Are there moisture problems? Because most or all of the basement walls are underground, moisture can be a problem. If you have water or dampness in your un-finished basement, you should pinpoint the source and take proper steps to prevent it. This can be as simple as checking the outside ground around the foundation to be sure that water is directed away from all sides of the basement. You also should verify that all foundation drains are open to allow water that comes down the outside basement wall to the bottom of the foundation has a way to drain away. Interior solutions can vary depending upon the cause and severity of the water infiltration. Luttrell Development can assess these issues and recommend necessary actions as part of the construction process.

Is the ceiling in the basement high enough?  If the ceiling in your basement is low the space may seem like a cave and most building codes require  a minimum height of 7 feet. Check out the existing plumbing and ductwork to be sure it does not hang below the 7 foot minimum height. If it does it may be possible to re-route it in order to make it work but that will add to the cost of the finish. Luttrell Development can look at your basement space to help you determine these issues.

Are the existing stairs, door(s) and windows acceptable?  Windows add natural light as well as serve as emergency exits where there is not an exterior door. The building code specifies the size and configuration of these exit, or egress, windows as well as when and where they are required. Although it is a costly process, windows and sometimes doors can be added to basement spaces. The stairs from the upper level into the basement must meet certain building code requirements as well. Luttrell Development will help you determine whether your basement’s windows, doors and stairs meet the applicable code requirements as part of the construction management of your basement finish or renovation.

Are the plumbing and heating/cooling systems adequate? Some basement spaces may be equipped with the “rough-in” for future plumbing and/or heating and cooling but most often they are not. If you are planning to install a bathroom as part of your basement finish it may require the installation of a specialty pump to remove the wastewater. Also, an additional heat and air system may be required if there is not one already installed or if it is not adequately sized. Luttrell Development has access to professionals in the plumbing and heating fields that can offer solutions to most situations.

So remember, the solution to your additional living space may be literally under your feet. Call Luttrell Development today at 865-539-0032 and let us create the affordable space you want and need.

The tax credit applies to homes that are purchased for less than $800,000 and before May 1, 2010. If you sign a binding contract to purchase a home before May 1st, you would need to close on the transaction before July 1, 2010. This is similar to a gift certificate that can be redeemed for cash. You simply file a form with the IRS right after you buy your home, and the IRS will send you a check for the full amount of your credit.

The income limitation for single tax payers went up from $75,000 under the old rules to $125,000 under the new rules. For married tax payers, the income limitation went up from $150,000 to $225,000. This means that more people will qualify for the credit.

There are many creative ways of structuring your home purchase transaction.  Here are a few examples:

* The credit applies to 1-4 unit homes as long as you live in one of the units as your primary residence. You could live in one unit and rent out the others.

* If 2 unmarried individuals buy a home, and only one of the individuals qualifies for the credit based on their income, or past home ownership status, the individual who qualifies for the credit can claim the full credit. (Note: In the case of married couples, both spouses must qualify for the credit.)

* The credit applies even if you have co-signers on your mortgage loan.

If you missed the opportunity to buy during the first tax credit period don’t make the same mistake again because the chances of any further extensions are politically slim. With the expansion of the tax credit to include current homeowners there are more opportunities than ever to look at the wonderful new homes for sale from Luttrell Development. Don’t forget that Luttrell Development can also build a new home of your choice in time to qualify for the tax credit as well so contact us today at: www.LuttrellDevelopment.com.

Luttrell Development did a fantastic job on our new sunroom and updates on our existing older home.  We found the staff and subcontractors to be professional, knowledgeable and easy to work with.  They were reasonably priced as compared to others that we got quotes from, but they were far above the others in professionalism and thoroughness.  We wouldn’t hestitate to use Luttrell Development on any other project we might do on our home or to recommend them to friends and family.”

- K & B

“Our resolution to renovate our 53 year old home was made easier by our decision to use Luttrell Development.  Just one day after our initial call requesting a bid, Mr. Luttrell and his son-in-law, Frank, were in our front yard, making notes and climbing ladders to assess how much work would be needed.  Frank acted as our contractor and within 5 days, we had estimates for replacing the roof, siding and paint, windows, counter tops in the kitchen, rewiring the lighting in the kitchen, replacing all of the landscaping and building a front porch.  Not only was the bid less than we anticipated, Luttrell Development divided it into 3 payments to be collected over the course of the job.  There wasn’t one single day that Frank or someone from Luttrell wasn’t at our home, checking the job, making sure we were happy or answering the numerous questions we asked.  Everyone was so easy and pleasant to work with, from picking out paint and shutter colors, to designing the landscaping.  We never felt like we had to micromanage any aspect of the job, the level of trust we had in Luttrell was never debated; we even gave Frank a house key!  We have highly recommended Luttrell Development for any renovation or housing needs, they are truly unmatched in their dedication, integrity and pride in their company.”

