Click to hear.

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Published: October 18, 2011

Sometimes home owners don’t know their houses are haunted until a remodel disturbs the spirit world. Over the years, I’ve had more than one friend tell me their house is haunted. Usually, the ghosts are harmless pranksters who move items on a dresser, or leave small toys in a house that hasn’t seen kids in years.

What prompts this supernatural silliness? It may be a recent home improvement project.

“When you remodel, you change the restful spirits’ environment, and it may not be comfortable with the outcome,” according to David’s Ghost Hunting Blog, which collects ghost stories. “Some may bother you just to let you know, ‘Hey! You may have changed the house, but I’m still here!”

We at HouseLogic want you to get the most out of your remodel project. Occasionally, that may mean more than you bargained for. Get your Halloween spirit stirred up and check out these spooky renovation tales:

Boo!

1. After a major kitchen remodel, a Virginia home owner believes a ghost repeatedly locks her son in the basement, even after she has removed all keys from sight.

2. Soon after a young couple bumped out the front of their house, an otherwise friendly ghost began making trouble. The ghost stole tools, pulled down drywall, and pushed workers.

3. Through the years, claims have surfaced that the White House is haunted. Mysterytopia has pictures of a 1950 remodeling that shows, if you look hard enough, an apparition supposedly standing in the middle of the renovation.

4. The moment a South Dakota woman walked into her 1910 home, she felt that the kitchen was backwards, even though she’d never been in the house before. When the real estate agent confirmed that during a previous kitchen remodel, the configuration had indeed been reversed, the new home owner wondered if she had been receiving messages from another world.

5. Soon after remodeling began on the historic Felt Mansion in Holland, Mich., shadowy figures appeared and doors opened and closed themselves. Click on this video and decide for yourself if the mansion is haunted.

The post Can Remodeling Spook Sleeping Ghosts? appeared first on B.O.L.D. Views in Building.

Use this checklist to help you select a home builder or home remodeler to work on or build your home.

• Contact your local home builders’ association for the names of member builders and remodelers: Home Builders Association of Northern Kentucky (click). You can also ask family, friends or coworkers for recommendations.
• Make sure the builder or home remodeler has a permanent business location and a good reputation with local banks and suppliers.
• Find out how long they have been in the building business. It usually takes three to five years to establish a financially sound business. You want to make sure they will be around after the construction is complete to service any warranties.
• Check out the company’s rating and if there have been any complaints filed with your local Better Business Bureau (click).  Make sure the builder/remodeler has sufficient workers compensation and general liability insurance. If not, you may be liable for any construction-related accidents on your premises.
• Ask the builder/remodeler to provide you with names of previous customers. If they won’t, beware. If they do, ask the customers if they would hire the builder/remodeler again.
• Ask if you can see the builder/remodelers work, both completed and in progress. Check for quality of workmanship and materials.
• Do you feel you can easily communicate with the builder/remodeler? Remember you will be in close contact with them throughout the construction process and afterward as you live in your new home.
• Make sure the builder/remodeler provides you with a complete and clearly written contract. The contract will benefit both of you. If you are having a new home built, get and review a copy of the home warranty and homeowner manual as well.
• Be cautious of unusually low-priced bids. If the builder/remodeler is unable to pay for the materials and labor as the project proceeds, this may indicate a potential problem. Keep in mind that less expensive does not necessarily mean better!
• Verify that your remodeler is an EPA Lead-Safe Certified Renovator if you are planning work in a pre-1978 home that will disturb more than six square feet of painted surfaces inside the home or 20 square feet on the exterior of the home. Learn more about the EPA’s lead paint rule.

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What are the advantages of VA financing?

? Loan may be up to 100 percent of the property value. Generally, loans may not exceed $417,000. Subject to change each year.

? You don’t have to be a first?time homebuyer.

? No PMI required.

? The VA limits the closing costs the buyer pays.

? Closing costs may be paid by the seller.

? Right to prepay the loan without penalty.

? VA offers personal loan servicing and financial counseling to help veterans during financial difficulties.

Who is eligible?

? Veterans and active duty personnel.

? Certain reservists and National Guard members.

? Surviving spouses of persons who die on active duty or of service?connected disabilities.

? Certain spouses of active duty personnel who are (a) missing in action, (b) captured in line of duty by a hostile force, or (c) forcibly detained by a foreign government or power.

What are the buyer requirements to obtain a VA loan?

? The applicant must be an eligible veteran who has available entitlement.

? The loan must be for an eligible property.

? The veteran must occupy the property as a home within a reasonable period of time after closing the loan.

? The veteran must be a satisfactory credit risk. The income of the veteran and spouse, if any, must be stable and sufficient to meet the mortgage payments, cover the costs of owning a home and other obligations and expenses.

What can you use a VA loan for?

? Purchase a home, condominium in a VA?approved project or cooperative.

? Purchase and improve a home.

? Refinance an existing home loan (up to 90 percent of the value) or refinance an existing VA loan for a lower interest rate.

? Buy a manufactured home and/or lot.

? Build a home.

? Improve a home by installing energy?related features such as solar or heating/cooling systems, water heaters, insulation or other energy efficient improvements.

How is the loan application process different?

Aside from securing a Certificate of Eligibility and the appraiser is assigned by the VA, the application process is the same as other mortgage loans. Your buyer gets the loan from a private lender and the VA stands behind the loan.

Four easy steps to obtain a VA loan

1. The veteran must apply for a Certificate of Eligibility (COE). To get a Certificate of Eligibility, visit online at www.ebenefits.va.gov or call the VA Help Desk at 1?800?983?0937.

2. Choose a home to buy and sign a purchase agreement.

3. Apply to a mortgage lender for the loan.

4. Order an appraisal from the VA. (Usually done by the lender.) While the appraisal is being done, the lender can gather credit and income information. If the lender is authorized by the VA to process loans on the automatic basis, the loan can be approved and closed upon receipt of the appraised value determination without waiting for a VA review of the credit application.

Want to learn more about VA loans?

For additional information or to obtain forms please visit: http://www.homeloans.va.gov/. Or call: 1?800?827?1000.

September 2012

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How to improve your credit score

There are three major credit reporting agencies, Experian, Equifax and TransUnion and each agency has its own line of credit scores and each score has its own proprietary formula. Most of the credit scores are based on the following factors:

Payment history

Late payments will lower your score. The more recent the late payment and the more it is late, the more of a negative impact on your score. There is nothing better at improving a credit score than making on?time payments consistently month after month. One way to ensure this happens is to set up automatic withdrawals on your accounts to assure payment is made automatically on or before the due date.

Amounts owed

Owing too much will lower your score, especially if you’re approaching your total credit limit. Try to reduce this percentage as much as possible by paying down high balances.

Length of credit history

In general, a longer credit history is better. As time goes on, negative items from years past will have time to improve or will be weighted less and good payment patterns month after month will help increase your credit score. In addition, most negative items will fall off the credit reports when they are more than 7 years from the date of first delinquency.

Public records

Matters of public record such as bankruptcies, judgments and collection items will significantly lower your credit score. There are no “good” public records recorded on credit reports so these items are always negative and have more impact than any other factor. Judgments and collection accounts should be paid in full and satisfied if possible. Over time they will have less impact, but only time can help in this case.

Inquiries

Whenever someone else gets your credit report ?? a lender, landlord, or insurer, for example ?? an inquiry is recorded on your credit report. A large number of recent inquiries may lower your score. The impact on the credit score is typically 5?10 points, but this depends on how many inquiries are made within a given time frame. Avoid offers at retailers, for example 20% off or a free umbrella for signing up for a new store credit card.

New accounts opened

Opening multiple new accounts in a short period of time may lower your score. In addition to the inquiry that is done to determine if you are eligible for new credit, a new account can also have a negative impact on a credit score.

Make payments prior to statement date

One common misconception is that if you pay your account in full every month you are not “carrying a balance.” This may be true from the standpoint of interest accruing on the account. By paying the account off each month it typically avoids interest from accruing by the bank or credit card company. It is also true that after the payment is made that the account is then a zero balance. However, the issuer of the card issues a credit card statement on a given day, the “statement date.” Then payment is required to be made by the due date. See example below:

January Charges: $4,000

Limit on Credit Card: $10,000

Statement Date: 2/1/2012

Due Date: 2/9/2012

If you pay this account in full after the statement date and before the due date then the new balance on credit card is $0. However, the balance reported to the credit reporting agencies is $4,000 and therefore a credit utilization rate of 40% on this credit card. If you pay $4,000 on 1/31/2012 (just days earlier), then the statement will record a zero balance with no money due. In this case the balance will report to the credit reporting agencies as a zero balance and the credit utilization rate is now 0%. Another option would be to make a mid?month payment which would reduce the balance at the time of the statement closing. If you spend $4,000 a month on credit cards every month and pay it off immediately you would have a perpetual 40% utilization rate, even though you immediately pay the account to zero every month. By making the same payment a week earlier or making a partial payment in between statement cycles you can reduce the utilization rate and help to increase your credit score.

September 2012

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Mortgage Interest

For most homeowners, a large percentage of their monthly mortgage payment goes toward interest. All this interest is deductible, unless your mortgage loan is more than $1 million. For mortgages that exceed $1 million, the Internal Revenue Service will limit your interest deduction. Interest tax deductions don’t end with your first mortgage. If you pull out extra cash through refinancing, or if you secure a home equity loan that interest is also deductible. Generally, equity debts of $100,000 or less are fully deductible. In addition, if you purchase a vacation home, that mortgage interest is fully deductible. Plus, the vacation property doesn’t have to be strictly a house. It can be a boat or RV, as long as it has cooking, sleeping and bathroom facilities. You can even rent out your second property for part of the year and still take full advantage of the mortgage interest deduction as long as you also spend some time there.

Property Taxes

Another major tax deduction is property taxes. Most monthly mortgage payments include property taxes, which are placed into an escrow account for payment twice a year. As the homeowner, these taxes can be deducted on your tax return every year. If it’s your first tax year in the house, review the settlement statement you got at closing to find the tax payment information. When the property was transferred from the seller to you, the year’s tax payments were divided so that each of you paid the taxes for that portion of the tax year during which you owned the home. Your share of these taxes is fully deductible.

Points

If you paid points to get a better rate on your mortgage loan, the cost of these points is also deductible. The IRS lets you deduct points in the year you paid them if the loan is to purchase or build your primary home and the points were within the usual range. A homeowner who pays points on a refinanced loan is also eligible for this tax break, but in most cases the points must be deducted over the life of the loan. But if the refinancing frees up cash that you use to improve your house, you can fully deduct points on that money in the year you paid the points. The same rule applies to home equity loans or lines of credit. When the loan money is used for work on the house securing the loan, the points are deductible in the year the loan is taken out. Points paid on a loan secured by a second home or vacation residence, regardless of how the cash is used, must be amortized over the life of the loan.

When you Sell

When you decide to move up to a bigger home, you’ll be able to avoid some taxes on the profit you make. Years ago, a homeowner had to use the sale proceeds to buy another house. But in 1997, the law was changed so that up to $250,000 in sales gain ($500,000 for married joint filers) is tax?free as long as you owned the property for two years. If you sell before meeting the ownership and residency requirements, you owe tax on any profit. The IRS provides some tax relief if the sale is due to a change in your health, employment or unforeseen circumstances. A partial exclusion can be claimed if the sale was prompted by residential damage from a natural or man?made disaster or the property was “involuntarily converted,” for example, taken by a local government under the eminent domain law. Second home sales can provide some tax benefits, but not as much as they did in the past, as a result of a law that took effect in 2008. Previously, you could move into your vacation property, live in the home as your primary residence for two years and then sell and pocket up to $250,000 or $500,000 profit tax?free. Now, you’ll owe tax on part of the sale money based on how long the house was used as a second residence.

Consult a Qualified Tax Advisor

Remember, these are only general guidelines, to help get you started. To take full advantage of the tax advantages of owning a home, consult a qualified tax advisor.

September 2012

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“It’s hard to argue against buying a house now, assuming you can get a loan,” writes John Waggoner, a columnist with USA Today. Sure, Waggoner says that getting a credit check for approval of a mortgage can be a “only slightly less intrusive than a CIA background check,” but for those who are able to qualify, a lot of analysts say that now can be a good time to purchase a home.

1. The price is right. The median single-family home price hit its lowest in more than a decade when it reached $154,600 in January, according to the National Association of REALTORS®. That was the lowest since October 2001. During the height of the housing market in July 2006, the median home price for a single-family home was $230,900.

2. It’s cheaper to buy than rent. In nearly every major metro market, it is cheaper to buy a home than rent. Rents have been on the rise the last few years and are predicted to continue to rise. Meanwhile, home affordability is at record highs, which means that buying a home is more within reach to the median income family.

3. Inventories of for-sale homes are shrinking. Ned Davis Research estimates that excess inventories of homes to be eliminated by the end of next year. “When excess supply dries up, people start building more new houses, which has the virtuous effect of reducing the unemployment rate and increasing the economy generally,” according to the USA Today article.

4. Mortgage rates are at record lows. Mortgage rates have hovered near record lows for weeks, which has helped pushing housing affordability higher. For example, the average 30-year fixed-rate mortgage, which is the most popular among home buyers, is 3.59 percent, according to Freddie Mac—just above its record low set on July 26 of 3.49 percent average. “It’s conceivable that at some point in the next 30 years, your interest rate would be less than the rate of inflation,” writes Waggoner for USA Today.

Source: “If You Can Pull it Off, a House is a Smart Investment,” USA Today (Aug. 9, 2012) 

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This is not the case.

The tax increase on capital income — such as capital gain and rents — will affect some real estate investments. However, it should have a negligible impact on sellers of principal residences.

The 3.8% Medicare tax will affect high-income taxpayers who report taxable income due to capital gains and other non-wage income. It will not affect income that is currently tax-exempt, including most capital gain due to the sale of a principal residence (due to the $250,000/$500,000 gain exclusion rules). Taxpayers with less than $250,000 in income will not see any increase in tax.

The post Contrary to Rumors, Health Care Tax to Have Little Impact on Principal Home Sellers appeared first on B.O.L.D. Views in Building.

Mike J. Kegley

O 859-657-6700

M 859-379-9280 (also text messaging)

mike@theboldcompany.com

James Kegley

O 859-657-6700

M 859-393-2900 (also text messaging)

james@theboldcompany.com

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Here is a home maintenance quiz that will test your maintenance knowledge. While this quiz does not address every home maintenance project, it does provide helpful tips and reminders for chores you may have overlooked.

1. How often do forced-air furnace filters need to be changed?
At least every three months during the heating season.

2. What part of the faucet usually needs to be replaced when you have a water leak?
The washer.

3. Should you run hot or cold water through your garbage disposal?
Cold water.

4. How often should the moving parts of garage doors be oiled?
Every three months.

5. What tools can you use to unclog your drains?
A plunger and a plumber’s snake.

6. What tool can be used to unclog a toilet?
Coil spring-steel auger.

7. What faucet part needs to be cleaned every three to four months?
Aerator—the screen inside the end of the faucet.

8. What can you use for traction on icy sidewalks, steps and driveways?
Cat litter or sand—never use salt because it damages the pavement.

9. Where should the fire in your fireplace be built?
On the andirons or grate, never on the fireplace floor.

10. What will prevent soot and add color to the fire in your fireplace?
Throw in a handful of salt.

11. Where should your firewood be stored?
Outside, away from your house and not directly on the ground.

12. What helps keep unpainted concrete floors easy to keep clean?
Concrete sealer.

13. What should you use to clean unpainted concrete floors?
A solution of 4 to 6 tablespoons of washing soda in a gallon of hot water. Mix scouring powder to the solution for tough jobs.

14. When can you clean hardwood floors with water?
When the floors have a polyurethane finish.

15. Do hardwood floors need to be waxed?
Hardwood floors that do not have a polyurethane finish probably will need to be waxed periodically. Use liquid or paste “spirit” wax.

16. What is the best polish for vinyl floors?
Water emulsion wax.

17. When is basement condensation at its maximum?
In new homes because gallons of water went into the concrete of basement walls.

18. Why should noisy water pipes be fixed promptly?
The condition that causes noisy pipes may be accompanied by vibration that can cause fittings to loosen and leak.

19. Why should frozen pipes be thawed slowly?
Frozen pipes should be thawed slowly to prevent the formation of steam, which could cause the pipe to burst.

20. How often should your roof be inspected?
A qualified roofer should inspect your roof every three years.

21. What should be regularly checked on your security system?
The alarms and circuit breakers should be checked to make sure they are in working order and the sensors should be inspected one by one.

22. To ensure your safety, what household equipment uses batteries that must be checked regularly to make sure they are operable?
Smoke and carbon monoxide detectors.

23. What do you use to fill nail holes and cracks in plaster walls and gypsum wallboard?
Spackling.

24. What is the white powdery substance that develops on masonry walls?
Efflorescence sometimes appears on masonry walls. It is crystallized soluble salts that can be removed by scrubbing with water and a stiff brush.

25. At what temperature should your water heater be set?
120 degrees Fahrenheit

26. How often do skylights need to be inspected?
Skylights should be inspected each time your roof is inspected so leaks don’t develop from cracks and interruptions around its seals, caulking and flashings.

27. What is a simple solution you can use to wash extremely dirty exterior windows?
A solution of equal parts vinegar and water or 3 tablespoons of denatured alcohol per quart of warm water. Use a piece of crumpled newspaper to wash the glass to avoid lint left behind by paper towels.

28. What can you use to help a window slide easily?
Rub the channel with a piece of paraffin.

29. What should you look for when you inspect your siding yearly?
Determine if wood-sided homes need to be repainted; check to see if the caulking around the windows and doors has split and cracked, and replace the caulk; clean the mildew; trim shrubbery away so it does not touch the siding.

The post Your Home Maintenance Quiz appeared first on B.O.L.D. Views in Building.

But home builders that have opted for green construction are beating the odds and have even seen their market share rise slightly, according to panelists at a Standard & Poor’s housing summit this week in New York.

Home owners are being lured to green, seeing it as the greatest potential for appreciation of their home, panelists note. Green remodeling has also increased, partially due to federal tax credits available to home owners for energy-efficiency improvements.

In 2010, a third of all commercial real estate construction was green, as was 16 percent of residential construction. Jeff Mezger, president and CEO of KB Home, says one challenge is introducing more “green” products for the starter and move-up markets that won’t increase costs.

Also, some consumers are still not sold on green building, lacking information about energy savings and finding a qualified person to do the upgrade work, panelists noted.

Source: “Housing Panelists See Opportunity in Green Building,” HousingWire (June 9, 2011)

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Despite their situation — whether underwater on their home or even renters — the survey found Americans to be optimistic about home ownership. Eighty-one percent of those who own their homes outright, 76 percent with mortgages, 67 percent of renters, and 65 percent who have underwater mortgages cited home ownership as the “best long-term investment.”

When survey respondents were asked whether they’d recommend buying a home to a friend or family member just starting out, 80 percent of Americans said “yes.” Even home owners currently underwater— those who owe more on their mortgage than their home is currently worth — overwhelmingly (78 percent) said they would recommend home ownership to family or friends starting out.

More buyers are coming up through the pipeline too. The survey found that 73 percent of those surveyed who do not own a home said their goal is eventually to buy one.

The NAHB survey also found:

? 58 percent of Americans oppose eliminating the mortgage-interest deduction and 63 percent oppose lowering it. What’s more, 57 percent of those surveyed say they are less likely to support a candidate for Congress who wanted to eliminate the mortgage-interest deduction.
? Respondents were split on about requiring a 20 percent down payment to purchase a home: 49 percent were in favor and 49 percent opposed it. However, mortgage holders and renters aged 18 to 54 were more opposed to it: 58 percent of younger mortgage holders and 59 percent of younger renters opposed adding a 20 percent down payment requirement.

Source: “The Cook Report: The Home Front,” National Journal (June 2, 2011)

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Two BOLD Built Homes open this weekend:

10701 Union Reserve North Rd, Union, KY (click)

988 Aristides Dr, Union, KY (click)

Marketed by:

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The BOLD Company is an approved builder in all sections of Triple Crown, Northern Kentucky’s most prestigious neighborhood with homes from $250,000 to over 5 million dollars. Contact us for more information on the pricing and design requirements for each of these sections.

The post Citation Pointe at Triple Crown appeared first on B.O.L.D. Views in Building.

The BOLD Company is an approved builder in all sections of Triple Crown, Northern Kentucky’s most prestigious neighborhood with homes from $250,000 to over 5 million dollars. Contact us for more information on the pricing and design requirements for each of these sections.

The post Monarchos Ridge at Triple Crown appeared first on B.O.L.D. Views in Building.

The BOLD Company is an approved builder in all sections of Triple Crown, Northern Kentucky’s most prestigious neighborhood with homes from $250,000 to over 5 million dollars. Contact us for more information on the pricing and design requirements for each of these sections.

The post Pleasant Colony at Triple Crown appeared first on B.O.L.D. Views in Building.

The BOLD Company is an approved builder in all sections of Triple Crown, Northern Kentucky’s most prestigious neighborhood with homes from $250,000 to over 5 million dollars. Contact us for more information on the pricing and design requirements for each of these sections.

The post Seattle Slew at Triple Crown appeared first on B.O.L.D. Views in Building.

Features: 90FT lots in Erlanger. Flat, walkout and lake lots available.

Utilities: Public sewer, underground electric, natural gas, public water.

Schools: Hinsdale Elementary, Summit View Middle, Dixie Heights High. Private & Parochial Schools also available.

B.O.L.D.’s homes start at $250,000.

Restrictions: No neighborhood homeowner association fees. Design & Architecture Review Board must approve plans, specifications & landscaping. Two story or 1 1/2 story homes must be 2,200 square feet. Ranch style homes must be 1,600 square feet. One & 1 1/2 story homes must have at least a 6/12 pitched roof. Each home must have at least a 2-car garage. First floor brick wrap. No bi-level, tri-level or split level homes. Fencing in rear yard only and not to exceed 4’ in height. Approved landscaping required for each home. Centralized neighborhood mailboxes. Limited on street parking. Post lamps in front of each home. In ground swimming pools only. Set back requirements: front 35FT, side 20FT total with 7FT minimum, 25FT rear

Directions: I-275 to Exit 82, South on Turkeyfoot RD, 3 miles to Left on Brightleaf Blvd, to Right on Narrows RD., 1 mile to Left on Nelson RD, 1/4 mile to Left onto Buckhill DR.

This is a summary of deed restrictions and building requirements. See a complete copy of the recorded restrictions and the current “Design and Architectural Review Board General Requirements”. Check with school officials for latest school district information and zoning officials for the latest updates. (5/5/11)

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Features: 100FT lots in Erlanger. Walkout and lake view lots available.

Utilities: Public sewer, underground electric, natural gas, public water.

Schools: Hinsdale Elementary, Summit View Middle, Dixie Heights High. Private & Parochial Schools also available.

B.O.L.D.’s homes start at $275,000.

Restriction Summary: No neighborhood homeowner association fees. Architectural review of plans, specifications & landscaping. Minimum landscaping allowance of $3,000. Two story or 1 1/2 story homes must be 2,200 square feet. Ranch style homes must be 1,800 square feet. One & 1 1/2 story homes must have at least a 6/12 pitched roof. Each home must have at least a 2-car, side entry garage. First floor brick wrap and second floor front. Fencing in rear yard only and not to exceed 4’ in height. Limited on street parking. In ground swimming pools only. Set back requirements: front 35FT, side 20FT total with 7FT minimum, 25FT rear

Directions: Exit 275 to Southwest on Turkeyfoot RD/ KY-1303 N, 4.4 miles. Turn Sharp Left onto Richardson RD/ KY-1829, 1.8 miles. Turn Left onto Sherbourne DR, 0.7 miles. Turn Left onto Shirepeak Way

This is a summary of deed restrictions and building requirements. See a complete copy of the recorded restrictions and the current “Design and Architectural Review Board General Requirements”. Check with school officials for latest school district information and zoning officials for the latest updates. (5/5/11)

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Features: 1/2 acre lots in Richwood area. Flat, walkout and lake lots available.

Utilities: Public sewer, underground electric, public water.

Schools: New Haven, Gray Middle and Ryle High School. Private & Parochial Schools also available.

B.O.L.D.’s homes start at $375,000.

Restrictions: Neighborhood Homeowner Association managed. Review Board must approve plans, specifications, building materials & landscaping. Two story homes must be 2,200 square feet. Ranch style homes must be 1,800 square feet. Each home must have at least a 2 car garage. Finished foundation to grade. Fencing in rear yard only and not to exceed 4’ in height. Approved landscaping allowance of $3,000 required for each home. Limited on street parking. In ground swimming pools only. Set back requirements: front 20FT, sides 20FT with 5FT minimum, 25FT rear.

Directions: I-75 to Exit 175, West on KY 338 (Richwood RD), 1.6 miles to Left onto Agarwood DR into Estates of Richwood

This is a summary of deed restrictions and building requirements. See a complete copy of the recorded restrictions and the current “Design and Architectural Review Board General Requirements”. Check with school officials for latest school district information and Zoning officials for the latest updates. (5/6/11)

The post Estates of Richwood appeared first on B.O.L.D. Views in Building.

The B.O.L.D. Company will build on your site in Northern Kentucky. If you need assistance, we will be happy to help you in finding a building lot, or evaluating one you may be considering. Some of the offsite areas we have built include:

The post Build On Your Northern Kentucky Property appeared first on B.O.L.D. Views in Building.

The BOLD Company is an approved builder in all sections of Triple Crown, Northern Kentucky’s most prestigious neighborhood with homes from $250,000 to over 5 million dollars. Contact us for more information on the pricing and design requirements for each of these sections.

The post Whirlaway Run at Triple Crown appeared first on B.O.L.D. Views in Building.

The BOLD Company is an approved builder in all sections of Triple Crown, Northern Kentucky’s most prestigious neighborhood with homes from $250,000 to over 5 million dollars. Contact us for more information on the pricing and design requirements for each of these sections.

The post Triple Crown Community appeared first on B.O.L.D. Views in Building.

Features: 80 to 90FT lots in Union area. Flat, walkout and treed lots available. Neighborhood Homeowner Association managed. Annual HOA dues are $400. Social, swimming, tennis & golf memberships are available.

Utilities: Public sewer, underground electric, natural gas, public water.

Schools: Shirley Mann, Gray Middle and Ryle High School. Private & Parochial Schools also available.

B.O.L.D.’s homes start in the $275,000.

Restrictions: Design & Architectural Review Board must approve plans, specifications, building materials & landscaping. Two story homes must be 2,200 square feet (inside measurements). Ranch style homes must be 1,900 square feet (1,600 square feet on Seabiscut CT) (inside measurements). Each home must have at least a 2 car garage. Fencing in rear yard only and not to exceed 4’ in height. Approved landscaping required for each home. Limited on street parking. In ground swimming pools only. Set back requirements: front 40FT, sides 15FT with 7 1/2FT minimum, 30FT rear.

Directions: I-75 to Exit 180, West on US 42, 5 miles to Left on Frogtown RD, 3/4 mile to Right into War Admiral Place.

This is a summary of deed restrictions and building requirements. See a complete copy of the recorded restrictions and the current “Design and Architectural Review Board General Requirements”. Check with school officials for latest school district information and Zoning officials for the latest updates. (5/5/11)

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Features: One plus acre lots in Union area. 23 building lots within a 46 acre reserve Landscaped medians and walking trails through our nature reserve area. Flat, walkout and lake lots available. Neighborhood Homeowner Association protected & managed. HOA dues are $190 per quarter.

Utilities: Private septic system, underground electric, public water.

Schools: New Haven Elementary, Gray Middle and Ryle High School. Private & Parochial Schools also available.

B.O.L.D.’s homes start in the $360,000.

Restrictions: Design & Architectural Review Board must approve plans, specifications, building materials & landscaping. Two story homes must be 2,500 square feet. One and one half story homes must be 2,200 square feet. Ranch style homes must be 1,600 square feet. Exterior basement walls finished to grade. Each home must have at least a 2 car garage. Fencing in rear yard only and not to exceed 4’ in height. Approved landscaping required for each home. Limited on street parking. In ground swimming pools only. Set back requirements: build in a designated area within each lot only.

Directions: I-75 to Exit 180, West on US 42, 5 1/2 miles to Right on Rice Pike, 2 miles to Left into Union Reserve, 100FT before the intersection with Big Bone RD.

This is a summary of deed restrictions and building requirements. See a complete copy of the recorded restrictions and the current “Design and Architectural Review Board General Requirements”. Check with school officials for latest school district information and zoning officials for the latest updates. (5/5/11)

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Features: 90 & 100FT lots in Florence. Flat and walkout lots available.

Utilities: public sewer, underground electric, natural gas, public water.

Schools: Erpenbeck Elementary, Ockerman Middle, Ryle High School. Private & Parochial Schools also available.

Neighborhood amenities: Swimming pools, walking & bike trails, fishing ponds. Paver brick street sidewalks. Neighborhood Homeowner Association managed. Annual HOA dues are $500.

B.O.L.D.’s homes start at $320,000.

Restrictions: Design & Architectural Review Board must approve plans, specifications, & landscaping. Two story homes must be 2,200 square feet. Ranch and one and one half story homes must be 1,600 square feet. Exterior basement walls finished to grade. Each home must have at least a 2 car side entry garage. Fencing in rear yard only and not to exceed 4’ in height. Approved landscaping required for each home. Limited on street parking. In ground swimming pools only. Set back requirements: front 35FT, side 5FT (corner lot 30FT), back 30FT

Directions: I-75 to Exit 180, West on US 42, 2 miles to Left into Plantation Pointe on Wetherington BLVD, to Left into Antebellum onto Appomattox Drive.

This is a summary of deed restrictions and building requirements. See a complete copy of the recorded restrictions and the current “Design and Architectural Review Board General Requirements”. Check with school officials for latest school district information and zoning officials for the latest updates. (5/11/11)

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The commodities crunch hits homebuilders hard

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Byline: Jonathan Sweet, Editor in Chief

Publication Date: Wed, 2011-04-13 10:27

Despite the housing bubble and subsequent crash, more than 80 percent of remodelers still think buying a home is the best long-term investment a person can make. That’s according to a recent Pew Research Center study [1], which found that 37 percent strongly agreed with that idea and 44 percent somewhat agreed with it. About half of homeowners in the survey said they believe their home has dropped in value since the recession began, while 31 percent said it worth about the same. Seventeen percent said they though their home had increased in value over the last few years. Of the renters in the survey, 81 percent said they intend to buy a house at some point. Only 17 percent they plan on continuing to rent.

