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 homes. Show all posts
Showing posts with label new homes. Show all posts
Monday, January 12, 2009
Thursday, December 11, 2008
Buy Now or Wait?
With interest rates raching lows not seen in 20 years, many are hoping they will continue to the 4.5% rumored to be "around the corner" by many in the industry.
However, the rumor is first just that until the money and the direction is provided. Second, the lowest rates will only be given to the best borrowers. That means if your credit score is less than 760, don't hold your breath for the lowest rates. However, if your credit is between 620 and 760, your chance of getting very good rates and terms remains fantastic.
If your credit is below 620, you need to sit down and see just where you are and set up a plan to get it up around 600 as a minimum, or face paying higher rates, requiring larger down payments, or not getting a loan at all.
So, what are you waiting for? Let's start looking for the right house that meets your needs and negotiate a great price and terms now!
However, the rumor is first just that until the money and the direction is provided. Second, the lowest rates will only be given to the best borrowers. That means if your credit score is less than 760, don't hold your breath for the lowest rates. However, if your credit is between 620 and 760, your chance of getting very good rates and terms remains fantastic.
If your credit is below 620, you need to sit down and see just where you are and set up a plan to get it up around 600 as a minimum, or face paying higher rates, requiring larger down payments, or not getting a loan at all.
So, what are you waiting for? Let's start looking for the right house that meets your needs and negotiate a great price and terms now!
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
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!
Monday, January 21, 2008
Home Buyer Workshop a Success!
We hosted our first ever Home Buyer Workshop the other night and the feedback is all positive! Althought the weather was not the best, those that ventured out to the event were rewarded with a lot of great information and they all said they learned a lot. With our friends from Supreme Lending, United Title of Texas, AnuHome4U Inspections, First American Home Warranty, Allstate Insurance, and Edward Jones Investments, we covered the entire buyer process with a professional representing all the major transaction parts. This made for great question and answer sessions and everyone benefitted.
We look forward to both a seller workshop and more buyer workshops in the future. We hope you can attend and will keep this site updated with the latest plans and schedules.
We look forward to both a seller workshop and more buyer workshops in the future. We hope you can attend and will keep this site updated with the latest plans and schedules.
Monday, January 7, 2008
Home Buyer Workshop 17 Jan 08
It's on the books! We are excited to host a Home Buyer Workshop on 17 Jan 08 at the Schertz Civic Center from 7-9 PM. Sign in will start at 6:30, and we would really appreciate an RSVP so we can plan refreshements accordingly. Just drop an email to info@tanrealty.com or call us at 210-392-4070 with the number of attendees.
Presenters will include:
United Title of Texas
Supreme Mortgage Lending
First American Home Warranty
A Nu Home 4 U Home Inspection Service
Edward Jones Investments
Allstate Insurance
And of course, Realty Executives!!
This is for new and seasoned home buyers as we will have the experts on hand to address the local housing market and answer your questions. In fact, if you have specific questions, email me and we'll provide and answer at the Workshop.
This is a fantastic opportunity for anyone interested in local real estate. from a personal home to investing, we will be able to discuss the entire process and what you need to know before you start.
We are looking forward to this and hope you will enjoy it as well. Please let everyone that might need this information know.
Presenters will include:
United Title of Texas
Supreme Mortgage Lending
First American Home Warranty
A Nu Home 4 U Home Inspection Service
Edward Jones Investments
Allstate Insurance
And of course, Realty Executives!!
This is for new and seasoned home buyers as we will have the experts on hand to address the local housing market and answer your questions. In fact, if you have specific questions, email me and we'll provide and answer at the Workshop.
This is a fantastic opportunity for anyone interested in local real estate. from a personal home to investing, we will be able to discuss the entire process and what you need to know before you start.
We are looking forward to this and hope you will enjoy it as well. Please let everyone that might need this information know.
Friday, October 19, 2007
Local Real Estate Notes
In the Schertz-Cibolo school district, there are currently 439 active residential listings ranging from a $49,500 handy man special, to $1.2 Million acreage with commercial potential. Of the total, there are 14 houses under $100,000; 258 homes between $100,000 - $199,900; 171 Between $200,000 - $250,000; 58 between $250,000 - $299,900; and 6 between $300,000 and $339,500. The other two are acreage.
This spread shows that we have a nice availability of affordable homes as the average family is looking for a home between $125,000 - $175,000. With the highly desired schools, great community, convenience to San Antonio and New Braunfels/San Marcos, the Schertz-Cibolo area is a great value in home ownership.
In addition, there are numerous new home builders that are ready to start on your new home as well. The practice of a builder building "spec" homes is fading fast and most of them do not start a home without a contract. So the availability of a brand new home is limited compared to last year, but there are always a few that are started and for whatever reason, the contract falls apart and the builder completes the home anyway. Sometimes there are incentives to purchase the house so the builder is not responsible for taxes, etc. So, although limited, there are also new homes available in our area as well.
Coupled with very reasonable interest rates, now is a great time to buy a home! Prices are stable, inventory is good, location is fantastic! That's why "We Sell Schertz!"
This spread shows that we have a nice availability of affordable homes as the average family is looking for a home between $125,000 - $175,000. With the highly desired schools, great community, convenience to San Antonio and New Braunfels/San Marcos, the Schertz-Cibolo area is a great value in home ownership.
In addition, there are numerous new home builders that are ready to start on your new home as well. The practice of a builder building "spec" homes is fading fast and most of them do not start a home without a contract. So the availability of a brand new home is limited compared to last year, but there are always a few that are started and for whatever reason, the contract falls apart and the builder completes the home anyway. Sometimes there are incentives to purchase the house so the builder is not responsible for taxes, etc. So, although limited, there are also new homes available in our area as well.
Coupled with very reasonable interest rates, now is a great time to buy a home! Prices are stable, inventory is good, location is fantastic! That's why "We Sell Schertz!"
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