Interesting Article... So True!

Vacation Homes: Buy Low, Sell Never

Everyone knows one of those guys whose grandparents bought a vacation home for peanuts when property was cheap. Once a year, you get invited—to the lake house, the slopeside cabin—and say the same thing to yourself on the drive back: I wish my family had a place like that.

Well, now's your chance. Low prices and record-low mortgage rates make this the best time in generations to buy your dream escape. Not so you can flip it—those games are thankfully over—but to use it, then, someday, hand it down. Your job is to pick one. Your grandkids will thank you.

Reminder for Tax Credit Deadline

If you're looking to take advantage of the home buyers tax credits, time is short!

Last November, Congress extended and expanded the home buyers tax credit portion of the economic stimulus through April 30, 2010. That leaves just about 2 1/2 months left to purchase a home. Unlike the prior deadline where the transaction had to closed by the expiration date, this time it only needs to be under contract by the April 30th deadline with closing occurring no later than June 30, 2010.

To recap, there are two tax credits available -- an $8,000 tax credit for first-time home buyers and a $6,500 tax credit for repeat buyers for homes priced up to $800,000. Income caps are $125,000 for single buyers and $225,000 for married couples.

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