5 Ways your Tax Refund Can Help You Get Into Your New Home
The average tax refund for the 2014 filing season was nearly $3,000 and the IRS doles out about 100 million of them every year, according toIRS data. If you’ll be getting a refund this year, instead of spending it on more stuff you don’t need, why not invest in your future and use your refund to help you make that first-time home purchase you’ve been dreaming about? Check out 5 ways you can use your tax return for your home!
1. Put It Toward A Deposit The more of a deposit you put toward a new home, the less you will have to borrow and pay in interest. When you get your tax refund, you can put it in a savings account at your bank to 1) keep you from spending it and 2) help build up the amount you will be able to put down for a deposit on a home.
2. Apply It To Closing Costs If you choose to finance your home purchase, closing costs like attorney’s fees, appraisal and inspection fees, title insurance, and escrow costs are typically charged and are not always permitted to be rolled intoyour monthly mortgage payment depending on what lender you choose. Financing costs can be quite expensive and are required in addition to the deposit on the home, and you may need to pay these costs in cash. Your tax refund can be a great way to help pay for closing costs!
3. Put It Toward Taxes And Insurance Once you own a house, you’ll need to pay property taxes on it and insure it. You can also put your tax refund toward paying these costs. Or, if your taxes and insurance are paid through your mortgage, use your tax refund to purchase additional insurance — and greater security — such as an umbrella policy. Consult your insurance agent to determine whether purchasing additional insurance coverage is right for you.
4. Use It To Cover Moving Costs Even if your entire home buying process goes smoothly and you’ve done a great job of saving money and managing your finances, you’ll still face expenses associated with moving into your new home. Your tax refund can help cover the cost of renting a moving truck, purchasing packaging material, paying deposits to start utilities service and more.
5. Use It To Build Your Emergency Fund Every homeowner should have an emergency fund — a savings account with a balance sufficient to cover several months’ of expenses, including your mortgage payment. An emergency fund can help protect you from financial issues if you lose your job or experience an unexpected expense, such as a major car repair. These are just a few ways you can use your tax refund to help you move a few steps closer to homeownership.
WHY YOU SHOULD INVEST IN LAND FOR YOUR MANUFACTURED HOME
Why You Should Invest in Land for Your Manufactured Home Learn the benefits of owning your home and the land it is on
There are a lot of benefits of buying and owning a mobile home with land such as privacy, cost advantages of owning versus renting, expansion opportunities, freedom and more! Owning both a manufactured home and the land that you place it on can be a smart investment for many homeowners. However, we understand that many home buyers may also be concerned about purchasing land for their home. Check out these advantages of owning land and tips for the purchase process.
Benefits of a Mobile Home with Land There are several pros to buying land for your home. Here are a few reasons you may want to purchase and own the land your manufactured home will be placed on.
Privacy – Owning the land your home is on can give you more privacy than if you were to rent the land in a mobile home community. And the more land you can afford, the more privacy you can have. You can also maximize the privacy your land gives you by strategically placing your home on a more secluded part of the land or further away from the road and other houses providing such placement is permitted by applicable zoning laws and homeowner association requirements.
More freedom – Having a home of your own lets you take back your freedom, but owning the land your home is on instead of renting land provides you with even more freedom! You will be able to utilize the land as you want. You will have the freedom to landscape to fit your style, entertain when you want and you can even add a garden if you have a green thumb!
Expansion – When you own the land your home is on, you have the opportunity to use the land as you want so long as you are following state and local laws.¹ You may be able to add things to your property such as a detached garage, a greenhouse, a pool and more.
Builds value – Owning land with your home may also help your manufactured home appreciate, letting your home gain value over time, especially if your manufactured home is permanently affixed to the land.
Tips for Buying Land for a Manufactured Home
Knowing why you should invest in a mobile home with land is just the first step in making a smart home investment. The next thing you will want to know is how to invest in land for your manufactured home. Check out these tips for purchasing a mobile home with land.
Ask a professional – Some local zoning laws or Homeowner’s Associations may restrict the type of home that can be built in a specific area. Before purchasing land, ask a professional such as a home center consultant, if they can help you find available and appropriate land to place your manufactured home on. If your home center consultant is unable to help you find land, they may know some local real estate professionals who can assist you in your land search.
