Home Improvement News 2010

The Dual Benifits of Insulating & Improving Your Home This Year!

Insulating and upgrading your home’s heating, air conditioning and other energy using appliances is always beneficial. For the 2010 tax year a homeowner can receive a dual benefit. Energy credits and residential energy efficiency credit limits are raised for these tax years.

This is a great time to add extra insulation to your home. Increasing your R rating of your insulation will result in less heat loss during winter and keep your home cooler during summer months. You can also receive a tax credit for ten percent of your insulating costs up to $500 on your Federal tax return.

Heating and cooling your home can account for fifty to seventy percent of the energy costs of your home. Adding insulation, replacing old caulking, and replacing inefficient doors and windows will reduce your home energy costs and you can receive credit on your tax return to help pay for these items.

Some of the easiest and least expensive improvements can come from reducing drafts in your home. Check around doors and windows for leaks. You can use a candle or just feel for areas of cold or hot air entering your home. Remove and replace old caulk on the inside and/or outside of windows. Add new weather stripping around doors. If you have glass windows in exterior doors you should check for leaks in these areas as well. If you have an attic, check your insulation there. Adding additional insulation in most attics is not difficult.

If you install energy-efficient windows, insulation, doors and other items you can receive a tax credit of thirty percent of the costs up to $1,500 for these improvements. Qualifying items must be placed in service from January 1st, 2009 to December 31st, 2010. This gives a homeowner two years to improve their homes efficiency.

If you install renewable energy items like solar water heaters, geothermal heat pumps or wind systems for energy generation you can receive a 30 percent tax credit for systems put into use before December 31st, 2016.
The previous tax cap on this no longer applies. Tax credits are non-refundable but with many of the credits for energy improvements, the unused portions can be carried over to the next tax year until the full amount of credit has been used.

Make the most out of the tax credits for energy efficiency that are available. Most times improvements that you make for your homes’ energy use will pay for themselves in energy savings but now the federal government is willing to help you pay for your improvements.

http://www.associatedcontent.com/article/2527889/the_dual_benefits_of_insulating_and_pg2.html?cat=30

There is only a few more weeks to take advantage of this great offer! Don’t miss out on saving money while improving your home and lowering your heating/cooling bill in the process. Act now! You’ll be glad you did! We can help you with all your home improvement needs!

3810 Clemmons rd, Clemmons, NC 27012

1-800-913-3873

http://www.crawfordhomeimprovements.net/

PURCHASE AND REHAB YOUR TRIAD HOME WITH AN FHA 203(k) LOAN

Most homebuyers are turned off at the sight or even the thought of a buying a fixer-upper, a foreclosure or an older home today. However, educated and informed homebuyers are utilizing the FHA 203(k) loan to buy their home and fix it up with no additional out-of-pocket expense.

The FHA 203(k) loan is a tool that savvy homebuyers, successful contractors, real estate and mortgage professionals have been using since 1978. An FHA 203(k) loan is very similar to the traditional FHA loan (known as the FHA 203(b) loan). The only real difference is that with the FHA 203(k) loan, the homebuyer is adding money to their mortgage balance to finance any repair/improvement costs. Whereas the traditional FHA loan requires that certain repairs be done before the home is purchased, the FHA 203(k) loan allows the homebuyer to purchase their home and complete the repairs/improvements after the transaction closes. The other traditional FHA qualifications (appraisal guidelines, seasoning rules, credit qualifications, etc.) still apply. But with the FHA 203(k) loan, a homebuyer can fix up his/her home and not have to worry about the additional out-of-pocket expenses for the repairs/improvements. What a brilliant way to purchase a fixer-upper!

There are two types of FHA 203(k) loans: the Standard [aka the Full or Rehab] and the Streamline. The FHA 203(k) Standard/Full/Rehab allows for structural modifications, additions, landscaping, architect and engineer contracting and requires, among others, the use of a 203(k) Consultant. The maximum loan amount for the Standard/Full/Rehab version is the maximum FHA mortgage limit for the area where the property is located. The FHA 203(k) Streamline, on the other hand, will not allow for structural modifications, landscaping, etc., and has a maximum repair limit of $35,000. For both the FHA 203(k) Standard/Full/Rehab and the FHA 203(k) Streamline, contractors are paid in a series of draws requested from the lender (max 2 for the Streamline and max 5 for the Standard/Full/Rehab).

