Real Estate Tips
Home Selling Tips: Just as Important as buying a home is taking care of business at hand and finding a buyer for your existing home. Take the next few minutes to review some tips on how you can make your home for sale appealing and more valuable in the eyes of potential buyers.
- Hire a professional cleaning company - For a modest investment, you can reap tremendous returns. Do your part by reducing clutter throughout the home and grounds.
- Do some lawn work - A well-manicured lawn makes a big impression. Want to make the yard sparkle? Turn on the sprinklers 30 minutes before prospective buyers are there.
- Serve snacks - It may not sell the home for you, but preparing some finger food for guest will leave an impression that you care about them. Cookies and lemonade are always popular.
- Leave - Give prospective buyers some space. Let them walk through without thinking someone is listening in on their conversations.
- Less is more - Remove a piece of furniture from each room. It makes the home seem more spacious.
- Turn on the lights - Even during the day, lights make your home seem brighter.
- Keep the pets away - Send them to a friend's home for the afternoon. If that's not possible, confine them in a particular room or in the back yard.
- Check the little things - Make sure all the lights are working and that the faucets don't drip. Check for loose door knobs and hinges.
- Update Your BlueCityListing with Open House Dates/Times - Also add your Open House to online "calendar".
- Get a Domain Name - from ZinZippy.com and point it to your BlueCityListing URL or have us do it for you $15.00. Example: 17Deacon.com
- Print/Classified Advertising - Make sure to include any of the following BlueCityListings.com / your listing URL / Your Domain Name.
- Use a Roadside Info Box/Tube - Print your BlueCityListings.com Listing Detail page(s) to place in the Info Box/Tube. "Example"
- Use a ad page - Place these ad pages on local community boards Post-Offices, Laundromats, Community Centers, Daycares, exc. "Example"
Home Buying Tips: Whether you're a first - or many-time buyer, we think you'll find the following tips helpful in getting the home you want. Remember, buying a home is probably the biggest purchase you will ever make. Take your time, be careful, and do your research.
- Closely examine the prperty "fact sheet" - Make sure the floor plan, number of bedrooms/bathrooms, and storage space fit into your needs.
- Ask Questions - Ask to see copies of utility bills and tax assessments. Find out about the schools. Inquire as to what furniture and appliances are being left behind.
- Find out why the home has not been sold - Ask how long it's been on the market. Look for potential drawbacks. Is the home overpriced?
- Become a "pre-approved" buyer - Different from a "pre-qualified" buyer, pre-approved buyers instantly provide credit worthiness to sellers. If you put yourself in the seller's shoes, you would only want to deal with serious buyers.
- Be flexible in terms of viewing a prospective home - If a seller takes the time to pick up the phone to call you, make every effort to accommodate their needs. Besides, you will want to see the home in the best possible light, and viewing it when the seller is ready will leave you with a good impression.
- Create a "buyer profile" - Even a simple piece of paper shows sellers that you are serious about purchasing a home. Use the profile to explain who you are and why you are interested in changing homes. This can be helpful in letting sellers know you take this transaction seriously.
- Find out what the earnest deposit amount is - If you are certain this house is for you, offer to deposit more than they are asking. When sellers are confronted with multiple offers, a higher deposit can make your offer stand-out above the others.
- Don't complicate the deal - Minimize, or if possible, eliminate contingencies based on the sale of your own home. You may want to discuss with your mortgage company the use of a bridge loan so you don't have to pass up an opportunity.
Tips When Moving Changing Address: Here are some helpful links.
- US Postal Service: Here is a link to USPS Forms. http://www.usps.com/forms/welcome.htm?from=home_footer&page=forms Click on "Change Address"
- Department of Motor Vehicles:
New York State: Here is a link to NYS DMV. http://www.nysdmv.com/dmvfaqs.htm#CHANGE
First-Time· Homebuyers Have Several Options to Maximize New IR-2009-27 Tax Credit
Under the American Recovery and Reinvestment Act of 2009, qualifying taxpayers who purchase a home before Dec. 1, 2009 can claim up to $8,000, or $4,000 for married individuals filing separately. People
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can receive the credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year.
Filing options to consider include:
· File an extension. Taxpayers who haven't yet filed their 2008 returns but are buying a home soon can request a six-month extension to October 15. This step would be faster than waiting until next year to claim it on the 2009 tax return. Even with an extension, taxpayers could still file electronically, receiving their refund in as few as 10 days with direct deposit.
