First Time Home Buyers Savings Program

First Time Home Buyers Savings Program in Iowa
First Time Home Buyers Savings Program in Iowa

FOR IMMEDIATE RELEASE: CONTACT: Iowa Association of REALTORS® 515-453-1064 info@iowarealtors.com, 5/25/17

Hard work pays off. The First Time Home Buyers Savings Program has been signed!

REALTORS® know that homeownership is the American dream. With the First Time Home Buyer Program, Iowans will be able to start saving and moving into a home of their own more quickly than in recent years.

Through a grant from the National Association of REALTORS®, we rallied Iowa REALTORS® and consumers to contact our legislature about the benefits of homeownership and the importance of the program. Ultimately, the First Time Home Buyer Program, Senate File 505, passed in the Senate with a vote of 49-11 and passed in the House with a vote of 87-11. Governor Branstad signed the bill Tuesday, May 9, 2017. It will go into effect January 1, 2018.

The Iowa Association of REALTORS® will be working with the Department of Revenue to implement the new program. A few key features of the program include:

● This bill allows individuals to open an interest-bearing savings account and designate the account as a first-time homebuyer savings account.

● The funds must be used to buy a property in Iowa.

● A first-time homebuyer is identified as an Iowa resident who has not owned a single-family residence for at least three years prior to the home purchase for which the account’s funds are applied.

● An individual may establish more than one account as long as each account has a different beneficiary.

● Parents and grandparents can start an account for a child or grandchild.

● There is no limit as to how much can be retained in each account.

● An account holder is allowed to deduct from the individual income tax the amount of contributions made during the year by the account holder to the account holder’s accounts, not to exceed $2,000 per year or $4,000 for married taxpayers with a joint account.

● The interest earned on the account is not taxable.

● The yearly tax deduction can be taken up to 10 times (a max of 10 years).

● This is a state tax deduction NOT a tax credit.

● It cannot be deducted on federal taxes.

● If the money is not used to buy an Iowa property, it may be subject to penalty.

The Iowa Association of Realtors® is the state’s largest real estate professional organization representing almost 7,000 members and affiliates. Anyone is eligible to become an IAR affiliate. For membership information, visit www.iowarealtors.com.

Warm Weather Home Maintenance

Warm Weather Home Maintenance
Warm Weather Home Maintenance

The warmer weather is here so it’s time to make sure your house is in good shape. Here are a few things you can do to help you maintain your home.

  1. Interior Cleaning

Now is the time to clean and maintain your HVAC system. Change the filters, check for leaks and make sure the drain pans are draining freely. Vacuum any dust in the vents, especially if you suffer from allergies.

Clean the attic and basement and give both areas a solid once over. These lesser used areas of a home are prone to insects and dampness especially if you have any leaks. Check for any mold or wet spots. If the attic or basement feels more humid than the rest of the house, it may be due to water somewhere in the walls.

  1. Exterior Cleaning

Check your roof to make sure there aren’t any shingles out of place. You probably don’t need to get up on the roof, but do a quick check to make sure everything looks good. Winter can be tough on roofs so see how you fared over the winter.

Siding and windows are other areas to check annually. Cracks or water stains are indications you need to do some repairs. Water stains usually come from your gutters not draining properly. Cracks may require professional help, but you’ll save money in the long run as repairing cracks will keep cold air inside.

  1. Outdoors

Check that your central air is in good working condition. Flush the leaves and other debris out of your unit outdoors. If you feel the inside of your home isn’t cooling down fast enough, it may be time to call a professional in for a look.

Decks and patios should be cleaned every year to extend their lifetimes. Adding a finish or sealant will keep your deck looking nice and protect it from the elements. It’s also a great time to clean any outdoor furniture to get it ready for summer. Rent, borrow or buy a pressure washer to make quick work out of the cleaning.

If you have a grill, be sure it’s in good condition. Check burner jets for clogs and obstructions. Be sure gas hoses and connections are tight and secure. You’ll want to be sure your grill is ready before your big barbecue party. It’s a good idea to have a spare tank on hand so you don’t run out of gas midway through cooking.

Home Safety Tips for Peace of Mind

Home Safety Tips
Home Safety Tips

Keeping your home safe is a worry for every homeowner. These tips will help protect your home against potential problems.

  1. Prepare for Severe Weather

Severe weather preparation is crucial to avoiding damage in the event of storms. Make sure your shingles on the roof are secure, gutters are clean and your sump pump is functioning properly. If you’re concerned about large trees near your house falling, take measures to make sure the tree falls away from your home, or just remove it entirely. Most tree trimming companies are capable of weighting the tree in a specific direction to control the fall position.

  1. Discourage Break-ins

Preventing break-ins takes a few easy steps. When you leave your home, be sure to leave a few lights on. If a burglar suspects someone may be home, they’ll move on. Do your best to hide more expensive items. Keep valuable items away from windows. Finally, be sure to lock all windows and doors. It seems obvious, but over 40 percent of burglaries occur without the use of force.

  1. Get Covered

Sometimes all the prevention you do won’t be enough. That’s where having a home insurance policy is extremely important. Policies can cover a wide variety of damages, and often replace damaged or stolen items. To get a free home insurance quote, click here.


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