Think Spring – Home Improvement Project Ideas

Maine welcomed the first day of April with wet heavy snow, a cunning April Fools joke on all of us looking forward to warmer weather. Well played, mother nature, well played. Although it may not feel like spring just yet, many Mainers are sprucing up their homes and readying themselves for the Big Spring Clean. Whether you’re planning on fixing up, preparing to sell, remodeling a room, or redecorating for a “springy” feel, here are some ideas and tips to help you get started on your home projects.

Let’s start with the Big Clean! 10 essential tasks to help tidy up the interior of your home:
http://www.canpages.ca/blog/?p=2057

A continuation of the latter, this is a complete checklist to ensure you that your home exterior is up to date:
http://www.hgtv.com/home-improvement/a-few-tips-to-herald-the-arrival-of-spring/index.html

Having friends over for dinner? Still stumped on how to spruce up the dining room? 3 creative ideas to freshen up the decor:
http://ohmyapt.apartmentratings.com/3-ideas-for-spring-table-decorations.html

For homeowners looking to sell this season, this link provides pertinent info on staging your home that can significantly improve the sale price and reduce the time that it’s on the market. Learn all the tips on attracting potential buyers here:
http://realestate.aol.com/blog/2011/03/09/ready-set-sell-home-staging-tips-for-spring/

With all this talk about spring, we would be remiss not to mention gardening! Although it may be a bit early to plant seed, here is a handy guide to get your lawn ready and your green thumb back in action! Plenty of great links here!
http://planetgreen.discovery.com/home-garden/spring-garden-tips-to-wake-up-the-garden.html

With warm weather weather on the way, we can finally look forward by saying so long to winter, and salutations to spring

Are you leaving money on the table at Tax Time?

Taking full advantage of the breaks you deserve may reduce your tax burden or get you a bigger refund from the IRS. Keep in mind that the sooner you file, the sooner the government can return your money.

The average tax refund was $2,994 in 2010.

Weigh the benefit of itemizing your deductions, such as those for interest payments on a home mortgage, property or sales taxes, and charitable donations, against the standard deduction.

Two out of three taxpayers take the standard deduction, but seven in ten homeowners with a mortgage choose to itemize.

Don’t overlook potentially valuable deductions for these common situations:

• If you are supplying housing or financial support for a struggling relative, you may be eligible to claim them as dependent or qualify for a more favorable head-of-household status.

• You can deduct medical bills that exceed 7.5% of your adjusted gross income (AGI); only self-employed individuals who do not qualify for a workplace health plan can claim their insurance premiums.

• Certain college expenses up to $4,000 may count as a deduction if your income excludes you from the more generous education taxcredits offered for 2010.

• Money spent looking for a job in your current field may also qualify if miscellaneous deductions total more than 2% of your AGI. If the new position is more than 50 miles away, moving expenses can also be deducted—even if you don’t itemize.

• If you use a part of your home exclusively for business and can prove it is your principal office space, you may qualify to deduct a portion of your housing expenses.

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Home Sweet Tax Shelter

If you responded to generous home-related tax incentives offered in 2009 and 2010, make sure you file the necessary forms and supporting documentation to collect your credit.

Homebuyer Tax Credit: First-time buyers, or others who have not owned a home in the previous three years, may collect up to $8,000 if they signed a contract by April 30 and closed by September 30, 2010. Move-up buyers who have owned their existing home for at least 5 years and purchased another property after November 6, 2009 can receive up to $6,500. In both cases, eligible homes must be purchased for $800,000 or less and as principal residences (not rental properties).

Energy-Saving Home Improvements: You can receive a credit of 30% of the cost, up to $1,500 max, if you made certain energy-efficient upgrades to your existing primary residence.

Eligible improvements may include appliances, water heaters, heating and cooling systems, windows and doors, insulation and roofing projects, among others.

Tax credits reduce your tax liability dollar for dollar and can really add to your bottom line.

Real estate advice and “your cousin Vinny”

Being in the market to buy a home is great cocktail party conversation material. Anyone who’s in the process of buying or selling a home may as well wear a sandwich board announcing open season for Words of Wisdom from well-meaning friends and relations.

Now don’t get us wrong. You’ll need advice, since your home often signifies the largest investment you’ll ever make. Buying or selling is a major undertaking. So, advice is good. Just pay a little attention to where you get it.

Your mother’s brother’s cousin Vinny (once removed) is undoubtedly a very smart man. Very successful in business too; I don’t doubt it. But let’s ponder a moment. He sold his house 7 years ago in San Francisco, where the average time on the market for a home to sell was one weekend (yes, 48 hours). And the Seller’s biggest problem was choosing which of the five buyers’ offers to accept. Your home has been on the market for 11 months (yes, almost 48 weeks). And the offer you’re now considering is the only one you’ve seen in all that time. Perhaps cousin Vinny’s advice to “hold firm” at the asking price you established 11 months ago doesn’t fully apply.

Or maybe you’re in the process of buying a home. You’re even pretty excited about the 3 bedroom bungalow you think you can get for just under $200,000. True, it needs paint in every room, some kitchen updates and possibly a new roof in the next five years. But it’s in a great neighborhood, has a yard with trees and a garden plot, and that covered front porch you’ve always seen in your dreams. You call your brother-in-law who just bought a home in Tuscaloosa: brand new, 4 bedrooms, 2.5 baths on 2 acres for $118,000. Is it any wonder he’s not excited about your find? When he cautions you to start your negotiations at 30% below asking price and never go higher than $160,000 for a 3 bedroom home, should you maybe take that advice with just a tiny grain of salt?

Please, it’s a big decision. So talk to your friends and relatives. Bounce your ideas and questions off them. But, do yourself a favor. Choose the ones who’ve recently bought or sold in your market. They just might have a better handle on your reality.

The Buyer’s Advantage

THE BUYER’S ADVANTAGE…

Some buyers have an advantage over others. They have set themselves up to be in the strongest negotiating position possible, when it comes to making an offer on the home they want. Here are the steps you can take to put yourself in this category of what realtors call a “golden buyer.”

Obtain financial pre-approval upfront. Sellers will prefer you over other buyers, whose financial qualifications are uncertain. Especially in these times of financial turmoil.

Look only when you are ready to buy. If you have a home to sell, or need a long time to close on a home for other reasons, many sellers will not even consider your offer.

Distinguish between easily corrected deficiencies and major structural problems.
Often the very best buys are homes passed over due to ugly carpet or wall colors, or the need for simple improvements which can be done at modest cost – such as some electrical updating or a minor plumbing repair.

Remember – the best houses always sell first.
We will call you right away on any new listing which meets your needs. The very best houses usually sell this way – before they are ever advertised or held for an Open House. Which leads us to:

Be ready to schedule your viewings during business hours and weekdays. This is when we first hear of new listings. Buyers who plan their house hunt for weekends and evenings will miss out on these “hot” listings which sell before those times. Furthermore, most sellers prefer not to interrupt their family time for showings.

Don’t underspend.
Or course, don’t overspend. But don’t make the opposite mistake either. If you buy less than you really want or need, it will cost a lot more to “buy up” again in a few years. It’s great for realtors (we get to sell you another house!), but not for you.

Bring measurements of important furniture pieces when looking at homes. If it has to fit, find out on the first visit.

All buyers on all showings. If your spouse only comes to see the house you like best, he or she may not appreciate it, not having seen all the “disasters” you’ve already ruled out. This applies to mom, dad, or Cousin Vinny if they need to approve your choice.

These are not difficult measures to take, with a real payoff to you.