SHOULD YOU MOVE UP?

There is an endless supply of reasons why a family may need to move up to a bigger, or nicer, home. How do you know, though, that now is a good time to move up?
Housing Prices. The price of homes makes it the best time to purchase in 40 years.

Interest Rates. There is a huge difference between buying a home at 5 percent interest (June 2010), and buying one at 13 % interest (February 1983). The available rates can change from week to week, and how you qualify depends largely on your credit rating.

Income. Moving up to a bigger or nicer house will may mean a bigger mortgage payment. Take an honest look at your budget to see if this makes sense for your family.

Equity. This is one way to avoid a bigger mortgage payment. Make a large down payment.Wish list. Take a moment to consider what area of town would be best for your family. Think about schools, commute times, neighborhood amenities and affordability.

IMPORTANT! - HOME BUYER TAX CREDIT IS REFUNDABLE!

-A refundable credit means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference.

-For example:-A first-time buyer who qualifies for the full $8,000 credit who owes $5,000 in federal income taxes would pay nothing to the IRS and receive a $3,000 payment from the government. If you are due to receive a $1,000 refund, you would receive $9,000 ($1,000 plus the $8,000 first-time homebuyer tax credit).

-A repeat buyer who owes $5,000 would pay nothing to the IRS and receive $1,500 back from the government. If you are due to get a $1,000 refund, you would get $7,500 ($1,000 plus the $6,500 repeat buyer tax credit).-All qualified homebuyers can take the tax credit on their 2009 or 2010 income tax return.

More on Tax Credit

FRANKLIN BARN DANCE

The Committee to Preserve and restore Franklin's Kreger Farm Buildings will host the first event to be held at these community facilities at 6 p.m. Saturday, Oct. 10.

The Barn Dance and Dinner, a fund-raising event, will include great food, dancing instruction and a cash bar. Tickets are $50 each, with $37 being tax-deductible. Only 200 tickets will be sold. so organize a group night or make it a date night and prepare to dance your boots off. “Creative Cowboy” attire is suggested. Adults only please.

“This is a great opportunity to help celebrate the progress to date in the moving, preservation and restoration of the historic Kreger Farm buildings and is an example of the type of activity that will be possible once the buildings are fully restored,” said Lew Eads, Franklin's Cable Board representative and member of the Kreger Farm Team.

Tickets are available at the Franklin Village Office, 32325 Franklin Rd.; the Franklin Village Boutique, 32749 Franklin Rd.; Yanke Designs 32611 Franklin Rd.; or by calling John Pulker, (248) 538-0183.