FREE Residential Home Service Package.

FREE

Residential Home Service Package

when you List with me!

CLICK HER FOR DETAILS

Homes for sale, home, property, properties, land, foreclosure, for sale by owner, residential, real estate, realtor, realty, commercial, first time home buyer, seller, listing, market, pa, duty,

www.PattiLee.Properties

EMAIL ME

5 Huge Mistakes People Make Furnishing Their New Home

reposted from realtor.com at http://www.realtor.com/advice/home-improvement/design-mistakes-new-homeowner/?identityID=561e99c84d7b7b5db5002321&MID=2016_0122_WeeklyNL&RID=275213602&cid=eml-2016-0122-WeeklyNL-blog_3_designmistakes-blogs_own

By Rosie Amodio

I really enjoyed this article and I thought you might too. My favorite is #1, Happiness is in the journey, not in the destination sort of theory. We get so caught up on having it complete right now that we don't truly enjoy the finds. I love to find that piece, the one that I did not know I was looking for but would know it when I saw it kind of piece. Especially when I find it at an estate sale, flea market, online second hand store. Even if I have to tweak it, that makes it even better, it then becomes My piece.

However, #3 is the one that I am so guilty of. Thinking I can eyeball it rather than measuring it. Why do I do that? On the flip side, even if I measure and plan, it doesn't always come out the way I envisioned it. So to measure or not to measure and just wing it, be safe, measure twice!

Hey, we know: Moving into a new home is exciting. Like, obsess over decor blogs and catalogs, binge-watch HGTV for eight-hour stretches, find ways to interject phrases like “open kitchen shelving” into everyday conversations exciting. So it’s understandable that you’re dying to start filling every corner with stuff as soon as you’ve unpacked your last box. Beware: Time and again, interior designers see overeager new homeowners make the same mistakes when furnishing their home. Big mistakes! Take heed and tread carefully into your new space.

Mistake No. 1: Buying everything at once

Of course, you want to make those empty rooms look like home, sweet home, pronto. So you whip out your laptop and go on a mad room-by-room shopping spree for every stick of furniture from coffee tables to your canopy bed. 

Here is a  different strategy: “Stop, sit down, get out a piece of paper, I prefer graph paper, and plan.” Great decorating, he says, is about taking your time to think through the rooms. Make a list of what you need to furnish the whole house; then focus first on the two to three most important rooms—generally the more exposed parts of the house such as living room, kitchen, and family room. From there, proceed at a pace where you’re certain you love (or at least deeply like) each purchase you make.

It really is OK to take up to a year to decorate a new home. You’re going to be living there for a while, remember? Don't forget the second-hand places, maybe repurpose a fantastic, not to mention reasonable, find!

Mistake No. 2: Decorating around a legacy piece

It might be your mother’s armoire or that overstuffed chair your husband bought when he was still single, or maybe it’s a bookshelf you paid a ton of money for and wouldn’t consider tossing. Regardless, trying to decorate around some of these pieces will only cause you grief. Odds are they’ll push you into a certain layout or color scheme—even one that might be completely wrong for you or your new home.

I’ve personally been saddled with two wide, black Barcelona chairs for the past decade, creating a living room motif that is simply too dark and cluttered for the space. (Welcome to my pain.) What I should have done, according to experts, is place them in a different context (a bedroom, perhaps), sold them, or put them out on the street. Hello, Goodwill? 

Mistake No. 3: Trusting your ‘eye’ rather than a tape measure

Professionals know that measuring accurately is a critical step in design.

“Measuring a space is imperative before you purchase anything,” says Homepolish designer Will Saks. It’s not just a question of whether a piece of furniture will fit, but how it will look sitting there. “You need to understand the dimensions of a space so the scale will feel balanced,” Saks adds. 

Everything needs to be proportionate to the architecture of the room. “While a large, overstuffed Chesterfield might look great in the store, in a tiny apartment it might end up looking like a fat guy in a little coat,” says Saks.

And always remember to measure doorways and hallways before purchasing large pieces. There are few things more soul-crushing (or, for the delivery guys, more backbreaking) than lugging a sofa up six flights of stairs only to discover it doesn’t fit through the doorway. Most companies will give you the minimum clearance you need for delivery, but it’s up to you to ensure that it will truly fit. In most cases, it’s the height of a sofa that is the key measurement, not the width or depth.

Mistake No. 4: Cramming rooms like a clown car

Take a deep breath: It’s OK to have some empty spaces and walls. You want to be able to move around freely without having to hurdle a cocktail ottoman. Granted, while Saks maintains that “how much furniture you decide to put in a space is completely dependent on the aesthetic you want to achieve,” if you’re going for a more sleek look, stick to a few key pieces in a room to create the feeling of openness. The same goes for artwork—one large frame can create an art gallery feeling. 

