4 Reasons to Update a Bathroom By E. E. Kane
Bathrooms may not hold the most glamorous spot in your home, but they must remain functional or everyone suffers. Remodeling can be very expensive, so how do you know when it's time to invest money in your bathroom?
The following four reasons explain why remodeling may be worth the expense.
1. Signs of Water Damage.Leaks in the plumbing can easily lead to problems like mold, loose tiles, and structural damage to the floor underneath. Water damage can wreak havoc on a bathroom, and in some cases will require tearing everything out. If you simply have a mold issue, you may be able to resolve it with ventilation. Install an exhaust fan or a new window, and then kill the mold with a bleach-and-water solution. Finally, use primer and paint that specifically hinder mold growth.
2. Electrical Safety.Do the lights flicker? Does the outlet sizzle when you plug in the hair dryer? Has the exhaust fan stopped working? Whether you need to overhaul the electrical circuits or simply change a few receptacles, don't ignore electrical problems in the bathroom. Every bathroom should have a GFCI outlet, which prevents electrocution should a shaver or hair dryer drop into water.
3. Just Plain Gunky Issues.Stained carpeting, cracked vinyl flooring, broken or missing tiles, a bathtub or sink that never looks clean no matter how much you scrub, Pepto-Bismol pink tiles—these are all reasons to feel ambivalent about your bathroom. If "gross" is the first word you think of to describe your bathroom, it's time to remodel.
4. Planning to Sell in a Few Years.If you know you'll be moving within the next five years, remodeling an outdated bathroom can increase the value of your property. Although you may not recoup everything you spend, bathroom remodels have shown a greater return on investment than most other areas of the house. Focus on functionality, storage, and neutral palettes. Resolving the issues and making repairs should always come before cosmetics like paint or wallpaper. Remodeling a bathroom can be very disruptive to family life, so if you can't make the repairs yourself, find a reputable contractor who will work with your budget and your time frame.
All in the Day of a Realtor- Real Estate Happenings in Salt Lake City and Beyond...
Wednesday, August 5, 2009
Buy Now and Get an $8,000 Tax Credit - Time Running Out!
Buy Now and Get an $8,000 Tax CreditBy Deanna Lynn
With only a few more months to take advantage of the tax credit, now is the time for serious buyers to purchase a home. Until December 1, 2009, first-time homebuyers can receive a tax credit of 10% of the home's value up to a maximum of $8,000 if the sale of the home closes before the deadline.
In this buyers market of low interest rates and an abundance of homes for sale at affordable prices, the extra incentive of the tax credit gives first-time homebuyers the chance of securing the home of their dreams at a price they can afford.
What homes qualify?
Buyers who haven't owned a principal residence home in three years can qualify for the tax credit. Any home purchase qualifies, including single-family homes, townhouses, condominiums, manufactured homes and houseboats. Qualifying homes may be an existing home, new home or a home the owner contracted to build. Those who own a vacation home or rental homes that are not their principal residence are also eligible for the tax credit if they buy a principal residence.
Are there income restrictions?
Income limitations of $75,000 for single taxpayers and $150,000 for married taxpayers who file a joint return apply to this tax credit. However, taxpayers who earn slightly more than the limits can apply for a reduced tax credit.
Is it difficult to claim the tax credit?
Claiming the tax credit is easy. When filing your 2009 income tax return simply complete IRS Form 5405 and then enter the amount from the bottom of that form on line 67 of Form 1040. The tax credit will be deducted from the income taxes you owe. If you do not owe any taxes, you will receive a refund check for the full amount of your tax credit.
What if I need the tax credit immediately?
For homebuyers who wish to collect or use their anticipated tax credit before filing their 2009 taxes there are some alternate options available. Buyers can adjust their tax withholding amount on their W-4 through their employer so fewer taxes are taken out of their paycheck. This will allow them more money in pocket for the remainder of the year. Buyers purchasing through the Department of Housing and Urban Development (HUD) or a Federal Housing Authority (FHA) approved loan can get a short-term loan for their anticipated tax credit to use for closing costs or as a portion of the down payment. Buy now and take advantage of this tax credit. It is the perfect way to afford a home you might otherwise have not been able to purchase.
