Federal First-Time Modular Homebuyer Tax Credit

With low real estate prices and large tax credits available, now is the perfect time to build a home. The American Recovery and Reinvestment Act of 2009, signed into law by President Obama on February 17, 2009, increased the first-time homebuyer credit to the lesser of $8,000 or 10 percent of the purchase price for homes purchased after December 31, 2008 and before July 1^st 2001 . Prior to this Act, the first-time homebuyer credit was $7,500 and was subject to repayment after three years (over 15 years). Unlike the old credit, the $8,000 credit does not have to be paid back unless the home is sold within 36 months of purchase. If the modular home is sold within this time frame, some of the credit will be required to be repaid. The credit begins to phase out for individual taxpayers with adjusted gross income (AGI) excess of $75,000; $150,000 for those taxpayers married filing jointly.

For purposes of this credit, a “first time homebuyer” is a buyer that has not owned a principal residence during the three-year period prior to the purchase. The $8,000 federal first-time homebuyer tax credit is a refundable credit - a dollar for dollar reduction in tax. This means that the credit can be claimed even if the taxpayer has little or no tax due on their tax return. The credit will offset any tax due (if any), and the remainder will be refunded to the taxpayer. The taxpayer may claim the tax credit once closing is complete. It is important to make sure that closing occurs by July 1^st 2010 . The tax credit can be claimed on the homebuyer’s 2010 tax return, or to receive a quicker refund, the taxpayer may amend his or her 2009 tax return. The taxpayer must fill out IRS Form 5405 to receive the credit.

.Additional Items to Consider

In addition to the first-time homebuyer tax credit, there are other tax advantages to home ownership. Taxpayers that itemize their deductions are able to deduct their mortgage interest paid, as long as their mortgage amount is less than $1 million. For most homeowners, the bulk of their mortgage checks go towards interest, so this is a large tax deduction. In addition, property taxes paid for the current tax year are tax deductible. Lastly, when you sell your home, up to $250,000 in sales gain ($500,000 for married joint filers) is tax-free, as long as the homeowner owned the property for two years and lived in it for two of the five years prior to the sale.

There are many tax benefits to purchasing a home, particularly with the current tax credits available. Remember that you must close on your home by July 1^st 2010 to qualify, so if you plan to take advantage of these credits you should begin the home-buying process as soon as possible!

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 Inquire here with Building Systems Network web services LLC.. And find out the many reasons why Modular construction has become more and more popular with consumers The House of Your Dreams Delivered Fresh from the Factory.. 

More and more dream homes have gone inside — at least for all or part of the construction phase — as curious consumer’s research and locate the new creative MODULAR designs, energy-efficient features, often lower costs and environmentally controlled production of prefabricated residences it easy to see the many reason to build your next home Smarter NOT Harder using Building Systems Network.

Building Systems Network is a 3 time Circle of Excellence NAHB National Association of Home Builder’s award winning company.

BSN CEO Smereczynsky  says, “As a builder, I believe the systems built home is the best built home in the industry. Period. I’m continuing to market and promote the systems built industry to the homebuyer in a clean, consistent and easy to use manner. Our tagline indicates that “construction is improved through technology” and that is the message we want to promote to site builders and to the homebuyer”.

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 Building and buying a modular new home is exciting and there has never been a better time to build!  There are many details to consider as you begin this process. Whether you’ve built several homes or this is your first, we’ll strive the make the experience a pleasant one.

While our website does not include all of our floor plans, it does contain a vast array of information which you can easily navigate through. 

 When one of our building consultants follows up with a personal phone call, please consider: 

• What budget you are trying to stay within?
• Your timeframe for building your new home.
• The style of home you are looking to build.
• The area or area(s) you have interest in.

http://www.bsnhomes.com/ is one of the fastest growing companies in the systems built arena.  We pride ourselves on delivering quality homes, built faster, stronger and better!

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●Modular houses fall under a construction process called “building systems,” which refers to any kind of house built at least in part off-site, says Eric Fulton, communication manager of the Building Systems Councils of the National Association of Home Builders. The term also includes log homes, panelized building packages, geodesic domes, post and beam houses, and structural insulated panels.

●Panelized building, the other process that’s gained popularity with builders, involves building walls, floors and roof sections in a factory setting and assembling them on-site.

●Even stick builders are moving more and more toward factory products, using pre-constructed panels, cabinet modules, pre-hung doors and windows, and pre-built stairs and roof trusses, and modular builder.

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Off-Site Construction - Concurrent Process

Off-Site modular construction saves money compared to traditional stick built construction methods due to more efficient manufacturing and material sourcing process.

• Traditional - All materials are locally sourced, with single-project pricing and delivery
• Building Systems Network - Materials are centrally sourced with national contracts and leveraged purchasing power

Off-Site modular construction offers increased building quality due to the controlled construction environment.

• Traditional - Project is exposed to weather and other elements
• Building Systems Network - Off-Site Construction facilities are enclosed and secure protecting against weather damage and delays as well as theft during construction

Off-Site modular construction practices provide stronger structures than site built construction to better withstand hurricanes, earthquakes and other natural disasters.

• Traditional - Less building materials used, code requirements are less strict
• Building Systems Network - Buildings are designed to withstand highway transportation and crane installation. All BSN buildings meet or exceed building codes and provide improved seismic durability

Off-Site modular construction takes place in a controlled, organized state-of-the-art production facility.

