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Ask Your Accountant, Attorney or Financial Advisor...
Q: How will improving my home affect my taxes?
A: You can receive up to a $500 tax credit when you make tax credit-approved energy-efficient improvements to your home such as:
- Replacement Windows, Doors and Skylights
- Insulation
- Furnaces and Boilers
- Central Air Conditioning Units
- Water Heaters
Find out more about saving energy and money – Here’s advice...
Q: Are There Any Benefits to Buying a Fixer-Upper?
A: The Federal Housing Administration (FHA) Program Offers Buyers a new type of loan called a Streamlined K or “limited repair” loan gives buyers of fixer-uppers an incentive. This program allows you to spend a maximum of $35,000 on the following repairs and you can roll it into your mortgage:
- Exterior/interior painting
- Replace or repair:
- windows and doors
- roof
- gutters and downspouts
- flooring
- septic systems & wells
- decks, patios and porches
- heating and air conditioning systems
- plumbing and electrical systems
- Weatherizing your home including insulating, weather-stripping, storm windows and doors.
- Buy new appliances including washing machines and dryers and microwave ovens.
- Handicap Accessibility improvements
- Lead Paint Abatement or paint stabilization
- Basement remodeling or finishing that doesn’t involve structural changes or basement waterproofing
- Re-siding
Consult your accountant, attorney or financial advisor for more info. Visit www.energystar.gov to learn more.