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Building a Community Together

A brand-new community is one of the built-in benefits of many new homes. When families move in to a subdivision at the same time, often lasting bonds of friendship and neighborliness are formed right away. Nobody is the “new kid on the block,” and many home builders host community block parties in new developments to help owners meet and connect. Popular amenities like pools, walking trails and courts for tennis and basketball offer additional opportunities for interaction among neighbors of all ages. Often new communities are comprised of home owners in the same stage of life, such as young families or active retirees, so neighbors can get to know each other through carpools, PTA meetings, tennis matches or golf games.

Entertaining

Throwing a party in an older home can be a challenge because smaller, distinct rooms make it difficult to entertain guests in one large space. Builders are responding to today’s home buyer preferences with layouts featuring more open spaces and rooms that flow into each other more easily, like the popular great room. While you are in the kitchen preparing dinner, you can still interact with guests enjoying conversation in the family room without feeling closed off. The feeling of spaciousness in today’s new-home layouts often is enhanced the higher ceilings and additional windows that bringing in more light than you would find in an older home.

A Clean Slate

For some buyers, parking the car in a sparkling-clean garage or being the first to cook a dinner in a brand-new kitchen is part of the appeal of new construction. In addition, you won’t have to spend time stripping dated wallpaper or repainting to suit your own sense of style. You can create your own home décor from the get-go! The advantages of being the first owner of a home extend to the outdoors. Instead of inheriting inconveniently or precariously placed trees, or having to tear up overgrown shrubs, you can design and plant the lawn and garden you want.

Outlets, Outlets Everywhere!

Homes built in the 1960’s and earlier were wired much differently than houses today. Builders had no way of anticipating the invention of high-definition televisions, DVRs and computers that we enjoy today — and the very different electrical requirements they would introduce. New homes can accommodate advanced technologies like structured wiring, security systems and sophisticated lighting plans, and can be tailored to meet the individual home owner’s needs. Anyone who has ever lived in an older home can also attest to the fact that there are never enough outlets, inside or out! New-home builders plan for the increased number and type of electronics and appliances used by today’s families, so you can safely operate a wine cooler, Christmas lights or your computer.

The post The Not-So-Obvious Benefits of Buying New appeared first on B.O.L.D. Views in Building.

In the 41 cities Metrostudy covers, 78,000 houses are either vacant and for sale, or under construction — that is less than a quarter of the new homes that fell in that category during the housing boom in 2006 and way below the level of a decade ago.

“If we had anything like normal levels of buying, those houses would sell in 2½ months,” says Castleman. “We’d see an incredible shortage. And that’s where we’re heading.”

The historic drop in new construction mixed with the decline in housing prices is laying the foundation for a dramatic recovery in residential real estate, Castleman told CNN. Castleman expects home owners soon will start returning, which will drive up prices in many markets later this year.

While demand remains low for new construction, he expects that to change. He foresees the recovery following a similar path as previous ones: A severe housing shortage will drive a big increase in demand.

“We’ll get a big surge in demand and the drywall companies will take a long time to ramp up, and it will take years to get new lots approved,” he predicts. “Buyers will show up looking for a house in a subdivision, and all the houses will be sold. The builders will tell them it will take six months to deliver a house.” But they’ll want the house so bad that they’ll “bid the prices up.”

Source: “Real Estate: It’s Time to Buy Again,” CNN (March 28, 2011)

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BEFORE

Old Formica top, stainless steel self rimming sink and generic tile splash.

Formica top and vinyl floor before transformation.

AFTER

Granite top, under-mount sink and stylish tile splash.

Brick pattern tile with glass accent.

Konecto flooring is more durable the hardwood and richer looking than the sheet vinyl.

Contact us for your remodeling or building project.

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CLICK TO READ OFFICIAL WITNESS LIST

CLICK TO READ ORAL TESTIMONY

CLICK TO READ WRITTEN TESTIMONY

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“There’s a lot of room for negotiation in the costs of closing and consumers should examine every charge and not hesitate to challenge them and try to bring them down,” says Barry Zigas, director of housing policy at the Consumer Federation of America.

Closing costs can really add up when buying or refinancing, running anywhere from 3 to 6 percent of the price of the property. For example, in 2010 the average closing costs for a $200,000 purchase rose nearly 37 percent to $3,741, according to Bankrate.com.

Many of the fees associated with closing are negotiable and consumers should review line-by-line estimates and challenge them.

Simply ask the lender which fees are negotiable and which are fixed to find out where there’s wiggle room. Questions such as “Who is getting paid this fee, and why am I being asked to pay it?” can start the conversation, experts say.
“It’s not a time to be polite,” says Kathleen Day, a spokeswoman for the Center for Responsible Lending. “You have to have a strong stomach and a stiff spine and not bow to pressure from the other side of the table to close the deal.”

Lenders are required within three days of receiving a loan application to provide an estimate of closing costs for buying or refinancing a home. Good-faith-estimate forms provided by lenders can be used to easily compare closing costs among lenders in shopping around for the best deal too.

Source: “Curbing Close Costs,” The New York Times (Jan. 27, 2011)

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The agency is imposing a “loan-level price adjustment” on several mortgages, in which borrowers will be charged more in cost or higher interest rate based on how much down payment — or if they’re refinancing the amount of equity in their home — as well as their credit score, explains mortgage expert Bill Gassett in the Massachusetts Real Estate News.

Prior to the adjustment, a buyer with a 700 credit score and a $160,000 mortgage who was purchasing a $200,000 home may pay an additional $800 in these fees. That cost would now be doubled: The loan’s risk-based pricing would equal $1,600, said Cameron Findlay, chief economist for LendingTree.

Borrowers who don’t have large down payments or who have low credit scores will see higher rates. But even borrowers with good credit scores will have to pay more too.

For example, Gassett explains that a buyer with a credit score over 740 who has a 25 percent or lower down payment will now pay about 0.125 percent more in rate.

For any buyer or refinancers of a condo (excluding detached condos) who have less than a 25 percent down payment will face an increase in rate of nearly 0.5 percent.

“It certainly says that even with a great credit score, they still see some risk in you,” Findlay told The Wall Street Journal.

Some lenders have already started incorporating the higher fees.

Not all loans will be subjected to the fees, experts note. For example, not all lenders sell all mortgages to the secondary market and loans insured by the Federal Housing Administration also will be immune.

Source: “Fannie Mae Mortgage Interest Rates & Costs Rising,” Massachusetts Real Estate News (Jan. 30, 2011) and “Mortgage Fees on the Rise Again,” The Wall Street Journal (Jan. 25, 2011)

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Designer Candice Olson, author and host of HGTV’s “Candice Tells All,” says lighting and extra wiring are key upgrades new home buyers should consider.

“Adding lighting — or at least the wiring for it — means you’ll be able to have bathroom sconces instead of that one overhead light the builder gives you,” Olson says. “Your flat-screen TV can be where you want it. You’ll have a floor outlet for the lamp in middle of the open room. And you won’t be ripping out walls later to do all this.”

Also, she says home owners shouldn’t forget about the exterior lighting either. “Outside lighting, plus landscaping, will set apart your house from the others in the neighborhood where buyers chose from plans A, B and C,” Olson says.

As for flooring, Olson recommends hardwood floors for the main living areas, and cork floors for the basement, since there’s potential for water leakage in basements.

She also says the addition of taller baseboards, chair rails, crown molding, coffered ceilings, built-ins or a banquette also are smart investments for upgrades.

Source: “Decisions, Decisions: Add Character to Your Home With a Few Choice Upgrades,” Chicago Tribune (Feb. 4, 2011)

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CLICK BELOW TO LISTEN

Have Your Cake and Eat it Too with The BOLD Company

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CLICK BELOW TO LISTEN

Building or Remodeling, Think of The BOLD Company

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“A McMansion was a trophy–often times a house with five or six bedrooms when you only needed two,” says Scott Phillips, a real estate agent with Keller Williams in Cleveland.

The median home size in 2008, the most recent year for data, is 1,825 square feet, according to the National Association of REALTORS®. First-time buyers are buying even smaller at 1,580 square feet.

Phillips says home owners aren’t just downsizing but they are also moving closer to the city.

“People like to live where they’re closer to the amenities, the parks, night life, grocery stores,” he says.

Source: “McMansions Out of Vogue in New Economic Reality,” Gannett News Service (Feb. 11, 2011)

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The Obama administration last week called for gradually increasing down payments to a minimum of 10 percent on conventional loans that can be bought or guaranteed by Fannie Mae and Freddie Mac.

The median down payment in nine major U.S. cities rose to 22 percent in the fourth quarter of 2010 on properties purchased through conventional mortgages–the highest in median down payment since the data started being tracked in 1997, according to a Wall Street Journal and Zillow.com analysis.

In the late 1990s, median down payments once averaged 20 percent in the nine metro cities Zillow analyzed, but in 2001 started inching downward as banks began requiring little or no down payment in some cases during the housing boom.

Now banks want more, believing that the more a buyer has invested, the less likely they are to default.

Borrowers who can’t afford the higher down payments are seeking assistance elsewhere, such as loans for veterans or those backed by the Federal Housing Administration (which require 3.5 percent down payment), or loans by the United States Department of Agriculture for rural areas.

Source: “Banks Push Home Buyers to Put Down More Cash,” The Wall Street Journal (Feb. 16, 2011)

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With the House likely to take up repeal legislation in the coming weeks, home builder Mike Kegley from Union, Ky., testified before the House Small Business Committee on Feb. 9 about the effect that the new reporting requirements could have on his business. His company, which built six homes last year and employs seven workers, estimates that it would have had to file an additional 173 forms for 2010 had the law been in effect at that time. Mike told committee members that it would have cost his company $6,400 to obtain and catalog the W-9 forms and $2,600 to generate the additional Form 1099s, for an estimated total of $9,000 — and that does not include the software upgrades he would have had to purchase or subsequent work that would have to be done to correct any errors. In all, he told lawmakers, these burdensome tax paperwork requirements would make it more difficult for small businesses to add new employees to their payrolls, because they’ll instead be spending that money on accountants and bookkeepers. Additionally, Mike called lawmakers’ attention to the unfairness of a provision in the Small Business Jobs Act of 2010 stipulating that independent landlords as of Jan. 1, 2011 must submit 1099s to firms to which they give more than $600 for services. “By imposing this change in the law with less than three months notice, we believe it is reasonable to say that landlords have been set up for failure when it comes to compliance,” he said. “NAHB urges Congress to re-examine the wisdom of imposing these burdensome requirements on independent landlords and, ultimately, to repeal them.” Read NAHB’s press release .

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$500 Winner

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2011 Home & Remodeling Showcase February 4-6, 2011

Friday 4pm-8pm

Saturday 10am-8pm

Sunday 10am-4pm

Northern Kentucky Convention Center

Tickets are $10 with Free Parking

Your Dream Home…Alive.

Presented by Home Builders Association of Northern Kentucky

Includes hundreds of local and regional vendors, celebrities and events. Dream Street, an exhibit of six exclusive exhibitors displaying their best products and offerings. Cooking demonstrations with Remke-bigg’s and chefs from local restaurants and bakeries. Value City Furniture Face-Off with interior design students of Antonelli College-vote for your favorite room design.

Click for directions to the Northern Kentucky Convention Center

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• 

  7 Steps to Take Before You Buy a Home

  By doing your homework before you buy, you’ll feel more content about your new home. Read

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Date: Monday, January 10, 2011, 12:53pm EST

Homes across the city should be seeing improvements, as Cincinnati has been tagged the No. 1 residential remodeling market in the country for 2011, according to Remodeling Magazine.

Using its Residential Remodeling Index, the magazine ranks the top 100 markets annually using variables such as household median income, household growth, median existing home prices, unemployment, existing home sales and total permits. In addition, the forecast looks at 66 demographic segments including level of affluence, age, urbanization and family status.

The index compares the current level of remodeling with 2007, the baseline year of highest registered activity both nationally and locally.

The index forecasts the Cincinnati regional remodeling market will be better by the third quarter of this year than its was at its peak, the first quarter of 2007.

With so much remodeling going on, the Home Builders Associations of Greater Cincinnati and Northern Kentucky are anticipating much greater participation in their joint Tour of Remodeled Homes scheduled to take place this fall.

“We are extremely encouraged that the Cincinnati remodeling market is projected to be the top performing market in the country this year. With this important segment on the rebound we are optimistic that performance of the single and multifamily segment will also begin to gain momentum over this next year,” Dan Dressman, executive director of the HBA of Greater Cincinnati, said in a news release.

Rounding out the top five markets expected to see people freshening up their kitchens and bathrooms include are Houston, Minneapolis, Dallas and Austin, Texas.

As for other Ohio cities, Columbus was ranked 10th, Dayton was ranked 51st and Cleveland was ranked 74th.

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This week, we look at the installation of the systems that are “hidden” inside the walls:

Once the framing and roofing are completed, the “insides” of the home can be installed:

*The electrician begins to run the electrical wiring, including setting the outlets and switches

*The plumber runs pipes and also installs plumbing fixtures and tubs and shower bases

*The HVAC technician installs the air ducts and air returns and prepares to install the furnace, air conditioner, and humidifier

*The home electronics specialist begins wiring for security alarm systems, stereo and surround sound systems, intercom systems, and central vacuum systems

As the homeowner / home purchaser, if at all possible, it is important to coordinate with your builder to be able to get in and see the home at this stage of construction. Soon after these systems are wired and installed, all the wiring and piping will be covered up with insulation and then with drywall. There is only a brief period of time in which the homeowner can lay eyes on the “guts” of the home.

This is why The B.O.L.D. Company schedules a rough-in walkthrough with each and every homeowner at this stage of construction. We are proud to show off the quality of our work. During the rough-in walkthrough, we will point out to our customers the features and details that make our homes unique in regards to quality, design, and efficiency. We will go over the blueprints, selection sheets, and change-orders with the customers, so they can see and confirm that their specifications have been met and that we have followed-through on their requests and changes. When performing a rough-in walkthrough at your new home construction project, pay special attention to:

*Are all the electrical outlets, light switches, and light fixtures where you want them?

*Are the telephone jacks, television hookups, and sound system features (speakers, etc) located where you want them?

While correcting errors or making changes to these items is fairly simple up to this point, once the drywall is installed, changes will no longer be possible without time delays and extra charges!

B.O.L.D. Homes, a B.O.L.D. company, has been established as among the premiere Greater Cincinnati / Northern Kentucky custom home builders since 1986. We have well over 500 customer designed homes to our credit. Work one-on-one with the owners of the company – including a licensed real estate broker, a licensed real estate agent, a licensed professional engineer, and a CAD draftsman/designer – to design your dream home full of the features important to you. We can help you find a balance between luxury and budget.

The post HOW TO BUILD A CUSTOM HOME, Part 24: The Rough-In Walkthrough appeared first on B.O.L.D. Views in Building.

This week, we look at exterior doors:

As with windows, choices abound for exterior doors. Typically, customers will be choosing from wood, fiberglass, steel, and glass doors.

Wood is the conventional choice for building doors. Besides the natural and traditional look of wood, it is also more customizable and decorative. However, wood doors also tend to be more expensive, and will require more maintenance (painting, etc) to protect against and/or repair rot, warping, and deterioration from the elements.

Steel doors are durable, secure, and tend to be considerably more affordable than wood. Steel doors also require very little maintenance. They are more energy-efficient than wood doors, they provide better security against intrusion, and they are fire-proof. They are subject to denting, paint chipping, and rust.

Fiberglass doors are often considered a more environmentally-friendly option than either wood or steel. They are also energy-efficient and very durable. While fiberglass doors tend to be a little pricier than steel doors, they typically come with longer warranties, and they are resistant to scratches, dents, rot, deterioration, and rust. Perhaps best of all, fiberglass doors are paintable and stainable, and many do a good imitation of wood grain, especially when stained.

Glass doors are, obviously, the least secure, provide the least privacy, and are the least energy-efficient. (Glass is a much better conductor than insulator, as anyone who has sat by a window on a cold day will attest!) The advantages of glass doors, if strategically-placed, are the light they bring in and the view of the outside they allow. While many exterior doors made of wood, steel, or fiberglass will have glass panels as part of their structure and style, when we talk about glass doors, we are referring to patio doors, french doors, and sliding doors. Often, these doors will have a wood, steel, or fiberglass frame, even though the majority of the surface of the door is composed of glass.

Many homes will contain a combination of door types: a wood or fiberglass imitation-wood front entry door, where elegance or style is desired, perhaps a steel entry door in the garage, where security is preferred over style, a glass french door or sliding door from the back of the house to the patio. Ask a BOLD professional to help you weigh the pros and cons for your own new construction or remodeling project!

The B.O.L.D. Company is uniquely situated to help you through each and every step of the custom home building process, from financing and design/selections to construction and warranty service. We are available to build on your lot in Northern Kentucky, or let our licensed real estate agents help you find the perfect home site! Our in-house drafting and design team, together with our on-staff licensed Professional Engineer, can help you find or design the plan of your dreams! And of course, B.O.L.D. combines quality products and craftsmanship with unsurpassed customer service, so that the finished home is everything you expect and more. Find out why 400+ other new home customers have trusted The B.O.L.D. Company since 1986!

The post HOW TO BUILD A CUSTOM HOME, Part 23: Exterior Doors appeared first on B.O.L.D. Views in Building.

This week, we look at windows:

WINDOW FRAMES

There are many window options to consider when building a new home. First of all, vinyl or wood? Of course, the “window” part of the window is made of glass, but the “vinyl or wood” title refers to the window frame. While there are many options on the market today, from wood-framed, to composite-framed, to steel-framed, typically, customers are deciding between:

a) wood-framed windows with exterior aluminum cladding, or

b) vinyl-framed windows.

Both options are low-maintenance. The wood windows tend to be pricier but more durable, and also give a home a warmer, more elegant look and feel. Some customers will compromise by installing vinyl windows and trimming them out with wood, giving the home a look and feel somewhere between that of wood and vinyl windows.

WINDOW PANES

I did say that the “window” part of the window is made of glass, but hold on! It’s not that simple!! While glass is a much better conductor than it is an insulator (making many-windowed rooms a nightmare to heat and cool), modern features greatly increase the energy efficiency of windows:

1) One such feature is Low-E glass. This glass is coated with an ultrathin layer of metal, so thin that it does not obstruct the transparency of the window, but it will reflect heat — in the summer, it reflects heat from outside back out (keeping the home cool), while in the winter, heat from inside is reflected back in (keeping the home warm). Some Low-E glass will also reflect UV rays, reducing fading of carpet and furniture!

2) Another insulating feature available in windows is double (or triple) glazing. This means that the window is made of multiple layers of glass with air trapped between the panes — the air provides the insulating effect. For an even better insulating effect, some windows have gas (typically argon gas) injected into the space between panes.

3) Better than either option alone is the combination of the two! These windows have the metal layer between two layers of glass, with gas injected between the panes.

WINDOW STYLE

There is a wide variety of types of windows, in terms of how they are built and how they function. Different types make more sense in different locations, so don’t necessarily limit yourself to one style:

*Awning windows hinge at the top and open out (like an awning).

*Bay windows bulge out from the wall, increasing the living space of a room, the light allowed to enter, and the scope of the view.

*Casement windows hinge on the side and open out (like a sideways awning window).

*Double-hung windows have two sashes that move up and down, so the window can be opened from the top or the bottom (or both!). Generally, both of these sashes can be folded in for easier cleaning, too!

*Fixed windows do not open at all.

*Single-hung windows have one sash that opens (the bottom). Only the bottom sash would fold in for cleaning.

*Sliding windows slide from side to side horizontally; typically, these windows only open from one side, while one sash remains stationary.

*Special shaped windows go beyond the typical rectangle and square windows: customers can purchase windows that are circular, half-circular, elliptical, octagonal, trapezoidal, triangular, and most any combination thereof.

*Stained-glass windows have reduced transparency, without significantly reducing the light that comes in. They also add color and personality to a room!

WINDOW ACCESSORIES

Once you have decided on the basics of your window selections, there are accessory options you might consider:

* High-transparency v. conventional window screens

*Grilles – wood, interior, removable grids; permanent interior and exterior grids to simulate the look of multi-pane windows; permanent grids inside between the panes, available in aluminum, or with a wood finish to the inside (these make cleaning windows simple!)

*Blinds inside between the panes

B.O.L.D. Homes, a B.O.L.D. company, has been established as among the premiere Greater Cincinnati / Northern Kentucky custom home builders since 1986. We have well over 500 customer designed homes to our credit. Work one-on-one with the owners of the company – including a licensed real estate broker, a licensed real estate agent, a licensed professional engineer, and a CAD draftsman/designer – to design your dream home full of the features important to you. We can help you find a balance between luxury and budget.

The post HOW TO BUILD A CUSTOM HOME, Part 22: Windows appeared first on B.O.L.D. Views in Building.

This week, we look at roofing options:

Asphalt shingles are the most commonly used roofing material: attractive, inexpensive, and long-lasting, these shingles provide great value for the money. Regular asphalt shingles come in a variety of colors and color combinations and are guaranteed for at least 20 years, sometimes 30! Architectural asphalt shingles are thicker (giving a three-dimensional look) and come in color combinations that resemble wood shakes or slate roofing, as well as all the colors and color combinations available in regular asphalt shingles.

Other roofing options include: metal — ranging from inexpensive galvanized, to middle-of-the-road steel panels, to high-end copper roofing, all of which should last close to 50 years; wood shingles or shakes — while adding character to the home, this roofing material is high maintenance and expensive to install; slate — a beautiful and old-style traditional look, but expensive, especially when you consider the extra structural support necessary to handle its weight; ceramic or clay tile — think of Florida and California, where the sun is especially hard on asphalt shingles — elsewhere, these tiles are generally prohibitively high-cost due to the material and the very great weight of the tiles (though a ceramic roof will last for more than 50 years!)

These days, you might consider researching the “latest and greatest” engineered products for roofing. For example, slate, wood shingle, and wood shake look-a-likes made from recycled rubber, plastic, and/or other materials are available at much lower cost and weight than the originals. They also meet strict fire codes!

Remember that whatever type of roofing material you install, it is IMPERATIVE that it be properly installed and accompanied by flashing and trim as needed — a beautiful roof is great, but the most important purpose of the roof is to protect your home against the elements, particularly water!

B.O.L.D. Homes, a B.O.L.D. company, has been established as among the premiere Greater Cincinnati / Northern Kentucky custom home builders since 1986. We have well over 500 customer designed homes to our credit. Work one-on-one with the owners of the company – including a licensed real estate broker, a licensed real estate agent, a licensed professional engineer, and a CAD draftsman/designer – to design your dream home full of the features important to you. We can help you find a balance between luxury and budget.

The post HOW TO BUILD A CUSTOM HOME, Part 21: Roofing appeared first on B.O.L.D. Views in Building.

Short Sale:

All short sales are now considered derogatory credit

If the short sale was due to extenuating circumstances, the recovery time period for re-establishment of credit is 24 months from the date of completion

If the short sale was due to financial mismanagement, the recovery time period for re-establishment of credit is 48 months from the date of completion

Bankruptcy:

If a Chapter 13 bankruptcy is caused by financial mismanagement, the recovery time period for re-establishment of credit is 48 months from dismissal date

The existing requirement of 24 months from discharge date remains in effect

Foreclosure:

If a foreclosure is caused by financial mismanagement, the recovery time period for re-establishment of credit is 84 months

The post Freddie Mac is getting much tougher on borrowers! appeared first on B.O.L.D. Views in Building.

This week, we look at framing and finishing the roof of a new home:

Quite commonly today, roofs are framed using pre-fabricated roof trusses, which are manufactured in a factory, trucked to the jobsite, and set with a crane. Engineered and manufactured in a controlled setting, roof trusses enable a faster, more economical, and more exact roofing project, even for complicated roof styles. In some situations, hand-framed roofing can still be a better option, but, by and large, roof trusses have become the norm.

Roof trusses sit on top of, are supported by, and are anchored to, the outside walls of the house. They are installed from one gable end of the house to the other. They are also secured to each other with 2×4 bracing, to create stability and strength in all directions.

The trusses themselves hang over the outside walls of the house, creating the eaves. On the gable ends, however, the overhang is created by installing rakeboards.

Soon after the trusses are fully installed, the roof exterior will be completed in order to keep the framing and other parts of the interior safe from the elements, both rain and wind. The surface of the roof is formed with sheets of OSB (oriented strand board, similar to plywood) which are attached one to another with plywood clips–this strengthens the surface of the roof and helps to avoid bowing. The OSB is also, of course, nailed to the trusses. On top of the OSB sheeting, black felt paper is laid. Felt paper is an underlayment for the shingles which provides waterproofing for the roof–any water that might find its way through or around the shingles will be repelled by the felt paper, which is filled with a bituminous waterproofing material, such as tar. The shingles are then laid atop the felt paper and installed according to manufacturer’s instructions.

As always, keep in mind that this is a generalization of common practices for the framing and roofing of a new home. Local building codes, available products, and engineering practices from one plan or one region to another may significantly change one or a few parts of this process. Each individual job deserves individual attention from an experienced contractor. For more information, contact the BOLD Company today!

B.O.L.D. Homes, a B.O.L.D. company, has been established as among the premiere Greater Cincinnati / Northern Kentucky custom home builders since 1986. We have well over 500 customer designed homes to our credit. Work one-on-one with the owners of the company – including a licensed real estate broker, a licensed real estate agent, a licensed professional engineer, and a CAD draftsman/designer – to design your dream home full of the features important to you. We can help you find a balance between luxury and budget.

The post HOW TO BUILD A CUSTOM HOME, Part 20: Roof Trusses appeared first on B.O.L.D. Views in Building.

This week, we look at framing. This is the stage when the house really begins to take shape – walls go up and rooms are differentiated!

If the basement foundation consists of full-size walls all the way around, the first step of framing is to build the first-story subfloor (more about that later). However, in some cases, the foundation walls “step down”, that is to say, the foundation walls only reach part of the way to the basement ceiling on one or a few sides. Where this is the case, the remainder of the basement wall(s) is/are framed in wood. This scenario enables the brick-to-grade wrap on walk-out basements (brick-wrap means brick on all sides of the house; brick-to-grade means that the exterior walls are bricked to the ground, so that large areas of concrete foundation do not show).

When the basement foundation walls are full-size, either fully concrete or partially wood-framed, the next step is the first-story subfloor. The subfloor is secured to the foundation walls via treated lumber plates that are bolted to the top of the concrete walls with anchor bolts or anchor straps (see Part 16: Foundation). These bolts or straps are concreted to the top of the walls and provide a secure attachment for the framing above them. The connector plates are made from pressure treated lumber because the treatment creates resistance in the wood to both moisture and insects. Because concrete tends to attract or absorb moisture, the wood that comes in contact with it must be protected.

The subfloor consists of 2×10 joists (wood beams) that lie parallel to one another across the top of the foundation, providing support for the OSB (“oriented strand board”, a product similar to plywood) that creates the surface of the floor of the first (or second, or third…) story. It is referred to as the “subfloor” because the material that will cover it – carpet, tile, hardwood, vinyl, and its corresponding underlayment – will be the actual “floor”.

Next, the walls are framed using 2x4s. Both the exterior and interior walls are formed, including window and door openings, too. This is what really gives the home shape. For the first time, room dimensions and locations leave the paper blueprints and come to life!

For a one-story, or ranch-style, home, the next step is framing the roof. However, for a two-story home, another subfloor is laid atop the first-story walls, and then the second-story walls are framed. Then, the roof! But that is a topic for another week…

As always, keep in mind that this is a generalization of common practices for the framing of a new home. Local building codes, available products, and engineering practices from one plan or one region to another may significantly change one or a few parts of this process. Each individual job deserves individual attention from an experienced contractor. For more information, contact the BOLD Company today!

B.O.L.D. Homes, a B.O.L.D. company, has been established as among the premiere Greater Cincinnati / Northern Kentucky custom home builders since 1986. We have well over 500 customer designed homes to our credit. Work one-on-one with the owners of the company – including a licensed real estate broker, a licensed real estate agent, a licensed professional engineer, and a CAD draftsman/designer – to design your dream home full of the features important to you. We can help you find a balance between luxury and budget.

The post HOW TO BUILD A CUSTOM HOME, Part 19: Framing appeared first on B.O.L.D. Views in Building.

If you live in a home built before 1978 and you’re contemplating any work that will disturb more than six square feet of painted surfaces inside the home or 20 square feet on the exterior of the home – for example, replacing a window, installing cabinets, or adding on to your home – the contractor you hire is required by law to be trained and certified by the EPA.

Keep your family safe from the dangers of lead exposure by hiring an EPA Lead-Safe Certified Renovator. Call your local home builders’ association for a list of certified remodelers or use the tool at www.leadfreekids.org to find one near you.

Tips for Home Owners

1. Hire an EPA Lead-Safe Certified Renovator for your home remodeling project.
   Professional remodelers who have achieved EPA Lead-Safe Certification are trained and prepared to work in pre-1978 homes for minimizing dust and potential lead paint exposures. These workers also have certified their firms and will carry an EPA seal verifying their qualifications to follow lead-safe work practices. Certified Renovators have the knowledge and tools to contain dust and keep your family safe. Do not attempt remodeling work yourself or hire an uncertified remodeler as this puts you at risk of lead poisoning. Use the search tool on the EPA website to find a Lead-Safe Certified Renovator near you or call your local home builders’ association for a list of certified remodelers.
2. Read Renovate Right.
   Your Certified Renovator will provide you a copy of the Renovate Right brochure produced by the EPA. This brochure describes the dangers of lead poisoning and how the practices of the remodeler will be employed to contain dust, clean, and minimize the dangers of lead paint exposure.
3. Pay attention to warning signs and do not enter containment areas.
   The Certified Renovator will post warning signs and set up areas of containment using plastic to keep dust under control. Pay attention to these notices and stay away from these areas. The remodeler uses these techniques and lead-safe work practices to minimize lead dust exposure.
4. Consider testing for lead.
   You may ask the Certified Renovator to use LeadCheck or D-Lead test kits for testing certain surfaces for lead. If the test comes back negative, the remodeler will not need to use lead safe work practices because the component has tested lead-free. Alternatively, a home owner may choose to hire a certified risk assessor or lead inspector to conduct testing in the home for lead. Any pre-1978 home can be tested for lead and if the results are negative, the EPA lead rule does not apply.
5. Maintain records about your home remodel.
   After the remodeling job is complete the EPA Certified Renovator will share records with you, such as a checklist describing the work practices used and any results from lead testing. Be sure to keep these records and share them with the next home owner if you should sell your home.