• Traditional - Very difficult to implement standard work, resulting in loss of time and money
• Building Systems Network - “Lean” practices made for manufacturing increase productivity, saving the customer time and money

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 There’s no denying it, we’re in a serious economic crisis. Financial organizations are collapsing under the weight of bad debt that they have taken on and consumers are experiencing uncertainty and a lack of confidence in the market. As a result, lending companies are lending less money and the average person is watching their expenses very, very closely.

In spite of the crisis, life goes on. People still need to buy homes to live in. And to do that, they need to get a mortgage. Rather than buy a brand-new stick-built home, a preferred solution for consumers (and the institutions that lend them money) might be to custom-build a modular home.

At first, those unfamiliar with the concept might wonder two questions: “aren’t modular homes just like mobile homes?” and, “isn’t custom building usually expensive?”

Custom modular homes are not mobile homes. They look just like regular homes. The difference is that they are built in units in a factory-like setting by professionals and those units are shipped to the site and put together within just a few days. This method is actually cheaper to build in general AND it allows for customization, because prospective homeowners can select different units and put together the floor plan they want… at a price that is lower than a conventionally built home.

Custom built homes at a price that is lower than a conventional home is attractive to anyone thinking about having a home built. But modular homes are attractive for other reasons, too:

Because modular homes are faster to build than stick built homes (taking weeks instead of months to built and erect), there is less money required in a building loan and it gets paid back faster.

And once built, modular homes cost less to live in because they are more efficient to run and they come with a 10 year warranty.

Lastly, consumers need to spend wisely on a solution but they also need to consider the future… How will they leave the earth for their children? Custom modular homes are more environmentally friendly because they are faster to build and there is less wasted building material. All you need to do is turn on the TV or listen to the radio and you’ll hear one company or another advertise its products or services and include in the list of benefits that it’s good for the environment. You never heard this as a selling point before but the environment is increasingly become an area of importance for consumers. More and more buyers are making purchasing decisions based on the potential positive or negative impact in the marketplace.

Modular homes address this trend by offering eco-friendly homes that have a low impact on the environment in several ways.

• Air pollution is minimized through the reduced requirement of heavy machinery to operate over a long period of time at a building site.

• Noise pollution is minimized for the same reason.

• Building materials are not wasted because modular homes are constructed in units in a factory-like setting and then shipped to the site for rapid construction.

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 Modular homes DESIGN:

Leave your concerns of a boxy, uniform home at the door! 

The new modular homes are designed with the customer’s dream house in mind.  From a cozy bungalow to a stately Victorian, your new home is made to order, giving your more creative control than working with most builders and contractors.  Inside and out, this is your home, designed to match your vision.

SPEED: A better home in less time!

One of the best selling points of building modular is the fact that your dream home can be delivered and habitable in less than 6 months.  This is considerably less time than most onsite homes, where weather concerns, small or inconsistent construction crews, back orders and equipment problems are just a few of the reasons for delay.

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 Modular Home QUALITY:

 The quality of today’s modular home is often unparalleled, due to several factors:

• Today’s factory equipment is powerful and state-of-the-art, producing a tight, sound and energy efficient home. 
• The materials need to meet a consistently high standard because of the finely calibrated equipment being used in factory. 
• Your home is created in a climate-controlled environment, where the materials are protected from the ravaging effects of weather.  
• The consistency of an overseen, assembly-line process also leaves little room for mistakes or oversights.

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Why Modular?     

COST: Often indistinguishable from traditional “stick-built” homes, modular homes can be an affordable, creative alternative for a host of reasons: 

• Less labor is required to build homes in factory due to the streamlined and fine-tuned assembly line process.
• Volume purchases of materials are made from the manufacturer directly, reducing drastic mark-ups and the cost of middlemen. 
• The overall time required to create your modular home is considerably less than the average onsite construction job, which can often be riddled with delays due to weather conditions, under staffing and other unforeseen conditions. 
• Modular home appraisal and resale value is comparable with traditional site-built homes, with value appreciating the same as other homes in your area. 
• The cost of your modular home is known in advance, leaving less chance for additional charges. Plus, with a shorter build time, you save on construction loans.
• In addition, bank and mortgage lenders are well aware of the advantages of modular construction and offer new customers affordable financing. 

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• Automatic green. Because of the material-resource use and the energy efficiency of the factory-production process, a modular home can get a builder halfway to LEED certification just by taking it off the truck. Additional green features can be added at the factory, where recycling is an obsession. The green advantage is a driving force in modular’s growing appeal.
• Lower building costs. Most modular homes cost six to 15 percent less to build than a traditional on-site structure. Much of this comes from material savings and from labor savings to the builder. Modules arrive on site up to 80 percent complete. Many builders are concerned about the looming shortage of skilled tradesmen, and they see modular as a way around that rising cost. The more labor becomes an issue, the better modular looks.
• Reduced builder risks. Going modular significantly reduces builders’ risks and associated costs, such as insurance, project management and supervision, inventory holdings and securing the jobsite. Faster building means less risk of losing buyers because of bankruptcy, divorce, job-loss, financing, and plain old changing their minds.
• Strong structures. A modular house has to be strong enough to be shipped and lifted by a crane with straps. “We’re using 2×6 studs, all plywood, Kohler fixtures, Pella windows, all the things a high-end stick builder would use. Modular manufacturers always build to IRC code, even if that isn’t required in a local market. They meet any local code requirement, including high-wind zone criteria. Code compliance is checked before delivery.
• Fast completion. An experienced modular builder can assemble the modules in a day or two, with all finishing completed in a few weeks. Building houses faster means you can build more of them. Materials don’t sit around on the job site, attracting mold or thieves.

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