We’ve moved!

We’ve packed up the blog and moved it on over to join the rest of our website! You can find our future posts at www.prudentialprofessionalsrealty.com/blog. You can subscribe to our new RSS feed here.

We hope that our loyal readers will find the new blog format easier to use, as well as easier to find and navigate to. We hope to see you there!

New Blog Feature… Spotlight on Clarksville TN Communities

Our blog’s new weekly feature will be a spotlight on the different communities you will find in Clarksville TN. Our hope with this new 16 part series is that you will become more familiar with the beautiful city that we call home.

Every Friday, starting first thing tomorrow morning, we will be doing a short blog highlighting different neighborhoods around the Clarksville TN area.

Our first neighborhood will be Cumberland Heights, the quiet community “across the river”. Don’t forget to subscribe to our RSS feed by clicking here, our posts will be delivered right to you and you won’t miss the next featured neighborhood!

Home Buyer Tax Credit Extension

It’s official, the tax credit has been extended and now includes benefits for more than just first time buyers. There are four major changes to the new tax credit. The income limits have increased, the deadline has been extended, the paperwork requirements were tightened, and there are now benefits for home buyers who already own property.

New income limits: For home sales that occur after November 1st, 2009 the income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. If buyers have a MAGI (Modified Adjusted Gross Income) of more than $125,000 for single taxpayers and $225,000 for married taxpayers filing a joint return then the credit amount is reduced.

New deadline: The home buyer tax credit now applies to home sales occurring on or after January 1, 2009 and on or before April 30, 2010. In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

New paperwork requirements: To claim the tax credit you have to fill out the IRS tax form 5405. This form will help you determine your tax credit amount. You then claim that amount on line 67 of your 1040 income tax form for 2009. You must also attach a copy of your HUD-1 settlement form (closing statement) to form 5405 as proof of a completed home purchase.

Benefits for current home owners: Existing home owners who have owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date and are buying a replacement principal home can now apply for the tax credit. These “move-up” home buyers are eligible for up to $6,500.  They apply for the tax credit with the same forms.

If you are a first time home buyer or are considering moving into a new home let us know if you have any more questions about the tax credit!

Owning A Home Has Its Benefits, Part 2

Here are four more benefits of owning your own home:

1. Financial Predictability
When you buy a home with a fixed-rate mortgage, you have more predictability over future housing costs. Because your interest rate never changes, the amount of your payment never changes. Financial planning and credit are more easily managed with a fixed-rate mortgage compared to renting.

2. Building Equity
When you own your own home, you pay rent to yourself instead of a landlord. Most homeowners pay for their purchase by obtaining a mortgage. As you pay off that mortgage, your equity builds and you gain an increasingly larger share in a valuable asset. Over time, that asset can work for you in many ways, such as home equity lines of credit. And of course, a home is a wonderful asset to pass along in an estate.

3. Investment Appreciation
There are certainly no guarantees of property value appreciation. In the long-term, however, real estate valuations almost always increase. This means that when you decide to sell your home, its value may be significantly higher than when you purchased it. The difference in value is called appreciation. You can reinvest that appreciation in other real estate or you may wish to downsize and keep the value of that appreciation for retirement or other purposes.

4. Tax Benefits
In the United States, the cost of home mortgage interest and property taxes are usually tax-deductible. Depending on your circumstances, thousands of dollars in taxes can be saved each year. These tax savings are not limited to federal taxes either. Many states and localities either base their tax system on the federal system or offer similar incentives to homeownership. Some additional benefits are designed specifically for first-time homebuyers. See your tax advisor for additional information.

If you still have doubts, please visit our website or call us at 931-920-6848 and we will link you with an agent who can answer questions you may have about homeownership and explain the buying process to you.

Owning A Home Has Its Benefits

Opportunity is knocking for those considering homeownership for the first time. Historically low interest rates, lower home prices in most markets and the first-time homebuyer tax credit – part of the American Recovery and Reinvestment Act of 2009 – brought first-timers to the market in droves during the first half of the year.

And the favorable conditions that prompted many of these buyers are likely to continue. Even the first-time homebuyer tax credit – set to expire Dec. 1 – may get a second wind as legislation is pending in both houses to extend it into the new year.

Today’s opportunities aside, there are eight time-honored reasons why those considering homeownership for the first time should make their move. We’ll share four of those reasons with you today.

1. Pride of Ownership
Owning your own home adds to your own sense of self-esteem and personal pride. The satisfaction that comes from feeling connected to the land you occupy and the home in which you live is ages-old.

2. Security of Tenancy
With homeownership comes stability. When renting, you never know when you may have to move because of new ownership, rent increases or other changes. As a homeowner, you decide when and if you want to move.

3. Privacy
While there are usually some limits on the access landlords have to property, almost all landlords can access your property for necessary inspections and maintenance. For many renters, this lack of privacy is a significant discomfort. Homeowners on the other hand generally have much stronger property rights and experience an increase in perceived and actual privacy.

4. Decorating
Homeowners are free to decorate, remodel and accessorize a home any way they want. Not only do you have the right to make improvements, but the value of those improvements becomes yours as well. Having your living space and exteriors just the way you want them can significantly increase your satisfaction with your living environment.

 

These are only some of the benefits. Check back in for even more benefits of home-ownership.

Madison Summit was a hit!

This past weekend Madison Summit hosted it’s first public open house. It was a definite success. The majority of people came out excited to quell their curiosity and take a peek inside of these gorgeous homes. Several of the lots were opened for our guests and we heard rave reviews about all of them. My personal favorite was the bathroom in Lot 44, the shower is elegant and relaxing. The tile inset in the dining room was another characteristic feature that you have to see. All of these homes show a lot of thoughtful detail, from the adorable garage doors to the completely unique trim.  Each floor plan also has a great amount of natural light.