With only a few more months to take advantage of the tax credit, now is the time for serious buyers to purchase a home. Until December 1, 2009, first-time homebuyers can receive a tax credit of 10% of the home's value up to a maximum of $8,000 if the sale of the home closes before the deadline.
In this buyers market of low interest rates and an abundance of homes for sale at affordable prices, the extra incentive of the tax credit gives first-time homebuyers the chance of securing the home of their dreams at a price they can afford.
What homes qualify?
Buyers who haven't owned a principal residence home in three years can qualify for the tax credit. Any home purchase qualifies, including single-family homes, townhouses, condominiums, manufactured homes and houseboats. Qualifying homes may be an existing home, new home or a home the owner contracted to build. Those who own a vacation home or rental homes that are not their principal residence are also eligible for the tax credit if they buy a principal residence.
Are there income restrictions?
Income limitations of $75,000 for single taxpayers and $150,000 for married taxpayers who file a joint return apply to this tax credit. However, taxpayers who earn slightly more than the limits can apply for a reduced tax credit.
Is it difficult to claim the tax credit?
Claiming the tax credit is easy. When filing your 2009 income tax return simply complete IRS Form 5405 and then enter the amount from the bottom of that form on line 67 of Form 1040. The tax credit will be deducted from the income taxes you owe. If you do not owe any taxes, you will receive a refund check for the full amount of your tax credit.
What if I need the tax credit immediately?
For homebuyers who wish to collect or use their anticipated tax credit before filing their 2009 taxes there are some alternate options available. Buyers can adjust their tax withholding amount on their W-4 through their employer so fewer taxes are taken out of their paycheck. This will allow them more money in pocket for the remainder of the year. Buyers purchasing through the Department of Housing and Urban Development (HUD) or a Federal Housing Authority (FHA) approved loan can get a short-term loan for their anticipated tax credit to use for closing costs or as a portion of the down payment. Buy now and take advantage of this tax credit. It is the perfect way to afford a home you might otherwise have not been able to purchase.
New Mortgage Disclosure rules may delay closings: MDIA-08 Effective 7/30/09
Mortgage Disclosure Improvement Act of 2008
Effective July 30th ,2009; the Federal government has put in place new regulations which will dramatically affect how real estate closings are scheduled!!!
Currently when a consumer applies for a mortgage loan, the Lender is required to send out various disclosures within 3 business days, which contain the details of the loan the consumer has applied for. Should there be any changes to the terms of the loan for which the consumer has applied; the Lender typically re-discloses the amended terms during the processing of the loan. There is currently no time frame for redisclosure. As such, should there be any changes just prior to closing, a previously schedule closing can typically continue as planned. The new regulations will mandate various waiting periodsif redisclosure is required. Even though the regulations provide for a ‘hardship" waiver, you can expect that Lenders will not grant these during the normal course of business. Specifically, the new mandated time frames are:
No closing can be scheduled for at least 7 business days from the initial disclosure of the loan.
If the loan requires redisclosure, there is a mandatory 3 day waiting period.
Whereas the above may not seem to be a big change, there are a number of issues which can be expected to arise: The minimum time frame to close a transaction will now be at least 7 business days.
Closing dates will now be subject to possible delays if the loan has to be re-disclosed based revised APR calculations.
As you know, the final "numbers" for a typical real estate transaction are generally not available until just prior to closing when the settlement agent (Attorney, Title Company) prepares the preliminary HUD-1 Settlement statement. Since there are many parties to a typical transaction, there is no way to definitively know what the actual charges on a transaction are until this time. However, the Lender, by law, has to estimate these charges up front on the borrower's Good Faith Estimate and Truth-In-Lending Statement.
