Buying a starter home is the big first step in home ownership. However, today’s volatile financial climate means your starter home may remain your residence longer than intended. You could spend up to a decade in this first home, so shop with an eye toward the future.

Get as much house as you can afford, and the key word here is afford•don’t overextend yourself. Stick with an amount that’s reasonable.

Needs Outweigh Wants
Forgo the fancy amenities and direct those dollars toward features that will serve you over the next ten years. If kids could be in your future, choose a home with extra bedrooms. If you’re buying your first home later in life, secure a home with an in-law suite to prepare for a resident elder parent. The square footage won’t be wasted, as these rooms can serve as exercise, craft or office spaces until your household expands.

Make Quality a Top Priority
A well-maintained property with strong structural integrity is a smarter choice than a lesser-quality property sporting crown molding or other decorative details. Choose a house that is built to endure the years without putting you through an expensive re-roofing job or other pricey task. Big-ticket items like plumbing, wiring and the home’s water heater should all be in good repair and up to code, as should fire safety features. A professional home inspection will reveal the true condition of a property and help provide a forecast of what to expect in coming years.

Think About Location Over the Long-term
Investigate the local schools and services available to make sure you’ll have what you need nearby for the long haul. Research the neighborhood for the ratio of owners to renters, determine the number of foreclosures filed over the last few years and note the overall maintenance levels of homes in the area. Consider homeowner association fees and whether a delinquency in homeowners’ payments of those fees is an issue.

If you choose to improve the property, focus on updating rooms that pay back the most when reselling. Kitchens and bathrooms are the top spots for recouping investment dollars, especially when renovated for energy efficiency.

 

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The “BEST” investment on Earth is earth. We sell earth and people dig that!

When your home is on the market, you want to give it every advantage, yet reserve enough funds for your new home. Let’s assume you’ve painted the walls and trim•arguably the best use of your money when selling your home. These ideas go a bit beyond, yet are easy on the budget.

Kitchen and Bathroom 911
Painting cabinets goes a long way to brighten up a kitchen or any storage area. If you DIY, read up on painting materials and techniques, but don’t be too intimidated. It is a time-consuming task, but well worth the smashing results in a whole-room makeover. But before you slather on the paint, ask yourself if it really needs it•it may be better to leave it alone and focus on other small touches, like updating the hardware, livening up the kitchen backsplash (tile, bead board, or anything with subtle texture makes a big difference), or switching out the faucet.

Task Lighting Works
Pendant lights over a kitchen island, recessed lighting in the living room•these small details are subtle yet brilliant changes that affect the whole room. The cost of fixtures and an electrician may set you back several hundred dollars, so focus on kitchen and bathrooms first, then the living area.

Storage, Storage, Storage!
Everyone loves having more than adequate storage. If you’re an average carpenter, a whole-wall shelving unit should be a piece of cake. Not sure where your money is best spent? Find out by asking your real estate agent.

Prepare a Grand Entrance
First impressions are so important, especially when selling a home. Plant a few shrubs in the front of the house, paint the door in a coordinating, eye-catching color, spruce up hand railings, hang or set out potted plants on the porch, paint the entryway, buy a decorative mirror (so prospective buyers can “see” themselves in your home from the moment they enter), and set out a brand new welcome mat.

It may be best to devote your funds toward a glaring need, such as worn-out flooring. If your funds are limited, consult your real estate agent for help in prioritizing the needs of your home.

 

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The “BEST” investment on Earth is  earth.  We  sell earth and people dig that!

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Kitchen renovations are costly. If you’re undertaking a kitchen remodel, make sure you spend your money wisely. The National Kitchen & Bath Association surveyed 100 designers to discover the top kitchen design trends of 2011. Here’s a guideline of where to splurge and where to save.

Chill:  French door fridges are more popular now than ever before; NKBA designers installed them in 78 percent of their kitchen renovations. Freezer-top fridges are all but extinct; if French door fridges don’t work in your space, freezer-bottom and side-by-side units are better options. Wine fridges, meanwhile, are losing popularity. Instead of spending your budget on a wine fridge, incorporate simple wine racks into your cabinetry.

Storage:  When it comes to small appliances, it’s best to keep them in view. Designers specified appliance garages in only 20 percent of their kitchen remodels, proving this once-popular trend is quickly becoming a fad. Garbage should be hidden from view, preferably in a specialized trash and recycling pullout. Eighty-nine percent of kitchen renovations featured these smart waste solutions.

Cook:  Space is valuable, even when it comes to ovens. The demand for double-wall ovens rose, while the demand for single-wall ovens dropped. Gas cooktops still reign supreme in the kitchen, but electric and induction are increasing in popularity. Ranges, meanwhile, seem to be falling out of favor, specified by only 68 percent of designers, down from 81 percent a year ago.

Cabinets:  Traditional-style cabinetry is timeless, explaining its appeal. And while it remains the most popular door style, some designers are turning to more modern styles, like Shaker and contemporary. As for colors, dark cabinetry is a designer favorite. Medium-natural, glazed, and white-painted finishes are an excellent alternative for kitchens lacking in natural daylight. But stay away from distressed finishes; only specified by five percent of designers, this finish may soon look outdated.

Choosing finishes and appliances can be stressful, so take the guesswork out of the process. Incorporate these top trends into your kitchen design for a space that will appeal to you, your family, and any future buyers.

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According to the latest housing trends, the days of the McMansions have passed. Rather than acres of sprawl to care for, today’s savvy buyers are far more interested in a little patch of heaven to call home.

And they want it in pristine condition. These buyers aren’t interested in fixer-uppers. They want well-maintained smaller properties, to avoid potential big ticket expenses in the future. Smaller properties also require less heating and cooling, and their smaller yards require less maintenance. These are all factors today’s buyers are weighing as they shop for a home.

The purchase price is very important, too. The current housing market puts buyers in a great position to negotiate for the best deal. Even reasonable asking prices are being answered with counter-offers at lower price points, and some buyers are asking for (and getting) little extras thrown in to sweeten the deal.

Small but SpectacularInstead of buying more square footage, buyers are allocating funds to set the scene indoors, creating comfortable and efficient spaces to enjoy. They’re seeking energy efficient and eco-friendly solutions to further maximize their investments. Smart, multi-purpose furnishings are being incorporated into their homes, allowing rooms to serve multiple needs. Whole lines of multi-functional furnishings have sprung up due to this strong demand.

Style won’t be sacrificed for space. Buyers are making the most of their compact dwellings with bright, cheery colors and creative designs. They are filling their homes with upgraded features typically found in large, upscale homes, preferring a limited number of top-quality items over a large collection of cheaper alternatives. Granite countertops are chosen over laminate, and natural finishes throughout are prized by buyers. Besides creating a more enjoyable residence, such choices hold their value and may also help to realize a nice profit at resale time.

Take It OutsideOutdoor canopies add space and privacy with affordable elegance and increase the home’s effective usable space without needing to pay for more structural square footage. As people are foregoing lavish vacations, they’re creating their own little getaway spots right at home. They’re exchanging their travel dollars for long-lasting appointments like built-in gas barbecues and fashionable but durable outdoor furnishings.

Attractively priced, smaller properties in excellent condition, appointed with eco-friendly, energy efficient features, and boasting natural finishes and outdoor spaces will surely draw the interest of today’s home buyers.