Mistake No. 5: Looking like a page from a catalog or decor mag

Ah, it all looks so great in print, but in your home, it’s a different story.

“I know it’s tempting to want to buy everything all at once and from the same place—those catalogs and stores are styled so well,” says Saks. “But refrain from doing so. To me, the most interesting designs are the ones that are aesthetically mixed.”

His tips: Incorporate vintage or one-of-a-kind pieces into your space to make it feel personal and curated. Pair that spanking new sofa with a beautiful, vintage credenza. Shop for accessories and artwork on Etsy and at flea markets so that your home feels unique. Because as nice as catalogs look, ask yourself this: Do they look like a home? Like your home? 

Homeownership has always been the "great American dream" / There are tax benefits with homeownership

There are tax benefits with homeownership

reposted from metrotex : http://www.mymetrotex.com/news/there-are-tax-benefits-homeownership

Homeownership has always been the "great American dream".

To foster and encourage this dream, Congress has consistently enacted tax legislation which favors homeowners. Indeed, much has been written that our tax laws discriminate against renters, by giving unfair and unequal tax benefits to those who own homes.

Every four years, some candidate for high political office tries to focus our attention on equalizing the tax laws, and repealing the homeowner benefits, but these arguments have consistently fallen on deaf ears. And this coming election year is no different.

For those of us who own homes, here is a list of the itemized tax deductions available to the average homeowner. Every year, you are permitted to deduct the following expenses:

Taxes. Real property taxes, both state and local, can be deducted. However, it should be noted that real estate taxes are only deductible in the year they are actually paid to the government. Thus, if in year 2015, your lender held in escrow moneys for taxes due in 2016, you cannot take a deduction for these taxes when you file your 2015 tax return.

Mortgage lenders are required to send an annual statement to borrowers by the end of January of each year, reflecting the amount of mortgage interest and real estate taxes the homeowner paid during the previous year.

Mortgage Interest. Interest on mortgage loans on a first or second home is fully deductible, subject to the following limitations: acquisition loans up to $1 million, and home equity loans up to $100,000. If you are married, but file separately, these limits are split in half.

You must understand the concept of an acquisition loan. To qualify for such a loan, you must buy, construct or substantially improve your home. If you refinance for more than the outstanding indebtedness, the excess amount does not qualify as an acquisition loan unless you use all of the excess to improve your home. However, any other excess may qualify as a home equity loan.

Let us look at this example: Several years ago, you purchased your house for $150,000 and obtained a mortgage in the amount of $100,000. Last year, your mortgage indebtedness had been reduced to $95,000, but your house was worth $300,000.

Because rates were low last year, you refinanced and were able to get a new mortgage of $175,000. Your acquisition indebtedness is $95,000. The additional $80,000 that you took out of your equity does not qualify as acquisition indebtedness, but since it is under $100,000, it qualifies as if it was a home equity loan.

Several years ago, the Internal Revenue Service ruled that one does not have to take out a separate home equity loan to qualify for this aspect of the tax deduction. However, if you had borrowed $200,000, you would only be able to deduct interest on $195,000 of your loan -- the $95,000 acquisition indebtedness, plus the $100,000 home equity.

The remaining interest is treated as personal interest, and is not deductible.

Points. When you obtain a mortgage loan, some lenders will allow you to pay one or more points to get that loan. The more points you pay, the lower your mortgage interest rate should be. Whether referred to as "loan origination fees," "premium charges," or "discounts," these are still points. Each point is one percent of the amount borrowed; if you obtain a loan of $170,000, each point will cost you $1,700.

The IRS has also ruled that even if points are paid by sellers, they are still deductible by the homebuyer. Points paid to a lender when you refinance your current mortgage are not fully deductible in the year they are paid; you have to allocate the amount over the life of the loan. For example, you paid $1700 in points for a 30 year loan. Each year you are permitted to deduct only $56.66 ($1700 divided by 30); however, when you pay off this new loan, any remaining portion of the points you have not deducted are then deductible in full.

Needless to say, if you have any questions about these tax benefits, discuss them with your financial and legal advisors.

Source: Realty Times

www.PattiLee.Properties

EMAIL ME

The Wrong Way to Look at Houses : Advice for Home Buyers

The Wrong Way to Look at Houses

reposted from Metrotex http://blog.dfwrealestate.com/2016/01/the-wrong-way-to-look-at-houses/

Very good advise for Home Buyers to follow:

You’re looking at houses all wrong. Seriously. Most buyers don’t know how to really look at houses when they’re considering making a move. In today’s competitive market, buyers can’t afford to lose focus if they want to land that perfect house. Don’t pine for the one that got away. Avoid the biggest mistakes home-buyers make and you’ll be in your dream house in no time.

