As you’ve most likely heard, Congress and our President have passed an extension and expansion to the home buyer tax credit.  One of our friends in our local real estate community just sent us this very nice synopsis of the details of this new benefit.

And in case you were wondering what you could buy within that maximum purchase price, and how it was too bad that you couldn’t get a Lakeville Home within that price range.  Please see our project MLS #29057195 located in the Robinswood area of Bellevue that is offered as a presale for $774,500.

Lakeville Homes is proud to announce that Rick Rahlfs has been named our new Vice President.  Rick has a degree in Construction Management from Washington State University.  He has been with Lakeville Homes for a time period that belies his age in years, originally working on landscape maintenance for Lakeville projects while attending high school.

Rick will probably shake his head at me for posting the below, but I think it speaks much more about the person he is than I can.  Please note the received date of March 24, 1997.

Since the time this letter was authored, Rick has risen in the ranks from laborer to job superintendent.  He now site manages projects for Lakeville Homes.  His loyalty and commitment to the company is obvious and an asset.  We look forward to continuing to grow this company under Rick’s able leadership.

Congratulations to Rick and to Lakeville Homes.

Lakeville Homes isn’t all about the whole-house remodel these days.  As the needs of our client base changes, we are trying to change with them.  It’s a necessity to stay in business, but we’ve always considered ourselves nimble, and this is our opportunity to put that quality into practice.

Recently we’ve had a few investors come to us with their rental properties.  Some are purchased on short sale, others are just reacting to a general rise in demand in the rental market and need to update.

I thought this would make an interesting before and after…so you too could see what is available to you for just under $30,000.

Exterior work included:
-New asphalt driveway
-Landscape cleanup
-Exterior paint touch up

Kitchen work included:
-Demolition of walls around the kitchen
-New cabinets
-Mostly new appliances (the range and refrigerator were already new)
-New granite slab countertops
-New hardwood floor in the kitchen
-Replacement of window (including some reframing/patching)

Throughout the house:
-Refinished hardwood floors (all of main floor)
-New carpet (bedrooms downstairs)
-Paint
-Handrail installation and carpeting of stairs
-Changing some light fixtures

So does this sound like something your home or property could use and is it something in a price range that’s more palatable?

We’d like to work with you on making your house the perfect home.  Please call us.

If you’ve been joining us here, you know that Lakeville Homes blogs.

The blog and our website are not our only web presences.  Please follow us at twitter @Lakevillehomes

and become a fan of our facebook page.

Through these two mediums, you’ll get the latest on what Lakeville Homes is up to, open houses and information about our free downloads as they are available.

Besides these main avenues, we are also active on Trulia a real estate targeted website…hoping to give good information and advice to those who are seeking it.

See you on the web!

The news in the residential construction industry isn’t all bad.  And I don’t just mean the slight rise in home sales (although we will take any improvement we can get).

Although you may imagine contractors to be rough and tough, as far as a group goes, you’ll be hard felt to find bigger hearts.

In spite of the reported crappy economy, this past weekend, 32 teams built 32 ramps for King and Snohomish County area disabled.  The Master Builders Association’s Care Foundation puts on the annual Ramp-a-thon.  This is part of a national event.  Most teams as sponsored by companies.  The team I headed was for the Professional Women in Building Council within the MBA, which I co-chair.

With 3 of the Lakeville Homes team working with 23 other volunteers, we put together a ramp for a Kenmore man who otherwise had no way to get his motorized scooter in and out of his home.

Although this is supposed to be a project that is about helping the recipient, I do truly feel that we the volunteers came away with so much.  A glorious Seattle afternoon, the opportunity to work side-by-side with some new friends and the opportunity to make a difference.  My heart is still warmed by the whole experience.

Here are a few photos from the day.  I don’t know if you can tell in the photos how much fun we were having–but this day is a joyous one in my memory bank.  Lots of laughter with new friends and a little hard work is a good combination in my book.

A before photo

Improving the conditions by replacing a rotting beam first

Part of the “stain” team

The dig team 

Materials for site beautification.

Things are taking shape!

Final touches

Our ramp recipients first ride down the ramp.  Pride amongst the volunteers!

A team photo

The completed project.

Professional Women in Building…leaving our mark!

A special thank you to BMC West for donating all of our ramp lumber!  Your generosity in great part made our success possible.

You’ve been hearing abou the $8,000 first time home buyer’s tax credit that is available.  And you’ve probably even heard that it can now be applied to your downpayment at closing. 

Well, there are even more options available for downpayment assistance.  With some limitations, the ARCH Housing program allows for up to $30,000 in downpayment assistance.  This government sponsored assistance comes in the form of a simple interest loan that doesn’t have to be paid back for 30 years.

There are restriction as to who can qualify (income limits, first time home buyers), location (certain East King County areas only) and the purchase price of the home (there is a cap), but the assistance is available.

For additional information, you can call our friend Fern Lam who is teaching the required classes through the Master Builders Association of King/Snohomish Counties.

