Friday, October 31, 2014
Wednesday, October 29, 2014
Scary places to travel to for Halloween
Halloween is just around the corner. Check out some of the spookiest places—from haunted houses to ghost towns.
Stanley Hotel–Estes Park, Colorado
You might actually wonder what went bump in the night if you opt to stay at the Stanley Hotel.There have been numerous reports of apparitions and otherworldly occurrences throughout the hotel. And Stephen King famously stayed here, which inspired his novel The Shining.
Eastern State Penitentiary–Philadelphia, Pennsylvania
The cellblocks at Eastern State Penitentiary once held such renowned criminals as Al Capone and Willie Sutton. Throughout October, the gothic revival building is transformed into Terror Behind the Walls, a haunted house so terrifying that it will feel as if there's no escape.Bodie, California
A booming mine town in the late 1800s that boasted more than 10,000 people and 65 saloons, Bodie is now best known for its preserved state as a ghost town. Stroll through this creepy shell of a settlement, filled with empty buildings and eerie silence.Dead Acres–Columbus, Ohio
Sick and twisted, this extreme haunted house uses every trick in the book—chainsaws, blood, screaming victims—to make your visit as creepy and hair-raising as possible.Fright Fest–Across North America
From San Antonio to New Jersey, 13 of the Six Flags theme parks turn into Fright Fest every weekend during October. Ordinary roller coasters and adventures turn into chilling rides where monsters and zombies are waiting at every twist and turn.Halloween Horror Nights–Hollywood And Orlando
Just try to hold onto your tongue as you experience real life scenes from The Walking Dead, Alien vs. Predator, From Dusk Till Dawn and more. The big production is all part of Universal Studios' annual Halloween Horror Nights, staged on select dates throughout October.Tombstone, Arizona
Perhaps it's the name of the town that drove people away. Or, maybe it's because the silver finally dried up. Regardless, the city gives you a peek into America's Old West past and lets you imagine the battles that the famed Wyatt Earp and his brothers had with outlaw cowboys, including the notorious Gunfight at the O.K. Corral.
15 Easy Ways to Increase Your Home’s Value
You’re finally ready to put your home on the market, but want to ensure you get top dollar. Are there any easy fixes that can increase your asking price without breaking your budget? Here are some tips, ranging from free to under $1,000. Happy selling!1. Invite a REALTOR® over to give you suggestions on how you might increase the value of your home. REALTORS® will often do this as a courtesy, and many can offer great ideas for low-cost upgrades based on their day-to-day experiences.
2. Get an inspection to make sure you won’t be blindsided by hidden problems once your home’s on the market. Some small problems can cost a lot if they’re ignored for too long. So be proactive and see what your home needs to be in top condition.
3. Get an energy audit to see how you can improve the efficiency of your home. Many utility companies do energy audits as a free service, and figuring out how to make your home more efficient can be a great marketing tool when you decide to sell.
4. Paint! Applying fresh coats of paint to every room is relatively low cost, but can be time consuming, which is why many people decide to forego this project. But take the time if you can, because it will pay off. And remember, neutral colors are best because they appeal to most everyone.
5. Plant a tree, or two. Even if you plan on selling your home in a week, planting trees is always a good investment in your home. If the tree has time to mature, and provides shade to your home, it can cut down energy cooling costs as well, sometimes by as much as 40 percent!
6. Use native plants to increase your curb appeal and save money on water. Find out what grows naturally in your region and showcase those plants in the front of your home. Saving water is a great benefit to new homeowners, and planting native plants is an easy way to “go green.”7. Install a water filtration system in your kitchen. The cost to install these is fairly low, but is one of those small details that home buyers love.
8. Remove your popcorn ceiling. This sounds expensive, but scraping away the popcorn texture from your 1970s ceiling is actually a fairly inexpensive DIY project. Just visit your hardware store for advice, then start scraping.
9. Hire a lawn service company to cut your lawn and trim your hedges. Having this task professionally done before listing your home can go a long way towards improving curb appeal.
10. Hire a cleaning service to make the inside spotless. Again, this is a low cost way to make a great first impression.
11. Rent a storage unit. One way to really open up the space in your home is to rent a storage unit and put half your furniture in it for safe keeping. The relative emptiness of the home is appealing to buyers because it gives the impression of more space.
