May 29, 2014 | Homeowner Tips
Each year around April, we can find ourselves becoming a little more tense at the thought of what is about to occur: tax time.
Instead of falling into the trap of procrastinating your taxes, however, it’s much more beneficial to face tax time head-on and do your research on your applicable deductions well in advance.
Your home is good for many things, but using your home to reduce your tax burden may be one benefit you haven’t thought of.
Here are some tax benefits that can be leveraged with your home, and some ways to lower your tax bill in 2014.
Deduct Interest On Home Loans
Though interest paid on personal loans isn’t deductible on your tax return, interest paid on mortgages is.
Home mortgage interest, for both your primary residence and a second home such as an investment property, can account for a large bill near the end of the year, and can significantly decrease your tax bill for 2014.
Interest paid on a line of credit for your home or a home equity loan is also usually deductible, and you may also qualify to deduct the insurance premiums on your private mortgage if this was a requirement from your lender. Ensure you keep your Form 1098 from you lender, and be sure not to miss each of your interest deductions.
Deducting Points Paid For A Better Rate
If you paid points in order to get a better interest rate on your home mortgage, the IRS will allow you to deduct these, too. If you meet the requirements for this deduction, one of which is that you paid the points in the same year that you purchased your primary residence, be sure to add the points to your list of deductions.
Deduct Property Taxes
Property taxes are also deductible on your tax return, and since they make up a significant portion of your home expenses each year, they certainly shouldn’t be excluded from your list of deductions in 2014.
As an annual deduction for the entire period you own your home, ensure you don’t forget about your first year in your home. If you’ve just purchased your home, the property taxes would have been split between the seller, the previous homeowner, and you, the buyer, at the time of the property transfer. Your portion of your first year’s property taxes for the home is also fully deductible.
Tax-Free Sales Gain
If you’ve owned and lived in your home for a minimum of two years and are ready to sell, you likely qualify for up to $250,000 dollars of tax-free profit, or up to $500,000 for married couples.
If the sale falls short of the two year mark, the IRS provides some tax relief if the sale is due to a list of unforeseen circumstances, such as changes in employment or health. Be sure to see where you qualify, and leverage the sale of your home for tax-free sales gain.
Having the ability to leverage your home in order to lower your tax burden is, of course, another benefit of being a homeowner. Often, reaping the full benefits of tax deductions is a simple matter of doing your research or speaking with a professional to get the information applicable to you.
May 23, 2014 | Uncategorized
Homeowners who want to increase the appeal of their residence before putting it up for sale can, within a few hours and with a little elbow grease, perform some do-it-yourself (DIY) kitchen upgrades that are sure to pique the interest of would-be buyers.
Many people either have or are in the process of listing their home, so it makes sense to do as much as possible to attract the interest of prospective purchasers.
It need not cost a proverbial arm and a leg to boost the selling price of a home. Here are three DIY kitchen upgrades that will help homeowners gain a competitive advantage in the real estate market and get attractive offers for their residence.
On-The-Cheap Cabinet Upgrades
For a DIY upgrade project that won’t cost much money and won’t take much time, homeowners should consider revamping their cabinetry, as long as the cabinets are structurally sound. After cleaning them and, if necessary, sanding down any rough spots, homeowners can apply a coat or two of paint and, after the paint dries, install new knobs or handles to finish off the project.
The end result will be a totally transformed kitchen that likely won’t require more than a can of paint, sandpaper, some cleaner and some knobs or handles.
Upgrade Your Countertops
It’s amazing how much of a difference an upgraded countertop can make to the overall look of a kitchen. Homeowners who believe that a new countertop would definitely transform their kitchen have a number of options at their disposal such as buying a new one, tiling over the existing one or repainting the existing one.
Often the easiest of the three options is repainting, since this simply involves sanding the surface, priming it, applying the paint and then applying numerous coats of polyurethane to safeguard the finish.
Transform Your Kitchen Backsplash
While a nice-looking kitchen backsplash can be a plus for would-be home buyers, the fact of the matter is that an ugly backsplash will definitely turn off prospective purchasers.
A cheap and relatively quick way to give a backsplash a new lease on life is to use so-called tile decals that, because of the adhesive they contain, can be pasted over top of existing backsplash tiles. There many different options in terms of styles, colors and concepts, so homeowners will be able to find the perfect option to make their backsplash look as good as new.
Preparing to list a home and get acceptable offers involves ensuring that your home will stack up nicely compared to other homes up for sale in the area. As it turns out, doing some quick and relatively simple kitchen upgrades will help to attract prospective buyers. Tips for performing any of these DIY upgrades can be found either at neighborhood big-box stores or online.
For more information on the real estate market or to get more information on any related topics, call your trusted real estate professional today for a no-obligation consultation.
May 20, 2014 | Uncategorized
Signs of mold in your attic can be indicative of a bigger problem in your house, which is why it is a good idea to nip this situation in the bud as soon as you see it developing.
The signs of this type of fungus can be quite diverse and sometimes unexpected, so it pays to understand exactly what to look for if you suspect you have mold in your attic. Here are the four signs that you have mold in your attic, as well as what you can do about it right now.
Sign #1: You Spot Condensation In Your Attic
Condensation often occurs in cold spots in your home, and it is also one of the primary causes of mold. In fact, if you have condensation, it may build up and start to form droplets or even small pools of water. Look for condensation to appear in places such as metal pipes and windows, and any area in the attic that is cold to the touch.
Sign #2: Water Leaks In From Outside
Continuing the pattern that mold relates to moisture, water leaks can be a surefire indication of mold. If you notice a leak in your roof from the attic, then that’s a pretty reliable indication of a mold problem. Sometimes, though, water leaks can be hidden, as when they occur inside the wall cavities of your attic.
Sign #3: Are There Any Water Stains On The Ceiling?
When you spot water stains on the ceiling of your attic, you can expect it will turn out to be mold. This holds especially true if the water stains that you see are yellowish in appearance. Water stains can also appear in even darker colors – and if they do, it’s a major sign that you have mold.
Sign #4: Rust On Pipes, Nails And Windows
Rust is never a good thing to spot in your attic, as this is a reliable sign of a mold problem. Examples of places where you might see rust in your attic are on the metal pipes, the windows and on any nails. When rust shows up, this usually indicates that it is related to another water problem, such as a water leak, a water stain or simple condensation.
What To Do About A Mold Problem
A mold problem in your home deserves immediate attention and correction, as allowing mold to fester can result in health problems and damage to your home’s structure. The first step to deal with the issue is to get a mold inspection done in your attic, which is helpful in uncovering hidden mold as well. Then, if the test shows mold in an area greater than 10 square feet, it’s time to call in a professional mold remover.
These are the four signs of mold and what to do about mold once you spot it. It’s important that you are able to spot all of these important indications of mold, as it can be highly destructive and unhealthy if left untreated. Don’t forget to call your trusted real estate professional today for more information on residential issues.
May 15, 2014 | Uncategorized
There are a number of ways that you can improve the look and style of a room without having to spend an arm and a leg. Of course, painting and stenciling are the most affordable ways to bring new life and unique detail to an old room.
But if you’re intent on taking it to the next level, look no further than your windows.
Your options are nearly unlimited when it comes to sprucing up your windows – and the great news is that with a little creativity, you can use many products that are relatively inexpensive to buy.
Creativity doesn’t cost a thing, so check out these design ideas to get those creative juices flowing. You may be surprised to discover that many possible window treatments are already sitting in your attic or garage.
Bringing The Outside In
If you’re a scavenger and regular Sunday garage sale goer, you may discover the perfect piece of outer decor that can transition nicely into the interior. Consider a wood awning effect by using shingles or reclaimed wood for a rustic appearance.
Another trend that designers are seeing this year is in the use of stained glass or reclaimed woodcarvings that have been saved from demolition. Having a hand-carved feature is going to cost quite a bit to get custom made. However, many old doors and shutters can provide the same look without the need to have them custom built.
Creative Paint Projects For Fresh And Original Windows
When it comes to customizing your one-of-a-kind look, a painting project is a great way to create something original. You can get fabric-specific paints, as well as functional white or cream linens, for a minor sum. There are also services that can even print a design or picture directly onto your fabric for a unique and professional creation.
To create an immediate tie-in to a color scheme or accent color, consider painting the trim and wood slats of the window. This is an excellent and cost effective way to bring attention to your design features but also help to anchor a color within a room.
Cornice Boards Can Add A Finishing Touch
In the past, cornice boards were used to add weight and height to a window treatment. These days, they can also add architectural detail to spice up a room that appears flat and boxy. The great thing about cornice boards is that they can be individualized to suit the design and color scheme of the room: either with a solid paint job, or with monograms or stenciled images.
Thanks to the unique designs that you can create with these window treatments, you’ll never again have that “pre-packaged” look for your windows. As your lifestyle changes, a fresh coat of paint will rejuvenate the look and can quickly be adapted to match the new color palettes of future trends.
Reinventing windows is a great way to aid in a home staging project in order to prepare and beautify a home for sale. For more tips on updating your home’s look, call your trusted real estate professional today for answers and advice.
May 13, 2014 | Uncategorized
Did you know that dry rot is ironically created from having too much moisture come in contact with wood?
The fact is many homeowners are unaware that dry rot is even setting in, so the first step toward prevention is being able to diagnose possible areas of exposure before dry rot becomes a major renovation expense.
Remember that dry rot to your foundation can be an extremely costly repair and will definitely figure prominently into the total value of your property when a house inspection is completed prior to a sale.
As well, fungus and mold spores can affect the air quality of your home, which is a health problem for not only you and your family but also for prospective buyers.
Identifying Leaks To Your Water Membrane
In a very simple sense, discovering moisture or a leak on a wall or ceiling is an early sign that damage is occurring. Always inspect ceilings for particular evidence, especially around skylights and exhaust piping, as well as heating or cooling ducts. If damage was done to your roofing membrane during an installation or renovation, water can seep through.
Do an inspection of your basement in order to determine if any discoloring is happening to walls or wood. If you can smell mold or mildew, you may have a problem. However, this doesn’t mean that you’re already suffering from dry rot, just that the area is a hazard and should be sealed properly. Deal with the cause of the leak before you proceed to the repair stage.
Replacing The Affected Areas
If you have discovered wood that is either in the process of rotting, or has succumb to some water damage, the best thing to do is simply replace it. Once you’ve sealed the leak that initially caused the damage, discuss with your contractor the scope of the replacement job.
When installing new wood, it’s best to make sure that it’s treated with a Borate wood preservative to prolong its life and resilience to fungal infection. In some cases, you may not need to replace wood at all. You may be able to get away with only cleaning and then treating the area with Boric Acid, a fungicide that will slow down the spread of existing fungus and kill future growth.
Choosing The Right Fungicide And Preservative
This step will depend on the unique needs of your home’s situation. Generally, you have the option to choose between a dry powder and a glycol-based liquid concentrate. While the powder may appear less expensive, it may not do as thorough a job of absorbing deeply into the wood fibers.
Depending on the depth of fungal intrusion, you may need to use the more powerful liquid substance. Both are easy to apply, so you should be able to tackle this task yourself.
Maintaining the quality of your home is essential for keeping up its value when it comes time to sell. Call your trusted real estate professional today for more advice on preserving the value of your investment and identifying areas of risk and exposure to dry rot.
Remember that it’s far easier to deal with problems now before they develop into major expenses down the road.
