Follow these 10 tips to drastically reduce the mold in your home:
1. Call in a home inspection professional to assess water-damaged areas.
2. Keep humidity low. Humidity levels should be under 40% in order for mold to stop its forward march.
3. Replace any carpets and furniture that have ever been significantly damaged (i.e., saturated in water), even if they look OK on the outside.
4. Carpet in the bathroom or basement? Don’t even think about it. And if you have it, get rid of it.
5. Use an air-conditioner during the summer. We know it’s not cheap to run the A/C, but if it’s in the budget, even setting it to 80 degrees when it’s 90-plus outside, will help. Use fans to circulate A/C most effectively.
6. Dust and clean furniture regularly, and vacuum carpets at least once a week (make sure your vacuum has a HEPA filter).
7. Provide adequate ventilation in hot areas. The kitchen and bath are two of the highest-risk rooms for mold. Install exhaust fans in the kitchen and bathroom.
8. When you’re shopping for house paint for big or small painting projects, ask the sales rep about mold inhibitors you can add before painting.
9. Does your central air system have a fan from the Ford Pinto era? If so, replace it with a high-performance electrostatic air filter. Your local HVAC technician can help withy this.
10. Don’t neglect areas underneath the house—have a professional drain and ventilate all sub-basement areas, especially crawl spaces.
Charles Furlough is vice president of Pillar To Post Home Inspections.
Thursday, December 23, 2010
Wednesday, December 22, 2010
10 Real Estate Predictions for the New Year
This is a bit long, but worth the read!!
10 Real Estate Predictions for the New Year
RISMEDIA, December 22, 2010—The start of a new year is often a time of reflection, as well as a time of anticipation for the future. It’s no different for real estate professionals, many of whom have weathered the recession and are now optimistic about 2011. From the return of new construction to the creation of healthier homes, the following are 10 residential real estate trends they see for the coming year:
1.) Building is back: After three years of little to no new development, John Wozniak of Wheaton, Illinois-based J. Lawrence Homes said the builder is excited about 2011. “After a couple of very challenging years, the market for new-construction housing is showing signs of life. Slowly but surely, homes are selling and new properties are breaking ground, such as the two communities we opened this year in Lynwood and North Aurora,” he said. “We’ve had encouraging sales and I believe they point to an uptick for 2011.”
2.) Apartments continue to thrive: If there has been one bright spot over the past few years in the real estate industry, it has been the rental market.
“People have realized the many benefits of renting, from having more flexibility with your housing commitments to a higher level of finishes and amenities. And, this demand will continue to outpace supply,” said Steve Fifield, president of Fifield Cos. “Appraisal Research reports that Chicago’s Class A downtown apartments are at a nearly 95 percent occupancy rate, and those numbers will continue to stay very strong for 2011.”
3.) Opting for established: The mega-communities in the exurbs are a thing of the past, said Brian Brunhofer of Meritus Homes. Instead, 2011 will see builders move toward smaller neighborhoods or pockets of homes in established communities. “Close-knit communities with respected homeowner associations, mature landscaping and neighbors waiting to greet you – that attractive quality of life is going to appeal to buyers much more in 2011.”
Seconding the movement toward established communities is Jeff Benach of Lexington Homes. “Buyers are looking for a safer investment for their home purchase,” he said. “We won’t see them roll the dice like in the past on a fast-growing town in a far-out suburb. They want a proven area with access to retail development and employment corridors. They don’t want to wait for the surrounding area to be built. They want everything already in place,” he said.
4.) Make it modern: Chalk it up to “Mad Men” or simply a pendulum swing in taste, but either way transitional and warm-modern design will be prevalent in 2011, said Brian Goldberg, a partner in LG Development Group. “Our clients are looking for a cleaner approach to the style of their homes – more mid-century and less traditional with a warm and tailored aesthetic,” he said.
Ray Hartshorne, principal of Hartshorne Plunkard Architecture, agrees. “From the single-family side, our clients are gravitating toward modern design instead of strictly traditional, that is simple, clean line exteriors and open floor plans that are comfortable for the family and versatile for entertaining,” he said. “In the multi-family sector, now more than ever, we are seeing an interest in contemporary-themed and luxurious interior design for lobbies and common areas.”