- Bradley & Jenny

“The latest housing data provided some encouraging news this past week, with new-home sales, pending contracts on existing homes, NAHB surveys of home builders who focus on the active-adult market, and even the latest Case Shiller report all showing marked improvement.

New-home sales data for July, released by the U.S. Commerce department on Aug. 26, showed a 9.6% gain in activity from the previous month, to a seasonally adjusted annual rate of 433,000 units. The median sales price of new homes sold in July was $210,000, while the average sales price was $269,200. Meanwhile, the inventory of new homes for sale continued to shrink to a 7.5-month supply at the current sales pace.  

The National Assocation of Realtors’ Pending Home Sales Index (PHS), released Sept. 1, revealed a sixth consecutive month of increases in contract activity for pending home sales, a pattern not seen in the history of the index since it began in 2001.

NAHB’s 55+ Housing Market Index, released Aug. 21, notched up one point in the second quarter to a level of 15, due entirely to a gain in the current single-family sales component. Meanwhile, each of the 55+ HMI’s component indexes gauging future expectations (single-family for sale, condos, and multifamily for rent) registered declines this time around. “

Although the Knoxville new home market is not necessarily tied directly to national market statistics we here at Luttrell Development think these statistics do show that the new home market is improving everywhere and we may benefit here even more than other areas because we didn’t sink as low as many other areas around the country. Regardless how you interpret the national data with the combination of historically low mortgage rates and the availability of moderately priced labor and materials now is a great time to buy a new  Luttrell Development home. Whether you are looking for a new home in one of Luttrell Development’s new home developments such as Gleason Court, Oakhurst, Whelahan Farm or View Point Subdivisions or you want to build your dream custom home on your own property anywhere in Greater Knoxville Luttrell Development can handle your needs in a professional and affordable manner.

As Luttrell Development starts its 34th year in business we are glad to be able to continue to offer our expertise gained over these years in the areas of new for-sale and custom home building, home renovations, home remodeling and home additions as well as light commercial new building and renovations. Luttrell Development has concentrated on providing affordable new and custom homes for first time buyers as well as those moving up or down in size as their family needs change. In all price ranges and home types Luttrell Development has consistently offered great value in addition to top quality and as a result nearly every buyer of a Luttrell Development new home has seen his/her home appreciate in value tremendously after a few short years.

Mr. Luttrell remains actively involved in the day to day operations along with his son Adam Luttrell and his son-in-law Frank Leonard who are working daily to ensure that Luttrell Development remains committed to offering the best value for your home buying or renovation dollar.

All of us here at Luttrell Development want to thank the community of Greater Knoxville for all of the wonderful years of patronage as we look forward to many more.

Knoxville, TN – The Federal Housing Tax Credit is the latest step by President Obama to restimulate the economy. Buying a home has never been so beneficial because of this tax credit. So, what is this credit and who qualifies for it?

The tax credit is the amount a first-time home buyer is credited on the buyer’s 2009 tax return if the home is purchased between January 1, 2009 and December 1, 2009. Assuming the full amount of $8,000 is applied, this amount is credited toward owed taxes in 2009. So, if the total tax obligations of the individual are $10,000 and the full $8,000 tax credit applies, the individual will only owe $2,000. Additionally, first-time home buyers who purchased a home on or after April 9, 2008 may be eligible for a $7,500 tax credit for their purchase. The tax credit bill is retroactive in this regard. How is the credit amount determined?

The tax credit is equal to 10% of the home’s purchase price up to a maximum of $8,000, and there are income limits that apply. For individuals, the tax credit is reduced to zero for individuals earning $95,000 per year and married couples earning over $170,000. Adjustments to the credit begin for individuals earning over $75,000 and married couples earning over $150,000. For individuals earning less than $75,000 and married couples earning less than $150,000, the full tax credit will apply in full without any adjustments.

Assume a married couple earning a combined adjusted gross income of $140,000 makes the decision to buy their first home. Neither have owned a home before, so after working with a realtor or builder, they buy a home with a purchase price of $175,000. The full tax credit will apply because 1) the $8,000 tax credit exceeds 10% of the purchase price (or $17,500), 2) the married couple are first-time home buyers, and 3) their adjusted gross income is less than $150,000. The couple’s taxes could be as low as $8,000 after certain deductions, so the purchase of the home could entirely offset the couple’s 2009 tax obligations.

