News from David James Homes
What does it mean to be house poor? According to the website Investopedia, the definition of house poor “describes a person who spends a large proportion of his or her total income on home ownership, including mortgage payments, property taxes, maintenance and utilities. House poor individuals are short of cash for discretionary items and tend to have trouble meeting other financial obligations like vehicle payments.”
There are two ways to become house poor. Sometimes funds for essentials, such as mortgage, property taxes, maintenance and utilities, coupled with living expenses are underestimated or life circumstances change the amount of your total income. That is why budgeting and knowing how much cash you will have on hand after your mortgage payment is vitally important.
“Experts say consumers should plan to spend approximately 25 percent of their income on home expenses,” the Investopedia website reported. “If a homeowner has few other expenses or no additional debt they could potentially spend up to 30 percent.”
With older existing homes expect the unexpected, because there may be more expenditures with maintenance and upkeep. With new homes that is much less of an issue.
If a new home is in your future, check out David James Homes. With numerous family-friendly floor plans available, generous standard features and numerous options from which to choose, David James Homes may be the solution to your home-building dream. To find a design center near you, visit www.davidjamescustomhomes.com/#location.
That answer depends on the design center and office because every sales market is different.
David James Homes, Smith Mountain Lake/LakeWatch
Smith Mountain Lake is a resort community that encompasses three rural counties. Built as a hydroelectric dam in the mid-1960s, the 20,000-acre lake is a recreational playground for thousands. Many of thousands who visit eventually decide to make the lake their permanent home upon retirement. The majority of those who relocate are retirees coming from the northeastern U.S., with the highest percentage from New York, New Jersey, Pennsylvania, Maryland and Northern Virginia/Washington, D.C. In addition to the lake, the area features a low cost of living, as well as low taxes. The median ages of those buyers are between 50 and 60 years old, according to Sales Manager Michel Kordich.
David James Homes, Winchester, Virginia
Located at the upper tip of Virginia and linked by the main corridor of I-81, the Winchester office of David James Homes caters to a disparate assortment of customers from a tri-state region. Winchester’s office serves customers who are commuters to Washington, D.C., residents of West Virginia and those who live in outlying areas of Loudon County and Front Royal. The biggest factor that is driving housing in Winchester is the lack of inventory. Availability of affordable housing is causing people to consider building as a viable alternative. The median age of home buyers in this area is between 40 and 50 years old, said Sales Manager Dan Connolly.
David James Homes, Roanoke, Virginia
Surrounded by the natural beauty of the Blue Ridge Mountains, Roanoke, Virginia is a vibrant city that offers a myriad of outdoor activities. Located in Southwestern Virginia, the majority of homes built by the Roanoke office of David James Homes are in surrounding counties where land is abundant, including Botetourt, Franklin, Montgomery and Bedford counties. Approximately 70 to 80 percent of Roanoke’s customers are home-grown while 20 to 30 percent are from out of the area, usually from the northeast. The median age of those who are building are in their 50s, according to Brian Wescott.
Are you a potential David James Homes customer? Want to know more about the advantages of building with David James Homes? Visit www.davidjamescustomhomes.com/#location to find a location near you.
As an alternative to the standard poured foundation basement walls at David James Homes, there is the popular option of Superior Walls. Superior Walls are insulated, pre-cast concrete basement wall systems that are built off-site using formed molds. The concrete is strengthened with fiber reinforcement and rebar then cured and affixed steel studs and insulation. David James Homes specifies their basement walls at a height of 9 feet, pre-insulated R23 in West Virginia and R15 in Virginia.
The biggest reason why people are choosing Superior Walls is because they save time in completing your home. Having an insulated foundation already prepped allows for efficiencies to occur in the interior of the home. Another plus is the overall strength of the panels and their dimensional accuracy.
Superior Walls are tried-and-true foundation systems that are used in thousands of homes per year. Surprisingly, pre-cast concrete walls do not require concrete footers to be poured. Instead, compacted, crushed stone is used, which provides for a strong base and a better weight distribution, as well as improved drainage.
Want to learn more about Superior Walls and the other home products offered by David James Homes? Your first step is to talk to a David James Homes sales specialist who can explain the construction process and can show you a myriad of options and standard product offerings. To find a David James Homes location near you, visit www.davidjamescustomhomes.com/#location.