5.) Buying for the long term: The Census shows the average person moves about 11 times, but Jim Chittaro, president of Smykal Homes, predicts that number will slowly decrease. “Thankfully, the idea of a home as a short-term moneymaker is essentially gone, so when people do buy, they’ll do it with the intention of staying put for closer to 10 years rather than two to three,” he said
This means people will be studying floor plans more closely, to ensure the home will grow with them, Chittaro continued. “Buyers want to be sure the home will suit their needs not only now, but down the road, whether they plan to expand their family or prepare for kids to leave the nest,” he said. “Floor plans that can adapt to lifestyle changes with flexible features like second family rooms should do well in 2011.”
Brunhofer agrees that more buyers will be looking for a home for the long haul. “It’s not just floor plans that buyers are going over with a fine-tooth comb,” Brunhofer said. “Our buyers are very careful about school districts. They want to know they can send all of their children to a school with a proven track record and not have to relocate a few years down the road to ensure a good education.”
The shift to long-term buyers will also put long-term builders in the spotlight. “People are hesitant to buy a home from a builder or secure a mortgage from a lender they don't perceive to be well-established,” said Benach. “Buyers want to know their builder is committed to them and the community, and that it’s not about making a quick buck or boosting a shareholder’s financial interest. That personal connection is really important.”
6.) Upping the ante on amenities: In 2011, developers will continue to create new and exciting amenities to differentiate their properties and keep them relevant in the marketplace, said Tony Rossi, president of RMK Management Corp. “Renters are looking for something special, like an outdoor grilling area or special events like dance lessons,” he said.
But it’s not just enhanced outdoor spaces in apartments that will matter in 2011. Benach thinks condo and townhome buyers will also place a higher importance on outdoor space in the coming year, especially those who live in an urban setting.
“People may realize they don’t need to live with as much square footage inside their home, so to compensate they’ll want a place to call their own outside their home,” said Benach.
7.) High-tech takes over: Running your home entertainment system, appliances and lighting from a centralized control panel is old news. Going forward, we’ll see more homeowners want a smart phone app that can control their residence remotely, noted Goldberg.
“Each year, the demand increases for home technology that makes homeowners’ lives easier,” he said. “We’ll get to a point, and some of our clients are almost there, where homeowners can leave work and by activating an app on their phone have all of their home electronics queued up when they walk in the door – the oven is preheated, lights come on and a TV show turns on when motion sensors recognize they’ve walked into the room. It may sound like a movie, but some of this technology we can build into homes now.”
8.) Smaller homes stay the course: The average size of a new home decreased for the first time in decades from 2008 to 2009, and that trend will continue into 2011, said Benach.
“This trend is fueled by first-time buyers with smaller budgets, requiring smaller homes,” he said. “New buyers will have to be more conservative with their mortgages and will need to pay a higher percentage for a down payment, which means they’ll need a home with a smaller price,” he said. “People won’t be buying more than they need. So to meet their needs, we’ll see builders continue to trim the size of their homes and look for new ways to make square footage work harder.”
9.) Green and gorgeous: As the green movement continues to grow, high-end builders and developers have found ways to make homes both green and gorgeous. “The old mind set was that a green home couldn’t also be stylish and sophisticated. It was as if the two concepts were mutually exclusive,” said Hartshorne. “But new products and forward-thinking design have proved that today’s homeowners can have both. Also, building a green home doesn’t have to break the bank. We are constantly being introduced to attractive, sustainable building materials that are more cost effective than in the past.”
10.) Healthy homes: When you consider a study by the National Institutes of Health that found the number of people with allergies is as much as five times higher than 30 years ago, the trend toward building homes with a healthier environment will also gain ground in 2011, said Goldberg.
“Indoor air quality, low VOC paints and adhesives, and all-around healthier materials are becoming more and more of a concern for people building homes – especially for those with children,” he said.
Rick Croce, from Wheaton-based Smykal Renovations, said this trend applies to existing homes, too. “Due to the economy, many people have decided to stay put in their existing home, which means they’ll be investing in changes to make it look better and live healthier,” he said. “We expect to be pricing out more jobs that include installing HVAC systems with better filtration, using low-VOC materials and even replacing old doors and windows to safeguard against exterior pollutants.”
