ADVANTAGES OF MODULAR HOMES

A modular home is unique because it is built in a climate-controlled factory. Building in this way reduces the chances of weather related delays or problems. When coupled with the fact that building supplies are stored in on-site warehouses, it also virtually eliminates the chance that wet materials will be used when building the modular home.

The Southern Pine Inspection Bureau reported in August 2001 that "most mold...which are observed on lumber...can normally be attributed to the transportation, storage and construction stages." Keeping an Eye on Mold, Kent J. Pagel, Structural Building Components Magazine, May 2002 citing to August 2001 SPIB report. The fact that modular homes are constructed in a controlled factory environment eliminates the possibility that lumber with mold will be used in the home.

Design Flexibility of Modular Housing
Modular housing construction allows for hundreds of options and design possibilities and your builder will work with you and your home manufacturer to determine the type and design of modular home that best suits your needs. They'll generally offer a wide range of house plans to choose from in a variety of styles. They'll also offer a range of options to customize the home you select. Allowing for state building codes, you can modify or upgrade your general construction specifications, design your own floor plans and elevations, pick the style of windows or siding, choose colors of vinyl, carpet, countertops and bath fixtures. The possibilities are endless.

Modular Home are Better Quality Construction
Because modular homes are built in factories, manufacturers are able to utilize tools unavailable to the site builder such as custom manufactured jigs which ensure that all walls, floors and ceilings are square and plumb. In addition, interior walls are lag-bolted to the exterior walls and bracing and insulation are installed on all electrical outlet boxes. Finally, straps brace the wall to the floor.

Modular Housing: Inspection & Regulation
Before a modular home manufacturer begins construction, all building plans must be reviewed and approved in each state where the manufacturer intends to sell homes. Homes must be designed and built to the code for the state where the home will be shipped for final location. The manufacturers contract with state approved third party plan review agencies which conduct plan review on behalf of the state. The modular manufacturer also contracts with a third party inspection agency that is licensed by the states to perform the in-plant inspection while the home is in production. When the housing sections or modules are complete, the third party places a label on the home certifying that the home has been manufactured in conformance with the approved plans and complies with all provisions of the building code.

Stringent Building Codes
Modular homes are built to the same building codes used by conventional site-builders. As noted above, an independent inspector will certify that the home has been manufactured in conformance with the approved plans and complies with all building code provisions for the location where the home will be erected.

The Energy Efficiency of Modular Housing
Quality engineering and the latest construction techniques significantly increase the energy-efficiency of your new modular home. This ensures it will be economical to own and comfortable to live in regardless of the weather. In addition, most modular homes use two-by-six (2 x 6) framing for the walls. This allows more insulation to be placed in the wall, thereby ensuring greater energy efficiency. Finally, modular homes have much less air infiltration, which is one of the largest causes of heat loss in a home. The fact that these homes are constructed in a factory allows the manufacturer to place more sealants, such as caulking, in problem areas that site builders have no access to. For example, a manufacturer is able to create a better seal around electrical outlet and fixtures because they can access the walls behind, above and underneath these areas.

STEP UP TO REPEAT BUYER TAX CREDIT

By Kenneth R. Harney
The Nation’s Housing | Sunday, January 24, 2010

If you’ve been holding back on getting involved with the new $6,500 federal tax credit for repeat home buyers, there’s no more excuse for inaction. You now have all the official Internal Revenue Service guidance you’ll need to go out and buy a house, qualify for the credit, and pocket the $6,500. That’s because the IRS has finally published the rules for the repeat-purchase credit, along with key program details that had been missing since President Obama signed legislation creating the credit on Nov. 6. On Jan. 15, the IRS posted its revised Form 5405 on its Web site, www.irs.gov, six weeks after warning taxpayers not to file claims for the $6,500 credit without using the revised form and new instructions. The repeat-buyer credit - inelegantly dubbed the “Long-Time Resident of the Same Main Home” credit by the IRS - is an offshoot of the popular $8,000 credit for first-time purchasers. Taxpayers who’ve occupied the same property as a principal residence for any five consecutive years out of the previous eight can generally claim the credit if they buy another principal residence. The credit covers $6,500 or 10 percent of the new home’s price, whichever is lower.
To qualify, you must:

• buy a home costing no more than $800,000.

• sign a purchase-and-sales agreement between Nov. 7, 2009, and April 30, 2010, and close the sale by June 30, 2010. (People stationed overseas for the U.S. military, State Department or intelligence community get an extra year.
  
  

Buyers don’t have to sell their previous homes, but must demonstrate that the new place they buy is or will become their primary residence.

To claim the credit on your 2009 or 2010 tax return, attach:

• A copy of your new home’s signed HUD-1 settlement sheet, including contract sale price and date of closing. This will document when your purchase took place. If you’re buying a new-construction home with no HUD-1 available, the IRS will accept a copy of the certificate of occupancy showing the property’s address, the purchasers’ names and the issue date.

• Evidence of long-term ownership and occupancy of your previous home. The IRS will accept property-tax records, homeowners’ insurance receipts or Form 1098 mortgage-interest statements.

Congress is requiring all of this extra documentation because IRS audits uncovered widespread abuses surrounding the original $8,000 first-time home-buyers tax credit.

Problems included taxpayers or tax preparers who sought - and sometimes got - $8,000 credits for properties never even sold. This time around, the IRS says it’s going to rigorously investigate all claims filed, starting with a review of the documentation submitted.

The new IRS guidance also spells out the revised income limits for home buyers claiming credits.
Your modified adjusted gross income must be $125,000 or less if you’re single or $225,000 or less if you’re married filing jointly.

Above these limits, the credit begins to phase out - and is eliminated completely for singles who make $145,000 or more and couples who earn at least $245,000.

There are other pitfalls as well. An advisory the IRS posted earlier this month spells out situations where tax-credit recipients might actually have to repay money to the government.
These include taxpayers who:

• sell their new houses within 36 months of buying the places;
• convert a new principal residence into a rental or business property;
• end up in foreclosure on the new house.

The bottom line for consumers interested in the $6,500 credit: Speed up your house hunting.
There are less than three months to go till the deadline for signed purchase-and-sale agreements - and just five months to go to close on deals.

THERE HAS NEVER BEEN A BETTER TIME TO OWN YOUR OWN HOME!

Are you still wondering if now is the time to own your home?

At Siracusa Homes, we understand that purchasing a new home is the most important purchase you will make. There has never been a better time than now to make that most important purchase...a new Siracusa home. Interest rates are at an all-time low, prices are low, and with the extension of the first time homebuyers tax credit up to $ 8,000 and the new current homeowners tax credit up to $6,500 you have quite an incentive to venture into the new home market. And that’s just one of many reasons to make a move to buy a new home now! Act NOW, as the new credits are only valid with new homes under contract by April 30, 2010!!!

Here is a list of more reasons to own your own home compiled by REALTOR.com:

7 Reasons to OWN Your Home

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline, as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

If you are currently renting, the Buy vs. Rent Calculator is a great tool to use to calculate the incredible savings you achieve by owning your own home instead of renting.

It’s a buyer’s market right now with some of the best financing programs and building incentives there has ever been. Siracusa Homes gives families the opportunity to build their dream home at an affordable price with homes starting at just $ 89,900! From starter homes to expansive custom homes, Siracusa Homes has a home for every family! Feel free to call one of our sales representatives at 609-645-0400 with any questions and start your new home purchase today!