The 2010 Home Buyer Tax Credits

If you have been considering buying your first home or upgrading your current home, now is one of the best times in history. Not only is there an $8000 first time home buyer tax credit and a $6500 move-up credit, but we are also living in a very low interest rate environment. You do not want to let these opportunities pass you by.

First Time Home Buyer:
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

For sales occuring after November 6, 2009, the income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $125,000 for single taxpayers and $225,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.


Move-Up / Repeat Home Buyer:
The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010). The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a person who has owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. That is, both spouses must qualify as long-time residents, with at least five years of principal residency for each. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.

The income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) above those limits. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

The Great Exterior: Part II

Adding flowers and plants to your front yard is the perfect way to add home curb appeal. And now is the perfect time to start planning your new landscape. A simple curb appeal landscaping tip is to add a border to your lawn that accents the shape and the size. Who doesn't love a sweeping pop of color accenting the beautiful green lawn? Plant flowers or add in a fence to help showcase the lawn. Get creative and surround the edges with a stone pathway and larger shrubs. Mix colorful displays of flowering shrubs combined with greenery. Accent areas of your lawn with groupings of brightly colored container plants. Add ornamental grass to planting beds, creating diversity in terms of form and texture. Be sure to always check the hardiness zone when purchasing plants. Choose plants that match your range. If you are unsure of your hardiness zone, check out the www.usna.usda.gov website.

Graham Custom Homes

My grandfather started W.J. Graham construction along with his two sons in the 1960s.This gave me the opportunity to grow up in the construction business. Being the family business, this raised the bar to which I was held. My grandfather always said "If you're going to be a Graham you need to do things better than anyone else." I have always lived by what he told me, and I am proud to be continuing the tradition.

During the years working for my family I've done everything, from pushing a broom to framing, trim, cabinetry and custom woodworking. This job, which eventually has become my passion started with my family when I was fourteen. Over the years, understanding every aspect of home construction and staying on the forefront of technology and trends has been my goal.

In January of 2000 I began building homes in the Steamboat area. Since then we have built 20+ custom homes, all of exceptional quality and value. Working within our customer's budget to create a home with the maximum value is always our goal. I have an extensive knowledge of the design process (my father is a draftsman), which allows me to value engineer most projects for maximum efficiency and cost savings.

Our passion is to continue evolving as a contractor, creating ever more unique and inspiring homes. As our customer, you can expect a long term relationship, with our commitment to surpassing your expectations.

Our Olympic Spirit

Steamboat Springs, Colorado is truly an amazing town. We are extremely proud of our Olympic heritage. A recent Olympian send-off party brought out 5,000 locals to wish our hometown heroes "good luck". The Bud Werner Library is currently hosting the "Our Winter Olympic Tradition" display, with a focus on our Winter Olympics history, Steamboat Springs Winter Sports Club history, and current Steamboat Springs athletes to look for in the 2010 games.

Steamboat is known around the globe simply as Ski Town, USA and has produced more winter Olympians than any other town in North America, now a record 76 and counting. This year we sent 17 Steamboat athletes to compete at the 2010 Games in Vancouver. In December, Steamboat Springs was the site for the U.S. Olympic trials. Park Smalley, considered the “godfather of freestyle skiing” has made his home in Steamboat Springs since 1976. The Park Smalley Freestyle Complex was the training ground for the 2002, 2006, and 2010 Olympic Freestyle teams and the last stop for the US Freestyle teams before going to the winter games. It is also the site of several World Cup events as well as Olympic qualifying events. The Canadian Freestyle team also trained there before heading to Utah for the 2002 Olympics.

Steamboat is also home to the Steamboat Springs Winter Sports Club, one of the country's oldest and most successful clubs, as well as Howelsen Hill. Howelsen Hill boasts a remarkable heritage. It is the oldest ski area in continuous use in Colorado, and has the largest and most complete natural ski jumping complex in North America. Howelsen Hill was recently acknowledged as a "Pioneer Ski Resort" by the International Skiing History Association and the Colorado Ski & Snowboard Museum and Hall of Fame.

Take a weekend to visit Ski Town, USA and take part in our Olympic Spirit.

Perfect Investment Property ~ Single Family Home in Steamboat. Great ROI.

Comparable homes in this area are on the market for $650,000+. For only $470,000, you can buy this move-in ready home and have built in equity! This custom single-family home was created by one of Steamboat’s top custom home builders. Inside, you will find granite and marble counter tops, hickory floors, and slate and travertine tile throughout. The kitchen is outfitted with stainless steel appliances, gorgeous granite counters, and a center island perfect for entertaining! Main floor master suite with his/her vanities and a luxurious custom, slate shower. In addition to the remaining two bedrooms and second full bath, the upstairs features a bonus room - perfect as a playroom, kid's study space, or small library. The full lower level walk-out offers a variety of options. Previously used as a media room, you could custom outfit this space for a home gym, teen hang-out, or game room. Plus - an additional unfinished 480 sq ft has been plumbed & framed for a possible in-law suite or second master suite! Corabond insulation, in-floor heat, and many quality finishes combine to create a home with incredible value.

This beautiful custom home is located only 20 minutes from the world renowned Steamboat Springs Ski Resort. Steamboat Springs lies in the Yampa Valley in the N.W. Colorado Rockies at a base elevation of 6,700ft. Every winter the mountain receives an average of over 350 inches of snow. In 2007/08 a record snowfall of 489 inches was recorded. With legendary beautiful tree-lined trails covering its four peaks, Steamboat is one of the finest ski areas in the US. Perfect for the nature lover, food & wine connoisseur, or those seeking a carefree lifestyle. The town of Steamboat Springs boasts a top-notch school system, fabulous restaurants, upscale spas, and a unique old-town experience. Located in a very private, well maintained cul-de-sac, this home backs to open space providing privacy and majestic mountain views. Within two minutes, you will find yourself at Stagecoach Reservoir enjoying some of Colorado’s best gold-metal waters. Step outside your front door to indulge that carefree lifestyle -fishing, hiking, swimming, and boating.