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Has the Market Stabilized?http://www.GetMyMarketSnapshot.com – Best Customized Real Estate Reports for Metro Atlanta. Are you wondering if the Real Estate Market has Stabilized in your area? Would you like to know how much homes actually SOLD for in your neighborhood? Would you like to gauge how the current Real Estate Market is trending? FIND THIS INFORMATION AND MUCH MORE BY SIGNING UP FOR YOUR COMPLIMENTARY MARKET SNAPSHOT REPORTSimply go to http://www.GetMyMarketSnapshot.com and sign up for a FREE Market Snapshot Report and receive your custom report within minutes!!	Click Here
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When it comes to credit history and credit score, renting doesn’t get much respect. Unlike homeowners whose credit benefits from on-time mortgage payments, renters don’t see any positive effects on their credit from making rent payments on time. But that’s starting to change.Experian  now is including rental payment histories in its credit reports and scores. That’s because it recently bought RentBureau, a credit bureau that receives rental payment histories from apartment owners and managers.The database includes more than 8 million renters “ just a fraction of the nation’s 96 million renters. But those included in the database who make on-time rent payments now have a way to improve their Experian credit score. “Given that one-third of the U.S. population rents, we felt it was imperative to reflect the true creditworthiness of those individuals who responsibly pay their rent,” said Brannan Johnston, vice president and managing director, Experian RentBureau.In the past, only negative information about renters (such as evictions) has been reported to the credit bureaus, says Bill Hardekopf, CEO of LowCards.com and author of  The Credit Card Guidebook. Experian and RentBureau now give apartment owners incentives to report rental payment histories because, in return, they get access to a large database to screen applicants. To find out if your rental payments are being reported, ask your apartment manager.Reprinted with permission. All Contents ©2011 The Kiplinger Washington Editors.  www.kiplinger.com    By Cameron Huddleston,  Kiplinger.com

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Has the Market Stabilized?http://www.GetMyMarketSnapshot.com – Best Customized Real Estate Reports for Metro Atlanta. Are you wondering if the Real Estate Market has Stabilized in your area? Would you like to know how much homes actually SOLD for in your neighborhood? Would you like to gauge how the current Real Estate Market is trending? FIND THIS INFORMATION AND MUCH MORE BY SIGNING UP FOR YOUR COMPLIMENTARY MARKET SNAPSHOT REPORTSimply go to http://www.GetMyMarketSnapshot.com and sign up for a FREE Market Snapshot Report and receive your custom report within minutes!!	Click Here
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The Remodeling Cost Vs. Value Report 2010-2011 ranked 35 remodeling projects based on how much money they recoup; in other words, how much of the initial investment a homeowner can expect to earn back when the house goes up for sale. Which renovations are worth your time and money?  Curb appeal is more important now than ever before.The report states that outdoor upgrades recoup more money than interior renovations. If you only complete one renovation, make sure you replace your old front door with a steel entry door; this project on average recoups 102.2 percent of renovation costs. Garage doors also make the list of wise investments, recouping from 69.8 to 83.9 percent. Other money-smart renovations include siding replacement and wood window replacement, each recouping up to 80 percent and 72.4 percent, respectively.

Rather than add on, make use of wasted space.Inside the home, it wasn’t kitchen and bathroom renovations that brought in the money. Rather, the two projects that best retain their value for resale are attic renovations and basement remodels, recouping 72.2 percent and 70 percent, respectively. These two projects take advantage of a home’s existing square footage, proving that it’s more cost effective to work with the space you have, rather than add square footage with an extension.

Non-essential features have less resale value.Three renovations retain significantly less value upon resale: sunroom additions, which recoup 48.6 percent of renovation costs; home office remodels, which recoup 45.8 percent; and backup power generators, which recoup 48.5 percent. Unlike front entry doors and windows, these renovations are not necessary; a house doesn’t need a home office to still function as a house. Their value depends largely upon what a homebuyer wants and needs in a home. Some homebuyers don’t want sunrooms, and most homebuyers in urban areas don’t need backup generators. The less demand there is for a certain type of renovation, the less its resale value.

Spend less to earn more.Another surprising finding of the report disproves the old adage, “You have to spend money to make money.” When it comes to home renovations, you have to save money to make money. An affordable renovation usually recoups more of the initial investment than a costly one. The report found that a minor $20,000 kitchen upgrade recoups 72.8 percent of renovation costs, but a more expensive $58,000 kitchen remodel only retains 68.7 percent of its value on resale. A wood deck with a price tag of $10,000 will recoup 72.8 percent, but a composite deck that costs $5,000 more will only recoup 66.2 percent. A steel entry door will make you money, retaining 102.1 percent of its value, but a more expensive fiberglass door will only recoup 60 percent of your investment.

When you remodel a space, you are making an investment. And like any investment, you should do your research before you pull out your checkbook. Contact your local real estate agent to find out if a renovation you’re considering will retain its value in your neighborhood.

To learn more, read the Remodeling Cost Vs. Value Report 2010-2011 online at www.remodeling.hw.net/2010/costvsvalue/national.aspx

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Has the Market Stabilized?http://www.GetMyMarketSnapshot.com – Best Customized Real Estate Reports for Metro Atlanta. Are you wondering if the Real Estate Market has Stabilized in your area? Would you like to know how much homes actually SOLD for in your neighborhood? Would you like to gauge how the current Real Estate Market is trending? FIND THIS INFORMATION AND MUCH MORE BY SIGNING UP FOR YOUR COMPLIMENTARY MARKET SNAPSHOT REPORTSimply go to http://www.GetMyMarketSnapshot.com and sign up for a FREE Market Snapshot Report and receive your custom report within minutes!!	Click Here
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Housing sector statistics continue to strengthen.  December Existing Home Sales rose 12%  from November to an annual rate of 5.28 million units.  The inventory of unsold existing homes declined 4% to an  8.1-month supply.    First-time buyers purchased 33% of existing home sales.  December Housing Starts fell 4% from November, but  December Building Permits, a leading indicator,  rose 17% to the highest level since March.  The performance of the housing market varied in different regions, but to see improvement on the national level is encouraging.

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Has the Market Stabilized?http://www.GetMyMarketSnapshot.com – Best Customized Real Estate Reports for Metro Atlanta. Are you wondering if the Real Estate Market has Stabilized in your area? Would you like to know how much homes actually SOLD for in your neighborhood? Would you like to gauge how the current Real Estate Market is trending? FIND THIS INFORMATION AND MUCH MORE BY SIGNING UP FOR YOUR COMPLIMENTARY MARKET SNAPSHOT REPORTSimply go to http://www.GetMyMarketSnapshot.com and sign up for a FREE Market Snapshot Report and receive your custom report within minutes!!	Click Here
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Just a few years ago the condo market in Atlanta was so hot that many builders jumped into the market and started building all over the city. Consequently, over the last few years we have had a glut of properties and an economic downturn and the condo market looked pretty grim. But it may be coming back thanks to some big investments by a few real estate investment firms. Many of properties in Atlanta were not marketable in their current condition but now have been given various upgrades to bring them up to market standard. Also many of the units were in largely empty buildings so HOA fees were insufficient to cover the building expenses.  Complex value look pretty bad when two dozen identical units in the same building went unsold. But now because of the investments by the big firms like Starwood Capital and others, there are several buildings where a  buyer can trust that the building and HOA will remain solvent and that the new owners will be there for a long time. So if you wanted a condo and a deal but were worried about the properties value over the next few years then things are looking up. Contact us to find out more.