Location, location, location – Whoever said “location is everything” wasn’t entirely wrong. Choosing a good location to buy land and place your home is a smart move if you want to build equity in your mobile home.
Find out if you need to obtain an easement – An easement is the legal right to be on the land owned by another property owner for the purpose of accessing your own land. When looking at prospective land properties, you will want to find out if land access is only provided by driving across an adjoining parcel instead of direct access by a public road. This means that to access your land, you will have to cross someone else’s land.² An easement must be documented by a recording in the local land records.
Look into rural areas – In most places, land costs drop in rural areas. The closer you are to a city, the more likely the land will cost more. Look to the country or out in the county lines of your area to find cheaper land.²
Elevation – Some elevation characteristics on a property site can cause trouble for different types of home foundations. Find out if the land you are considering is near any potential hazards, such as landslides, and talk to your home center about what kinds of elevations could be a risk or unsuitable for home placement on the land you are considering.²
Zoning requirements – You will also want to check with local authorities to determine what zoning ordinances apply to the land you are considering. Some zoning ordinances may put restrictions on the type of home that can be built in an area, size requirements for home that will be placed on the land that construction will be done on, and other considerations.²
Finding the right land for your home can be very rewarding, especially as your home investment grows through the years. You can check with your local home center to see if they know of any available land in your area. The more you invest in your manufactured home, the better the benefits you may receive from achieving your goals of homeownership.
¹ Neil Kokemuller. "The Advantages of Buying a Small Home with a Lot of Land." Budgeting Money. Accessed February 15, 2018. https://budgeting.thenest.com/advantages-buying-small-home-lot-land-22859.html. ² Elizabeth Weintraub. "Pros and Cons of Buying Land to Build a New Home." The Balance. May 13, 2017. Accessed February 15, 2018. https://www.thebalance.com/land-buying-tips-1798965.
What is an Energy Certified Home?
What is an ENERGY STAR Certified Home? Make an energy efficient choice when you buy a new home from Buy-Rite Homes. By choosing one of our ENERGY STAR certified new homes, you get a modular or manufactured home that is more energy efficient than homes built to the minimum code requirements. That way you lower your energy costs and maximize your energy efficiency.
Benefits of an ENERGY STAR Certified Home Less Expensive Compared with standard new homes, ENERGY STAR certified new homes use less energy for heating, cooling, and hot water heating, which lowers utility costs.
More Comfortable/Quieter Homes The energy-efficient features of ENERGY STAR certified new homes keep out excessive heat, cold, and noise, and ensure consistent temperatures between and across rooms-making these homes more comfortable to live in.
A Better Future By purchasing a modular home or manufactured home that is ENERGY STAR certified, you are joining millions of consumers who have changed to ENERGY STAR, helping our nation reduce our energy needs and building a cleaner environment for the future.
A Label Backed by the Government All ENERGY STAR certified new homes are certified to meet EPA's strict guidelines for energy efficiency. This exemplary performance is verified by an independent third party.
Features of an ENERGY STAR Certified Home Effective InsulationProperly installed insulation that meets or exceeds national code requirements helps achieve even temperatures throughout the house while using less energy. The result is lower utility costs and a quieter, more comfortable home. High-Performance WindowsAdvanced window coatings help keep heat in during winter and out during summer. They also block damaging ultraviolet sunlight that can discolor carpets and furniture. Tight Construction and Tight DuctsAttention to detail by sealing all holes, cracks, and seams in ducts and construction assemblies helps eliminate drafts, moisture, dust, pests, and pollen. This improves comfort and the quality of indoor air, while lowering maintenance costs. Energy-Efficient Heating and Cooling EquipmentMore efficient and properly sized heating and cooling systems use less energy, which reduces utility bills. These systems also turn on and off less frequently, removing more humidity and providing better comfort.
NORTHWEST ENERGY EFFICIENT MANUFACTURED HOUSING PROGRAM Experience you can count on The Northwest Energy Efficient Manufactured Housing Program is the most comprehensive and experienced energy efficiency program in the industry. Since 1992, the Pacific Northwest Manufactured Housing industry has built and sold over 150,000 NEEM certified energy efficient homes. It is experience you can count on!
