Thanks to our frined, Jim Wiley of Gold Star Home Inspection, here is a quick update to the Texas Residential Inspection regulations. As always, when purchasing a home, it is in your best interest to have a thrid party inspector go over it whether new construction or existing.
Changes to the Standards of Practice
I have just returned from a seminar for our Standards of Practice. Some changes have taken place that I feel everyone should know.
They have removed the term “In Need of Repair” and replaced it with “Deficiency”. It seems a buyer assumed that if a box was checked “In Need of Repair” that the seller was obligated to repair that item before the sell of the home. As always the report is just a negotiating tool.
Everyone has heard of Arc Fault Circuit Interrupters (AFCI) breakers. They are used for an additional level of protection on all branch circuits that supply 125 Volt, single-phase power installed in bedrooms and for smoke alarms. This requirement did not become effective until November 1, 2002 for all new and remodeled construction.
Now, Texas has adopted the 2008 NEC which requires AFCIs circuit breakers for all branch circuits that supply 125 Volt, single-phase power serving bedrooms, family rooms, dining rooms, living rooms, parlors, libraries, dens, sunrooms, recreations rooms, closets, hallways, or similar rooms or areas. We are required to report the lack of arc arc-fault circuit interrupting devices.
How does this affect you? The only thing we have to do extra is brief our clients that this is a new requirement and that NO home in Texas will meet the new standard. It is not something that has to be repaired and will not affect the sell of a home. However it is my duty to tell our client that there is an additional level of protection out there for them.
On this same line of thought now all outlets in the garage must be GFCI protected. The earlier standards allowed one outlet to not be on a GFCI circuit.
If you have any questions regarding the Standards Of Practice please give me a call.
Jim Wiley
Gold Star Home Inspections
Showing posts with label new construction homes. Show all posts
Showing posts with label new construction homes. Show all posts
Monday, January 12, 2009
Tuesday, August 26, 2008
Back to School
We've been busy the last few weeks, starting with a vacation to northern Michigan for a family reunion. We have closed on three homes for buyers and are ready to start working with more as school gets back in session and the "late" movers come in.
We know that most families are not looking to move unless forced to by work or other reasons. However, this is a great time to be in the market for a home as prices are starting to move up, but interest rates are still low and sellers are motivated. Back to school isn't just for the kiddos, it is time for buyers to study the market they are interested in and formulate a plan to get the best deal.
And don't take all the ads you see for new homes for granted until you study the location and reason they are providing the incentives. Just had a young couple faced with being "upside down" in their two year old home as the builder is now selling the same house plan they bought for $15,000 less! Caveat Emptor!
Call or drop an email and we will be happy to help you set up that plan so you are not faced with a similar situation.
We know that most families are not looking to move unless forced to by work or other reasons. However, this is a great time to be in the market for a home as prices are starting to move up, but interest rates are still low and sellers are motivated. Back to school isn't just for the kiddos, it is time for buyers to study the market they are interested in and formulate a plan to get the best deal.
And don't take all the ads you see for new homes for granted until you study the location and reason they are providing the incentives. Just had a young couple faced with being "upside down" in their two year old home as the builder is now selling the same house plan they bought for $15,000 less! Caveat Emptor!
Call or drop an email and we will be happy to help you set up that plan so you are not faced with a similar situation.
Thursday, July 31, 2008
First Time Home Buyer Tax Credit Facts
First-Time Home Buyer Tax Credit Fact Sheet
Who is Eligible
The $7,500 tax credit is available for first-time home buyers only.
The law defines a first-time home buyer as a buyer who has not owned a home during the past three years.
All U.S. citizens who file taxes are eligible to participate in the program.
Income Limits
Home buyers who file as single or head-of-household taxpayers can claim the full $7,500 credit if their adjusted gross income (AGI) is less than $75,000.
For married couples filing a joint return, the income limit doubles to $150,000.
Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time home buyer tax credit.
Married couples who earn between $150,000 and $170,000 are eligible to receive a partial first-time home buyer tax credit.
The credit is not available for single taxpayers whose AGI is greater than $95,000 and married couples with an AGI that exceeds $170,000.
Effective Dates for the Tax Credit
First-time home buyers would receive a $7,500 tax credit for the purchase of any home on or after April 9, 2008 and before July 1, 2009. To qualify, you must actually close on the sale of the home during this period.
Tax Credit is Refundable
A refundable credit means that if you pay less than $7,500 in federal income taxes, then the government will write you a check for the difference.
For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $2,500 payment from the government.
If you are due to receive a $1,000 tax refund from the government, your refund would grow to $8,750 ($1,000 plus $7,500 from the home buyer tax credit).
Buyers can take the tax credit in their 2008 or 2009 tax return.