12. Small upgrades in the bathroom and kitchen can improve a buyer’s first impression. Change out the knobs on the cabinets. Install updated lighting fixtures. Put in a new faucet.
13. Replace worn carpets or rugs. Area rugs are fairly cheap to upgrade. Replacing carpet with wood floors, or discovering the wood floor underneath, is ideal but may not be cost-effective for you. Do what you can to improve flooring. At a minimum, consider getting the carpets professionally cleaned.
14. Get a tankless water heater. Today’s home buyers are looking for eco-friendly details that will save them money long term. Upgrading your standard water heater with a tankless version is a fairly low cost way to improve the efficiency of your home, and help the earth too!
15. Upgrade appliances. If you’re able to upgrade any of your appliances it will increase the value of your home. Look for Energy Star-rated appliances so you can show potential buyers another way this home will save them money in the long run.
Sunday, October 26, 2014
Determining Your Home's Value
Appraisals and CMAs
Appraisals are primarily used to protect the lender's interest in the property. Just like lenders can be hesitant to issue a mortgage to credit-risky borrowers, they don't like to underwrite properties for more than they're worth. Appraisals also are used when other factors have made it difficult to assess your property's value, such as a lack of real estate activity in your area.
REALTORS® stress the importance of understanding that an appraisal is just the opinion of a trained professional: Five different appraisers could attach five different price tags to your home. Appraisals are based on past sales data, the location of the home, the size of the lot and the condition of the home. If the buyer's mortgage is insured through the FHA, the appraiser must disclose potential problems relating to the physical condition of the home; there are no similar stipulations for non-FHA mortgages.
Your REALTOR® may recommend an appraiser for your home. Also, the Appraisal Subcommittee of the Federal Financial Institutions Examination Council offers a member directory on its Web site. You can check the status of California appraisers? licenses through the Office of Real Estate Appraisers.
To determine an accurate measure of what your home is worth, REALTORS® can supply a comparative market analysis (CMA), which provides information on recent selling prices of similar properties in the same market. With a CMA, you can monitor the closing price of specific house types in certain areas (e.g., a condominium in a metropolitan area). Again, consult your REALTOR® if you're interested in learning more about a CMA.
Setting The Price
In establishing the listing price for your home, you need to strike a delicate balance between a figure that will scare off potential buyers and a low price that doesn't represent your home's worth. Buyers will compare your home's price with other properties on the market. Therefore, you should use a CMA to assess what consumers are paying for similar homes. CMAs also include information about area homes that failed to sell in recent months along with their corresponding list prices. Your REALTOR® can assist you in obtaining and analyzing that information.
The NATIONAL ASSOCIATION OF REALTORS® suggests some additional steps to help you set your list price. After analyzing sales data, conduct some market research on your own. Attend an open house or two and make an impartial assessment of how those homes compare to yours in terms of size, location, amenities and condition.
Thursday, October 23, 2014
Deciding to sell
You've probably already considered your personal reasons for selling. Now you need to take into account the other factors involved, such as market conditions, your property's value and tax implications.
Unless you're locked into selling your home (e.g., you've already accepted a job offer in another city), it's a good idea to look at the whole picture before deciding to sell.
Assessing Market Conditions
There's a rule of thumb to keep in mind when deciding to sell your home: Your home is only worth what a qualified buyer is willing to pay at the time it's on the market. The current real estate market fluctuates based on supply and demand, interest rates, general economic conditions, and other factors. The same house may sell for more or less under a different economy. Your REALTOR® can inform you of the going price for homes in your area at the current time; this data is included in a comparative market analysis (link to Appraisals and CMAs).
Tax Implications of Selling
There are many dynamics that can affect your tax liability upon selling your home. These issues include whether you purchased the home or inherited it, if you used your home for business or rental purposes, costs associated with selling your home, and any home improvements and additions that you've undertaken.
The Federal Taxpayer Relief Act of 1997 provides capital gains tax exclusions of up to $500,000 for married taxpayers filing jointly and $250,000 for single taxpayers or married taxpayers filing separately. Current capitol gains rates are 20 percent for those in upper tax brackets and 10 percent for those in lower tax brackets. Overall capital gains rates have been lowered even further -- to 18 percent and 8 percent respectively -- for assets acquired after December 31, 2000, and held five years or more.
