Posts Tagged ‘Remodeling’

Home Improvement Tax Benefits for 2010

Friday, February 19th, 2010




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METROCITI David.Garofalo Home Improvement Tax Benefits for 2010 | CT Real Estate

David Garofalo

Senior Loan Officer
Prospect Mortgage
NMLS# 122111
100 Technology Dr., Suite 203
Trumbull, CT 06611
Office: (203) 910-1845
Fax: (877) 298-3986
David.Garofalo@prospectmtg.com
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Home Improvement Tax
Benefits for 2010


For your clients, going green pays and saves. According to a study by the Joint Center for Housing Studies of Harvard University, for every dollar decrease in annual home energy expenditures, house values increase between $11.63 and $20.73.

Also, going green can lower the tax bill. New federal tax credits are now available for green home improvements on a principal residence. Qualifying modifications must meet a certain energy efficiency level to be eligible for the credit.

The credits are available for improvements purchased and in service from January 1, 2009, through December 31, 2010. The amount of the credit is deducted from any income taxes the homeowner may owe. The credit is nonrefundable, allowing taxpayers to lower their tax liability to zero, but not below zero.

Tax credits are available at 30% of the cost, up to $1,500, in 2009 through December 31, 2010 (for existing homes only) for:

  • Windows and Doors
  • Insulation
  • Roofs (Metal and Asphalt)
  • Heating, Ventilating, and Air Conditioning (HVAC)
  • Water Heaters (non-solar)
  • Biomass Stoves

Tax credits are available at 30% of the cost, with no upper limit through December 31, 2016 (for existing homes and new construction) for:

  • Geothermal Heat Pumps
  • Solar Panels
  • Solar Water Heaters
  • Small Wind Energy Systems
  • Fuel Cells

Make sure your clients purchase products that come with a Manufacturer Certification Statement — a statement from the manufacturer that indicates the product qualifies for the tax credit. For record keeping, experts advise that homeowners retain all receipts.

Additional details can be found at www.energystar.gov/taxcreditsand www.homedepot.com/taxcredit

Click here to visit my website and apply on line:
www.DavidJGarofalo.com


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The Remodeling Market

Wednesday, February 17th, 2010




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 METROCITI David.Garofalo The Remodeling Market | CT Real Estate

 David Garofalo

 
Senior Loan Officer
Prospect Mortgage
NMLS# 122111
100 Technology Dr., Suite 203
Trumbull, CT 06611
Office: (203) 910-1845
Fax: (877) 298-3986
David.Garofalo@prospectmtg.com
 
• Learn about home loans
• Use loan calculators
• Apply for a home loan
 
Referral Request:
Please forward my contact information to anyone you know with a need for real estate financing!
 
 
 
The Remodeling Market


During the housing boom, remodeling expenditures — including maintenance, repairs, and improvements to rental and owner-occupied homes — more than doubled to an estimated $326 billion between 1995 and 2007.In recent years, remodels were financed with home equity loans and cash-out refinances. Owners extracted an average of $450 billion a year in home equity between 1999 and 2008 and reinvested more than 25% of extracted equity into home improvements. Because of the recent economic downturn, remodeling activity has shifted from high-end discretionary improvements to those that maintain structural integrity as well as generate cost savings.Although residential remodeling remained relatively weak during the third quarter of 2009, remodelers are starting to report that conditions in their markets are stabilizing, according to the latest National Association of Home Builders’ Remodeling Market Index.In the most recent report, the current market conditions index rose to 39.8 from 38.1. The index of future indicators jumped to 38.7 from 34.2. An index reading below 50 indicates negative sentiment about the remodeling market. The RMI has been running below 50 since the final quarter of 2005.As the home-remodeling market improves, the Joint Center for Housing Studies of Harvard University has identified three areas of growth:

  1. The increasing need to upgrade the rental housing stock — almost 10% of rental inventory in the U.S. was considered structurally inadequate in 2007 and in need of remodeling.
     
  2. Higher energy prices and greater environmental awareness, which will increase the demand for green remodeling projects.
     
  3. Continued growth in improvements spending by foreign-born homeowners — their spending levels have grown almost 13% per year since 2000, well in excess of the 7% growth by native-born households.
Click here to visit my website and apply on line:
www.myprospectmortgage.com/dgarofalo


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