Stanton Homes - Building Green in the Triangle: February 2009

Tax Credit - Buying a Home

$8,000 Tax Credit Now Available

First Time Homebuyers and Others Qualify

The "American Recovery and Reinvestment Act of 2009," passed the House and Senate on Friday, February 13,2009 and was signed into law by President Obama on February 16, 2009. 

An $8,000 tax credit (NOT a loan) is now available to many homebuyers.

Quick Facts - Homebuyer Tax Credit

 - Homebuyer must be a first time homebuyer OR have not owned a home for the past 3 years  

- Purchase must be for a principle residence (no investment homes)

- Home must be purchased on or after January 1, 2009

- Does not require repayment as long as homebuyer stays in the home at least 3 years. 

- Applies towards single family detached homes, condos, and townhomes.

- Income cannot be greater than $75,000 yearly for a single buyer, or $150,000 yearly for a married couple.

- Credit is for $8,000 or 10% of purchase price, whichever is less.

The credit is only available for a limited time.   

What Does a Tax Credit Mean?

The credit reduces your tax liability, that is, the amount of taxes you are required to pay. Depending on your tax withholdings, you could get a bigger refund or owe less in taxes when you file.

For example:

If your total tax bill is $5000, you've withheld $4,000 throughout the year, and you qualify for the $8,000 tax credit, this is how your tax return might look.

$4,000 paid

-$5,000 owed

Owes $1,000.

Claim $8,000 tax credit.

Refund of $7,000. 

In this case, the new homeowner would receive a check of $7,000 from the IRS after filing.

Read all the details of the bill here - most of the pertinent information is on page 24.  http://thomas.loc.gov/home/h1/Recovery_Bill_Div_B.pdf

Request a First Time Homebuyer Packet - Raleigh/Triangle Area

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Recycling Phone Books in Raleigh

Where to Go to Turn Those Old Phone Books Into .... New Phone Books!

I admit, I have 5 different phone books sitting on my office bookshelf.  How often do I use them?  Well, if I think really hard, maybe once every six months.  But there they are, ready for me!

Then, in the morning pile of mail, I begin to see them.  The 2009 editions.  Where, oh where can the 12 inches of 2008 pages and pages of lucky phone numbers and advertisements go? 

Recycling is encouraged in most area locations - however, phone books are not acceptable in most recycling carts!

Here are the recycling locations in Raleigh that do accept phone books:

Brennan Station Shopping Center - 3005 Brennan Drive, behind the shopping center at the intersection of Creedmoor and Strickland Roads

City of Raleigh Yard Waste Center - 900 N. New Hope Road.  Open Mon-Sat 7am-4pm.

Jaycee Park - 2405 Wade Avenue

North Boulevard Plaza - 4500 block of Capital Boulevard at Mini City, next to Food Lion.

Call Raleigh's Solid Waste Services Department at 919-996-6890, or vist www.raleighnc.gov.

Other Triangle Area Phone Book Recycling Information

Apex NC Phone Book Recycling

Cary NC Phone Book Recycling

Chapel Hill NC Phone Book Recyling

Durham NC Phone Book Recycling

Holly Springs NC Phone Book Recycling

Sanford NC Phone Book Recycling

Interested in finding out more about how to incorporate recycling into your new home with a certified green built home?

Find out more about Green Building here!

You may also be interested in these popular green building topics:

Green Home Building in the Triangle

What is a Green Home?

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Custom Homes Raleigh NC

Buying an Infill Lot - What is an Infill Lot, and Why is it Greener?

What To Look for with Infill Development

What is an Infill Lot?

"Fill In" Lots

Think of an infill lot as "filling in" available lots and land where infrastructure and services are already in place. 

An infill lot might be an empty lot between homes in an existing newer subdivision.

An infill lot could also be an available piece of land between older homes, or between buildings. 

Why is an Infill Lot Greener?

Revitalized Neighborhoods

The Urban Land Institute says that urban infill lots converted to new homes create neighborhood revitalization.

Public Transportation

An infill lot is more likely to have access to public transportation that has been put in place to service existing homes and businesses.

Reduced Carbon Footprint

An infill lot is more likely to be near local businesses and amenities, making walking or biking viable options - and reducing carbon footprints.

What Should I Be Aware Of When Buying an Infill Lot?

Architectural Design

Homebuyers will want to try to match the architectural designs in the existing neighborhood as much as possible.  A 4000 sq ft home built in a neighborhood consisting of 1500 sq ft homes will probably not hold value well - and may not appraise well for financing.

HOA and Review Committees

As in many neighborhoods, potential homes may need to be reviewed and approved by any existing homeowners associations or review committees. 

Shape and Size of Lot

The lot may be an odd size or shape, which has caused it to be passed over.  Your builder may be able to recommend a type of home or floor plan that will fit well, or make modifications to your favorite plan.

Impervious Surface

The city or county may have a maximum impervious surface requirement.  This means the foundation, walkways, and driveways can not cover more than a specific number of square feet.  Again, the builder and/or architect can work to design or modify the home, driveway, and walkways so that the impervious surface requirement is met.

Sewer and Water

Don't assume that sewer and water are readily available - be sure to check on whether or not hookups already exist at your infill lot.  If not, find out what the cost will be to make sure your new home has sewer and water (or a septic and well) available.

Get an Expert to Review Your Infill Lot - Then Enjoy Your New Home!

Work with a builder and/or agent with plenty of experience purchasing land and building on infill lots.  There are some differences between infill lots and new neighborhoods, but there are advantages too!  Knowing the right questions to ask and having a home that fits well can make all the difference.

Need help deciding on a lot or neighborhood?  

Stanton Homes offers a free lot inspection to help you find the fit that works well for your budget - and provides a full cost analysis of site work, permits, fees, and sewer and water costs.  Contact us today to find out more.

Chatham County New Homes - Communities, Lots, and Land

5 Easy Steps to Buying a Lot or Land in the Raleigh Area

Other Available Land and Lots in Communities

Copyright 2009 by Stanton Homes.  All information current as of posting date.   Check city and county websites for updated information.