Learn more about EPA’s lead paint rule by visiting http://www.leadfreekids.org/ or by downloading the pamphlet, Renovate Right.

The BOLD Company is an EPA Lead-Safe Certified Renovator and can help you with your eremodeling project.

The post What Home Owners Need to Know About Lead Paint appeared first on B.O.L.D. Views in Building.

This week, we look at pouring the concrete slabs to form the basement and garage floors of a new home:

Before pouring the concrete slabs, don’t forget to pre-treat for subterranean termites! The sprayed termiticide is intended to create a chemical barrier in the soil underneath and around the home that will prevent termites from surfacing.

The ground upon which the basement slab will be poured should be compacted and solid, the foundation drainage system and the vapor barrier installed, and the foundation walls in place. The basement floor will sit over top of the vapor barrier and within the foundation walls. The garage floor, however, does not sit in the bottom of the foundation where the ground is solid. The garage floor is generally a “suspended slab” poured on soil that is filled to the appropriate height to match the garage’s location in relation to the foundation and the surrounding grade. For this reason, the garage slab requires more support than the basement slab, which gets support from the solid surface on which it rests. Under the garage floor, piers are dug down to solid ground and filled with concrete to create a solid “column” which transfers pressure from the slab down to the solid ground underneath. Because this suspended slab only has solid support where the piers are located, and not the entire surface beneath, steel reinforcing rods (rebar) are placed inside the concrete, which hardens around the rebar. The steel rebar supports the slab and causes pressure to spread across the surface, rather than concentrating in one or a few locations.

Minor and hairline concrete cracks are very common and impossible to avoid completely. However, in order to minimize cracking, expansion joints (aka control joints) are cut in both suspended (garage) and floating (basement) concrete slabs shortly after they are poured. Concrete shrinks as it cures, and also expands and contracts with temperature changes. These “planned cracks” give the concrete room to move and provides a “weak” place so that when the concrete tries to crack, it will crack within the joint, where it is not visible or harmful.

The B.O.L.D. Company is uniquely situated to help you through each and every step of the custom home building process, from financing and design/selections to construction and warranty service. We are available to build on your lot in Northern Kentucky, or let our licensed real estate agents help you find the perfect home site! Our in-house drafting and design team, together with our on-staff licensed Professional Engineer, can help you find or design the plan of your dreams! And of course, B.O.L.D. combines quality products and craftsmanship with unsurpassed customer service, so that the finished home is everything you expect and more. Find out why 400+ other new home customers have trusted The B.O.L.D. Company since 1986!

The post HOW TO BUILD A CUSTOM HOME, Part 18: Concrete Slabs – Basement and Garage Floors appeared first on B.O.L.D. Views in Building.

Jay Brinkmann, chief economist of the MBA, said he expects applications for mortgages to purchase homes to stay about the same as they were in 2009, higher than 2010, but refinances should drop.

Total mortgage volume is expected to be nearly $1 trillion in 2011, down from an anticipated $1.4 trillion this year and nearly $2 trillion in 2009.

Source: The Wall Street Journal, Amy Hoak (10/28/2010)

The post Interest Rates Predicted to Rise in 2011 appeared first on B.O.L.D. Views in Building.

Name of Product: GE Profile™ and GE Monogram® Dishwashers

Units: About 174,000

Manufacturer: GE Appliances & Lighting, of Louisville, Ky.

Hazard: Water condensation can drip onto the electronic control board, causing a short circuit and resulting in an overheated connector. This poses a fire hazard to consumers.

Incidents/Injuries: GE has received five reports of fires, four of which caused minor damage to the kitchen countertops where the dishwashers were installed and one caused minor damage to adjacent cabinets and smoke damage to the home. No injuries have been reported.

Description: This recall involves the GE Profile dishwashers manufactured between July 2003 and December 2005 and GE Monogram dishwashers manufactured between January 2004 and December 2006. They were sold in white, black, bisque, stainless steel and with custom panels. The recalled model and serial numbers listed below are located on the inside on the front left side of the dishwasher tubs.

Sold at: Retail stores nationwide, appliance dealers and authorized builder distributors from July 2003 through December 2006 for between $750 and $1,400.

Manufactured in: United States

Remedy: Consumers should immediately stop using the recalled dishwashers, disconnect the electric supply by shutting off the fuse or circuit breaker controlling it and inform all users of the dishwasher about the risk of fire. Contact GE for a free in-home repair or to receive a GE rebate of $200 for the purchase of a new GE Profile dishwasher and a GE rebate of $400 for purchase of a new GE Monogram dishwasher.

Consumer Contact: For additional information, contact GE toll-free at (877) 275-6840 from 8 a.m. to 5 p.m. ET Monday through Friday or visit the company’s website at www.geappliances.com/recall

The post GE Recalls Dishwashers Due to Fire Hazard appeared first on B.O.L.D. Views in Building.

Before being banned in 1978, lead was a common ingredient in exterior and interior house paint, and is still present in many older homes. Lead ingestion has been shown to cause developmental delays and disabilities in young children.

In April 2010 the U.S. Environmental Protection Agency enacted the Lead: Renovation, Repair, and Painting rule that requires training in lead-safe work practices for all remodelers working in pre-1978 homes. EPA Lead-Safe Certified Renovators are equipped to use lead test kits, educate consumers about the dangers of lead and use prescribed lead-safe work practices.

“Lead-Safe Certified Renovators are trained to help keep your family safe from lead exposure during your remodeling project,” said NAHB Remodelers Chairman Donna Shirey, CGR, CAPS, CGP, and remodeler from Issaquah, Wash.

“It always pays to get the job done right,” said Shirey. “Remodeling professionals have expertise in design solutions, managing product choices and completing beautiful projects. Plus lead-safe certification means the remodeler will understand and apply practices to minimize dust and lead exposure and protect the safety of your family.”

When planning your home remodel, read the EPA’s Renovate Right pamphlet to better understand the dangers of lead exposure and how to conduct a safe home remodel. Consider hiring a certified risk assessor or lead inspector to determine if your home contains lead paint. After completing the renovation, be sure to maintain records of the work that’s been done.

For sound advice on lead safety, visit www.nahb.org/leadsafe. The BOLD Company is an EPA Lead-Safe Certified Renovator. To find others near you, contact your local home builders’ association or use the search tool at http://www.leadfreekids.org/. For more information about home remodeling, visit www.nahb.org/remodel.

The post You Must Hire a Lead Safe Certified Professional to Remodel Your pre-1978 Home appeared first on B.O.L.D. Views in Building.

This week, we look at waterproofing the foundation.

Concrete and other masonry products will actually absorb water from the surrounding soil and transmit it through the foundation, where it will evaporate from the inside surfaces. This activity accounts for the dampness of older basements. Furthermore, groundwater is very adept at finding routes into your basement, worsening the dampness, or even causing water to collect.

By code, the minimum requirement to protect the foundation from these problems is called damp-proofing. Usually performed by applying an unmodified asphalt coating to the outside of the foundation, damp-proofing products slow water penetration into the foundation. Damp-proofing prevents the damp feeling of basements in older homes that did not receive such treatment. However, damp-proofing is definitely the least you can do to protect your basement: this is a cost- and corner-cutting measure which could leave you open to higher expenses later on down the road.

While more expensive up-front, water-proofing the foundation is a much better idea. Water-proofing, rather than slowing water penetration, actually stops water from infiltrating the foundation, keeping the basement dry.

The difference between these two very disparate products is tricky for homeowners or home purchasers to recognize. First of all, these products are applied early in the process, just after the foundation is poured, and shortly thereafter the foundation (and it’s damp-proof or water-proof coating) is buried by backfill (dirt). Furthermore, many damp-proofing and water-proofing products look the same to the naked eye – an unmodified asphalt coating for damp-proofing may look much like a modified asphalt bituminous water sealer for water-proofing. However, the short- and long-term results of each can be widely different. Keep in mind, also, that pre-cast panel foundation systems typically have a different means of waterproofing than do traditional poured foundations–while you might not see the asphalt coating sprayed on the outside, these systems often come with a lifetime and transferable waterproofing warranty, which will likely exceed any other waterproofing warranty options. Be sure that your builder goes the extra mile and water-proofs your foundation to protect from dampness and leakages.

A quality builder will further protect your basement from moisture by laying a vapor barrier under the basement floor. After the foundation walls are set atop the footers, the vapor barrier, which is a plastic sheeting, is laid over the drain tile and pea gravel. The concrete slab (the basement floor) will be poured over top of the vapor barrier. The plastic will keep moisture from being absorbed by the concrete slab, keeping the basement dry.

The B.O.L.D. Company is uniquely situated to help you through each and every step of the custom home building process, from financing and design/selections to construction and warranty service. We are available to build on your lot in Northern Kentucky, or let our licensed real estate agents help you find the perfect home site! Our in-house drafting and design team, together with our on-staff licensed Professional Engineer, can help you find or design the plan of your dreams! And of course, B.O.L.D. combines quality products and craftsmanship with unsurpassed customer service, so that the finished home is everything you expect and more. Find out why 400+ other new home customers have trusted The B.O.L.D. Company since 1986!

The post HOW TO BUILD A CUSTOM HOME, Part 17: Foundation Waterproofing appeared first on B.O.L.D. Views in Building.

This week, we look at the foundation of the home.

Before you begin the foundation itself, a pipe must be run from the hole to the sewer or septic system outside. Every following step must be careful of this pipe, as it will, ultimately, be the means of running sewage out of the house.

While there are many options available for foundations, from concrete slabs (no basement) to concrete block foundations, we generally use concrete basement foundations, which are the most widely used type of home foundation. Our customers typically select one of two options: traditional poured foundations or pre-cast foundation panels.

Either way, the foundation walls sit on footers, which consist of steel reinforcing rods surrounded by concrete. To protect these footers from the damaging effects of freezing and thawing, all footers must be covered by at least 30 inches of soil. Where the basement floor will not be deep enough (think of the shallow end of a walk-out basement), then freeze footers are installed — freeze footers are footers that are buried deeper than the basement floor (to reach the minimum soil coverage of 30 inches); and so, the foundation wall in that area will also run lower than the basement floor. For traditional foundations, the footers are poured separately; with pre-cast systems, the footers come attached to the panels.

For a traditional poured concrete foundation, the foundation walls are made of concrete that is poured into forms. Like the concrete footers on which they sit, the foundation walls have steel reinforcing rods embedded inside them for stability and strength. When the concrete is dry and hardening, the forms are removed.

However, for pre-cast panel foundation systems, the foundation walls are manufactured off-site and trucked to the job, then set with cranes. The panels come in segments which are bolted together. These panels are made of concrete and come fully insulated and waterproofed. Furthermore, they are drywall- ready, so finishing a pre-cast foundation system basement is a quicker job than finishing a traditional poured foundation basement. These systems come with waterproofing and structural warranties, as well.

All foundation walls must have anchor bolts or anchor straps on top of the wall — this is where the framing of the first floor walls will be secured.

For more information on the difference between traditional poured foundations and pre-cast wall panel systems, give B.O.L.D. a call today!

The B.O.L.D. Company is uniquely situated to help you through each and every step of the custom home building process, from financing and design/selections to construction and warranty service. We are available to build on your lot in Northern Kentucky, or let our licensed real estate agents help you find the perfect home site! Our in-house drafting and design team, together with our on-staff licensed Professional Engineer, can help you find or design the plan of your dreams! And of course, B.O.L.D. combines quality products and craftsmanship with unsurpassed customer service, so that the finished home is everything you expect and more. Find out why 400+ other new home customers have trusted The B.O.L.D. Company since 1986!

The post HOW TO BUILD A CUSTOM HOME, Part 16: Traditional Poured Foundations v. Precast Wall Panel Systems appeared first on B.O.L.D. Views in Building.

This week, we look at foundation drainage system options:

The foundation drainage system is among the most important systems in your home. This system is responsible for removing water from around the foundation, protecting it and keeping the basement dry. If water is allowed to collect around the foundation, severe structural damage, as well as flooding of the basement, can occur.

There are several components of a foundation drainage system: (1) foundation drain tile, driven by gravity or sump pump; (2) gutters, downspouts, and splash blocks; and (3) yard grading and drainage channels. The correct installation and maintenance of each of these components is critical to the well-being of your foundation, and thus, your home and the investment it represents. This article addresses the first component, which is the next step after excavation.

After the foundation is excavated, and before the foundation walls are poured, the drainage system must be installed. Either before, or more typically, after the footings are poured (more about that next week!), the first component of the foundation drainage system, the drain tile, is installed by laying drain tile underneath the basement floor of the home, and also around the outside of where the foundation walls will sit. Drain tile, or PVC pipes with perforations that allow water to enter, will channel the water outside of and away from the foundation. Over and around the drain tile, pea gravel acts as a filter that allows water to seep through to the pipe, but prevents mud or silt from getting through and clogging the pipe.

Gravity-driven drainage systems use the power of gravity on a slope to draw water away from the foundation. The drain tile inside the excavated hole connects to pipes that channel and discharge the water in the yard at some point below the level of the foundation.

On a level lot, gravity-driven drainage is not practical. On these lots, a sump pump is part of the drainage system. Underneath the basement floor, a sump pit is dug several feet deep and several feet in diameter. The drain tile pipes will empty into this pit. While the basement floor will be poured to cover the drain tile in its trenches, the sump pit will NOT be covered; instead, it will have a removable lid that will allow maintenance and/or replacement of the pump it will house, as well as allow for cleaning of the pit itself. The sump pump will mechanically suction and discharge the water as it collects in the pit, driving it through piping out of the foundation and discharging the water into the yard away from the home.

With both types of drainage systems, IT IS IMPERATIVE THAT THE DISCHARGE PIPE AND THE DISCHARGE OPENING REMAIN PROTECTED, INTACT, AND CLEAR THROUGHOUT THE ENTIRE LIFE OF THE HOME. Mud that clogs the discharge end, or digging or heavy equipment that damage the pipe WILL result in the destruction of the system’s capacity to discharge water from the foundation, and, instead, the water will collect around the foundation, causing, over time, serious structural damage which will also lead to internal cosmetic damage, as well.

The B.O.L.D. Company is uniquely situated to help you through each and every step of the custom home building process, from financing and design/selections to construction and warranty service. We are available to build on your lot in Northern Kentucky, or let our licensed real estate agents help you find the perfect home site! Our in-house drafting and design team, together with our on-staff licensed Professional Engineer, can help you find or design the plan of your dreams! And of course, B.O.L.D. combines quality products and craftsmanship with unsurpassed customer service, so that the finished home is everything you expect and more. Find out why 400+ other new home customers have trusted The B.O.L.D. Company since 1986!

The post HOW TO BUILD A CUSTOM HOME, Part 15: Foundation Drainage Systems appeared first on B.O.L.D. Views in Building.

This week, we leave the pre-construction preparation and take a look at the first stage of construction!

We are all familiar with this common construction metaphor: start with a good foundation. While this is true, in order to have a good foundation, you must first prepare the site. This means:

*Review the position of the house. This is your last chance to make any changes. Consider: property lines, height above the curb, grade of the yard and steepness of the driveway, trees to save or remove, city and/or subdivision set-back requirements. If you do choose to make any significant changes to the position of the house, however, you will probably be required to have the change reviewed by the governing bodies that have issued permits based on the previous site plan: Design and architecture review boards and building-zoning departments.

*Clear any trees or debris that will be in the way of the excavators. Trees that sit where the hole is to be dug, of course, cannot be saved. However, saving those established trees that CAN be saved can be a great benefit, in terms of providing shade and giving the home character. Remember, though, that even trees that are not in the immediate vicinity can suffer; trees often have lengthy roots. Keep in mind that the stress on the unseen roots may require some extra attention to these trees in the years following construction, especially during times of drought.

*Stake the corners of the house to get a feel for how the home will sit on the lot. This will also tell the excavators where to dig. But, before they begin:

*Move the stakes out 3 feet in each direction. The hole needs to be larger than the foundation that will occupy it.

Now you are ready to dig the hole! This type of excavation is performed by an experienced and knowledgeable operator driving a powerful and very large piece of equipment. In most cases, digging the hole will take an entire work day (8 to 10 hours). Tons and tons of dirt will be removed from this massive hole that will hold your foundation. Much of that dirt will be used later to fill in the extra space around the foundation (remember, the excavators will dig the hole 3 feet bigger in each direction than the size of the foundation), so make sure that wherever you put the dirt in the meantime, you will have access to it later. In order to keep from having to dispose of this veritable mountain of dirt that will be created, contractors will generally dig the foundation to a depth that will put the height of the house about two feet higher than the original grade of the lot. The excess dirt will fill in to raise the grade of the yard to the height of the house.

Once the hole is completed, your work has only just begun!

The B.O.L.D. Company is uniquely situated to help you through each and every step of the custom home building process, from financing and design/selections to construction and warranty service. We are available to build on your lot in Northern Kentucky, or let our licensed real estate agents help you find the perfect home site! Our in-house drafting and design team, together with our on-staff licensed Professional Engineer, can help you find or design the plan of your dreams! And of course, B.O.L.D. combines quality products and craftsmanship with unsurpassed customer service, so that the finished home is everything you expect and more. Find out why 400+ other new home customers have trusted The B.O.L.D. Company since 1986!

The post HOW TO BUILD A CUSTOM HOME, Part 14: Excavation appeared first on B.O.L.D. Views in Building.

This week, we look at the process of obtaining permits to begin construction of a new home:

What permits, approvals, and fee payments will be required prior to a new home construction project will depend on where the job site is located and what municipality and state govern within that region. The information that follows is a generalization of the procedures that The B.O.L.D. Company follows in the Northern Kentucky region of Greater Cincinnati. This article is intended only as an informational guide; be sure to check with your local and state agencies to find out what is required for your specific home site. Most agencies have requirements and applications available via their web sites.

The first approval to obtain, if applicable, is from the neighborhood association. This board or committee — sometimes known as the Architecture Review Board or the Design Review Board — will review site plans, house plans, and building materials, and will ensure that all of the subdivision restrictions are met. A non-refundable review fee may apply; similarly, many boards will collect a refundable performance bond which will be returned upon proper completion of the project.

Next, before we can obtain a building permit, we must: (1) either obtain an electrical permit or hire a licensed electrician; (2) hire a licensed HVAC contractor; (3) obtain from the county an encroachment permit for a driveway that connects to a county-maintained road OR obtain from the state an encroachment permit for a driveway that connects to a state-maintained road; and (4) if no sewer tap is available at the home site, obtain whichever of the following is appropriate: (a) for a septic system, a permit from the local health department; or (b) for an alternate sewage control system, a permit from the state division of water.

The next step is to obtain zoning approval and a building permit. In our area, the two departments work together — we prepare one batch of materials and documentation which we deliver to the planning commission, who, upon approval, passes the materials across the hall to the building department. (Each collects their own fees, however.) Generally required materials and documents, in addition to the items obtained in the previous step (above), include: (1) at least two copies of house plans; (2) workers compensation insurance certificate or a signed affidavit of exemption; (3) plot plan/site plan; and (4) sidewalk/driveway permit (usually issued as part of the building permit application process).

Once we obtain a building permit, which would not be issued without also receiving zoning approval, then we apply for municipal water (if applicable) and for a sewer connection permit (if applicable).

At this point, we are ready to begin construction!

The B.O.L.D. Company is uniquely situated to help you through each and every step of the custom home building process, from financing and design/selections to construction and warranty service. We are available to build on your lot in Northern Kentucky, or let our licensed real estate agents help you find the perfect home site! Our in-house drafting and design team, together with our on-staff licensed Professional Engineer, can help you find or design the plan of your dreams! And of course, B.O.L.D. combines quality products and craftsmanship with unsurpassed customer service, so that the finished home is everything you expect and more. Find out why 400+ other new home customers have trusted The B.O.L.D. Company since 1986!

The post HOW TO BUILD A CUSTOM HOME, Part 13: New Home Construction Permits appeared first on B.O.L.D. Views in Building.

This week, we look more closely at financing a new home purchase. There are many types and varieties of financing options, from paying cash, to obtaining private loans, to the myriad mortgage loan options. Because most people do not have access to that much cash, nor do they have friends or family with that much cash and the availability to loan it away, we are going to look at the most common mortgage loan options.

Mortgage loans come in several varieties, with the most commonly used being the fixed rate loan. Usually coming with 30-year or 15-year terms, fixed rate loans provide regular and predictable payments for which monthly finances can be budgeted. A rate is locked-in (“fixed”) and this same rate is charged for the life of the loan. The advantage is in being prepared and knowing what will be owed each month and for how long. The disadavantage is that if interest rates go down, you are still fixed at the same unchanging rate. (However, re-financing is still an option.) 30-year fixed rate loans allow for a lower monthly payment (because less principal is paid down each month), but because of the longer period of time, the total amount of interest paid is higher than with a shorter-term loan; furthermore, the interest rate is generally higher than for a shorter-term loan. 15-year fixed rate loans come with a higher monthly payment (because more principal is paid down each month), but less interest is paid over all, and they generally come with lower rates. Shorter-term loans also help you to build up equity faster and pay off the loan more quickly. Though less common, 40- and 50-year fixed rate mortgages are available; however, in these situations, while your monthly payment may be less, in the end, the result is often that you pay more in interest than the entire principal of the loan!

Adjustable rate mortgages (ARMs) became increasingly popular before the downturn, and improper use of this option is frequently blamed for the high number of foreclosures. Obtaining an ARM to get into more house than you can reasonably afford is one example of an improper use. Despite its recent bad reputation, used in a reasonable manner, ARMs can be useful. Adjustable rate mortgages are loans in which the rate is quite low for an initial period of time, whether it be one month or 5 years. After this initial term, the rate “floats”– or changes in relation to current market trends. It may change monthly or by some other term specified in the loan contract. Purchasers who do not intend to stay in their home longer than the initial low rate period may benefit from such a loan (assuming they are actually able to sell when expected). Similarly, if purchasers expect to have a better cash flow situation after the initial period (for instance, if they expect to have paid off student or vehicle loans, or expect to earn a higher income) ARMs may be manageable. Adjustable rate mortgages often come with payment caps, or limits on how high the monthly payment can go. While this sounds like a safety precaution, it can actually be a danger, in that if the interest rate becomes high enough that the monthly interest payment surpasses the cap, then the remaining interest due is added to the principal of the loan–so instead of paying down the loan, the loan actually increases in size over time. Very quickly, the principal of the loan becomes higher than the value of the home.

Convertible mortgage loans are adjustable rate mortgages that allow you to “fix” at a rate at some point during the life of the loan–thus, after the initial low interest rate, the ARM can be changed to a fixed rate loan (usually for a fee, often a sizeable one). Ideally, the terms would allow for the borrower to lock in a rate at any time, but be careful: some terms will only allow the borrower to lock in a rate during a narrow time period, and the mortgagee may or may not remind you when that time period arrives (and it is difficult to predict what the market rates will be at that time).

Interest only mortgages allow the borrower for the first few years to make payments covering only the interest, without paying down any of the principal. While this allows for lower monthly payments initially, no equity is built up during this time, and eventually, the payments will have to be increased to pay down principal. Using this option as a means of getting into more house than you can reasonably afford — like with ARMs — is, ultimately, not a beneficial use of this option.

Once you select a mortgage type, the next question is likely to be: what are discount points? Simply put, points are fees paid to the lender at

Lets Make a Deal!

closing in exchange for a lower interest rate on the loan. The benefit to the lender is that they get more cash upfront, while the borrower has the advantage of paying less interest overall. If the borrower plans to stay in their home long enough to recoup the initial fees (often a considerable time period), and if the borrower has extra cash available to make the upfront payment, paying down points can be a good option. Furthermore, in negotiations between buyer and seller, the buyer sometimes pays points on behalf of the borrower, in order to get the sale without lowering the sale price (and thereby devaluing the home and the appraisals of those around it). Each point is equal to one percent of the total mortgage loan amount; thus one point on a $100,000 loan would be $1,000. How much change in the interest rate that this amount would purchase will depend on the terms of the loan, but it is typically about 1/8%. This, in turn, will allow you to determine how much interest you will save by paying points.

Each financing situation is unique, and only by examining each option, doing your homework, and asking questions will you be able to determine the best financing option for you.

The B.O.L.D. Company is uniquely situated to help you through each and every step of the custom home building process, from financing and design/selections to construction and warranty service. We are available to build on your lot in Northern Kentucky, or let our licensed real estate agents help you find the perfect home site! Our in-house drafting and design team, together with our on-staff licensed Professional Engineer, can help you find or design the plan of your dreams! And of course, B.O.L.D. combines quality products and craftsmanship with unsurpassed customer service, so that the finished home is everything you expect and more. Find out why 400+ other new home customers have trusted The B.O.L.D. Company since 1986!

The post HOW TO BUILD A CUSTOM HOME, Part 12: Financing Options and Details appeared first on B.O.L.D. Views in Building.

This week, we review the financing options and the mortgage process for new home purchases. While loans have become more difficult to obtain in recent years, being prepared will greatly increase your chances of getting financing with the terms you want.

*KNOW YOUR CREDIT SCORE Get your credit report – everyone is entitled to one free credit report per year (visit annualcreditreport.com or call (877) 322-8228). Make sure there are no mistakes in your report, and dispute any you find. It can take a month or more for your report to reflect corrections, so don’t wait to fix errors!

*ANALYZE YOUR FINANCIAL SITUATION Determine how much you can afford to spend – and are willing to spend – every month on a mortgage. A general rule of thumb is to expect to spend NO MORE than a third of your gross income on your mortgage payment – and remember, the smaller the percentage of your income that you devote to the mortgage, the easier your finances will be during the tough times (medical bills, lay offs, etc). Don’t forget to determine how much of a downpayment you can afford! Expect to need a downpayment of between 5% and 20% of the purchase price – the more money you put down initially, the less you have to pay interest on later.

*COMPARE RATES, TERMS, AND FEES Compare many lenders and rates to find the right fit for you and your situation. Be sure to add up all the costs so that you are making fair comparisons – include all fees, points, and closing costs in your estimates. Potential lenders should give you a Good Faith Estimate (GFE) within three days of your application which details all the costs—but this is only an estimate. If you can get your lender to “lock in” fees and rates, all the better! Finally, be sure that you explore all your options: savings and loan associations, credit unions, local banks, major lenders, stock brokerages, mortgage brokers, and FHA and VA programs. Each have their advantages: for instance, local banks know the area, the building practices, and tend to be easier to contact, while major lenders may be able to offer more competitive rates, and federal programs may offer lower downpayment requirements.

*BE PREPARED TO PROVIDE DOCUMENTATION Lenders need to know that you can afford to make the payments and that you intend to

Lets Make a Deal!

make the payments, so you need to provide evidence that you have a steady income and a history of making payments in full and on time. This means that, in addition to proving your identity by providing your full legal name, Social Security number, and date of birth, you will also be expected to furnish at least two years of tax returns and income, employment, and residence history, as well as at least two months of bank statements and pay stubs. You may also need to provide investment earnings reports, divorce or child support decrees, proof of insurance, or documentation of any other assets or liabilities that could affect your ability to make your payments.

The B.O.L.D. Company is uniquely situated to help you through each and every step of the custom home building process, from financing and design/selections to construction and warranty service. We are available to build on your lot in Northern Kentucky, or let our licensed real estate agents help you find the perfect home site! Our in-house drafting and design team, together with our on-staff licensed Professional Engineer, can help you find or design the plan of your dreams! And of course, B.O.L.D. combines quality products and craftsmanship with unsurpassed customer service, so that the finished home is everything you expect and more. Find out why 400+ other new home customers have trusted The B.O.L.D. Company since 1986!

The post HOW TO BUILD A CUSTOM HOME, Part 11: How to Finance a New Home Purchase appeared first on B.O.L.D. Views in Building.

Last week, we looked at creating outdoor living spaces with porches, decks, and patios. This week, we take that idea a step further. Dress up your porch, deck, or patio by stocking a complete outdoor kitchen!

The convenience of an “outdoor kitchen” means dining and entertaining outside without having to continually run back inside for utensils, condiments, or food that is cooled by the time it reaches the table. You also avoid potentially dirty shoes tracking from porch to kitchen. An outdoor kitchen provides everything you need right where you need it!

The most basic (and most budget-friendly!) outdoor kitchen might include simply a grill and an outdoor bar–somewhere to house drinks and snacks for the evening, for the convenience of guests. For a little bit bigger investment, some bar stools and also cabinet space to allow storage of plates, napkins, and utensils, would dress up the space.

Upgrading the outdoor bar design to an outdoor kitchen would consist of a built-in grill with a miniature sink and a small counter space for food preparation. More elaborate outdoor kitchen designs might include a dishwasher, a refrigerator, an oven, or even a television set for watching the big game! Some designs also include an outdoor fireplace or fire pit, to make their outdoor entertaining more of an all-season facility.

All of these items would need to be installed or covered in such a way as to protect them from the elements, however. Keep in mind:

*Flooring – avoid flooring that would become dangerously slippery when wet.

*Hot or wet surfaces – any part of cabinets or countertops that would be exposed to heat from the grill, or to rain or even direct sunlight, will need extra protection, such as backer board covered with stone veneer, or will need, at least, to have a sealer applied.

*Lighting – avoid accidents by including sufficient lighting for walkways, food preparation areas, and dining areas.

*Shelter – don’t be run out of your outdoor space when the sun is too bright or the air too chilly. Prepare for the conditions you expect to face, whether it is by including simply a patio umbrella or a complete pergola-with-plexiglass-panel roof; or maybe a stone-faced outdoor fireplace for warmth, or even just a portable outdoor patio heater.

B.O.L.D. Homes, a B.O.L.D. company, has been established as among the premiere Greater Cincinnati / Northern Kentucky custom home builders since 1986. We have well over 500 customer designed homes to our credit. Work one-on-one with the owners of the company – including a licensed real estate broker, a licensed real estate agent, a licensed professional engineer, and a CAD draftsman/designer – to design your dream home full of the features important to you. We can help you find a balance between luxury and budget.

The post HOW TO BUILD A CUSTOM HOME, Part 10: Exterior Design Features — Outdoor Kitchens appeared first on B.O.L.D. Views in Building.

The post HOW TO BUILD A CUSTOM HOME, Part 9: Exterior Design Features — Outdoor Living — MORE PHOTOS! appeared first on B.O.L.D. Views in Building.

