View Full Version : Computers The $8,000 first-time home buyer tax credit.

06-21-2009, 09:56 PM
I am officially a home owner, for the first time in my young life.

Thrilled doesn't begin to describe it.

But as such, there will be an $8,000 tax credit coming my way.

I know there's a slew of veteran home-owners here. I'd love to know what you'd do with the credit.

There's the superficial part of me that just wants a new bedroom suite.

There's the other logical part of me that just wants to pay off all my debt.

There's the economical part of me that wants to pour most of it into equity.

Then there's the boring part of me that wants to save it.

Thoughts and experiences? As usual I welcome you guys to go to town.

06-21-2009, 09:57 PM
Hookers and blow.

06-21-2009, 09:59 PM
Depends on what you have.

You're going to need a buttload of cash for maintinence/repairs/shit you don't have, but need. If you've got significant cash saved up for that, I'd find your highest interest rate debt and plow it into that.

EDIT: Congrats D. That's a big deal.

06-21-2009, 10:04 PM
Make it rain.

Rain Man
06-21-2009, 10:04 PM
I'd probably find someone who never got an economic stimulus check and make things right by giving them their stimulus check.

With the rest of it, I'd probably put it in a savings account and use it to make extra principal payments. You could just throw it against principal in one big lump sum, but it's nice to have it as insurance in case you lose your job or something.

06-21-2009, 10:06 PM
I will be looking to get the $15,000 tax credit for first time home buyers next year. :D

06-21-2009, 10:07 PM
Voluntarily pay more in taxes.

06-21-2009, 10:41 PM
I will be looking to get the $15,000 tax credit for first time home buyers next year. :D


06-21-2009, 10:47 PM
I'd roll it into a new bathroom. Let me know if I can help you find a good contractor.

06-21-2009, 10:56 PM
The smart thing to do would be to put it into the equity, but there's something very fullfilling about coming home to your new, nice ass house with the new, nice ass (whatever room) furniture.

Oh, and Phobia's got a good point. I'll give a glowing reference if you would like (he pays well).

06-21-2009, 10:56 PM
I'd pay off my car and any other debts.

06-21-2009, 11:13 PM
I'd pay off my car and any other debts.

Could be a bad idea, depending on your existing rates and what inflation does in the next year or two.

These debts might lose much of their value in that time if you just hang on for a bit.