Elizabeth Razzi, a writer for the Washington Post Real Estate section, wrote on October 19, 2008:
“There will be some attractive federal tax credits …. you can research them at www.Energystar.gov ”
Here is a partial list from her article:
- for qualifying exterior doors, storm doors, metal roofs, insulation the tax credit will be 10% of the cost, up to a $500 credit
- Windows, skylights, storm windows will qualify for 10% of the cost, with a credit capped at $200
- Central AC and heat pumps will qualify for $300 credits
- Top efficiency furnaces or boilers that go beyond the government’s Energy Star standard will qualify for a $150 tax credit. Some super efficient tankless or electric heat pump water heaters will qualify for a $300 credit
- for solar water heaters (except those used for swimming pools) homeowners can get a tax credit covering 30% of the cost, up to $2000
Leave me a comment and let me know what you think.
Renovation financing gives you:
* More money to work with. The amount you can borrow is based on the expected increased value of your home, after improvements are made.
* Less Strain on Your Budget. You can pay for your renovation gradually and affordably, over the loan term of your mortgage.
* Less to Pay at Tax Time. Unlike other credit options, the interest you pay on funds used for a renovation may be tax deductible.
* Less Hassle. You’ll have one loan to apply for, one set of fees, one closing to attend, and one monthly payment to make.
Is Renovation Financing for You?
It is, if you have any plans for minor or major renovations to your home in the next six to 24 months. If you’re buying a house today and considering some home improvements next year, you may find it’s cheaper and easier to have the renovations done now with your financing for the purchase and the renovation all handled in one transaction.
All Kinds of Needs Covered
You should be able to finance any kind of improvement or repair to eligible properties.