leigh-fortier

Gov’t Assistance for Home Owners Disaster Relief

Fri, 03 Nov 2023 18:13:13 GMT

Gov’t Assistance for Home Owners Disaster Relief

The United States Government offers natural disaster relief options for homeowners affected by natural disasters. Disaster assistance comes in a few different forms, including loans for home repairs, utility bills and property tax relief.

To help you learn more about the kind of financial assistance available after a major disaster, here is a short guide with the basics

Disaster mortgage insurance

The Federal Housing Administration (FHA) offers a program for homeowners who need financial help buying a new home or repairing their existing home. As long as the home is your primary residence, you might be eligible for an insured mortgage through the FHA.

These mortgages have zero down payments, but come with all the usual closing costs and prepaid costs of other mortgages.

Emergency help with utility bills & expenses

Even if your home does not sustain significant damage in a natural disaster, such scenarios can make it difficult to afford utility repairs and expenses. Disaster relief funding available through the Low Income Home Energy Assistance Program (LIHEAP) and can be used to pay your utility bills, reconnect utilities and repair or replace components like furnaces or air conditioners.

Disaster-related tax relief

Disaster situations may also come with tax relief. Both homeowners and businesses are eligible to file an amended tax return if they reside in a federally designated disaster area. The Internal Revenue Service also offers the option to file for an extension after a disaster.

These are a few of the disaster assistance programs offered by the U.S. federal government. Other forms of disaster relief might be available through the Federal Emergency Management Agency (FEMA), and can help you recover financially from a wide variety of hazards.

Improving Your Yard Drainage

Mon, 30 Oct 2023 18:17:55 GMT

Improving Your Yard Drainage

Author name

If your yard is full of puddles, soggy soil and waterlogged plants, it’s time to invest in better yard drainage. Depending on the cause and severity of the issue, there are plenty of DIY options you can handle without spending a fortune. Understanding common causes leading to drainage problems and how they affect your yard will go a long way in helping you handle the extra water.

To help, here are some basic tips and methods for improving yard drainage

Examine & adjust your watering habits

You can often solve yard drainage issues by changing your current gardening habits and systems. For example, having drip irrigation or sprinklers that turn on and off automatically is a common cause of an over saturated yard. If you water your garden manually, consider going longer in between watering trips to see if the situation improves.

It’s also important to check any existing irrigation or sprinkler systems for leaks.

Plant a rain garden

If your yard has poorly drained soil that collects and retains moisture, try setting up a rain garden to capture and gradually absorb runoff. A rain garden helps support the plant life in your yard while taking care of the soil. The right combination of plants arranged in a shallow basin will help improve soil drainage and filter excess water from your yard.

Dig a swale

A swale is an artificial creek or channel used to route water away from problem areas in your yard. By digging a trench and filling it with gravel and river rocks, you can create a dry creek bed to direct the natural flow of rainwater and other excess water. This keeps it out of your soil and helps improve the overall moisture balance of the yard.

Yard Drainage Methods

There are many methods for improving yard drainage. These three options are some of the simplest DIY solutions that don’t require spending a fortune on landscape renovation.

However, if your drainage issues are serious, it’s always best to consult a professional for an expert opinion.

4 Home Renovations You Might Want to Avoid

Mon, 30 Oct 2023 18:17:54 GMT

4 Home Renovations You Might Want to Avoid

Author name

Renovations can increase the value of your home. However, not every renovation project is a good investment. Unfortunately, many renovations can actually lower your home’s resale value and cost more than you bargained for. If you’re interested in renovating your home, make a note of these projects to avoid

Too much texture

While texture on walls and ceilings can enhance the aesthetics of a house, it’s not always a good investment to add. Not only are highly textured ceiling and wall finishes often considered dated, they are extremely difficult to remove. To increase texture without hindering future offers, try experimenting with texture in your wall decor and furniture.

Full carpet

Hardwood floors are a well-known plus for potential homebuyers. Conversely, a home with too much carpet might receive fewer offers and lower appraisals. Carpet shows age and damage much easier than wood and laminate, and can also cause issues for those with pet or dust allergies. If you want to add new floors, experts recommend reducing the amount of carpet in your home rather than adding more.

Bold paint colors

Paint is not permanent, but dramatic colors on walls can be a turn-off to potential homebuyers. Color is highly subjective, making neutrals and shades of white a safer bet for a renovation project. Potential buyers would rather consider your home to be a blank canvas than a personalized work of art.

Swimming pools

Adding a swimming pool is not always a wise investment, according to real estate investment experts. Not only is installing a pool an expensive renovation process, the ongoing required maintenance can seem like a huge undertaking to potential buyers.

If you live somewhere with six months or more of hot weather during the year, a pool may be a smart project to invest in. However, it may be more beneficial to spend that money on a patio renovation or other outdoor upgrades instead.

Not every home renovation equals a return on investment. While customizing your home to meet your personal needs is an enormous advantage of homeownership, it’s also helpful to be mindful of the future. By knowing which projects to avoid, homeowners can enjoy their home while boosting property value.

4 Great Tips for Home Sellers

Mon, 30 Oct 2023 18:17:51 GMT

4 Great Tips for Home Sellers

Author name

Want to know some of the best tips for home sellers? Luckily, there are some basic guidelines real estate agents and other sellers swear by to facilitate a successful home sale. If you intend to sell your home and want to know the best ways to attract buyers, get the best listing price to make as much money as possible on your sale, here are some tips to help.

Get your home ready to sell

If your aim is to earn high prices, then show potential buyers your place is well-organized and clean. Declutter and clear up as much room as possible, so prospective buyers can experience the full square footage your home has to offer.