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Has the Market Stabilized?http://www.GetMyMarketSnapshot.com – Best Customized Real Estate Reports for Metro Atlanta. Are you wondering if the Real Estate Market has Stabilized in your area? Would you like to know how much homes actually SOLD for in your neighborhood? Would you like to gauge how the current Real Estate Market is trending? FIND THIS INFORMATION AND MUCH MORE BY SIGNING UP FOR YOUR COMPLIMENTARY MARKET SNAPSHOT REPORTSimply go to http://www.GetMyMarketSnapshot.com and sign up for a FREE Market Snapshot Report and receive your custom report within minutes!!	Click Here
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DecaturLived in Atlanta your whole life? Never been to Decatur? Here is what you’re missing: Decatur is know throughout Atlanta for its great food and bars all of which are set in a tightly knit area around the city square. Starting with beer Decatur has the Brick Store Pub, a place with more varietys of beer than a Taco Mac or a Gordon Biersch could imagine. It is set on the square right across from the old courthouse and patrons can sit on two levels, both with a full bar, comfortable boothes and of course a huge crowd many nights of the week. Across from Brick Store Pub on the square is a highly authetic Sushi Avenue with delicous platters of everything Japanese. Seating is both inside and outside on the square where people watching is a must. Moving on down the street you will find Twains, an institution in Decatur where pool and beer brewed in house are the king. In this king of bars you will find pool, darts, shuffleboard and other games perfect for a night out among the crowd. Finally there is the Thinking Man’s Pub, a smoke free place (like all Decatur bars) to sit back, drink a few beers and play one of their numerous board games in a relaxed setting. All of this is just a small sample of what Decatur has to offer and why it is one of Atlanta’s great places to live. Housing is abundant and options are varied.

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Has the Market Stabilized?http://www.GetMyMarketSnapshot.com – Best Customized Real Estate Reports for Metro Atlanta. Are you wondering if the Real Estate Market has Stabilized in your area? Would you like to know how much homes actually SOLD for in your neighborhood? Would you like to gauge how the current Real Estate Market is trending? FIND THIS INFORMATION AND MUCH MORE BY SIGNING UP FOR YOUR COMPLIMENTARY MARKET SNAPSHOT REPORTSimply go to http://www.GetMyMarketSnapshot.com and sign up for a FREE Market Snapshot Report and receive your custom report within minutes!!	Click Here
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The American Bungalow, or Craftsman home, grew out of the Arts and Crafts Movement of the late 19th century. The movement rejected the Industrial Revolution’s increasingly ornate machine-made products and the overly decorated, impractical architecture of the Victorian era. The word “bungalow” originates in India and refers to a simple, low-built structure with porches on the outside. The American Bungalow emphasized a visibly sturdy structure, clean lines, natural materials, simplicity and efficiency. Use of space was maximized by clustering the kitchen, dining area, bedrooms and bathrooms around a central living area. The American Bungalow also reflected a changing America ” members of a growing middle class who sought an affordable home of their own where they could raise a family. This meant a floor plan integrating the kitchen with the common areas providing easy sight lines of the dining and living rooms so one could easily watch the children while preparing meals. The American Bungalow was immensely popular. Kit homes that suppliers could ship anywhere in the country led to “bungalow mania” in the 1910s and 1920s. Sears was the most prominent supplier of these kits and reportedly sold more than 100,000 homes between 1908 and 1940. Sears bungalows are now highly prized by bungalow enthusiasts. The American Bungalow has a distinctive style: a low, gently slopping roof, usually one story (some Bungalows have attics and dormer windows), wide overhanging eaves, exposed rafters (rafter tails), an incised porch (set beneath the roof) and tapered or square pillars (corbels) supporting the roof. Throughout the interior, designers showcased the wooden craftsmanship with exposed beam ceilings and built-in cabinetry, shelves and benches.

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Has the Market Stabilized?http://www.GetMyMarketSnapshot.com – Best Customized Real Estate Reports for Metro Atlanta. Are you wondering if the Real Estate Market has Stabilized in your area? Would you like to know how much homes actually SOLD for in your neighborhood? Would you like to gauge how the current Real Estate Market is trending? FIND THIS INFORMATION AND MUCH MORE BY SIGNING UP FOR YOUR COMPLIMENTARY MARKET SNAPSHOT REPORTSimply go to http://www.GetMyMarketSnapshot.com and sign up for a FREE Market Snapshot Report and receive your custom report within minutes!!	Click Here
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Keller Williams Realty Named Highest Ranked in Home Buyer Satisfaction

by J.D. Power and Associates for Third Straight Year

AUSTIN, TEXAS (July 30, 2010) ”According to the J.D. Power and Associates 2010 Home

Buyer/Seller StudySM, Keller Williams Realty, Inc., the third largest real estate company in the

United States, has received the highest overall satisfaction ratings from home buyers among

the largest full-service real estate firms for the third year in a row. The company also ranked

second among home sellers in the study for the second year in a row.

œWe are incredibly proud of our associates for earning this distinction and want to thank them

for their commitment to their clients and communities, said Mark Willis, CEO of Keller

Williams Realty. œWe see this honor as demonstration of our company philosophy that it is the

agent™s brand that matters most and no amount of money spent on advertising can replace

the influence and reputations our agents have in their local communities. Our associates

have earned this on their own, by building relationships in their communities.

The study was produced by J.D. Power and Associates to measure home buyers and sellers

customer satisfaction. The results of the home-buying experience were determined by three

factors including the buyer™s experience with their agent, the real estate office and a variety of

additional services. Keller Williams Realty performed particularly well in the agent and office

factors. And, overall satisfaction of buyers for the industry was up over last year.

Additionally, the study noted that the importance of real estate agents has increased

substantially in the past year, with buyers and sellers relying on the negotiating skills of their

chosen agent and help in navigating the market.

œIt is thrilling to see our firm, once again, get public recognition for its incredible focus on

customer satisfaction from such a prestigious group. Our associates continually demonstrate

that it is possible to deliver the highest level of customer service in one of the toughest real

estate markets on record, said Mary Tennant, president and COO of Keller Williams Realty.

œWe feel incredibly fortunate to be in business with them, and want to congratulate them on

their hard work and dedication.

In the past year, Keller Williams Realty has continued to grow despite the well-publicized

turmoil in the real estate industry. In addition to becoming the 3rd largest real estate company

in the U.S., surpassing RE/MAX ®, Keller Williams Realty was ranked as the No. 1 real estate

franchise on the 31st Annual Franchise 500 list by Entrepreneur magazine and was voted the

Most Recognizable Brand of Real Estate Franchises and the Trendsetter of the year for 2009

in an industry-wide survey for the Swanepoel TRENDS Report.

About Keller Williams Realty, Inc.:

Founded in 1983, Keller Williams Realty Inc. is the third-largest real estate franchise operation in the United

States, with 681 offices and more than 79,000 associates in the United States and Canada. The company,

which began franchising in 1990, has an agent-centric culture that emphasizes access to leading-edge

education and promotes an economic model that rewards associates as stakeholders and partners. The

company also provides specialized agents in luxury homes and commercial real estate properties. For more

information, or to search for homes for sale visit Keller Williams Realty online at (www.kw.com).

