Bayway Homes

Did you know that in the communities we build homes in, including  Southridge Crossing, Bayway Homes strives to go the extra mile in providing our buyers a quality home in many ways? One way, is that we use 30 yr Owens Corning, 3 dimensional shingles as a standard feature on our homes opposed to other builders that use 25 yr. Now, most people assume that it’s just a 5 yr difference in the warranty but it’s actually much more than that. See the list provided below. There is a good chance that when you visit one of our Bayway Communities you will easily be able set us apart from other builders. Take the challenge and stop by Bayway Homes  in Southridge Crossing!!

Here are a few examples of what the difference is between Bayway Homes 30 yr shingle vs the standard 25 yr shingle. 

Architectural / Dimensional grade composition Shingles:

 Because of the heavier construction they are less likely to warp and they provide much better wind resistance. Standard three tab shingles are typically rated for 60 mph winds while most architectural shingles are rated for 80 mph up to 120 mph. They are thicker and longer lasting than composite 3 tab shingles and they have the look of natural materials. What a great value to add to your home!

Composition 3 Tab Shingles 25 yr

These shingles are the most common and the least expensive. They tend to be the easiest to install and are more sustainable to wind damage. Compared to other choices, these have the shortest life span.

The townhomes Bayway Homes builds in the Steeplechase Terrace neighborhood in Northwest Houston are built using an in-wall pest control system known as TAEXX.  This system, being installed in the walls of the home during construction, has proven to be a valuable asset to the homeowners here.  With no need for the homeowner to be home, the pest control can be re-applied each quarter, or as needed, preventing unwanted pest from entering the home.  

Home Team Pest Defense (www.pestdefense.com) designed TAEXX, the original Tubes in the Wall® system, to create a real barrier that keeps pests on the outside of your home, and your family securely nestled within. TAEXX is a network of tiny tubes that run throughout designated walls of your home. This network sets up a virtual barrier that keeps unwanted guests out – and strikes them where they’re the most vulnerable.The result? Taexx is an effective service because pest control materials hit bugs where they live, hide, and breed – inside the walls. Materials remain effective longer because they’re not exposed to sunlight. 

By the time you discover bugs inside your home, you may already have a problem. That’s why the TAEXX system is designed to target pests at the point of entry, keeping them out in the first place. The tiny tubes that make up the TAEXX system distribute our efficient treatments evenly and efficiently throughout designated walls to make your home a no-go zone for household pests of all kinds.

Termite control is also an important thing to consider when building your new home.  Bayway Homes also provides a borate treatments on the areas of the home suseptable to termites.  

This protection is also done during the construction process with the borate wood pretreatment, an effective termite control solution. HomeTeam’s borate wood pretreatment acts as both a termiticide and a repellent for years after application.

The best way to protect the wooden structure of a new home from subterranean termites is to make the wood so distasteful they’ll head somewhere else. Highly effective borate wood pretreatment from HomeTeam does exactly that penetrating deep inside the lumber framework to provide long-lasting protection.

It’s part of the advantage of buying your new home from Bayway Homes.  One more way Bayway Homes really are Built Better.

Most frequently asked question by prospective buyers;

What is a M.U.D. and or P.I.D. Tax and how do they affect my purchase in a community?

Great question! They can have a profound impact on the final outcome of your monthly mortgage payment. Both taxes are acronyms as follows;

• M.U.D. – Municipal Utility District

Basically a M.U.D. Tax allows a developer to install utilities in a community that they would like to develop without utilizing any cash out of pocket. The necessary monies to complete the development of the utilities are paid for through the issuance of a Bond.

Repayment is amortized over several years (Generally 30 + years) to eventually retire the debt at which time the additional tax is suspended.

With the passage of time, the percentage or “Tax” rate usually decreases reducing the home owners tax liability each year which does lower the mortgage payment a bit.

• P.I.D. – Public Improvement District

On the other hand, A “P.I.D. is a Tax District allowed by State Law and created by the
Developer and the Builders to operate and maintain most of the common areas within a community thereby eliminating an HOA (Home Owners Association) to manage the ongoing improvements, maintenance or additional amenities added to the community.

One positive of a P.I.D. is that the monies paid by the residents is considered a Tax and is deductible on your income tax where HOA dues are not.

Either way, both taxes increase the Tax base in a community and those Taxes are added to the total annual property Tax liability.

The M.U.D. obligation can be from .1% to 1.%. Depending on the amenities, size and status of a neighborhood, P.I.D. is usually less. If you live in a community that has one or both additional Taxes, The amount of Tax is added to your normal Property Tax.

For example, Property Tax is assessed from the following entities in Dickinson Texas located in Galveston County. (Per $100.00 valuation)
• Dickinson ISD $1.43
• Galveston County $0.5686
• College of the Mainland $0.22738
• WCID # 1 $.0220260
• Dickinson City $0.4086
• Galveston Co Road & Flood $0.0114

The total Tax liability for this community based upon the Taxes for all taxing entities equals a rate of $2.98 per $100.00 dollar valuation of the property.

