Any one get the first time home buyer tax credit? If so what did you use it on?
I did a complete re-wire with 200 amp service, and remodeled my kitchen. Everything was straight out of the 50’s!
I’m using it to buy a car next spring :lol:
it went straight into my trading account basically haha
Im using it toward buying another house!
new kitchen in the house we bought
New bathroom / kitchen updates.
New windows and a new door. The rest went to a pantry/backroom remodel.
hmm, subtract 8000 out of tear-off roof, new electrical service and full re-wire, new bathroom, finished basement, double driveway, 300 sq ft back patio, etc…
Shoulda kept it 50’s retros in!!
Mines going into a new lsx engine. 
mine went towards a new kitchen.
Updated kitchen, fuses to breakers-new meter outside, 220 garage, finished basment w/52"tv inwall and sorround.
Mine will be a high efficency furnace and tankless hot water heater… so I can get 30% back from those, too.
i’m curious to see if in 3 years there is a drop in home prices across the board when everyone is getting out of their tax credit houses
i doubt it. most everyone is using it to update there houses which will only increase value.
I’m betting people will sell their houses before the time limit too and i’m curious how the gov’t will track that and if they will make them pay back a “pro-rated” amount?
selling a house 3 years into ownership is retarded. Closing costs aren’t cheap, equity isn’t being built, and most of your payments during that time are like 90% interest (principle barely gets paid down).
I plan to keep mine for AT LEAST 5 years
That depends on how you do it… I am looking at a house currently that I am not sure if I will even consider living in it before I sell it.
Flipping a house as an investment is a completely different story.
So let me amend my original statement, unless your have somehow built up a bunch of equity in the house, selling it in 3 years is retarded.
I FTHB’ed a duplex that cash flows. I will move out after 3 years and let it ride. Any improvements I’m doing I’m trying to keep durability in mind (and cost of course)
… i’m pretty sure you have to pay back the ENTIRE credit if you sell before 36 months… the government will know because everytime you buy or sell a house you get an IRS form… so they will put 2 and 2 together pretty quickly…
Mine is going to the mortgage. Pay that, plus 2 payments a year extra (just mortgage, none of the taxes) and the house will be paid off in 15 years. Living mortgage free is how ballers do it.