 

New Obeo Homesite Listing in Atlanta, GA for $350,000! 3 Bdr 2 Bth

 

 

 

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Check out EVERY listed home throughout metro Atlanta!

 

 

 

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President Barack Obama signed Friday morning a three-month extension on the deadline for home buyers to obtain a federal home-buyer tax credit of up to $8,000.

Buyers now have until Sept. 30 to close on a home sale to be eligible for the credit. The closing deadline was originally June 30. To be eligible, buyers need a contract that was in place by April 30.The National Association of Realtors has estimated that about 180,000 otherwise eligible buyers were likely to miss out on the credit if the original deadline was upheld. It’s been difficult for some buyers to get their mortgages approved on time, as lenders work through a clogged pipeline of applications.

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	Previous Provisions	New Provisions
Effective Date	January 1, 2009	November 7, 2009
Deadline	Close before December 1, 2009	Contract signed before May 1, 2010, must close before July 1, 2010 Members of the uniformed services, foreign services, and intelligence employees who served an extended service of 90 days will have until April 30, 2011 and June 30, 2011.
Amount	First-Timers: maximum of $8,000 or 10% of sales price Prior Owners: $0	First-Timers: Unchanged Prior Owners: $6,500 if lived in prior home for at least 5 consecutive years of past 8 years
Income Limit	Individual: $75,000 Couple: $150,000	Individual: $125,000 Couple: $225,000
Other Restrictions	Home must be primary residence for at least 3 years. If home is sold or buyer moves before 3 years, must re-pay full $8,000.	Buyer must be at least 18 years old and not classified as a dependent for tax purposes Home must cost less than $800,000 Home must be primary residence for at least 3 years. If home is sold or buyer moves, before 3 years, must re-pay full amount of credit. Exception for military, foreign services, or intelligence with extended 90 days service overseas.
How to claim	If purchased in 2009, by amending 2009 tax return or claiming on 2010 tax return	If purchased in 2010, by amending 2010 tax return or claiming on 2011 tax return

 

Earlier this year, KW Research conducted a study of first time-buyers and here™s a few of the findings:

1. The median age was 28, significantly down from where it was four years ago at 32.
2. Location or Neighborhood was the No. 1 œmust-have for 36% of buyers.
3. 25% saw 5 or less homes before writing an offer, the average buyer saw 10 homes.
4. 2 out of 5 first-time buyers purchased a distressed property.
5. 2 out of 3 sellers paid at least part of the buyer™s closing costs.
6. 1 in 4 had help from their family for the down payment.

If you™re interested in learning more about the new tax credit or about homes in your area, give us a call today.

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Realisation Staircase
This modern staircase was made from a 10mm thick metal sheet. Each of the adjoining steps is connected with a slanting external side beam that forms a bracket attached to the wall. With a concept of a delicate rippling ribbon is definitely one of the most unique and thinnest staircases ever seen. It was created by HSH and it is now in one the contemporary houses in Liben, Prague. Although this original piece might look fragile, each of its brackets is constructed as a firm frame, so it is sturdy enough to carry weights.

(Link | Photo)

Slide Staircase

This creative slide next to the staircase was designed by London architect Alex Michaelis at the request of his children. Not only it adds originality but a lot of fun to their new eco-friendly dream home. In the picture, one of the children throwing caution to the wind and diving head first down the slide. According to Michaelis even grown-ups can’t resist skipping the stairs. “We’ve been known after a big dinner party to use the slide, he said. Creativity, originality and fun, what a perfect combination! (Link)

Suspended Staircase

Now, that is an awesome staircase! These original “floating” stairs were designed by Florence architect Guido Ciompi for The Gray Hotel in Milan, Italy.Thumbs up for the designer! (Link)

Samlot Staircase

From the looks of these stairs, created by Spanish designer Jordi Vayreda, you might think only cats could make it to the top. They certainly don’t look like they’d support the weight of a human. But, Vayreda confirms that they can support 200 kilograms (over 440 pounds). œSteel is the material which we use to construct the staircases, 100 mm thick and each of them is welded to a 250 mm thick beam.” (Link)

Glass Staircase

Check out these glass stairs. Forget about scuff marks and smudges, these are so cool! (Link)

Staircase at XXS House

What is so special about this staircase? Well, the design required remarkably little material and still functions as a regular set of stairs. It was created by Architect Dekleva Gregoric’s for an eXtra-eXtra-Small house located in a little historic town in Slovenia. Its dimensions were dictated by law to fall within the measurements of the preexisting house on the site, leaving just 43m-sq (approx 460ft-sq) of potential space. If good things come in small packages, then the XXS house is as good as it gets! (Link)

Bookshelf Staircase

This œsecret’ staircase belongs to a London Victorian apartment, where it is hidden from the main reception room, to access a new loft bedroom lit by roof lights. It was designed by Tom Sloan at Levitate Architects, who came up with a neat solution to a storage problem . (Link)

Floating Staircase

Those two amazing sets of stairs are from the Didden Village project by Dutch architectural firm MVRDV. The project itself is a rooftop addition in Rotterdam, Netherlands. (Link)

Space-saving Staircase

These steep and narrow stairs occupy a space hardly bigger than a closet, and were made of economical pine boxes. When designing it, creative Swedish architects at Stockholm-based TAF Architect Office, went for both an aesthetically pleasing and affordable creation. (Link)

Rolling Staircase

This spiral staircase appears to lead to nowhere as it was installed as a part of Milan’s exposition aimed to show that decor objects can be artworks.The ‘Rolling’, designed by Roberto Semprini for Edilco, draws inspiration from the ergonomic forms of natural rocks smoothed by water. The stairs look like giant river stones, but they are actually concrete blocks polished to perfection. (Link)

Hanging Staircase

Take a look at these treads that don’t even touch. Anglo-Canadian architects Christopher Blencowe and Judith Levine seem to have taken the phrase “tread lightly” literally with this design. This really looks like an interesting solution to a standard problem in renovations and additions. Doesn’t it? (Link)

Foldable Staircase

This originality was thought not only as a foldable staircase but as a ˜redefined door’. According to its creator, industrial designer Aaron Tang, it is œan element of a wall that allowed passageway to another environment when opened and restricted passageway when closed. Using just hinges and pistons, thestaircase can fold up a wall to expand space on the lower level or restrict access to the upper level. It was designed to be closed or opened from upstairs and downstairs. (Link)

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Our Loan Officer Jim Greenie of TriStone Financial provided us with the following update.

First Time Homebuyer Tax Credit Extended Into 2010!
Plus¦A New Tax Credit for Certain Existing Home Owners!

 

It’s official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.

 

In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.

 

So Who Gets What?
The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.

 

Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

 

Deadlines
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

 

Higher Income Caps in Effect
The amount of income someone can earn and qualify for the full amount of the credit has been increased.

 

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.

 

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

 

Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sales price of $800,000.

 

First-Time Homebuyer Tax Credit “ Frequently Asked Questions
Here are answers to some commonly asked questions about the tax credit.

 

What is a tax credit?
A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence.

 

What is the tax credit for first-time homebuyers (FTHBs)?
An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.

 

Who is eligible for the FTHB tax credit?
Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.

 

As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.

 

How do I claim the credit?
For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).

 

Can you claim the tax credit in advance of purchasing a property?
No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.

