When buyers purchase a property in Aspen, most hope to 1) enjoy the area, 2) receive rental income and/or 3) sell it for a profit at a later date. If buyers anticipate performing a 1031 tax-deferred exchange when selling the property at a future date, the usage of the property should be considered. (more…)
1) Communication with Clients–Jen will notify you of any activity that has occured that is of interest to you or relevant to your real estate goals. Her website is constantly updated with new information about local activity–real estate related and beyond.
2) In-Depth Knowledge of Real Estate Market–Jen makes an effort to see EVERYTHING on the market in Aspen, Snowmass Village, and the Roaring Fork Valley. Even if it’s not listed in the Aspen MLS, Jen will know if it’s available.
3) Very Detail Oriented–In real estate, one checkbox could cost you in time and money, whether you are the seller or buyer. Jen is thorough in all of her dealings for all of her clients.
4) Experience–Since 2001, Jen has been a part of the Aspen real estate community. During that time, she has sold property ranging from a $22.5 million home in Aspen to a $200,000 lot in Missouri Heights. The sales price does not correlate to Jen’s time or dedication–each and every client is just as important, no matter the size of the deal.
5) Jen Engel is always positive, yet realistic, with her clients and wants to succeed in helping her clients reach their real estate goals.
President Obama enacted the American Recovery and Reinvestment Act of 2009 this year to assist people with buying a principal residence. US residents receive $8,000 in tax refunds if they purchase a house in 2009. People who want to use this tax credit need to be aware of the following stipulations:
1. How much money do I get? This credit is equivalent to 10 percent of the purchase price of the home and is capped at $8,000. There was a home buyer tax credit that was already in effect that gave first-time home buyers $7,500 in tax credits, but it had to be repaid. This $8,000 tax credit does not. Buyers who take advantage of this tax credit must file 2009 income taxes.
2. Who is a “First-time home buyer”? According to the legislation, a “first-time home buyer” is someone who doesn’t currently own and hasn’t owned a principal residence within the past three years. The three-year period starts the date that the deed was assigned to the new owner. Vacation homes are not considered a principal residence.
3. How much money can I make and still get a credit? To receive the full credit amount, single buyers need a modified adjusted gross income of $75,000 or less. Married couples must make less than $150,000. Reduced credits are available for buyers who have an income above these limits.
4. When do I have to complete my purchase? Only those who purchase a home on or after January 1, 2009 and before December 31, 2009 are eligible for the credit. Anyone who bought a home in 2008 won’t be able to take advantage of it.
5. When do I get to use this Tax Credit? According to the letter of the law, this tax credit is “refundable” and can be refunded to the buyer rather than used against any tax liability after they file 2009 income taxes. Also, buyers can use the tax credit towards their down payment if their lenders are FHA-approved and they have an FHA-secured loan.
6. Can I sell this house? Buyers have to own the home for at least three years to keep the tax credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.)
For more information, please visit the IRS‘ website for details or The US Department of Housing and Urban Development (HUD) for state-specific information.
Deerbrook Townhomes
For the first time since 2001, there are dramatic price reductions in the Aspen and Roaring Fork Valley real estate market. Buyers have an opportunity to pick from a good selection of well-priced properties. (more…)
As the downvalley community in the Roaring Fork Valley has grown, so has the demand for more educators and bigger schools. In an informal meeting held last week, Superintendant Haptonstall and Principal Suzanne Wheeler-Del Piccolo addressed some rising concerns of 50 parents, including the crowding in Basalt schools and lack of long-tenured educators. (more…)