This week, we look at outdoor living spaces:

Outdoor living spaces add value and open-air living and entertaining space to your home. From decks to patios, covered porches to screened porches, there are outdoor living options for every budget.

PATIOS

The most basic type of outdoor living space is the patio. With a floor of poured concrete, brick pavers, or stone, patios are inexpensive to install and very easy to maintain. Patios provide a place for outdoor entertaining, dining, grilling, sun bathing, or for installing a hot tub.

–Special features to consider for your patio:

Stamped concrete – Concrete can be customized to resemble just about any type of material: brick pavers, cobblestones, wood, etc. By “stamping” patterns and textures and adding color, you can have a “brick paver” patio that won’t allow weeds to grow between the pavers, or a “cobblestone” patio that won’t succumb to heaving of the frozen ground underneath.

Patio cover – To provide shade to a patio, consider adding a pergola, arbor, or patio cover to your design. Common materials for covers include wood, synthetic wood, aluminum, or fabric. They can be solid and provide maximum shade (in the case of a roof cover of aluminum or fabric), or they can provide partial shade (in the case of a pergola or arbor).

Gas hook up – Instead of having a propane tank for your gas grill, install a gas line hook up out to your patio!

DECKS

Decks are also a fairly inexpensive way to expand the living space of your home. A deck, however, can be built to accommodate damp or uneven ground where a patio cannot, and it can be built at ground level or higher. Often, a deck is built in conjuction with a patio – a deck creates shade for a patio below. Decks can be built from pressure-treated wood, redwood, cedar, or composite decking. Some composites are made from recycled materials, which can be a more eco-friendly product, and good composites are more easily maintained than a typical wood deck.

—Special features to consider for your deck:

Deck cover – To provide shade to a deck, consider adding a pergola, arbor, or deck cover to your design. Common materials for covers include wood, synthetic wood, aluminum, or fabric. They can be solid and provide maximum shade (in the case of a roof cover of aluminum or fabric), or they can provide partial shade (in the case of a pergola or arbor).

Gas hook up – Instead of having a propane tank for your gas grill, install a gas line hook up out to your deck!

Door/stairs – decks can be designed like a balcony – where the only entryway is from the house, or they can be built with an additional entryway to/from the yard. For decks built off the ground, this will include stairs.

PORCHES

Covered porches are a part of the design and foundation of the home, compared to a deck or patio which is an extension added on to the home. Covered porches, while allowing light, open-air, and breezes, also provide greater protection from the elements than would a regular patio or deck. As you might imagine, covered porches tend to be more expensive than patios and decks, and must be planned for from the beginning of construction.

Screened porches provide an even greater level of protection from the elements – while light and rain and air can get through the screens, bugs cannot.

Sun porches provide the greatest level of protection from the elements – surrounded by glass windows, light but not air can get in (unless the windows are open).

–Special features to consider for your porch:

Ceiling fans – Move the air around on a hot day with a ceiling fan.

High ceilings – A vaulted ceiling in a screened or other porch will give rising hot air somewhere to go other than where you are sitting

B.O.L.D. Homes, a B.O.L.D. company, has been established as among the premiere Greater Cincinnati / Northern Kentucky custom home builders since 1986. We have well over 500 customer designed homes to our credit. Work one-on-one with the owners of the company – including a licensed real estate broker, a licensed real estate agent, a licensed professional engineer, and a CAD draftsman/designer – to design your dream home full of the features important to you. We can help you find a balance between luxury and budget.

The post HOW TO BUILD A CUSTOM HOME, Part 9: Exterior Design Features — Outdoor Living appeared first on B.O.L.D. Views in Building.

This week, we look at kitchen design ideas:

With the growing popularity of open floor plans, the kitchen has become more of a focal point than in generations past: the kitchen is a place to entertain, and thus, a focus of style and decorating, in addition to retaining its more practical purposes.

Designers have two methods of addressing this dilemma: (1) decorating around customized or high-end appliances that you’ll be proud to show off; or (2) hiding the appliances with custom cabinetry.

“Showy” appliances include high-end stainless steel varieties, those with copper trim or accessories, or professional grade appliances. The latter can serve a dual purpose if you do a lot of cooking, catering, or entertaining.

There are many things you can do to make your appliances “blend in”, or to hide them altogether. Increasingly, appliances are available with changeable front panels to match the cabinetry color and style (think of a dishwasher or trash compactor front panel). Custom cabinetry can make other appliances “disappear.” Drop doors, “roll top” doors, and sliding doors make good cubby holes for small appliances, such as toasters, coffee makers, and blenders. A “microwave cabinet” hides the clunky white or black box. Even the refrigerator can have “armoire” style doors designed to open and close around its space. Built-in refrigerators and dishwashers blend even more easily. Refrigerated drawers can hide within the island, for instance, or a built-in refrigerator can sit atop freezer drawers below.

After the cabinets, the second most noticeable surface in the kitchen is the countertop. Today’s countertops must be both practical and showy. Durable and stylish options are readily available for every budget.

The economical choice is a laminate top, such as those made by Formica or WilsonArt. Available in a wide range of colors, designs, and styles, you can find laminates that mimic just about any kind of natural surface. The disadvantage is that laminates crack or chip fairly easily, and repair of this damage is not so easy.

Ceramic tile is very durable, and it is one of the few do-it-yourself options for kitchen tops. The necessary grout between tiles can be difficult to keep clean, however, and it must be regularly sealed in order to resist moisture.

Solid surface acrylics are becoming increasingly popular for their durability, non-porous water resistance, easy scratch repair (just sand and buff out), and their wide arrange of colors, designs, and styles. Products such as Corian and Avonite produce a good product for a competitive price, making solid surface acrylics a great middle-of-the-road price option.

High end natural surface options include granite, marble, quartz, and even concrete. These products are beautiful, but the high cost does not ensure indestructability. Each of these products are prone to cracking, and none (with the possible exception of concrete) will withstand the damage inflicted by a hot pan (but neither will any of the other options, with the possible exception of ceramic tile).

B.O.L.D. Homes, a B.O.L.D. company, has been established as among the premiere Greater Cincinnati / Northern Kentucky custom home builders since 1986. We have well over 500 customer designed homes to our credit. Work one-on-one with the owners of the company – including a licensed real estate broker, a licensed real estate agent, a licensed professional engineer, and a CAD draftsman/designer – to design your dream home full of the features important to you. We can help you find a balance between luxury and budget.

The post HOW TO BUILD A CUSTOM HOME, Part 8: Interior Design Features — A Kitchen You’ll Be Proud to Show Off appeared first on B.O.L.D. Views in Building.

This week, we look at the features that will help you make the most of the square footage you have. The right layout, lighting, and ceiling height can make a smaller house feel more open and inviting than a larger house, at a lower cost!

Even a large house can feel small. More important than the actual square footage is the layout, the lighting, and the ceilings.

• An open floor plan, where rooms flow one to another with fewer walls and barriers, is less likely to have a cramped, crowded feel, especially after the furniture is moved in. More room for entertaining and no one gets stuck in the kitchen all night! Check out this BOLD open floor plan:
• Plenty of natural lighting–streaming through windows that are not blocked or shadowed by walls–brightens a room like no artificial lighting can, and also increases the open, airy feel of the space!
  • Natural lighting is environmentally-friendly and absolutely free!
  • Studies show that natural lighting is beneficial to both mental and physical well-being
  • Lots of big windows brings the outdoors in, and windows do not give the same “barrier” feeling that a wall or a door gives.
  • In addition to traditional windows in each room, consider adding skylights to key parts of the home: master suite, kitchen, great room.
    • Enhance the beauty of your home
    • Raise the value of your home with a unique feature not found in standard homes
    • Decrease energy costs
    • Some skylights open for ventilation
    • Some skylights come with blinds or special glass to block harmful rays
    • Skylights do require regular maintenance for the life of the home to prevent leakage.

• To add space without adding to your square footage, raise the ceilings!
  • The standard ceiling height in a home is typically 8 feet. Just by adding another foot to the height of the ceilings, the rooms feel bigger, brighter, and more welcoming.
• There are other, more room-specific ways to add ceiling height:
  • Tray ceilings are a design effect where the center of the ceiling is recessed — that is, the center of the ceiling is higher than the surrounding ceiling, adding both vertical space and aesthetic value to the ceiling.

• • Vaulted ceilings have one wall that is taller than the opposing wall and a sloped ceiling that rises from the shorter wall to reach the taller wall.
  • Cathedral ceilings have a center point which is higher than any of the walls, and equal sloping sides that rise to meet that center point.

• • Two-story foyers and great rooms are a beautiful way to add space and light to a house. Cleaning cobwebs, dusting fan blades, and changing lightbulbs 12-16 feet high can be a maintenance challenge, though!

B.O.L.D. Homes, a B.O.L.D. company, has been established as among the premiere Greater Cincinnati / Northern Kentucky custom home builders since 1986. We have well over 500 customer designed homes to our credit. Work one-on-one with the owners of the company – including a licensed real estate broker, a licensed real estate agent, a licensed professional engineer, and a CAD draftsman/designer – to design your dream home full of the features important to you. We can help you find a balance between luxury and budget.

ASK THE BOLD COMPANY FOR MORE INFORMATION ON BUILDING A CUSTOM HOME

The post HOW TO BUILD A CUSTOM HOME, Part 7: Interior Design Features — Making the Most of Your Square Footage appeared first on B.O.L.D. Views in Building.

The registry will give the public access to the employment history and disciplinary record of all mortgage loan originators. Those MLOs subject to licensing by the state will also have to submit fingerprints for an FBI criminal background check, authorize release to the licensing agency of an independent credit report, complete at least 20 hours of pre-licensing education courses, pass a written examination, and complete 8 hours of continuing education for each renewal.

The goals are: increased consumer confidence, consumer protection, fraud prevention, accountability of mortgage loan professionals, and uniformity in training and licensing.

All states are expected to be in compliance with the Act by early 2011.

Contact us at the BOLD Company to discuss your particular situation and opportunities.

The post Getting a Mortgage is More S.A.F.E. Than Ever! appeared first on B.O.L.D. Views in Building.

EYE ON THE ECONOMY

Moderately Faster Economic and Job Growth Lies Ahead

The economy continued to grow in the second quarter, slowing down from previous quarters and not as fast as economists would like to see it, but it was growth nevertheless, with gross domestic product (GDP) advancing at an annual rate of 2.4%, its fourth consecutive quarterly increase.

GDP grew in this year’s first quarter at a 3.7% pace and in the fourth quarter of 2009 at 5.0%. The concern that this cool down presages a double dip and return to recession seems to be overblown.

First, it is not unusual to see variations in quarterly GDP growth coming out of a recession. Particularly strong quarters are often followed by weaker ones as growth in sectors responsible for the surge begins to moderate.

Second, although consumers are rebuilding their savings, they are also spending and likely to continue spending.

Third, business investment may be weakening, but it will continue to advance as companies move to take advantage of low interest rates.

Fourth, the federal government is still distributing funds provided under the American Recovery and Reinvestment Act (ARRA). A large share of these funds has been stockpiled by states, which are slowly using them to pay their vendors over time.

Buoyed by the home buyer tax credit, residential construction helped lift GDP in the second quarter, adding 0.6% to the overall growth rate, thanks to improvements in single-family activity and remodeling, with multifamily construction a negative. This was the first positive contribution from this sector since it added 0.25% to growth in the third quarter of 2009, which was the first quarter in two-and-a-half years that home building was not a drag on GDP, a grim reminder of the depth and length of the housing downturn.

Second quarter GDP also received a major boost from business investment in equipment and software, a sign that firms are generally positive about their future prospects.

Companies also continued to build their inventories, another positive for growth, although at a slower pace than in the previous two quarters. The lift from inventory investment will disappear, however, if final demand falters.

The consumer remains cautious, but has not abandoned the marketplace, contributing roughly half of the growth recorded in the second quarter, down from a two-thirds share in normal times. For now, consumers seem unlikely to increase spending given their generally glum outlook.

The University of Michigan Consumer Sentiment Index fell from 76.0 in June to 67.8 in July, its lowest reading since November. The Conference Board reported a similar drop in its July Consumer Confidence Index, which dropped from 54.3 to 50.4 , its second consecutive monthly decline.

While it is encouraging that businesses and consumers are still active participants in the economy, their growing expenditures in the second quarter led to a large increase in imports, which reduces GDP growth, and this was only partially offset by rising exports.

Ongoing spending by businesses, consumers and the government will produce sufficient economic growth to spur more hiring, which in turn will further buttress consumer spending and aid in housing’s recovery.

As a result, NAHB is forecasting moderately faster economic and job growth over the next few quarters.

Is Housing Improving?

Getting a good read on housing has been complicated in recent months by the lingering effects of the home buyer tax credit and its expiration. The tax credit pulled sales forward as buyers sought to qualify for the credit before the deadline for signing a sales contract at the end of April, leaving the pool of prospective home buyers severely depleted.

Now there is early evidence that market demand is in the process of being restored by historically low mortgage rates and affordable house prices.

New home sales peaked in April at a seasonally adjusted annual rate of 422,000, their highest level since September 2008. In May, they fell precipitously to 267,000, their lowest level since the Census Bureau started reporting these figures in 1963.

Sales in June rebounded to 330,000, an indication that buyers are returning to the market. Although this was a healthy increase, it still left sales at the second lowest level ever recorded. NAHB is forecasting further improvement in coming months as mortgage rates remain low, house prices level out and job growth continues.

Meanwhile, the inventory of new homes fell to 232,000 in June, a level last seen in 1968. Since then, the number of U.S. households has grown by more than 90%. As demand returns, a larger inventory will be clearly needed and bode well for residential construction, dependent upon banks increasing their lending to builders again.

Since their recent peak of 5.06 million In April, sales of existing single-family homes declined 1.6% to 4.98 million in May and 5.6% to 4.7 million in June. This was a bit surprising since the closing deadline to qualify for the tax credit was originally June 30.

The argument for extending the deadline to Sept. 30 was that a crush of credit-related sales had led to a backup and pushed closings beyond June. If this is what actually occurred, then it is a possible explanation for the sales decline in June and suggests that existing home sales should not deteriorate further in July and August as the marketplace adjusts to the fading tax credit.

The National Association of Realtors (NAR) Pending Home Sales Index, which is comparable to new home sales since it is based on contract signings, plunged 29.9% in May and fell an additional 2.6% in June. The index was down 18.6% from a year earlier, roughly in line with a 16.7% year-over-year decline in new home sales in June.

These declines represent the expected adjustment to the expiration of the home buyer tax credit. As we move beyond the tax credit, the true picture of the underlying market will begin to emerge by July or August.

House Prices Find a Floor

Aided by the home buyer tax credit, house prices have stabilized and begun to inch up. The S&P/Case-Shiller 20-city price index has risen in 10 of the last 12 months. On a year-over-year basis, the May index was up 4.6%.

Further, 19 of the 20 cities saw an increase in prices from the previous month on a non-seasonally adjusted basis. Thirteen of the 20 were up on a year-over-year basis, with three of them — San Diego, San Francisco and Minneapolis — up by double digits.

Not quite as rosy, the Federal Housing Finance Agency (FHFA) price index has been up in each of the last three months, although the May index was down 1.1% from a year earlier. Prices were up in seven of the nine divisions of the country in May, but only two were up on a year-over-year basis.

June median new home prices were down a modest 0.6% from a year earlier, while June median single-family existing home prices rose 1.3%.

At a minimum, the home buyer tax credit has helped stabilize home prices and may have given them a bit of a lift.

NAHB is forecasting that house prices will exhibit a mild upward slant during the remainder of this year and throughout next year.

Single-Family Construction Slows, While Multifamily Stabilizes

The combination of the home buyer tax credit, low interest rates and an improving employment picture lifted the value of single-family construction put in place on a year-over-year basis for five straight months through June, when it was up 26.7%. At a seasonally adjusted annual rate, the measure rose for 12 consecutive months until June, when it fell 0.7%, undoubtedly showing the waning effects of the home buyer tax credit.

Multifamily construction spending, on the other hand, showed its first signs of life in June, rising 0.3%, although still down a hefty 52.0% from a year earlier, supporting NAHB’s view that it is bouncing along the bottom as the industry continues to struggle with high vacancy rates and the paucity of financing for new projects. Multifamily construction should be stable for the balance of the year and gradually climb in 2011.

Homeownership Rate Slips

The Census Bureau reported that the nation’s rate of homeownership slipped from 67.2% in this year’s first quarter to 66.9% in the second quarter, its lowest level since the fourth quarter of 1999, a result of foreclosures and continued uncertainty surrounding the housing market.

Homeownership stood at 67.2% in the second quarter of last year. Over the ensuing year, it actually rose in the Midwest — from 70.5% to 70.8% — while in the Northeast it fell slightly from 64.3% to 64.2%. The worst declines — from 70.0% to 69.1% in the South and 62.5% to 61.4% in the West — occurred in regions with the highest foreclosures..

Over the same period, the stock of year-round vacant homes for sale edged up to 1.97 million from 1.9 million. This was an improvement over 2008’s average of 2.23 million, suggesting that this may only be a temporary setback.

Unfortunately, the same cannot be said for the stock of year-round vacant units for rent, which rose to 4.44 million from 4.38 million a year earlier. The large number of available rental units has put downward pressure on rents and dampened financing for the construction of new multifamily rental properties.

Contact us at the BOLD Company to discuss your particular situation and opportunities.

The post The Information You Need to Decide When to Build Your Home appeared first on B.O.L.D. Views in Building.

The post HOW TO BUILD A CUSTOM HOME, Part 6: Interior Design Features — Custom luxury master suite – MORE PHOTOS! appeared first on B.O.L.D. Views in Building.

The 30-year fixed mortgage rate fell to a new low of 4.54 percent this week from 4.56 percent last week and an average of 5.25 percent a year ago.

The 15-year fixed loan rate also hit a record low of 4 percent, down from 4.03 percent a week ago and 4.69 percent last year. The five-year adjustable-rate mortgage averaged 3.76 percent, compared to 3.79 percent last week and 4.75 percent a year earlier; and one-year ARMs averaged 3.64 percent, down from 3.7 percent and 4.80 percent, respectively.

Source: The Wall Street Journal, Nathan Becker (07/30/10)

CONTACT US TO DISCUSS HOW THIS BENEFITS YOU.

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This week, we look at some popular feature options for the master suite:

The typical master suite setup includes both a tub and a shower, either separate or a combination tub/shower unit. Lately, homebuyers have been choosing non-traditional tub and shower units that add elegance and luxury to the suite.

• Soaking tubs Bathing can have more benefits than simply hygiene. Soaking tubs, in particular, bring to your routine both relaxation and stress release, while soothing aching muscles. Some popular options outside of the standard 5 foot wall-to-wall built-in unit include:
  • Garden These tubs are larger and deeper than a standard tub, and so, better suited to a long soak. They also tend to have a more rounded shape, and are often molded for comfort, with back, head, and arm rests built in.
  • Claw-foot or Pedestal Claw-foot tubs give an antique look to a bathroom, while pedestal tubs can often have a quite modern look. Both of these tubs, like the garden tub, are designed for the bather to lie fully immersed in water
  • Roman/Greek/Japanese Though different names, based on different traditions, the intentions and the results are nearly the same. These tubs are designed to allow the bather to remain fully immersed in water while sitting upright, rather than the traditional Western tub that requires the bather to lie in the water. (For example, think of these tubs as miniature hot tubs, but without the jets.) These tubs can be space savers that fit in spots that standard 5 foot rectangular shower/tub combos do not, because the focus is on depth, not length.
  • Jacuzzi A soaking tub with whirlpool jets is another popular means of bringing luxury home to your master suite. Jetted tubs are readily available for purchase, or jets can be installed into an existing tub.
• Custom showers Taking a bath is not the only way to relax at the end of a long day. Those who prefer showers have plenty of luxury options, too:
  • Size Custom showers are tending to be larger. Purchase a shower enclosure in the shape and size you want, or use tile to surround your shower stall. Gone are the days of the 2.5 ft x 2.5 ft single stall!
  • Entry Shower curtains are still in use, but more commonly, glass doors are installed for the shower entry. Even more trendy are open showers that have no door at all! Imagine having no shower door or shower curtain to try to keep clean from soap-scum and mildew!
  • Showerheads Custom showers rarely have one showerhead at one height. Nowadays, luxury showers have showerheads on either side of an open double-stall shower enclosure. Multiple showerheads can be placed at various heights and can have differing settings. Consider installing a showerhead with a nozzle.
  • Steam shower/sauna Design your custom shower to be a steam shower or sauna, and your master suite will be like an at-home spa! Steam showers and saunas must be completely enclosed to keep in the heat and moisture, and to avoid damage to the rest of the bathroom. While they may also function as a traditional shower, they will generally require additional plumbing and wiring to produce the steam.
• Radiant heating When you step out of your custom bath tub or shower, don’t step onto a cold tile floor! Radiant heating options are available for warming your bathroom floor!
• Towel warmers A nice finishing touch to a custom luxury master suite is a towel warmer, available as a warming rack or a warming drawer. After stepping out of your jacuzzi or steam shower, there is nothing like a nice, warm towel to further soothe tired muscles.

B.O.L.D. Homes, a B.O.L.D. company, has been established as among the premiere Greater Cincinnati / Northern Kentucky custom home builders since 1986. We have well over 500 customer designed homes to our credit. Work one-on-one with the owners of the company – including a licensed real estate broker, a licensed real estate agent, a licensed professional engineer, and a CAD draftsman/designer – to design your dream home full of the features important to you. We can help you find a balance between luxury and budget.

ASK THE BOLD COMPANY FOR MORE INFORMATION ON BUILDING A CUSTOM HOME

The post HOW TO BUILD A CUSTOM HOME, Part 6: Interior Design Features — Custom luxury master suite appeared first on B.O.L.D. Views in Building.

Eye on the Economy

Hopeful Signs for Housing Remain

While much of the country is in the middle of the hottest summer in recent memory, residential construction appears to be just entering an early spring — with hopeful signs of more meaningful growth ahead.

At first glance, the June housing starts report appeared to be negative, with activity declining 5.0% to a seasonally adjusted annual rate of 549,000 units, down from a pace of 578,000 units in May. But on closer examination there were some positive signs.

Single-family starts fell a modest 0.7% — from 457,000 to 454,000 — suggesting that they are at or near bottom after dropping off with the expiration at the end of April of the home buyer tax credit, which advanced a significant amount of housing demand into that month.

Although single-family building permits fell 3.4% in June — from 436,000 to 421,000 — this was due to a 7.8% decline in the South; the other regions were either flat (the West) or up slightly (the Northeast and Midwest).

Even multifamily construction, which continues to struggle against forces such as weak rents and the scarcity of financing, provided some basis for optimism. Largely responsible for the drop in total starts in June, multifamily starts fell 21.5% to a yearly rate of 95,000, down from May when they were running at a 12-month high of 121,000.

But the picture is not so bleak when viewed in the broader context of quarterly averages, which remove much of the noise created by the volatile monthly numbers.

Multifamily production in the second quarter proceeded at an annual pace of 111,000 units, which was up 19.4% from 93,000 in this year’s first quarter and up 45.0% from 76,000 in the fourth quarter of 2009.

Meanwhile, multifamily building permits in June jumped 19.6% to 165,000, their highest level since February 2009, from May’s 138,000. On a quarterly basis, permits rose 9.5% to 142,000 in the second quarter, up from 130,000 in the previous quarter.

At worst, multifamily construction appears to have found a solid bottom, and more optimistically appears to be on a steady, if erratic, upward course.

NAHB is forecasting that residential construction will slowly improve throughout the second half of this year and into next year, bolstered by continued low mortgage rates, affordable housing prices and an improving jobs market.

But Builders, Consumers Are in a Pessimistic Mood

Conducted and released before the June housing starts and building permits numbers were reported, July’s NAHB/Wells Fargo Housing Market Index (HMI) fell to 14, down from 16 in June, indicating that builders see little grounds for optimism at the present time. Expiration of the home buyer tax credit, ongoing competition from foreclosed properties and short sales and difficulty in obtaining AD&C credit all contributed to the downbeat mood of the builders surveyed by NAHB.

Traces of rising optimism were found in the Northeast and the Midwest where the index rose, albeit to levels that remained low, and that improvement was supported by an increase in June’s single-family building permits for the two regions.

At the same time, slipping building confidence in the South was matched by a drop in the region’s permits. The HMI for the West also indicated an erosion of confidence, but the region’s single-family permits were flat.

Meanwhile, portraying gloomier consumers, the University of Michigan’s Consumer Sentiment Index dropped to 66.5 in July from June’s 76.0. Beneath the surface there was positive news for housing, with 76% of the households surveyed believing that now is a good time to purchase a house, the second highest reading over the past 14 months and only one percentage point below the peak level for this period.

Further improvement in the economy may enable more households to act on this belief.

The Economy Struggles Through a Slow Patch

The dejected spirits of builders and consumers have not been helped by recent indications that the economy is slowing down. Industrial production rose a mere 0.1% in June, though it was still up a healthy 8.2% from a year earlier. Meanwhile, capacity utilization held steady at 74.1%, its highest level over the last year and a half.

Consumers retrenched in June, cutting retail sales 0.5% from May, the second monthly reduction in a row. Nonetheless, sales were still up 4.9% from a year earlier.

Even small movements in consumer spending, which is responsible for two-thirds of the gross domestic product (GDP), can have major implications for growth. NAHB believes that consumer spending will slowly increase over coming months, helping to support the economic recovery.

Inflation Still Under Control

The seasonally adjusted monthly Consumer Price Index (CPI) was down in June for the third consecutive month, falling 0.1% following a decline of 0.2% in May, but up 1.1% from a year earlier. Meanwhile, core inflation — excluding food and energy prices — rose a modest 0.9% from a year earlier.

The low rate of inflation gives the Federal Reserve the room to maintain its expansionary monetary policy and to keep mortgage rates low.

For the past year, the rental component of the CPI has been essentially flat, and as of June, it was down 0.1% from a year earlier. Homeownership “prices” — measured by using an owner’s equivalent rent, which is largely driven by the rent index without utilities — has also been drifting down, declining 0.3% over the past year.

The rent and owner components of the CPI make up 31% of the CPI. The soft rental market and excess vacancies have kept rents from rising, which has been a challenge to apartment owners who have seen other costs increase. It also has made it more difficult for multifamily projects to obtain financing.

The June Producer Price Index for finished goods also fell for the third month in a row, down 0.5% after declining by 0.3% in May. Nonetheless, the June reading was up 2.8% from a year earlier.

Weakness in construction contributed to a 0.7% drop in June for overall building materials prices for both single-family and multifamily construction, their first decrease in eight months. However, they were still up 3.9% and 3.5%, respectively, from a year earlier. Major contributors to June’s price decline were falling lumber, energy and copper prices.

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This week, we take a look at some important design considerations that should be a part of your floor plan “research and development”.

Savvy home designers are increasingly discovering the benefits of implementing features from the following categories: Universal Design and Green Building. These contemporary industry buzzwords sound great; but what do they actually mean to you and your new home?

• Universal Design The National Association of Home Builders defines this category of home design as “the design of products and environments to be usable by all people, to the greatest extent possible, without the need for adaptation or specialized design.” What this means: taking advantage of common sense features that make your home useable for, and marketable to, people of all shapes, sizes, and conditions. Furthermore, it is a way of thinking about your house in relation to your future in it, including whatever life changes could affect you and your ability to remain in your home.
  • • Living on one floor: Universal design does not preclude a second story or a finished basement. Simply put, the design enables the ability to perform all of the main functions of the home – eating, sleeping, bathing – on the same floor. In this way, if your elderly parents come to stay, or a disabled friend comes to visit, or your own aging joints begin to trouble you, your home remains as hospitable and accessible as ever, to everyone.
    • Step-free accessibility: Universal design provides for access to the home and all of its main rooms without the barrier of steps. Furthermore, the use of doorway thresholds that are flush with the floor allow wheelchairs and other aids to enter more easily, and prevents others (especially those with an armful of groceries!) from tripping.
    • Wide passages and open design: Wide doorways (32-36 inches) and hallways (36-42 inches) allow wheelchairs and other aids sufficient space to more easily enter and maneuver around the home. Wide passages also make moving furniture easier! Extra floor space and an open floor plan allow room for more people and their needs, while lending flexibility to furniture placement and multi-purpose room use.
    • Safety features: Non-slip bathroom surfaces, handrails, and grab bars benefit everyone, but especially the elderly and the disabled. New design ideas are integrating both safety and style.
• Green Building Everything is “green” these days: new homes are no exception. The fact of the matter is, several simple considerations CAN make a DRAMATIC difference in the efficiency and sustainability of your home. A little extra thought about placement of the home, products installed, and maintenance practices can save you money and peace of mind, while saving the earth’s resources.
  • • Passive solar heating: The position of the home, as well as the length, size, and location of overhangs and windows, can significantly affect the energy use of your home – and so, the cost, both monetarily and environmentally. In the winter, sunshine provides natural (and free!) heating energy; however, these come with chilly blasts of wind. In the summer, those rays of sun work against your energy efficiency, while the breezes can aid your cooling system.
    • Appliances: High-efficiency appliances, geothermal heating systems, and programmable thermostats all help to conserve energy resources and lower your energy bills. Look for the Energy Star label when selecting appliances.
    • Insulated garage doors and exterior entry doors, insulated can lights, adjustable door thresholds, and high-efficiency windows all contribute to maintaining comfortable temperatures without high energy use and cost.
    • Low-flush toilets and water-saving faucets conserve household water and lower utility bills.
    • Proper insulation and caulking are also necessary to capture the full benefit of your other energy-saving products.

At the B.O.L.D. Company, we pride ourselves on our commitment to both quality and sustainability. As the first 100% Energy Star Builder in the Northern Kentucky area, we continue to maintain the standards that ensure that each and every one of our homes passes evaluation by a third-party rater. Our homes are 20-30% more efficient than standard homes, saving our customers money and conserving resources for future generations. We also keep up with continuing education and the latest practices recommended by the National Association of Home Builders Green Building program.

We are also proud of our Certified Aging-in-Place Specialist who can help you incorporate the theories of Universal Design into your next home plan.

ASK THE BOLD COMPANY FOR MORE INFORMATION ON BUILDING A CUSTOM HOME

The post HOW TO BUILD A CUSTOM HOME, Part 5: Design Features — Universal Design and Green Building appeared first on B.O.L.D. Views in Building.

This week, we offer advice on selecting – or designing your own – house plan.