Even though this neighborhood is still in its construction phase you can see the vision coming together. It was exciting to be out there this weekend with all of the buzz from people milling around the community. They were just as excited about some of the features as we were, which was really great.

If you came out to take a look at Madison Summit this weekend, we hope you had a good time and thanks for the support!

You can visit www.madisonsummit.com for more info.

Life in Governors Crossing

If you don't want the worry or hassle of lawn care or outside building maintenance, then townhouse living is for you!

Life in Governors Crossing in Clarksville TN  is wonderful!

You have the feel of a house, but the ease of an apartment – living in a townhome means that you don’t have to worry about outside building maintenance. Plus you have the benefits of a yard, but you don’t have to mow or even keep up the shrubbery and bushes. All of that is taken care of for you. Unlike living in an apartment, when you live at Governors Crossing, you cannot hear your neighbors at all – the walls are thick so you never hear what’s going on outside of your home.

Inside, the townhomes offer lots of comforts and conveniences such as gas logs, whirlpool tubs, top of the line kitchen appliances and spacious walk-in closets in each bedroom.

There are seven different floor plans in Governors Crossing, each offering something different. From our units, you can choose between hardwood floors and carpeting, 2 or 3 bedrooms, and the style of kitchen cabinets and appliances.

Last but certainly not least is the location! Governors Crossing in Clarksville Tennessee is located just five minutes away from Exit 4, right across from Gateway Hospital and close to several shopping centers including Governors Square Mall.

Visit the Governors Crossing website (www.governorscrossingclarksville.com) to get more info about these wonderful homes.

The Meridian floor plan

The Heritage floor plan

The Alexander floor plan

Governors Crossing Clubhouse

How to Look at Homes

Finding the perfect home should be exciting - not stressful.

Discovering the right home should be an exciting event. Here are a few tips to make your home search less stressful and more efficient.

- Identify up-front what is affordable. This will save you time and frustration in the home search. It is important to consider the financing options available and to begin the mortgage pre-approval process as soon as possible.

- From the multitude of properties currently on the market, have your real estate agent search out and select those that most closely meet your unique needs and interests. It’s best to preview only a few homes at a time.

- Schedule time to look at homes and neighborhoods. This helps because your sales professional will need to set up appointments with sellers and their brokers.

- If the seller of their real estate agent is there when you are looking at a home, it is best to limit your conversation with them.

- You can use the Home Finding Worksheets that are part of the Home Finding Guide that can be obtained by contacting Prudential Professionals Realty to help you evaluate each property.

- Consider carefully your thoughts on each home you view – positive and negative. This will help you continually reassess your needs and your buying criteria.

Am I Better Off Renting?

We hear people all the time torn between renting and buying a home, weighing pros and cons to each, not sure which way to go. To someone thinking of buying their first home it can seem like a big commitment… a little intimidating even. Here are a few facts we put together so that you can easily weigh your options.

Hypothetically, let’s say your rent is $700/mo and factor in $15/mo for renter’s insurance and an average yearly rent increase of 4%. If you bought a $120,000 home and factor in appreciation rate, an average loan amount of $120,000 with a 30 year term, and yearly maintenance costs, owning a home will save you about $28,000 over 10 years or $2,800 a month.

Owning your own home also saves you in taxes. On a $100,000 loan with a 30 year term and a 6.5% interest rate, factor in the state and federal tax rates, the appraised value of the property, annual property taxes and annual property insurance and you could save over $2000 a year in taxes.

Here are a few advantages and disadvantages of buying and renting to add to your pros and cons list:

Buying

Advantages are: your property will build equity, you are always free to change your decor and landscaping, you aren’t dependent on your landlord to make needed changes or repairs, you don’t have to worry about pet restrictions, and you also build a sense of community, stability, and security.

Disadvantages are: you are responsible for property maintenance, you will have property taxes, you have less mobility than if you were renting, and there is also a possibility of loss of equity.

Renting

Advantages: you have little or no responsibility for maintenance, and it’s easier to move around.

Disadvantages: you receive no tax benefits, no equity is built up, you have no control over rent increases, and there’s a possibility of eviction.

If you are looking around for a place, whether to rent or buy, you can start here: www.prudentialprofessionalsrealty.com.

“Extreme Makeover: Home Edition” Returns

“Extreme Makeover: Home Edition” is once again in our area – this time in Woodlawn, TN to lend a hand to Trina Scott and her three daughters. In 2002, Trina’s husband, David – a Clarksville police officer – was killed while on-duty. Amidst the grieving, she also had to deal with her house which was becoming more and more damaged every day. Due to termites and water damage, Trina spent more than $20,000 in repairs. And still, her house continued to deteriorate.

In order to make sure that the house is completed in just one week, “Extreme Makeover: Home Edition” is using Huber Engineered Woods LLC’s ZIP System® roof and wall sheathing and AdvanTech® flooring. These products are wonderful for the show because they are quick to install.

The ZIP System^® website (www.zipsystem.com) shows that by using the ZIP System^® roof panels and wall sheathing, there is no need to use felt paper or housewrap. However, it still provides quality moisture resistance and creates an air barrier, which can reduce the heating and cooling costs over time. AdvanTech flooring (www.advantechperforms.com) also provides water resistance and is easy to install.

The house is scheduled to be completed today thanks to the many volunteers who pitched in this week and these quick installation products. I’m sure the family will be happy to move in to their new house and will be overjoyed by all the hard work of our wonderful Clarksville community!