The new regulations have mandated re-disclosure if the final numbers on the transaction differ by more than:
a) An increase of .125% in rate on the APR
b) An increase of $100.00 in finance charge (includes attorney and title charges)
The key to successfully managing your transactions will be to understand what can "trigger" a re-disclosure and a mandatory waiting period. Below are some examples:
The borrower chooses to pay points on a loan for a lower rate after the initial disclosure
The borrower chooses to lower their down payment and increase the loan amount
The borrower chooses a buy down of their rate
The per diem interest changes based on the actual closing date
The borrower opts to "float" their rate and locks in close to the closing date, however the rates have risen and their final rate is higher
In the past we have often allowed a borrower to float up until the last few days prior to closing, this will force us to limit the time they are allowed to float to assure a timely closing
The initial estimated charges which impact the APR increase by more than $100.00. (includes attorney and title charges)
A new borrower is added to the loan after the initial application
The borrower decides to change the type of loan for which they are applying
The above are but a few of the situations which are normally encountered during a typical transaction which can affect a closing date.
In response to the above you can expect that lenders will begin to impose strict time frames on real estate transactions. As the industry absorbs these changes I will make sure to keep you informed. In the meantime, I strongly suggest that you begin discussions with your service providers to make sure that they are aware of these changes and plan accordingly. It is much better to anticipate problems and avoid them, than to have to call a borrower with the news that their closing has to be delayed. Customer service is what should drive all of us. There is no better way to guarantee future success than to take care of our current customers!!!
This is a case of regulations that are coming into play that may actually hurt the consumer, much the same as the Appraisal changes this year. There is a fight going on in DC over each of these since the seem to do more harm than good, but for now we have to deal with higher appraisal costs along with potential delays. But if we manage it well up front we can avoid some of the pain
Mortgage Disclosure Improvement Act of 2008
Effective July 30th ,2009; the Federal government has put in place new regulations which will dramatically affect how real estate closings are scheduled!!!
Currently when a consumer applies for a mortgage loan, the Lender is required to send out various disclosures within 3 business days, which contain the details of the loan the consumer has applied for. Should there be any changes to the terms of the loan for which the consumer has applied; the Lender typically re-discloses the amended terms during the processing of the loan. There is currently no time frame for redisclosure. As such, should there be any changes just prior to closing, a previously schedule closing can typically continue as planned. The new regulations will mandate various waiting periodsif redisclosure is required. Even though the regulations provide for a ‘hardship" waiver, you can expect that Lenders will not grant these during the normal course of business. Specifically, the new mandated time frames are:
No closing can be scheduled for at least 7 business days from the initial disclosure of the loan.
If the loan requires redisclosure, there is a mandatory 3 day waiting period.
Whereas the above may not seem to be a big change, there are a number of issues which can be expected to arise: The minimum time frame to close a transaction will now be at least 7 business days.
Closing dates will now be subject to possible delays if the loan has to be re-disclosed based revised APR calculations.
As you know, the final "numbers" for a typical real estate transaction are generally not available until just prior to closing when the settlement agent (Attorney, Title Company) prepares the preliminary HUD-1 Settlement statement. Since there are many parties to a typical transaction, there is no way to definitively know what the actual charges on a transaction are until this time. However, the Lender, by law, has to estimate these charges up front on the borrower's Good Faith Estimate and Truth-In-Lending Statement.