• First, consider whether you want to:
  • find a stock plan, make very minor adjustments, and build from that;
  • customize a stock plan with several changes; or,
  • design a custom plan using elements from several floor plans and your imagination.

Your answer to this question will depend on the effort you are willing to put into the process. Of course, the quickest and easiest route is to simply pick one that has already been designed and start building. However, if you have particular needs or wants that are unique to you or your situation, you will spend a lot of time trying to find a plan that fits—when your time would be better spent designing your own.

Some builders will NOT build from a custom plan, nor allow more than very minor adjustments to their stock plans. Some builders WILL build from custom plans, but you will need to find an architect to draw and modify those plans. A select group of custom home builders can help you draw, modify, and build from a house plan.

• Identify the major features you require of your home:
  • How many bedrooms and bathrooms do you need? Consider your current family unit, but also the likelihood of that unit growing (Do you anticipate having (more) children? Is there a possibility of older children moving back in? Or aging parents moving in? Do you have need for guest accomodations, and do you see that need increasing or decreasing with time?)
  • One-floor or two-floor (or more!) living? Do you plan to grow old in this house? You might plan ahead and either build a first-floor master suite, or a first-floor office with attached bath that could become a first-floor master if needed later.
  • What are your lifestyle and / or entertaining habits? Do you foresee a need for formal sitting and / or dining rooms, or would you prefer to put that space toward a more open, less formal great room/kitchen space? Will you need space for many people, seating for many people, or just “living space” for your immediate family?
  • Where do you spend most of your time? What rooms are important to you right now? What would improve those spaces? Would it be helpful to have a space dedicated to a hobby? Or to an office? Or children’s toys? Or to Sunday football?
  • Where do you and your family need privacy? Bedrooms? Offices? Backyard patios? Think about how your floor plan – placement of rooms, windows, doors, landscaping – can provide privacy to those areas that you want to keep quiet or secluded.
  • What do you NEED to store, and what would you LIKE to store? (And how?) Do you need garage space for a boat? Do you want a walk-in pantry in the kitchen? Or maybe a section of the basement devoted simply to shelving for boxes?
  • Consider your home site. If you already know where your home will be built, then you must take the site into consideration when selecting your plan. Will the house fit on the lot? A wide house on a narrow lot can pose problems. Likewise, a steeply sloping lot will pose greater challenges for some home styles than for others. Also consider the area and the homes around your site. If resale is a consideration for you, you don’t want your home to be the most expensive home on the street. Think about the best attributes of your lot and match them with your floor plan: you want windows facing your best views, you may want to take advantage of or, conversely, avoid the sun’s hottest rays of the day (depending on where you live and other factors), and you may want to position your bedrooms and offices to be further from lot lines, roads, and other homes than other rooms of your house.
  • Think about what furniture you intend to move to or purchase for the new house. If you have a giant antique armoire that has been in the family for generations, be sure you have a place to put it!
  • PETS! How can your new home’s layout make pet care as simple and convenient as possible? Maybe a large mud room with a door to the back yard for bringing the dogs in on a rainy day? How about a cabinet for the litter box in the laundry room with an opening so the cat can get in, but stray litter cannot get out? Where could you install your custom 500 gallon fish tank? Or where will you store your horse’s tack and equipment when you bring it in from the barn to clean?
• Make a list of features that you would like to incorporate into your new home floor plan. Also make a list of what you do NOT want in your home. These lists will help you remember your priorities. Clip pictures from magazines or take photos of friends’ homes that illustrate your notes or that capture the “mood” you want a particular room to have.
• Take a look at your notes from the questions above. Search house plans (there are numerous online directories – put “house plans” into your search engine, and you can spend the rest of the day looking at floor plans!) and note which ones meet your requirements. FOCUS on the floor plan layout first and the exterior second, because most floor plans can be matched up with most exteriors. If you find the perfect plan, GREAT! If not, make note of the two or three closest to what you want. Make sure you note what it is you like best about each plan (and what you don’t). An experienced builder or architect can help you merge elements of each into one plan.
• Now it’s time to think about the exterior of the home. What styles do you like? (For ideas, search for the following terms: “prairie style homes”, “traditional style homes”, “modern style homes”, “southern style homes”). Think about the style of the front of your home, but also consider what you intend to use your yard, front and back, for: entertaining and grilling out, kids’ sports or recreation (trampoline, basketball hoop, swingset). How can the floor plan affect your yard? Do you want a screened porch in the back off the master? These kinds of considerations will affect room placement in the layout.

B.O.L.D. Homes, a B.O.L.D. company, has been established as among the premiere Greater Cincinnati / Northern Kentucky custom home builders since 1986. We have well over 500 customer designed homes to our credit. Work one-on-one with the owners of the company – including a licensed real estate broker, a licensed real estate agent, a licensed professional engineer, and a CAD draftsman/designer – to design your dream home! Contact us today about plans or check out plans on our web site.

ASK THE BOLD COMPANY FOR MORE INFORMATION ON BUILDING A CUSTOM HOME

The post HOW TO BUILD A CUSTOM HOME, Part 4: How to Select — or Design — a Home Plan appeared first on B.O.L.D. Views in Building.

U.S. home prices, including distressed sales, increased by 2.9 percent compared to the same month last year, according to CoreLogic in its monthly index.

May was the fourth straight month prices showed a year-over-year increase.

“Home price appreciation stabilized as home buyer tax credit-driven sales peaked in late spring,” says Mark Fleming, chief economist for CoreLogic. “But given that the labor market and income growth remain tepid, we expect prices to moderate and possibly decline the rest of the year.”

Source: CoreLogic (07/13/2010)

The post Best Time to Build a Home is Now appeared first on B.O.L.D. Views in Building.

A Pause in the Recovery or a Double Dip?

A recovery from the Great Recession was never expected to be swift or strong, but recent economic weakness has raised questions about the recovery’s sustainability. Former Federal Reserve Chairman Alan Greenspan, a man of few words, described the situation as “an invisible wall, which we have run into here. This essentially is a typical pause that occurs in an economic recovery.”

The recovery is not being pulled along by housing, and other components of growth are becoming more fragile as consumers worry about credit and jobs. However, the basic recovery path remains positive even if slightly less robust than before oil started seeping into the Gulf of Mexico and Europe decided to pull back from its expansionary efforts.

The June employment report ignited concern when non-farm payroll employment was reported down by 125,000 jobs at a seasonally adjusted annual rate, following a 431,000 increase in May. But both the May and June numbers were distorted by Census Bureau hirings and firings, which were up 411,000 in May and down 225,000 in June.

More importantly but still disappointing, the private sector added 33,000 jobs in May and 83,000 in June. Although these were hardly robust numbers, June showed the sixth consecutive month of private job gains.

During those six months, however, private temporary workers, who comprise less than 2% of private sector jobs, accounted for almost a third of the job gains, indicating that businesses are still hedging their bets, uncertain about the recovery and, in particular, how long the growing demand for their products and services will last. If demand is sustained — as NAHB is forecasting — many of the temporary positions in the private sector will become permanent.

The one apparent bright spot in the employment report — the decline in the unemployment rate from 9.7% in May to 9.5% in June — was actually a negative since it was not due to employment rising but job seekers choosing to leave the labor force, presumably because they considered their job prospects dismal.

NAHB is projecting that the unemployment rate will be around the current 9.5% by the end of the year based on the assumption that there will be sufficient net job creation to absorb the increase in the labor force as more workers return in search of employment.

Employment stability and job growth are keys to a housing recovery. In addition to alleviating workers’ fears about losing their next paycheck, improving employment measures help boost the confidence of households that are considering buying a home.

Residential construction continues to shed jobs, albeit at a slower rate than a year ago. In June, 6,100 jobs were lost, down from the 36,900 job losses a year earlier and from the 81,700 residential construction jobs lost in November 2008.

Total construction employment — including non-residential jobs — fell 22,000 in June, down from a loss of 30,000 in May. The overall unemployment rate for construction jumped to 23.7% in June from 20.6% the month before, reflecting the problems both residential and non-residential construction continue to face.

While the May employment report along with weak housing numbers increased speculation over a potential “double dip” in economic activity, several factors favor the continuation of modest growth.

First, states have been slower than expected in distributing the $787 billion American Recovery and Reinvestment Act funds, which could also explain some of the current softness. The longer lasting impact will support growth later this year.

Second, consumption has been contributing about half of what it would normally contribute to economic growth, but disposable personal income has been moving up and we expect this to continue. Avoiding a double dip depends on this, along with improvements in household balance sheets that took very heavy hits during the Great Recession.

Also, the Federal Reserve’s household balance sheet estimates for the first quarter of this year show the fourth consecutive advance in household net worth. The gain was due primarily to advances in the stock market and paying down debt, mainly home mortgages and consumer credit.

We expect household wealth to trend up gradually over the balance of the 2010-2011 period. Consumers’ debt burdens have been improving since the end of 2008 and are at levels last seen at the end of 2000.

Third, productivity has increased for eight quarters as companies reduced their labor force more than output. Permanent hiring will have to occur to keep output ahead of demand as businesses reach an end to productivity gains. On the housing front, with inventories of single-family houses at a 40-year low, any increase in demand will require new building.

Difficulty in obtaining business and consumer credit has remained a significant drag, but there have been some minor signs that this may be turning around. Non-revolving credit from commercial banks — which excludes credit card debt and mortgages but includes auto loans — has risen in four of the last five months.

With bank balance sheets in better shape, it is likely there will be a slow improvement in credit availability over the coming months.

Single-Family Construction Advances Slowly, While Multifamily Continues in Reverse

The combination of the now expired home buyer tax credit, historically low interest rates and the improving employment picture has propelled single-family construction forward over the past 12 months as measured by the value of construction put in place.

Although the value of single-family construction only rose 0.8% at a seasonally adjusted annual rate in May, it was still up 32.1% from a year earlier — when construction activity was at an extremely low level. With builders working hard to complete single-family houses in time to qualify for the June closing for the tax credit, single-family construction spending can be counted on to contribute to growth in June.

However, multifamily construction spending continued its slowdown in May, falling 6.3% from April and plummeting 57.7% from a year earlier, reflecting the cumulative effects of the lack of financing for new projects and the gradual tapering off of multifamily construction starts since fall 2009.

May starts and permit numbers were up and if that improvement continues, the value of multifamily construction put in place will be on an upward trajectory in the next few months.

Pending Home Sales Down

It was no surprise that the National Association of Realtors’ Pending Home Sales Index fell sharply in May. The index is based on the signing of contracts, as opposed to the Realtors’ existing home sales numbers, which are based on settlement of those contracts.

May, therefore, marked the first month following the deadline for qualifying for the home buyer tax credit. The index fell 30.0% from April at a seasonally adjusted annual rate, and was down 15.9% from a year earlier.

As with new home sales, existing home sales were undoubtedly pulled forward into earlier months by buyers seeking to qualify for the tax credit, reducing sales in close-in, post-tax credit months. The true picture of the underlying market will not emerge until July or August.

House Prices Up

Both the 10-city and 20-city S&P/Case-Shiller composite price indices rose in April. The 10-city index was up for its 11th consecutive month, while the 20-city index was pulling out of two months of decline on the heels of eight months of increases. Both indexes are up on a year-over-year basis — by 4.6% and 3.8%, respectively.

Prices for 11 of the 20 cities were up from a year earlier, and 10 of those 11 were up by more than 3%. Three of the nine that fell — Washington, D.C., New York City and Portland, Ore. — were down by 1% or less.

Meanwhile, the Federal Housing Finance Agency (FHFA) price index was also up in April. However, it was down 1.5% on a year-over-year basis. Prices in six of the nine Census divisions rose in April over March.

At minimum, the home buyer tax credit appears to have helped stabilize home prices and may have given them a bit of a lift. With no help from the tax credit, the next few months will provide the true test for home prices.

NAHB is forecasting that house prices will exhibit a mild upward bias for the remainder of this year and throughout next year.

The post A Pause in the Recovery or a Double Dip? appeared first on B.O.L.D. Views in Building.

This week, we look at what goes into choosing a home site. While many of the factors that go into this decision will come down to personal choice (and, as always, budget) there are important factors to consider before choosing any home site.

Begin by answering each of the following questions. Then prioritize the answers by importance to you. For instance, is it more important to you to have a wooded lot or to have convenience to work?

• Small or large lot? A small lot is generally less expensive to purchase upfront, and also less expensive and less time- and effort-consuming to maintain later. However, a small lot will not accommodate a large house or any extras – swimming pools, sheds, gardens. The size of the lot can also affect the perceived privacy of the home – neighbors are closer.
• Remote or convenient? Privacy and tranquility can be benefits of a rural site. Convenience to school, work, and emergency services are benefits of a more urban site.
• Wooded or open? Mature trees add value to your property, give your home character, add a measure of privacy, and provide shade which reduces utility costs. However, they also can drop a lot of leaves in the fall!
• Sloped or flat? Homes on sloped lots are less likely to require the use of a sump pump to keep water away from the foundation. They also allow for features like a walk-out basement. However, if you intend to install a swimming pool or a basketball goal, you want at least part of the lot to be relatively flat. And sloped lots may require a retaining wall, which will quickly increase the cost of the project.

Once you have identified the basic features you are looking for in a lot, you must determine where to look for that type of lot. Consider:

• School districts
• Local taxes
• Convenience to schools, work, shopping, health care, places of worship
• Public services

After you narrow down your choices, be sure you consider the following before signing a contract:

• SOILS Have a professional – your builder, an engineer, or a municipal authority – test the soils where you plan to build your home. Most homes are built on soils, not solid rock, but some soils are better suited than others to support a foundation. Even with poor soils, construction may proceed, but the costs will be higher.
• WATER Study the flow of water on your lot and how the placement of your home might affect drainage. You don’t want to build in a flood plain and you want water to run away from your foundation.
• UTILITIES What utilities are available? Will you spend additional money bringing utilities to your lot, or to your home on the lot?
• ACCESS What will it cost to provide access to your home site? Will you have to allocate precious funds to a long driveway?
• RESALE POTENTIAL Is the area likely to continue to grow or to stagnate? Is the lot on a busy road or a cul-de-sac? Is your lot one of the more expensive or less expensive lots in the immediate area? You don’t want your house to be just like every other house on the block, but you also don’t want it to be the most expensive house on the block when it comes time to sell.
• HOA FEES Once you own property in a managed community, you will likely be responsible for yearly, or even monthly, fees. Are they affordable on an ongoing basis? Are they in line with the fees in similar nearby communities? What perks does the community provide in exchange for these fees – walking paths, swimming pools, fishing lakes, tennis courts, gate security, lawn maintenance?
• EASEMENTS, SETBACK REQUIREMENTS, OTHER RESTRICTIONS Be sure you know what you are and are not allowed to do with the space, and that these restrictions do not interfere with your intended use.

The licensed real estate professionals at Bold Realty, a B.O.L.D. company, are ready to help you find that perfect home site in Northern Kentucky! We are also available to help you find and purchase a pre-existing home, or to list your home for sale. Contact us today, or check out Northern Kentucky Multiple Listing Service listings!

ASK THE BOLD COMPANY FOR MORE INFORMATION ON BUILDING A CUSTOM HOME

The post HOW TO BUILD A CUSTOM HOME, Part 3: How to Choose a Home Site appeared first on B.O.L.D. Views in Building.

This week, we take a look at the selection process for choosing a builder. Remember that while you are “interviewing” the builder, the builder is also “interviewing” you. Building a custom home is a complex project, and it is important that BOTH of your expectations are met and that your personalities will mesh.

*BUDGET

What do you intend to spend on your new home? This is a question only you can answer. Professionals in the sales and lending markets can help you determine how much you can afford to spend, and you should seek their advice. But just because you can afford a dollar figure does not mean that you will want to spend that much; it simply means you can spend any dollar amount between that figure and zero.

Once you know what your budget is, make sure that you consider builders that specialize in your price range. If you want a custom home in the $300s, don’t interview production builders that build primarily cookie-cutter entry-level homes. Likewise, if you have a budget in the $100s, don’t visit $500,000 model homes or interview builders that have not built in that range—they won’t be experienced at getting the most for your money.

*LOCATION or STYLE

Next, you need to decide which is more important to you, the location or the type of home? If you intend to live in a particular school district or neighborhood, then you must determine what builders are available in that area.

If you already have a home site in mind, be sure that the builders you list are willing to build there. Not all builders will build on your lot – most production builders will only build on their lots in their subdivisions, while most custom builders will build off-site.

If where you live is negotiable, but you certainly want a particular type of house (custom, log, contemporary, traditional), then you will want to research builders who specialize in what you want.

Either method you choose, put together a list of possible builders by contacting the local home builders’ association or chamber of commerce, talk to friends, relatives, and neighbors, and also consult one or several real estate agents. If you intend to build from an architect’s plan, be sure and ask that architect if they recommend a particular builder; they may have one or a few builders in mind who are familiar with their plans.

*LICENSING and TRACK RECORD

When you have compiled a list of anywhere from 3 or 4 to 8 or 10 potential builders (depending on your area), you should do some background research on each builder and narrow down your list prior to visiting any of the sales professionals or model homes.

-Are all of the builders on your list sufficiently insured for both general liability and workers’ compensation? Any “No” answers should be automatic dismissals from the list!

-Are any of the builders on your list members of professional organizations? National, state, or local home builders’ associations? Chambers of commerce?

-Check licensing requirements for your area: are all of the builders on your list appropriately licensed? (Many states do not license home builders, so also check with the local home builders association for a list of Registered Builders—to qualify for this designation, builders must meet strict requirements regarding contracts, warranties, standards, and dispute resolution procedures.)

-Check with the local Better Business Bureau. What is each builder’s rating? Have there been any major complaints about any of the builders?

-Are the builders on your list registered with a new home warranty program?

-Do any of the builders participate in the Energy Star Program? Do they have any Green Building, Aging-in-Place, Accessibility, or other training or designations?

-Have any of the builders on your list placed numerous liens against clients’ homes? Have any had numerous liens filed against their own properties?

-How long has each builder been in business? How many homes have they built? How many homes have they built in the area, price range, and style that you want?

*INTERVIEWS

You should now have narrowed down your list to a manageable number of potential builders to meet face-to-face. Start by touring model homes: take note of the quality of the homes, the features available, the neighborhoods, and the floor plans. If none of these initial visits leaves you with a bad impression of the builder, the neighborhood, or the home, then make appointments to meet with the sales professional for each builder.

When you meet with each builder, consider carefully: Do you feel comfortable working with this person – personality, accessibility, trust? Is this someone with whom you can have a comfortable relationship for the one- to two-year process, including preliminary preparation and post-closing warranty service? Ask the builder about plans they have to offer or about your particular plan, if you have one selected. Be upfront about your expectations, needs, and wants. Do you feel they are being similarly forthright? If you have not selected a plan or a lot, is this person qualified and willing to help you make these decisions? Ask detailed questions about the whole process: contracts to be signed, how selections are made, procedure and pricing for change orders, billing and payment policies, site visits, closing process, warranty service.

*BIDS

At this point, you may feel comfortable selecting one to three builders from whom to request a bid. If you already have a plan and a site, the bidding process may go rather quickly, and you can accept bids from a greater number of builders. If this is the case, be sure that the builder(s) actually see(s) the site and/or blueprints prior to bidding the job. Also, be sure that each builder is bidding on the same specifications, so that you are comparing apples with apples, and not apples with oranges.

If you do not already have a building lot in mind, builders can bid the job with a lot allowance; this means, they propose to build a particular house on a lot worth a particular amount of money (whatever you expect to spend for the site), and based on certain other conditions of what is determined “buildable”. Keep in mind that should you ultimately decide on a lot that is more expensive than your bid’s lot allowance, then the total bid will go up accordingly. Likewise, if you select a location that requires extra work to meet the builder’s standards for being “buildable” – additional grading, trees removed, retaining walls – the total bid price will go up.

If you do not already have a plan and/or lot in mind, you may wish to choose only one or, at most, two builders who are best suited to help you locate, purchase, and modify or prepare both the building site and the blue prints.

Most importantly, while price is important, and staying within budget imperative, cost should not be your only, or even primary, consideration. Quality and trust are priceless in a new home purchase, and cost-cutting early can lead to costly complications later.

*SIGNING THE CONTRACT

When the time comes to make the final decision – complete with signature – consider consulting an attorney with expertise in real estate and / or construction to review the contract you are being asked to adhere to for this great investment of time and money. Also, be sure you are aware how much you will be required to pay upfront and at what intervals after that. You should not be expected to pay more than 10% prior to the closing.

The B.O.L.D. Company is uniquely situated to help you through each and every step of the custom home building process. We are available to build on your lot in Northern Kentucky, or let our licensed real estate agents help you find the perfect home site! Our in-house drafting and design team, together with our on-staff licensed Professional Engineer, can help you find or design the plan of your dreams! And of course, B.O.L.D. combines quality products and craftsmanship with unsurpassed customer service, so that the finished home is everything you expect and more. Find out why 400+ other new home customers have trusted The B.O.L.D. Company since 1986!

ASK THE BOLD COMPANY FOR MORE INFORMATION ON BUILDING A CUSTOM HOME

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CONTACT US AT THE BOLD COMPANY FOR MORE INFORMATION

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The Home Buyer Tax Credit Is Over, Now What?

In the aftermath of the deadline for the home-buyer-tax-credit, which advanced a significant amount of housing demand into April, monthly housing indicators turned negative.

Single-family starts fell 17% in May to a seasonally-adjusted annual rate of 468,000, which was a return to the level of May 2009. Single-family permits also dropped to similar year-earlier levels. The June NAHB/Wells Fargo Home builder sentiment index fell back five points to 17. May new home sales plunged 33% to their lowest level on record.

The deadline for signing a purchase contract has passed, but the deadline for closing is June 30 and could be extended to September if legislation already passed in the House passes in the Senate and is signed into law.

Since existing home sales are reported at closing, they are not expected to fall off until July. Nevertheless, they were down 2% to 5.66 million in May, although this could be due in part to a crush of closings causing delays and backlogs.

Putting the May sales decline into perspective, it was preceded by a 15% increase in sales in April. The average sales pace for the two months combined was 373,000, which was a 3% increase over the average for this year’s first quarter. A similar, although smaller, decline occurred in December, when the 2009 home buyer credit was scheduled to expire but was extended.

Beyond the influence of the tax credit, the more volatile multifamily starts jumped 33% to 125,000 in May from April’s 94,000 and multifamily permits were up 10%, suggesting that the apartment market may finally have reached bottom.

While vacancy rates remain high, they are down from their recent peak. Expected improvement in labor markets has also encouraged multifamily developers to begin planning new projects that can easily take one to two years to complete after they receive permits.

The real question now is whether what occurred in May is a harbinger of a housing market still unable to work up enough momentum on its own to sustain a recovery or simply a temporary side-effect of the tax credit doing its job.

Although housing activity in May was generally weaker than anticipated, several factors continue to support NAHB’s forecast for improvements in 2010. Mortgage interest rates are expected to remain at historically low levels for the remainder of 2010, with only a modest increase in 2011. House prices are back to where they were in 2003.

Although prices have been bouncing around, with small positive and negative changes from month to month, some markets have been inching upwards. The economy continues to show improvement in total output and employment growth, a vital element to housing demand. New home inventories are at their lowest level in almost 40 years, and any uptick in demand for new homes will almost certainly require increased residential construction.

From a longer perspective, the U.S. population continues to grow. Household formations have lagged behind trend as a result of the recession, and those unformed households represent the prospect of moves out of the overcrowded homes of friends and relatives.

And the economy in general has been advancing. Industrial production rose 1.2% in May and was up 7.6% from a year earlier. May capacity utilization rose to 74.7% from73.7% in April and 68.5% a year earlier. Retail sales stumbled in May, falling 1.2% from April, but were still up 6.3% from a year earlier. Despite May’s pullback in retail sales, both the University of Michigan’s consumer sentiment index and the Conference Board’s Consumer Confidence Index showed solid improvement for the month.

Meanwhile, according to government estimates, only a little over half of the funds from the American Recovery and Reinvestment Act — $409 billion of the $787 billion — has been distributed, leaving well over $300 billion in economic stimulus yet to come.

These economic and demographic forces are expected to provide sufficient stimulus to slowly push the housing market forward in the second half of this year.

Financial Market Turmoil

Turmoil in the Euro currency union stemming from fiscal problems in Greece and Spain and some other member countries has spilled over to the U.S. financial markets.

For now, the United States is benefiting from foreign investors seeking safety in Treasury securities and other U.S. fixed-income assets, pushing long-term interest rates lower. Below the 5% threshold for seven consecutive weeks, 30-year, fixed-rate mortgage rates are now among the lowest on record.

Although lower long-term interest rates are a positive for housing and the economy, the rising value of the U.S. dollar against the euro will increase the prices of U.S. exports and dampen demand for them in Europe.

Demand in Europe is likely to weaken further as governments on the continent impose stricter fiscal measures out of concern over their sovereign debt. On balance, lower interest rates but fewer exports will likely impose a minor drag on U.S. economic growth.

Federal Reserve Policy

In statements from its June 22-23 meeting, the Federal Open Market Committee (FOMC) has indicated it will be continuing its monetary policy of “exceptionally low” interest rates for an “extended” period.

The FOMC’s assessment of the economy is in alignment with NAHB’s outlook. “The labor market is improving gradually,” and “household spending is …constrained by high unemployment, modest income growth, lower housing wealth, and tight credit,” the Fed said. It acknowledged that “housing starts remain at a depressed level.”

NAHB expects the federal funds rate to remain in the 0.0% to .25% range through the middle of 2011 as a relatively slow and prolonged recovery puts little stress on capacity and resources, keeping inflation in check. Low inflationary expectations, along with the situation in Europe, should help keep mortgage rates low.

NAHB projects that mortgage rates will remain below 6% through 2010 and most of 2011.

Inflation Remains Tame

The seasonally adjusted monthly Consumer Price Index was down in May for the second month in a row, falling 0.2% following a decline of 0.1% in April, but up 2.0% from a year earlier. Meanwhile, core inflation — excluding food and energy prices — rose a modest 0.9% from a year earlier, a rate consistent with the April data.

For the past year, the rental component of the CPI has been essentially flat, and as of May, it was down 0.1% from a year earlier. Homeownership “prices” are measured by using an owner’s equivalent rent that is largely driven by the rent index without utilities. That measure has also been drifting down — 0.3% over the past year.

The rent and owner components of the CPI make up 31% of the CPI. The soft rental market and excess vacancies have kept rents from rising, which has been a challenge to apartment owners who have seen other costs rising. It also has made it more difficult for multifamily projects to obtain financing.

Once the rental sector begins recovery and rents return to a more normal path, the CPI will also reflect the major influence housing costs have on overall inflation.

The Producer Price Index (PPI) for finished goods also fell for the second month in a row, down 0.3% in May after falling 0.1% in April. The May reading was up 5.3% from a year earlier, though that is down from March’s year-over-year increase of 6.0%.

Despite year-over-year declines in cement and gypsum prices, overall building materials prices in May rose 0.7% for both single-family and multifamily construction, their seventh consecutive monthly increase, and 4.6% and 4.7%, respectively, from a year earlier.

Some near-term price relief is likely at hand, with lumber prices in recent weeks retreating rapidly from their earlier increases.

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Average interest on a 30-year fixed mortgage fell to an all-time low of 4.69 percent this week, down from 4.75 percent a week ago, reports Freddie Mac. Do not expect these rates forever. Once the economy picks up rates will raise quickly. Build now to lock in these rates for the next 30 years.

The post Best Time to Build a Home is Now appeared first on B.O.L.D. Views in Building.

This week, we take a look at the decision so many homebuyers face: Build or Buy?

The advantages of building a new home are many:

• New homes are increasingly energy efficient and low-maintenance. New homes can save you up to 30% annually on utility costs. All components of the home are new and are of the latest design. Also, new homes are subject to the latest and strictest building codes and industry standards.
• You choose the features that are important to you. Instead of choosing between House A with this feature you like and House B with that feature you like, when you build your own home, you can include all the features you like, and leave out the ones you don’t. This brings us to our next point:
• Times change, and with them, colors, designs, and lifestyles. Like the boxy cars of the 1980s morphing into the sleek aerodynamic designs of today, homes and their component parts face style and design changes. Floor plans change with lifestyle changes. Today, new home customers are choosing to phase out formal living and dining rooms, while phasing in first floor master bedrooms, convenient laundry rooms, and a more open design overall. New home buyers are also more aware and concerned about issues such as environmental impact, indoor air quality, and the ability to gracefully age in place. The latest technologies found in a new home address each of these issues, and more.
• See the house go up, inside and out. When you build a new home, you are there for the whole process. You see the empty hole in the ground, the framing and wiring prior to the drywall; you smell the brand-new paint and shiny new flooring. Are there curtain blocks over the windows? Are there electric plugs where you want to put your coffee table? There is a greater feeling of pride and of ownership – it is YOUR house, built for YOU based on YOUR wants and needs. BECAUSE:
• Custom homes are all about YOU, not about the sale. The difference between purchasing a new CUSTOM home and a new production home is the quality and the focus. A custom home is focused on you and your needs. A production home is directed at a large group of potential customers, both in features and in price. While a custom home will include higher quality products, a production home will have more builder-grade-quality products, to keep the price in a range affordable to a greater number of people. And because you may not be around at the time of construction, you may not even be aware of many of these quality concessions hidden behind the finishes—but many of the concessions you WILL see and experience every day you live in the home.
• New homes come with extensive warranties – not just from the home builder. Many of the components of the home have manufacturer’s warranties, from faucets, to doors and windows, to appliances, and more.
• New homes are built in new communities, which tend to rise in value faster than older communities. Like home styles, community styles change. Home buyers begin looking for different features in their communities, whether it is pools, tennis courts, or walking paths, or convenience to the newest shopping centers and restaurants.

Of course, there are two sides to every story. It is important that you are aware of the challenges, as well as the benefits, and determine if they can be overcome:

• Construction of a home takes TIME. The resale of a pre-existing home can close within thirty days, while construction of a new home takes four to six months, depending on the time of year and the kinds of weather and scheduling delays that can be expected.
• Construction of a home also takes EFFORT. You may not be laying the bricks yourself, but you you WILL have to select the brick and color you want, and you will have to meet a deadline for the decision to avoid extra costs and delays. There will be lots of decisions to be made, large and small, throughout the process. An experienced professional, however, will prepare you to succeed and make each step as easy as possible– they know how early to begin making each decision, they can guide you toward the best products for your needs v. budget, and they can answer your questions each step of the way.
• Unexpected costs get you overbudget easily if you are building a house on the side (in your spare time?) or if you are building a home for the first time. With an experienced professional home builder, staying on budget should not be an issue.
• Financing can be difficult to obtain – possibly more difficult than for a pre-existing resale. Due to the current mortgage and economic conditions, financing can be a hurdle, but a professional homebuilder can help. We have the experience, knowledge, and contacts to help turn this “hurdle” into little more than a “speed bump.”