10 Real Estate Predictions for the New Year
RISMEDIA, December 22, 2010—The start of a new year is often a time of reflection, as well as a time of anticipation for the future. It’s no different for real estate professionals, many of whom have weathered the recession and are now optimistic about 2011. From the return of new construction to the creation of healthier homes, the following are 10 residential real estate trends they see for the coming year:
1.) Building is back: After three years of little to no new development, John Wozniak of Wheaton, Illinois-based J. Lawrence Homes said the builder is excited about 2011. “After a couple of very challenging years, the market for new-construction housing is showing signs of life. Slowly but surely, homes are selling and new properties are breaking ground, such as the two communities we opened this year in Lynwood and North Aurora,” he said. “We’ve had encouraging sales and I believe they point to an uptick for 2011.”
2.) Apartments continue to thrive: If there has been one bright spot over the past few years in the real estate industry, it has been the rental market.
“People have realized the many benefits of renting, from having more flexibility with your housing commitments to a higher level of finishes and amenities. And, this demand will continue to outpace supply,” said Steve Fifield, president of Fifield Cos. “Appraisal Research reports that Chicago’s Class A downtown apartments are at a nearly 95 percent occupancy rate, and those numbers will continue to stay very strong for 2011.”
3.) Opting for established: The mega-communities in the exurbs are a thing of the past, said Brian Brunhofer of Meritus Homes. Instead, 2011 will see builders move toward smaller neighborhoods or pockets of homes in established communities. “Close-knit communities with respected homeowner associations, mature landscaping and neighbors waiting to greet you – that attractive quality of life is going to appeal to buyers much more in 2011.”
Seconding the movement toward established communities is Jeff Benach of Lexington Homes. “Buyers are looking for a safer investment for their home purchase,” he said. “We won’t see them roll the dice like in the past on a fast-growing town in a far-out suburb. They want a proven area with access to retail development and employment corridors. They don’t want to wait for the surrounding area to be built. They want everything already in place,” he said.
4.) Make it modern: Chalk it up to “Mad Men” or simply a pendulum swing in taste, but either way transitional and warm-modern design will be prevalent in 2011, said Brian Goldberg, a partner in LG Development Group. “Our clients are looking for a cleaner approach to the style of their homes – more mid-century and less traditional with a warm and tailored aesthetic,” he said.
Ray Hartshorne, principal of Hartshorne Plunkard Architecture, agrees. “From the single-family side, our clients are gravitating toward modern design instead of strictly traditional, that is simple, clean line exteriors and open floor plans that are comfortable for the family and versatile for entertaining,” he said. “In the multi-family sector, now more than ever, we are seeing an interest in contemporary-themed and luxurious interior design for lobbies and common areas.”
5.) Buying for the long term: The Census shows the average person moves about 11 times, but Jim Chittaro, president of Smykal Homes, predicts that number will slowly decrease. “Thankfully, the idea of a home as a short-term moneymaker is essentially gone, so when people do buy, they’ll do it with the intention of staying put for closer to 10 years rather than two to three,” he said
This means people will be studying floor plans more closely, to ensure the home will grow with them, Chittaro continued. “Buyers want to be sure the home will suit their needs not only now, but down the road, whether they plan to expand their family or prepare for kids to leave the nest,” he said. “Floor plans that can adapt to lifestyle changes with flexible features like second family rooms should do well in 2011.”
Brunhofer agrees that more buyers will be looking for a home for the long haul. “It’s not just floor plans that buyers are going over with a fine-tooth comb,” Brunhofer said. “Our buyers are very careful about school districts. They want to know they can send all of their children to a school with a proven track record and not have to relocate a few years down the road to ensure a good education.”
The shift to long-term buyers will also put long-term builders in the spotlight. “People are hesitant to buy a home from a builder or secure a mortgage from a lender they don't perceive to be well-established,” said Benach. “Buyers want to know their builder is committed to them and the community, and that it’s not about making a quick buck or boosting a shareholder’s financial interest. That personal connection is really important.”
6.) Upping the ante on amenities: In 2011, developers will continue to create new and exciting amenities to differentiate their properties and keep them relevant in the marketplace, said Tony Rossi, president of RMK Management Corp. “Renters are looking for something special, like an outdoor grilling area or special events like dance lessons,” he said.
But it’s not just enhanced outdoor spaces in apartments that will matter in 2011. Benach thinks condo and townhome buyers will also place a higher importance on outdoor space in the coming year, especially those who live in an urban setting.
“People may realize they don’t need to live with as much square footage inside their home, so to compensate they’ll want a place to call their own outside their home,” said Benach.
7.) High-tech takes over: Running your home entertainment system, appliances and lighting from a centralized control panel is old news. Going forward, we’ll see more homeowners want a smart phone app that can control their residence remotely, noted Goldberg.
