The saying “don’t judge a book by its cover” certainly applies to real estate because the first thing we do when we pull up in front of a house is judge. Maybe we like what we see, or maybe we don’t and that’s why first impressions count in real estate. It’s called “curb appeal.” Read article » MercuryNews.com
Home improvements that boost resale value
When deciding which home improvements to make, many homeowners consider the amount of resale value the improvement may or may not make and compare that against the cost of the renovation. Homeowners concerned with making home improvements that will pay off when it’s time to sell the property, should consider the following tips.
Making sense of the story
The first improvement/repair homeowners should consider are those that impact the home’s basic structures and systems. Potential home buyers generally do not want to face expensive repairs, and if items such as the foundation, roof, air conditioning, water heater, or other basic structure need to be fixed, the property will be considered a fixer-upper and its market price will be discounted accordingly.
Some minor replacements will produce big results for minimal cost. Replacing and coordinating bathroom and kitchen hardware and fixtures are generally inexpensive, but tend to make a big difference. The same can be said for getting rid of any dated finishes, such as old wallpaper and brass light fixtures.
Homeowners who don’t know when or even if they will be able to sell their home are advised to choose home improvement projects carefully. Unless the home is located in an upscale neighborhood and the property already is immaculate, owners can skip expensive upgrades – such as remodeled bathrooms – and focus on the fundamentals.
Read the full story San Francisco Chronicle
5 Tax Tips, Tricks and Traps for Homeowners
Ask homeowners what’s so great about owning and they’ll holler: “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. Here are five essential need-to-knows to help you get the most tax-reducing bang out of your home-owning buck – and to avoid hefty homeownership-related tax traps.
Deficit plan wins backers
Among the proposed changes include a recommendation to reduce the mortgage interest deduction (MID) currently offered to homeowners as an incentive to own a home. The ability of homeowners to deduct the interest paid on mortgages is a powerful incentive for home ownership and has been one of the simplest provisions in the federal tax code for more than 80 years.
The commission’s proposal would change the MID to a 12 percent non-refundable tax credit, with no credit offered for mortgages higher than $500,000 nor for interest on a second residence or home equity.
Read the full story The Wall Street Journal
