Did You Know: Property Taxes
June 17, 2010 · CommentsPROPERTY TAXES
Between 2006 and 2009, property values dropped 21% nationally. According to the National League of Cities, 25% of American cities raised their property tax rates in 2009. Like it or not, local governments depend on property taxes to pay for schools, police, libraries and other services. So it does not follow that just because property values drop that property tax bills will follow. You may wish to consider contesting your latest property tax bill. If so, call your local tax assessor’s office and ask about the process. Then here’s what you do. Check your assessment for correct land size, house size, and other imporvements. Collect information on at least 3 recent sales in your neighborhood that show your value is lower. They need to be properties similar to yours. Take Photos if your home needs repairs that would lessen its value. File On Time. In some areas, missing an appeals deadline could mean a year wait for a second chance.
Style Post: Selecting the Right Community
June 16, 2010 · CommentsWhen it comes to selecting the right floor plan for their new home, homebuyers often spend a great deal of time walking through decorated model homes, finished homes, and homes under construction to find the perfect plan. Many prospective buyers browse the internet looking at elevations and floor plans online. While this process is important, the selection of the right floor plan should come after the right community is chosen. Here are four questions that should help narrow the search:
- What part of town do we want/need to live in? Most often, the part of town is dictated by such considerations as school district, proximity to work or friends or family, or some other high level need that makes one area more desirable than another. Before choosing a plan, eliminate at least 75% of the locations because they do not meet some or all of the requirements listed above.
- What type of neighborhood do we desire? Some buyers want subdivisions with full amenity packages such as pool, golf, or tennis. Other buyers specifically do not want a neighborhood with a Home Owner Association that dictates rules that each house must conform to. Wanting a neighborhood with children the same ages as your own for playmates is often a major consideration for young families. Age-restricted neighborhoods are often the perfect pick for the empty nester buyer and may be the driving force in the selection process.
- What price range of house do we want to target? Once geographic location and type of neighborhood has narrowed the search, the price range of the homes for sale should be used to further define the 2 or 3 neighborhoods that fit within the search criteria. As we all know, the value of the location and the size of the homes being built has a direct impact on the price range of every community. We may want a golf course neighborhood, but don’t want to pay the price these homes end up costing. Price range is usually a consideration and can be used to limit the search.
- What size of lot do we want? Finally, we can narrow the search even more by deciding upon the desired lot size. Some communities on well-located (and expense) land, often contain small lots that keep the price range of the homes within limits. Communities with larger lots may be located further out from the central business district where land is less expensive. In some cases the limitations of the lot size may eliminate certain types of houses such as single story plans simply because the house will not fit on the smaller lot. If lot size is important, it can help eliminate some of the neighborhoods under consideration.
All of the above considerations precede the actual selection of a floor plan. By answering the four questions, you can eliminate a lot of the community choices and make the selection process much less confusing and more time efficient.
Couch Cushion Architecture
June 09, 2010 · CommentsFrom an early age, humans are driven to find that little place of their own. A place of escape; of comfort and security. And they will create that place with whatever resources are available. A cardboard fort, a treehouse of scrap lumber, a pillow bunker. But, while their creativity is infinite and knows no bounds, how do the creations of these young builders and designers stack up in form and function? Over at the BuildLLC Blog, the editors take these structures to task in A Critical Analysis of Couch Cushion Architecture.
We’d love to see what the local young homebuilder community is working on. Email pictures of your children’s compositions to dcoughlin@lifestylebuilders.com, and we’ll post and critique a sampling of them. And who knows? Maybe one of them will be the inspiration for one of our future designs!
Coming Soon – New Neighborhoods!
June 02, 2010 · CommentsLOCATION! LOCATION! LOCATION! LifeStyle Builders and Developers, Richmond’s New Home Design Leader will be expanding it’s presence in Chesterfield County, offering homes in both Elm Crest and Mount Blanco. Elm Crest is an exciting new neighborhood perfectly situated in the heart of Midlothian off of Courthouse Road. We will be offering homes from four of our plan collections with prices starting in the $290s! Mount Blanco is the newest, waterfront section in Meadowville Landing just off Route 10 in Chesterfield County and provides an easy commute to Fort Lee or Richmond. Our Colonnade Collection will be offered and prices will start in the $290s. In New Kent County, Lifestyle Builders will be offering homes in Patriots Landing, a community with stunning home sites and incredible amenities, where LifeStyle Builders will be participating in the 2010 Homearama! What is Homearama? Check back in with us for details in the upcoming months!
Strike Now
May 29, 2010 · CommentsThe Good News:
30 Year Fixed Rate home loans sank to 4.78% the week of May 26th, the lowest rate in 2010 and inching closer to the record of 4.71% set in 2009. This, along with the high inventory of available new homes, makes it a super time to be house hunting. A $200,000 loan would mean a principal and interest payment of only $1,046. If taxes, mortgage insurance and hazard insurance typical in the Richmond area are added in, one would have a total monthly payment in the range of $1,300 to $1,450 requiring gross yearly income of about $45,000 to $52,000. There is a spread here because each locality has a different tax rate and each loan instrument has different income to debt ratio requirements.
The Bad News:
FHA (The Federal Housing Administration) has announced that sometime this summer, they will SLASH the allowable maximum “seller concessions” from 6% of the home sales price to 3%. Seller concession rules allow buyers to ask the home seller to pay for a variety of settlement costs such as loan origination fees, points, state and local transfer fees, appraisals, and pre-paid items such as taxes and insurance. Currently, on a $200,000 home, a seller could agree to pay up to $12,000. That will go to $6,000 this summer when the new rules go into effect. FHA is still the best deal in town for cash out of pocket as they still only require 3.5% down. On the $200,000 home this would mean $7,000 versus a Fannie Mae or Freddie Mac that are requiring a minimum 10% down with excellent credit scores.
Both the Good News and the Bad News add up to one thing: Now is the time to strike and buy that new home!



