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Tax Credit Deadline - What You Need to Know

2010-03-03T16:34:00Z

Tax Credit Deadline - What You Need to Know

As part of its plan to stimulate the U.S. housing market, Congress last fall approved the Extended Home Buyer Tax Credit. This extended the deadline for the First-Time Home Buyer Tax Credit from Nov. 30, 2009, to April 30, 2010, and expanded it to include repeat buyers.

What's the deadline?
To qualify, first-time and repeat buyers must have a binding written contract by April 30 and close by July 1.

How much money is available?
The maximum allowable credit for first-time home buyers is $8,000. The maximum for repeat buyers, also referred to in the legislation as "long-time residents," is $6,500.

What properties are eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including single-family homes, condos, townhomes, and co-ops.

How do buyers get the benefit?
Buyers can apply the credit to their 2009 tax return, filed on or before April 15, 2010; file an amended 2009 return; or apply the credit on their 2010 return, filed on or before April 15, 2011.

Who qualifies?
To qualify as a first-time home buyer, the purchaser or his or her spouse may not have owned a residence during the three years prior to the purchase. To qualify as a repeat buyer, current home owners must have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

Are there income limits?
The new law raises the income limits for people who purchase homes after Nov. 6, 2009. The full credit will be available to taxpayers with modified adjusted gross incomes up to $125,000, or $225,000 for joint filers. Those with MAGI between $125,000 and $145,000--or $225,0000 and $245,000 for joint filers--are eligible for a reduced credit. Those with higher incomes do not qualify.

Used by permission from REALTOR^® Magazine, March 2010

DON'T WAIT! Contact the Veenstra Team at 350-5514 NOW to find out how you can take advantage of the Tax Credit!

Ranch For Sale in Charleston Township

2010-03-03T16:00:00Z

Private, wooded setting!

• 1,843 sq. ft., 2 bath, 3 bdrm ranch "Awesome finished lower level!" - MLS® $114,914

Charleston Township, Kalamazoo County - The VeenstraTeam.com is thrilled to offer this neat and clean home on 2.65 acres in the Galesburg area. You will love the wooded privacy of this natural setting, the fenced yard for kids or pets and the fact that you can access I-94 within a minute of driving out your driveway. The home has been well maintained and features updates in the kitchen and both bathrooms. a finished basement (family room, study, 4th bedroom and lots of storage) and a master suite. If you love convenient country living, you'll love this house!

And now for the Rest of the Story...

This sharp home in the Galesburg area enjoys a beautiful wooded setting and wonderfully easy access to I-94. The seller has recently made some very nice updates in the kitchen, both bathrooms and the finished basement. The stove, dishwasher and microwave have all been replaced quite recently and the furnace was new in 2008.

The fenced back yard and the sliders off the kitchen work great for family pets and kids.

The finished basement currently provides a fourth bedroom and tv room for the family teenager and a home office for mom. There is an egress window for the lower level.

Kalamazoo and Battle Creek are easy destinations with I-94 on and off ramps within a half mile of this neat home.

Call us at 350-5514 for more info or to set up a showing of this home!

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Ranch For Sale in Valleywood

2010-02-24T20:15:00Z

• 3 bath, 3 bdrm ranch - MLS® $144,914

Valleywood, Kalamazoo Township - The VeenstraTeam.com is thrilled to offer this 3-6 bedroom, 3 full bath home in Valleywood. This well maintained home has been expanded to include 3 bedrooms, a full bath and a family room in the basement as well as a dining room/den/study addition off the kitchen on the main floor. You will love the wide open floor plan, the vaulted ceilings, the large deck and the insulated two car garage with peg board walls and attic storage.

And now for the Rest of the Story...

The Silveys purchased this home as a nice 3 bedroom house and have turned it into a wonderful home for them to entertain their children and grand children by adding three bedrooms, a full bathroom and a family room in the basement. They also added a main floor addition which provides a dining area large enough for 10 or more. The new dining room could also be used as a main floor study or den.

The Silveys have also replaced all of the main floor carpeting, insulated the garage walls and added peg board to the walls. Check out the large deck and gazebo in the well maintained back yard.

The Silveys have provided the following information about their home...