Contact The B.O.L.D. Company today for more information on why and how to build a custom home in the Cincinnati – Northern Kentucky area. The B.O.L.D. Company has design/built over 400 new custom homes since 1986, and no two are exactly alike. Our commitment to quality and craftsmanship are reasons why we have had the distinct privilege to build for some customers over again, and to build for relatives and friends of customers. Our participation in the EPA’s Energy Star Program and the NAHB’s Green Building Training Program keep us at the forefront of technology and innovation. But most of all, we owe our success to our desire to serve our customers and put their priorities first. After all, our most popular floor plan is called “You draw it, we build it!”

CONTACT THE B.O.L.D. COMPANY FOR MORE INFORMATION ON BUILDING A CUSTOM HOME

The post HOW TO BUILD A CUSTOM HOME, Part 1: Why Build a Custom Home? appeared first on B.O.L.D. Views in Building.

*The Kentucky New Home Tax Credit is NONREFUNDABLE. This means that if your Kentucky tax liability is less than the $5,000 credit, then you will only receive a credit for the amount that you owe; you will not receive a refund for the difference, nor can you carry the difference back or forward to other years. If your Kentucky tax liability is $5,000 or more you will receive the entire credit.

*In Order to Qualify for the Kentucky New Home Tax Credit:

*the home must be a previously unoccupied, single family dwelling in the State of Kentucky

*the home must become the buyers’ principal residence for at least two years

*the home must NOT have been built by the homeowners themselves

*Tax Credit Applications MUST be FAXED, not mailed. The fax number is (502) 564-3706. Applications must be received within seven days of the purchase date. Mailed applications will NOT be approved.

*It’s Not Too Late to Apply for the Credit if you purchased a qualifying new home between November 7, 2009 and June 4, 2010. Applications must be received by July 6, 2010.

*You May Qualify for BOTH the Federal Homebuyer Credit AND the Kentucky New Home Credit if you purchased a home between November 7, 2009 and June 4, 2010.

*For more information or for an application, refer to the Kentucky Department of Revenue: Kentucky New Home Tax Credit

ASK THE BOLD COMPANY FOR MORE INFORMATION ON THE KENTUCKY NEW HOME TAX CREDIT

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Only 672,000 new homes were started in April. That’s less than half the number needed to meet the country’s average population growth.

In the past, an average of more than 1.3 million households have been built each year, creating demand for 1.5 million new homes. In 2009, only 398,000 new households were formed, according to the Census Bureau.

“The decline in household formation is artificial,” says James Gaines, a real estate economist with Texas A&M. “The young are moving in with their parents. There’s even doubling up among working-class people. There’s a pent-up demand coming if and when the economy recovers.”

Some economists believe this analysis fails to take into account the changing economy or the large inventory of vacant properties. But Gaines and others say these factors are unlikely to significantly drive down demand.

Source: CNNMoney.com, Les Christie (06/15/2010)

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Contact Mike Kegley at The BOLD Company, (859) 657-6700 for help with your particular circumstances.

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The study for BBVA Compass, a lender based in Alabama, concluded that most lenders don’t warn buyers that there will be costs beyond principal, interest, taxes, and insurance.

Among those costs are utilities. The U.S. Department of Energy reported that the typical family spends $1,900 a year – $158 per month – on things like heat, air conditioning and power.

The National Association of Home Builders calculated that the typical buyer of a new home spends about $8,640 within the first 12 months for furnishings, appliances, and home repairs and fix-ups, while the typical buyer of a resale home spends $6,540.

Source: United Feature Syndicate, Lew Sichelman (06/06/2010)

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WASHINGTON, D.C. – The U.S. Consumer Safety Commission and Health Canada, in cooperation with the firm named below, today announced a voluntary recall of the following products.Consumers should stop using products immediately unless otherwise instructed.

Name of Product: Dishwashers

Units: 1.7 million in the United States and 160,000 in Canada.

Manufacturer: Maytag Corp. of Newton, Iowa or Maytag Corp. of Benton Harbor, Mich.

Hazard: An electrical failure in the dishwasher’s heating element can pose a serious fire hazard.

Incidents/Injuries: Maytag has received 12 reports of dishwasher heating element failures that resulted in fires and dishwasher damage, including one report of extensive kitchen damage from a fire. No injuries have been reported.

Description: The recall includes Maytag®, Amana®, Jenn-Air®, Admiral®, Magic Chef®, Performa by Maytag® and Crosley® brand dishwashers with plastic tubs and certain serial numbers. The affected dishwashers were manufactured with black, bisque, white, silver and stainless steel front panels. The brand name is printed on the front of the dishwasher. The model and serial numbers are printed on a label located inside the plastic tub on a tag near the left side of the door opening. Serial numbers will start or end with one of the following sequences:

Click here for more information and to check if your appliance is affected. You can schedule a repair or request a rebate.

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• deductions for mortgage interest
• deductions for real estate taxes
• capital gain exclusion for the sale of a principal residence

The deductions for mortgage interest and real estate taxes reduce the annual cost of homeownership by reducing the home owner’s tax liability each year. For example, a home owner with $10,000 in annual mortgage interest payments and real estate taxes and who falls in the 25 percent tax bracket could realize up to $2,500 in tax savings each year. Home owners who itemize their taxes can deduct from taxable income interest allocable to a first or second home for up to $1 million of mortgage debt and $100,000 of home equity loans. And most state and local taxes paid on homes are also deductible.

When the home is sold, the capital gain exclusion can again provide home owners a tax benefit. Under present law, sellers of a principal residence can exclude from taxation profits from the sale of a home, up to $500,000 for married taxpayers and $250,000 for single taxpayers. With capital gain tax rates expected to increase from 15 to 20 percent in coming years, these tax savings can be substantial.

Research by NAHB economists has estimated the tax savings for home owners for certain income and mortgage amounts. For a married couple with an income of $80,000 per year and an initial mortgage amount of $250,000, the tax savings from the mortgage interest and real estate tax deductions are estimated to save the couple more than $11,000 in the first five years of homeownership. Assuming the couple owns the home for twelve years, these savings grow to more than $25,000 over the time period. Combined with the capital gains exclusion, the total tax savings for the entire period of ownership exceeds $52,000.

For a couple with an income of $60,000 and an initial mortgage of $180,000, the five years tax savings total more than $6,000 and the total savings over a twelve year period are estimated to be more than $33,000.

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Interest rates have fallen so dramatically since April 30th that the typical purchaser of a $350,000 home, financed with a $280,000 mortgage, would have saved a bundle by waiting until May.

At April’s average rate of 5.34 percent, a home buyer would have locked in a 30-year fixed rate loan with a monthly payment of $1,561.82.

The same borrower could have snagged a 30-year fixed rate loan at a rate of 4.625 percent in May and paid $1,439.59 per month.

That’s a $1,467 annual savings. Over 30 years, it’s a $44,003 savings, dwarfing the tax credit.

Source: Informa Research Services (05/26/2010)

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Rates haven’t been this low since the 1950s, he says, adding that rates are unlikely to fall further.

“You can float, but that’s not a smart strategy. It’s like asking for another card when you have 19 in blackjack. Stand and take your chances,” he advises.

Source: Bankrate.com (5/26/10)

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“The home buyer tax credit was just one of many factors motivating Americans to buy homes,” said NAHB Chairman Bob Jones, a builder and developer in Bloomfield Hills, Mich. “But buyers can still take advantage of today’s low interest rates and competitive prices to get a home they may not have been able to purchase just a few years ago.”

Besides mortgage interest rates that have been hovering at near-record lows, homes in many markets have become more affordable. Prices have moderated from the highs of the housing boom that occurred in most of the country, especially in major markets where they had increased significantly.

Today’s new homes are also built to be much more energy efficient than homes constructed a generation ago, making them more affordable to operate. New homes are designed to support modern lifestyles with open floorplans, flexible spaces, improved safety features, and low-maintenance materials.

Consumers who are thinking about buying a home should not count on interest rates or prices staying at current levels, however. Mortgage rates are sensitive to market conditions, and even a slight increase can push monthly payments beyond a family’s budget. As the country recovers from the recession and people stabilize their financial situations, NAHB economists expect that home prices will begin to increase by 2011.

NAHB’s home buyer brochure “Opportunity Knocks for Home Buyers” describes many of the opportunities in today’s market, as well as the long-term financial benefits of homeownership. It provides examples of how interest rates affect monthly mortgage payments and the typical federal tax savings over the first five years of homeownership. The brochure can be downloaded from NAHB’s web site at: www.nahb.org/homebuyerbrochure.

The home buyer tax credit is still available for eligible home buyers who had a signed sales contract by the April 30 deadline and who close by June 30, 2010, as well as for qualified members of the military, foreign service and intelligence communities, who have until April 30, 2011, to sign a contract. For more information, go to www.federalhousingtaxcredit.com.

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Falling rates on U.S. government securities helped push mortgage rates down to the lowest level so far this year.

The average rate on a 30-year fixed loans declined this week to 4.84 percent from 4.93 percent a week ago, reported Freddie Mac.

Also, 15-year fixed loans fell to 4.24 percent from 4.30 percent; five-year, adjustable-rate mortgages declined to 3.91 percent from 3.95 percent; and one-year ARMs fell to 4 percent from 4.02 percent.

Source: Pittsburgh Post-Gazette (05/21/10)

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Output and Job Growth Precede Housing Recovery

Employment in April increased by 290,000 jobs at a seasonally adjusted rate. On top of an upward revision for March of almost 70,000, this marked the fourth month of job growth and the largest increase since March 2006.

The added jobs in April included 80,000 in professional and business services, 45,000 in leisure and hospitality and 44,000 in manufacturing as well as the Census Bureau’s addition of 66,000 temporary decennial census workers in April and 48,000 in March.

As is typical at the beginning of a recovery, the gains on the employment front were not registered in the unemployment rate, which increased to 9.9% as news of hiring brought discouraged job seekers back into the market.

NAHB is forecasting that employment will continue to move to higher ground throughout 2010 and 2011, though not necessarily at April’s torrid pace. The unemployment rate is nearing a peak and by year’s end is expected to be around 9.3%.

Employment stability and job growth are keys to a housing recovery, alleviating the fears of existing workers that they will lose their paycheck and significantly improving the financial wherewithal of re-hires — both of which will boost the confidence of households that it is now safe to consider buying a home.

Gradual improvement in the employment picture provides the final ingredient needed to spur demand and launch a full-scale housing recovery as relatively low mortgage interest rates and house prices keep affordability at attractive levels.

Construction employment, in the meantime, has been turning in a mixed performance, with 10,900 residential construction jobs lost in April, up from 10,100 job losses in March, but a 15,400 increase in April’s non-residential construction jobs. The overall unemployment rate for construction climbed 1% to 20.3% in April.

The Economy Continues to Advance

Real gross domestic product (GDP) grew at a healthy 3.2% pace in the first quarter, the third consecutive quarter in which the U.S. economy was on the mend. Personal consumption expenditures, investment — primarily in rebuilding inventories and in equipment and software — and exports were the major drivers of growth.

Residential construction, which provided a lift to GDP growth in the third and fourth quarters of 2009, was a minor drag in this year’s first quarter, reducing growth by 0.3%. Though down from the fourth quarter’s 5.6% growth rate, the economy is still expanding at a strong enough pace to create jobs faster than population growth is adding to the labor force, a trend that is expected to continue.

The employment situation will also improve as companies see the opportunity to increase output. In the early phase of a recovery, productivity growth is customarily high as businesses meet rising demand by getting more work out of their current employees, such as retail clerks who were previously waiting on an average of two customers an hour are waiting on five as business picks up.

Companies can also bring back on line or speed up idle or underutilized machinery. However, as the recovery continues, these opportunities become harder to find and firms must then hire more workers in order to increase output, reducing productivity growth.

What is occurring now is following this familiar pattern. Productivity growth in this year’s first quarter fell to a rate of 3.6%, down from 6.3% in last year’s fourth quarter, which was down from 7.8% in the third quarter. Nonetheless, first quarter growth still exceeded the post-World War II average of 2.3% leading into this recession and the 2.8% for the 10-year period prior to its start.

Residential Construction Story Is Still Mixed

The slow but steady improvement in construction activity is showing up in the data for the value of construction put in place, including the seasonally adjusted annual rate of single-family construction rising 1.6% in March from February and 17.2% from a year earlier.

In sharp contrast, multifamily construction continued its dramatic slowdown in March with a 6.3% decline from February and a precipitous 58.1% drop from a year earlier.

Though down 3% from February, remodeling expenditures for improvements in March were up 8.1% in the first quarter from a year earlier.

The combination of a growing economy, slow improvement in single-family home building, stabilization of multifamily construction and continued expansion of the remodeling market will enable residential construction to once again emerge as a net contributor to the economy.

Rays of Hope for Real Estate Financing?

A pivotal question remains: Are lenders beginning to consider lending to real estate a good proposition once again?

The Federal Reserve’s Senior Loan Officer Opinion Survey on Bank Lending Practices at Selected Large Banks released in April suggests that there is light at the end of the tunnel. The latest survey showed that only 2% of the banks were tightening on prime mortgage lending, down from a peak of 74% in the July 2008 survey, and 5% were tightening on non-traditional (Alt-A) mortgages, compared to a peak of 90% in the Octover 2008 survey.

At the same time, net tightening for commercial real estate loans fell from a peak of 87% in the October 2008 survey to 13% in the current survey.

Interest rates for conventional 30-year fixed rate mortgages continue to hover in the 5% range, where they have been for most of the year. Most recently, mortgage rates have been benefiting from the flight to U.S. debt instruments resulting from concerns over Greece and other countries in the Euro currency union. Further, even with the Federal Reserve no longer purchasing mortgage-backed securities, investor demand for mortgages continues to be strong, keeping rates low.

A Break in Lumber Prices?

After eight weeks straight of price increases for framing lumber in which the Random Lengths composite price rose from $303 per 1,000 board feet in early March to $367 in late April, a 21% increase, prices fell in the first week of May to $358. This may be the first indication that lumber supply is beginning to increase to meet the rise in demand and to take advantage of higher prices.

Reports indicate that logs are flowing out of southern forests once again and that some sawmills have increased production. Also, several fingerjoint moulding and panel plants in Chile that had been damaged by the February earthquake have resumed production and shipments to the U.S., while others are slated to come back online over the next several weeks.

The lumber market in May is also seeing a reduction in export fees and higher quotas for Canadian lumber exports to the U.S. as a direct result of higher prices in March and April, under the Softwood Lumber Agreement (SLA). Based on continued high prices in April and May, all quotas and export fees on Canadian lumber will be eliminated for the month of June, with the exception of an extra export fee imposed on some provinces for a previous violation of the agreement.

The one remaining impediment to a greater supply of lumber and lower prices is a shortage of trucks to transport the material. Beyond that, lumber prices still could be on a roller coaster as export fees and quotas are adjusted each month according to the SLA formula based on previous weeks’ prices.

The post Eye on the Economy for May 13, 2010 appeared first on B.O.L.D. Views in Building.

Those interviewed didn’t all see the housing market in the same light. Joseph LaVorgna, a economist at Deutsche Bank predicts that home prices will rise 37 percent by the end of 2014.

On the most bearish end, both Anthony Sanders, professor of real estate finance at George Mason University, and investment adviser Gary Shilling, president of A.Gary Shilling & Co., expect prices will decline 18 percent.

Source: The Wall Street Journal, James R. Hagerty (05/19/2010)

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Tom Byrne, president of Rockville, Md.-based Chadsworth Homes Inc., says they are more popular than such features as studies and media rooms.

“In the past few years, 30 percent of the homes we build … have a laundry room with granite countertops, a single-level kitchen-style faucet, and the laundry tub will be an undercounter sink,” Byrne says.

Stephen Melman, director of economic services for the National Association of Home Builders, concurs.

“These rooms are becoming larger and more multifunctional, with organizers, a table for folding, ironing stations, and windows with a view,” Melman says.

Source: Washington Times, Carisa Chappell (5/14/2010)

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The new rules also require a post-renovation notification to be presented to the home owner. This means that the remodeler must give the property owner and/or residents a copy of the post-renovation checklist or similar form. Importantly, the EPA has also extended the expiration date for any certified renovator who completed his or her training before April 22, 2010. The new expiration date is July 1, 2015.

One more thing to keep in mind: the EPA has previously given notice that it is writing another rule to require more complex dust-wipe or clearance testing, effectively requiring remodelers to fill the role of lead-paint abatement workers. If approved, this rule would become effective in July 2011.

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The jumbo market appears to be thawing, at least according to a couple of recent articles in the trade and general press. But I’d be curious to know what you’re seeing in your markets.

One of the things I learned when I interviewed Vijay Lala of Bank of America Home Loans late last year is that the jumbo market started coming back in 2009, but it was mainly the really big national players like BofA that were making the loans. They were the only lenders with the financial heft to hold the loans in their portfolios comfortably. Smaller lenders, with no Wall Street players willing to securitize jumbo mortgages and unable to hold the loans in their portfolios, couldn’t get into the market.

Well, apparently what’s changing is that we’re beginning to see securities market for the loans coming back. According to an April 24 piece in the Washington Post, Redwood Trust, in a Securities and Exchange Commission filing, said it would sell $222 million in securities backed by pools of jumbo mortgages. The article went on to say that the average balance of the mortgages would be about $933,000, and that the securities, when they’re issued, would the first since the market collapsed.

The mention of Redwood Trust came deep into the article but I wonder if it should have been played up more, because if the company is successful in attracting investors, then lenders other than the big national banks will be able to at least start thinking about making loans, providing competition to the big banks and maybe helping to move the market to a more normal place.

Right now, the average interest rate on jumbo loans for the most credit worthy borrowers is about 6 percent. That’s extremely low by any reasonable standard, down from something closer to 8 percent during the height of the mortgage crisis. But lenders want to see a lot of skin in the game, more than 20 percent of the loan amount, and, at least for the last couple of years, it’s just been hard to get applications approved, even for good borrowers.

For some people—consumers and real estate people alike—the jumbo market isn’t considered that relevant to them. It’s for high-income households buying high-end houses. But in quite a few markets, houses listed at the $729,750 high-cost conforming loan limit and above are, if not mid-market houses, then not too high above the mid-market. So the difficulty borrowers have been having getting these loans hurts quite a bit.

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Kentucky Builders Meet with Senator McConnell (R-KY)

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The new regulation requires painters and renovation contractors to be trained and certified in EPA-approved lead-paint management methods.

The EPA estimates that the new procedures will add $8 to $167 to the average interior remodeling project. Contractors say the cost will be much more.

Source: Washington Post, Deborah k. Dietsch (04/17/2010)

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The Conference Board — a private research group in New York — said the Consumer Confidence Index climbed to 57.9, from 52.3 in March. The closely watched index details consumer sentiment about business and the job market for the next six months.

Consumer spending accounts for 70 percent of the nation’s gross domestic product, making the Consumer Confidence Index important for the long-term economic outlook and the still-struggling recovery.

However, the index is far from indicating a healthy economy, which generally requires an index of at least 90. But it’s also far from the record-low of 25.3 in February 2009.

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The updated requirements will ensure that the government’s Energy Star label continues to deliver a significant increase in energy efficiency over homes that are built to code and standard builder business practices. These guidelines will go into effect in January 2011, although some builders may choose to adopt the new requirements earlier.

Key elements of the new guidelines for Energy Star qualified homes include:

· A Complete Thermal Enclosure System: Comprehensive air sealing, properly insulated assemblies and high-performance windows enhance comfort, improve durability and reduce utility bills.

· Quality Installed Complete Heating and Cooling Systems: High-efficiency heating and cooling systems engineered to deliver more comfort, moisture control and quiet operation, and equipped with fresh-air ventilation to improve air quality.

· A Complete Water Management System: Because Energy Star homes offer a tightly-sealed and insulated building envelope, a comprehensive package of flashing, moisture barriers, and heavy-duty membrane details is critical to help keep water from roofs, walls, and foundations for improved durability and indoor air quality.

· Efficient Lighting and Appliances: Look for Energy Star qualified lighting, appliances and fans helping to further reduce monthly utility bills and provide high-quality performance.

· Third-Party Verification: Energy Star qualified homes require verification by independent Home Energy Raters who conduct a comprehensive series of detailed inspections and use specialized diagnostic equipment to test system performance.

More information about Energy Star qualified homes: http://www.energystar.gov

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The law provides qualified service members who served on official extended duty outside of the United States for 90 days or more at any time between Jan. 1, 2009, to April 30, 2010, another year to buy a home and claim the credit. They have until April 30, 2011, to sign a sales contract, and until June 30, 2011, to settle and close on the home. Both the $8,000 first-time and $6,500 repeat home buyer tax credits are included in the rule.

“Congress recognized that many service members may have missed out on the home buyer tax credit due to being posted overseas,” said NAHB Chairman Bob Jones, a builder and developer in Bloomfield Hills, Mich. “It is only fitting that they be given another year to take advantage of this opportunity in appreciation of the sacrifices they have made serving our country.”

“Qualified service members” are defined as a member of the uniformed services of the United States military, a member of the Foreign Service of the United States, or an employee of the intelligence community.

The rule that requires buyers to repay the credit if they move out of their home within three years has also been waived for qualified service members if they have to sell their home due to receiving government orders for extended duty service.

NAHB provides information on the home buyer tax credit, including eligibility requirements and links to home buying resources, on its consumer website www.FederalHousingTaxCredit.com.

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The Weather Disrupts the Housing Numbers

As feared, the February housing numbers were not good. Given the unusually bad weather in the South and along the East Coast that month — with record setting snow storms in the Mid-Atlantic region and up into New England — the expectation was that many of the economic statistics would be bad, even on a seasonally adjusted basis, and they were. (more)

House Price Stability?

House price measures have been sending off mixed signals recently. However, the consensus is that the worst is over, with small price vacillations up and down for some time to come.

At a minimum, housing prices have been falling at a much slower pace, and they have stabilized in many markets. As of January, the S&P/Case-Shiller seasonally adjusted 10-city and 20-city price indexes had both risen for eight consecutive months. (more)

Minimal Pressure on Consumer Prices

Consumer prices as measured by the Consumer Price Index (CPI) remained tame in February, rising 2.1% on a year-over-year basis, down from 2.7% in December 2009. Core inflation — excluding food and energy — rose 1.3% on a year-over-year basis, down from 1.8% as recently as December 2009. This gives the Federal Reserve room to continue its current expansionary monetary policy to aid the economy in its recovery from the Great Recession.

Building material prices, which generally fell during much of the housing recession, are now showing signs of rising. Although price increases to date have been relatively modest overall, the cost of some materials has jumped considerably — including lumber, energy and copper. (more)

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“What we’re finding is that the appraisal process, the lending process, the underwriting process for loans still hasn’t caught up with the market interest in green building,” says Kevin Morrow, senior program manager for the National Association of Home Builders’ green programs.

“Technological advances have radically changed — and are radically changing — the way we build houses. The banking and mortgage industries need to be educated,” says Mark Nuzzolo, owner of Brookside Development in Woodbridge, Conn.

Source: The Christian Science Monitor, Alexandra Marks (04/07/2010)

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“NAHB’s Web site that provides information about the home buyer tax credit, www.FederalHousingTaxCredit.com, has received more than 8 million visits,” said NAHB Chairman Bob Jones, a builder and developer in Bloomfield Hills, Mich. “We are doing everything we can to make sure home buyers are informed about this outstanding opportunity to benefit from buying a home before it expires April 30.”

Some of the more commonly-asked questions, and the answers, include:

How does a home buyer claim the tax credit?

The credit is claimed when the home buyer files or amends their federal income taxes. For qualifying homes purchased in 2009 or 2010, the taxpayer must complete IRS Form 5405 and attach a copy of the settlement statement. In most cases, the settlement statement is a properly executed Form HUD-1.

In circumstances where a HUD-1 is not provided, such as purchasing a mobile home or a newly constructed home, the IRS will accept an executed retail sales contract (mobile homes) or a copy of the certificate of occupancy (new homes).

Does the home buyer have to sell their current home in order to qualify for the $6,500 repeat home buyer tax credit?

A home buyer does not need to sell their current home in order to be eligible for the repeat buyer credit. They can continue to own both homes, and rent or use their former home for something else, as long as it no longer serves as their principal residence. The taxpayer is required to use the new home as their principal residence, and live in it for at least 36 months, or they will have to repay the credit.

Do married couples both have to meet the eligibility requirements in order to claim the credit, even if they file taxes separately?

Both spouses must fully meet all the eligibility requirements for either the $8,000 first-time home buyer tax credit or the $6,500 repeat buyer tax credit, regardless of if they file joint or separate tax returns. However, if an unmarried couple purchases a home and only one person qualifies, the eligible person may claim the full credit.

Do all home purchases need to be completed by April 30, 2010, in order to be eligible for the credit?

There are two exceptions to the April 30 deadline. If the buyer enters into a binding contract by the deadline, they have until June 30, 2010, to complete the purchase. The deadline has been extended a year, to April 30, 2011, for members of the uniformed services, Foreign Service or employees of the intelligence community who have been on qualified extended duty outside the United States for at least 90 days between January 1, 2009, and April 30, 2010.

NAHB’s Web site www.FederalHousingTaxCredit.com provides information including eligibility requirements for the $8,000 first-time home buyer and $6,500 repeat buyer tax credits, detailed question and answer sections, and links to additional home-buying resources for consumers.

Disclaimer: NAHB is providing this information for general guidance only. This information does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind nor should it be construed as such. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action on this information, you should consult a qualified professional adviser to whom you have provided all of the facts applicable to your particular situation or question. None of the tax information in this release is intended to be used nor can it be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

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The Fed, whose regular meeting began Tuesday, said that “housing starts have been flat at depressed levels” and “employers remain reluctant to add to payrolls” as a reason for extending the cap on interest rates.

“The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to promote economic recovery and price stability,” the Federal Open Market Committee statement said.

Source: Bloomberg, Craig Torres and Scott Lanman (03/16/2010)

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The back of the home will be about here.

There is still a great selection of building lots for your home. Follow the links below or contact me for more information.

Lot 6 Lot 7 Lot 11 Lot13 Lot15

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How about a wet bar here?

May be a granite drink shelf here?

This space would be great for the closet!

Here are the finished results just in time for March Madness!!

Rich Maple cabinets and a granite top.

Stemware and wine bottles hang out here!

A place to set your "Kool-Aid" when it is your turn to shoot.

Plenty of storage in here!

Thank you Dan and Janet for trusting The BOLD Company to work on your home.

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March –

“A professional remodeler knows how to translate a home owner’s dreams and budget into a beautiful reality,” said Donna Shirey, CGR, CAPS, CGP, President of Shirey Contracting in Issaquah, Wash. and 2010 chairman of NAHB Remodelers. “They have the expertise and skills to satisfy a customer while keeping the budget in check.”

Here are five tips for planning a successful home remodel that you can enjoy for many years to come.

1. Compile a list of home remodeling ideas and draft a budget for the work.

You likely have some projects in mind, such as modernizing the bathroom, renovating the kitchen, replacing windows or repairing the roof. Prioritize your wish list: Maybe you don’t have the budget for your dream remodel, but professional remodelers can maximize your dollars by doing the work in phases, suggesting budget-friendly products and materials, and implementing creative design solutions.

2. Look for a professional remodeler to help plan the project.

Start by searching NAHB’s Directory of Professional Remodelers at www.nahb.org/remodel. You’ll get a list of nearby remodelers to contact. Asking friends and neighbors for names of qualified remodelers will also help you find a match for your project.

3. Check the references and background of the remodeler.

After you start speaking with remodelers and find one or two who match your project’s needs, be sure to conduct some background research by checking with the Better Business Bureau, talking to their references, and asking if they are a trade association member (such as NAHB Remodelers). Remodelers with these qualities tend to be more reliable, better educated, and more likely to stay on top of construction and design trends.

4. Agree on a contract.

Talk over the details of the home remodeling project and begin reviewing the contract. You’ll want to check the remodelers’ insurance coverage, ask about any warranties on their work, know who is responsible for obtaining any building permits, and understand the process for making any change orders after the contract is signed. Make sure that you and your remodeler see eye to eye before you sign on the dotted line.

5. Take advantage of the energy efficiency tax credits.

If your remodel includes replacing windows or doors, adding insulation, installing new roofing, upgrading heating or air-conditioning units, updating the water heater, or installing energy generating products (such as solar panels, heat pumps, or wind turbines) then you can take advantage of federal energy efficiency tax credits through 2010 that will help defray costs and maximize your remodeling budget while reducing home energy bills. (Learn more at www.nahb.org/efficiencytaxcredit.)

For more tips on planning a home remodel or hiring a professional remodeler, visit www.theboldcompany.com .

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Visit open houses all around Greater Cincinnati including our FOUR. Time is running out to take advantage of the Federal and Kentucky tax credits. See you at one of our open houses.

8424 Stratford CT: resale in Florence for $169,900

3943 Buckhill DR: Model Home in Erlanger for $315,000

988 Aristides DR: Model Home in Triple Crown for $346,000

1177 Appomattox DR: Model Home in Florence for $410,000

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WASHINGTON

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I discovered many years ago it’s a mistake to save the paint in the cans from the paint store. Not only do you have to deal with lots of air in the cans, but you also have an issue with rust at the lid lip. The excess air in a paint usually causes a nasty skin to form on top of the paint.

What I’ve discovered that works best for me, and you may have an even better idea, is to use the inexpensive food-storage containers you can buy in the grocery store. They come in different sizes and the trick is to fill one nearly to the top with the leftover paint.

If the paint is water-based, I always add an ounce or two of water at the top of the paint before sealing the lid. This prevents the skinning effect. Using a permanent marker, and I do this before, filling the container, I write on the side of the container the room the paint was used in, the mfr., paint type, paint name, formula if available, etc.

Yesterday I had to touch up many spots in my living room. I painted this room about ten years ago. If you were here with me today, I’d bet you $100 you couldn’t find one spot where I touched up the walls. The paint matched perfectly and it’s consistency was just like the day I opened the original can. Suffice it to say I store this leftover paint indoors at about 65 F.