Try to depersonalize your decor to please a wide range of prospective buyers. Stick with neutral hues and simple designs to cater to everyone's taste. Put away personal photos, collectables and any other details that could distract from your home's features.

Boost your curb appeal

Don't forget to prepare the outside of the home as well. Before selling, take care of your lawn, weed the garden, clean the siding, fix the fence or any other landscaping task you might have been putting off.

Outdoor living space can be a huge selling point, so do your best to show off your porch, patio or garden space. Successful home sellers also swear by adding some vibrant seasonal container plants to liven up the home facade.

Find the perfect listing agent

Find an experienced and trustworthy real estate agent who will take all your needs into account when completing the sale of your house. A seller's agent can provide informed advice regarding a price, or help you decide which repair work will help sell the house.

Agents also have a wealth of knowledge on how to declutter, organize and maximize the appeal of your home. They can also connect you with a professional home staging expert to take your house to the next level.

Make sure your home price is right

Real estate agents are knowledgeable about the housing market and have the ability to help you set a reasonable price. A comparative market analysis, or CMA, is the most efficient and accurate way to find the pricing of similar homes in your area. It will also provide you information about important market trends affecting the asking price

Home Seller Tips

A great real estate agent can help you in many aspects of the home selling process, but the more preparation you can do on your own, the better. Keep these guidelines in mind when planning your upcoming home sale.

How to Determine If Your Home Renovation Is a Capital Improvement

Mon, 30 Oct 2023 18:17:49 GMT

How to Determine If Your Home Renovation Is a Capital Improvement

Author name

Whether you're planning to flip a property or simply want to improve the value of your home, it's a good idea to prioritize projects that count as capital improvements. A capital improvement to your home is an expense you can claim on your taxes after you sell the property.

But what exactly does capital improvement mean? Here are some common questions and answers

What's the difference between capital improvements & repairs?

Not all home improvement projects count as capital improvements. An investment in the construction of new buildings is considered an investment of significant value and an improvement of property. This usually involves building or remodeling the structure.

In contrast, repairs are either preventative or routine maintenance. This would include work to fix or replace an existing asset.

Capital improvement examples

Here are some of the most common examples of capital improvement projects:

Building an addition to your home.
Adding heating & air conditioning systems.
Adding a permanent fixture to increase accessibility & safety, such as ramps or handrails.
Plumbing additions & improvements like septic tanks or soft-water filters.

How a capital improvement works

Capital improvements generally increase the price of an asset, but also extend its useful life. Under IRS standards, capital improvements must last at least one year after completion. Although the scope of capital improvements varies between individuals, and large property owners make capital improvements.

How do people finance capital home improvements?

A common way to finance a capital improvement project is to opt for cash out refinancing. Cash out refinance allows you to replace your existing mortgage loan with a larger one and take out the difference as cash.

Home equity loans and home equity lines of credit (HELOC) are also used for capital improvements. A home equity loan is ideal for a one-time major project, while a HELOC can be beneficial if you're planning multiple ongoing projects of varying expense.

Can maintenance jobs turn into capital improvements?

While there is a difference between regular maintenance and capital improvements, one can turn into the other. For example, you might have a leak and hire a plumbing service to investigate and resolve the issue. In evaluating the problem, you find extensive damage requiring replacement of large sections of plumbing.

While repairs and maintenance were originally meant to restore your plumbing's existing function, replacing damaged pipes will extend the useful life of the system and home.

To find out if your planned projects are considered capital improvements, consult a home inspector or tax professional. The more you know about the potential benefits of your hard work and money, the better decisions you can make for your home.

Real Estate Guide: Trading Houses

Mon, 30 Oct 2023 18:17:44 GMT

Real Estate Guide: Trading Houses

Author name

House trading is a type of real estate transaction both buyers and sellers find simpler and more convenient than traditional buying and selling. While the exchange isn't quite as simple as swapping keys and moving in right away, there can be advantages for those wishing to make a quicker change.

However, a home trade-in program isn't right for everyone. Real estate agents can assist with the process, but it can still be complicated if the timing doesn't work out perfectly. So, how can you know if trading is the right option?

Definition of a "trade-in house"

The terms "trade-in" refer to the swapping of real estate property. The trade-in program allows sellers to find the best replacement home for the home they want and stay in their first property.

Trade-in programs eliminate the pressure of locating and selling a property to live in, staying in a hotel or renting a house to move. In addition, the purchaser does not have an obligation to coordinate the sale or buy of a new house.

How it works

Simply put, swapping properties is like buying or selling your home to someone. However, rather than having only one transaction, you have two transactions – one selling the home and one buying. Each house is assigned to a separate buyer and seller.

Advantages

It's simple to sell to make money through trading versus purchasing. Both the purchaser and seller can avoid real estate commissions when they are not represented by a real estate agent.

When you trade houses, you can avoid the hassle of paying for storage of furniture and other items while you wait for a sale to go through. It also makes it easier to get financing as long as you have a contract in place to sell your home, your current mortgage payments won't count against your income.

Downsides

The main disadvantage of trading houses is you're likely to have fewer options to choose from compared to a traditional home search. While size and features might be the same, you may not end up in the exact location you prefer.

Another possible downside is if timing doesn't work out perfectly, you could potentially have to pay two mortgages at once during the overlap.

There are many scenarios where trading homes can be a quick and painless transaction. However, it's important to consider the downsides as well as the advantages. Consulting a real estate agent about your options is the best way to begin if you're not sure which way to go.