· File now, amend later. Taxpayers due a sizable refund for their 2008 tax return but who also are considering buying a house in the next few months can file their return now and claim the credit later. Taxpayers would file their 2008 tax forms as usual, then follow up with an amended return later this year to claim the homebuyer credit.
· Amend the 2008 tax return. Taxpayers buying a home in the near future who have already filed their 2008 tax return can consider filing an amended tax return. This will allow them to claim the homebuyer credit on the 2008 return without waiting until next year to claim it on the 2009 return.
· Claim the credit in 2009. For some taxpayers, it may make more financial sense to wait and claim the homebuyer credit next year when they file the 2009 tax return rather than claiming it now in 2008. This could include people who have less income in 2009 than 2008 because of factors such as a job loss or drop in investment income, therefore qualifying for a higher credit on the 2009 tax return.
The IRS reminds taxpayers the amount of the credit begins to phase out for taxpayers whose modified adjusted gross income is more than $75,000, or $150,000 for joint filers. Taxpayers can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.
Please consult a professional tax advisor prior to making any final tax filing decisions.
Slash your debt and improve your credit score at the same time.
Millions of Americans set a goal for and succeed in paying off their credit card debt each year-is this one of your goals? With a little determination and a plan, you can take control of your credit, and improve your credit score in the process. Here's how:
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CUT YOUR CARDS-The first step toward reducing your credit card debt is to stop adding to it. While you don't have to literally shred your cards, you do need to stop using them routinely. Keep your credit cards at home and you'll be less likely to use them. Stick to a weekly cash allowance for expenditures. For times when only plastic will do, use your debit card instead of a credit card.
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LOWER YOUR RATES-Call your card issuers and ask for a better interest rate. Explain that you plan to transfer the balances to another card unless your rate is lowered. Shop around to find the best card offers. Check out www.cardweb.com to investigate some current offers. Consider transferring balances from cards with high interest rates to a different card.
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REDUCE YOUR DEBT-Start chipping away at your current balances. Make a list of each credit card, its existing balance, minimum payment and interest rate. Pay as much as you can on your card with the highest interest rate, while paying the minimum on the others. Repeat the process every month until you're debt-free. Keep one low-interest card put away for emergencies, but maintain a zero monthly balance at all times by paying it off when due.
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EXERCISE YOUR OPT-OUT RIGHT -CaIl1-888-5-0PTOUT to stop the flood of tempting credit card offers from reaching your mailbox. This will also limit access to your credit report information for credit and insurance solicitations, and reduce some mailbox "clutter."
Now that you're on the road to being debt-free, start thinking even further ahead ... spend a few moments each day imagining what it will feel like to be out of debt, paying cash for every purchase, and looking forward to a comfortable retirement!
This material is for informational purpose only and is not meant as legal advice. Please consult a professional financial advisor regarding your personal situation.
Do some financial housekeeping
Now's a great time to assess your household finances and prepare for new opportunities. To help you get started, here are a few suggestions.
Set financial goals. Financially speaking, where do you want to be a year from now? Will you buy a house/home or start a small business, cut back spending, or look for better returns on investments? Take time to dream; then put your goals in writing. Thoughtful planning is a first step toward prioritizing both spending and saving.
Review your credit report. The law requires each of the three major credit bureaus to give you a free copy of your credit report every twelve months. The reports shouldn't contain significant errors; if they do, make sure the discrepancies get resolved. Use services such as CreditReport.com or annualcreditreport.com
Make or update a home inventory. Go through your house with a video camera and describe what you see, along with pertinent information about your most valuable assets (purchase dates, prices, and estimated values). Make an extra copy or two of the tape. Keep one for yourself, put one in a safety deposit box, or send one to a friend or relative (preferably in another town) for safekeeping. Should you experience a fire or other disaster, your home Inventory can be vital for getting insurance claims approved.
Increase you savings. The start of a new year is often a time when companies offer cost-of-living adjustments (COLAS) to their employees. If your employer provides such a benefit, consider contributing a portion of the increase to your 401(k) plan or other savings account. It's a relatively painless way to save more.
Calculate your net worth. This is a great yardstick for measuring your household's financial growth (or-shrinkage) year to year. Simply put, your net worth is the value of your assets (house, personal property, bank accounts, car, and investments) minus your liabilities (mortgage, credit card balances, and loans). Widely available financial Software can help you automate this task.
