Property Q&A in Bay Shore>Question Details

Lynn, Home Buyer in 12144

This is house is zoned commercial. Pros/cons? Will I still be eligible for the $8000 homebuyers credit?

Asked by Lynn, 12144 Sat Feb 28, 2009

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This question is about this property: http://www.trulia.com/property/1064087558-16-Cottage-Ave-Bay…

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Answers

7
If you are a first time homebuyer (haven't owned a home in 3 years) and this will be your primary residence. then it should be eligible for the tax credit (always check with an accountant for tax purposes).

If a home is zoned comemercial, that means it is most likely on a busy thoroughfare.
Pros- It is probably close to public transportation.
If you have a home based business, you will not have a problem with zoning and your neighbors.
It will be easier for your customers to find you.

Cons- Your taxes may be higher.
Noise factor from busy street.

This particular home is near marinas and restaurants which is most likely why it is under that zoning.
It is by far one of the lowest priced waterfront homes in Bay Shore.

If you are setting your standards to perfect, you are never going to meet them and you are never going to purchase a home. Instead of looking at what is wrong with every home you see, try and focus on what you like about the home, and how you foresee your home adorned the way you want it. This is a buyer's market, where you have a lot of advantages if you are qualified to buy a home. It seems most buyers would prefer to wait until it is a sellers market again, where they will pay much more for a lot less.

Carol Bromm, SRES, CBR
Prudential Douglas Elliman, Babylon
631 422-8269
1 vote Thank Flag Link Sat Feb 28, 2009
Possibly, but more likely it is because you are not from around here and do not know Matt Arnold.
0 votes Thank Flag Link Sun Mar 1, 2009
Sorry,thanks for the correction--I must have misread my own handwriting.
0 votes Thank Flag Link Sun Mar 1, 2009
The "Pro" from Louisiana is mistaken. The correct number to reach Matt Arnold is 631 661-5100.
0 votes Thank Flag Link Sun Mar 1, 2009
Lynn,

why are you buying the house? do you like it?
0 votes Thank Flag Link Sat Feb 28, 2009
If you comply in all other respects, you have nothing to be concerned about, but don't take my word for it, check with a CPA. If the first one says no, get another one, seriously. Why would the legislation discriminate against people who buy their first home in a multi-occupancy apartment buildings of more than 4 units, which would also be commercial? Lots of people buy their first home in commercially zoned property. What's the difference? I've been forwarding the link below all day, it's a good explanation of the $8,000 refund and how to apply for it. I don't know this agent personally, but it seems the best explanation I have seen around. And by the way, i see everyone talking about a tax credit, but my understanding is that it's a tax refund, the difference being you get cash in your hand, as opposed to a credit, which just runs as a loss against future income. Big difference.

Just my opinion, yours may differ. Looks like a nice property.
Web Reference: http://bit.ly/RahqM
0 votes Thank Flag Link Sat Feb 28, 2009
Are yu sure about the commercial zoning? the listing says ideal for first time buyer or investment(which i presume means fix up & flip or rent out) maybe a local agent will see this 7 clarify for you. if not,here is the contact info for the listing agent:

matthew Arnold

631-567-3444
0 votes Thank Flag Link Sat Feb 28, 2009
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