If you purchased the home in 2008, the tax credit is taken on your 2008 tax return. If you buy in 2009, you have the option of taking the credit on your 2008 or 2009 tax returns.
Types of Homes that Qualify for the Tax Credit
All homes, whether single-family, townhomes or condominium apartments will qualify, provided that the home will be used as a principal residence and the buyer has not owned a home in the prior three years. This also includes newly-constructed homes.
Payback Provisions
The tax credit essentially serves as an interest-free loan to be repaid over 15 years.
For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. However, the buyer doesn’t have to start repaying the credit until two years after the tax year in which the credit is claimed.
If the home owner sold the home, then the remaining credit would be due from the profit of the home sale.
If there was insufficient profit, then the remaining credit payback would be forgiven.
For more details on the tax credit, go to www.federalhousingtaxcredit.com
Who is Eligible
The $7,500 tax credit is available for first-time home buyers only.
The law defines a first-time home buyer as a buyer who has not owned a home during the past three years.
All U.S. citizens who file taxes are eligible to participate in the program.
Income Limits
Home buyers who file as single or head-of-household taxpayers can claim the full $7,500 credit if their adjusted gross income (AGI) is less than $75,000.
For married couples filing a joint return, the income limit doubles to $150,000.
Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time home buyer tax credit.
Married couples who earn between $150,000 and $170,000 are eligible to receive a partial first-time home buyer tax credit.
The credit is not available for single taxpayers whose AGI is greater than $95,000 and married couples with an AGI that exceeds $170,000.
Effective Dates for the Tax Credit
First-time home buyers would receive a $7,500 tax credit for the purchase of any home on or after April 9, 2008 and before July 1, 2009. To qualify, you must actually close on the sale of the home during this period.
Tax Credit is Refundable
A refundable credit means that if you pay less than $7,500 in federal income taxes, then the government will write you a check for the difference.
For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $2,500 payment from the government.
If you are due to receive a $1,000 tax refund from the government, your refund would grow to $8,750 ($1,000 plus $7,500 from the home buyer tax credit).
Buyers can take the tax credit in their 2008 or 2009 tax return.
If you purchased the home in 2008, the tax credit is taken on your 2008 tax return. If you buy in 2009, you have the option of taking the credit on your 2008 or 2009 tax returns.
Types of Homes that Qualify for the Tax Credit
All homes, whether single-family, townhomes or condominium apartments will qualify, provided that the home will be used as a principal residence and the buyer has not owned a home in the prior three years. This also includes newly-constructed homes.
Payback Provisions
The tax credit essentially serves as an interest-free loan to be repaid over 15 years.
For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. However, the buyer doesn’t have to start repaying the credit until two years after the tax year in which the credit is claimed.
If the home owner sold the home, then the remaining credit would be due from the profit of the home sale.
If there was insufficient profit, then the remaining credit payback would be forgiven.
For more details on the tax credit, go to www.federalhousingtaxcredit.com
Friday, May 30, 2008
Energy Efficiency and Green Building
Most homeowners want to reduce the monthly utility bills, but can't afford to replace all the items needed to get there. We all hear about Energy Star(R) and other terms that we should be looking for, but what does all this mean?
Well, for existing homes, the task can take a few years to obtain, but it is doable. Contact your electric provider and ask for an energy audit. This will give you a starting point to plan out your future modifications. It may be little things like caulking around the window frames, adding new weather stripping around doors, etc. Or it may be some major items like replacing old air conditioning systems, repairing ducting, maybe even replacing old windows. If you plan on remaining in a home for a while, any or all of these may be worth your cost as you will save some every month as you update.
For new home construction, there are many options as well. First, the Term Energy Star(R) is a copyright from the Environmental Protection Agency (EPA) that identifies items, processes, and equipment that meet it's requirements for energy efficiency. It is a broad definition, and it takes a combination of these to really make a difference.
A new home that is Energy Star(R) means that it must rate a score of 85 or less on the Home Energy Rating Scale (HERS). The HERS scale is rated at 0-100, the lower the better for energy use. Many builders achieve scores below 70 and this can make a difference in many hundreds of dollars saved every year.
So, what do you look for in a new home? Energy Star(R) is certainly the first step. Then we need to add Green Building starndards to add to both energy efficiency and environmental savings as well. Green Building is catching on across the country and we have a program here that monitors and rates our own builders. The Build San Antonio Green Program provides builders with standrds and assists in coordinating many of the different programs out there. From Energy Star(R) to new water saving programs, they help guide the buyer and the builder in the best energy and envirnmental savings programs.
Now, the other end - some builders have obtained Energy Star(R) certification for all of their homes, but only a select number are actually tested for scores. Although they must maintain the minimum standard, there may be no further incentive to do better. And there are builders that test every home for score and continuously strive to better their scores. So, don't be taken by advertising that states Energy Star(R). It is a start, but not the whole answer.