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First-time home buyer and move-up tax credits worth $8,000 and $6,500, respectively, expire April 30. Buyers who qualify get a dollar-for-dollar reduction in taxes or a cash payment if they don’t pay enough taxes to cover the credit.

Other factors that should spur buyers:

Low mortgage rates. If the Federal Reserve stops buying mortgage-backed securities at the end of March, 30-year rates will almost certainly rise to more than 6 percent.

Rising prices. About 30 percent of markets are already experiencing price increases. Prices are falling in 12 percent of markets, says Fiserv (but that only helps if you want to live there).

Source: Money Magazine, Beth Braverman (03/02/2010

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While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties’ signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn’t common.

The IRS clarification says: “In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law. … The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return.”

For repeat buyers, the IRS is seeking documentation that home buyers have lived in the previous property for a consecutive five of the past eight years. Proof can include property tax records, home owner insurance records, or mortgage interest statements.

Source: Washington Post (02/20/2010)

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If “Cash for Caulkers” passes, home owners will be eligible for a tax credit worth up to $12,000 or half the cost of the retrofits, whichever is lower.

A home owner who spends $24,000 to cut his energy use in half will save an average of $100 per month, estimates Lane Burt, manager of building energy policy at the Natural Resources Defense Council. With a $12,000 tax rebate from the government, the payback will take 10 years.

Some real estate practitioners pointed out that energy retrofits might be a hard sell because they don’t raise a home’s sale value. “It sounds good on paper, but it’s just not how the American consumer makes choices,” says Jeff Geoghan, a Coldwell Banker REALTOR® in Lancaster, Pa. “If you’re buying a house, and you see a furnace has a 95 percent efficiency rating, are you really going to make your decision based on that?”

Source: CNNMoney.com, Steve Hargreaves (02/04/2010

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Lets Make a Deal!

We want you to be successful in our offices. To help you get started we would like to offer these move in specials:

Purchase: Tenant allowance of up to $8,100 on an unfinished unit. This would accommodate the level of finish seen in our display model with interior wall, solid wood doors, stained woodwork and crown molding. Check with us as this deal is disappearing soon!

Lease: Get a $8,100 tenant allowance on unfinished units with a three year lease. This would accommodate the level of finish seen in our display model with interior wall, solid wood doors, stained woodwork and crown molding. Check with us as this deal is disappearing soon!

Links to updated pricing:

Plantation Pointe Office Centre (Florence)

(Click) Leases only at this time

Grandview Drive Office Centre (Ft Mitchell)

(Click) Purchase (Click) Lease

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Beyond these updates, the IRS is also requiring additional documentation for home buyers who claim the credit for purchases after Nov. 6, 2009. Buyers must now provide a copy of the HUD-1 form or, in cases where that form is not used, a certificate of occupancy for a newly constructed home. For purchases taking place after April 30, a copy of the signed sales contract must also be supplied. Meanwhile, in order to claim the $6,500 repeat buyer tax credit, home buyers must attach one of the following for five consecutive years of the last eight to demonstrate that they meet the repeat buyer qualifications: a Form 1098 reporting mortgage interest; a property tax statement; or home insurance records.

Tax credit buyers should also know that, due to the new documentation requirements, those claiming either the $8,000 first-time home buyer credit or the $6,500 repeat-buyer credit cannot e-file. As a result, taxpayers should be prepared to wait at least 12 to 16 weeks to receive their refunds. On a final note, NAHB has recommended options to Treasury and IRS officials for homebuyers who do not use a HUD-1 form and whose local jurisdiction does not issue a certificate of occupancy. We are awaiting their response at this time. Get more information on NAHB’s consumer tax credit Web site at: www.federalhousingtaxcredit.com.

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Guaranteed Energy Star:

Barrier Free Design: Whether your needs are immediate or you are planning for the future, our experience and training can help you plan your home to overcome the obstacles that might stand in your way should you need accessible housing for independent or more convenient living, for you or a family member.

Building on the Lot of Your Choice: The B.O.L.D. Company builds where you want to live. While we do have lots available in various neighborhoods, you are not limited to those sites for your new home. Whether it would be a building lot in a different neighborhood or acreage outside of town, we are experienced in the various site conditions and requirements found throughout the entire Northern Kentucky area.

Building Code Plus: While all builders must follow the building code, The B.O.L.D. Company builds to specifications above and beyond those basic requirements: not just tighter energy codes, but greater structural and performance standards as well. All items are detailed in our 30-page construction specifications that are accessible in your online account during the building process. You are confident your home will be built as promised, perform better, and achieve its maximum investment potential with this web-based tool.

Value Engineered: Quality products and techniques are evaluated as to their actual benefits and value. Initial costs are compared to long-term maintenance and performance to determine the most cost effective combination of items to construct your home. Quality and efficiency at any cost is not acceptable and must be justified economically over the life of your home.

Permanent Subcontractors and Suppliers: While The B.O.L.D. Company, like the remainder of the industry, uses subcontractors, we do not bid each job and just award it to the lowest bidder. We use quality-minded permanent subcontractors that we select after a thorough review and on-the-job performance evaluations. As a result you will see the same subcontractors on job after job, with many having worked on our projects since the company was founded in 1986. Their pride and craftsmanship are evident in each home.

Design/Build: The B.O.L.D. Company will design, draw and construct the home of YOUR choice. Whether you have a complete set of blueprints or just an idea of what you would like and need help in looking at all the options, we can meet your needs. Our in-house design, drafting and engineering gives you the flexibility to construct your home with the features of your dreams, not just a cookie-cutter production plan similar to every other home on the street.

Service to Satisfy: While we have many quality checks in the construction process to minimize service issues, they do occur. We are always willing to take care of those items that come up from time to time. Our full time service technician and our ownership team are available to you should the need arise.

Do Business with the Owners: From design, pricing, and selections, to construction and warranty service, you are always working with one of the owners of the company. Any questions, concerns or changes can be handled on the spot and discussed with one of the decision-makers of the company. You will have a higher comfort level knowing the owner is with you at every step.

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The New Home Tax Credit is a nonrefundable credit, up to $5000, against individual income tax allowable to a qualified buyer, provided a cap of $25,000,000 for all approved New Home Tax Credits has not been met.

• The up to $5,000 state income tax credit can be applied against state tax liability for the purchase of a new, not previously occupied home in the state of Kentucky.

• To qualify you must fax the New Home Tax Credit form to the Department of Revenue at (502) 564-3706 within seven (7) days of the closing.

• The tax credit is non-refundable, meaning you will not receive a refund of any unused portion and may not be carried forward or backward to another year.

• The home purchased must be a single family dwelling that will be used as the primary residence for at least two years.

• New homes must be purchased, with a complete sale by July 26, 2010 to qualify.

To Apply For the Credit:

• Submit a Kentucky Form 40A103 Application for New Home Tax Credit application via fax within seven (7) calendar days of the escrow closing between the buyer and the seller.
• Kentucky Form 40A103 may be accessed via link to application.
• FAX to the Department of Revenue at (502) 564-3706

A Mortgage Credit Certificates (MCC) reduces the amount of federal income tax you pay, giving you more available income to qualify for a mortgage loan. MCCs are NOT mortgages. They are tax credits that put extra cash in your pocket each month, so you can more easily afford a house payment.

• Through the Kentucky Housing Corporation, the federal government allows first time homeowner an income tax deduction for part of the interest paid each year on a mortgage loan. The Mortgage Credit Certificate gives you a tax credit of up to $2,000 each year (25% of total interest), which reduces the amount of federal income tax you pay and puts more money in your pocket during the year.

• The credit can be taken for the life of the loan. If you sell your home before nine years you could be subject to a Federal Recapture Tax

MCC Brochure

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The association said that the average size of a new home in 2009 was 2,480 square feet, down from 2,520 square feet in 2008.

“The era of easy money is over. You really have to think before you go out and decide you need that five-bedroom, five-bath home,” said Rose Quint, the organization’s assistant vice president for survey research.

Despite smaller home sizes and tightening credits, there are still some features that are expected in new houses. Builders say the following are most likely to be standard in homes built in 2010:

• Walk-in closets in the master bedroom.
• Laundry rooms.
• Insulated front doors.
• Great rooms.
• Energy-efficient windows.
• Linen closets.
• Programmable thermostats.
• Energy-efficient appliances and lighting.
• Separate shower and tub in master bathrooms.
• Nine-foot ceilings on the first floor.

Source: MarketWatch, Steve Kerch (10/22/2010)

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• Aluminum roof coating: 3-7 years
• Enameled steel sinks: 5-7 years
• Security systems: 5-10 years
• Carpet: 8-10 years
• Smoke detectors: fewer than 10 years
• Faucets: 10-15 years
• Garage door openers:10-15 years
• Air conditioners: 10-15 years
• Asphalt: 12-15 years
• Termite-proofing during construction: 12 years

Source: Bankrate.com, Marcie Geffner (01/22/2010)

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• To qualify for the move-up tax credit, a home owner must have occupied the same principal residence for five of the last eight years consecutively.
• Buyers can elect to claim the credit on either their 2009 or their 2010 tax return, whichever is best for them.
• Buyers who claim the credit in 2009 can’t file electronically because the Internal Revenue Service hasn’t put the required forms on line. The wait for a refund is three or four months.
• The home can be a mobile home or travel trailer that is fixed to land owned or leased by the home owner. A mobile home or travel trailer that is actually mobile doesn’t qualify.
• The home can’t be purchased from a close relative, including a parent, spouse, child, grandparent or grandchild.
• A buyer who earns no taxable income or doesn’t owe any federal income tax can qualify for the tax credit and file a tax return just to claim it.

Source: Bankrate.com, Marcie Geffner (01/21/2010)

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To determine what cities are smart buys, Forbes magazine computed the premium and also identified locales where economists predict home prices will go up the most over the next five years.

Here are the top 10 cities the magazine chose as the best places to buy right now.

1. Boston-Cambridge-Quincy, Mass.
2. Charlotte-Gastonia-Concord, N.C.-S.C.
3. Chicago-Naperville-Joliet, Ill.-Ind.-Wis.
4. Cincinnati-Middletown, Ohio-Ky.-Ind.
5. Denver-Aurora-Broomfield, Colo
6. Minneapolis-St. Paul-Bloomington, Minn.-Wis.
7. Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.
8. Portland-Vancouver-Beaverton, Ore.-Wash.
9. San Francisco-Oakland-Fremont, Calif.
10. Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.V.

Source: Forbes, Francesca Levy (01/21/2010)

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Typically, the busiest time for home shopping starts in March and continues through May, but this year buyers who want to take advantage of the tax credits have to have a signed contract by April 30 and close the deal by June 30.

That is getting people off the couch.

“The tax credit will absolutely have an effect,” says Pete Flint, CEO of residential real estate search engine Trulia.com. “It is going to shift demand from the later part of the year to the first part. January and February will be very strong. The next three months, there will be a surge in demand.”

Source: USA Today, Stephanie Armour (01/20/2010)

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“It won’t be a strong recovery, but it will be a recovery,” said David Crowe, chief economist for the National Association of Home Builders.

Crowe forecast that sales of new homes will rise by about 33 percent while resales will go up 7 percent. He expects prices to remain stable in most areas, but some cities may see some slight declines.

“I believe we’ve seen the worst of the house price declines … The stage is set for the consumer to return,” Crowe said.

Source: Associated Press, Alex Veiga (01/19/2010)

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Robert Dietz, an economist with the National Association of Home Builders, says the delay is apparently caused by the Treasury Department’s inability to quickly create new documentation that filers could use to prove they actually bought a property.

Previously, all a home buyer had to do was file a form that said they’d purchased a property. No proof was required. As a result, there were thousands of reports of fraud. This time around, the IRS is seeking ways to force home buyers to prove their eligibility.

Mary Mellem of David & Mary Mellem, EAs & Ashwaubenon Tax Professionals, says it probably will be another three months before the problem is resolved.

Source: CNNMoney.com, Les Christie (10/14/2010)

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The Earth Advantage Institute, a non-profit that certifies sustainable homes, identified these green-building trends, based on its relationships with builders, architects, real estate practitioners, and lenders.

Read the whole list here.

Smart grid and connected homes. The development of custom and Web-based display panels that show real-time home energy use, broken out by individual appliance will increasingly drive consumer behavior.

Energy labeling for homes and office buildings. Accurate energy rating systems for homes and office spaces will make it easier for home owners and buyers to compare and could galvanize owners to make needed energy improvements.

Building information modeling software. The increasing sophistication and lowered cost of CAD software with more accurate algorithms for energy modeling will encourage greater use.

Financial community buy-in to green building. Lenders and insurers will get behind green building because it’s good for their bottom lines.

“Rightsizing” of homes. A larger home no longer translates into greater equity.

Eco-districts. The creation of walkable, low-impact communities in the suburban setting is gaining steam.

Water conservation. The Environmental Protection Agency finalized the voluntary WaterSense specification for new homes in December of 2009, which reduces water use by about 20 percent compared to a conventional new home. Water will be the essential resource in the next decade.

Carbon Calculation. With buildings contributing roughly half the carbon emissions in the environment, the progressive elements in the building industry are looking at ways to document, measure, and reduce greenhouse gas creation in building materials and processes. This effort will be heightened once a federal cap-and-trade mechanism is launched in this country.

Net Zero Buildings. A net zero building is a building that generates more energy than it uses over the course of a year, as a result of relatively small size, extreme efficiencies and onsite renewable energy sources. We are close to being able to do this routinely.

Sustainable building education. This will create opportunities for professionals involved in the building industry, from real estate to finance and insurance.

Source: Earth Advantage Institute (01/08/2010)

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Although the most popular features have remained unchanged, some new trends are gaining traction

Mark Crawford, HousingZone Contributing Editor
January 12, 2010
HousingZone

According to the National Kitchen & Bath Association, trends in kitchen and bath design for 2010 won’t be much different from the previous year, although certain styles, colors, coverings, finishes and materials are gaining rapidly in popularity.

Traditional is still the most popular design style for kitchens in 2010. Whites and off-whites dominate the color category. Cherry remains the most popular wood for cabinetry. Ceramic, porcelain and natural stone tiles are popular kitchen flooring options, with granite being favored for countertops. Gas ranges are still preferred over electric ranges.

Newer kitchen trends that are gaining in popularity include:

• Shaker style kitchen design

• Maple and alder cabinetry finishes

• Quartz countertops

• Pull-out kitchen faucets

• Polished chrome finishes on kitchen faucets

• Under-counter refrigerator drawers

• Dishwasher drawers for small loads

The most popular bathroom style continues to be traditional with beiges and bones. Granite surfaces and simple under-mount sinks are the most popular options for vanities. Most homeowners are opting for white/off-white fixtures. Preferred faucet finishes are similar to those in the kitchen, with brushed nickel leading the way in 2010.

Bathroom design components that are gaining momentum are:

• Marble vanity tops

• Integrated sink tops, drop-in sinks, vessel sinks and pedestal sinks

• Bronze and stainless steel finishes for faucets

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Lot 6 Lot 7 Lot 11 Lot 12 Lot13 Lot15

Contact Mike Kegley at O 859-657-6700 or M 859-393-9928 for more details.

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A Happier New Year for the Economy and Housing, But…

This year promises to be a happier one for both the economy and housing. More pain from a battered and bruised U.S. economy may lie ahead but the general trajectory has turned from down to up.

The worst is over, but the economy and housing in particular will remain subpar and unable to perform at normal, healthy levels.

Looking into our crystal ball for 2010, we see a long haul back to full health following a long, brutal recession. The national economy will continue to gain strength throughout the year, but at a slower pace than is characteristic for the early stages of recovery. (more)

Housing Data Continue to Be Uneven

Existing single-family home sales showed their third month of improvement in November, rising to a seasonally adjusted annual rate of 5.77 million. This was the highest monthly sales figure since the 5.87 million reported in April 2006.

However, since existing home sales are based on settlements that do not capture new contracts but rather reflect sales agreements from earlier months, many of the November sales resulted from pressure on buyers to close by the end of that month to qualify for the then expiring first-time home buyers tax credit. (The tax credit has since been extended into 2010 and expanded to include repeat home buyers. See www.FederalHousingTaxCredit.com for details.) (more)

Housing Prices Inch Upwards

The S&P/Case-Shiller 20-city price index has now risen for five months in a row (July through October). And although the measure is down 7.3% from October 2008, the year-over-year rate of decline has slowed in each of the past seven months (April through October).

Further, the year-over-year decline is no longer in the double digits that prevailed for more than a year and a half. The Federal Housing Finance Agency (FHFA) price index rose in the second and third quarters. As of the third quarter of 2009, it was down only 3.7% from the third quarter of 2008. (more)

Housing Still Faces Significant Headwinds

Although the economic outlook for housing in 2010 has brightened and the extended and expanded home buyer tax credit will provide a much needed boost, the housing market continues to face significant challenges that could slow or even derail the recovery.

The job market, though improving, remains weak; potential home buyers still need large downpayments and near stellar credit to obtain a reasonable mortgage; and builders continue to face difficulty in obtaining acquisition, development and construction (AD&C) loans and, in many cases, have been burdened with significant adverse changes to the terms of existing loans. (more)

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Remodeling and decorating trends in 2010 are likely to reflect the fact that many home owners are settling in for the long haul.

Here are some ideas for updating homes and gardens from decorators and leading real estate practitioners:

• Environmentally sensitive furniture. Natural fibers, sustainable woods, and recycled products are key to attracting environmentally concerned buyers.
• Classic neutral colors. Deep gray browns and gray blues, muted beige, and chalky white will be particularly popular shades, Pittsburgh Paints predicts.
• Backyard gardens. First Lady Michelle Obama led the way in 2009 when she installed one at the White House.
• Backyard living. Wood-deck additions offer an 80.6 percent payback, according to the annual Cost vs. Value Report from Remodeling magazine and REALTOR® magazine. Simple fire pits and outdoor fireplaces also will be popular, trend-watchers say.
• Made in America. As more people feel compelled to support local employment, U.S. manufactured products and antiques will become more popular, says Patricia Shackelford, author of design blog, Mrs. Blandings.

Source: Orlando Sentinel, Jean Patteson (12/26/2009) and Kansas City Star, Stacy Downs (12/27/2009)

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Here are some things to keep in mind:

· State plans vary. For state by state specifics, check out the state-by-state rebate program.

· Is it really a deal? It may not be worth replacing appliances that are fewer than seven years old, but older models can represent a real deal. Joe McGuire, president of the Association of Home Appliance Manufacturers, says a 20-year-old refrigerator uses three times as much power as a new Energy Star-approved model.

· Buy now before it ends. There is only about $300 million available and some states got more money than others. It is expected to run out fast.

Source: The Associated Press, Vinnee Tong (12/30/2009)

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“Some people walk away from closing with a nickel and a stick of gum, and that’s probably not going to be a good idea,” says Dale Robyn Siegel, president of Circle Mortgage Group, in Harrison, N.Y.

People whose only previous experience is renting often don’t realize how costly water, heating and air conditioning, taxes, and general maintenance can be, says Allan Glass, owner of ASG Real Estate Inc. in Los Angeles.

He estimates that buyers should have at least 1 percent of the purchase price of their home set aside for improvements and other expenses.

Source: MarketWatch, Amy Hoak (12/28/2009)

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Like home ownership, owning commercial property protects a business from rent increases, limits on hours of operation or activities, or having to re-locate at the end of a term. Rent is deductible as a business expense, but so, too, are mortgage interest payments, annual depreciation, and property taxes. A mortgage is a fixed cost that can be budgeted, is not subject to rent increases, and is actually an investment from which you can expect a return, one that may later fund retirement, rather than the landlord’s retirement!

True, economic down-times often prove to be the hardest times for businesses to put together cash for a down-payment; however, these are also the times when businesses have the most to gain. Mortgage rates are at record lows and commercial property values are at their lowest point in nearly a decade. This is a frightening prospect for owners of real estate, but the savvy investor realizes that, in the long run, land always appreciates, and real estate values always go back up. To quote Warren Buffet, the key to success is to “be greedy when others are fearful [and] be fearful when others are greedy.” Far from being “greedy”, taking a bold step can actually be prudent. If the economy enters a period of inflation, as many experts expect, real estate will hold its value, even as the dollar loses value. In time, a dollar invested in real estate will be worth much more than a dollar held in cash or bonds, and probably more than a dollar invested in stocks.

While landlords tout leasing as a benefit to businesses because of the flexibility to quickly and easily relocate, ownership comes with flexibility benefits of its own: owners can make cosmetic and structural changes to the location without requiring approval, and owners can also sub-lease any extra space, which can provide extra income during down-times. Potential renters often fear becoming their own landlord because of maintenance and property management costs and responsibilities. These fears can be allayed by purchasing property that is maintained by an owners’ association. In this way, the responsibilities are hired out and the costs are shared.

It’s a buyer’s market: mortgage rates are low and property values have nowhere to go but up!

by Jennifer Kahmann, Administrative Assistant, The B.O.L.D. Company

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When a home-owning parent of an adult child co-signs for a mortgage and both names appear on the note, the IRS says that under some circumstances, the first-time home buyer can qualify for the whole amount.

The IRS says the parent doesn’t qualify for any portion of the credit, but if the child hasn’t owned a home during the three years preceding the current purchase and can qualify based on income, he or she can be allocated the entire $8,000 credit.

When unmarried individuals co-purchase a home and only one of them is eligible for the credit, then the full $8,000 can be allocated to the eligible buyer.

Source: Washington Post Writers Group, Kenneth R. Harney (12/04/2009)

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Existing home owners accounted for 41 percent of home purchases in November, up from 38 percent in October, the survey found.

“Current home owners jumped at the credit,” says survey research director Thomas Popik.

Source: Housing Wire, Austin Kilgore (12/22/2009)

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Is Housing in a Holding Pattern?

Single-family residential construction hit bottom in the first quarter of the year when single-family starts averaged 358,000 at a seasonally adjusted annual rate. Starts rose in the second and third quarters to 425,000 and 498,000, respectively, undoubtedly boosted by the first-time home buyer tax credit that was in effect from January through November. (more)

Multifamily Construction Continues to Struggle

While single-family construction is showing some signs of life, the same cannot be said for multifamily construction. . (more)

The Recovery Begins to Take Hold

Like housing, the economy is showing signs of revival, the road to recovery will pass through some rough patches and there will still be plenty of pain. . (more)

General Inflation Remains Tame, But What About Construction Material Prices?

General measures of inflation are generally at a low level. The Consumer Price Index (CPI) rose 0.4% in November. On a year-over-year basis, the CPI was up 1.8%. Core CPI (excluding food and energy) was flat in November, but up 1.7% on a year-over-year basis. . (more)

Housing Still Faces Significant Headwinds

Although the economic environment for housing is improving and the extended and expanded home buyer tax credit will provide a much needed boost, the housing market continues to struggle with significant impediments. . (more)

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Under what has been dubbed “Cash for Caulking,” home owners would get a 50 percent rebate on items like energy-efficient air conditioners, heating systems, washing machines and dryers, refrigerators, replacement windows, and insulation up to $12,000, meaning a household could spend $24,000 and get $12,000 back. There will likely be no income restrictions.

Steve Nadel, director at the American Council for an Energy-Efficient Economy, who is helping to craft the legislation, says they are contemplating having contractors or retailers pay part of the cost upfront to ease the need for home owners to come up with lots of cash.

Source: CNNMoney.com (12/08/2009)

Let The Bold Company arrange an Energy Audit on your home to determine where to save your energy dollars.

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Tankless Water Heater Report from “Build It Green”

Tankless Water Heater Discussions from “Ask The Builder”

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The Economy and Housing Show Some Life

More emerging data is signaling that the economy is in the early stages of recovery from a long, hard recession. The second estimate of third quarter gross domestic product (GDP), based on more complete data than what was available for the “advance” estimate issued last month, showed that GDP advanced 2.8% from the second quarter at a seasonally adjusted, annual rate.

While down from the 3.5% reported in the advance estimate, this was the first rise in this measure after four quarters of decline.

Residential construction, which has been a drag on GDP since the first quarter of 2006, subtracting roughly 1% growth from overall GDP each quarter (on an annualized, seasonally adjusted basis) on average for the last three and a half years, contributed a half percentage point of growth to overall GDP growth.

Retail sales have risen in four of the last six months. Excluding auto sales, which were affected by the “cash for clunkers” program, retail sales have risen in five of the last six months. Auto sales, which averaged 9.7 million units in the first half of the year, have averaged 11.4 million units over the last five months (July through November). (more)

First-Time Home Buyer Tax Credit Does Its Work

Single-family housing starts have generally been rising since early this year. They hit a low of 357,000 in January and February of this year (seasonally adjusted, at an annual rate), their lowest level since current records of housing starts began in 1959. There was one stumble when starts fell in August from July, yet they still averaged almost 500,000 at an annual rate in the third quarter. But in October, single-family housing starts fell to 476,000 from September’s 511,000. (more)

Inventories of Unsold Homes Continue to Fall

As of the end of October, the inventory of new homes for sale had fallen to 239,000, the lowest it has been since May 1971 when it stood at 236,000. October’s months’ supply — the amount of time it would take to sell the current inventory of homes based on the month’s sales rate — fell to a respectable 6.7 months from 7.4 months in September and was down considerably from the historic high of 12.4 months in January this year. (more)

Multifamily Construction Struggles

Multifamily units (in buildings with two or more units) were started at a seasonally adjusted annual rate of just 53,000 in October, their lowest level since starts began to be reported in 1959. Multifamily starts, which are notoriously volatile from month to month, averaged 142,000 in the first half of the year and averaged 80,000 from July through October. (more)

Housing Prices Show Some Life

The S&P/Case-Shiller national house price index rose in the third quarter, the second increase in a row. The index rose by 1.8% and 1.9% in the second and third quarters, respectively, on a seasonally adjusted basis. (more)

Housing Still Faces Significant Headwinds

Although the economic environment for housing is improving and the extended and expanded home buyer tax credit will provide a much-needed boost to housing (for information on the credit, go to www.federalhousingtaxcredit.com), the housing market still faces significant headwinds, even as there are signs that these challenges may be starting to recede. (more)

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Central bank officials will discuss monetary policy when they meet Dec. 15-16.

Bernanke, who was speaking to the Economic Club of Washington, D.C., is seeking a second term. He provided a light-hearted answer to the question, “What do you like best about being Fed chief?”

“I get to go through the security lines at the airport much more quickly, and I can take along even three ounces of fluid if I want to,” Bernanke told a laughing audience.

Source: Associated Press, Jeannine Aversa (12/07/2009)

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Chairs with a view!

Latest in X-ray.

Latest equipment.

Check with James or Mike at 859-657-6700 for your commercial building or tenant finish construction needs. Experienced in medical, dentistry and office.

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Old master bath entry

_________________________________

Original vanities

and the after:

New floor

_____________________________

Her vanity

_________________________________

His vanity

___________________________________

Tile work around the tub

Thank you Robert and Kathy for choosing The BOLD Company to work on your home.

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With prices in the cellar, this could be a terrific year to give a down payment or even the whole home.

The Internal Revenue Service says a married couple can each give gifts of $13,000 of money or property without triggering taxes for the gift givers or the recipients. That means a married couple can give another married couple a total of $52,000 a year. To maximize that they can give $52,000 in December and another $52,000 in January for a total of $104,000 to be used on a property before the federal tax credit expires.

This would buy a house in some parts of the country and be sufficient for a down payment in most others.

Source: The Wall Street Journal, June Fletcher (11/27/2009)

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How does a current home owner qualify for the $6,500 credit?
Buyers must have lived in their homes for at least five out of the last eight years. The home they buy must become their primary residence, but buyers don’t have to sell their previous home. They can use the previous home as a rental or a second home and still claim the credit.

Does the new home have to be more expensive than the one the buyer currently owns?
No. It is fine to use it to downsize. If the property sells for more than $800,000, the buyers don’t qualify.

Can buyers who are building a new home claim the credit?
Yes, although the contract must be in place by April 30 and the buyer must move in by July 1.

Can buyers claim the credit if they purchase a home from a relative?
No. The legislation prohibits taxpayers from claiming the credit if the sale is between “related parties,” including parent, grandparent, child, or grandchild.

Source: USA Today, Sandra Block (11/24/2009)

For more information, click on the blue logo above or contact the BOLD Company.

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NOW maybe the last opportunity to take advantage of the low interest rates. The low rates and the available tax credits makes this a great time to buy.

Reed Construction Data economist sees upward pressure on home mortgage rates

Jim Haughey, Chief Economist, Reed Construction Data
November 17, 2009 as reported by HousingZone

30-year fixed mortgage rates, averaging 5% so far in 2009, could jump as much as 100 basis points next spring when the Federal Reserve Board stops buying mortgage backed securities from the federal housing finance agencies. Freddie Mac, Fannie Mae and FHA now provide most of US mortgage financing. And the Federal Reserve Board buys about 80% of the bonds they issue to get the mortgage capital. So far the FRB has bought $900 billion in bonds and has announced that it plans to raise the total to $1.25 Trillion by the end of March and then begin selling its agency bond holdings.

Mortgage rates will rise quickly when the housing financing agencies have to sell all of their bonds in the private capital market. The added supply of bonds will lower bond prices and correspondingly raise bond interest rates. 30-year mortgage rates were over 6% through summer, 2008 before the FRB acted to take over mortgage financing. How quickly mortgage rates rise depends on how aggressively the FRB moves to sell its’ $1.25 Trillion stock of agencies bonds.

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* Clean and test smoke alarms.

* Test and reset ground fault circuit interrupter (GFCI) breakers.

* Change or clean the furnace filter.

* Operate the heating system. If service is needed, you can avoid “emergency” after-hours charges.

* Adjust registers and confirm that cold air returns are clear of furniture or draperies.

* Clean the humidifier and change the evaporator pad per manufacturer’s instructions.

* Adjust or replace weather-stripping on exterior doors as needed.

* Check the fit of exterior doors: thresholds are adjustable—use a quarter to turn the screws.

* Check caulking, inside and out, and touch up.

* Drain your sprinkler system.

* Remove hoses from exterior faucets. “Freeze-proof” faucets will suffer a broken water line if the water in the hose freezes and expands into the pipe.

* Inspect chimney and air intake for nests.

* Review safe fireplace operation. Provide professional cleaning at regular intervals.

* Check garage overhead door, tighten bolts as needed, and lubricate springs with motor oil. Have other repairs done by professionals.

* Clean gutters, check downspouts; confirm that splash blocks drain away from the building.

* Check the foundation, concrete, and yard for settling; fill in as needed for positive draining.

