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.

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.

Building A Custom Home During Winter

1. Shorter Construction Times

The average construction of a custom home Myrtle Beach takes around nine months, from beginning to the end. However, if you begin during the winter season, you will be able to cut down significantly on this particular time frame. The volume of home construction is lower than other seasons. That means if you have a house built during this time, the custom home builder can spend more time on your project and finish it much sooner. Additionally, the professionals you need to hire during this period, like trim carpenters, designers, and subcontractors, as well as engineers are not as very busy during winter. Lastly, getting building permits is much easier since fewer people are applying for one during this time of year.