Basic electrical tools will save you money on simple repairs and should be in every home owner’s toolbox. Read
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Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®
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For more information contact your Eco-Broker below.
Rick Hogue REALTOR, CDPE, EcoBroker
The Hogue Group
A Place to Hang Your Hat and Call Home
502-554-9428
Asbestos
Technology Snapshot & Benefits:
Asbestos is a small mineral fiber that was commonly used to strengthen materials and make them fire retardant. If asbestos fibers become airborne, they can be inhaled and settle into the lungs, creating respiratory problems. It is important to recognize the areas in your home where asbestos may be found and have any damaged or disturbed materials professionally treated. Common products that may contain asbestos include insulation, shingles, flooring, and car parts such as brake pads and gaskets. The EPA and CPSC (Consumer Product Safety Commission) passed a ban in the last few decades prohibiting use in certain household products and requiring a label be put on any products that do contain asbestos. Because of this, the prevalence of the harmful material in homes has been greatly reduced. Visit the EPA’s page on Asbestos in the Home for a list of where asbestos can be found and when it can be a problem.
Estimated Cost Savings:
Asbestos removal is usually a relatively expensive process, depending on the contractor�s rates. It is estimated that complete removal from a 2000 square foot home can cost anywhere from $2000 to $4000 (Asbestos Removal Cost). Some contractors charge as little as a few hundred dollars depending on the size of the space, but some ask for significantly more depending on their minimum charge rate. Get bids from multiple contractors to help find the most affordable option available. For more information, check out this article titled How Much Does Asbestos Removal Cost?.
Asbestos removal has no direct cost benefits, but eliminating damaged asbestos materials can drastically improve your indoor air quality and prevent costly medical procedures in the future.
Issues:
Asbestos is incredibly dangerous and, if damaged or handled improperly, can have major repercussions on your health. The asbestos fibers are easily inhaled and can settle in your lungs, causing respiratory problems that can lead to major diseases including lung cancer, asbestosis, and mesothelioma. Typically, these negative effects do not show up for 20 or 30 years after in initial exposure, making corrective medical procedures difficult and expensive due to the longevity of the asbestos fibers presence in the lungs.
Installation (Getting It Done):
It is impossible to tell if a material contains asbestos unless it is clearly labeled or tested by a professional using a microscope. If you suspect that a material contains asbestos, treat it as if it does. If it is still in good condition and is in an area that is rarely or never disturbed, it is best to leave it alone. Inspect it periodically to check for damage, but typically materials in good condition do not release asbestos fibers. If a material appears damaged, hire a professional with documented asbestos training to remove it properly. It is not recommended that you attempt to remove it yourself because improper handling can worsen exposure and have negative effects on your health. Ask your removal expert about safety procedures and precautions before they start the job so you know how to keep your family safe. Mark work areas as hazardous to help give others warning. Whenever someone is working with damaged asbestos materials in or around your home, be sure it is wetted down first to prevent the fibers from floating into the air. Always use wet cleaning materials to clean up after removal as these will prevent the fibers from become airborne. Never dust, sweep, or vacuum around asbestos because this will just increase the amount of fibers circulating in the air. Make sure any removed material is put into sealed bags and disposed of properly.
There are two ways to temporarily block asbestos without removing it. Sealing the material by either binding the fibers together or covering it with a sealant helps keep the fibers out of the air. It can also be covered with a blanket or wrap to help prevent the asbestos from being released. Again, consult a professional when handling asbestos. It is not recommended that you try even these simple fixes on your own.
To help minimize damage to asbestos-containing materials, keep activity around them to a minimum. Take extra precautions to avoid damaging them in any way. Do not drill, saw, sand, or scrape any materials that may contain asbestos as this will launch a good deal of fibers directly into the air.
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For more information contact your Eco-Broker below.
Rick Hogue REALTOR, CDPE, EcoBroker
The Hogue Group
A Place to Hang Your Hat and Call Home
502-554-9428
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For more information contact your Eco-Broker below.
Rick Hogue REALTOR, CDPE, EcoBroker
The Hogue Group
A Place to Hang Your Hat and Call Home
502-554-9428
A much needed break is about to happen just 7 short days from today. It is called a vacation. Have not had one in a year so this is a real good thing that is coming. To all of my clients from the past, the present, and the future, we hope you have a wonderful holiday season and look forward to a safe and prosperous New Year.
