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Homeownership Tax Advantages

Categories: Uncategorized | Posted: April 25, 2011

Original Article from NHBA

Buying a home is one of the smartest purchases you can ever make. One reason is that homeownership has many positive tax implications. The three most important sources of tax savings for home owners are the:

  • deductions for mortgage interest
  • deductions for real estate taxes
  • capital gain exclusion for the sale of a principal residence

The deductions for mortgage interest and real estate taxes reduce the annual cost of homeownership by reducing the home owner’s tax liability each year.  For example, a home owner with $10,000 in annual mortgage interest payments and real estate taxes and who falls in the 25 percent tax bracket could realize up to $2,500 in tax savings each year.  Home owners who itemize their taxes can deduct from taxable income interest allocable to a first or second home for up to $1 million of mortgage debt and $100,000 of home equity loans.  And most state and local taxes paid on homes are also deductible.

When the home is sold, the capital gain exclusion can again provide home owners a tax benefit.  Under present law, sellers of a principal residence can exclude from taxation profits from the sale of a home, up to $500,000 for married taxpayers and $250,000 for single taxpayers.  With capital gain tax rates expected to increase from 15 to 20 percent in coming years, these tax savings can be substantial.

Research by NAHB economists has estimated the tax savings for home owners for certain income and mortgage amounts. For a married couple with an income of $80,000 per year and an initial mortgage amount of $250,000, the tax savings from the mortgage interest and real estate tax deductions are estimated to save the couple more than $11,000 in the first five years of homeownership.  Assuming the couple owns the home for twelve years, these savings grow to more than $25,000 over the time period. Combined with the capital gains exclusion, the total tax savings for the entire period of ownership exceeds $52,000.

For a couple with an income of $60,000 and an initial mortgage of $180,000, the five years tax savings total more than $6,000 and the total savings over a twelve year period are estimated to be more than $33,000

McGuinn Homes is in the Cloud

Categories: Uncategorized | Posted: April 19, 2011

Staying on the cutting edge is crucial to a business by making sure from top to bottom that you and your employees are updated constantly is vital when handling so many people like McGuinn Homes does on a day to day bases. McGuinn Homes has implemented one of those systems with Google Apps  the latest in communication solutions for large and small business’s, Google’s web-based messaging and collaboration apps require no hardware or software and need minimal administration, creating tremendous time and cost savings for businesses savings which McGuinn Homes can pass on to the customer.

“We’re in the beginning stages of our transition and learning about all of the great cloud based Apps that will help us better serve our homeonwers and customers”, Said Wade McGuinn, President & CEO of McGuinn Homes.”

So as McGuinn Homes moves forward in 2011 we look forward to assisting our homeowners and future homeowners in a more efficient and timely manner with the help of the Google Cloud.

The Not-So-Obvious Benefits of Buying New

Categories: Uncategorized | Posted: April 14, 2011

The Not-So-Obvious Benefits of Buying New

by Home Builders Association of Greater Columbia on Thursday, April 14, 2011 at 3:03pm

Prospective home buyers have the choice of two types of houses on the market: resale or new.

Home buyers planning to buy a brand-new house or condominium often cite energy-efficiency, open layout, a warranty, and being able to select appliances, flooring, paint colors and other design elements as factors driving their choice.

But builders say that buyers can be drawn to a new house for reasons that aren’t so obvious.  Below are a few more benefits of a brand-new home that you may not see in the sales brochure.

Building a Community Together

A brand-new community is one of the built-in benefits of many new homes. When families move in to a subdivision at the same time, often lasting bonds of friendship and neighborliness are formed right away. Nobody is the “new kid on the block,” and many home builders host community block parties in new developments to help owners meet and connect. Popular amenities like pools, walking trails and courts for tennis and basketball offer additional opportunities for interaction among neighbors of all ages.   Often new communities are comprised of home owners in the same stage of life, such as young families or active retirees, so neighbors can get to know each other through carpools, PTA meetings, tennis matches or golf games.


Throwing a party in an older home can be a challenge because smaller, distinct rooms make it difficult to entertain guests in one large space.  Builders are responding to today’s home buyer preferences with layouts featuring more open spaces and rooms that flow into each other more easily, like the popular great room.  While you are in the kitchen preparing dinner, you can still interact with guests enjoying conversation in the family room without feeling closed off. The feeling of spaciousness in today’s new-home layouts often is enhanced the higher ceilings and additional windows that bringing in more light than you would find in an older home.

A Clean Slate

For some buyers, parking the car in a sparkling-clean garage or being the first to cook a dinner in a brand-new kitchen is part of the appeal of new construction.  In addition, you won’t have to spend time stripping dated wallpaper or repainting to suit your own sense of style. You can create your own home décor from the get-go!