MLS#: 125153 @ http://www.thepaoligroup.com/
Motivated seller.
$470,000, 3 bed, 2 bath + powder room, 2495 sq ft.
Contact Chris Paoli at 970.819.1432 (mobile) or chris@mybrokers.com.

The Great Exterior

Curb appeal – that is what it’s all about! When it comes to increasing the market value of your home and attracting potential buyers, the landscape around the house is the icing on the cake. Not only can the landscape increase the real estate value of your home, but putting focus on curb appeal can help your home sell faster. Many older houses are overgrown with large ragged foliage that obscures the house and may provide a dark and dreary atmosphere. Some easy ideas: Trim back large plants to expose the house. Adding small accent plants around the yard can make the yard appear more groomed. If your lawn suffers from poor upkeep or bare spots, consider rock or foliage gardens to cover the affected areas.

The Great Remodel: Part III

There are plenty of ways to alter a home, from simple improvement projects to the high-end additions. Should you pay for a kitchen overhaul, adding an island, granite countertops and stainless-steel appliances? Or would you be better off painting the room and sticking new doors on the cabinets? Will a new deck raise the value of your home or simply be a perk you enjoy as long as you live in the house? ROI (return on investment) should play a part in your remodeling plan. In a nutshell, it's how much money you could recoup when you sell.

There are many factors to consider when making the decision to give your house a face-lift. Location is always a key issue—not only the neighborhood, but which part of the country. Some improvements are popular with buyers regardless of the region, while others seem to be in higher demand in certain areas of the U.S. More often than not, sellers can get back a substantial percentage of their outlay for a variety of well-executed improvements in different parts of the country if they keep the market in mind.

Kitchens and bathrooms generally tend to recoup their cost. Those are widely appealing to the marketplace, and they tend to be more standard in form. If you're looking to get your money back when you sell, it's a good idea to avoid designs that are unusual. Buyers look for a place they can move right into and call their own. When you detour too far from the values of the typical home buyer, you shrink the pool of potential buyers. Features that are really customized to the homeowners may not appeal to as wide an audience.

Remodel to existing standards. Look around at other houses in your neighborhood to see what is popular. If the average home in your neighborhood has 2.5 baths and your house has 1.5, adding another bathroom could net you a better return than the average when selling. Check into what renovations net the highest return in your region and use that information as a basic plan for your remodel.

The Great Remodel : Part II

Sell? Increase square footage? Remodel? Big questions. The fact of the matter is...it costs less to finish unfinished spaces than to add on to your home. Finishing the basement will give you a new space to live in, while adding to the value of your home. Before making any firm plans, you'll want to check a few things. First, make sure radon levels aren't above recommended levels. Second, determine that your basement is suitable for finishing. To be suitable for finishing, the basement must stay dry, even in a rainy year.


What to do with the basement?

Mud room: Mudrooms are the thing for active families. They typically encompass a practical, second entrance where wet boots, umbrellas, and coats are deposited to dry off. Extra clutter such as an overflow of mail or laundry gets dropped off here as well, and families with dogs have a convenient place to let furry friends dry off. A mudroom can be sectioned off from the basement with a wall and door.

Home Office: One of the most important points to consider when planning a home office is privacy. When your business and your family share the same roof, it is vital to keep your home life from interfering with your business and vice-versa. This is why the basement is so often considered the best place in the house for a home office.

Game Room: If you have an empty, finished basement, you can create a game room that everyone can enjoy. If you have young kids, or adults who still think they are kids, there are a variety of ways to turn the entire basement into an exciting, fun-filled recreation area.

Wine cellar: If you have a passion for fine wine and would like to have numerous wines on hand to mature or to have right away, then you might want to build a wine cellar. When building a wine cellar, the wine cellar must be designed and constructed like a refrigerator, so check with a pro.

Theater Room: Why drive to a movie theater, spend money on tickets and concessions when you can watch crystal-clear video and hear pristine audio in the comfort of your home? An advantage to building your own home theater room is that you can utilize all the latest and greatest technologies.

Second Master Suite: Whether you have frequent house guests, have aging parents that are joining your household, or adult kids returning home -- a second master suite can add comfort and value to a home. With a private bathroom and a large closet, the second master suite can meet a variety of needs in changing households.

The Great Remodel

Winter is the perfect time of year to itemize what changes you'd like to make in your house. Take a day to sit and make a list of what you'd like changed, from new throw rugs to a complete remodel. If a remodeling job is on your list and you want to begin as soon as the weather warms, start talking to contractors now. If you just bought a home, live in it for a full year before you undertake a major remodel. Watch how your house interacts with its environment through spring, summer, fall and winter. This will help you decide what you truly need.


The five keys to a successful project:

1. The Budget - Knowing your budget and sticking to it is key. A great design will fall short if you run out of cash and have to settle for lower grade products.

2. The Timeline - Remodeling is a series of interconnected events, so a delay in one can cause a domino effect that impacts the schedule/cost. Talk with your contractor about how to keep everything on track.

3. The Right Contractor - Take time to hire the right contractor, electrician, painter, etc. Check references and visit other places that showcase their work.

4. The Objective - Why are you remodeling? If you plan to stay in the home forever, spend a little more on appliances or a whirlpool tub. If you plan to move soon, don't spend money on items others won't appreciate.

5. The Contracts and Permits - You should have a written contract or estimate (on small jobs) before any work is done. A permit is needed for modest to large projects and when making some structural, electrical, roofing, and plumbing changes (see your local town for details).