Here is some information about Key West from one of the sites down there.
View Key West and over 3,000,000 other topics on Qwiki.
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For more information contact your Eco-Broker below.
Rick Hogue REALTOR, CDPE, EcoBroker
The Hogue Group
A Place to Hang Your Hat and Call Home
502-554-9428
Homeowners can take advantage of energy efficient mortgages (EEM) to either finance energy efficiency improvements to existing homes, including renewable energy technologies, or to increase their home buying power with the purchase of a new energy efficient home. The U.S. federal government supports these loans by insuring them through Federal Housing Authority (FHA) or Veterans Affairs (VA) programs. This allows borrowers who might otherwise be denied loans to pursue energy efficiency, and it secures lenders against loan default.
FHA Energy Efficient Mortgages
The FHA allows lenders to add up to 100% of energy efficiency improvements to an existing mortgage loan with certain restrictions. FHA mortgage limits vary by county, state and the number of units in a dwelling. See website for more details. These mortgages were previously limited to $8,000. In June 2009, HUD issued Mortgagee Letter 2009-18 which announced the removal of the dollar cap. The maximum amount of the portion of an energy efficient mortgage allowed for energy improvements is now the lesser of 5% of:
The value of the property,
115% of the median area price of a single-family dwelling, or
150% of the Freddie Mac conforming loan limit
Loan amounts may not exceed the projected savings of the energy efficiency improvements. These loans may be combined with FHA 203 (h) mortgages available to victims of presidentially-declared disasters and with financing offered through the FHA 203 (k) rehabilitation program. FHA loan limits do not apply to the EEM. Homebuyers must submit a Home Energy Rating (HER), contractor bids, and a FHA B Worksheet. This process may become streamlined in 2009 as a result of the Housing and Economic Recovery Act of 2008, which requires HUD to report to congress with ways to remove the administrative barriers and increase consumer participation and awareness of these financing options.
Presently, up to $200 of the cost of the HER may be included in the mortgage, and borrowers may include closing costs and the up-front mortgage insurance premium in the total cost of the loan. The loan is available to anyone who meets the income requirements for FHA’s Section 203 (b), provided the applicant can meet the monthly mortgage payments. New and existing owner-occupied homes of up to two units qualify for this loan. Cooperative units are not eligible. Homebuyers should submit applications to their local HUD Field Office through an FHA-approved lending institution.
Department of Veterans Affairs (VA) Energy Efficient Mortgages
The VA insures EEMs to be used in conjunction with VA loans either for the purchase of existing homes or for refinancing loans secured by the dwelling. Homebuyers may borrow up to $3,000 if only documentation of improvement costs or contractor bids is submitted, or up to $6,000 if the projected energy savings are greater than the increase in mortgage payments. Loans may exceed this amount at the discretion of the VA. Applicants may not include the cost of their own labor in the total amount. No additional home appraisal is needed, but applicants must submit a HER, contractor bids and certain other documentation. The VA insures 50% of the loan if taken by itself, but it may insure less if the total value of the mortgage exceeds a certain amount.
This mortgage is available to qualified military personnel, reservists and veterans. (See www.homeloans.va.gov/elig2.htm for more details). Applicants should secure a certificate of eligibility from their local lending office and submit it to a VA-approved private lender. If the loan is approved, the VA guarantees the loan when it is closed.
Conventional EEMs
Conventional mortgages are not backed by a federal agency. Private lenders sell loans to Fannie Mae and Freddie Mac, which in turn allows homebuyers to borrow up to 15% of an existing home’s appraised value for improvements documented by a HER.
Fannie Mae also lends up to 5% for Energy Star new homes. Fannie Mae EEMs are available to single-family, owner-occupied units, and Fannie Mae provides EEMs to those whose income might otherwise disqualify them from receiving the loans by allowing approved lenders to adjust borrowers’ debt-to-income ratio by 2%. The value of the improvements is immediately added to the total appraised value of the home.
Freddie Mac offers EEMs for one- to four-unit dwellings and also helps raise the effective income of the borrower to qualifying levels by allowing lenders to increase the borrower’s income by a dollar amount equal to the estimated energy savings. Any energy efficiency improvements can qualify, and these mortgages can be combined with both fixed-rate and adjustable-rate mortgages. Borrowers should apply directly to the lender. See www.natresnet.org/resources/lender/default.htm for more details.