To qualify for this tax break, you must have used the home as your primary residence for at least two of the prior five years; these two years don't have to be consecutive. If you relocate for your job but don't meet the requirement, you may be allowed to take a capital gains exclusion proportionate to your circumstances. This exclusion is not a one-time benefit; you may take advantage of it once every two years as long as you meet the qualifications.
The tax rules differ when you sell a home that you've inherited. If you sell the inherited home for a profit, you're required to pay federal and state taxes on the gain. If you keep the house as a second residence and/or eventually move into it after renting it to tenants, you may take the $250,000/$500,000 capital gains tax exclusion if you meet the requirements. When you're deciding what to do with inherited property, you should consider the current estate tax laws and basis practices.
Beyond these general rules, it's wise to discuss your home's sale with a tax professional who can advise you on tax benefits in more detail.
Timing Your Decision to Sell
Because most sellers finance a new home purchase with the sale of their present home, they usually put their homes on the market before they begin their search for a new home. Learning the price you can expect from the sale often sets the pricing parameters for your new home search.
Obviously, it's not wise to wait until the sale on your property closes completely before beginning to look for your new home. Timing your search properly with the buyers' transaction can make the difference between having the available funds to buy a new home and cutting down on the interim period between homes.
Monday, October 20, 2014
Friday, October 17, 2014
Survey: 1 in 3 Buyers Would Bid Above Asking Price
One in 3 buyers are willing to bid higher than a home’s asking price, according to a survey conducted by Trulia in partnership with Harris Interactive.
That was just one of several other findings of the survey that appear to show that homebuyers are feeling the squeeze of market conditions that are significantly altered from those of a year ago. At the same time, they capture improved sentiment towards the housing market.
Today’s tight home inventory appears to be pushing some buyers to use aggressive tactics to beat out competing buyers, the survey found. In addition to a third of buyers being willing to make above-market offers, 1 in 4 said that they would offer to pay a seller’s closing costs.
“Tight inventory means slim pickings for buyers. Even though inventory is starting to expand, and rising home prices should bring more for-sale homes onto the market, people who actually want to buy within the next year are feeling the pressure of competing buyers and limited inventory,” wrote Trulia Chief Economist Jed Kolko in blog post about the survey.
Also seemingly a symptom of today’s limited housing stock, homebuyers who plan to buy within the next year said that finding a home that they like is their biggest worry.
And highlighting two other defining characteristics of today’s market, consumers who said they might buy someday indicated that their two greatest fears were that mortgage rates and home prices would rise further.
But in a sign that people’s attitudes towards homeownership have recovered significantly since the downturn, 60 percent of respondents said that they thought homeownership is one of the best long-term investments they could make, up from 47 percent two years ago.
Tuesday, October 14, 2014
Fireplace and Chimney Maintenance
It’s getting closer to the time of year when there’s a fall chill in the air, and one of the nicest parts about cold weather is sitting by a blazing fire. Most likely, you haven’t used your fireplace since February. It’s unwise to just toss in some wood and a match without any proper maintenance beforehand, so what can you do now to ensure you’re ready for cozy fireside nights when the weather cools?
The average number of annual U.S. home fires caused by fireplace, chimney, and chimney connectors between 2003 and 2005 was 25,100, and the average costs for those fires was $126.1 million, based on the most recent statistics from the Chimney Safety Institute of America (CSIA). That’s roughly $5,024 in damage per home.
Annual chimney maintenance removes flammable creosote, the major cause of chimney fires, and identifies other performance problems. There are basically three levels of inspection. Read on to see which one is a fit for you and your fireplace.
1. Level One: This is a visual check with typically no roof climbing—or dancing to musical numbers a la Mary Poppins—involved. The inspector comes to your house with a flashlight, looks for damage, obstructions, creosote build-up, and soot, and tells you if you need a sweep. If so, he’ll grab his brushes, extension poles, and vacuum, and do it on the spot.
A level one typically runs about $125. Add a sweep, and you’re talking another $80, or about $205 for both services, according to CSIA.
