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Get Ahead of Your 2013 Taxes

Save Money on Taxes

Regardless of your opinion about taxes, we can all agree that nobody should overpay their taxes. Here are six sound ideas that you may want to consider this month that may provide some tax savings to your household.

Pay Bills Ahead of Time

If you itemize, paying some bills early may minimize your deductions. For example, if you pay your January 2014 mortgage payment and your 2014 property taxes in December 2013, you can itemize those. If you are a joint filer and don’t have $12,200 in qualifying expenses ($6100 for single filers) to make itemizing deductions worthwhile, don’t prepay your expenses. Save your payments until 2014 when you may be able to take those deductions. The IRS has an Alternative Minimum Tax (AMT) Assistant Calculator to test if you are subject to AMT.

Make Home Energy-Efficiency Improvements

There are Federal Tax Credits for home energy-efficiency upgrades to your home that you may take advantage of before December 31st. These include improvements to your heating and ventilation or Air Conditioning systems, home insulation, Roofs, Water heaters, Windows and doors. The tax credit is 10% of the cost up to $500 or a specific amount from $50 to $300. Solar Energy systems allow for a 30% tax credit with no upper limit.

Recycle When You Remodel

It may be too late for this one this year, but keep this tax saving tip in mind. When you remodel, do it in a way that keeps intact the fixtures and house parts that you remove including cabinets, bathtubs, wood floors, windows and doors. Donate them to a salvage store like Habitat for Humanity’s Restore to earn a tax deduction. If you happen to be cleaning out your closets this winter, be sure t

o donate those to a local charity too.

Spend FSA Funds on Home Improvements

If you set up a Flexible Spending Account (FSA), you can spend any leftover allocation to make medically necessary home improvements like a handrail in your bathroom, or replacement air filters for your HVAC. Get a letter from your doctor supporting your medical need for the improvements. Many employers have adopted grace periods giving you until March 15th, 2014 to spend your FSA funds.

Deduct Property Taxes Paid At Closing

If you purchased your home in 2013, check you HUD-! settlement statement (Lines 106 and 107) to see if you reimbursed the sellers for property taxes they paid. You won’t get a 1098 from your lender showing those taxes because you paid them at settlement not from your escrow account.

Home Office Deduction

If you have a home office, but haven’t taken the home office deduction because it’s too complicated or you’re worried it would cause you to be audited, go ahead and take it on your 2013 taxes. Starting this year, you can take a new Home office standard deduction of $5 per square foot up to 300 square feet if you itemize deductions. You won’t have a home depreciation deduction or later recapture of depreciation for the years you use this simplified option.

Whats that Sound? How to fix house noises

Just about every home makes a little noise, but sometimes the noises are not just charming creeks, they annoy you. Rather than calling Ghost Hunters, there are a few things that you can do to make those noises go away. In fact, sometimes those noises you hear are early warnings of a big problem waiting to happen – like a backed up sewer line. If you can figure out what you are hearing, you may be able to fix it. Here are a few common sounds that homes make along with some repair suggestions.

Toilet Gurgling

Cause: This could be one of two things. First, your sewer line could be backed up. This can happen when tree roots find their way into the pipes. When you flush something that gets hung up around the roots, the pipe becomes partially blocked.A Another possibility is a worn-out toilet valve. If it is the valve, a constantly running toilet will tip you off. You will need to replace the gasket in the tank reservoir.

If you are like me, you would call a plumber. If you are a do-it-youselfer you would rent a sewer snake and try to clear the problem yourself. You can rent sewer snakes or purchase tank reservoir gaskets at most local hardware stores.

Knocking or Banging Inside Walls

Cause: This typically occurs when you turn your water faucets on or off. It is called a pressure hammer, and it happens when air pressure builds up in your water pipes, causing them to vibrate when the pressure is released.

If the pipe was not mounted properly, or it has loosened over the years, then it bangs against the stud in your wall. To fix it, you will need to open up the wall. You can either add mounting brackets to the pipe or put a sleeve over the pipe.

