Reasons to Build Your New Home Now
Unprecedented Reasons to Build Your New Home Now
Now might very well be the best time in our living memory to build a new home. A number of factors have come together to provide some excellent opportunities for people who have long had dreams of building their new home.
As you probably already know, interest rates are truly at historic lows. But what does that mean when it comes to affordability? A monthly payment at today’s 5% interest rate would save you $125.00 per $100,000 borrowed on a monthly basis when you compare it to a more typical 7% mortgage rate. As our country’s economic condition improves, mortgage interest rates are sure to climb. Therefore, now is a great time to take advantage of low rates and guarantee yourself a low payment for the next 30 years.
The recent federal stimulus package also provides a number of incentives for people who build new homes now. If you’re a first time home buyer or have not owned a home in the last 3 years you may qualify for an $8,000 federal tax credit. This is a refundable credit, not a deduction, which means your tax bill will be reduced by $8,000. And that’s money in your pocket! However, when building your new home, you must occupy it by November 30, 2009. For more information on this credit, please return to our Home page and read the In The News article entitled First-time Homebuyer Tax Credit. There are also numerous credits available to people who install energy saving technologies. These technologies are not only good for the environment but they will save you money in utility bills for the life of your home.
The other upside to our down economy is the reduction in prices in the products and materials we use to build your home. Construction costs are down by about 8% across the board and land costs are also reduced. In some cases lots can now be purchased for 25 to 40% less than the asking price from a just few years ago.
These benefits are available TODAY and make NOW the best time to build your new home. Please know that some of the federal programs have a very short life span and may not be available at this time next year. And as our economy improves, some of the lower prices we have now for land and building materials will begin to disappear. If you would like to learn more about today’s opportunities, please call Chad Wuebben at 608-270-9600 ext 11.
First-time Homebuyer Tax Credit
Housing Stimulus Bill Synopsis First-time Homebuyer Tax Credit
Information from National Association of REALTORS.
| Feature | Effective for purchases on or after January 1, 2009 and before December 1, 2009 |
|
Amount of Credit |
Maximum credit amount $8,000 |
|
Eligible Property |
Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence. |
|
Refundable |
Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser |
|
Income Limit |
Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000). |
|
First-time Homebuyer Only |
Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase. |
|
Revenue Bond Financing |
Purchasers who utilize revenue bond financing can use credit. |
|
Repayment |
No repayment for purchases on or after January 1, 2009 and before December 1, 2009 |
|
Recapture |
If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009. |
|
Termination |
December 1, 2009 |
|
Effective Date |
All revisions are effective as of January 1, 2009 |
The information provided here is for general use only. Encore Construction, Inc. does not advise on any personal tax matters. Please consult a qualified tax professional to establish how this is relevant to your current situation. For further details on the Tax Credit, visit FederalHousingTaxCredit.com.
Construction begins on the Kiddos Learning Center
Kiddos Learning Center located in Madison on Mansion Hill Avenue.
Surviving Tough Economic Times
We all know that we are in a recession and the financial state of the country is struggling. This is a challenging time to run a business like a construction company with people losing their jobs and the mortgage companies and banks in an unstable situation.
Nevertheless, there are ways to survive and also grow in times like these. You have to ask yourself: Do you want to make a difference and be remembered for accomplishments you achieved? On the other hand, just sit back and just hope that things will eventually change, the phone will start ringing again and everything will be just fine again someday. In a market that is struggling, there are fewer customers out there and they have the choice of what company they want to use to build their project. This is a large investment and nobody can afford to make a mistake like hiring the wrong construction company. The companies that stand out are the ones that are willing to challenge themselves to be better than what they are right now. One of the most important ways to stand out is to have great customer satisfaction. This is achieved by first listening to the client to understand their needs and desires.
After a plan is established and a goal is set, execute the plan and build the building. In this process deliver on the promises that you made and don’t cut corners. Integrity and accountability are important for repeat customers and referrals. The companies that understand satisfying the customer are the ones that are going to stand out.
Being willing to learn new techniques and procedures is a key element to growth within a company. The hunger for education and knowledge is an excellent quality to have. The more you know the better you are in being able to figure out problems for your customer and the project you are responsible to complete. Be creative, these times need people that will think out of the box not just rely on what was the norm when times were good. Seriously take a good look at what you do or how you operate and ask yourself: How can I do this better? You want to be faster and more economical with a better end product for the customer. When customers have a choice, they pick the company that has the best reputation and will do the best job for them.
So be unique, not just a slogan or catch phrase. I mean stick out from the rest by being better than the competition. Do a better job by going the extra mile and meet or beat the expectations of the customer. The companies that satisfy the customer are the ones that will get the work and survive in tough economic times.
Written by Rene’ Gagner
Top Ten Reasons You Should Consider a 2009 Parade Home
10. Encore has built in the Parade of Homes consecutively for the last 26 years
9. All of our Parade homes are professionally decorated.
8. Parade discounts from Encore’s suppliers and subcontractors are passed on to you.
7. As a Parade Home many manufactures will provide you with free upgrades.
6. Your home will be in one of Dane County’s most desirable neighborhoods.
5. Even banks offer financing deals on Parade homes
4. You will be moving into an established neighborhood without a lot of future new construction next to your home
3. You gain access to a wide range of products that are brand new to the market.
2. Its more affordable than you might think
1. The number one reason to own an Encore Parade home is that you will own an Encore Parade home.
Why Now Is a Good Time To Build
A partnership is formed…
Encore is proud to announce the formation of a new leadership team made up of four long term employees, Rene Ganger and Kevin Hanna as Vice Presidents, Jeff Jacshinski as Chief Financial officer and Chad Wuebben as President. These four individuals bring a combined construction industry experience of over 90 years and are committed to Encore’s mission. The whole Encore team looks forward to making your dreams of a new home come true.