If the purchase / appraised value of your home is $200,000.00 and the Tax rate is $2.98 you annual tax liability for the year is $5,960.00

By way of comparison, if you are looking at the exact same house at the exact same price and have a M.U.D. Tax of 1%, then you liability jumps an additional $2,000.00 bringing your total tax liability for the year to $7,960.00

Most communities have either an HOA or P.I.D. assessment. Home owner’s dues are generally assessed at the first of each year (Usually paid in full) which is used for expenses to maintain the community for that year.

In the case of a P.I.D. and using an assessment of .05% as an example, in the community that has both a M.U.D. and P.I.D. tax, with the addition of the P.I.D. of $1,000.00, the total tax liability is $8.960.00 which is due along with normal property tax collection.

Anyone hoping to snag the $6,500 to $8,000 homebuyer tax credit will have to step it up this month.

That’s because homebuyers have until April 30 to sign a binding contract and must complete the purchase of a primary residence before June 30^th. 

Vicki Cox Golder, National Association of Realtors president and a Tucson real-estate agent, thinks it’s highly unlikely Congress will extend the homebuyer tax credit a third time.

She advises homebuyers who want the credit to first get pre-approved for a mortgage. And although finding the right home can take time, she said it’s still possible to find one and close on it by the end of June.

“Time is running out,” she said. “If homebuyers want this tax credit, there’s literally no time to waste.”

Here are 10 things to know.

1You must buy – or enter into a contract to buy – a principal residence on or before April 30. If you sign a binding contract before the deadline, you must close on the home on or before June 30.

2 The credit is 10 percent of the home’s purchase price up to $8,000 for first-time homebuyers and $6,500 for long-time resident homebuyers.

3 You qualify as a first-time homebuyer if you (and your spouse, if married) have not jointly or separately owned another principal residence for three years prior to the purchase.

4 You qualify as a long-time resident homebuyer if you (and your spouse, if married) lived in the same principal residence for five consecutive years in the last eight years and purchased a new principal residence after Nov. 6, 2009. If you are married, you and your spouse must have owned and used the same principal residence.

5 The credit does not have to be repaid if the home remains your principal residence for three years. If the home is sold within 36 months of the purchase date, the full credit must be repaid on that year’s tax return.

6 There are income limits. For homes purchased before Nov. 6 (when the tax credit was extended and amended), single taxpayers must have a modified adjusted gross income

of $75,000 or less, and married couples filing jointly must make $150,000 or less. The credit is reduced for single taxpayers who make up to $95,000 and married couples who earn up to $170,000. Those who earn more are not eligible for the credit.

For homes purchased after Nov. 6, single taxpayers must have a modified adjusted gross income

of $125,000 or less, and married couples filing jointly must make $225,000 or less. The credit is reduced for single taxpayers who earn up to $145,000 and couples who make up to $245,000. Taxpayers with higher incomes are ineligible.

7 An existing homebuyers’ new principal residence cannot cost more than $800,000. Existing homebuyers are not required to sell their former principal residence to get the credit.

8 A new-construction home contract qualifies as a binding contract. Homebuyers who close on and occupy the new construction home by June 30 can take the tax credit.

9 Homes purchased from a direct relative – including a spouse, parent, grandparent, child or grandchild – are not eligible for the tax credit.

10 For homes purchased in 2010, homebuyers can claim the credit on either their 2009 tax return (due April 15) or 2010 return. For details, visit www.irs.gov or consult a qualified tax preparer.

Want your $8,000 homebuyer tax credit? You better hurry!

There is a potential to save thousands of dollars but time is running out. If you’re thinking of taking advantage of the government’s homebuyer tax credits you must have a contract to purchase a home by the end of this month.

First time homebuyers can get a credit of up to $8,000.

This has pushed about 900,000 additional buyers into the market, said Lawrence Yun, chief economist for the National Association of Realtors, a trade group. The additional stimulation has helped stabilize home prices, he added.

“It is laying the foundation for more normal housing market conditions,” Yun said, “and helping assure that we have a sustainable economic recovery as homeowners don’t see further destruction of their wealth.”

The government also offered a tax credit to long-time residents who buy a new principal residence — no credits for vacation homes. They’re eligible for a credit of up to $6,500.

If you’re convinced a new home may be in your future, consider some of the basic rules outlined in the tax credit.

WHO QUALIFIES?

_ First-time homebuyers

To qualify as a first-time homebuyer, you must not have owned a home in the last three years. The tax credit is 10 percent of the purchase price of a home up to a maximum of $8,000. This applies to a single taxpayer or a married couple filing a joint return. Married couples filing separate returns qualify for half that amount. The $8,000 credit applies to sales in 2009 and through the end of April. Homes bought in 2008 also get a tax credit, but the rules are different.

Of course, your particular situation may not be so clear cut. The IRS outlines many different scenarios and how they effect the homebuyer rules at: http://tinyurl.com/opgukl.