2. Level Two: If you’ve experienced a dramatic weather event, like a tornado, hurricane or earthquake or if you’ve made a major change to your fireplace consider getting this level of inspection. This will include what you got with a level one, plus a visit to the roof, attic, and crawl space in search of disrepair. It concludes with a sweep, if necessary, and information on what repair is needed. The price will depend on the situation.
3. Level Three: This is typically only done after a chimney fire, because it’s practically a demolition. The chimney is torn down to be thoroughly inspected, and then rebuilt. Cost will vary.
In addition to an annual inspection, here are some tips for maintaining the health of your fireplace and chimney:
• Only burn dry, cured wood—logs that have been split, stacked, and dried for eight to 12 months. Cover your log pile on top, but leave the sides open for air flow. Hardwoods such as hickory, white oak, beech, sugar maple, and white ash burn the longest, though dry firewood is more important than the species. Less dense woods like spruce or white pine burn well if sufficiently dry, but you’ll need to add more wood to your fire more often, according to CSIA
• Only burn wood! Crates, lumber, construction scraps, painted wood, or other treated wood releases chemicals into your home, compromising your air quality. Log starters are fine for getting your fire going, but they burn very hot; generally only use one at a time.
• Remember to close your damper when you’re not using the fireplace, and to open it when you are!
• Have a chimney cap installed to prevent objects, rain, and snow from falling into your chimney and to reduce downdrafts. The caps have side vents so smoke escapes. A chimney sweep usually provides and can install a stainless steel cap, which is better than a galvanized metal one available at most home improvement retailers because it won’t rust,
• Replace a poorly sealing damper to prevent heat loss, or get a top-mounted damper that can also function as a rain cap.
• Install carbon monoxide detectors and smoke detectors in your house—near the fireplace as well as in bedrooms.
• Build your fire slowly, adding more wood as it heats and keeping your damper completely open to increase draw in the early stages. Burn the fire hot, at least occasionally—with the damper all the way open to help prevent smoke from lingering in the fireplace and creosote from developing.
• Get your chimney cleaned twice a year, if you burn more than 4 cords of wood annually.
Now, make some hot chocolate, gather a book or guitar, and enjoy the sweet crackle of a fire.
Friday, October 10, 2014
Tax tips for Homeowners
A huge benefit of homeownership is a variety of tax deductions that you should be aware of before you file your returns with the Internal Revenue Service. It’s important to consider each home tax deduction and credit you are entitled to, as well as avoid common tax-filing errors.
Property Tax
First, be sure to deduct the property tax expense on your return for the year you paid it. Keep in mind that it could be different than the year it was due.
Energy Upgrades
Another item to think about is whether you spent money on certain home energy-efficiency upgrades. If you did, there is a tax credit that will work in your favor (not to mention the savings you’ll enjoy on your utility bill after you’ve installed the energy upgrades).
Home Repairs
If home repairs were conducted, it’s worth noting that you can only claim deductions if part of your home is used for business or casualty losses. Be sure to discuss these types of deductions with a tax adviser so you don’t run afoul of IRS rules.
PMI
Also, if you purchased your home with a down payment of less than 20 percent and utilized Private Mortgage Insurance, then 2013 is the last year you will be able to claim the PMI deduction since Congress has allowed it to expire. Just keep in mind there are income limitations, so check with your tax advisor about whether you qualify for this deduction.
Did you sell your home last year? If you made a profit, don’t forget that may you have to pay capital gains taxes on any profit. However, you can exclude $250,000 (or $500,000 if you’re a married couple) from your taxes.
MID
And of course there is the mortgage interest tax deduction. Make sure you don’t claim too much for this deduction. You are allowed to deduct home acquisition debt up to $1 million, as well as $100,000 in home equity debt.
Home Office
If your home is your primary place of business, then you could be eligible to deduct some of your home expenses, such as utilities and maintenance.
Casualty Losses
The country has suffered from a barrage of difficult weather conditions, so if disaster created property damage and destruction of your home, then you are able to deduct some losses (but be sure to carefully document your deductions with photos, receipts, and insurance claim reports). You should consult a tax adviser because filing for casualty losses can be complex, especially since your income and property value can impact the deduction, as well as depreciated values of items.
Wednesday, October 8, 2014
Fixing your home before selling......
Buyers tend to want listings that are in move-in condition. For that reason, sellers often put a lot of time and money into prepping their homes for market to realize the largest profit possible from the sale. But, is it worthwhile to fix a property up before selling if it is in a dismal state?