Upgrades since 1998: new water softener, hot water heater, dishwasher, icemaker in side by side refrigerator/freezer, carpets; insulated garage; built gazebo on deck; finished parts of basement; added dining room; and added trees and plantings to landscaping of grounds. Appliances included are: side by side refrigerator/freezer, range, microwave, dishwasher, garbage disposal, washer, dryer, dehumidifier, water softener and four ceiling fans. Additional information: vinyl siding, 5 exterior light fixtures, garage door opener, 7 smoke alarms, thermopane windows with mini-blinds, play equipment in the backyard, skylights in master bedroom and kitchen, and cathedral ceiling.

Give us a call @ 350-5514 to schedule a showing of this great home!

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2 Story For Sale in Paw Paw Village

2010-02-23T18:17:00Z

• 2,280 sq. ft., 1 bath, 3 bdrm 2 story - MLS® $49,914

Paw Paw Village, Van Buren County - The VeenstraTeam.com is thrilled to offer this classic 1856 colonial in the original village of Paw Paw. While the house appears to be solid there is some work to be done here but you can move right in and work on the home at your own pace. You will love the hard wood flooring, the wood burning fireplace and the entirely fenced in yard. The owner has recently installed a new gas furnace and replaced roof shingles on the main house structure. Note that there is an additional buildable lot with frontage on Elm St. included with the property with a separate tax ID number.

And now For the Rest of the Story...

A move to New York has forced the owner of this classic home to try to negotiate a short sale with his lender. He loves the home and had hoped to bring it back to its original glory days but, change happens.... The owner recently installed new roof shingles on the upper level and had a new furnace installed in 2009.

There is an additional, buildable lot that fronts Elm St.included in the sale (66'X132').

Call us for more info or to schedule a showing of this home!

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Price Reduced on 3302 Marlane in Westwood

2010-02-01T16:45:00Z

Westwood, Kalamazoo County - Announcing a price reduction on 3302 Marlane, a 2,031 sq. ft., 3 bath, 4 bdrm single story. Now MLS® $142,514 - Exceptional home & value!.

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Wonderfully Spacious 3 Bedroom Home For Sale in Oshtemo Township

2010-01-21T20:57:00Z

Wonderfully spacious & traditional home!

• 2,652 sq. ft., 3 bath, 3 bdrm 2 story "Colonial" - MLS® $254,914

Oshtemo Township, Kalamazoo County - The VeenstraTeam.com is thrilled to offer this wonderfully traditional home with a bit of a northern European flavor. You will love the first rate construction, the spacious rooms and the many storage options. The kitchen offers top quality cabinetry with lots of pull-outs, corian counter tops, a bright informal dining area and convenient pantry, work desk and snack bar. Check out the warmly paneled and heated porch with its hardwood flooring as well the main floor den/study and formal dining room. The upstairs bedrooms, including the master suite, are all good sized rooms--don't miss the upstairs craft room! The living room has a cozy gas log fireplace and beautiful Pella windows looking out to the beautifully landscaped back yard (check out the brick pathways, the wonderful plantings and the decorative fencing).

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Gorgeous 5 Bedroom, Lake Front Home For Sale on Twin Lakes in Kalamazoo

2010-01-21T14:05:00Z

Gorgeous Lake Front Setting

• 3,642 sq. ft., 3 bath, 5 bdrm 2 story "Traditional" - MLS® $305,014

Kalamazoo Township, Kalamazoo County - The VeenstraTeam.com is thrilled to offer this exceptional home in a gorgeous setting. The views of Twin Lakes from all three levels of this spacious waterfront home are fantastic! You will appreciate the close attention to detail and the craftsmanship that the builder brought to this custom home. Note the huge deck off the main floor family room, the finished walk out level with its own family room, fifth bedroom and full bathroom and the beautifully landscaped yard that features a children's play area and 125 feet of natural lake frontage. Don't miss the built-in speakers throughout the house, the cozy gas log fireplace and the luxurious whirlpool tub in the awesome master bedroom suite. For a website about this property visit http://4320windingway.ePropTour.com or just TEXT 84438 to 79564 from your mobile phone.

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Price Reduced on 1504 East G Avenue in Parchment

2010-01-20T14:12:00Z

Parchment, Kalamazoo County - Announcing a price reduction on 1504 East G Avenue, a 1,092 sq. ft., 1 bath, 3 bdrm single story "Ranch". Now MLS® $89,914

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Ranch with Garage/Barn/Workshop For Sale in Plainwell

2010-01-15T19:44:00Z

• 2,552 sq. ft., 2 bath, 3 bdrm ranch - MLS® $139,914

Plainwell, Allegan County - The VeenstraTeam.com is thrilled to offer what may be the BEST BUY in Plainwell! You must check out this sharp home that includes an addition with a master bedroom suite and a neat family room. The wood burner in the family room can heat the entire house. Notice the heated 3 car garage/workshop with a full bathroom and a bright finished loft to use as a home office, hobby room, guest area.

