Author: AdminPOM

Shea Homes 3D: A Look at a Trend that May Emerge in New Home Building

Shea Homes’ new home design option, Shea3D, lets buyers personalize their new home’s living space according to each buyer’s unique lifestyle. With Shea3D, customers have three living space options from which to choose: Outdoor-Centric, Entertainment-Centric, and Kitchen-Centric. Shea Homes developed this revolutionary design option based on communications in which customers indicated having flexibility in the design of their home is a top priority. The Shea3D YourPlan allows customers to choose what is most important to them. It is currently available in select Trilogy communities, with plans to add the design option in communities across the country. Shea3D YourPlans Shea...

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New Home Inspection Overview

A home inspection is really just a contingency, but it’s such an important contingency that it deserves some special consideration. At heart, a home inspection is just what it sounds like: hiring a professional to inspect a home, in order to make sure that there are no hidden issues, defects, or safety concerns. Beyond this, the home inspection is a huge part of the home buying process, and it can potentially reveal major problems or defects in the home you have fallen in love with. It pays to be familiar with the process of a home inspection, and to...

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Home Builders and New Home Construction Drive Economic Growth

15 Economic Benefits of New Home Construction The impact new home builders have on local economies goes way beyond construction job growth. The below new home construction economic benefits detail some of the most important ways homebuilding can help positively grow a local economy. According to economists at the National Association of Home Builders, the one-year estimated local impacts of building 100 single-family homes in a typical metro area include $21.1 million in local income, $2.2 million in taxes and other local government revenue, and 324 local jobs. (From: Metropolitan Builders Association “New Homes Benefit More Than Just Buyers”)...

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Checklist for First-time Homebuyers

1.  Can you afford to buy a new home?  Do a budget.  Check mortgage interest rates.  There are plenty of mortgage calculators on the web.  Mortgage principal, interest, taxes, insurance (PITI) and any HOA fees should be no more than 30% of monthly net income. PITI, HOA and other long-term debt (like credit card and student loan debt) should total no more than 36% of monthly net income.  check out this free mortgage calculator  What are your expenses?  If you don’t know, review your checkbook or bank statements over the last couple years to see what you actually spend. ...

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The Tax Benefits of Homeownership

In addition to the benefits of owning vs. renting that we outlined above, there are financial benefits beyond the accumulation of equity that make homeownership a positive step toward your future financial health and stability. Most of these benefits have to do with taxes, which are structured by the federal government in a way that incentivizes people to own their own homes. Filing taxes as a homeowner, you’ll find, can substantially reduce your tax burden and make the overall cost of ownership even lower than the housing costs you paid as a renter. One of the primary ways in which homeowners can save money on taxes is through the Mortgage Interest Deduction. For the majority of taxpayers, the portion of their monthly mortgage devoted to interest is, under the current tax code, taken as a direct deduction to their annual income, directly lowering their tax liability. For example, if a homeowner’s pre-tax income was $35,000 and they paid $5,000 in interest throughout the year toward their mortgage, their taxable income would be reduced to only $30,000, saving them roughly $1200 in taxes (depending upon their tax bracket). This benefit is particularly beneficial for first-time homeowners who tend to put less money down on their homes; because the first five to ten years of their mortgage payments tend to be applied primarily to interest, their mortgage interest deduction tends to...

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