 

Can a taxpayer claim a credit if the property is purchased from a seller with seller financing and the seller retains title to the property?
Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Examples of this would include a land contract, contract for deed, etc. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property.

 

Are there other restrictions to taking the credit?
Yes. According to the IRS, if any of the following describe your situation, a credit would not be due.

 

• You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
• You do not use the home as your principal residence.
• You sell your home before the end of the year.
• You are a nonresident alien.
• You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.)
• Your home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.)
• You owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2009, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2006, through July 1, 2009.

Can you buy a home from a step-relative and be eligible for the credit?
Yes. Provided the person you are buying a home from is not a direct blood relative, the purchase would be allowed.

 

Can parent(s) who will not live in the property cosign for a mortgage for their child and the child that is a qualifying FTHB still be eligible for the credit?
Yes.

 

Can a separated spouse who has not owned a home for four years qualify for the FTHB tax credit if the spouse has owned a property anytime in the last three years?
No. However, the spouse may be eligible for the repeat buyer credit. The best path to take in any situation regarding income taxes is to speak with a professional tax preparer or CPA. Contact Jim if you have ANY questions about the tax credit.

Jim Greenie
Principal/Mortgage Planner
TriStone Financial
Phone: (678)336-5060
Fax: (678)336-5160
jgreenie@tristonefinancial.com

www.tristonefinancial.com

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1. Who is eligible to claim the $6,500 tax credit?
   Qualified move-up or repeat home buyers purchasing any kind of home are eligible to claim this credit.
2. What is the definition of a move-up or repeat home buyer?
   The law defines a tax credit qualified move-up home buyer (œlong-time resident) as a home owner who has owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.
3. How is the amount of the tax credit determined?
   The tax credit is equal to 10 percent of the home™s purchase price up to a maximum of $6,500. Purchases of homes priced above $800,000 are not eligible for the tax credit.
4. Are there any income limits for claiming the tax credit?
   Yes. The income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) above those limits. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
5. What is œmodified adjusted gross income?
   Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine “adjusted gross income” or AGI. AGI is total income for a year minus certain deductions (known as “adjustments” or “above-the-line deductions”), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and the first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.To determine modified adjusted gross income (MAGI), add to AGI certain amounts of foreign-earned income. See IRS Form 5405 for more details.
6. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
   Possibly. It depends on your income. Partial credits of less than $6,500 are available for some taxpayers whose MAGI exceeds the phaseout limits.
7. Can you give me an example of how the partial tax credit is determined?
   Just as an example, assume that a married couple has a modified adjusted gross income of $235,000. The applicable phaseout to qualify for the tax credit is $225,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phaseout range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $6,500 by 0.5. The result is $3,250.Here™s another example: assume that an individual home buyer has a modified adjusted gross income of $138,000. The buyer™s income exceeds $125,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $6,500 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,275.Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.
8. How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008? How is this different than the rules established in early 2009?
   The previous tax credits applied only to first-time home buyers and were for different amounts of money.
9. How do I claim the tax credit? Do I need to complete a form or application? Are there documentation requirements?
   You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns (line 69 of the 1040 income tax form for 2008 returns).No other applications are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and repeat home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase. Home buyers must attach a copy of their HUD-1 settlement form (closing statement) to Form 5405 as proof of the completed home purchase.
10. What types of homes will qualify for the tax credit?
    Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.It is important to note that you cannot purchase a home from, among other family members, your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse™s family members. Please consult with your tax advisor for more information. Also see IRS Form 5405.
11. I read that the tax credit is œrefundable. What does that mean?
    The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $6,500 home buyer tax credit. As a result, the taxpayer would receive a check for $5,500 ($6,500 minus the $1,000 owed).
12. Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
    Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been œpurchased on the date the owner first occupies the house. In this situation, the date of first occupancy must be after November 6, 2009 and on or before April 30, 2010 (or by June 30, 2010, provided a binding sales contract was in force by April 30, 2010).In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date. Be sure to check with a tax advisor in cases where a HUD-1 form is not used at settlement to be sure you have sufficient documentation to attach to IRS Form 5405.
13. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
    Yes. The tax credit can be combined with an MRB home buyer program.
14. I am not a U.S. citizen. Can I claim the tax credit?
    Perhaps. Anyone who is not a nonresident alien (as defined by the IRS) and who has owned and resided in a principal residence in the United States for at least five consecutive years of the eight years prior to the purchase date can claim the tax credit if they meet the income limits. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. The IRS provides a definition of œnonresident alien in IRS Publication 519.
15. Is a tax credit the same as a tax deduction?
    No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $6,500 in income taxes and who receives an $6,500 tax credit would owe nothing to the IRS.A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $6,500 in income taxes. If the taxpayer receives a $6,500 deduction, the taxpayer™s tax liability would be reduced by $975 (15 percent of $6,500), or lowered from $6,500 to $5,525.
16. Is there a way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 or 2010 tax return?
    Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.Buyers should adjust the withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.In addition, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. As a result, some state housing finance agencies have introduced programs that provide short-term second mortgage loans that may be used to fund a downpayment. Prospective home buyers should check with their state housing finance agency to see if such a program is available in their community. To date, 18 state agencies have announced tax credit assistance programs, and more are expected to follow suit. The National Council of State Housing Agencies (NCSHA) has compiled a list of such programs, which can be found here.
17. HUD allows œmonetization of the tax credit. What does that mean?
    It means that HUD will allow buyers using FHA-insured mortgages to apply their anticipated tax credit toward their home purchase immediately rather than waiting until they file their 2009 or 2010 income taxes to receive a refund. These funds may be used for certain downpayment and closing cost expenses.Under the guidelines announced by HUD, non-profits and FHA-approved lenders are allowed to give home buyers short-term loans. The guidelines also allow government agencies, such as state housing finance agencies, to facilitate home sales by providing longer term loans secured by second mortgages.Housing finance agencies and other government entities may also issue tax credit loans, which home buyers may use to satisfy the FHA 3.5 percent downpayment requirement.

    In addition, approved FHA lenders can purchase a home buyer™s anticipated tax credit to pay closing costs and downpayment costs above the 3.5 percent downpayment that is required for FHA-insured homes.

    More information about the guidelines is available on the NAHB web site. Read the HUD mortgagee letter (pdf) and an explanation of the FHA Mortgagee Letter on Tax Credit Monetization (pdf). An FAQ about monetization (pdf) is available at the NAHB web site.

18. If I™m qualified for the tax credit and buy a home in 2009 (or 2010), can I apply the tax credit against my 2008 (or 2009) tax return?
    Yes. The law allows taxpayers to choose (œelect) to treat qualified home purchases in 2009 (or 2010) as if the purchase occurred on December 31, 2008 (or if in 2010, December 31, 2009). This means that the previous year™s income limit (MAGI) applies and the election accelerates when the credit can be claimed. A benefit of this election is that a home buyer in 2009 or 2010 will know their prior year MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.Taxpayers buying a home who wish to claim it on their prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should consult with a tax professional to determine how to arrange this.
19. For a home purchase in 2009 or 2010, can I choose whether to treat the purchase as occurring in the prior or present year, depending on in which year my credit amount is the largest?
    Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in the present year and a larger credit would be available using the prior year MAGI amounts, then you can choose the year that yields the largest credit amount.

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Transform Unused Basement Space.