“Each year, the demand increases for home technology that makes homeowners’ lives easier,” he said. “We’ll get to a point, and some of our clients are almost there, where homeowners can leave work and by activating an app on their phone have all of their home electronics queued up when they walk in the door – the oven is preheated, lights come on and a TV show turns on when motion sensors recognize they’ve walked into the room. It may sound like a movie, but some of this technology we can build into homes now.”
8.) Smaller homes stay the course: The average size of a new home decreased for the first time in decades from 2008 to 2009, and that trend will continue into 2011, said Benach.
“This trend is fueled by first-time buyers with smaller budgets, requiring smaller homes,” he said. “New buyers will have to be more conservative with their mortgages and will need to pay a higher percentage for a down payment, which means they’ll need a home with a smaller price,” he said. “People won’t be buying more than they need. So to meet their needs, we’ll see builders continue to trim the size of their homes and look for new ways to make square footage work harder.”
9.) Green and gorgeous: As the green movement continues to grow, high-end builders and developers have found ways to make homes both green and gorgeous. “The old mind set was that a green home couldn’t also be stylish and sophisticated. It was as if the two concepts were mutually exclusive,” said Hartshorne. “But new products and forward-thinking design have proved that today’s homeowners can have both. Also, building a green home doesn’t have to break the bank. We are constantly being introduced to attractive, sustainable building materials that are more cost effective than in the past.”
10.) Healthy homes: When you consider a study by the National Institutes of Health that found the number of people with allergies is as much as five times higher than 30 years ago, the trend toward building homes with a healthier environment will also gain ground in 2011, said Goldberg.
“Indoor air quality, low VOC paints and adhesives, and all-around healthier materials are becoming more and more of a concern for people building homes – especially for those with children,” he said.
Rick Croce, from Wheaton-based Smykal Renovations, said this trend applies to existing homes, too. “Due to the economy, many people have decided to stay put in their existing home, which means they’ll be investing in changes to make it look better and live healthier,” he said. “We expect to be pricing out more jobs that include installing HVAC systems with better filtration, using low-VOC materials and even replacing old doors and windows to safeguard against exterior pollutants.”
Sunday, December 12, 2010
4 Tips to Keeping Homeowners' Insurance Costs Down
For Your Clients: 4 Tips to Keeping Homeowners' Insurance Costs Down
By Stephanie Andre
RISMEDIA, December 2, 2010—Saving money has never been so trendy. Long gone are the days of irresponsible spending, so why be irresponsible with your homeowners insurance? Taking a little bit of time to research your options might just help you save a little in the wallet and put more in the bank.
Here are four tips from homeownersinsurance.net:
1. Shop around. Some insurance companies have been raising house insurance costs to recoup losses from the financial crisis. Others are competing for new customers by offering lower rates. By shopping around, people can find better deals on homeowners insurance.
2. Re-evaluate coverage amounts. Many policies have inflation protection provisions, which automatically increase coverage amounts. This was a good item in the years leading up to the crash, but today they should be looked at more closely.
3. Check personal credit reports. Homeowners insurance companies check credit history before figuring rates, similar to how lenders do. This is done to help them assess the risk of payment and likely individual responsibility. Check your credit report and make sure it’s accurate so you can get the best possible rate.
4. Small claims can become expensive. Homeowners should have the highest deductible they can comfortably afford and repair minor items out of pocket rather than filing a claim. Filing a claim for every broken window or leaky pipe can increase premiums by 10-15%.
By Stephanie Andre
RISMEDIA, December 2, 2010—Saving money has never been so trendy. Long gone are the days of irresponsible spending, so why be irresponsible with your homeowners insurance? Taking a little bit of time to research your options might just help you save a little in the wallet and put more in the bank.
Here are four tips from homeownersinsurance.net:
1. Shop around. Some insurance companies have been raising house insurance costs to recoup losses from the financial crisis. Others are competing for new customers by offering lower rates. By shopping around, people can find better deals on homeowners insurance.
2. Re-evaluate coverage amounts. Many policies have inflation protection provisions, which automatically increase coverage amounts. This was a good item in the years leading up to the crash, but today they should be looked at more closely.
3. Check personal credit reports. Homeowners insurance companies check credit history before figuring rates, similar to how lenders do. This is done to help them assess the risk of payment and likely individual responsibility. Check your credit report and make sure it’s accurate so you can get the best possible rate.