It may not be commonplace, but Sonya Davis, Sales manager David James Homes Lynchburg office has noticed possibly a trend emerging in her market area; people, not necessarily connected by marriage purchasing homes together. After doing a little research this trend isn’t as rare as you might think.
Blended families, as in the Brady Bunch have long combined into one household but as it turns out people from all walks of life are buying homes together. This includes sets of couples, best friends and relatives. Sonya reports that she has two best friends that have lost spouses have purchased a home together as well as a mother and a daughter.
The combined living scenario could be a good fit for many households but preparation is key to making it work. The first thing that needs to be achieved is a written contract, The contract is necessary to document the financial agreement regarding the payment of mortgage and utilities, as well as how to deal with contingencies as in what happens if one of the occupants dies or is unable to pay.
Shared Monthly Expenses
The biggest advantage to combined purchasing and living arrangements is monthly expenses are shared. As the owner of the property you are obligated to meet your monthly mortgage as well as keep the property clean and well maintained. Sharing that expense makes it much easier to bear, as well it can help you in your personal finances in your ability to save for the future.
Getting a Mortgage
Getting a qualified for a home mortgage might also work to your advantage. Your lender will require a credit score no less than 680. When you purchase a home with another person, two people are guaranteeing the loan and your odds of getting the loan are increased. As well another benefit is that down payments and closing costs are also split.
Home Equity Gains
Obviously after you purchase a home you will be paying a monthly mortgage. With those payments you are in effect purchasing a part of that home with each payment, thus gaining more equity in the home, meaning you’ll own a larger share of the home versus what is owed to the lender. When the home is eventually sold, per your agreement the proceeds from the sale will to be split, hopefully making you money. This differs from renting. When you rent, you are left with maybe only your security deposit after leaving the dwelling.
Mortgage Interest Deduction
As opposed to paying your monthly rent you will be paying the bank a mortgage a payment for use of their money. The interest you pay on that mortgage will at least be partially tax deductible.
No matter what living arrangement you choose, building a home with David James Homes is a good option. Simply begin by visiting www.davidjamescustomhomes.com/#location to find a convenient location near you.
There has always been perception that existing houses are always less expensive than new construction. That myth is debunked in the Lynchburg, Virginia housing market. In Lynchburg, as well as many other markets, people are now realizing that they can build their own custom home at a comparable price to buying a used home. Another issue when buying an existing home are the repairs that may be needed. “ It’s a beautiful home except that it needs a new roof or a new furnace and air conditioning” or “ I love the home except for the kitchen or bathroom.” Those are added costs that need to be figured vs. everything being new and exactly what you choose when building.
While real estate numbers are ever changing, according to the website, Trulia, the median home price in Lynchburg from mid-summer into fall 2018 was $169,900, with an average square foot cost of $119.00. The median number represents half of the homes sold were either above or below that median amount.
The numbers bear out, that building a new home with your choices, on the land that your choose, is a viable and cost-effective way for you to fulfill your home building dream. The final cost of your home will depend on multiple factors, including the home plan, square footage, optional amenities and home site.
The best way to begin your home building journey is to start asking questions and to consult a David James Homes sales representative near you. Just visit www.davidjamescustomhomes.com/#location to find a convenient location.
Fortunately, homes are not imported from China, and the buy local movement has caught on in America. That buy local label has applied to everything from tomatoes to craft beer, but what about housing as a local product?
When you invest in building a new home, you also are investing in your local economy, community and country. It is the single best way to build equity, and building a new home puts people to work in your community.
When you build a home with David James Homes, you fuel economic activity. David James Homes operates five offices throughout Virginia and West Virginia, and each office is invested in those communities. Each office employs its own local construction supervisor. The construction superintendent uses local tradesmen and subcontractors to complete your home. Subcontractors may include carpenters, roofers, electricians, plumbers and heating and air specialists all from the local area.