There are many charms about the Atlanta metro area. One is that we are a southern city filled
with basements.
There are a number of reasons for homeowners to convert their raw basement space into livable
quarters, virtually all of which will increase the home™s value.
Among the reasons for renovating the basement to increase the size of the home: expand or
create entertainment space, make a children™s playroom or additional bedroom, add a bathroom,
open a home theater, open an at-home fitness center, create a library, or add a wet/dry œpool
house or œoutdoor room.
Reasons for transforming a basement to create a separate space are: a guest or in-law suite, a
semi-private home office, a garage and a rentable apartment.
There are a number of issues that need to be addressed when planning a basement conversion.
First and foremost, a budget should be set. The budget should encompass not only your ability
to pay for the renovation but what the resale market will bear. Next, financing should be
arranged. Options include a home equity loan, separate loan or simply paying for the
renovations.
Beyond financial issues, consider electrical, climate and temperature, sunlight and adding
windows, plumbing, drainage and mold, additional phone lines, a separate entrance, and a
separate kitchen.
Since most basement conversions are usually fairly large projects, we recommend that a
remodeling professional handle the job. Basement renovations that failed to use quality
construction techniques and interior design expertise can actually negatively impact your home™s
resale value. If you are creating a space to be a part of the main home, consistency is key.
Atlanta Basement Builders recommends on their Web site, œOur style is a uniform look from the
upstairs of the home to the basement creating a seamless effect.
Another local basement specialist, Atlanta Basement Finishers™ Web site notes, œOne thing is
essential for every project: a good design. We offer suggestions¦materials you may not know
about, and help you avoid costly mistakes that result from a poor design.
Be sure to find a licensed, bonded and insured contractor for your renovation. The architectural
planning process will enable a wide variety of creative options to emerge. Proper permitting and
inspections should be obtained. Many contractors will provide free estimates and financing.
Don™t expect to able to work alongside them to reduce costs, however. (Just remember how
much time it takes you to manage and teach people at your place of work!)
Whatever the reason for transforming your basement, you can be sure that it will add to the
enjoyment and use of your home for years to come.

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August 29, 2009

If you are or have a friend who is thinking about buying a home and taking advantage of the $8,000 first-time home buyer tax credit, then there are some facts you need to know, and we need to talk today. Especially since everyone and their little brother/sister knows about the current affordability index¦ more on that below. And this isn™t just information for my real estate clients in Atlanta, but for any home buyer  out there across the USA!

Home Buyer Tax Credit info you should know:

• There is a deadline: December 1st, 2009 (Tuesday after Thanksgiving)
• The income caps for the full $8,000:

Individual Filers with a modified AGI of $75,000 (then prorated up to $95k)
Joint Filers with a modified AGI up to $150,000 (then prorated up to $170k)

• First-timers are defined as someone who has not owned a home in the last 3 years
• Primary residence only (main home)
• A fast transaction from contract to closing is 30 days
• Most lenders suggest giving FHA loans a 45 day window
• Thanksgiving is November 26th
• The Fairfax County Courthouse is closed November 26th and 27th .
• If rates change, your lender may have to give you a new estimate with a new review period.

So your strategy needs to start right now because we are seeing multiple offers on many places as buyers are rushing to beat the Home Buyer Tax Credit deadline. Work the time frame backwards for a minute because the big œcrush on mortgage companies will probably come at the end of November (code for delays). We’re going to feel a bit uncomfortable if settlement is after the 19th and will advise you of the risk. With many loans today being of the FHA variety, lets move back another 45 days meaning you need a ratified contract by early October!

So what is this affordability index? Prices are down about 15% since last year, and 30-year fixed rates that were at 6.5% last year are now lower than you may think.

For IRS details, consult Form 5405.

Time is passing quickly and we should be discussing a game plan right now or you may just miss the Home Buyer Tax Credit for 2009. Our contact information is on the right side of this page.

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We spend lots of time, energy and money making our lawns beautiful and userfriendly.
Here are some tips for making them environmentally friendly as well.
1. Mulch Your Grass Clippings when possible – Grass clippings contain valuable
nutrients taken right out of your soil. So isn’t it odd that we gather our grass
clippings in bags and ship them off to a land fill somewhere on the other side of the
county?
Did you know that mulching your grass and leaves can save you as many as two
fertilizer applications every year? Most lawn mowers come with a mulching blade
that chops grass and leaves into small pieces and deposits them right back into the
lawn.
Mulched leaves – especially sugar and red maple leaves – provide a degree of natural
weed control when mulched into the lawn. Sometimes it is not practical to mulch
your leaves because you have too many of them. But often it is – and it helps your
lawn too!
2. Plant trees, shrubs and flowers – You know that trees are good for the
environment. They help clean the air, return moisture to the air and provide shade
from the hot sun. Shrubs, flowers and bushes also have many benefits other than
just adding beauty. They help stimulate the soil, add bio-diversity to your yard, and
attract birds and other wildlife.
3. Use Fertilizer Wisely – Synthetic fertilizers almost always contain nitrogen and
phosphorous. Nitrogen is what your grass needs for healthy growth. Much of your
lawn’s nitrogen requirements can be supplied by mulching your grass each time you
mow it.
Phosophorous (the second number) is usually unnecessary for healthy lawns, and it
has some negative effects on the environment. Phosphorous that ends up in our
rivers, lakes and ponds stimulates plant growth which disrupts the habitat of fish and
other water life. Look for a fertilizer than has “0″ phosophorous.
Organic fertilizers may actually

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 current trend for your neighborhood or condo building.

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Starting a Compost Pile – Should You Consider One?

Having a compost pile keeps organic yard and household waste out of your local
landfill. It also creates a rich “natural” mulch for your flowerbeds and vegetable
garden.
Here is how to create your own compost pile:
1. Create a pile (without a container) in an out of the way corner of your yard. Or
you can, build a simple three-sided compost box about three feet tall and three feet
square. Adding a removable front to your box is a good idea too. A compost box will
allow you to pile up enough organic material so that heat builds up and
decomposition is accelerated.
2. Properly managing your compost pile will speed up the process. First, you should
regularly turn your compost over with a spade. Second you should keep it damp, but
don’t let it get soaked regularly. If you live in a dry climate you should spray your
pile with a hose every few days. If you live in a damp climate you may have to keep
it covered with a tarp between the application of moisture.
3. Your pile should be located where it can get some sun – in order to keep the
temperature up. Regardless of the season, the interior of your pile should be warm.
As the material decomposes it creates heat, so a warm interior indicates that it is
decomposing correctly.
4. Your pile should contain both “brown” and “green” components with about 2/3
being “brown”. Brown components are rich in carbon and include such things as
dried leaves, pine needles, spoiled hay, straw and paper. Green ingredients are rich
in nitrogen and include grass clippings, yard waste, coffee grounds, fruit and
vegetable kitchen waste.
5. Start with a 5 inch layer of brown components and then add a 2 inch layer of
green, and so on.
6. Don’t add meat waste to your pile because it will attract raccoons and other pests.
7. Don’t add chemically treated grass, cat litter, dog feces etc.
8. Putting weeds in the center of the pile is good because the heat will kill the seeds.
What a great way to get rid of all those weeds!
So go ahead and create your own compost pile. A properly managed compost pile
will start yielding good compost in between 4 and 10 months. Your neighbors will be
œgreen with envy.