* Seal concrete surfaces.

* After snowfall, brush snow off of gutters and away from downspouts.

* Remove ice and snow from concrete as soon as possible; avoid using de-icing agents with damaging salts.

* On pleasant days, open windows to allow the house to “breathe”.

* Decorate safely for the holidays. Do not overload circuits or use worn extension cords.

If you have any questions, please refer to your Homeowner Use and Maintenance Guidelines, or phone our office for information.

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BOLD Homes has three homes ready for immediate occupancy and will match your Federal or State tax credit dollars. Contact Mike Kegley for more details at 859-657-6700.

THIS WILL BE THE LAST CHANCE TO USE THE TAX CREDIT

Even as Congress neared completion this week on legislation to extend and enhance the home buyer tax credit, proponents of the tax credit made it perfectly clear that the extension would have a limited shelf life and not be extended again when it expires next year.

Sen. Johnny Isakson (R-Ga.), a long-time champion of the home buyer tax credit, said: “This is the last extension of the home buyer tax credit. Tax credits like this only work by creating the sense of urgency to take advantage of it, and to bring the market back.”

On the floor of the Senate, Finance Committee Chairman Max Baucus (D-Mont.) said that, “It’s important that this tax credit does not become a permanent fixture in the tax code. Our amendment would end the credit on April 30 of next year. This extension would get us through the winter – traditionally the worst season for real estate. Our amendment would jump-start the housing market as it enters the summer months of 2010.” Baucus added that the seven-month extension of the tax credit would be “long enough to encourage home buyers to buy homes, but it’s short enough to remain fiscally responsible.”

MORE TO FOLLOW

Click here to get an update on this post:

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Home Buyer Tax Credit Brings Hope to Housing

The housing market received what should prove to be a real boost when, earlier this month, Congress and the President extended the first-time home buyer tax credit that was set to expire on Nov. 30 into the spring and expanded it to include eligible move-up or repeat home buyers.

First-time home buyers will now be eligible for the tax credit if they sign a contract by April 30, 2010, and settle on their home no later than June 30. Likewise, move-up/repeat home buyers (existing home owners) who have lived in their primary residence for five of the last eight years will now be eligible for a tax credit of up to $6,500. (more)

Housing Still Faces Significant Headwinds

The housing market still faces significant headwinds, even as they begin to abate.

The Federal Reserve’s October Senior Loan Officer Opinion Survey on Bank Lending Practices revealed that the majority of banks are continuing to tighten lending standards for mortgages, as they have every quarter for the last four years.

However, the tightening is significantly below its peak in July 2008. Most banks this quarter reported that they neither tightened nor loosened their standards, those that tightened them reported raising their standards only somewhat and one bank reported that it had loosened its standard for issuing prime mortgages somewhat. (more)

As Housing Improves, Nonresidential Construction Struggles

Private nonresidential construction fell 7.6% from September 2008 to September 2009 according to the Census Bureau’s Value of Construction Put in Place data, which are not adjusted for inflation. Construction of office space was down 25.1%, while commercial construction — which includes restaurants, retail space and warehouses — was down 31.6%.

While single-family home construction was up 2.4% in September from the month before, production was down 47.6% from September 2008.

Multifamily construction, which faces stiff competition from the single-family market and significant obstacles to obtaining financing, decreased 4.1% in September from August. Compared to September 2008, construction was down 28.9%. (more)

Tough Times for the Rental Market

The rental vacancy rate rose to 11.1% in the third quarter — the highest reported since the Census Bureau began compiling it in 1960 — and up from 9.9% in the third quarter of 2008.

The number of units for rent that are vacant year-round rose from just under 4 million units in third quarter 2008 to 4.6 million units in third quarter 2009. These figures include apartments and single-family homes for rent. The glut undoubtedly includes for-sale units that could not sell and were eventually placed in the rental market — creating more pressure for the market. (more)

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The Paint Quality Institute recently released its color trends for 2010 as consumers continue to take their cues from today’s soft economy and a variety of social influences.

In addition, the institute says, living space personalization continues to act as a driver for color change, with accent walls or niche areas appropriate for small doses of high impact, bold color while using more subtle hues on broad wall areas.

“More and more home owners are taking on the task of simple home projects to save money and improve their current space,” said Debbie Zimmer, a paint and color expert with the Paint Quality Institute. “Conversely, others are sprucing up in preparation for placing their home on the market.”

No matter what paint color is used, home owners continue to strive for comfortable, tranquil home environments, according to the institute.

Good Morning Palette

“While over-the-top renovations aren’t the norm today, handy home owners are tackling small manageable home improvements such as the addition of a morning kitchen to a bedroom or home office.

Aimed at creating warm and functional spaces, the Good Morning palette consists of hues that are fresh, clean and comfortable. Appropriate color recommendations from the institute include honey-like hues (such as tan or pale gold), coral, yellow and mineral grey.

Good Night

“The inspiration for the Good Night palette comes from above — the ceiling,” said Zimmer. As an alternative to white ceilings, the institute recommends painting the ceiling in a tint, tone or shade of the wall color or adding a softer touch by paring pastel hues.

“From pastels to deep tones, Good Night hues, as you might expect, are especially useful in bedrooms and baths or to warm up a family space,” said Zimmer.

Color recommendations include pastel hues (particularly pale blue or shell pink for ceilings), midnight blue, eggplant and wine.

Good Bye

Home staging continues to grow in popularity as property owners look for home sale assistance, according to the institute.

“The Good Bye palette reflects an assortment of simplistic hues that work across a variety of spaces, creating a welcoming first impression and suitable backdrop for any living area,” said Zimmer.

This classic palette is suitable for all areas, she said, and is an especially good choice for foyers, kitchens and family living spaces.

Color recommendations include khaki paired with crisp white, mid-toned blues, off-white/bisque and black.

The post Color Trends for 2010 appeared first on B.O.L.D. Views in Building.

The first time home buyers Federal tax credit has been extended and expanded by the Senate and House and on Friday November 6th the President signed the bill. The new law will extend the $8,000 credit for first-time home buyers for sales contracts entered into by April 30, 2010 and closed by June 30. Further, it has been expanded to include a new $6,500 credit for owners of existing homes who are purchasing a new principal residence. An existing home owner can claim the $6,500 tax credit if they have been residing in their principal residence for five consecutive years out of the last eight. Additionally, the income eligibility limits to claim the full credit amount for both groups of home buyers have been raised to $125,000 for individuals and $225,000 for married couples. For more information about the credit go to Federal Home Buyer Tax Credit website and the Federal Tax Credit Fact Sheet from NAHB.

Your purchase of a newly constructed home may be eligible for a state tax credit of up to $5,000 on your Kentucky tax return. Any attached or detached home that has never been occupied qualifies. Credit expires July 25, 2010 for home sales closed on or prior to this date or until the $25 million dollar limit has been reached. For more information check out the Kentucky Department of Revenue website.

BOLD Homes has two homes ready for immediate occupancy and will match your Federal or State tax credit dollars. Contact Mike Kegley for more details at 859-657-6700.

THIS WILL BE THE LAST CHANCE TO USE THE TAX CREDIT

Even as Congress neared completion this week on legislation to extend and enhance the home buyer tax credit, proponents of the tax credit made it perfectly clear that the extension would have a limited shelf life and not be extended again when it expires next year.

Sen. Johnny Isakson (R-Ga.), a long-time champion of the home buyer tax credit, said: “This is the last extension of the home buyer tax credit. Tax credits like this only work by creating the sense of urgency to take advantage of it, and to bring the market back.”

On the floor of the Senate, Finance Committee Chairman Max Baucus (D-Mont.) said that, “It’s important that this tax credit does not become a permanent fixture in the tax code. Our amendment would end the credit on April 30 of next year. This extension would get us through the winter – traditionally the worst season for real estate. Our amendment would jump-start the housing market as it enters the summer months of 2010.” Baucus added that the seven-month extension of the tax credit would be “long enough to encourage home buyers to buy homes, but it’s short enough to remain fiscally responsible.”

MORE TO FOLLOW

Check back to this posting for the latest updated information on both tax credits.

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The First-Time Home Buyer Tax Credit Does Its Work

Recent housing data — including a rise in existing home sales and a decline in the new-home sales pace — demonstrate the stimulative power of the first-time home buyer tax credit.

As the Nov. 30 deadline for the tax credit drew near, data from the third quarter of 2009 was especially compelling in showing the credit’s impact on the housing market. Knowing that they needed to settle soon in order to qualify for the credit, first-time home buyers helped push existing home sales to a seasonally adjusted annual rate of 4.9 million in September, their strongest monthly pace since July 2007. That helped boost quarterly existing home sales by 45% over the second quarter. (more)

New Home Inventories Continue to Improve, But Demand Remains Weak

For 29 consecutive months, home builders have been doing what they need to do in the face of weak demand by reducing their inventory of unsold homes.

New home inventories peaked at 572,000 in July 2006. In September 2009, they were down by more than half to 251,000, the lowest level since November 1982. (more)

Housing Prices Up — for the Moment

The S&P/Case-Shiller 10- and 20-city seasonally adjusted house price indexes increased in June, July and August. Although both measures are still down on a year-over-year basis, 10.6% and 11.3%, respectively, their rate of decline has decreased in each of the last seven months.

In August, 16 of the 20 cities in the 20-city index saw house prices increase on a seasonally adjusted basis. The turnaround in house prices appears to be largely due to the first-time home buyer tax credit helping to stabilize and bolster demand. (more)

Housing Starts Up, Building Permits Down

Housing starts rose a modest 0.5% in September to a seasonally adjusted annual rate of 590,000, up from 587,000 in August. The rise was powered by strong single-family starts, which rose 3.9% from 482,000 to 501,000.

The increase in single-family starts reflects the continued increase in the share of starts built for the owner. In more normal periods, about 20% to 25% of all single-family starts are built on the owner’s land or built by the owner as the general contractor. That percentage declined as speculative sales rose in the mid-2000s, but it has since grown beyond historic levels as building for-sale dropped off. (more)

Builder Confidence Falls

Another signal that the housing market faces a rough road ahead is coming from the NAHB/Wells Fargo Housing Market Index (HMI) measure of builder confidence. The HMI, after inching upward for three consecutive months, fell one point in October to 18. All three components of the index — current sales, current traffic, and sales expectations — were down. The downturn in the HMI seems to be due to the expiration of the first-time home buyer tax credit. (more)

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One of the most important things you can do is get your credit report in shape. Banks use your credit history to decide whether they want to lend you money and to set the interest rate, so having a good credit report is vital.

Equifax, Experian, and TransUnion are the three consumer credit reporting companies that provide information about your credit history to lenders. Under the Fair Credit Reporting Act, each of these companies is required to give you one free copy of your credit report every 12 months if you ask for it.

You can request your free reports online at www.annualcreditreport.com, or by calling 1-877-322-8228. Since you won’t know which company your lender is using, you should get a copy from all three.

Carefully review the information on the reports. If you find a mistake, contact the reporting company and provide them with an explanation and copies of any documentation you have proving the error.

If there is an item that is accurate but might be viewed negatively by a lender, such as a series of late payments, you may be able to have a comment included on your report to explain it. You need to have a credible reason, such as an illness or other extraordinary circumstance, and be able to back it up with proof.

What if your credit report could use some improvement?

Unfortunately, there isn’t any quick fix, despite what some companies may claim. However, there are things you can do to help make your credit report more attractive to lenders, although it will take time:

1. Always pay your bills before the due date.

2. Make a payment every month, whether it is the full balance, the minimum due, or some amount in between.

3. Don’t open new accounts. Lenders look at the total amount of debt you could run up, based on the limits on your cards, as well as how much you actually have.

4. Don’t close old accounts. A few longstanding relationships are better than a bunch of cards you’ve only had a year or two, unless you have an excessive number of inactive accounts.

5. Pay down your total debt as much as you can. Lending standards have gotten much stricter, and banks are reluctant to loan money to people who already owe a lot.

Lenders use your credit history to predict the likelihood you will pay them back on time. Since you can’t change the past, it is important to always carefully manage your debt, whether you plan to buy a house in the next six months or not until six years from now.

For more information on the $8,000 first-time home buyer federal tax credit, go to www.federalhousingtaxcredit.com and for more on the Kentucky$5,000 new home tax credit go to http://revenue.ky.gov/dyq.htm . Contact Mike Kegley at The B.O.L.D. Company to find out about homes in Northern Kentucky.

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The Economy Is Improving, Or Is It?

The Commerce Department’s Bureau of Economic Analysis reported that real (inflation-adjusted) gross domestic product (GDP) fell 0.7% at a seasonally adjusted annual rate during the second quarter, an improvement from two earlier estimates indicating a 1.0% decline.

Meanwhile, various other economic data suggest that real GDP will increase in the third and fourth quarters.

Excluding motor vehicle and parts sales, this measure was up 1.0% in August and 0.5% in September and its has increased in four of the last five months — suggesting that consumers may be feeling a little better about making purchases.

More than 80% of the economists responding to the National Association for Business Economics forecast survey believe that the recession is now over, although they generally expect the recovery to be slower than usual. (more)

Employment Takes Another Step Down

The September employment report was a bit of a surprise. Non-farm payroll employment was 263,000 at a seasonally adjusted annual rate, more than the 201,000 in August. Nonetheless, September’s drop was still an improvement over the June-through-August average loss of 323,000.

While it is normal for employment to lag the rest of the economy, job growth could prove to be sluggish in this recovery, putting a drag on the general economy and the housing sector, in particular. (more)

Housing Continues to Struggle

Housing continues to be buffeted by multiple forces. A weak economy, dismal job market, foreclosures, fears of further declines in home values and tight credit conditions are among the factors weighing the housing market down. (more)

Consumers Send Out Mixed Signals

While the University of Michigan’s consumer sentiment index rose to 73.5 in September from 65.7 in August, the Conference Board’s Consumer Confidence Index slipped from 54.5 in August to 53.1 in September. (more)

On housing in particular, consumers’ views of the marketplace held steady in the Michigan survey, but there was slippage in the Conference Board’s assessment of consumer plans to buy a house over the next six months. (more)

Have Housing Prices Stabilized?

The seasonally adjusted S&P/Case-Shiller 20-city and 10-city Home Price Indexes were both up in June (0.9% and 0.8%, respectively) and July (1.3% and 1.2%). Still, both are down on a year-over-year basis — by 12.8% and 13.3%, respectively. (more)

What Lies Ahead for the Economy and Housing?

The economy does seem to be in the early phase of a recovery as government money from the stimulus package is just beginning to flow into the economy, sparking some spending. Early indications are that overall output is on the rise, even as some parts of the economy continue to shed jobs. Unfortunately, job losses are still outstripping job gains, resulting in a net loss of jobs, and the outlook is for further job losses into early next year. (more)

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Choosing the perfect home for you and your family can be one of the biggest decisions you make over your lifetime. An equally significant decision is how you pay for it. Before you jump at the first mortgage loan you’re offered, make sure to review the variety of options available to you.

First, the basics: a mortgage is a long-term loan that uses real estate as collateral and is used to purchase a home. Sometimes, a home can serve as collateral for more than one mortgage. When this is the case, the second mortgage, often called a home equity loan, is used to finance a home improvement project or other major purchase. Mortgages most often are described by their terms, such as the time frame for repayment and whether the interest rate is fixed or adjustable.

A potential home buyer who wants to be as ready as possible should consider checking their credit through one of the credit reporting services that offer one free report per year. The Federal Trade Commission offers the only authorized source to obtain your free report under federal law at www.ftc.gov/freereports. Credit records often contain mistakes and it would be best to clear these from your record before you apply for a loan. Also, while lenders’ credit requirements have tightened considerably, don’t abandon the hope of buying a home if your record shows a few blemishes. Some lenders still offer loan programs that can accommodate borrowers with less than perfect credit. It would also be a good idea to gather the records you’ll need for a mortgage application, such as earnings statements and rent receipts, before going to the builder’s model home.

Here are some of the most common mortgage options on the market today:

Fixed-Rate Mortgages

With a 30-year fixed-rate mortgage, the buyer pays off the principal and interest on the loan in 360 equal monthly payments. The monthly payment for principal and interest remains the same during the entire loan period.

The 15-year fixed-rate mortgage is paid off in 180 equal monthly payments over a 15-year period. A 15-year mortgage typically requires larger monthly payments than a 30-year loan and allows an individual to pay off a mortgage in half the time as well as substantially save on interest payments.

Hybrid Adjustable Rate Mortgages (ARMs) and Other ARM Choices

With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. But with an ARM, the interest rate changes periodically, usually in relation to a specific index such as the national average mortgage rate or the Treasury Bill rate.

Hybrid ARMs have become increasing popular among home buyers as an alternative to fixed-rate and straight ARM loans. A hybrid ARM has an initial fixed-rate period of five, seven or 10 years, after which the loan becomes an ARM with annual adjustments. The initial interest rates for hybrid ARMs are generally lower than 30-year fixed-rate loans, but higher than one or three year ARMs.

Lenders generally charge lower initial interest rates for ARMs than for fixed-rate loans. This makes the ARM easier on your pocketbook at first; it also means that you might qualify for a larger loan because lenders sometimes make this decision on the basis of your current income and the first year’s payments.

Against these advantages, you have to weigh the risk that an increase in interest rates would lead to higher monthly payments in the future. It’s a trade-off: you get a lower rate with an ARM in exchange for assuming more risk.

Conventional Mortgages

A conventional mortgage is a loan that is not insured or subsidized by the government. Lenders typically require a downpayment of at least 20 percent on a conventional loan, although you can get a loan with a downpayment as low as five percent if you are willing to pay private mortgage insurance (PMI). PMI protects the lender if the home owner defaults on the loan.

Conventional mortgage loans are typically fully amortizing, meaning that the regular principal and interest payment will pay off the loan in the number of payments stipulated on the note. Most conventional mortgages have time frames of 15-to-30 years and may be either fixed-rate or adjustable. While most mortgages require monthly payments of principal and interest, some lenders also offer interest only and bi-weekly payment options.

FHA-Insured Mortgages

The Federal Housing Administration (FHA) operates several low-downpayment mortgage insurance programs that buyers can use to purchase a home with a minimum downpayment of 3.5 percent. The most frequently used FHA program is the 203(b) program, which provides for low- downpayment mortgages on one- to four-family residences.

FHA-insured loans are available from most of the same lenders who offer conventional loans. Your lender can provide more details about FHA-insured mortgages and the maximum loan amount in your area.

VA-Guaranteed Mortgages

If you are a veteran, active duty military personnel or in the reserves, you may be able to obtain a loan guaranteed by the Department of Veterans Affairs (VA). VA-guaranteed loans require no downpayment, but may require the borrower to pay a funding fee.

Rural Housing Service (RHS) Guaranteed and Direct Loans

The Rural Housing Service, which is part of the U.S. Department of Agriculture (USDA), offers guaranteed loans to moderate and low-income home buyers who live in rural areas. RHS guaranteed loans are offered through approved lenders, while the direct loans are available through USDA’s network of state Rural Development offices.

State Housing Finance Agencies

These state agencies, such as Kentucky Housing Corporation, often offer loans with favorable terms to first-time home buyers. Local lenders usually know if housing finance agency funds are available for these programs, or you may contact your state housing finance agency directly.

Where Do I Go From Here?

Based on our vast experience, The B.O.L.D. Company can help home buyers find lenders who can help navigate the confusing financing process.

For more information, contact The B.O.L.D. Company or visit www.nahb.org/forconsumers .

The post Financing 101, Options for Purchasing Your New Home appeared first on B.O.L.D. Views in Building.

The Kentucky Department of Revenue has a form the buyer must fill out at closing and fax in within seven days. You can access that form and additional information at www.revenue.ky.gov.

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Home owners who refinance have an opportunity to reduce their payment on a 30-year, fixed-rate loan for $200,000 by nearly $134 a month from a year ago, when long-term rates averaged 5.94 percent.

Other mortgage averages were as follows:

15-year loans fell to 4.33 percent.

Five-year adjustable-rate mortgages dropped to 4.35 percent.

One-year ARMs rose to 4.53 percent.

Source: Chicago Sun-Times, Francine Knowles (10/09/09)
© Copyright 2009 Information Inc

Local mortgage rate update from Third Federal. These interest rates are accurate as of Oct 9, 2009.

30 Year Fixed Rate

· 4.65% with 0.0 discount points – 4.751% APR

15 Year Fixed Rate

· 4.15% with 0.0 discount points – 4.323% APR

Visit http://thirdfederal.mortgagewebcenter.com to view complete rate and fee options and to lock in a great rate!

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Special circuit breakers in your home protect you and your family from fire, shock, and electrocution.

GFCIs

Ground Fault Circuit Interrupters (GFCIs) are a special type of breaker used for circuits that supply bathrooms, kitchens, laundry rooms, garages, and outdoor outlets. If your power fails in just one of these areas, it probably means that a GFCI has been tripped. You can find GFCIs in either your circuit breaker panel or at outlets. If your home has GFCI circuit breakers, they’re located on your circuit breaker panel and have an extra button marked “test.” If your home has GFCI outlets, they look like ordinary outlets with the addition of two small buttons marked “test” and “reset.”

GFCIs detect the slightest amount of unwanted electrical current flow and trip immediately, cutting power to the circuit and protecting the person using the outlet. Without GFCI protection, a person could be shocked or electrocuted.

One of the best ways to think about the difference between a normal circuit breaker and a GFCI is to remember that a normal circuit breaker protects your home, while a GFCI protects you.

AFCIs

In addition to GFCIs, some municipalities may require another type of electrical protection called Arc Fault Circuit Interrupters (AFCIs). While both AFCIs and GFCIs are important safety devices, they have different functions. AFCIs are intended to address fire hazards; GFCIs address shock hazards.

AFCIs are installed on circuits that service bedrooms. They detect dangerous arcing in a circuit, extension cord, or appliance that could cause a fire. Unwanted arcing typically occurs because of loose connections along the circuit, cords pinched by furniture, and cables in contact with vibrating machinery. When arcing is detected, the AFCI trips immediately, cutting electricity to the circuit. Conventional circuit breakers respond only to short circuits and overloads, not to unwanted arcing. If your home has AFCIs, they’re located on your circuit breaker panel and have an extra button marked “test,” making them look similar to GFCI circuit breakers.

powered by BuildIQ

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Custom home builders, like B.O.L.D. Homes, are uniquely situated to meet the needs of pet owners in their new home purchases. In many cases, custom designs for pet households do not require extra costs or sacrifices of other conveniences – rather, they just require a little ingenuity, a little flexibility, and outstanding customer service. At B.O.L.D. Homes, that’s our specialty!

Dog owners should consider having their builder install features such as pet doors to allow dogs to enter and exit the home or the garage unassisted, and invisible fence to keep them at home. No more daily schedule of let the dog out, dog in, dog out, dog in!

Other features popular with dog owners are not extra amenities, but just alterations in the features already found in any new home: consideration of where doorways are placed, as a means of confining dogs to hard floor areas of the home, or installing permanent or removable dog gates or Dutch doors in some openings.

Every dog owner must consider how to handle their dog’s “business” in the yard. Options are available today for pet waste management, including a system that allows waste to be deposited directly into the sewer through an attachment to the sewer/septic clean-out.

Similarly, cat owners often struggle with where to put litter boxes, in order to find a balance between convenience for the cats and unobtrusiveness for the humans. Why not build a litter box cabinet in your laundry room? Builders are even installing low-volume fans inside these cabinets to keep air circulating and odor to a minimum.

Some cat owners would like their pets to enjoy the great outdoors without becoming subject to the dangers and parasites that the outdoors presents. Solutions include a pet door to a “cat run”, an enclosed area that allows in the sunshine and fresh air, but keeps out predators (and prey—sources of parasites). Other cats are contented with the availability of a sun room or screened porch – features that pets and owners alike enjoy, often in one another’s company!

At the very least, cats enjoy looking out the window, and extra deep window sills or window seats can provide hours of entertainment or comfortable spots to nap for your feline friends.

Cat and dog owners alike should take their pets into consideration when selecting basic materials such as flooring and wall coverings. Washable paints are available which make maintaining clean wall surfaces much easier – especially for families which include dogs with a tendency to drool.

Hard floors are undeniably preferable for use with indoor pets, rather than wall-to-wall carpeting. They are easier to clean and more durable. Ceramic tile is often considered the best option for easy cleaning and damage-resistance. Wood, slate, and laminate are close behind. However, high-quality stain-resistant carpets have come a long way in their ability to recover from spills, messes, and accidents. Keep in mind what colors will best hide hairs when you make your color selections, or what styles will least reveal scratches or scars from claw marks. Distressed wood floor can be great for creating a country, old-style aesthetic while also hiding minor pet damage.

Don’t forget, when you plan your cabinets and closets, that pets tend to accumulate toys, dishes, food and medicines that also require storage, in addition to their human counterparts. Placement of this storage is of equal importance, because some clever cats and dogs will help themselves if food is stored within their reach!

Avian enthusiasts might enjoy the benefits of a backyard flight cage to accommodate their feathered-friends, or a built-in bird cage, or a “bird room” in their home.

If keeping an aquarium is your hobby, consider having a custom aquarium installed in your home. With proper design of the floor supports, very large aquariums holding many hundreds of gallons of water can be built into the interior design, complete with decorative trim and cabinet / drawer space above or below.

Finally, home cleanliness can be maintained more conveniently by making wise vacuum and air filter options in your home. A strong central vacuum system can be very convenient for regular sweeping, as the canister is installed and does not have to be lugged around, room – to – room, and up and down the stairs. Air filters help to trap allergens and improve air quality for you and your pets.

These are just a few ways a pet owner can include specific conveniences to their new home to accommodate their friends. During all of your pet-related chores, consider how they could be made easier through the design of your home. Make an appointment with your B.O.L.D. sales representative to discuss how these design ideas can become a reality in your very own custom “animal house!”

For an answer to your home design pet questions, contact Jennifer at jennifer@theboldcompany.com.

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In an announcement that should bolster the housing industry, the Federal Reserve said Wednesday that it intended to keep key lending rates near zero “for an extended period” and continue to buy mortgage-backed securities and debt through March 2010.

That’s the second time the Fed has decided to stretch out its program to encourage spending and stimulate the economy.

Economists predict that the Fed will keep the key lending rate near zero into the first quarter of next year. Holding that rate low means that consumer loans, including mortgages, home-equity loans, and credit-card rates, remain at the lowest point in decades.

Greg McBride, senior financial analyst at Bankrate.com, warned that these low rates will eventually head higher and said home owners interested in refinancing should realize that “it could be a different story 12 months from now,” with much higher rates for 30-year fixed-rate mortgages.

Source: The Associated Press, Jeannine Aversa (09/23/2009)

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Lenders are running credit checks prior to closing day and any increase in credit card or other debt can jeopardize the loan, says Lew Reich, an associate with Keller Williams Realty in Plano, Texas.

Reich warns buyers to even refrain from checking out a new large purchase because even an inquiry on a credit report could scare a lender.

Reich tells borrowers: “If someone’s squeaking by and, all of a sudden, they may be looking at increasing debt, the lenders will have a keener eye in looking at your loan,” he says.

“Don’t look until you’ve closed is basically what it comes down to. That’s the safest way. Stay out of the stores,” he adds.

Source: The Associated Press, Dawn Wotapka (09/18/2009)

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Parts of his interview with Becky Quick of CNBC is below. Click on the link at the end for a full transcript.

“Oh, I think we’re certainly — we’re through the worst of it in residential real estate in all probability. And– and– and the reason is we’re building a lot fewer houses and we’re– and we’re forming households, so that solves itself over time. Doesn’t do it in a day or a week, but it solves itself. So we’re further on that. We’re gonna have unusual losses in credit cards and in commercial real estate, all of that. But we’re a lot better off than we were a year ago. I mean for one thing on some of the– some of the toxic assets have been flushed through. There’s been capital raised. There’s — we’re immeasurably better than we were– off than we were a year ago.”

“I think the odds are very much against getting significantly worse. It’s sort of plateaued at the– at the bottom right now, but if you got some horrible exogenous event, some– some, you know, 9/11– type event or worse– you know, you could have something that would be dis– really disruptive and start things all over again. But in terms of problems that we’ve identified and are working with, we’ve got more to come. But we’re– we’re– we’re past the– we’re past the critical point.”

“the world will come back. I’ve never been able to tell whether it’s gonna be a week or a month or — six months. But we are on the mend. And — and if you look at — at housing prices and activity in the mid to lower price range, it changed dramatically from a year ago. We’re seeing some stability.”

Click to link to review the actual transcript. Buffett talks to Becky Quick of CNBC (transcript HERE)

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The post Federal “First Time” Home Buyer Tax Credit Countdown Begins appeared first on B.O.L.D. Views in Building.

The main changes are the implementation of: 1) a new Good Faith Estimate form, and 2) a seven-day waiting period before the closing of a loan.

The new Good Faith Estimate form is intended to make comparison shopping easier for consumers by introducing more uniformity into the process and by encouraging consumers to compare the rates, terms, and closing costs of other lenders.

The waiting period of seven days is designed to allow consumers ample time to become familiar with the disclosures related to their loan. That’s the good news. The bad news? Any changes require an additional three-day waiting period, and some changes, such as changing lenders, may start the whole process over again. These last-minute changes can be in the amount of the down payment, the lender, the terms of the loan, the closing costs, or the interest rate.

In order to avoid delays, buyers should lock in an interest rate at least seven business days prior to the desired date of close. Furthermore, consider refraining from scheduling the closing date until after the waiting period is over, or at least, be sure there are no penalties for changes to the closing date.

The key to closing on time will be planning ahead and leaving nothing to chance.

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Credit Market Makes Economists Nervous
Interest rates are low and home prices are down, but banks continue to be stingy with loans.

At the height of the housing boom, seven out of 10 mortgages were approved. At the end of 2008, only five out of 10 got the green light. During the boom years, homebuyers could qualify for the cheapest rates with a credit score of 660. Today, they need 740 or better.

“Banks are going to be in a defensive posture for several years. Most borrowers can’t meet their criteria,” says Christopher Whalen, managing director at research firm Institutional Risk Analytics.

Consumers cut back borrowing by $21.6 billion from June to July, the biggest drop since the Federal Reserve began keeping records in 1943. That made some analysts nervous.

The reduction in borrowing could slow the economic recovery, says David Olson, president of Access Mortgage Research & Consulting.

“If they cut back, it would be catastrophic,” Olson says. “We could have a second downturn.”

Source: The Associated Press, Stevenson Jacobs (09/17/2009)

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