The advantages of being the first owner of a home extend to the outdoors. Instead of inheriting inconveniently or precariously placed trees, or having to tear up overgrown shrubs, you can design and plant the lawn and garden you want.

Outlets, Outlets Everywhere!

Homes built in the 1960’s and earlier were wired much differently than houses today.  Builders had no way of anticipating the invention of high-definition televisions, DVRs and computers that we enjoy today — and the very different electrical requirements they would introduce.  New homes can accommodate advanced technologies like structured wiring, security systems and sophisticated lighting plans, and can be tailored to meet the individual home owner’s needs.

Anyone who has ever lived in an older home can also attest to the fact that there are never enough outlets, inside or out! New-home builders plan for the increased number and type of electronics and appliances used by today’s families, so you can safely operate a wine cooler, Christmas lights or your computer.

To find new homes for sale in your area, contact the Home Builders Association of Greater Columbia.

New Homes Strengthen Economy Year-Round

Categories: Uncategorized | Posted: April 8, 2011
by Home Builders Association of Greater Columbia on Wednesday, April 6, 2011 at 6:14am

While the housing industry celebrates New Homes Month in April, home builders want Americans to know just how much of a positive, direct impact residential construction has on the U.S. economy throughout the entire year.

“Home building is a key driver of the American economy,” said NAHB Chairman Bob Nielsen, a home builder from Reno, Nev. “By generating economic activity including new income and jobs, purchases of goods and services, and revenue for local governments, housing—which has historically accounted for around 17 percent of the GDP—can put America back to work.”

Economists at the National Association of Home Builders estimate that the one-year local impacts of building 100 single-family homes in a typical metro area include $21.1 million in local income, $2.2 million in taxes and other local government revenue, and 324 local jobs.

The employment effects extend beyond the home building industry. About half of the jobs are in construction, with the other 50 percent creating employment opportunities in industries ranging from production and sales of home furnishings to service providers such as real estate attorneys and landscapers.

Those 100 new homes also provide the community with additional, annually-recurring impacts of $3.1 million in local income, $743,000 in taxes and other revenue for local governments, and 53 local jobs.

The income earned from construction activity is spent and recycled in the local economy, and the new homes that are built become occupied by residents who pay taxes and buy locally produced goods and services. Those tax revenues help pay for a wide range of government services, including local school teachers, police departments and road repairs.

In order to accommodate population growth and necessary replacement of older homes, however, a long-run trend of approximately 1.7 million new homes a year is needed. Yet as of February 2011, the annual projection for housing starts stood at less than 500,000.

“The gap between actual home starts and what is required to fulfill America’s future housing needs represents more than 3 million jobs,” said Nielsen. “Restoring the health of the housing industry is a crucial first step in stabilizing our country’s path to economic recovery.”

During New Homes Month, home builders also bring attention to the advantages of newly-built homes, including safety, amenities, energy efficiency and floor plans to fit a wide variety of modern lifestyles. Combined with today’s near record-low interest rates and competitive prices, the current market offers new home buyers unprecedented opportunities.

Home buyers can access resources to help guide them through the home-buying process on NAHB’s website at

Top Ten Facts about Lake Murray

Categories: Uncategorized | Posted: April 1, 2011

Top Ten Facts about Lake Murray

Top Ten Facts about Lake Murray

10- Each of the Lake Murray towers is 223 feet tall.

9- The 4th of July fireworks on Lake Murray can be seen from 4 counties (Richland, Lexington, Newberry and Saluda Counties).

8- Lake Murray was named after William S. Murray, who was an engineer involved in the design and creation of the dam.

7- The biggest fish ever captured on Lake Murray was a 298 pound sturgeon by four young men on April 28, 1936.  It was nine feet tall.

6- In October 2011, the American Fishing Tour/Angler of the Year (AOY) Tournament will be held on Lake Murray and will generate 7,000 + room nights for the region.

5- In 2009, The Forrest Wood Cup event produced 113,670,570 (billion) media impressions and a $46,556,207 economic impact on the region.

4- The 4th of July Celebration on Lake Murray is now in its 23rd year of existence and over 125,000 people view the fireworks each summer.

3- Lake Murray is the #1 home to the Purple Martin Phenomenon. It is on Lunch (Bomb) Island on Lake Murray and is the largest, natural, roosting sanctuary in North America.

2- There are over 390 rooms on Lake Murray available for vacation rental.

1-150+ million people visit Lake Murray each year.

The cost of an FHA loan will be increasing very soon!

Categories: Uncategorized | Posted: March 28, 2011

FHA is increasing their monthly mortgage insurance again on April 18, 2011. The monthly MI factor will increase from .9% to 1.15% on April 18th. So for an average $150,000 home at 4.75% interest, the payment will change from $998 per month to $1028 resulting in a $30 increase per month. FHA effective dates are always determined by the FHA case # date which is created by the lender once a borrower has an accepted purchase contract. That means that buyers have roughly 3 weeks to make a buying decision or face having to pay more per month for the same home. In order to avoid these fees, buyers need to act quickly.