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It’s often said that the American dream is to own a home with a yard and a white picket fence. In fact, it’s become a bit of a stereotype, especially here in metro Atlanta. But like many stereotypes, it is grounded in truth. Besides the sense of security, what makes owning a home so attractive is that, for most Americans, this is their entrée into the world of investing.

Why is homeownership such a good investment? Over time, as your mortgage balance decreases, your equity increases — even if the value of the home fails to follow. And equity means money you can quite literally take out of your home  to use as needs arise.

No matter how much rent you pay over the course of your lifetime, you never establish equity.   However, keep in mind that if the value of your home decreases, you could end up owing more than your house is worth.

In addition to equity, you can benefit financially from home ownership because of the tax breaks. Homeowners can claim federal mortgage interest deductions that aren’t available to renters.

In addition, the profit you get from selling your home may be exempt from the capital gains tax you would pay on profits earned from an ordinary investment.

Under the current tax code,  a married couple filing jointly  can pocket up to $500,000 of gain without owing any federal income taxes from a home sale if they have owned and used the home as a principal residence for two out the previous five years. Unmarried or married taxpayers filing separately can pocket a gain of up to $250,000 without owing any federal income tax.

Homeowners can also leverage their real estate investments by using borrowed money to their financial advantage. When you buy a home, you generally make a cash down payment  up to a specified percentage,  depending on the lender’s  requirements. The balance is financed through a mortgage. Over the next few years, assuming the value of your home increases, it is now worth more than you originally paid. When you later decide to sell, after you pay off your original mortgage, you will realize a profit equal to the percent of increase in the value of the home. That’s what is known as leveraging debt to make a profit.

Mortgage Interest Deduction Basics

Most people know there are tax benefits to having a home mortgage.  Here are  the mechanics:

• To claim mortgage interest deduction, you must file your taxes on form 1040 and you must itemize deductions.
• You must have a legal obligation to pay the mortgage. In other words, you cannot deduct mortgage interest paid, for example, on your parents’ home unless you have a legal duty to pay.
• Your mortgage interest deduction may be limited if your adjusted gross income is over $166,800  for most taxpayers in 2009  ($83,400 for  married couples filing separately).
• Your mortgage must be a secured debt, which means that the home is collateral which could be sold to settle the debt.
• The mortgage must be on a qualified first or second home. It can also be a boat, mobile home, house trailer, condominium, cooperative, or similar property, which has cooking, sleeping, and toilet facilities. Certain other exceptions apply.

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Test and clean your smoke alarms

A quick testing and cleaning help keep your family safe.

Time:

10 minutes per alarm

Difficulty:

Easy

Frequency

Press the test button once a month, clean and test them with smoke twice a year, and replace the battery once a year.

Overview

Your smoke alarms can only protect you if they work properly, so take a few minutes to test and clean them. And install a fresh battery while you’re at it (be sure to recycle the one you remove).

Pressing the test button shows that the alarm makes noise but doesn’t show that it detects smoke.  That’s why you have to test it with smoke. If the alarm fails either the noise or smoke test, replace the battery. If that doesn’t correct the problem, replace it.

Steps

1. If your home has a security system connected to a central station, contact the security company before testing the smoke alarms.
2. Every month, press the test button to verify that the unit has power and an audible alarm.
3. Twice a year, test and clean the unit:
   • Use an aerosol smoke detector tester to blow smoke into the unit. If you don’t have a tester, use a smoke stick. It should take very little smoke to activate the alarm.
   • Open the alarm’s cover and lightly vacuum the interior with a fine brush attachment.
4. Once a year, replace the battery.
5. Smoke alarms have a life expectancy of approximately 10 years.

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(Provided Courtesy of Keller Williams Realty)

According to the new legislation, a first time home buyer is defined as someone who has not owned a principle residence in the past three years.   Those three years are counted up to the date you take possession of the house you buy in 2009.  This means that even if you™ve owned a home in the past, you can still take advantage of the tax credit as long as you haven™t purchased a primary residence since 2006.

The same goes for married tax payers – they must both be first time home buyers.   For non-married joint buyers, only one of them needs to be a first time home buyer, or someone who   hasn™t owned a primary residence in the past three years.

Qualifying homes include:

• New homes
• Homes that are being re-sold
• Condos
• Townhomes

The main restriction is that the credit is only for those who buy a home as their primary residence.  So investors looking to buy a rental property would not qualify for the credit.   However  owning a vacation home or a rental property already does not neccessarily disqualify you from taking advantage of the credit (as long as you haven™t owned a primary residence in the past three years).

A Look at the Numbers

The tax credit is equal to 10% of the purchase price of the home, up to $8,000.     The amount of the credit you can qualify for is related to how much money you earn.   Here™s how the credit is scaled:

• Single home buyers earning 95K or less qualify. If you make 75K or less, you qualify for 100% of the $8000. If you make halfway, 85K, you qualify for 50% or $4000. The credit phases out gradually between 75K and 95K of income. For example, if you make halfway between the income limits, 85K, you qualify for up to half of the credit.
• The same rate applies for married couples and joint buyers whose incomes limits are doubled to $150,000 to $170,000. Married couples or joint buyers whose incomes are less would receive the full $8000 credit.   At an income level of   $160,000, halfway between 150 and 170, the buyers would receive half the credit “ or $4,000.   And the credit phases out altogether at $170,000.

This credit represent a significant amount of money. One of the biggest points of difference for the new credit from the one congress passed in July of 2008, is that the new credit does not have to be paid back.

In addition, it’s refundable, which means that if you™ve paid all your taxes as you go with an automatic payroll deduction, you would receive an $8,000 check from the IRS.

If you’re committed to buying a house in 2009 and want to use the $8000 tax credit for a downpayment, consult with your certified public accountant.

In Summary

Qualifying home buyers will need to make their home purchase between January 1, 2009 and December 1, 2009.   And the home has to remain their principal residence for the following three years.

The new tax credit coupled with historically low mortgage rates and rising affordability, offers buyers a great opportunity if they act fast.

If you™re interested in learning more about the new tax credit or about homes in your area, speak with us at 404-564-3512

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Have a pool? If so check out these great ideas:

Pool fountains are great for outdoor parties and poolside entertaining. There are fountains that easily attach to the pool™s existing pump and feature tiered and adjustable spray heights from seven feet to 16 feet. Reviewers rave about floating around in the pool and drifting under the fountain on hot summer afternoons. Other fountains include underwater light shows that radiate a kaleidoscope of color beneath the surface and come with a remote control that lets you choose from several rhythmic displays. These fountains are inexpensive and make for wonderful gifts (www.intheswim.com).

For those seeking pool recreation, there™s a regulation size pool volleyball set and a floating table tennis game that includes a buoyant tabletop surface, two oversized paddles and a net (www.alsto.com). For those wishing to exercise but find their backyard pool too small ” even a 40-foot pool is not big enough to get into a swimming rhythm ” Endless Pools manufactures a swim current generator called Fastlane. Similar to a treadmill, it produces a wide, smooth current of water flow so you can swim in place at whatever pace you set. The Fastlane is great for weight loss as well as aquatic therapy. For more information, go to www.endlesspools.com.

