Category Archives: Home Owners

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Will Tax Changes Benefit Homeowners and Investors?

As the White House shifts its focus to tax reform, analysts are examining who will benefit from the proposal announced last week. The New York Times recently reported that the week’s stock market surge could be attributed to President Donald Trump’s call to cut the corporate tax rate to 15 percent, from 35 percent. However, the article goes on to note that optimism on Wall Street doesn’t always translate to growth on Main Street.

“We have to distinguish between pro-profit and pro-growth policies,” Diane Swonk, an independent economist in Chicago, told The New York Times. “A pro-profit approach increases the share of the pie going to corporate earnings and shareholders. Pro-growth policies increase the size of the pie.”

Treasury Secretary Steven Mnuchin told reporters the plan will eliminate all personal tax deductions other than the mortgage interest deduction and those that encourage charitable giving. However, by increasing the standard deduction the plan will effectively nullify the benefits of the MID for the vast majority of filers, something strongly opposed by the National Association of REALTORS®.

Read the article on REALTORmag…

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Top 5 Home Maintenance Tips

Trying to save money? Home maintenance is so much more affordable than emergency repairs. Here are five routine maintenance projects that can help prevent unexpected costs and save you money year round.

  1. Clear out gutters

Water from clogged gutters can overflow and leak into your home. Heavy, ice-packed gutters can tear away from your house in the winter. Grab a ladder, gloves and hose and clear them out while the weather is still warm.

  1. Re-caulk windows

Drafty windows and doors can suck money right out of your budget from high energy bills. Check the caulk and weatherproofing strips around doors and windows to make sure they’re not dried and crumbling. If they are, they’re easy (and cheap) to replace.

  1. Clean the fireplaces

Have your chimney professionally inspected and potentially cleaned annually to prevent creosote, a flammable byproduct of wood burning, from building up. It can create a fire hazard and elevate the risk of carbon monoxide poisoning. Before each use, make sure your damper closes tightly and clear remaining ashes from the bottom of your fireplace.

  1. Check your filters

Clogged furnace and air conditioning filters not only make your HVAC system less efficient, they also can spread unhealthy pollutants and allergies in your home. Dark and mucky filters should be replaced. You don’t even need tools.

  1. Flush the water heater

Neglected water heaters have a way of getting back at you when you least expect it (and that way is usually soggy and expensive.) Clear out sediment particles that collect over time by regularly flushing out water through the drain valve.

Looking for your own home you can maintain or considering a move? Contact me; I’ll be happy to help!

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Should You Sell Your Home Or Rent It Out?

Sometimes, you decide exactly when you’d like to move. Other times, life swoops in and decides for you. Your company might transfer you, a family emergency might require relocation, or you might finally find the love of your life—three states over. Should you sell your house or hang on to it as a rental property? Here are 5 important considerations.

1. Are you gone for good?

Or do you need an exit strategy? If there’s a good chance you’ll return to your current home in a year or two, the money and time you spend selling your home and then buying a new one might make renting it out a smarter option.

2. How’s the rental market?

Look at online rental sites to see what properties in your neighborhood and in similar condition to yours are renting for. Are there a lot of listings? Think about what you might charge and what you might have to do to bring your property up to the market standard. You can then get an idea whether your potential rental income will cover your expenses.

3. Where’s the neighborhood heading?

A lot of factors feed into property values, from national trends to long-term construction plans. An agent can help you understand your property’s potential for appreciation and whether or not it might pay to hang onto it.

4. How much is the hassle of being a landlord worth?

Unless you pay for a property management company (about 10 percent of the rental income), dealing with issues, emergencies and uncooperative renters (sometimes all at once, often in the middle of the night) can be trying. Ask yourself if it’s worth the stress.

5. What are the tax implications?

Each situation is unique, so before you decide to rent out your home consider talking with a tax professional. They can help you figure out how much you can expect to pay in taxes on the rental income.

If you’re ready to sell, I’ll be happy to help! Contact me today!

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5 Tips for Budgeting a Remodel

Planning to remodel?

While the total cost of your project will depend on its scope, materials and the fees of any professionals you hire, here are some suggestions for beginning to craft a renovation budget.

1. Determine where the money will come from

Will you use savings? Or will you take out a home equity loan? Once you determine your source of funding, determine how much you want to spend on the project – and stick to that limit.

2. Set your priorities

Before you pull out a calculator, clarify your reasons for renovating. Divide those reasons into “wants” and “needs.” For example, reconfiguring your bathroom so that your currently questionable electrical and plumbing will pass an inspection is a “need.” His-and-her water closets, a whirlpool tub and built-in towel heaters are “wants.” Setting priorities will help you make decisions as you move through the renovation process.

3. Step away from the computer

Visit show rooms, model homes and design stores in addition to checking out pictures online. Before investing in materials and appliances, be sure to see and feel them, or samples of them, in person.

4. DIY or contractor?

The biggest question to answer when creating your budget is deciding whether to do the work yourself, or to hire a contractor. Doing the work yourself is usually less expensive – unless, of course, something (costly) goes wrong. Using a contractor, however, can mean your project is completed to professional standards and usually in a shorter time frame. Be sure to calculate the value of your time (and your back and knees) and the inconvenience of having a bathroom or kitchen out of use during the project when deciding whether to opt for DIY or a pro.

5. Expect the unexpected

Whether you plan to do the work yourself or hire a contractor, add on an extra 15 to 20 percent of your total budget for unforeseen expenses. Added costs inevitably arise, especially if you’re dealing with an older home.