An Industry/Government Partnership You Can Count On The success of the NEEM effort is the result of a unique partnership of Northwest manufactured home builders and state energy offices. Together they find the best cost-effective efficient construction providing added-value for the customer. A partnership you can count on!
Inspections You Can Count On Highly qualified NEEM inspectors review every manufactured home builder so the efficiency measures required by the program are realized in the plant. The "NEEM Team" works directly with Quality Control Managers to make sure every certified home saves energy for the homeowner.
Installation You Can Count On For all of the efficiency measures built in the plant how the home is installed makes all the difference. Every NEEM home is installed so the home is tight, cross-over ducts are secure and insulated, and every energy efficient detail performs as designed.
Assurance You can Count ON Should there be an energy related problem on a certified home you can call the "NEEM Team" and they will help find the solution.
Measured And Monitored... Performance You Can Count On Installed and Certified Manufactured homes are randomly selected and thoroughly inspected and tested to make sure energy efficiency built at the plant is really happening at the site. What's great is, they really perform as designed!
THE NORTHWEST ENERGY EFFICIENT MANUFACTURED HOUSING PROGRAM IS COMFORT YOU CAN COUNT ON! The NEEM Certification Program is accepted by local and regional utility programs and the Northwest's ENERGY STAR Manufactured Home Program.
For more information on NEEM and other ENERGY STAR options on Buy-Rite Homes please call us at (360)681-0777 or stop by 7 days a week
We Build with Sustainability in Mind. We are committed to building green. We believe in building our homes in a controlled environment free from the outside elements where we can control waste and energy usage levels. We recycle cardboard, plastic, carpet padding, vinyl siding and scrap wood.
Better Use of Resources The energy and resources used to build our homes are used more effectively than site built homes.
Less Waste Excess building waste is minimized by having exact dimensions and measurements for our building materials. Any excess, if at all possible, goes to a mulching company thus keeping it out of landfills.
Cost Savings By building efficiently and monitoring energy consumption we save money over time and then pass these savings on to our customers so you can save even more money.
ENERGY STAR® Home Looking for energy efficient features for your home? Check out the ENERGY STAR® Certified Home. By choosing one of our ENERGY STAR® certified new homes, you get a modular or manufactured home that is more energy efficient than homes built to the minimum code requirements.
ENERGY STAR and the ENERGY STAR mark are registered trademarks owned by the U.S. Environmental Protection Agency.
What is ISO 14001? ISO 14001 is an environmental management system designed to help minimize our facilities’ negative effects on the environment while complying with local laws and regulations to continually improve. These high standards make a positive contribution to the world we live in.
Clayton & ISO 14001: Why It Matters We have made a commitment to certify each and every one of its building facilities. What does this mean? We are taking our commitment of “building green” to a national level – we are committed to holding ourselves to the highest energy management system we can.
A Strong Foundation
A Strong Foundation We have years of experience in building quality homes. We have tested and improved our products and building practices in order to ensure that you and your family will enjoy the value of your home for many years to come.
Built to Last Our manufactured and modular homes are built to very high standards of structural strength and durability so that you as a homeowner will not have to worry about unnecessary upkeep or the hassle of repairs.
Every home has to go through a series of rigorous checkpoints and inspections that test electrical outlets, exterior quality, plumbing lines and interior details.
Our homes must be built to federal HUD Code building requirements which include very specific construction and design elements depending on the HUD Wind Zone where the home will be located.
Buying a new home that has been built to the standard means that long-term there will likely be fewer maintenance expenses and repairs.
Many choices in affordable housing for Millennials
Offering Affordable Housing Solution for Millennials Helping address the housing crisis for the under-35 generation Focusing on providing affordable housing options that fit the needs and wants of millennials, who make up 35% of the company's current customer base.