Humming from the Regridgerator

That noise is not likely gremlins eating your food. It is probably the compressor motor. Fridges are full of electrical devices that can cause all sorts of problems. If you refrigerator is more than 10 years old, you should consider replacing it rather than repairing it. New refrigerators are much more energy efficient. If it is a newer refrigerator, call an appliance repair specialist.

Squeaking from the Dryer

Cause: Many older dryer models have a belt that wraps around a drum. When the belt gets loose or worn, it starts to make that high pitched noise. To fix, either call an appliance specialist or open up the back of the dryer and replace the belt.

Thumping from the Washing Machine

Cause: The most likely cause of thumping is that the clothes in the washing machine are not evenly distributed. When weight builds up on one side the machine cannot keep its balance during the spin cycle. This also happens frequently when the washing machine is overloaded.

To fix this, redistribute the load or remove some of the heavy items.

Creaking Floors

Cause: Floors creak when the wood is loose. The board are moving up and down and rubbing against each other.

Sometimes you can fix this by simply putting some baby powder in the area. However, a permanent fix will require you to tighten the board by nailing, screwing, or gluing the boards. The best way to fix this without destroying the floor is from underneath. You may be able to tighten the subfloor or ad a 2X4 joist to add support.

Rattling or Whooshing Windows

Cause: When weather stripping fails on old windows, drafts happen.

To repair this, you will need to put on some new weather stripping. An alternative is to put a storm window on the outside.

Running or Hissing Faucets

Cause: If a faucet is leading enough, it can sound like its raining. If it is barely open, it can make a hissing sound, like air going through a reed.

You most likely need to replace the washer valve. Turn off the water to the sink underneath and remove the faucet. Take it with you to the hardware store to get new washers.

Chewing, Scratching, or Rustling in the ceiling or walls

Cause: Mouse, Rat, or a Bird

Animals are pretty cleaver. They have adapted quite nicely to the comfort of homes. If you hear prolonged scratching, you probably have a rodent problem. Best bet is to call a pet control specialist.

5 Great Tips for Buying a Home

With great opportunities abounding in the housing market and historically-low interest rates still intact, consumers can secure record-breaking values on a home purchase, according to New York-based real estate attorney Adam Leitman Bailey.

“Incredible deals are on the market and ready to be made, but only for those buyers who know how to seize them,” says Leitman Bailey, author of the New York Times best-selling book, “Finding The Uncommon Deal” (Jon Wiley & Sons, Inc. 2010). “You can buy your dream home at the price you want if you are just willing to take the necessary steps that will give you an uncommon advantage.”

To help buy a home at the best possible price, Bailey offers his top 5 home buying tips:

  • Do a Credit Check—On Yourself: Check your credit report long before you start shopping for a home, as it may take several months to resolve any mistakes or complications. Challenge negative remarks in your credit report, even if they are debatably true. Under federal law, if the company placing the negative remark on your report does not respond within 30 days, the remark must be removed. If you need help, contact Century 21 Hometown and our in-house mortgage partner can help you with this with our compliments.
  • Know Your Total Budget: Don’t Home Shop Without It: Your budget includes the total purchase price of your new home, moving costs and your total monthly and annual expenses. Don’t forget to include real estate and local taxes and the policies that affect potential changes in local taxes. Once you know your budget, call lenders to shop for a loan and also learn about the different products available to finance your home. Again, Century 21 Hometown can help you understand how much the bank believes you can afford.
  • Visit the Neighborhood, Not Just the Home: Everyone and everything in town can potentially provide insight into your prospective neighborhood’s character. It’s always worth spending time and money in local coffee shops and restaurants, and participating in events and entertainment to learn more about the area. Read the community newspapers and supermarket bulletin board postings to gain further understanding of the neighborhood. Be sure to consider factors such as local community crime rates, access to medical facilities, religious venues, and any other considerations that are applicable to your personal preferences. Your Century 21 Hometown agent would be happy to provide you with a neighborhood tour.
  • Don’t Be Afraid to Negotiate: Ask the owners of your potential new home for the minimum price they would accept to close the deal. You may be pleasantly surprised by the answer and a deal may not be far off, especially if the property has been sitting on the market. Some items are easier to negotiate than others. If both sides are stuck on the purchase price, ask the seller to include furniture or cosmetic improvements at a certain price. For newly constructed condominiums, ask the seller to pay any taxes involved in the transfer.
  • Hire—and Accompany—the Inspector: Century 21 Hometown only works with experienced home inspectors. A satisfactory home inspection will play a big role in your satisfaction in the home-buying or -selling process. Cross out waivers and any limitation of liability when signing a contract with an inspector or engineer. Your inspector should be held responsible for missing any major repair items during the inspection. Also, be sure to accompany the inspector on the site visit. You will learn about your potential new home and its structure, as well as important information about the lifespan of its systems and major components. Also, make sure your inspector or engineer checks the big ticket items, which can include the HVAC or the roof.