Purge old financial records. If you're a financial packrat who keeps old cancelled checks and bank statements long past when they maybe needed for an IRS audit or your own use, consider shredding them.
If you'd like additional suggestions for setting your financial house in order, Please consult a professional financial advisor regarding your personal situation.
Develop three habits to stay out of debt
Staying out of debt is simple, but it's not easy. It requires fortitude. It means foregoing impulsive purchases in exchange for long-term financial freedom. Staying out of debt requires that you deny cravings, at least temporarily, for the "must-have" stuff that beckons from every mall, television advertisement, and slick magazine.
Personal debt can be categorized as necessary or unnecessary. Necessary debt can generally be linked to appreciating assets, such as your home mortgage, or assets used to generate income, such as a basic car for getting to work or a college degree. Unnecessary debt, on the other hand, might include routine credit card charges or installment loans for depreciable items.
If your goal is long-term financial freedom, avoiding unnecessary debt is crucial. Three simple habits can help you achieve this goal.
1. Live below your means. Much of the stuff that seems so essential today will, in fact, grow less desirable over time. Of course, living below your means requires that you discover what those "means" are. For many people, this means tracking your income and expenses over a period of time - a month or more- to learn where your money comes from and how it's spent. You might be surprised. That cup of gourmet coffee on the way to work, that weekly meal at the fine dining. Establishment, that car payment for the latest
2. Save for emergencies. By setting aside money in easily accessible accounts, you avoid racking up credit card bills when unexpected expenses occur. Such expenses could include trips to the emergency room, replacing the water pump on the family car, or patching a hole in the roof. A reserve fund can also help you survive periods of unemployment without incurring additional debt.
3. Use dept wisely. If you decide to incur debt, know what you're doing.
Slow down take a deep breath, think about how valuable this item will seem three months from today. Also ask yourself whether you can pay off these new charges out of next month's income.
Staying out of debt isn't glamorous, and it requires more than a little self discipline. But the long-term benefits are substantial. lf youd like additional suggestions for developing habits of financial discipline, Please consult a professional financial advisor regarding your personal situation.
Avoid these 401(k) mistakes
With traditional pensions going the way of typewriters and eight-track tape players, it's more important than ever to take charge of your retirement savings. If your employer offers a 401(k) plan, you have a ready-made tool' for arriving at a financially secure retirement. Unfortunately, many people don't contribute even a little to their company's 401(k) plan. Or if they do contribute, they make mistakes - easily avoided mistakes - that can diminish the potential of this great retirement vehicle.
Here are a few pitfalls to avoid.
Don't neglect the company match. Even if you can't contribute a big percentage of your salary, you should contribute at least as much as your company matches. Say, for example, for every dollar you contribute to your 401(k), your firm matches 50 cents. Let's also say the company will make these contributions up to five percent of your gross salary. Do the math. You should contribute at least five percent of every paycheck to your 401(k). Otherwise, you're walking away from a 50% return on your investment in the first year.
Diversify. Your overall portfolio, including savings outside your 401(k), should include a variety of stocks, bonds, and more liquid investments. These investments should include holdings in large, medium, and small companies, both inside and perhaps outside the
Don't hold too much company stock. Just ask the folks at Enron or, the myriad dotcom companies whose portfolios were heavily weighted with company stock. No matter how strong your firm seems today, you don't want to risk your future by holding too much stock in a single corporation.
Don't take out 401(k) loans. Using your retirement savings as a cash machine can be a trap. Sure, you can tap your 401(k) account money and pay yourself back with interest. But in the meantime, your portfolio is smaller and, therefore, earning a smaller return. Furthermore, what happens if you lose your job or change jobs? That outstanding balance on your 401(k) loan becomes a distribution, which may be subject to a 10% early withdrawal penalty and income taxes. It's generally better to find other sources of funds for your short-term needs.
If you need additional help with your 401(k) planning, Please consult a professional financial advisor regarding your personal situation.
Tips for Avoiding Foreclosure - Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them?
- Don't ignore the letters from your lender
- Contact your lender immediately
- Contact a HUD-approved Housing Counseling Agency
- Toll FREE (800) 569-4287
- TTY (800) 877-8339
If you are unable to make your mortgage payment:
1. Don't ignore the problem.
The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
2. Contact your lender as soon as you realize that you have a problem.
Lenders do not want your house. They have options to help borrowers through difficult financial times.