Builders Urge Congress to Restore Flow of Credit to Housing

Categories: Uncategorized | Posted: March 21, 2011

New home in “Eagle Park”

Categories: Uncategorized | Posted: March 17, 2011

Eagle Park Virtual Tour

Eagle Park one of McGuinn’s Newsiest communities has one of our most popular floor plans  The “Kerry” being constructed now. The Kerry plan offers 1309 sq ft of spacious living with vaulted ceilings, 1 car garage, smooth top range with microwave, wood cabinets in our open kitchen, rear concrete patio, 3 bedrooms, 2 1/2 baths with a large master bedroom that includes a huge walk in closet all this for only$119,900. The location of Eagle Park is perfect for the buyer looking to be close to Forest Acres and Fort Jackson with the convenience of having I-77 close by. Eagle Park is a gated community with Forest Acres shopping and dining being only a few miles away along with being only a mile or two from the Fort Jackson main gate. We at McGuinn are very proud and thankful for our men and women serving around the world to protect our way of life that’s why we offer incentives for Fort Jackson soldiers looking for off base housing along with any military personnel active or retired. We have many options at Eagle Park to choose from to help you design your new home the way you want like we say “Your Home Your Way”.

McGuinn Homes “Cherokee Crossing” in Lexington

Categories: Uncategorized | Posted: March 12, 2011

Cherokee Crossing is a quaint all brick patio home community tucked away in one of Lexington, South Carolina’s most convenient locations at the intersection of Old Cherokee and Old Chapin Roads only minutes from downtown Lexington’s shopping and dining.Conveniently located to give it residence the ease of city living while enjoying a country atmosphere.

McGuinn homes offers it’s clients upscale all brick patio home living at great pricing. With floor plans starting under $130K, clients can modify the various floor plans to custom build the patio home that matches exactly what they are looking for. Also, with deeded lawn maintenance, Cherokee Crossing homeowners are able to use their free time to do things they enjoy without having to worry about yardwork and upkeep!


Categories: Uncategorized | Posted: March 3, 2011

Congratulations on owning your own home! Now that you do, you can’t depend on your landlord (or parents) to fix that squeaky door. Here’s a list of tools to keep at your home in case you have a small item that needs repair:
1. Assorted screwdrivers – Especially a standard (flat) and Phillips. You’ll need these for various jobs around the house; everything from tightening the loose screws on your computer desk to putting together a new futon.
2. Claw hammer – (that’s just a regular hammer with that claw-looking end) You’ll need a hammer to hang pictures (and the claw to pull the nails out when you decide you haven’t hung the pictures in the right place).
3. Level – (that’s the little thing with the bubble that shows you if something is level) You want those pictures to be straight, right?
4. Duct tape – (that’s the silver tape) Duct tape is great for temporarily fixing a small leak under the sink, until the plumber can get there. It’s super sticky.
5. WD-40 – This lubricant is great for squeaky door hinges. It just takes a tiny bit. If you have kids, it will take crayon out of clothes and off walls. Go to their website for directions.
6. Tape measure – This will come in handy for measuring for those new window treatments.
7. Power drill – There are some new light-weight cordless drills that are great for light use around the house. They come in handy when you want to add some shelving to a closet.
8. Utility knife – Definitely a must-have tool to have in the home. The utility knife can be used for a ton of projects, as simple as cutting open boxes and packaging to DIY home improvement jobs like cutting drywall, insulation, and old carpeting or removing old caulking.
9. Stud finder – You don’t need a stud finder, but it makes life a whole lot easier when trying to hang things on the wall. It’s not a fun thing when you hear a giant crash from your bedroom closet and find all your clothes lying on the floor because the screws pulled out of the wall!
10. Safety goggles – Like a stud finder, you don’t need safety goggles, but it’s not a bad idea if you value your eyeballs.
11. Pliers – This tool is great for gripping things you don’t want your fingers to (or don’t want to risk breaking a nail!) and bending things you don’t have the muscle to do yourself.
12. Wrenches – Good for tightening (or loosening) nuts, bolts, pipes, and more.
13. Plunger – A plunger is one of those must-have tools that you really should have before you actually need it. Trust me.
14. Ladder and step stool – Besides the obvious uses – to get in the attic, on the roof, etc. – a step stool or ladder is good to have for less-obvious reasons too, like when the smoke alarm is screaming over the toast you burnt, or your mother-in-law somehow notices all the dust accumulating on the blades of your ceiling fan.
Other Must-Have Tools for Basic Home Repairs
Do you have any home improvement tools you couldn’t imagine getting by without? Leave a comment to let us know what your must-have tools are!