ENERGY STAR Partnership for Lenders
To promote EEMs and lenders who offer them, the federal ENERGY STAR program offers a partnership program for lenders who provide EEMs to borrowers. Becoming a partner allows lenders to utilize the Energy Star brand to promote themselves as Energy Star partners offering EEMs. To become a lender, partner lenders must first provide proof that they know how to write EEMs. To maintain their partnership benefits, lenders must write a certain number of EEMs per year. Energy Star does not have a lender certification program or process. Click here for more information about Energy Star’s lender partnership program, and here to access the partner locator tool. As of August 2011, the federal Energy Star program lists 25 lenders who offer EEMs and/or ENERGY STAR mortgages to applicants buying homes that have earned the Energy Star label. Energy Star requires that its lender partners provide EEMs to qualified borrowers regardless of whether it is an FHA EEM, Fannie Mae EEM, or VA EEM.
Reproduced from: The Energy Star Homes Web Site.
For more information contact your Eco-Broker below.
Rick Hogue REALTOR, CDPE, EcoBroker
The Hogue Group
A Place to Hang Your Hat and Call Home
502-554-9428
Ask a roomful of homeowners what’s so great about owning versus renting, and you’ll hear them holler in unison: “the tax deductions!” And it’s true – homeowners who itemize their taxes are able to deduct 100% of their mortgage interest and property taxes from their income tax returns.
That means that if you’re in a 28% tax bracket, Uncle Sam effectively subsidizes about a third of your borrowing costs or more, making your home more affordable or allowing you to buy a larger home than you could have otherwise. Also, big chunks of your closing costs are tax deductible, and hundreds of thousands of dollars of any profit (or capital gains) that you realize when you sell your home are exempt from income taxes.
At tax time, it’s critical to know what you’re entitled to, so you can claim it. So, here are five essential need-to-knows about home-related income tax tips to help you get the most tax-reducing bang out of your home-owning buck – and to avoid hefty home ownership-related tax traps.
1. You Have to Itemize Your Return to Claim Your Deductions
During the recent debate on Capitol Hill about whether the mortgage interest deduction should be eliminated (it won’t be, not anytime soon), it came out that nearly 40% of homeowners lose out on their major tax advantages every year when they fail to itemize their income taxes. If you own a home and otherwise have a fairly simple return, it might be tempting just to take the standard deduction – and if your mortgage, property taxes and income are low enough, the standard deduction might outweigh your homeowners’ deductions. But you’ll never know if you’re losing out on the tax advantages of itemizing unless you try; before you grab a pen and start filling in that 1040-EZ grab those forms from your mortgage company and answer the questions on tax software like TurboTax, which will automatically do the math on whether itemizing or taking the standard deduction will result in the lowest tax bill – or the highest tax refund – for you.
2. Plan Ahead and Be Strategic When Taking a Home Office Deduction
According to the Small Business Administration, the average home office deduction is $3,686 – multiply that by your tax bracket – 15%, 20%, 30% or whatever it is, and that’s what you’ll save on your taxes by writing off your home office. Know, though, that the space you designate as your home office cannot be exempted from capital gains tax when you sell your home later. The $250,000 (single)/ $500,000 (married filing jointly) income tax exemption for capital gains is only good on your personal residence, after all – not including any space in your home you’ve claimed as your tax-advantaged office. If you foresee selling your home for much more than you bought it in the future, near or far, discuss this with your tax preparer to see if the few hundred bucks you save is worth the capital gains complication later.
3. Tax Relief for Loan Modifications, Short Sales and Foreclosures Is Only Around Through 2012
While the long-term housing outlook is beginning to look up, 2011 is projected to be the peak year for foreclosures during this market cycle. Distressed homeowners who are on the brink of a short sale, loan modification or foreclosure should be aware that normally, any mortgage balance that is wiped out by one of these outcomes is taxed as what the IRS calls Cancellation of Debt Income, or CODI.
Under the Mortgage Debt Forgiveness Relief Act of 2007, the IRS is currently not charging income taxes on CODI incurred through a loan mod, short sale or foreclosure on most primary residences through 2012. But right now, banks are taking many months, or even years, to work out mortgages in all of these ways; the average foreclosure in New York state right now occurs only after 22 months of missed mortgage payments. If you foresee any of these outcomes in your future, don’t put things off. Do what you can to get to closure on your distressed home and loan, ASAP, while you won’t have income taxes to add as the insult on top of your significant housing injury.