The new regulations have mandated re-disclosure if the final numbers on the transaction differ by more than:
a) An increase of .125% in rate on the APR
b) An increase of $100.00 in finance charge (includes attorney and title charges)
The key to successfully managing your transactions will be to understand what can "trigger" a re-disclosure and a mandatory waiting period. Below are some examples:
The borrower chooses to pay points on a loan for a lower rate after the initial disclosure
The borrower chooses to lower their down payment and increase the loan amount
The borrower chooses a buy down of their rate
The per diem interest changes based on the actual closing date
The borrower opts to "float" their rate and locks in close to the closing date, however the rates have risen and their final rate is higher
In the past we have often allowed a borrower to float up until the last few days prior to closing, this will force us to limit the time they are allowed to float to assure a timely closing
The initial estimated charges which impact the APR increase by more than $100.00. (includes attorney and title charges)
A new borrower is added to the loan after the initial application
The borrower decides to change the type of loan for which they are applying
The above are but a few of the situations which are normally encountered during a typical transaction which can affect a closing date.
In response to the above you can expect that lenders will begin to impose strict time frames on real estate transactions. As the industry absorbs these changes I will make sure to keep you informed. In the meantime, I strongly suggest that you begin discussions with your service providers to make sure that they are aware of these changes and plan accordingly. It is much better to anticipate problems and avoid them, than to have to call a borrower with the news that their closing has to be delayed. Customer service is what should drive all of us. There is no better way to guarantee future success than to take care of our current customers!!!
This is a case of regulations that are coming into play that may actually hurt the consumer, much the same as the Appraisal changes this year. There is a fight going on in DC over each of these since the seem to do more harm than good, but for now we have to deal with higher appraisal costs along with potential delays. But if we manage it well up front we can avoid some of the pain
Sunday, August 2, 2009
A new month
Can you believe that July has come and gone and now we are starting into the early fall months. August will be a good month as I have one closing and made two sensational friends in the process. Should close in another week. I am not going to start building my listings. I took a sabbatical from my last short sale as that just about did me in and was so much work. I'm going to work the listing side to build my listing up and have in place for fall and the first of the year sales.
The market is good and we are seeing a slow up trend in the housing market here in Utah. The whole problem is being able to keep your present job and of course not taking out equity in your home that makes you go topsy turvy in what it is worth and what you owe.
I have two out of state clients I am working with, one is under contract and will close in October and the second is getting all their documents together for the lender for a VA. Once that is in place we will look for a home and get them under contract also which will be an October closing as well.
ZipRealty is the best company I have ever worked for and they are always striving to better their customer service and the way we do business. Our website is the best there is in the Real Estate market.
Saturday I went to the RPAC summer party and it was a lot of fun and met many new Realtors, Lenders and Escrow officers that look like they might be part of a great team. The best part besides our donations going to RPAC to help Realtors in Utah keep an eye on legislation that is passed that would hinder our careers as Realtors and not in the best interest of the housing market as a whole. They had lots of drawings and I won the Apple IPOD - ALRIGHT!!!! I usually do not win in drawings so this was a first and it is really neat. I have to get busy and download some of my favorite albums and pics.
Next week is going to be busy and also have lots of fun events planned for the weekend!
The market is good and we are seeing a slow up trend in the housing market here in Utah. The whole problem is being able to keep your present job and of course not taking out equity in your home that makes you go topsy turvy in what it is worth and what you owe.
I have two out of state clients I am working with, one is under contract and will close in October and the second is getting all their documents together for the lender for a VA. Once that is in place we will look for a home and get them under contract also which will be an October closing as well.
ZipRealty is the best company I have ever worked for and they are always striving to better their customer service and the way we do business. Our website is the best there is in the Real Estate market.
Saturday I went to the RPAC summer party and it was a lot of fun and met many new Realtors, Lenders and Escrow officers that look like they might be part of a great team. The best part besides our donations going to RPAC to help Realtors in Utah keep an eye on legislation that is passed that would hinder our careers as Realtors and not in the best interest of the housing market as a whole. They had lots of drawings and I won the Apple IPOD - ALRIGHT!!!! I usually do not win in drawings so this was a first and it is really neat. I have to get busy and download some of my favorite albums and pics.
Next week is going to be busy and also have lots of fun events planned for the weekend!
Sunday, July 26, 2009
Wow, where did all the days go?
