The clock is ticking down on the federal government’s home buyer tax credit: $8,000 for first-time buyers and $6,500 for eligible existing home owners. To take advantage of this “gift” from Uncle Sam, you must sign your sales contract by April 30 and close on your home by June 30.
Newport Cove, the award-winning waterfront community on the Chain O’ Lakes, has four waterfront homes available for immediate occupancy: three of its maintenance-free Cottage models (the Highmeadow, the Moonriver and, pictured at left, the Stillwater) and the 6,200-square-foot waterfront Boardwalk custom home. Prices for the upgraded Cottage homes start in the high $300,000s. The Boardwalk is $1.1 million. The homes – and our sales center – are open noon to 5 p.m. Friday, Saturday and Sunday.
The government defines a first-time buyer as someone who has not owned a home for three years. Existing home owners can claim the $6,500 credit if they have been residing in their principal residence for five consecutive years out of the last eight.
To claim the full credit amounts, the buyer’s annual income must be under $125,000 for individuals and $225,000 for married couples.
All residents of Newport Cove have access to the property’s private marina and manicured 1,800 feet of Bluff Lake waterfront.
Interested in learning more about this buyer incentive program and Newport Cove? Call 847.726.2727.