And now for the Rest of the Story...

The Dennis family has built a new house on their historic family homestead in the Gobles area. They thoroughly enjoyed this neat Plainwell home within walking distance of Plainwell's downtown business district and a wonderful park. The detached garage/barn/workshop was used a a workshop, toy barn and, upstairs, as a Creative Memories studio. The land behind the house has a right of way for the power company and cannot be developed.

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Ranch Home with awesome garage/workshop For Sale in Milwood

2010-01-08T15:41:00Z

Awesome garage/workshop!

• 1,364 sq. ft., 1 bath, 3 bdrm ranch - MLS® $114,914

Milwood, Kalamazoo - The VeenstraTeam.com is thrilled to offer this well maintained Milwood home with an awesome garage/workshop. The house is in great condition with newer roof shingles, furnace and appliances and just needs someone to bring the decor out of the 1970s and into 2000s. (Your federal tax credit should be a real help here). The garage/workshop (25' X 40') is heated and insulated, it has 220 amp electrical, air lines for a compressor and a heavy duty block and tackle for pulling engines. There is even an enclosed outdoor storage area for odds and ends. You'll love the super large yard, the sliders from the family room to the patio, the gas fireplace in the living room and the large recreation room downstairs.

And now for the rest of the story...

The original owners of this fine home passed away in the last couple of years. Their son and daughter have done a nice job of cleaning the house out and getting it ready for the next owner. They opted to give the new owners the opportunity to put their own decorating ideas to work so paint, wall paint and floor coverings still have that 1970s feeling.

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Custom Build Site in Texas Heights Neighborhood

2009-12-24T16:10:00Z

MLS® $50,000

Texas Township, Kalamazoo County - Veenstrateam.com is thrilled to offer this buildable lot in the Texas Heights neighborhood in Texas Township. Located in the popular Mattawan school district and less than 10 minutes from I-94 and US 131, this is the perfect location for a custom built home. Whether you have plans already drawn up or are hoping to build in another location, Roberts Built Homes, the premier builder in the Texas Heights & Crooked Lake Cove neighborhoods and a member of the Home Builders Association of Greater Kalamazoo, is ready to work with you.

Pictures provided are of homes already built by Todd Roberts of Roberts Built Homes in Texas Heights and Crooked Lake Cove. For more information visit http://www.robertsbuilthomes.com. Be sure to let them know the Veenstra Team sent you their way!

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3 Bedroom Ranch for sale in Parchment

2009-12-01T19:56:00Z

• 1,092 sq. ft., 1 bath, 3 bdrm single story "Ranch" - MLS® $92,514

Parchment, Kalamazoo County - The VeenstraTeam.com is thrilled to offer this neat and clean home in Parchment. You will love the remodeled kitchen (with appliances), the 2 wood burning fireplaces, the hardwood floors, the expanded garage and the large fenced yard. Don't miss the handy main floor half bath, the built in book shelves in the large living room and the newer storage shed. The clean and dry basement offers lots of options for play, work, hobbies and great storage. The owner has made many updates including maintainance-free, insulated windows. You're wonderfully near Kindleberger Park, shopping and schools here.

And now for the Rest of the Story, in the owner’s words…

We would like to share with you some personal details about our home here in Parchment. This is our first home, purchased a month before we were married 15 1/2 years ago and it has met our needs SO well! We are moving only because we found our "dream home" in the country which better suits our large family size. Only one other family has lived here before us. They were from Latvia, sponsored by a local church. They raised their family here in Parchment. Also, he became a local doctor for many years and was very well known in the city of Parchment. Here are some highlights we have enjoyed while living in Parchment:

· Parchment has a wonderful small-town feel.

· Local parades that make the atmosphere festive.

· Kindleberger Park is within walking distance (about 15-20 minutes) and faster by bike.

· Speedway and Hardings are within walking distance. Great for last minute pickups on the way home!

· Cornerview Cafe' restaurant is just down the hill. They serve wonderful meals at a reasonable price and it is within walking distance as well.