In a demographic, millennials also share different obstacles to obtaining home ownership than those who came before them. For instance, according to the Harvard Joint Center for Housing Studies (HJCHS), many first-time home buyers possess the household income to qualify for home ownership, but struggle to save money for a down payment due to lingering debts from student loans and other debts. This combined with a low supply of available, affordable houses and a high pool of active buyers is driving up prices and competition. As a result, more millennials are choosing to rent or live with their parents. According to the U.S. Census Bureau, the share of millennials in 2015, or adults born between 1982 and 2000, is over 25 percent of the population. At 87 million strong, millennials are the largest generation in history according to HJCHS. We provide an affordable housing solution that fits within the budget of millennials, while not sacrificing on quality or amenities. Manufactured homes are affordable, stylish, energy efficient and customizable – the perfect solution for such a unique generation." Millennials have housing preferences that differ in many ways from other generations. According to the Census Bureau, the median size of a new single-family home declined by 2 percent in 2016. While this is a modest decline, it is the first time since 2009 that the median size has declined. Millennials are also focused on having homes that are energy efficient. We provide homes with energy efficient options such as programmable thermostats, upgraded insulation, double paned UV windows and sealed duct work. "This is a forever home, this is it," explained Robert Woody, a millennial homeowner. "This is the best that we would want. We've got it made."
Making the decision to buy a home can be quite daunting. Determining whether you are making the right investment in a home that will last for years to come is the main question for most home buyers. The great news is that Buy-Rite Homes is the perfect place to answer this critical question and find your perfect home investment!
Buy-Rite's homes are a stylish, safe and, most importantly, an affordable option for home buyers like you to achieve your goals of homeownership. Our homes provide strength and durability for any climate. Plus, our manufactured homes have hundreds of customizable options available, including energy efficient features that could potentially save you money in the future!
A Personalized Home Buying Process The process to purchase a new home from Buy-Rite homes will vary from customer to customer. A typical question home center consultants often get is, “How long does it take to build a manufactured home?” The answer varies based on the home building facility and other factors. And then there’s the question, “How long will it take to get my new manufactured home?” This varies from customer to customer based on several factors in the home buying process, including the timing of home financing. In many cases, obtaining an approval for home financing can be the longest part of the home buying experience. But there are several ways to help make the entire process easier and get into your Buy-Rite dream home faster!
Budget for Your Dream Home Establish a firm and realistic budget before looking at homes. Knowing what you can reasonably afford can be estimated if you take the time to create a list of your current monthly expenses. These monthly expenses can range from utilities to food, travel, school loans, entertainment, medical expenses and charity. Comparing your monthly expenses to your monthly income can help you estimate your available income for housing and then a proper price range for your dream home.
Get Pre-approved, Not Just Pre-qualified Many home buyers may not consider this, but many lenders may be able to help you get pre-qualified for a mortgage even before stepping inside a home center. A pre-qualification requires a short conversation with your lender and perhaps a peek at your credit score.
If you are able to pre-qualify, then you may also want to look into obtaining a pre-approval from a lender, which can help you close even quicker! A preapproval can help you determine what you can afford before selecting a home. A pre-approval from a lender that you choose provides that lender’s estimate of what loan amount you are approved for, although it does not eliminate allloan underwriting concerns that will still need to be addressed before you are fully approved.
Communicate Clearly with Your Lender Realize that the lender that you choose to finance your home purchase is in control of and responsible for the processing of your home loan application, not the home center. Make sure your communications with your lender are clear and open so they get everything they need. Your home center representatives are not involved in the processing of a loan application you have submitted to a lender, so clearly understanding the details of your home loan and relationship to your lender is essential.
Buy with Cash Saving up for a down payment (which reduces the loan amount you will need) may help you secure financing more quickly and get you into your new home quicker. And ultimately, if you are financially able, paying for your home in cash will help you avoid the entire lending process!
Have Everything Lined Up in Advance Ask your lender for a list of items (documents and records) you will need to provide to them. Get organized and put together a complete package of documents that you may need to provide to your lender. These items may include W-2 forms from the most recent year and prior years, proof of employment and your bank statements. It is always good to make sure to pay all your bills on time as well!
Do Your Research Make sure to understand all your options before beginning the home buying journey. Choose and talk to a few lenders who can clearly explain all the different kinds of home loan options available to you. Talk with friends and relatives and do your research to find lenders who can provide quality financing at competitive rates.
Ask Tons of Questions Don’t be afraid to ask questions. There is no bad question! At Buy-Rite Homes, home consultants specialize in helping home buyers through the entire home buying process. Professionals are here to help you and your family find the home of your dreams!
Following these tips should help make your home buying process go smoothly and help you and your family get into a wonderful new manufactured or modular home.
Buy-Rite Homes proudly carries Karsten homes produced by Clayton Homes Manufacturing. Articles courtesy of Clayton Homes.