The FHA 203(k) loan is a great option for many reasons (just to name a few):
•   Less competition to buy a particular home because fewer homebuyers want to purchase fixer-uppers, foreclosures or older homes that are outdated
•   Better opportunities for great financial deals on a home purchase
•   Allows buyers to purchase properties that may not meet FHA standards and do the fix-up, rehab, improvements AFTER the home is purchased.
•   Ability to fix up or add personal improvements to make a house into a home with no additional out-of-pocket expense
•   Can be used to do personal preference changes that are not required by FHA (flooring, painting, kitchens/baths, additions, landscaping, windows/doors, etc.)
•   If offer is presented properly to seller, it could be the strongest financed offer in competing offer situation
•   Sellers do not have to fix-up, rehab, improve a property before they list it on the market, but instead allow the buyer to use an FHA 203(k) loan, which allows the buyer to fix-up, rehab and improve the property using the buyer’s own style and design.

The FHA 203(k) loan also has potential drawbacks:
•   No investor purchases; only owner occupant purchasers and qualified nonprofit groups allowed
•   In a competing offer situation, it can be one of the weaker offers if not presented properly
•   Additional contract contingency that may be undesirable to uninformed sellers
•   Extra time involved with escrow periods (typically an additional 15–30 days), getting contractor bids, submitting additional paperwork to the lender, etc.
•   Foreclosure property Asset Managers (sellers of REO’s) may not be familiar with the FHA 203(k) loan
•   Potential challenge with finding qualified and experienced loan officers, real estate agents and contractors for the FHA 203(k) loan

The FHA 203(k) loan program improves the real estate market and the economy because it requires a property to be improved….not just purchased. Because of this improvement requirement with the FHA 203(k) loan program, real estate values are increased, which helps other homeowners in the same neighborhood, invigorates communities, jobs are created for contractors and commerce is conducted by the purchasing of goods and services. Simply put, the FHA 203(k) loan program improves everything associated with it.

With the US Treasury stating that more foreclosures are coming to the market and Fannie Mae and Freddie Mac also stating that they have ~100,000 unlisted properties in their inventory, fixer-uppers could be prevalent in our coming market. Therefore, the FHA 203(k) loan is an excellent and viable option and will continue to be for quite a while for purchasing fixer-uppers because it allows homebuyers to finance the repair/improvement expense into their mortgage, which can be tax deductible.

Written by: Paul Welden
203kContractors.com®
Certified 203k Contractor Directory for the FHA 203(k) loan

Special Thanks To Paul Welden For Permission To Use Article.

Here at Crawford Home Improvements, we are trying to accommodate all your needs, whatever they may happen to be. Because of this, we are getting certified in the 203k Contractor Program, so that we may assist you should you decide to take advantage of this loan. Please let us know what your concerns are, and we will do our best to help you understand more about this program and how it may benefit you!

3810 Clemmons rd, Clemmons, NC 27012

1-800-913-3873

http://www.crawfordhomeimprovements.net/

Home Improvement News 2010 / Home Maintenance — Comments Off
1
Jul 10

The Importance Of Property Preservation

How Foreclosure Contractors Make the Difference in the REO Marketplace

Knowledgeable real estate experts know that foreclosed properties are taking a long time to finally making their way back on the market – to transition to REO (Real Estate Owned) listings. Back in February, RealtyTrac.com estimated that up to a shocking 70% of foreclosures still weren’t on the MLS yet.

One large reason for the delay? Because of the explosion of the number of foreclosures in recent months, banks can’t keep up with processing the individual properties. That means they sit untended, unsecured and unoccupied for longer periods of time – leaving these homes open to vandalism, threat and damage.

That means that, by the time property preservation companies are finally called in, there’s more much more substantial rehab work to be done on these homes. The lawn is usually a disaster, the plumbing can need major repairs and there is probably rotting food in the refrigerator.

Ideally, the “trash-out” of foreclosures should be accomplished as soon as possible to ensure these properties don’t deteriorate to a point where the house becomes unsafe and they’re unsuitable for market. The recent foreclosure moratoriums made that process difficult for many properties – and now, that the moratoriums are over, there is a huge backlog of foreclosures to process.