· Garbage service is contracted by the city, offered by Republic Waste Service. They have recycling pickup on the first and third Wednesdays each month. Cost for this service is included with the utilities made payable to the city of Parchment.

· Curbside leaf & brush pickup is done by the city several times a year. This is very convenient as we don't need to bag the leaves - just rake them to the curb!

· Parchment has its own Fire Department and Police. Both do a great job keeping our city safe.

· Parchment has its own library which is very nicely run. They offer many services and classes such as exercise, crafts, speakers and book sales. Also there are many special activities for children including story time and reading clubs. During the summer they have a reading incentive program with prizes. At Christmas time there is a "Holiday Chocolate" festival with hot chocolate, caroling and the turning on of the city Christmas lights.

· Kindleberger Park Summer Festival is in July, kicked off with a parade through town. In the park are craft booths, animal rides, activities for children and food. Another special activity at the park are the Performing Arts plays that are done for several nights. They also host several music events at the band shell. The park has many nice walking trails, basketball and tennis courts, two playgrounds, picnic shelters, ball diamonds (Little League), and terrific sledding hills.

· The city has plans to develop the vacant Crown Vantage Paper mill downtown in the near future. They will have residential and commercial buildings as well as a boat launch, riverfront park, amphitheater and more.

Improvements we have made since owning this home:

· Completely remodeled the kitchen - appliances, cabinets, counter top, flooring, wallpaper & paint.

· Fenced in the backyard - removable pole on the double gate entrance will allow larger items to be brought to the backyard.

· Built the backyard shed - double doors allow for large items, sturdy shelving

· Remodeled the back of the garage - great area to store bikes, woodworking tools, strollers, gardening tools, etc. Double doors here as well for easy backyard access.

· Perennial gardens in the back and side yards - tulips, daffodils, peonies, crocuses, Echinacea, daisies, Narcissus, hostas, forsythia, dogwood, rose of sharon, lilac, snow drops, grape hyacinth.

· Repainted the whole house inside & out - last year the living room, hallway, and large bathroom, and this year the dining room and small bathroom.

· Painted the basement walls & floor - Note: we have never had problems with moisture in the basement. We do run a dehumidifier during the hottest part of the summer.

· Put up walls in the basement to create storage/craft/furnace rooms.

· Installed new windows in the whole house a few years ago - super easy to clean inside & out!

· Sealed the driveway with asphalt sealer every year.

· Built the bookcase/mantle around the fireplace - real wood adjustable shelves, and it's built onto the wall so it's very sturdy.

· Updated the light fixtures and installed better lighting in the basement.

· Built the pantry under the basement steps - very sturdy with great roll-out shelves.

· Installed closet organizers and extra shelves in closets for extra storage.

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Rolling, Wooded Land For Sale in Oshtemo Township

2009-11-19T21:52:00Z

Beautifully wooded, rolling land!

• lot / land "10 acres" - MLS® $105,914

Oshtemo Township, Kalamazoo County - This ten acres of beautifully wooded and rolling land Oshtemo Township is an ideal building site for your dream home. You might want to enjoy all 10 acres yourself or you could decide to sell one of the two build able parcels (4 acres and 6 acres) that make up this 10 acre offering. While you're just 5 minutes from west side shopping and expressway access, you have the the luxury of private rolling land, an ideal south facing building site and plenty of room for hiking and bird watching. There is easement access to the northern parcel.

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New Price on 1987 Brighton Lane!

2009-11-16T14:16:00Z

Portage Township, Kalamazoo County - Announcing a price reduction on 1987 Brighton Lane, a 1,728 sq. ft., 3 bath, 3 bdrm single story. Now MLS® $161,814 - Completely rennovated!.

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Home Buyer's Tax Credit - An In-Depth Look

2009-11-13T17:02:00Z

Expected to contribute approximately $22 billion to the economy, Congress overwhelmingly passed a bipartisan measure last week extending the $8,000 home buyer tax credit to April 30, 2010.

The legislation, which is part of a larger bill that also extends unemployment benefits, was signed into law by President Obama on November 12.

More people are now eligible to take advantage of the law. Take a look at the information below (provided by the National Association of REALTORS) for an in-depth look.

Who Qualifies for the Extended Credit?

First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?

Each home buyer’s tax credit is determined by tow additional factors:

The price of the home.
The buyer's income.

Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale

(http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit)