Archive for the ‘#home owner tips’ Category

5 Golden Rules to Home Staging on a Budget

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$2 in increased sale price for every $1 put into staging

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Bathrooms & kitchens are essential spaces in the home and,

therefore are often the places were buyers are won over.

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Consider simple changes like swapping out old fixtures for nickel or chrome.

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Window treatments can be used to make a room feel bigger

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Lightness is a major source of living room appeal for buyers

Information courtesy of

Styled Staged & Sold

http://styledstagedsold.blogs.realtor.org/2015/03/30/5-golden-rules-of-home-staging-on-a-budget/?

 

Team Pendley with RE/MAX Integrity

We Go The Extra Mile, It’s Less Crowded!

http://www.teampendley.com/

 

Pat Pendley, Principal Broker (541) 990-2530

Christie Pendley, Broker Certified Distressed Property Expert (541) 619-3640

Doug Hall, Broker (541) 979-0571

**Pat Pendley, Christie Pendley ,and Doug Hall, are licensed Real Estate Brokers in the State of Oregon with RE/MAX Integrity

Des Moines – Don’t Miss Today’s Home Remodeler!

Home Remodeler Blog

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TV viewers in the Des Moines IA area can watch the latest episode of the critically acclaimed Today’s Home Remodeler TV series this weekend. Here’s the TV Schedule on WOI TV-5 (ABC):

Saturday, February 28 at5:00 pm.

Sunday, March 1 at 9:30 am.

This week on Today’s Home Remodeler we feature the professionals from Standard Water Control Systems. Check out today’s video for a look at this week’s show.

For more videos on home building, remodeling and maintenance, visit our website.

Standard Water Control

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Save Money With Geothermal Heating & Cooling

Home Remodeler Blog

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Save Money With Geothermal Heating & Cooling episode from the Today’s Home Remodeler TV series. We’ve all heard about geothermal – the promise of increased comfort and savings by replacing your old furnace with a geothermal system. In this video, host Stuart Keith and Stan Olson from Olson Heating, Cooling & Geothermaltalk about the components that make up a geothermal heating and cooling system and the increased efficiency and savings that a geothermal system brings over old fashioned propane or oil furnaces.

For more videos on home building, remodeling and maintenance, visit our website.

Stan

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Don’t Miss These Home Tax Deductions

 

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Mortgage Interest Deduction

One of the neatest deductions itemizing homeowners can take advantage of is the mortgage interest deduction, which you claim on Schedule A. To get the mortgage interest deduction, your mortgage must be secured by your home — and your home can be a house, trailer, or boat, as long as you can sleep in it, cook in it, and it has a toilet.

Interest you pay on a mortgage of up to $1 million — or $500,000 if you’re married filing separately — is deductible when you use the loan to buy, build, or improve your home.

If you take on another mortgage (including a second mortgage, home equity loan, or home equity line of credit) to improve your home or to buy or build a second home, that counts towards the $1 million limit.

If you use loans secured by your home for other things — like sending your kid to college — you can still deduct the interest on loans up $100,000 ($50,000 for married filing separately) because your home secures the loan.

PMI and FHA Mortgage Insurance Premiums

You can deduct the cost of private mortgage insurance (PMI) as mortgage interest on Schedule A if you itemize your return. The change only applies to loans taken out in 2007 or later.

By the way, the 2014 tax season is the last for which you can claim this deduction unless Congress renews it for 2015, which may happen, but is uncertain.

What’s PMI? If you have a mortgage but didn’t put down a fairly good-sized downpayment (usually 20%), the lender requires the mortgage be insured. The premium on that insurance can be deducted, so long as your income is less than $100,000 (or $50,000 for married filing separately).

If your adjusted gross income is more than $100,000, your deduction is reduced by 10% for each $1,000 ($500 in the case of a married individual filing a separate return) that your adjusted gross income exceeds $100,000 ($50,000 in the case of a married individual filing a separate return). So, if you make $110,000 or more, you can’t claim the deduction (10% x 10 = 100%).

Besides private mortgage insurance, there’s government insurance from FHA, VA, and the Rural Housing Service. Some of those premiums are paid at closing, and deducting them is complicated. A tax adviser or tax software program can help you calculate this deduction. Also, the rules vary between the agencies.

Prepaid Interest Deduction

Prepaid interest (or points) you paid when you took out your mortgage is generally 100% deductible in the year you paid it along with other mortgage interest.

If you refinance your mortgage and use that money for home improvements, any points you pay are also deductible in the same year.

But if you refinance to get a better rate or shorten the length of your mortgage, or to use the money for something other than home improvements, such as college tuition, you’ll need to deduct the points over the life of your mortgage. Say you refi into a 10-year mortgage and pay $3,000 in points. You can deduct $300 per year for 10 years.

So what happens if you refi again down the road?

Example: Three years after your first refi, you refinance again. Using the $3,000 in points scenario above, you’ll have deducted $900 ($300 x 3 years) so far. That leaves $2,400, which you can deduct in full the year you complete your second refi. If you paid points for the new loan, the process starts again; you can deduct the points over the life of the loan.

Home mortgage interest and points are reported on Schedule A of IRS Form 1040.

Your lender will send you a Form 1098 that lists the points you paid. If not, you should be able to find the amount listed on the HUD-1 settlement sheet you got when you closed the purchase of your home or your refinance closing.

Property Tax Deduction

You can deduct on Schedule A the real estate property taxes you pay. If you have a mortgage with an escrow account, the amount of real estate property taxes you paid shows up on your annual escrow statement.

If you bought a house this year, check your HUD-1 settlement statement to see if you paid any property taxes when you closed the purchase of your house. Those taxes are deductible on Schedule A, too.

Energy-Efficiency Upgrades

If you made your home more energy efficient in 2014, you might qualify for the residential energy tax credit.

Tax credits are especially valuable because they let you offset what you owe the IRS dollar for dollar for up to 10% of the amount you spent on certain home energy-efficiency upgrades.

The credit carries a lifetime cap of $500 (less for some products), so if you’ve used it in years past, you’ll have to subtract prior tax credits from that $500 limit. Lucky for you, there’s no cap on how much you’ll save on utility bills thanks to your energy-efficiency upgrades.

Among the upgrades that might qualify for the credit:

  • Biomass stoves
  • Heating, ventilation, and air conditioning
  • Insulation
  • Roofs (metal and asphalt)
  • Water heaters (non-solar)
  • Windows, doors, and skylights

To claim the credit, file IRS Form 5695 with your return.

Vacation Home Tax Deductions

The rules on tax deductions for vacation homes are complicated. Do yourself a favor and keep good records about how and when you use your vacation home.

  • If you’re the only one using your vacation home (you don’t rent it out for more than 14 days a year), you deduct mortgage interest and real estate taxes on Schedule A.
  • Rent your vacation home out for more than 14 days and use it yourself fewer than 15 days (or 10% of total rental days, whichever is greater), and it’s treated like a rental property. Your expenses are deducted on Schedule E.
  • Rent your home for part of the year and use it yourself for more than the greater of 14 days or 10% of the days you rent it and you have to keep track of income, expenses, and allocate them based on how often you used and how often you rented the house.

Homebuyer Tax Credit

This isn’t a deduction, but it’s important to keep track of if you claimed it in 2008.

There were federal first-time homebuyer tax credits in 2008, 2009, and 2010.

If you claimed the homebuyer tax credit for a purchase made after April 8, 2008, and before Jan. 1, 2009, you must repay 1/15th of the credit over 15 years, with no interest.

The IRS has a tool you can use to help figure out what you owe each year until it’s paid off. Or if the home stops being your main home, you may need to add the remaining unpaid credit amount to your income tax on your next tax return.

Generally, you don’t have to pay back the credit if you bought your home in 2009, 2010, or early 2011. The exception: You have to repay the full credit amount if you sold your house or stopped using it as primary residence within 36 months of the purchase date. Then you must repay it with your tax return for the year the home stopped being your principal residence.

The repayment rules are less rigorous for uniformed service members, Foreign Service workers, and intelligence community workers who got sent on extended duty at least 50 miles from their principal residence.

Related: A Homeowner’s Guide to Taxes

This article provides general information about tax laws and consequences, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction.

By: Dona DeZube

Published: December 22, 2014

Read more: http://members.houselogic.com/articles/home-tax-deductions/preview/?cid=eo_rl_sss_rcrpromo#ixzz3RpLNCE3K

 

Team Pendley with RE/MAX Integrity

We Go The Extra Mile, It’s Less Crowded!

http://www.teampendley.com/

Pat Pendley, Principal Broker (541) 990-2530

Christie Pendley, Broker Certified Distressed Property Expert (541) 619-3640

Doug Hall, Broker (541) 979-0571

**Pat Pendley, Christie Pendley ,and Doug Hall, are licensed Real Estate Brokers in the State of Oregon with RE/MAX Integrity

Top 10 Common Repair Costs

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1.  Replace Toilet Fill Valves

That annoying sound of water continually filling and draining from your toilet tank is often caused by leaky fill valve, which a plumber can replace, stopping water waste and restoring quiet. Plumber rates vary widely around the country, from $45 to $150 per hour, and the job will take about two hours — the minimum some plumbers require just to take the job.

Labor: $50 to $200

Materials: $11 to $23

Total: $61 to $223

2.  Repair a Leaky Faucet

The water torture drip-drip-drip from a leaky faucet won’t just drive you insane, it can drive up water bills, too. Depending on the type of faucet you have, fixes typically involve replacing damaged rubber washers (10 for $2), O-rings (10 for $2), or a faucet cartridge ($8 to $30).

Labor: $95 to $300

Materials: $2 to $30

Total: $97 to $330

3.  Replace Ceiling Fan

If you’ve got a ceiling fan, sooner or later the motor will burn out, the blades will warp, and fashions will change, so you’ll need to replace it. Replacing isn’t a big deal, because upgraded wiring, a reinforced ceiling box, and a light switch with ceiling fan controls are already in place. What you’re paying for is an electrician’s time — one or two hours — and a new fixture.

Labor: $50 to $200

Materials: $54 to $1,000 and up

Total: $104 to $1,200

4.  Repair Drywall

Nicks, gashes, and smashes inevitably mar your beautiful walls. You’ll have to patch and paint to make them look as good as new. A painter can do both jobs and will probably give you a flat rate that will include patching or filling blemishes, then sanding, priming, and painting.

Painters charge $25 to $62 per hour for labor or $2.68 to $4.60 per square foot including materials. Figure it will take about three hours to repair a wall, including drying time for the patching compound and paint. It’s a good idea to save up painting chores so you have enough to keep a painter busy while repairs cure.

Materials include paint at $12 to $50 or more a gallon, which should cover about 350 square feet; plus another $10 to $50 for brushes, rollers, drop clothes, and drywall patching compound.

Labor: $75 to $186

Materials: $22 to $100

Total: $97 to $286

5.  Repair Cracked Tile

Tile is hard and durable, but drop something heavy on it and it’s likely to crack — a reason to always order more tile than you need so you’ll always have spares. To replace cracked tiles, a handyman must pry out the damaged tiles, scrape away old fixative, re-glue new tiles, and spread new grout. Replacing a 2-foot-by-2-foot section of tile should take one to two hours, not including the drying time required for the adhesive to set.

Labor: $30 to $125 per hour; with possible $150 to $350 minimum charge for a handyman

Materials: $1 to $20 per square foot

Total: $34 to $430

6.  Replace Caulk Around Tubs, Sinks, and Showers

Caulk is the waterproof seal around sinks, tubs, and showers that prevents moisture from seeping through gaps and onto drywall and flooring. When caulk cracks or peels, it should be replaced immediately to prevent mold and rot.

A handyman can dig out old caulk around a tub and reseal with new in about an hour.

Labor: $30 to $125 per hour; with possible $150 to $350 minimum charge for a handyman

Materials:  $1 to $4 for a tube of bathroom caulk

Total: $31 to $354

7.  Fix Gutters

Gutters and downspouts carry water from rain and snow away from your house and onto the ground. Sometimes the weight of wet snow and soggy leaves puts too much pressure on gutters, causing them to pull away from the house or pitch at inefficient angles.

A gutter contractor will clean gutters, and replace or reinstall supportive hardware and hangers. To restore the correct pitch, the contractor must detach and reattach each gutter section.

Labor: $127 to $282 (depending on length of gutter)

Materials: $10 for five hangers; $6 to $9 for gutter sealant

Total: $143 to $301

8.  Fix Out-of-Alignment Doors

Over time, your house moves as its foundation settles and building materials expand and contract with changes in humidity. The movement often is noticed when doorframes shift slightly, causing hinges to creak and doors to not shut properly.

Adding wooden shims to frames and hinges can bring doors back into alignment and let them easily open and close once again. Replacing worn-out screws with longer screws helps secure hinges tightly.

A handyman can fix a door in about an hour. Materials will include shims and screws.

Labor: $30 to $125 per hour; with possible $150 to $350 minimum charge for a handyman

Materials: $5

Total: $35 to $355

9.  Repair Ice Damming

If your house isn’t insulated correctly or your roof isn’t designed correctly, melting roof snow can run off and freeze around roof edges. Eventually, this can form an ice dam that creeps up your roof, damaging shingles and forcing melting water into your home.

One popular solution to ice damming is to install a heating cable along the roof’s edge, which warms the area and prevents freezing. It’s not a DIY job. Roofing contractors will install the cable, and an electrician will install outlets that will juice up the cable. If you want a thermostat to turn the cable on and off automatically, that’ll be extra, too.

Labor and materials: $30 to $60 per linear foot

Total: $371 to $1,319 (average job cost)

 

10.  Fix a Faulty Light Switch

Sometimes you turn on the light but nothing happens; or sparks crackle, and the light turns on. It’s disconcerting, but most likely it’s an easy fix. An electrician will turn off the power, take off the faceplate, check and perhaps tighten wires; or replace the switch. All told, it will take less than an hour.

Labor: $50 to $100 per hour

Materials: $1 to $6 for a single pole light switch

Total: $41 to $106

Information reprinted from

houslogic
Read more: http://www.houselogic.com/home-advice/repair-tips/home-repair-costs/#ixzz3RH2OnH7r

Team Pendley with RE/MAX Integrity

We Go The Extra Mile, It’s Less Crowded!

http://www.teampendley.com/

 

Pat Pendley, Principal Broker (541) 990-2530

Christie Pendley, Broker Certified Distressed Property Expert (541) 619-3640

Doug Hall, Broker (541) 979-0571

**Pat Pendley, Christie Pendley ,and Doug Hall, are licensed Real Estate Brokers in the State of Oregon with RE/MAX Integrity

Tired Of Shocks And Static Cling?

Home Remodeler Blog

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This is the time of year when your furnace is on all the time and if you have that one room that still stays cold, maybe a space heater too. You may be warm enough but they really dry out the air in your home causing static cling, shocks and even dry mouth at night! In this segment from the Carrier Consumer Education Video Series, Larry Hacker and Stuart Keith discuss some different options for controlling your home’s relative humidity.

For more videos on home building, remodeling and maintenance, visit our website.

Carrier logo

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4 Tips to Determine How Much Mortgage You Can Afford

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4 Tips to Determine How Much Mortgage You Can Afford

1. Prepare a detailed budget.

The oldest rule of thumb says you can typically afford a home priced two to three times your gross income. So, if you earn $100,000, you can typically afford a home between $200,000 and $300,000.

But that’s not the best method because it doesn’t take into account your monthly expenses and debts. Those costs greatly influence how much you can afford. Let’s say you earn $100,000 a year but have $1,000 in monthly payments for student debt, car loans, and credit card minimum payments. You don’t have as much money to pay your mortgage as someone earning the same income with no debts.

Better option: Prepare a family budget that tallies your ongoing monthly bills for everything — credit cards, car and student loans, lunch at work, day care, date night, vacations, and savings.

See what’s left over to spend on homeownership costs, like your mortgage, property taxes, insurance, maintenance, utilities, and community association fees, if applicable.

2. Factor in your downpayment.

How much money do you have for a downpayment? The higher your downpayment, the lower your monthly payments will be. If you put down at least 20% of the home’s cost, you may not have to get private mortgage insurance, which protects the lender if you default and costs hundreds each month. That leaves more money for your mortgage payment.

The lower your downpayment, the higher the loan amount you’ll need to qualify for and the higher your monthly mortgage payment.

But, if interest rates and/or home prices are rising and you wait to buy until you accumulate a bigger downpayment, you may end up paying more for your home.

3. Consider your overall debt.

Lenders generally follow the 43% rule. Your monthly mortgage payments covering your home loan principal, interest, taxes and insurance, plus all your other bills, like car loans, utilities, and credit cards, shouldn’t exceed 43% of your gross annual income.

Here’s an example of how the 43% calculation works for a homebuyer making $100,000 a year before taxes:

1. Your gross annual income is $100,000.

2. Multiply $100,000 by 43% to get $43,000 in annual income.

3. Divide $43,000 by 12 months to convert the annual 43% limit into a monthly upper limit of $3,583.

4. All your monthly bills including your potential mortgage can’t go above $3,583 per month.

You might find a lender willing to give you a mortgage with a payment that goes above the 43% line, but consider carefully before you take it. Evidence from studies of mortgage loans suggest that borrowers who go over the limit are more likely to run into trouble making monthly payments, the Consumer Financial Protection Bureau warns.

4. Use your rent as a mortgage guide.

The tax benefits of homeownership generally allow you to afford a mortgage payment — including taxes and insurance — of about one-third more than your current rent payment without changing your lifestyle. So you can multiply your current rent by 1.33 to arrive at a rough estimate of a mortgage payment.

Here’s an example: If you currently pay $1,500 per month in rent, you should be able to comfortably afford a $2,000 monthly mortgage payment after factoring in the tax benefits of homeownership.

However, if you’re struggling to keep up with your rent, buy a home that will give you the same payment rather than going up to a higher monthly payment. You’ll have additional costs for homeownership that your landlord now covers, like property taxes and repairs. If there’s no room in your budget for those extras, you could become financially stressed.

Also consider whether or not you’ll itemize your deductions. If you take the standard deduction, you can’t also deduct mortgage interest payments. Talking to a tax adviser, or using a tax software program to do a “what if” tax return, can help you see your tax situation more clearly.

INFORMATION COURTESY OF
HOUSELOGIC
Read more: http://buyandsell.houselogic.com/articles/4-tips-determine-how-much-mortgage-you-can-afford/#ixzz3PwuaXhD7
Follow us: @HouseLogic on Twitter | HouseLogic on Facebook

Team Pendley
with RE/MAX Integrity
We Go The Extra Mile, It’s Less Crowded!

http://www.teampendley.com/

Pat Pendley, Principal Broker
(541) 990-2530

Christie Pendley, Broker
Certified Distressed Property Expert
(541) 619-3640

Doug Hall, Broker
(541) 979-0571

**Pat Pendley, Christie Pendley ,and Doug Hall, are licensed Real Estate Brokers in the State of Oregon with RE/MAX Integrity

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