Preparing for a Home Inspection

For buyers and sellers alike, home inspections are a crucial part of the home-buying and -selling process. While setting up a home inspection once you have an offer on your home is an important piece of the puzzle, taking the time to prepare for the inspection can be just as essential. Home sellers who take the time to get ready for the inspection will pave the way for a smoother inspection and, therefore, a smoother transaction. The good news is that preparing your home for inspection doesn’t have to cost a lot of money, as the items that need to be addressed are things that homeowners typically take care of on a recurring basis.

Preparing for a home inspection doesn’t have to be a huge expenditure.  The most important thing to keep in mind is timing.  Taking the time to prepare your home for inspection is crucial for sellers who have an offer on their home, as this signals a pending home inspection, so they know the buyer and inspector are coming to the home.  Once the inspection is scheduled, sellers should plan to spend the week before the appointment getting the home ready.

The home is examined from top to bottom, both inside and out. While the inspector will look at and evaluate more than 1,600 items inside and outside the home, including its systems and structural components, there are numerous small things the seller can do beforehand to make the job easier on everyone involved. The most important items that should be addressed prior to the inspection include:

• Clearing all walkways of debris and obstacles so the inspector can easily move around.
• Providing clear access to the attic hatch, which is oftentimes in a closet, so be sure to clear shelves, etc.
• Replacing dirty furnace filters.
• Making sure all lights and receptacles are operational. This includes changing any burnt-out light bulbs.
• Clearing a path in the basement, whether it’s finished or not, so the inspector can walk around the perimeter of the wall.
• Making sure there is access to any mechanicals, such as the furnace, air conditioner and water heater.

Taking care of the little things, like changing burnt-out light bulbs, is a simple and inexpensive way to eliminate any big suspicions that are totally unnecessary. In addition, paying attention to the items above will enable the inspector to access every part of the home that needs to be addressed in order to thoroughly inspect a home and see if there are any issues that need to be taken care of.

Sellers should also consider printing out paperwork that documents any recent service in order to eliminate any mechanical issues.

As we continue to adapt to the “new normal” and make our way through today’s challenging market, home inspections are becoming more prevalent, whether they’re performed once a potential buyer has made an offer on the home or to lay the groundwork for future negotiations before the home is even listed.

No matter what the economy and housing market look like, there is always a sense of worry among potential buyers in regard to what will be found during the inspection.  However, a little preparation goes a long way toward eliminating that worry from the equation entirely.

Not only will taking the time to prepare your home for an inspection be worth it in the long run, it will give buyers peace of mind while eliminating doubt and suspect.  If a home inspector isn’t able to access a specific area of the home, they’ll have to put a question mark on the inspection report, which causes suspicion in the buyer’s mind; and nine times out of 10, there’s nothing wrong. 

Is There Lasting Value in Remodeling Trends?

When you’re spending thousands to remodel a kitchen or bath, you want those updates to last a while.

To help you get ahead of and sort out the kitchen and bathroom trends — pity the last fool to install an avocado appliance in the 1970s. Enjoy your home; remodel so that you love where you live.

Still, with a couple of exceptions, these five kitchen and bath trends offer lasting value:

1. Kitchen cleanliness.

By clean, we’re talking design, not germs. Kitchens are going clean, contemporary, and horizontal (open shelves, long and horizontal pulls, thick countertops). Even in a classic kitchen, go with simple, flat cabinets rather than highly carved cabinet details.