Such a rewarding day. Not only does my buyer client love what I am doing for them with their new home and getting things ready for them to move in when they relocate from out of state but the seller's agent client (the seller) thanked me for all I was doing to help make this deal work for both sides and working so hard to make it a win win situation for both sides. That is really the ultimate in a compliment.
I have been busy showing homes, writing up offers for new clients and contacting my past clients that recently had closings to follow up with them, making sure everything is going well and that they are happy.
I have never felt such satisfaction in a career as what I do in working with clients and helping them obtain their dream of home ownership and building their financial portfolio through real estate. To see the smiles on their faces and have them give you a great big hug and writing a "Completely Satisfied" survey after the close of a deal is a great compliment and satisfying feeling.
I've owned my own businesses before in corporate and retail and was successful and enjoyed my time in each field but being a Realtor and helping people get into homes has been the greatest of all. Where do we all go at the end of a hectic day? We go home...and what better satisfaction is there then to go to your own home, one you have bought and are paying for through your own hard work and accomplishments.
A privilege well deserved by everyone who has taken this path towards making their dreams come true.
I have been busy showing homes, writing up offers for new clients and contacting my past clients that recently had closings to follow up with them, making sure everything is going well and that they are happy.
I have never felt such satisfaction in a career as what I do in working with clients and helping them obtain their dream of home ownership and building their financial portfolio through real estate. To see the smiles on their faces and have them give you a great big hug and writing a "Completely Satisfied" survey after the close of a deal is a great compliment and satisfying feeling.
I've owned my own businesses before in corporate and retail and was successful and enjoyed my time in each field but being a Realtor and helping people get into homes has been the greatest of all. Where do we all go at the end of a hectic day? We go home...and what better satisfaction is there then to go to your own home, one you have bought and are paying for through your own hard work and accomplishments.
A privilege well deserved by everyone who has taken this path towards making their dreams come true.
Tuesday, July 14, 2009
Catch up from weekend
Met new out-of-state clients from Arizona. Took out to the rural areas in Saratoga Springs and Eagle Mountain and at the end of the day found the client's dream home and made an offer. Submitted the offer on Monday and it was accepted on Monday by the bank! Wish every client could find their dream home in one day! This home has never been lived in and was built in 2007. Has all the upgrades and granite counters throughout and the Queen Bee master bathroom with garden tub, double sinks, etc. It is an awesome property and surrounded by the famous golf course out at Eagle Mountain. It is actually in the Ranches area which is a very elite and expensive area and my clients got such a great deal price wise on this home they will find value and have equity if they should decide to sell after three years. Plus the will get the $8K tax incentive.
From these clients I met another couple who are also being transferred out with the company and they had gone out with at least four other Realtors during their time here. They came back with my clients on Sunday, as my clients wanted to take pictures of the place before flying back to AZ. At this time their friends said how impressed they were with how I worked with my clients and they asked if I would be their Realtor and find them a home for their relocation to UT. So now I am busy finding homes and getting them prequalified so when they fly back out we will have the homes narrowed down to only those that will work for their purpose and still have all the have-to-have qualities they are looking for.
Also closed on another deal this week also and my clients also bought a newly constructed townhome out in North Salt Lake area. It was a perfect match for them.
From these clients I met another couple who are also being transferred out with the company and they had gone out with at least four other Realtors during their time here. They came back with my clients on Sunday, as my clients wanted to take pictures of the place before flying back to AZ. At this time their friends said how impressed they were with how I worked with my clients and they asked if I would be their Realtor and find them a home for their relocation to UT. So now I am busy finding homes and getting them prequalified so when they fly back out we will have the homes narrowed down to only those that will work for their purpose and still have all the have-to-have qualities they are looking for.
Also closed on another deal this week also and my clients also bought a newly constructed townhome out in North Salt Lake area. It was a perfect match for them.
Subscribe to:
Posts (Atom)