This was one of my favorite projects.

The interior aesthetic is on the contemporary side, and I can just imagine how well this home lives.

The main floor has a generous living space, with the family room connected to the kitchen and nook (with access out to the outdoor room).  Formal dining and living spaces are separted, but near by.   The kitchen has all top of the line appliances.  My favorite part of it though, is the cabinet package.  We have the spice racks, garbage cabinets and tray storage.  But the uppers also have a  “garage door” style hardward.  It’s fantastically contemporary.  And just a little unexpected.

Upstairs boasts one of my favorite master baths ever.  Contemporary tile that wraps up onto the wall behind the sculptural free-standing tub.  A shower with a bench.  His and her vanities that add warmth to the room.  And lastly, a master closet that Carrie Bradshaw could live in.

Well, the good news is, the home finally sold.  The bad news is, I don’t get to move in.

But hopefully the new owners will love the reality of living in it as I loved the putting it together and living there in my imagination.

As part of the Federal Stimulus package, homeowners can now receive up to a 30% tax credit for making their home more energy efficient (http://www.djc.com/news/bu/12004940.html?cgi=yes).

What is eligible?  Built goods such as energy efficient windows, additional insulation and heating/cooling equipment fall within the categories.  Items such as that new washer and dryer or refrigerator you’ve been wanting are not eligible.

Your contractor will need to separate out the cost of materials/supplies vs. the labor, because they are viewed differently.  But the tax credit will be a dollar for dollar reduction on what you owe the federal government for next year’s taxes.

Of course the real benefit to all this is a more energy-efficient home that will save you money and help to save the earth.  The government is just sweetening the pot for you to do this now, rather than later.

So call your contractor (our number is 425.453.8388) and schedule an appointment to talk about your home improvements.

Remember this home?

Well, look at it now!

The new roof (including structure) and facade takes our drab circa 1950’s house and turns it into a cottage that you’ll want to call home!

This Mercer Island rambler is now available for show and sale.  MLS #29019007.  It is also held open every Sunday from 1pm-4pm (excluding the upcoming Easter weekend).

Some more photos of the dramatic changes, that make this remodel more like new construction.

Main living space, BEFORE.

And AFTER.  This new home employs the great room concept which better suits how we live today.

The Master Bath BEFORE (too small to get a good photograph).

And the luxurious 5-piece bath AFTER.

The heart of the home, the Kitchen.  BEFORE.

This giant masonry double fireplace bisected the home and really broke up the living spaces.

And, AFTER.

This adorable home is a Built Green Level 3 home, proving that sustainable can mean luxurious too.

We are hearing that a lot of people (would-be clients, if you will) are reaching a mental road block caused by lack of information.

They have a home project they want to take on…maybe even need to…but all they’ve heard is how difficult financing is obtain these days or that construction loans just aren’t available.

We didn’t have the answers, but we knew who would.  Fern Lam is a long time associate of Lakeville Homes.  We like her, her business ethic and who she associates with.  We trust her.

Certainly every situation will be different, but here are some general guidelines, provided by Fern, on how to finance your remodel.

First, if you have been in your home for a few years, then chances are you probably have some equity or “cash” in your home to access those funds for the project.

Typically, Lenders will allow you to access 75%-85% of your current home value.  The actual amount will vary dependent on your credit score and your qualifying income.

Example, let’s assume that we have a kitchen remodel for $75K.  Home value is $1million and the currently loan balance is $450K.  Using an 80% Loan-to-Value guideline, there is about $350K equity available to access for the project.  You can get a new mortgage loan in the amount of the current loan balance plus the $75K for the kitchen project.  For this example, the new loan amount would be $525K.

Few things to keep in mind:

·         If you don’t need all the funds at once (typically remodel projects don’t need all the funds upfront at one time) then consider getting a home equity line of credit (HELOC) instead of a new first mortgage.  HELOCs allow the homeowner to draw amounts of money against the line of credit as the project progresses.  The advantage is that you would only pay interest on the amount you draw.  You can go to your local Credit Union or Bank to apply for a HELOC usually there are no closing fees to you.  Most people move away from a HELOC because the fear of the interest rate being adjustable.  It is a valid fear.  An option to overcome that fear is combine the two loans by refinancing into one new loan once the remodel is complete. 

·         Financing your remodel project may not impact your payments as much as you may think.  Typically for every $10K you finance on a 30 year fixed loan on a 6% interest rate, the payment is $60 per month.  So think twice before you use up all your liquid savings on your remodel. 

·         It is recommended that you speak to a trusted Lender to find out your options on how to finance the project and meet with a Home Builder that can get you a cost projection.  With the current Housing Market there have been many changes that can affect you options.

·        When remodeling your home, you have many tax advantages that you can claim on your taxes.  Be sure to talk to your tax advisor.

Now you are armed with more information so you can make the best decisions for you and your family (and your home too).