4. Small claims can become expensive. Homeowners should have the highest deductible they can comfortably afford and repair minor items out of pocket rather than filing a claim. Filing a claim for every broken window or leaky pipe can increase premiums by 10-15%.
Friday, December 10, 2010
5 Predictions for 2011
Daily Real Estate News | December 10, 2010 | Share
5 Predictions for 2011
Freddie Mac analysts point to five features that they believe will likely characterize the 2011 housing and mortgage markets:
1. Low mortgage rates. With Fed observers expecting the central bank to keep the federal funds rate at its current target range of 0 percent to 0.25 percent for most (or all) of 2011, relatively low mortgage rates will be a feature of the 2011 mortgage market. Thirty-year fixed-rate loans are likely to remain below 5 percent throughout the year, and initial rates of 5/1 hybrid adjustable-rate mortgages will likely remain below 4 percent in 2011.
2. Prices have hit bottom. House prices are likely to begin a gradual, but sustained recovery in the second half of 2011.
3. Housing will remain affordable. With affordability high, many first-time buyers will be attracted to the housing market in the New Year, likely translating into more home sales in 2011 than in 2010.
4. Refinances will dwindle. Many eligible borrowers have already refinanced and the federal Making Home Affordable refinance program is expiring on June 30. While fixed-rate loans are likely to remain low, they will move up gradually, making it even less likely that refinances will be attractive to most home owners.
5. Delinquency rates will decline. Based on the last several business cycles, the share of loans that are 90 or more days delinquent or in foreclosure proceedings — known as the "seriously delinquent rate" — generally crests within a year of the start of the recovery in payroll employment, and this economic recovery appears to fit within that pattern. Payrolls began to rise last January, and by the spring the seriously delinquent rate had begun to fall.
Source: Freddie Mac (12/09/2010)
5 Predictions for 2011
Freddie Mac analysts point to five features that they believe will likely characterize the 2011 housing and mortgage markets:
1. Low mortgage rates. With Fed observers expecting the central bank to keep the federal funds rate at its current target range of 0 percent to 0.25 percent for most (or all) of 2011, relatively low mortgage rates will be a feature of the 2011 mortgage market. Thirty-year fixed-rate loans are likely to remain below 5 percent throughout the year, and initial rates of 5/1 hybrid adjustable-rate mortgages will likely remain below 4 percent in 2011.
2. Prices have hit bottom. House prices are likely to begin a gradual, but sustained recovery in the second half of 2011.
3. Housing will remain affordable. With affordability high, many first-time buyers will be attracted to the housing market in the New Year, likely translating into more home sales in 2011 than in 2010.
4. Refinances will dwindle. Many eligible borrowers have already refinanced and the federal Making Home Affordable refinance program is expiring on June 30. While fixed-rate loans are likely to remain low, they will move up gradually, making it even less likely that refinances will be attractive to most home owners.
5. Delinquency rates will decline. Based on the last several business cycles, the share of loans that are 90 or more days delinquent or in foreclosure proceedings — known as the "seriously delinquent rate" — generally crests within a year of the start of the recovery in payroll employment, and this economic recovery appears to fit within that pattern. Payrolls began to rise last January, and by the spring the seriously delinquent rate had begun to fall.
Source: Freddie Mac (12/09/2010)
20 Positive Trends
Good news seems hard to find these days. I was flipping through my Good Neighbor magazine that State Farm sent me and found the following 20 positive trends:
1. We are safer
2. We use less energy
3. We give and give
4. WE conserve fuel
5. We live longer and feel better
6. You people make smart decisions about their well-being
7. We network with wonderful results
8. We can connect easier...even in the air
9. Our bonds are stronger
10. We give away before we throw away
11. Our forests are growing
12. We breathe cleaner air
13. We drive more carefully
14. We grow more of our own food and enjoy the benefits
15. Our hearts love anti-smoking laws (my allergies do as well!)
16. We buckle up
17. Bees make a sweet comeback
18. Women are healthier
19. We move more
20. We know the power of positive
1. We are safer
2. We use less energy
3. We give and give
4. WE conserve fuel
5. We live longer and feel better
6. You people make smart decisions about their well-being
7. We network with wonderful results
8. We can connect easier...even in the air
9. Our bonds are stronger
10. We give away before we throw away
11. Our forests are growing
12. We breathe cleaner air
13. We drive more carefully
14. We grow more of our own food and enjoy the benefits
15. Our hearts love anti-smoking laws (my allergies do as well!)
16. We buckle up
17. Bees make a sweet comeback
18. Women are healthier
19. We move more
20. We know the power of positive
Tuesday, December 7, 2010
7 Homeowner Tax Advantages
7 Homeowner Tax Advantages
By: G. M. Filisko
Published: March 11, 2010
When you’re evaluating how much home you can afford, make sure you factor in the tax advantages of homeownership.