Tip: This is a trend to get on board with. A simple, tidy, fresh appearance will have broad appeal if you decide to sell.

2. Color is out.

This year, colors are cycling out except for black and white used together.

Tip: Practically speaking, black and white are hard to keep looking good. Black kitchens show every scratch and white cabinets show every speck of dirt. Here on the Central Coast and in Bakersfield, natural colors found in the surrounding landscape are the norm – warm browns with a tinge of orange and red.

Regardless, color is fickle; choose what’s best for your space.

3. Dark wood is where it’s at.

If you’ve had white cabinets, you know they show every speck of dirt, which can drive you crazy unless you have a cleaning fetish. Combine those white cabinets with another up-and-coming trend: dark wood. Or if your budget can handle the hit, go with specialty woods like mahogany or zebra wood that can make an island look like a piece of furniture.

Tip: Alternatively, you could invest your money in more kitchen storage and functionality than trendy decorative elements that might not stand the test of time.

4. Appliances that blend in.

The more open our kitchens get, the more we want them to look like the rest of the house. That’s fueling a trend away from the big pro range and ginormous stainless-steel refrigerator and toward concealed, high-performance refrigerators and dishwashers. Induction cooktops, which use less electricity than electric cooktops, are growing in popularity.

Tip: When you buy appliances, look for the Energy Star label or go even deeper on energy performance ratings with Consortium of Energy Efficiency. California also has had a history of offering rebates. Check with the retailer for information.

5. Ageless design gets easy.

What the Baby Boom wants, the Baby Boom gets. And Baby Boomers want to live in their homes forever. That’s led manufacturers to create DIY remodeling products with built-in universal design features — like toilet paper roll holders strong enough to hold your weight as you arise from the throne.

If you wanted a no-threshold shower five years ago, you had to have it fabricated as a custom piece. Today, companies sell no-threshold shower kits with trench-style drains covered with grills so you can roll yourself right in. Visit Home Depot or other building supply store for examples.

Tip: We love the trend to universal design-ready remodeling products. To get started, check out anti-scald valves.


Hard Water is Harsh on Appliances

 Most Americans have hard water flowing through their plumbing, and it’s taking a silent, but pricey toll on their water-using appliances and pipes.

“If you think you’re not affected, think again: 85 percent of Americans have hard water,” says Angie Hicks, founder of the website dedicated to consumer reviews of contractors and service companies. “Water with a high mineral count is really hard on your appliances and can take years off their useful lives.”  Hicks advises that homeowners watch for the following red flags to see if their water is an issue:

  • Reduction in supply of hot water from a traditional tank water heater
  • Clothes are dingy or unclean after going through the washer
  • Calcium rings or deposits in tubs, sinks and dishwasher
  • Shower head and faucet clogs
  • Spotty or unclean dishes, glasses and flatware after the dishwasher has run
  • Water pipe leakage

Determining if you have hard water is simple and relatively inexpensive to address. Step one is to have your water analyzed, says Hicks. Some utilities and health departments offer this service, but companies that specialize in water conditioning also offer it, often free-of-charge. Because those companies have a vested interest in the outcome of such tests, consumers should consider getting at least one outside opinion.

Consumers have a few options when it comes to removing calcium and magnesium, the troublesome minerals that make water hard. Traditional water softeners use salt to remove those minerals. Devices that do not use salt to accomplish the same thing are often called “water conditioners” or “descalers.”
Here are Angie’s List tips for buying a water softener:

  • Water softeners can range from a few hundred dollars to more than $1,000 depending on size and type. Some companies offer rental equipment for a nominal monthly charge. Installation typically runs $150 to $300.
  • Before you buy a water softener or conditioner, research available products and service companies. Insist on a money-back guarantee.
  • In most states, installation does not require a licensed plumber. At a minimum, use a company with technicians certified by the Water Quality Association.
  • Understand and follow the maintenance required to keep the unit operating properly.

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