REO ResQ™, a new nationwide franchise founded by property preservation experts Frank and Scott Patrick, is training new franchisees all across the country to try and meet the growing demand for skilled and experienced mortgage field services companies. In cities like Orlando, Florida and Phoenix, Arizona, foreclosures are huge – and so is the opportunity for contractors entering the property preservation arena.

One couple trained by the Patricks, Matt and Carrie Singleton, moved to Las Vegas to take advantage of the huge REO market there – and, after less than six months of operating a foreclosure clean-out business there, found themselves making $89,000 in revenues in one month. And this was without having any prior contacts or working relationships in the city before relocating there.

To get a real sense of what’s involved in cleaning out a foreclosure, a video produced by a Southern California TV station posted at http://rocktrueblood.blogspot.com/2009/02/trash-out-of-foreclosed-homes.html shows the process well. It’s amazing to watch this video and see just what people leave behind before they exit a home. You’ll hear about an urn with a relative’s ashes that was found by the clean out crew, among other very personal items – children’s toys, photo albums, etc. You’ll also see the incredible array of items of value left in the home – computers, high-priced appliances, and furniture.

With foreclosure sales beginning to boom, becoming a property preservation contractor is clearly a good business move in an uncertain economic time. And for banks, lenders, asset managers and REO agents, using a dependable, trustworthy and properly-trained contractor, is the quick way to restore “curb appeal” to foreclosures and prepare them for the market.

http://www.reoresq.com/articles/the-importance-of-property-preservation.php

Interested in knowing more? We specialize in this field and can help make foreclosed homes look great! Visit our website for further information!

http://www.crawfordhomeimprovements.net/

Home Improvement News 2010 / Home Remodeling — Comments Off
21
Apr 10

Frequently Asked Questions About Green Remodeling

What is green remodeling?

A home can be considered green when energy efficiency, water and resource conservation, sustainable or recycled products, and indoor air quality considerations are incorporated into the process of home building. The increased availability of education for builders, growing consumer awareness and the exploding market for sustainable, environmentally friendly and recycled building products has accelerated green building’s acceptance rate and move into the mainstream.

What are the benefits of green remodeling?

Green homeowners enjoy knowing they are doing something good for the environment, their family and the future by saving energy and precious resources. Counties can make consumers aware of rebates and credits to encourage them to build green. Many lenders now offer energy efficient mortgages. Visit: http://www.dsireusa.org/.

It’s good for the community, too. Local jurisdictions can make consumers aware of rebates and credits to encourage them to build green. By using fewer materials and generating less waste, green remodeling can help counties lower waste management fees, achieve recycling goals and delay the need for new power sources.

A new professional designation program from the National Association of Home Builders will soon provide home buyers with additional assurance that the remodeler they’ve chosen is authentically “green.”

The Certified Green Professional™ designation was unveiled during Green Day at the International Builders’ Show in 2008. “We know green is the future of building. With the Certified Green Professional designation, we’re helping our qualified members demonstrate to their clients that the future is here,” said NAHB Past President Sandy Dunn, a West Virginia home builder.

When a green home doesn’t look or feel significantly different from one built using more traditional construction methods, when builders have the tools and resources to build them without sizeable materials or labor cost increases, and when consumers readily accept the finished product, then ‘green’ has arrived.

The exploding market for sustainable, environmentally friendly and recycled building products, along with the greater availability of educational opportunities for builders, has accelerated green building’s acceptance rate.

The association prepares members with programs addressing education (such as the Certified Green Professional designation), award recognition, and market awareness.

Successful green building programs help to systematize the green design and construction process, instill consumer awareness and offer training to help the builder incorporate more green features into homes. They take advantage of tax credit programs and rebates. They often include educational initiatives for other members of the industry, including Realtors and product manufacturers. They emphasize the importance of homeowner education in maintaining the efficacy of a green-built home. Most importantly, they emphasize affordability and flexibility by allowing a menu of choices: homeowners can choose how much they want to spend and make sure that their choice is regionally and geographically appropriate.

Voluntary, market-driven programs — maintaining a choice for builders and consumers — help the dynamic process of green building to advance further.

http://www.nahb.org/generic.aspx?sectionID=1293&genericContentID=90974

Have more questions? Feel free to ask one of our knowledgeable staff!

http://www.crawfordhomeimprovements.net/