3. Open and respond to all mail from your lender.
The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
4. Know your mortgage rights.
Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.
5. Understand foreclosure prevention options.
Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at www.fha.gov/foreclosure/index.cfm.
6. Contact a HUD-approved housing counselor.
The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.
7. Prioritize your spending.
After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.
8. Use your assets.
Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.
9. Avoid foreclosure prevention companies.
You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.
10. Don't lose your house to foreclosure recovery scams!
If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.
Tips for Renting/Leasing:
Location, Location, Location!
This popular phrase can mean everything. A few aspects to consider include:
Is it within walking distance of work/school?
Where is the nearest laundry facility?
What is the neighborhood like?
Is there off-street parking?
Costs
This is often a big concern in making a decision about housing. Expenses that must be considered include rent (and deposits), utilities, trash removal, transportation, telephone, and cable.
Housing Options
Apartments: These are the most popular options, probably because they are the most widely available. Consider the size and type of apartment you will need as well as the advantages and / or disadvantages of having one or more roommates. When deciding your rental unit, be sure to check the maximum number of tenants allowed.
House: Living in a house with several others is another option with some special advantages and disadvantages. Roommate issues which are minor with only one roommate can be complicated if they involve 3 or 4 people. How are responsibilities for paying bills handled? Many times bills are sent to one tenant and that person is responsible for seeing that they are paid. If all the chores are equally divided and the proper roommates chosen, sharing a house can be rewarding.
Some Questions to Ask the Landlord/Manager
If I am not satisfied with my apartment, what is my obligation?
Is it possible to transfer to another unit in the building?
Is there a transfer fee?
How long will I need to wait?
What is the lease cancellation policy?
How much of a deposit is required to hold the unit?
Is it refundable if I do not like the apartment after I see it?
Is there a security system?
Is the apartment air conditioned?
Is there a large graduate/undergraduate population in your building?
Is the length of the lease negotiable? (You will want to know this if you plan to go home for the summer etc.)
Is subletting permitted?
Signing a Lease
Before you sign a lease, make a deposit or orally agree to move in; understand the lease.
Make sure you can live with the terms of the lease. Every lease should clearly state:
Address of rental
Rules and regulations
Names of parties
Right to sublease
Amount of rent due per month
Date rent is due
Security deposit amount
Right of entry
Length of lease
Condition of unit
Furniture provided
Inventory of furnishings
Responsibility of repairs
Types of Leases
Most leases are month to month or term. Each has advantages and disadvantages for both the tenant and the landlord.
A Month-to-Month agreement is a contract for one month at a time. The landlord can raise the rent, or alter or terminate the agreement at the end of any rental month provided the proper notice is given. "Proper notice" in a month-to-month tenancy occurs when written notice is given no less than 3 days before the end of the month. You and your landlord may agree on a longer notice period. A month-to-month lease allows the tenant to easily terminate the contract if "proper notice" is given. Always keep a copy of your written notice.
A Term Lease provides more protection for the tenant against rent increases, changes to the contract, or termination of the contract before the term is over. Providing you do not breach your lease, the landlord is obligated to rent the unit to you for the length of time, under the conditions and for the rent amount outlined in the lease. A disadvantage to the tenant is that it is not east to terminate a term lease. You are obligated to pay rent and fulfill the conditions of the contract for the length of the lease.
Good Tenants - Good Landlords
If you have made the decision to rent, you have assumed a lot more responsibility toward your safety and well-being. Be a responsible tenant and a good neighbor. You are now a tenant and a member of the community. You have rights and you have responsibilities. Also, know what your rights as a tenant are so that you can be an informed consumer when dealing with your landlord. Always talk to your landlord first. If he/she does not respond, put your request/concern in writing. Try to establish a positive relationship with the landlord and show that you are a responsible tenant. Responsibility invites responsibility and respect.
Be a Good Neighbor
Get to know your neighbors. It is more fun and safer. Respect their right to peace and quiet and keep your property clean and trash-free. Most of the conflicts between tenants and their neighbors center on too much noise, too loud and rowdy parties and too much trash. Keep the volume of your music down, respect quiet hours, and let them know if you are going to have a large party.
Your neighbors can be your friends. If you need someone to watch your place while you are away, water your plants or lend you a hammer, they will be there for you. They can also direct you to fun places in the neighborhood and great places for a delicious, inexpensive meal.