_ Long-time residents

To qualify as a long-time resident, you must have owned and used the same home as your principal residence for at least five consecutive years of the eight-year period ending on the date you bought your new home. The maximum credit is $6,500 for a single taxpayer or a married couple filing a joint return, or $3,250 for a married couple filing separate returns.

THE DEADLINE

You must enter into a binding contract to buy a home before May 1, 2010, and close before July 1, 2010. If you’re building a home, the purchase date is considered to be the date you first occupy the home.

HOW TO GET THE CREDIT

The credit is claimed on IRS Form 5405, First-Time Homebuyer Credit, which was revised in December. It must be filed with your 2008, 2009 or 2010 federal income tax return, depending on which year you’re claiming the credit. If you have already filed a 2008 or a 2009 tax return without claiming the credit, but bought a home that qualifies, you can amend your return to claim the credit using Form 1040X with the December 2009 Form 5405 attached.

Certain additional supporting documents will be required to be filed with your tax return, including a copy of the settlement statement used to buy the home or a similar document.

Those seeking as credit for long-time residents will need to prove they have lived in their home for five consecutive years by providing mortgage interest statements, property tax records or homeowner’s insurance records for five consecutive years.

INCOME LIMITS (for full credit)

_ Purchases after Nov. 6, 2009:

Single taxpayers — up to $125,000

Married couples filing jointly — up to $225,000

_ Purchases before Nov. 7, 2009:

Single taxpayers — up to $75,000

Married couple filing jointly — up to $150,000

The IRS uses your modified adjusted gross income, which for most people is the adjusted gross income on your tax form with student loan, tuition and fee deductions added back in.

Many additional questions are answered by the IRS on its Web site at: http://tinyurl.com/yb8ykug.

Hello, and welcome to the brand new Bayway Homes Blog. We will be updating constantly with news and information that will help you when you buy your next home. Please keep checking back for all of the latest updates. Thank you for visiting Bayway Homes!

Once again the bluebonnets are in bloom.  You can always count on them being in full bloom as the tax season really gets busy. 

This picture was taken by a Bayway Homeowner in Steeplechase Terrace while she was driving off  Hwy. 290 towards Waller. 

They are supposed to peak by this weekend and I hope everyone gets out to enjoy the natural beauty of Texas.

Most frequently asked question by prospective buyers;

What is a M.U.D. and or P.I.D. Tax and how do they affect my purchase in a community?

Great question! They can have a profound impact on the final outcome of your monthly mortgage payment. Both taxes are acronyms as follows;

• M.U.D. – Municipal Utility District

Basically a M.U.D. Tax allows a developer to install utilities in a community that they would like to develop without utilizing any cash out of pocket. The necessary monies to complete the development of the utilities are paid for through the issuance of a Bond.

Repayment is amortized over several years (Generally 30 + years) to eventually retire the debt at which time the additional tax is suspended.

With the passage of time, the percentage or “Tax” rate usually decreases reducing the home owners tax liability each year which does lower the mortgage payment a bit.

• P.I.D. – Public Improvement District

On the other hand, A “P.I.D. is a Tax District allowed by State Law and created by the

Developer and the Builders to operate and maintain most of the common areas within a community thereby eliminating an HOA (Home Owners Association) to manage the ongoing improvements, maintenance or additional amenities added to the community.

One positive of a P.I.D. is that the monies paid by the residents is considered a Tax and is deductible on your income tax where HOA dues are not.

Either way, both taxes increase the Tax base in a community and those Taxes are added to the total annual property Tax liability.

The M.U.D. obligation can be from .1% to 1.%. Depending on the amenities, size and status of a neighborhood, P.I.D. is usually less. If you live in a community that has one or both additional Taxes, The amount of Tax is added to your normal Property Tax.

For example, Property Tax is assessed from the following entities in Dickinson Texas located in Galveston County. (Per $100.00 valuation)

• Dickinson ISD                                  $1.43
• Galveston County                            $0.5686
• College of the Mainland                 $0.22738
• WCID # 1                                           $.0220260
• Dickinson City                                  $0.4086
• Galveston Co Road & Flood          $0.0114

The total Tax liability for this community based upon the Taxes for all taxing entities equals a rate of $2.98 per $100.00 dollar valuation of the property.

If the purchase / appraised value of your home is $200,000.00 and the Tax rate is $2.98 you annual tax liability for the year is $5,960.00

By way of comparison, if you are looking at the exact same house at the exact same price and have a M.U.D. Tax of 1%, then you liability jumps an additional $2,000.00 bringing your total tax liability for the year to $7,960.00

Most communities have either an HOA or P.I.D. assessment. Home owner’s dues are generally assessed at the first of each year (Usually paid in full) which is used for expenses to maintain the community for that year.

In the case of a P.I.D. and using an assessment of .05% as an example, in the community that has both a M.U.D. and P.I.D. tax, with the addition of the P.I.D. of $1,000.00, the total tax liability is $8.960.00 which is due along with normal property tax collection.