Evonomics: Own the best + save thousands
In addition to exceptional prices and interest rates on the most sought-after residences in Downtown Los Angeles, you may also be eligible to take advantage of up to $18,000 in Federal and State tax benefits - making this is the best time ever to purchase at Evo.
We invite you to learn more about the new programs and credits for new home purchases, as well as the advantages of buying at a modern, newly-constructed building.
Top 10 reasons to buy now at Evo
Builder Incentives: Evo is offering exceptional pricing for a limited time on many newly completed residences.
Tax Incentives: Current Federal and State tax credits are available for a limited time and makes this the time to buy.
Historically Low Interest Rates: With incredibly low rates, this level of luxury is now well within reach.
New Construction: Evo is the only completed and move-in ready new construction high-rise residence in downtown and is hands down the most advanced and luxurious.
Location: Evo has the most enviable location in downtown, just steps from L.A. LIVE and STAPLES Center.
Views: Twenty-four stories of breathtaking, panoramic floor-to-ceiling views.
Amenities: A resort-style amenity collection with a luxurious rooftop, pool and gym.
Neighborhood: A vibrant, livable, walkable neighborhood full of shopping, dining and world-class entertainment.
Parking: Convenient, accessible and secured underground parking.
Style and Sophistication: Designed by leading architects with awe-inspiring modern aesthetics, inside and out.
Tax Incentives + credits
urchasing a home offers many valuable tax advantages. This is especially true today with new government programs and credits that offer up to $18,000 toward your new home. When you add these up with historically low interest rates and favorable prices, home ownership is more attainable than ever.
American Recovery and Reinvestment Act: $8,000 Credit
This new economic stimulus program offers an $8,000 tax credit for first time homebuyers. This credit is available until December 31, 2009 for single buyers who have incomes under $75,000 and married buyers with incomes under $150,000. (Please note that if the home is sold prior to three years the credit must be repaid.)
Homeowner Affordability and Stability Plan : $10,000 CreditCalifornia's $10,000 state tax credit for first-time homebuyers was enacted on March 1, 2009, and is only available until March 1, 2010. The full tax benefit is available to the first 10,000 first-time buyers who take advantage of it. This can be combined with the federal credit above for a total of $18,000 when you buy at Evo. (Again, please note that if the home is sold prior to three years the credit must be repaid.)
STANDARD INCOME TAX BENEFITS
These tax-deductible costs include escrow fees, lender fees, title report, documentary transfer taxes and capital contribution. Loan discount points and origination fees are tax deductible to the buyer, regardless of who pays them. This is an especially good deduction because you get the benefit even if the seller paid your closing costs. Plus, with origination fees often in excess of 1%, this deduction can be very valuable to you.
You can deduct all of the interest you pay on your mortgage. If you are in the 28% federal tax bracket, this can have the effect of lowering your borrowing costs by almost a third!
If you have owned and occupied your principal residence for at least two of the past five years, you can earn up to $500,000 on the sale of that house and pay no federal income tax on that profit. Married couples can take $500,000 each, tax free. If you are single you can claim up to $250,000.
What Are The Considerations In Buying vs. Renting?
Rents vary yearly while a mortgage payment can be fixed for 3 to 50 years. And when you own you are building equity instead of giving it to a landlord. Plus you can use the equity in your home to pay off debt or make new investments.
A mortgage can result in substantial tax breaks. When you add in the federal tax deductions for mortgage interest and real estate taxes, homeownership becomes more affordable than you might think.
What Are The Advantages Of Buying New Construction?Newly constructed condominiums come with brand new appliances and finishes, adding convenience, comfort, beauty and confidence - as all appliances and construction are warranted to ensure everything works properly. Newly constructed projects are generally located in up-and-coming areas, making them more sought-after and easier to sell than older homes.
How Much Do I Need For A Down Payment?
In order to enter into a purchase contract at Evo, you'll need a down payment of 10%.
When Buying A Condo, What Other Expenses Do I Need To Factor In?
In addition to your mortgage payment, there will be annual property taxes that are approximately 1.25% of the purchase price of the home and a monthly HOA fee which ranges from approximately $566 to $800, depending on the size of your home. The HOA fees cover your gas, water and trash, amenities and property and building maintenance.
What Is A Rate "Buy-Down"?
This is a term that refers to paying a fee for a lower interest rate. For example, you can lock in a rate for 30-years at 6% and you can by down the rate for 5% for the term of the loan.
How Much Will My Mortgage Be?
Your monthly mortgage payment is dependant on a number of factors, including your down payment, credit score, current debt and other factors. Our sales team and preferred lender can help you understand and choose a loan program that works best for your income and monthly payment requirements.
Did you know that nothing you ever do in your lifetime is likely to make you as much money as buying your own home and living in it? Homeownership has proven to be exponentially more profitable than renting over the long term.
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