Denise Gray

Top 10 Reasons to Buy a New Home in Wichita, Kansas

2009-05-11T13:44:00Z

10 More Space Kids, pets, hobbies, in-laws. No explanation necessary. 9 Energy Efficient Today's new homes are increasingly energy-efficient and are constructed with resource conserving materials and techniques to save you money. 8 Cool Amenities Gourmet kitchen, mini-spa bathroom, home theater. You want it, you got it! It's all about you. 7 Leverage Pays Earn returns based on the total value of the property. Plus you get to live there! What's not to like? 6 Build Equity College expenses,...(read more)

Not Feeling Credit Worthy is No Reason to Give Up Hope

2009-03-12T09:14:00Z

Find yourself sitting around thinking I'll never be able to purchase a New Home? Don't feel alone. With the 24/7 broadcasting of doom and gloom about the Credit Crunch is enough to make all of us want to crawl into bed and hide under the covers. First thing you need to do is get a clear assessment of where you are. Knowledge is power and I want to help you gain that power back. Maybe you have a few late pays, collections, you’re buried in credit card debt, or you have never established...(read more)

City's Newest Park and Playground

2009-03-10T16:56:00Z

After a long wait we have our Playground. This was installed a few weeks ago but I haven't been able to get a picture of it without all the neighborhood kids all over it. Some days there are so many kids playing they look like ants on a pile of sugar. If you're looking for a New Home and a place for your kids to burn off some energy stop by Trinity Point....(read more)

$7,500 and $8,000 Homebuyer Tax Credit

2009-02-26T21:09:00Z

There has been a lot of talk and speculation about the Homebuyer Tax Credit. Now that it has been signed into law the speculation might end. The table below should answer the majority of questions you may have. If you have any other questions please contact me. FIRST-TIME HOMEBUYER TAX CREDIT As Modified in the American Recovery and Reinvestment Act Copied From the Web Site of National Association of REALTORS® Major Modifications Italicized February 2009 FEATURE CREDIT AS CREATED JULY 2008 APPLIES...(read more)

$7,500 and $8,000 Homebuyer Tax Credit

2009-02-24T03:17:00Z

If you have any other questions please contact me.

FIRST-TIME HOMEBUYER TAX CREDIT

As Modified in the American Recovery and Reinvestment Act

Copied From the Web Site of
National Association of REALTORS®
Major Modifications Italicized

February 2009 FEATURE	CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008	REVISED CREDIT – EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit	Lesser of 10 percent of cost of home or $7500	*Maximum credit amount increased to $8000*
Eligible Property	Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.	No change All principal residences eligible.
Refundable	Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.	No change Purchasers will continue to receive refund for unused amount when tax return is filed.
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).	No change Same income limits continue to apply.
First-time Homebuyer Only	Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.	No change Still available for first-time purchasers only. Three-year rule continues to apply.
Revenue Bond Financing	No credit allowed if home financed with state/local bond funding.	*Purchasers who utilize revenue bond financing can use credit.*
Repayment	Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.	*No repayment for purchases on or after January 1, 2009 and before December 1, 2009*
Recapture	If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.	*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	July 1, 2009 (But note program changes for 2009)	*December 1, 2009*
Effective Date	Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.	*All revisions are effective as of January 1, 2009*

All New Home Communities are not Created Equal

2009-01-24T04:18:00Z

Three important aspects you need to look at when purchasing new construction are Specials, HOA, and Restrictive Covenants. These will vary in each New Home Community you look at.

These will have a direct impact on your monthly payment and life style.

Special Assessments pay for the improvements (streets, water, sewer, retention ponds, drainage sloughs, ect.) to a New Home Community. There are many variables that can cause Specials in some Communities to be higher than others and this will directly impact your monthly payments. Lower Specials will allow you to purchase more home or achieve a lower monthly payment. In regards to No Specials you should check if they have been added to the cost of the home site. Specials generally last for 15 or 20 years depending on the overall cost for improvements.

HOA (Home Owners Association) are normally in place to provide a source of income for the up keep of common areas (swimming pools, tennis courts, play ground areas, entry signs, retention ponds, ect). Not all Communities have HOA’s.

Restrictive Covenants are common in New Communities. Some areas are more restrictive than others so ask for a copy before purchasing to make sure they fit your lifestyle.