or unmarried. If you are filing a joint tax return in conjunction with your spouse, your MAGI should $150,000.
3. If you have more than $75,000 MAGI and if you’re single or married head of household, you may get a partial credit subject as long as it is below $95,000. The same applies for the second category, where your joint tax return indicates a MAGI of more than $150,000 but less than $170,000. MAGI beyond the marked limits will be not qualified for a tax credit.
4. You cannot apply for a first time home buyer credit if you bought your home before April 9 2008. 2009 home buyers are likely to have the tax credit.
To further your knowledge about the first time home buyer credit that is currently being offered by the federal government, you should visit the nearest authorities in your state. You could also learn information related to this in the net. You can benefit much from this opportunity, but you must seek advice and make plans to avoid credit problems in the future.
First Time Home Buyer Tax Credit if You Buy a Mobile Home
Tips to Look Out For When You Buy a Mobile Home
Used Mobile Homes-Top 10 Things To Look for When Buying a Used Mobile Home
Buying used mobile homes is a good idea for a growing family whose budget is not enough to sustain the rent of an apartment or buy a new house. You can search through the internet and will find various sources selling used mobile homes. The fact that quite near 9 million US Citizens are now residing mobile homes and that the amount will increase and seeing that the country's economy is a ways from stabilizing yet, you will find a huge market selling these homes.
So if you’re a home buyer and looking for used mobiles for sale in the market, there are things that you should consider apart from the money, of course. You should not be hasty in picking the cheapest home because it might force you to spend more than that of the original price of the house just for repairs in the future.
The 9 tips buying mobile homes you must look are the following:
1. Passing the building code- it is the first thing that you must look in old mobiles. Many of them are built to meet building codes that are non-existent of today. You will find that recent codes may find violation in older homes such as in electrical wirings and installation. Aluminum wirings were used in the early up to the middle 70’s for mobile homes. These wirings are fire hazards and are discouraged by the recent building codes.
2. Look for size and not for model- buying old mobiles have certain limitations and one of these is the lack of varieties of models available for you. You’re lucky if you will find an available model that suited to your liking but you should streamline your choices to models that are big enough for you and your family. Amount of bedrooms, size of the dining room and other additional rooms that adequately fit your style should be given attention as priorities in your list.
3. Check for the water- checking the water not only means a steady supply of water for the house needs. This also implies to undesirable waters that will damage your home if taken for granted. Roof leaks will cause stains in the ceilings that can be obviously observe. And if these stains are dried you can have checked the ceiling if there are rotten wood supports because of leaks. Moreover, kitchen sinks and bathrooms should also be checked for water leaks. You need to avoid plumbing problems.
4. Check the Electrical system- be sure that there is enough electrical circuit. The more that exists in your mobile home like in the kitchen the more the more likely you will be able to avoid electric overload. Defective and worn electrical wiring must be checked also.
5. Look for shingled roofs- choose singled roof over a metal roof. Most metal roofs have no overhangs so they cause rainwater to enter the walls that will cause damage. On the other hand nearly all roofs have some overhangs. Choose a shingled roof that has adequate.
6. Walls should be sturdy- look for walls that are sturdy. 2 x 6in. lumber is a strong wall and if the spacing of the studs is wide enough to have thorough room ventilation then it is ok. High exterior walls may provide you higher ceilings that will allow you to use standard-height doorways. An old mobile with a layer of plywood or oriented-strand board (OSB) as the external sheathing will strength to the structure.
7. Heating and Air-conditioning- look for used mobile homes that have efficient and reliable heating and air-conditioning system to offer. Heating and cooling air outlets around the edges of the room are preferable to cold climate places, while air outlets around the ceiling are good for hot climate.
8. Protective underside- old mobiles that are better insulated are those that have protective skirt around it. Check if the one you will pick has protective skirt or a belly wrap around it while the bottom is well ventilated. Mobile homes that have permanent foundations have the best protective skirt.
9. Insurances- check if there are previously acquired insurances. This possibly add up to the total cost of the mobile home.
Used mobile homes depreciate in value as well as the strength of its structure, unless it is permanently fixed and maintained it will fall into a real estate trap. You will most likely find more flaws in old ones than in new mobiles. But finding old mobile homes that have no problems is similar to stumbling upon a needle in a haystack. However, by considering the 10 things marked above, it will guarantee you of offsetting future complications.