1. Homebuyer tax credits
If you purchase your first home before April 30, 2010, you’re entitled to a tax credit of up to $8,000. If you currently own a home, but sell it to purchase another home before April 30, 2010, you’re eligible for a federal tax credit of up to $6,500.
2. Deductions for loan fees
Typically, you can deduct the “prepaid interest” you paid when you got your mortgage loan. That includes points, loan origination fees, and loan discount fees listed on your settlement statement, even if the seller paid those fees for you. Each time you refinance your home, you can deduct prepaid interest fees.
However, you must meet certain requirements to take the prepaid interest deductions when you purchase or refinance your home. Check with your accountant to be sure you’re following the rules.
3. Property tax deductions
In the year you purchase your home, you’re entitled to deduct the real estate taxes you paid at the closing table. You can continue to deduct the property taxes you pay each year.
4. The mortgage interest deduction
Every year, you can deduct the amount of interest and late charges you pay on your mortgage and home equity loans, though there are limitations. If you’re required to purchase private mortgage insurance (PMI) because you made a downpayment of less than 20% on your home, you can also deduct those premiums as mortgage interest expenses.
5. Home office expenses
If you have a home office you use only for business, you may be eligible to deduct the prorated costs of your mortgage, insurance, and other expenses related to that space. The government scrutinizes home-office deductions closely. Be sure you’re entitled to the deductions before claiming them.
6. The costs of selling your home
In the year you sell your home, you can deduct the costs of selling it, including real estate commissions, title insurance, legal fees, advertising, administrative costs, and inspection fees. You can also deduct decorating or repair costs you incur in the 90 days before you sell your home.
7. The gain on your home
If you lived in your home for at least two of the previous five years before you sell it, the government lets you to take up to $250,000 of profit on the sale of your home tax free. That amount is doubled for married couples. This deduction isn’t available on rental or second homes.
The government also allows you to subtract from your home sale profit any amounts you spend on improvements, such as window replacement, siding, or a kitchen remodel. Those deductions are in addition to the tax credits you can receive in 2010 for making energy-saving upgrades. Money invested for routine maintenance and repairs doesn’t count.
This article includes general information about tax laws and consequences, but is not intended to be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws vary by jurisdiction.
By: G. M. Filisko
Published: March 11, 2010
When you’re evaluating how much home you can afford, make sure you factor in the tax advantages of homeownership.
1. Homebuyer tax credits
If you purchase your first home before April 30, 2010, you’re entitled to a tax credit of up to $8,000. If you currently own a home, but sell it to purchase another home before April 30, 2010, you’re eligible for a federal tax credit of up to $6,500.
2. Deductions for loan fees
Typically, you can deduct the “prepaid interest” you paid when you got your mortgage loan. That includes points, loan origination fees, and loan discount fees listed on your settlement statement, even if the seller paid those fees for you. Each time you refinance your home, you can deduct prepaid interest fees.
However, you must meet certain requirements to take the prepaid interest deductions when you purchase or refinance your home. Check with your accountant to be sure you’re following the rules.
3. Property tax deductions
In the year you purchase your home, you’re entitled to deduct the real estate taxes you paid at the closing table. You can continue to deduct the property taxes you pay each year.
4. The mortgage interest deduction
Every year, you can deduct the amount of interest and late charges you pay on your mortgage and home equity loans, though there are limitations. If you’re required to purchase private mortgage insurance (PMI) because you made a downpayment of less than 20% on your home, you can also deduct those premiums as mortgage interest expenses.
5. Home office expenses
If you have a home office you use only for business, you may be eligible to deduct the prorated costs of your mortgage, insurance, and other expenses related to that space. The government scrutinizes home-office deductions closely. Be sure you’re entitled to the deductions before claiming them.
6. The costs of selling your home
In the year you sell your home, you can deduct the costs of selling it, including real estate commissions, title insurance, legal fees, advertising, administrative costs, and inspection fees. You can also deduct decorating or repair costs you incur in the 90 days before you sell your home.
