Tax Credit Expiration Looms

There is still time to qualify for a tax credit for the purchase of a home but the expiration date is coming soon.  Buyers have until April 30 to sign a contract and until June 30 to close on their purchase.

Though the tax credit was set to expire Nov. 30, Congress expanded and extended it last fall to stimulate a beleaguered real estate market. Lawmakers increased the tax credit's amount, tossed repeat buyers into the mix, upped the income limits to encompass more people and tightened document requirements.

The National Association of Realtors expects 4.4 million households to claim the tax credit.

Buyers qualify for up to $8,000 if they have not owned another principal home in the last three years. The new plan also tries to nudge existing homeowners into the move-up market by offering repeat buyers up to $6,500 if they purchased a new home after Nov. 6 and before the deadline. They must have lived in their last home for at least five consecutive years out of the past eight.

Be on the Lookout for Termites

TALLAHASSEE, Fla. – March 3, 2010 – Termite swarming season gets under way in late February and early March as temperatures begin to warm. Swarming means the termites are leaving their colonies to search for new nesting sites. Florida Agriculture and Consumer Services Commissioner Charles H. Bronson is again warning Floridians to take steps to protect their home. Termites cause about $750 million in property damage in the United States annually.

Since termites try to avoid light and open air spaces, the insects do their damage behind walls. Many homeowners don’t realize they have a termite problem until swarming season when they see them flying around their homes.

The swarmers are winged, black insects about one-quarter-inch long and look a lot like flying ants. Termites can be categorized into two groups by their nesting sites. The earth-dwelling termites that make tunnels in the ground or build tubes above the earth are called subterranean termites. The second group, the wood-dwelling termites that have no contact with the earth, are called drywood termites.

“Prevention is critical in avoiding termite destruction,” Bronson says. “The insects can go undetected for long periods of time while they feed on the wood in a home.” The Florida Department of Agriculture and Consumer Services regulates and licenses pest control companies and conducts regular inspections to ensure the businesses are adhering to the rules and regulations governing pesticides and pest control. Consumers can contact the department to find out whether a pest control company is properly licensed, to find out how many consumer complaints have been filed against a particular business and to learn about the various types of termite control contracts.

Steps that consumers can take to protect their homes from termites include:

• Remove wood piles and other cellulose sources from under and next to homes.

• Have an annual inspection by a licensed professional pest control company.

• Direct water sources, such as air conditioner drip lines and roof downspouts, away from the structure foundation.

• When purchasing a home, carefully check its termite protection history.

• Obtain a termite protection contract and renew it annually.

Bronson said consumers should read a termite protection contract before signing it. Some contracts only require that the company re-treat a home if termites are found. Bronson says it is better to have a re-treat and repair contract that requires the pest control business to repair any damage caused by termites after a home has been inspected and treated.

For information, visit the department’s web site at http://www.floridatermitehelp.org/ or call (800) 435-7352.



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