It's usually worthwhile to fix up a needy property in a good location that has great potential and that can be improved considerably with cosmetic improvements.
The reason why it makes sense to go through the effort is that most people don't have good imaginations and can't envision what a house might look like with work done to it. They simply relate to what they see.
For example, last year a grand old home sold in Oakland, Calif. Neighbors went directly to the sellers and asked if they could take a look at the house before it was fixed up for marketing. The sellers agreed and showed them the house. The buyers didn't like what they saw.
The house was subsequently improved by removing wall-to-wall carpet and refinishing the original hardwood floors that were underneath the carpet. The entire interior of the house was painted in beautiful decorator colors. Light fixtures were updated; the yard was spruced up; and the house was staged for sale. The transformation was stunning.
The property sold with multiple offers for considerably over the asking price. The buyers who had turned the property down before the house was fixed up were one of the four bidders; they weren't the ultimate buyers.
HOME SELLER TIP:
There's a tip to be gleaned from this experience that's relevant to all sellers. Don't let a prospective buyer look at your home until it has been prepared for sale. Buyers remember what they see, not what you tell them the house will look like when you're done with the prep work. You could lose a good prospect by showing your home before it is ready.
Circumstances may not permit you to do much to a fixer property before you put it on the market. You might be short of funds or have a pressing deadline. In this case, the best approach can be to take advantage of the fact that the property you're selling is a fixer-upper. In other words, market it as a fixer.
Some sellers bridle at the notion of calling their home a fixer-upper. But, it can make good marketing sense. A certain segment of the market is looking for fixer properties that can be improved to increase value. In fact, these buyers sometimes overpay for the perceived potential.
Even though you might get lucky and sell a loser house for more money that you thought was possible, don't lose sight of the fact that you're marketing to a limited pool of buyers. Most buyers won't even look at a fixer because they don't have the time, expertise or resources to turn a property around. Listing a fixer at an enticing price is an important part of selling it for a good price. The list price should reflect concessions made for work that needs to be done.
To attract a fixer buyer, make sure you get broad marketing exposure. It's also a good idea to have pre-sale inspections done. Make the reports available to buyers to review before they make offers. This will help to minimize the chance of a deal falling apart when the buyer finds out the extent of the necessary work.
THE CLOSING:
Even if you don't do fix-up work, the yard and house should be clean and free of debris so that the fixer buyers with vision will be able to see what the property has to offer.
Sunday, October 5, 2014
Drought Tolerant Landscaping
With severe drought conditions across large swatches of the west and pockets of the rest of the United States, many homeowners are looking for ways to conserve water on landscaping. But there's no need to rip out your whole yard and replace it with gravel—unless you want to. There are plenty of other ways to create a drought-tolerant landscape while also creating a beautiful and functional space. And drought-tolerant landscaping not only saves water immediately, but will be more resilient against future droughts. Here are some ideas:
Take on manageable pieces
Identify your biggest areas of water consumption. Besides lawns, the biggest areas of water use tend to be rose gardens, summer vegetables and cut flower gardens. If you're not ready to eliminate these areas entirely, figure out how you might want to reduce their size. A rose garden, for example, could be made into a smaller group of favorite bushes. Vegetables and cut flowers can go in containers or raised beds where you will have more control over how much water they get. Mix compost into soil for better moisture retention.
Make your lawn more water-efficient
If you want to keep a lawn, consider downsizing to a smaller swatch, picking a spot where you'll get the most use, like a play area for kids. Find low water grasses for your area. Raise the blades on your lawn mower—keeping grass longer will reduce evaporation and promote deeper root growth. Leave clippings on the grass after mowing to help retain moisture and return nutrients to the soil--extra clippings can also be tossed on the compost pile. Aerate soil with a soil aerator tool to reduce runoff and help water absorb into the soil.
Or go lawn-free
Consider replacing your lawn with an alternate ground cover. Try ornamental grasses for interesting textures, low-growing flowering plants for seasonal color or edibles like low-growing herbs or strawberries. Some cities offer financial incentives for switching to a drought-tolerant landscape or for using gray water (reused water from baths, sinks, washing machines, and other kitchen appliances.) Check your area for opportunities.