7. The gain on your home
If you lived in your home for at least two of the previous five years before you sell it, the government lets you to take up to $250,000 of profit on the sale of your home tax free. That amount is doubled for married couples. This deduction isn’t available on rental or second homes.
The government also allows you to subtract from your home sale profit any amounts you spend on improvements, such as window replacement, siding, or a kitchen remodel. Those deductions are in addition to the tax credits you can receive in 2010 for making energy-saving upgrades. Money invested for routine maintenance and repairs doesn’t count.
This article includes general information about tax laws and consequences, but is not intended to be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws vary by jurisdiction.
Monday, December 6, 2010
Rose Brooks
Rose Brooks is a local battered women's shelter. This morning, Paula & I volunteered our time to help them set up a qiosk at Ward Parkway Mall to help raise money and collect donations for the women & children they service. Their booth is located by the Sprint Store in the mall and they will be around until Christmas accepting new, unwrapped gifts.
The 12 Diva's of Christmas
I love experiencing new things! Friday night I went with some friends to The Folly Theatre for the Heartland Men's Choir's "The 12 Diva's of Christmas". What a GREAT show! Two of my co-workers were in the performance. Other than being a little warm in the theater, the performance was amazing and very entertaining! I would highly recommend them!
Friday, December 3, 2010
3 Social Networking Threats to Watch
3 Social Networking Threats to Watch
By Stephanie Andre
RISMEDIA, December 2, 2010—You’ve finally started friending people on Facebook, tweeting on Twitter and joining Networks on LinkedIn. That’s the good news. The bad news is that, like everything else online, these sites will open you up to more potential computer viruses and online threats.
Here are a few threats to watch:
Bogus E-mails from "Friends": Hackers lure users into taking actions they shouldn't by making it appear as if a friend within their social network has sent them an in-network e-mail – only the e-mail is from a hacker who's hijacked the friend's account.
Be careful to read what you can before opening the entire e-mail. Oftentimes, you can tell it’s fake: it might have a generic opening line or not sound like the person normally would.
Malicious Links or Bait: This type of scam involves personal messages to users that encourage them to click on a link. Doing so can do a number of things, including sending users to a fake website, where they're prompted to download and install an executable file that turns out to be a virus that infects the user's PC.
Be wise about this. If you’re unsure, don’t click on the link. You can also always send an additional e-mail to the person asking if it’s legit.
Identity Theft: Social network users who share personal information with their entire network of friends such as birth dates, addresses, pets' names and other details leave themselves vulnerable to hackers who may guess their passwords and access their profiles based on the personal information they shared.
Keep certain personal details…personal. You’ll be glad you did and this will make it harder for someone to impersonate you.
To help increase your protection, keep a few simple rules in mind:
• Be skeptical – E-mails, friend requests, website links and other items from sources you do not know could be laced with malware.
• Use privacy settings – Social networking sites, such as Facebook and Twitter, offer privacy settings that let you control who sees your posts and personal information. Use them to control who has access to your page, contact information, etc.
• Protect your password – Choose your passwords wisely, incorporate numbers, letters and special characters, and never use the same password at more than one site.
By Stephanie Andre
RISMEDIA, December 2, 2010—You’ve finally started friending people on Facebook, tweeting on Twitter and joining Networks on LinkedIn. That’s the good news. The bad news is that, like everything else online, these sites will open you up to more potential computer viruses and online threats.
Here are a few threats to watch:
Bogus E-mails from "Friends": Hackers lure users into taking actions they shouldn't by making it appear as if a friend within their social network has sent them an in-network e-mail – only the e-mail is from a hacker who's hijacked the friend's account.
Be careful to read what you can before opening the entire e-mail. Oftentimes, you can tell it’s fake: it might have a generic opening line or not sound like the person normally would.
Malicious Links or Bait: This type of scam involves personal messages to users that encourage them to click on a link. Doing so can do a number of things, including sending users to a fake website, where they're prompted to download and install an executable file that turns out to be a virus that infects the user's PC.
Be wise about this. If you’re unsure, don’t click on the link. You can also always send an additional e-mail to the person asking if it’s legit.
Identity Theft: Social network users who share personal information with their entire network of friends such as birth dates, addresses, pets' names and other details leave themselves vulnerable to hackers who may guess their passwords and access their profiles based on the personal information they shared.
