What are the tax credits for new custom home construction?
Do you want to build a custom home? There are different tax credits for new custom home building that could help alleviate some of the construction costs.
There are two kinds of tax breaks that are available for you. They are tax credits and tax deductions. A tax deduction will lower the amount of your annual taxable income while a tax credit will deduct a specific tax bill amount dollar for dollar.
As you can see, it’s more valuable to have a tax credit. Listed below are some of the tax breaks available for owners of custom homes Myrtle Beach.
Construction Loan Interest
During the first 24 months of your construction loan, you can take out the interest payments from the tax bill. But this will only apply if the finished custom home will be your main or secondary home. It will also apply to the first $1 million of the loan. In case you are married and you’re making separate filing, the amount will be lowered to $500,000.
Creating a personal space is one of the primary reasons behind building a custom home and that’s why it should depend much on trends. But for the purpose of education, here are the trends in 
Home buyers and custom home builders alike generally assume that new custom home construction is done best during the warmer season like summer and spring. Most people think that cold temperatures and harsh weather conditions can complicate things and cause delays in the building process. But it is not true that building a custom home during winter is a bad idea. There are many reasons why this season is the perfect time for home construction.
You can easily find traditional mortgages, but they usually come with a catch. You can just borrow money to purchase a house that’s been built already. On the other hand, construction loans can be used for everything that you need to build a custom home or even a commercial establishment. They can also be used for renovating your property or purchasing a land.