4. Project the Income Tax Consequences of a Refinance or Property Tax Appeal
Homeowners everywhere are working on applying for a lower property tax bill on the basis of the last few years’ decline in their home’s value. Those who have equity have flocked en masse to refinance their 7% home loans into the 4% to 5% rates of the last few months. These strategies offer some of the heftiest household savings out there for the corresponding investment in time and money they take. But here’s a caveat for savvy homeowners who slash these costs: remember that property taxes and mortgage interest, the very costs you’re minimizing, are also the basis for the major tax benefits of being a homeowner. So plan ahead for your income tax deductions to go down along with your taxes and interest.
5. Don’t Forget Those Closing Costs
If you bought or refinanced your home in 2010, you may be so focused on your mortgage interest and property tax deductions that you forget all about your closing costs. Any origination fees or discount points that were paid to your mortgage lender at closing are tax deductible on your 2010 return, get this – even if the seller paid your closing costs. If you can’t figure out exactly what you paid, look for your HUD-1 settlement statement, that legal sized paper full of line item credits and debits that you should have received from your escrow provider or title attorney at, or just after, closing. Can’t find it? Drop your real estate agent or mortgage broker an email; they can usually get a copy to you quickly.
Note: This post first appeared on WalletPop.com on 2.28.2011.
Every 2 to 3 years an event happens that is very unusual. A Blue Moon is where there are 13 full moons in a given year or 2 full moons in one month. Now that makes it rare, but for it to occur on New Years Eve and continue into the New Year is very rare. This makes this a magical time all of your hearts desires can happen “Once in a Blue Moon.” My hopes are that this year brings many people that once in a blue moon happening for them.
I have set my goals for 2010 and so has my family. I hope you take the time to put down some things you want to accomplish. I am not talking about resolutions, I am talking about concrete goals you want to achieve in the next 12 months. Instead of just writing them down and forgetting about them, why not also put down how you are going to help make these goals happen. Without effort on your part goals are only resolutions which we love to break or just halfway do.
This is not meant to be a lecture, only a suggestion to look at your goals with a feeling of anticipation that you can really achieve them and not just put them on paper. If you have problems coming up with ideas, you can always email me and I will try to help.
Just to let you know I have 3 primary goals that I have put into place. They are:
My plan is in place and hope you will do the same.
Happy New Year Everyone.
So today was a big day for me. I found out that I can be a little blunt when I am putting a point across and sometimes share opinions of things I may know as fact but do not necessarily need to be expressed at a specific point and time. That is really profound to me and I agree.
To step back a little I went out this morning to show homes and the rep had a GLAR key that was set on a timer and it would not open so we ended up rescheduling for Friday at 1 to see this place and another location as well. I went back to the office sent out 40 emails to people I know, wrote 6 letters to others, and 1 postcard. Then I talked to one of my buyers and got them to reschedule for Friday so I did not miss my accountability group at 3.
That was a very good idea. We watched a portion of the Floyd Wickman video on FSBOs and discussed it. I made a statement about how I had two offers that were rejected and that had been dropped and got a couple of eyebrows that raised. Come to find out I was not as productive in trying to get the deal to go through as I should have been and my comrads at arms Linda, Noel, and Larry were like the LNL Railroad with excellent tips on how I could have changed my rejections into sales. I applaud them for their efforts and appreciate everything they said. I also decided to be more realistic with my goals and look forward to next week having my goals met and exceeded by better planning on my part.
After the meeting we were in our office section that will begin to be converted in October and I heard one of my group talking to another agent.and going over a deal that had bothered him and after our conversation it made him contact the other agent to try and recoup his ground on negotiations. The other agent listened as he talked to them and understood and was apologetic as well.
I guess what it really boils down to is that you get what you give. Tonight I wrote to an agent on one of my failed deals from last week and asked him a couple of questions that I hoep will spur our negotiations back from the grave.
I will let you know how htat turns out later.
Tonight I wrote an offer on a home in West Point and talked to the buyers and will probably list their mobile home for sale next Wednesday evening. I also set up showings for Friday and Saturday. I am looking at maybe 3 more offers by Saturday night on homes in Louisville. Wish me luck.
More later.