Assume the married couple’s modified earnings are $160,000. In the above example, the couple’s income is $10,000 over the allowable income for the credit. In this example, the couple can take that amount and divide it by $20,000 for a result of 0.5. This amount is subtracted from 1.0 to produce a result of 0.5. The $8,000 tax credit is multiplied by this 0.5 result to show the adjusted credit amount, or $4,000. A single individual that earns $88,000 annually also earns more than the income limit of the tax credit, over $13,000. Apply the same formula. Take $13,000 and divide by $20,000 for a result of 0.65. Subtract 0.65 from 1.0 for a result of 0.35, and multiply that figure by the original tax credit ($8,000 x 0.35 = $2,800). The total adjusted tax credit for the individual is $2,800 that can be applied against the individual’s 2009 tax obligations.

These figures should always be confirmed by consulting a licensed tax professional, but the advantage of this tax credit should be very clear for individuals and married couples considering the purchase of their very first home. Even if certain restrictions apply based on income, the Federal Housing Tax Credit helps to offset the expense of taxation through the purchase of a quality asset.

Luttrell Development has new homes ready for purchase as well as a good range of plans and lots you can use to build the new home of your dreams while you can take advantage of the latest legislation. Call Luttrell Development today for more information. Let Luttrell Development provide that asset for you with one of our new homes. Visit http://luttrelldevelopment.com or call (865) 539-0032 so we can give you the home of your dreams and save you money at the same time!

The Hillsborough is a spacious, four-bedroom home in the beautiful community of Oakhurst. This home is a great option for families considering an upgrade to more space.

Boasting a total heated area of 2,476 square feet, the Hillsborough is a two story home that offers a luxurious floor plan, including spacious kitchen, dining, and living areas on the first floor with a half bathroom. The first floor also includes a master bedroom with a full private bathroom, which could also be used as a home office or a bonus room. A spacious two car garage provides ample room for vehicles, tools, and common lawn and gardening equipment.

The Hillsborough’s top floor includes two guest bedrooms with a second master bedroom, including a spacious walk in closet, a full bath and additional living space which can be used for a den, an office or a nursery for expectant parents. The master bedroom could also be converted to a large playroom later, making the Hillsborough truly one of the last homes you may ever need to purchase.

A view from the upper floor boasts the beauty of the Oakhurst tranquil community located in the heart of Powell, TN. Take the time to visit this beautiful home and community. Contact Luttrell Development now by phone at (865) 539-0032 or by email at info@luttrelldevelopment.com to schedule your consultation.  And be sure to visit our website at www.luttrelldevelopment.com.

Located in the heart of the desirable Powell area in Knoxville, Tennessee, Oakhurst offers the beauty and charm you are looking for at the right price. The latest Luttrell Development community has both single-family and duplex homes. Our homes in Oakhurst combine up-to-date stylish amenities with a classic front porch community lifestyle. Large living spaces, low maintenance exteriors and gorgeous landscaping are just a few of the features you’ll find when you walk in one of our homes. All of this, plus Oakhurst is located in the highly sought after Powell school district. Click here for directions.

Conveniently located in Northeast Knox County in Knoxville, TN, Whelahan Farm is just a short drive away from the rapidly growing shopping centers near the Washington Pike and East Town Center area. Two car garages, beautiful kitchens and great yards for outdoor living are just few of the features you’ll find in these wonderful new homes.

Homeowners need to know that one of the best investments they can make during these tough economic times is still in their most important asset – their home.

As tough as the real estate market has been on sellers, homeowners riding out the economic uncertainty can take comfort in knowing that remodeling, renovating or adding onto their home now can provide the highest value at the most competitive price. While stock prices fall and uncertainty looms over the American economy, two things remain very clear: 1) The value of homes will eventually rise, and 2) the best time to upgrade your home is now. Many homeowners still have substantial equity in their homes that they can tap by re-financing at today’s historically low rates to pay for home remodeling, home renovation or home additions and this is a perfect time to think about doing just that.

Experienced builders and contractors know that providing the highest quality service is a key ingredient to the continued success of their business. Luttrell Development has many years of experience over a wide range of new home and home improvement projects and wants to work with homeowners on upgrades that can significantly increase the value of their homes in the years to come. Have you thought about what kinds of renovations could be done to your home that would not only increase its value but also improve your lifestyle?

Luttrell Development would love to meet with you to discuss your ideas and/or provide an in-home review of possible improvements you can make now to upgrade your home’s value. We believe the best value to consumers, especially now, is to bundle the renovation service into multiple projects so you get the best value for the cost. So contact Luttrell Development now by phone at (865) 539-0032 or by email at info@luttrelldevelopment.com to schedule your consultation.  And be sure to visit our website at www.luttrelldevelopment.com.

Remember, this is the best time to make your best investment in your best asset – your home!