“We make a great effort to use local subcontractors and locally sourced products in many instances,” said Matthew Malone, manager of the Clarksburg, West Virginia office. “For example, locally we use OC Cluss Lumber for our wood needs, as well our flooring is sourced from WCO Flooring America in Fairmont, West Virginia. Our ultimate goal is to satisfy our customers, but if we can help local businesses and people in the community at the same time, that’s an added bonus.”
If you are looking to build in the Clarksburg area, David James Homes is here to help you in your home building journey. Visit www.davidjamescustomhomes.com/clarksburg-wv-sales-center/for more information or contact Matthew Malone at email@example.com or 304-566-7696.
Our office in Winchester, Virginia, is the most competitive office in the David James Homes family of locations, according to manager Dan Connolly. In Winchester, competition is everywhere, from large tract and custom builders to single contractors working out of their pick-up trucks. With federal agencies opening Homeland Security and FBI offices, and its proximity to the Washington, D.C. metro area, and Tri state, West Virginia, Virginia, Maryland markets, Winchester remains an active housing market.
David James Homes is very competitive in the Winchester market. The advantages are the same throughout all the company’s offices. “We are well-positioned in this market because there is a lot of demand and low housing inventory,” Connolly said. “People do not want to settle for a tract home because of the limited plans and lack of choices. If they do find an existing home in the square footage they desire, extensive renovations are usually needed. If they build with David James Homes, they can get a new custom home with the amenities they want at a price they can still afford. Everyone is happy.”
Connolly said David James Homes is most competitive in the $200,000 to $400,000 market, and that includes people from all walks of life, such as seniors interested in downsizing to millennials buying their first home.
If you are looking to build in the Winchester area, David James Homes is here to help you in your home building journey. Visit www.davidjamescustomhomes.com/winchester-va-sales-center/ for more information or contact Dan Connolly at firstname.lastname@example.org or 540-665-1827.
David James Homes has six offices with its flagship office residing in Roanoke, Virginia. From humble beginnings, Merle Heckman began the company in 1995 in an uncertain building market and has grown the company into what it is today.
Roanoke is where David James Homes proved a different and new home building model. Most home builders give customers allowances for the purchasing of the products that go into their home and then turn them loose to fend for themselves.. At David James Homes we take better care of our customers. Through our in-house design centers, you are able to select styles, finishes and colors from literally hundreds of selections of products such as in light fixtures and faucets. You’ll love the ease and convenience of being able to pick what exactly what you want in your home in one convenient location.
Since David James Homes is headquartered in Roanoke, Merle is often in the design center office giving advice and speaking with customers, along with knowledgeable employees Brian Wescott and Jeff Leatherwood. Both have considerable experience with David James Homes and have built their own personal homes with the company.
Brian Wescott, sales manager at the David James Homes’ Roanoke office, has been moonlighting. When he is not in the office helping clients in their homebuilding journey, he is teaching realtors about new construction building practices and terms. For the past two years, Brian has conducted a class for the Roanoke Valley Association of Realtors titled New Construction for Realtors.
Brian, a former realtor, puts his 13 years of new construction experience to work. In the two-part class, he instructs participants in everyday construction vernacular, as well as techniques and methods used in the trade.
“All realtors benefit from increased knowledge of the elements of new construction. Brian’s classes have proved to be very useful and instructive. Attendance has been remarkable with over 50 realtors participating in the no-credit class,” said Laura Benjamin, RVAR’s CEO.
For more information about David James Home’ Roanoke office, visit www.davidjamescustomhomes.com/roanoke-va-sales-center/
If you have ever heard the old adage, “If not now, then when,” that sentiment certainly applies to the current state of the new home market. Housing experts and economists agree that 2019 probably will be an opportune time to build a new home. If you are on the fence about when to build your home, your window of opportunity might be narrowing within the next couple of years.
Mortgage rates and construction costs are predicted to rise through 2020, but still will remain in the affordable range. The good news is that home prices aren’t expected to grow as much, and economists reason that another market meltdown isn’t likely. Although if future prospective buyers wait, they may risk rising inflation and financing qualification concerns.
If you are exploring the possibility of building a new home, talk to a David James Homes sales specialist, who can help you understand financing options, as well as assist you in establishing a budget for the dream home that you can afford. To find a David James Homes location near you, visit www.davidjamescustomhomes.com/#location.