Too many opinions: It’s great if you want to bring your best friend, mom or dog sitter along to see your new house. But don’t bring them to showings when you’re getting started. Buying and living in a house is an intensely personal decision and getting too many opinions from people who aren’t going to be living in the house with you can make your decision confusing. Your cousin may think that it’s absolutely critical that you get a huge cooktop – but if you rarely cook then that feature really isn’t relevant to how you will live in the house, now is it? Best to save the friends and family until you’ve narrowed down your choices to a couple of properties – or better yet – after you’ve closed.

Looking over/under your price range: Before you start looking at houses, you’ll need to get pre-approved by your lender. Having a pre-approval letter in hand will let you know what type of loan you can get, how much you can afford and what your limit is. If you look at houses that are beyond your comfort level, you’ll likely be disappointed when you look at the houses you can afford. Similarly, if you’re not looking for a fixer-upper and you look at houses that are well below the price range you want to spend, you’ll probably be frustrated when the lower-priced properties aren’t as nice as you’d like. Plus, if you stay within a narrower range, it’s easier to compare properties by amenities and features.

Looking at too many houses in one day: It’s a tight market and you don’t want to miss out on “the one” so you decide to look at all of the available houses in one day. That’s a common mistake. After a few properties, houses will all start to blend together in your memory. You’ll get home and wonder if the house on the cul-de-sac was the one with the killer bathroom or if the one with the fantastic yard had the blue kitchen. A good rule of thumb is to limit showing sessions to no more than four or five properties at a time.  If you are on a short deadline and have to buy right away, break up your sessions by grabbing lunch or coffee in between groups of showing appointments. That will give you time to digest and discuss what you’ve seen.

Hangry or tired kids/pets: Another reason to limit the number of showings or break up the showing schedule is to give the ones not making the decisions a break. Kids get bored, tired, and hungry after looking at multiple properties. You can bring snacks along in the car and toys or games for them to play with, but please leave all of those things in the car. Remember, you’re looking at other people’s property and they don’t want your crumbs. And you’ll slow things down if you have to play “Find the Lost Tablet” before you leave a house. And please, please leave pets at home.

Focusing on tiny details: True story. I once had a client who passed up on a great house because the doggie door was painted a color she didn’t like. Later in the week she decided that the rest of the house was ideal for her, but it was no longer available. Don’t sweat the small details that can be easily changed if the rest of the house feels right. Instead, focus on how you will use the space. Are the rooms the right size? Do you light the amount of natural light? Does that backyard have the right kind of space? Sometimes sellers will change the offending bit if the rest of the offer you make is good. In this case, the seller probably would have painted the dog door if only she had been asked.

Trying too hard to make a property work: Conversely, don’t force a house to work for you. If you walk in and immediately start planning to move staircases, then it’s probably not the property for you. It’s OK to rule houses out quickly if the bones don’t work for you. For most people the perfect house is simple. You’ll know it when you see it.

Looking too early or too late: Don’t waste your time looking at a lot of houses before you’re ready to buy. If you’re not ready to buy and you find the perfect house, it won’t be on the market anymore by the time you are ready and you’ll get a bad case of the “if-onlys.” And in today’s market, chances are good that the market conditions will change by the time you are ready, anyway. When you are ready, begin looking in earnest. You’ll be able to get the best of what’s available right now and won’t worry about what could have been. But don’t wait too long, either.  Buying in a rush creates stress and may make you feel pressure to buy something that isn’t ideal. A good rule of thumb is to start your search 3-6 months before your desired move.

Waiting for the bargain/lowballing: Looking for a good deal isn’t a feasible strategy in this market. Inventory is tight and bargains are few. Expect to pay fair market price and don’t expect a lot of negotiation. Sellers won’t work with you readily if you start out with an offer that’s too low, anyway. When you find the house you like, have your MetroTex REALTOR show you how much similar properties sold for in the area and expect to pay something along those lines. But don’t overbid, either. Banks won’t write a loan for more than the house is worth according to their appraisers. Unless you’ve got a lot of extra cash lying around to cover the difference, don’t creating closing nightmares by offering too much.

Not being straight with your agent: Don’t worry about offending your MetroTex Realtor if you don’t like the house. We probably don’t own the house, didn’t design it or build it. And we know that it’s a personal decision for you. After all, we’re not planning on moving in with you. Give your honest feedback so we can help you refine your search and let the sellers know if they could do something to make the house more attractive to buyers.

www.PattiLee.Properties

EMAIL ME