Want to know which home renovations could improve your resale value? Contact me – I’ll be happy to help!

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Tax Benefits of Owning a Home: Do You Know Them All?

The joys of homeownership are many: Your own house is a place to make sweet memories, build a financial nest egg, and whittle down your tax bill. Wait, what? Yep, it’s true: Your home can save you a bundle on April 15.

Realtor.com rounded up every last way to take advantage of the tax benefits of owning a home. Read on for the full rundown just to make sure you aren’t missing any, then pat yourself on the back for all the moolah you’ll save!

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4 Landscaping Trends for 2017

With warmer weather and longer days on the horizon, now is the perfect time to get your yard in shape for summer. Keep this year’s top five landscaping trends (according to the National Association of Landscape Professionals) in mind as you get started.

  1. Going green (the color)

Combine different textures and shades of green for a more dramatic lawn. Think of mixing leaves of different size and shape as well as plants with a variety of verdant hues.

  1. Going green (the earth-friendly strategy)

More sustainable landscape designs have been becoming more popular over the past few years. Why? They’re better for the planet and can reduce maintenance costs. For example, more homeowners are planting “smart” lawns – varieties of grass bred to stay green with less water.

  1. Giving bees a chance

With bee populations in trouble, people are actually starting to welcome the stingers in their yard by planting native plants that provide the nectar they feast on. The efforts to save vital pollinators is another sign of consumers seeking greener, sustainable practices for their yards.

  1. Going Danish

The Danish concept of hygge is about creating an atmosphere of coziness by embracing life’s simple pleasures. How do you implement hygge in your yard? Add features that promote mindfulness, such as water fountains or aromatic flowers, and arrange seating in a way that encourages conversation. And don’t forget to include spaces that inspire play – for kids and adults. The experts at Gardendesign.com note an uptick in requests for things like bocce courts, fireplaces and hammocks, features to help home owners relax and play outdoors.

Considering a move, or know someone who is? I’ll be happy to help – contact me!

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5 Things Every Loving Homeowner Should Know About Their Own Home

Your relationship with your home is one that will hopefully last a long time, so it pays to learn its most intimate details. And not to be weird, but we really do mean intimate: what turns it on (or off), what makes it hot (or cold), and its delicate inner workings.

Because, after all, your home takes care of you—it keeps you warm, safe, well-fed—so it has every right to act a little high-maintenance and demand some TLC in return. Neglect your house, and there could be hell to pay later in the form of floods, electrical outages, and worse.

So as a sort of how-deep-is-your-love kind of test, ask yourself if you know these five things about your home—and if not, maybe you should go find out.

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8 Emerging Design Trends Will Be All the Rage in 2017

living-room

With the start of 2017, we’ve said farewell to some tired interior decor trends that have worn out their welcome. Once considered innovative and edgy, those bad boys are now giving us the blahs.

But, when one trend goes out, another must come in. It’s the design circle of life!

So what’s replacing the old fads with fun, new ideas? Your friends will fawn over these eight trends—from “jungalows” to jewel tones—that promise to hit it big in 2017. Want to be a showoff (the good kind)? Be the first to integrate them into your home.

Read about them here…

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The Renovations That Will Pay Off the Most for Your Home in 2017

updates-for-your-home

New year, new home improvement projects? Whether you’re dying to update your kitchen, add a half-bath, or kick back on a brand-new deck, it pays off big-time knowing just what kind of return on investment your dream renovation might deliver. And you’re in luck, because Remodeling magazine has just released its annual Cost vs. Value report, which analyzes what you’ll pay for various upgrades—and how much you’ll recoup on that investment when you sell your home.

For this much-read report (which, by the way, is celebrating its 30th anniversary), researchers scrutinized 29 popular home improvements in 99 markets nationwide, polling contractors on how much they charge for these jobs as well as real estate agents on how much they think these features boost a home’s market price. From there, they divided each project’s upfront cost by the home’s resale value; the resulting percentage gives you a sense of how well each particular reno “investment” pays off.

Read more…

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Smell Something? 7 Ways to Oust Odors

oust-odors

Whether you’re preparing for an open house or simply trying to freshen up your home, try these suggestions for getting rid of odors from seven commonly smelly items.

  1. Trash cans

After rinsing out a stinky garbage can with soap and water, stash a few scented laundry dryer sheets at the bottom to absorb odor.

  1. Freezers

An old (clean) sock stuffed with coffee grounds can absorb the musty smell in your freezer. Coffee socks can also help de-mustify stale closets. Tie one to a hanger.

  1. Litter Box

Extremely porous activated charcoal is a big-time odor absorber. Pet stores sell versions made especially for pet odors. Keep it near the litter box.

  1. Carpet

When your carpet smells icky, try sprinkling baking soda. Let it sit for half an hour, then vacuum it up.

  1. Dishwasher

Who wants to use a dishwasher that never smells quite clean? Pour white vinegar into a dishwasher safe cup and stick it in the top rack. Run the machine through its cycle. Though your kitchen will smell like vinegar for a bit, the inside of your dishwasher will soon be odor-free.

  1. Basement

If a dehumidifier doesn’t help, try adding a dozen drops of tea tree oil to a spray bottle of water and blasting the basement with this natural fungicide.

  1. Refrigerator

Clear out smell by wiping down the wall with hydrogen peroxide.

Making sure your home smells fresh is just one of the critical things to do before an open house. I’ll be happy to suggest other important steps; contact me today!