Keep certain personal details…personal. You’ll be glad you did and this will make it harder for someone to impersonate you.
To help increase your protection, keep a few simple rules in mind:
• Be skeptical – E-mails, friend requests, website links and other items from sources you do not know could be laced with malware.
• Use privacy settings – Social networking sites, such as Facebook and Twitter, offer privacy settings that let you control who sees your posts and personal information. Use them to control who has access to your page, contact information, etc.
• Protect your password – Choose your passwords wisely, incorporate numbers, letters and special characters, and never use the same password at more than one site.
Wednesday, December 1, 2010
The Many "Events" of December 1, 2010
Today is December 1, 2010. The fact that it is the first day of December is nothing compared to ALL of the other "events" that are celebrated today.
* It's the "Pay It Forward" day
* It's the 55th Anniversary of Rosa Parks refusing to give up her seat on the bus
* It's AIDS Awareness Day
* It's the first night of Hannukah
Whew, that's a LOT for one little day! I was thinking about what I could do to at least honor some of the days events. The only thing I could really think of for "pay it forward" was to go through a drive thru or to Starbucks and pay for the person behind me. Then my co-worker Wes came up with a great plan. Donate to AIDS awareness day (amfar.org) as my "pay it forward". He also said I could tell my family that I'd donated in their honor for their Hannukah gift (so, happy Hannukah Mom, Dad & Jer!). I guess I didn't find a way to honor Rosa Parks, but hopefully she'll understand!
I hope you found a way to honor at least one of these events!
* It's the "Pay It Forward" day
* It's the 55th Anniversary of Rosa Parks refusing to give up her seat on the bus
* It's AIDS Awareness Day
* It's the first night of Hannukah
Whew, that's a LOT for one little day! I was thinking about what I could do to at least honor some of the days events. The only thing I could really think of for "pay it forward" was to go through a drive thru or to Starbucks and pay for the person behind me. Then my co-worker Wes came up with a great plan. Donate to AIDS awareness day (amfar.org) as my "pay it forward". He also said I could tell my family that I'd donated in their honor for their Hannukah gift (so, happy Hannukah Mom, Dad & Jer!). I guess I didn't find a way to honor Rosa Parks, but hopefully she'll understand!
I hope you found a way to honor at least one of these events!
Mortgage Rates Dip Down
Bankrate: Mortgage Rates Dip Down
RISMEDIA, November 30, 2010—Mortgage rates retreated last week, following two consecutive weeks climbing higher. The average conforming 30-year fixed mortgage rate decreased to 4.58 percent, according to Bankrate.com. The average 30-year fixed mortgage has an average of 0.40 discount and origination points.
To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.
The average 15-year fixed mortgage decreased to 3.97 percent, and the larger, jumbo 30-year fixed rate dipped as well to 5.18 percent. Adjustable rate mortgages dropped as well, with the average 5-year ARM at 3.66 percent and the average 7-year ARM falling to 3.97 percent.
The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.58 percent, the monthly payment for the same size loan would be $1,022.90, a savings of $219 per month for a homeowner refinancing now.
SURVEY RESULTS
•30-year fixed: 4.58% -- down from 4.62% last week (avg. points: 0.37)
•15-year fixed: 3.97% -- down from 4.02% last week (avg. points: 0.32)
•5/1 ARM: 3.66% -- down from 3.71% last week (avg. points: 0.38)
Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.
RISMEDIA, November 30, 2010—Mortgage rates retreated last week, following two consecutive weeks climbing higher. The average conforming 30-year fixed mortgage rate decreased to 4.58 percent, according to Bankrate.com. The average 30-year fixed mortgage has an average of 0.40 discount and origination points.
To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.
The average 15-year fixed mortgage decreased to 3.97 percent, and the larger, jumbo 30-year fixed rate dipped as well to 5.18 percent. Adjustable rate mortgages dropped as well, with the average 5-year ARM at 3.66 percent and the average 7-year ARM falling to 3.97 percent.
The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.58 percent, the monthly payment for the same size loan would be $1,022.90, a savings of $219 per month for a homeowner refinancing now.
SURVEY RESULTS
•30-year fixed: 4.58% -- down from 4.62% last week (avg. points: 0.37)
•15-year fixed: 3.97% -- down from 4.02% last week (avg. points: 0.32)
•5/1 ARM: 3.66% -- down from 3.71% last week (avg. points: 0.38)
Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.
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