Add more areas of low-water use
Replace a section of lawn with an outdoor seating area, a sandbox for kids or a raised bed with herbs. Create intrigue by laying down paths of flagstone, pavers, gravel, mulch or other porous material. Add new focal points like a porch swing, fire pit, or a patio. Instead of water-thirsty blooms, think of other ways to incorporate color with colorful perennials, planters, chairs or bright native grasses.
Optimize your sprinkler system
Inspect your sprinkler system for leaks, broken heads or misdirected heads that water driveways, sidewalks, or the street. Make sure the system runs early in the morning or late in the day. Consider a “smart” system that will monitor the soil and automatically adjust watering as necessary. Try watering less frequently or for shorter periods. When reducing your irrigation, make changes gradually, so plants and trees have time to adjust.
Water smartly
If you have plants with high water needs, plant them together. Use a drip irrigation system or soaker hose to minimize run off and evaporation. Watering deeply and infrequently encourages deeper roots and more resilient plants. Take advantage of natural sources of water by putting in plants next to paths, driveways and other spots where water run off naturally occurs. Direct eave spouts into raised beds or other planted areas and consider using rainbarrels to collect rain water.
Go native
Native plants are a great choice for drought-tolerant landscaping because they won't need much (if any) watering once established. Over time native plants have developed a natural resistance to pests and won't require added chemicals and special care. For ideas on good native plants for your area, ask at a local nursery, look on the EPA's listing of native and regionally appropriate plants, or contact your local extension office.
Plant smartly
Shrubs, perennials, bulbs and trees use less water than most annuals and lawns and well-established plants use less water than newly-planted ones. Evergreens and other trees are also a good choice—they're drought-resistant and offer shade that helps retain moisture in the rest of the yard. Cover steep areas with deep-rooted native ground covers and/or shrubs to discourage water run-off and erosion. Mulching is essential—it helps soil retain moisture and keeps weeds at bay. Use organic mulch like bark, cocoa husks, or pine needles that decompose and nourish the soil. Layer mulch about three inches deep and replace as necessary.
And don't worry too much about the pool
New research indicates that pools use only about as much water as a lawn of the same size. And covering a pool will cut water use by 50-70 percent, making a covered pool about equal in water use to drought-tolerant landscaping.
Friday, October 3, 2014
Wednesday, October 1, 2014
Curb Appeal Matters (Even When You're Not Selling)
If you really pay attention to the way your home looks from the street, your mind won’t necessarily be drawn immediately to home sales. After all, pride in your home’s appearance maintains the value of your investment and curb appeal also attracts good neighbors. If another home is for sale on your street, strong curb appeal keeps a neighborhood’s values intact. New neighbors also will be committed to home upkeep if other homes set a positive example.
Here are a few tips to improve your home’s curb appeal:
Clean up
If you have kids, a messy array of toys sprawled across your front lawn isn’t the most appealing look. Keep your front lawn as tidy as possible and your garage clean enough so that you can park your vehicle inside, as both actions add to your home’s curb appeal. And if you have any lingering weeds or dead plants, then it doesn’t take much time to remove them.
Personalization
No one wants to buy a home that looks like all other homes and therefore you probably don’t want to live in a home that doesn’t reflect your tastes and uniqueness. Curb appeal also can be a means of self-expression, such as whether you love brilliant colors or prefer a more subdued palate. A strong landscape design can really make your home stand out from the crowd.
Doors and Windows
If your doors and windows are showing significant wear-and-tear, then you may want to consider upgrading or cleaning them because they are some of the first items that people notice. Chipped paint on the front door or dirty windows detract from your home’s look and can be easily fixed with a fresh coat of paint or window washing.
Porch
People may be more likely to camp out in front of a television rather than on a front porch, but a porch significantly adds not only to the selling value of a home but its curb appeal as well. If your home has a porch, ensure that it is free of dirt and that there is inviting outdoor furniture—all of which makes for a home that looks welcoming.
Outdoor Lighting
From a visual standpoint, portable outdoor lamps, solar garden lights, or other means of outdoor lighting can really bring out your home’s exterior features and keep your home looking sharp during the evening hours.
It’s clear that whatever you do, curb appeal is an important part of your home and it comes down to planning and execution.
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