And, the Texas Veterans Loan program requires that a new home have a tested Energy Star(R)certificate to close on the loan. Don't let the builder make you pay for the test either! If they want to sell the house, they should pay for the test.
Bottom line - there are many programs out there, and like loans, there are many ways to get better deals as well. Call me anytime to discuss this new and grwoing segment of our industry. I am committed to maintaining a continuing education and will keep you informed as well as we find new programs that make a difference.
Well, for existing homes, the task can take a few years to obtain, but it is doable. Contact your electric provider and ask for an energy audit. This will give you a starting point to plan out your future modifications. It may be little things like caulking around the window frames, adding new weather stripping around doors, etc. Or it may be some major items like replacing old air conditioning systems, repairing ducting, maybe even replacing old windows. If you plan on remaining in a home for a while, any or all of these may be worth your cost as you will save some every month as you update.
For new home construction, there are many options as well. First, the Term Energy Star(R) is a copyright from the Environmental Protection Agency (EPA) that identifies items, processes, and equipment that meet it's requirements for energy efficiency. It is a broad definition, and it takes a combination of these to really make a difference.
A new home that is Energy Star(R) means that it must rate a score of 85 or less on the Home Energy Rating Scale (HERS). The HERS scale is rated at 0-100, the lower the better for energy use. Many builders achieve scores below 70 and this can make a difference in many hundreds of dollars saved every year.
So, what do you look for in a new home? Energy Star(R) is certainly the first step. Then we need to add Green Building starndards to add to both energy efficiency and environmental savings as well. Green Building is catching on across the country and we have a program here that monitors and rates our own builders. The Build San Antonio Green Program provides builders with standrds and assists in coordinating many of the different programs out there. From Energy Star(R) to new water saving programs, they help guide the buyer and the builder in the best energy and envirnmental savings programs.
Now, the other end - some builders have obtained Energy Star(R) certification for all of their homes, but only a select number are actually tested for scores. Although they must maintain the minimum standard, there may be no further incentive to do better. And there are builders that test every home for score and continuously strive to better their scores. So, don't be taken by advertising that states Energy Star(R). It is a start, but not the whole answer.
And, the Texas Veterans Loan program requires that a new home have a tested Energy Star(R)certificate to close on the loan. Don't let the builder make you pay for the test either! If they want to sell the house, they should pay for the test.
Bottom line - there are many programs out there, and like loans, there are many ways to get better deals as well. Call me anytime to discuss this new and grwoing segment of our industry. I am committed to maintaining a continuing education and will keep you informed as well as we find new programs that make a difference.
Wednesday, April 30, 2008
New Home Sales
Are you in the market to purchase a new home from a San Antonio area builder? Now is a great time to check out some of the real deals they are offering. I normally tell folks to be careful in evaluating some of the advertising, but there really are some good deals to be had.
But don't forget to bring your Realtor along when you are looking. At a minimum, let the sales agent know you are working with a Realtor before signing anything. This will save all parties a lot of hassle later.
The sales agents at new home sites are trained and employed by the builder to sell their homes. They are knowledgeable on that builder's models, options, pricing and financing. And they truly want you to be happy with your purchase. What happens though when there is an issue and you want something done? Who is there to represent you and make sure things are in your best interest? This is why you need a representative in all new home sales transactions. Builders in this area know that over 85% of all sales are completed with a Realtor representing the buyer. The builders respect the impact of Realtors, and also know that their reputation will be increased with good service and that Realtor will bring more potential buyers in the future if they follow through and work together.
On the other hand, if you are not represented in a transaction, the sales agent may ask the builder, but must go by the "bosses" answer, not always able to argue in your behalf.
So, call your Realtor today, ore better yet, call us! The we will go out and check out some amazing deals in new homes this month!
But don't forget to bring your Realtor along when you are looking. At a minimum, let the sales agent know you are working with a Realtor before signing anything. This will save all parties a lot of hassle later.
The sales agents at new home sites are trained and employed by the builder to sell their homes. They are knowledgeable on that builder's models, options, pricing and financing. And they truly want you to be happy with your purchase. What happens though when there is an issue and you want something done? Who is there to represent you and make sure things are in your best interest? This is why you need a representative in all new home sales transactions. Builders in this area know that over 85% of all sales are completed with a Realtor representing the buyer. The builders respect the impact of Realtors, and also know that their reputation will be increased with good service and that Realtor will bring more potential buyers in the future if they follow through and work together.
On the other hand, if you are not represented in a transaction, the sales agent may ask the builder, but must go by the "bosses" answer, not always able to argue in your behalf.
So, call your Realtor today, ore better yet, call us! The we will go out and check out some amazing deals in new homes this month!
Subscribe to:
Comments (Atom)