Robotic pool cleaners are all the rage. They™re very convenient and require no assembly. Simply plug it in, turn it on and drop it in the pool. Some cleaners can scrub, brush, sweep, vacuum and filter a pool up to 20 x 50 feet in just 60 minutes to 90 minutes. They™re also good for the environment. The need for backwashing and cleaning cartridges is reduced by up to 80%, saving thousands of gallons of water. The need for pool chemicals is also reduced. Robotic cleaners collect dirt, debris, sand, silt and algae into a fine mesh bag or cartridge. The filter bags of many units will filter particles as small as two microns, so they even filter out bacteria. Many models are available at www.lesliespool.com.

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For the typical homebuyer, location is everything.  Finding the right neighborhood is a crucial part of the homebuying process, and for some buyers, it is the most important element of their search.  It turns out the old real estate cliche “Location, location, location!” really does ring true.But what makes a great neighborhood?  For some, this means close proximity to work or school, high walkability scores, and easy access to public transportation.  Families with school-age children tend to want to buy in areas with the best school districts.  For many, a neighborhood’s ambience or “feel” is extremely important, while other buyers place a premium on personal preferences such as a love of historic homes or the need to be part of a thriving art community.

The following overview of the most desirable intown Atlanta neighborhoods attempts to address all of these concerns by briefly summing up the essence of each neighborhood in a few sentences.  Each area will be covered in more detail elsewhere.

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Ansley Park offers a close-in location tucked away just above Piedmont Park.  Its winding, tree-lined streets are flanked with magnificent English half-timber homes and Georgian Revival mansions, ranking it among the most desirable neighborhoods in Atlanta for well-heeled professionals.Brookhaven was Atlanta’s first country club suburb, which featured Colonial Revival homes clustered around the exclusive Capital City Country Club.  Since then, this inner suburb’s mix of architectural styles and housing types attracts families looking for more affordable options that are still located in a tranquil inner suburb.Brookwood Hills is a private, leafy enclave adjacent to Buckhead and characterized by Georgian and Colonial Revival homes situated on hilly streets and shaded by mature oak trees.  It offers the best of both worlds–seclusion in the middle of it all–making it an appealing neighborhood for those who can afford it.Buckhead offers a mix of ritzy high-rise condos and elegant single-family homes, making it attractive to a wide range of buyers, from young single professionals to power couples, celebrities, and Atlanta’s established elite, both past and present.  Tuxedo Park, a subset of Buckhead, claims the distinction as the largest concentration of Old Money in town, as evidenced by huge multi-million-dollar estates nestled on vast landscaped lawns.

Cabbagetown is an old mill town composed primarily of colorfully painted Shotgun houses with a few excellent examples of grand Victorian homes situated on its grid-patterned streets.  Its gritty industrial surroundings blend with its historic flavor to create the perfect setting for artists, young couples, and singles looking for a unique neighborhood with a strong sense of community.

Candler Park is a funky neighborhood of modest Craftsman bungalows flanking a large park with a public golf course. Located just to the east of the edgy retail area known as Little Five Points (L5P), its walkability and friendly front-porch vibe draws a mix of quirky and progressive residents including singles, couples, and young families.

Castleberry Hill is a commercial-residential district primarily consisting of converted warehouses and vintage storefronts.  Urban-industrial chic lofts and live-work complexes are complemented by a strip of funky art galleries and a few edgy bars, making this still-transitional area the closest thing to Soho that Atlanta has to offer.

Decatur maintains a quaint small-town feel centered around an old-fashioned town square, but it’s located just a short drive or MARTA ride from downtown Atlanta.  Though it is a distinct city of its own, it is closer in than many other inner suburbs, and as such is a highly desirable area.  Its famously progressive residents include students and freethinkers, as well as families who are attracted to its excellent schools and laid-back lifestyle.

Druid Hills is a lush forested oasis bordering Emory University and Fernbank Museum.  Here you can find Georgian and Jacobean Revival mansions with sprawling lawns, as well as English half-timber houses and brick Tudors, all of which create a picturesque storybook atmosphere.

East Atlanta is an up-and-coming area that is close-in yet still affordable.  Its quirky identity (local bumper stickers read “Keep East Atlanta Weird”) and active neighborhood association make it an attractive neighborhood for many first-time homebuyers, and its crowning glory is the thriving intersection of restaurants, bars, and shops known as East Atlanta Village (EAV), a microcosm of the “East Village” in the South.

East Lake consists mainly of postwar cottages and bungalows clustered around the East Lake Country Club, with some remarkably attractive newer construction infill.  It is a transitional area that offers attractive and affordable housing along with a short commute to downtown Atlanta.

Edgewood and Reynoldstown are adjacent districts just south of Inman Park and Candler Park which offer affordable housing and easy access to MARTA.  The new Edgewood Retail District forms the center of commercial activity and has drawn many newcomers looking for intown convenience to settle in these neighborhoods filled with traditional bungalows and mill cottages.

Grant Park is a beautiful historic district featuring many fine examples of Victorian and Queen Anne architecture, as well as Shotgun houses and Craftsman bungalows.  Buyers looking for antique charm often settle here, and young families love being near the Atlanta Zoo.

Inman Park was Atlanta’s first suburb and a pet project of architect Joel Hurt, showcasing some of the most impressive examples of Victorian and Queen Anne mansions in the city.  It touts itself as “small-town Downtown” and its artsy, eccentric residents come together each year to host the Inman Park Festival and Tour of Homes.

Kirkwood homes range in style from Victorian-era mansions and Craftsman bungalows to a variety of postwar cottages, many of which have been recently renovated in this transitioning area.  Many young couples and families just starting out have made their homes here.

Lake Claire is Candler Park’s older, more refined sister, offering the same mix of Craftsman bungalows, brick Tudors, and postwar cottages.  Families especially enjoy the sedate lifestyle it offers–one in which they can be in town while still feeling somewhat removed from the hustle and bustle of city life.

Midtown is the residential heart of Atlanta and is bound to the north by the city’s green jewel, Piedmont Park, and to the west by its best-known commercial artery, Peachtree Street.  This grid of streets filled with Victorian mansions, Craftsman bungalows, and American Four Square homes forms the ideal setting for people that really want to be in the thick of it all while still feeling part of an honest-to-goodness neighborhood.

Morningside-Lenox Park feels like a quaint and secluded suburb in the midst of a bustling city.  Brick Tudors and bungalows neatly arranged in a pretty park-like setting attract young professionals as well as Soccer Moms and their growing families.

Oakhurst straddles the line between Atlanta and Decatur, offering an agreeable balance of intown convenience and small-town lifestyle.  Its streets of Craftsman bungalows radiate out from Oakhurst Park, making it great for kids, and a small commercial strip keeps things interesting for the young couples who are attracted to the neighborhood’s charm.

Old Fourth Ward encompasses the area just south of Midtown, making it  one of Atlanta’s most centrally-located neighborhoods.  In recent years it has experienced a renaissance as young couples and professionals have moved in and started renovating older housing stock, and newly-constructed industrial lofts round out the offerings for edgier individuals.

Ormewood Park is a quiet area sandwiched between historic Grant Park and happening East Atlanta Village and consists primarily of bungalows and postwar cottages as well as some new construction infill.  The retail district known as Glenwood Park is still filling up with tenants but has already proven to be a selling point for the singles and young couples settling in this affordable neighborhood.

Poncey-Highland is a sliver of a neighborhood bordering the infamous Atlanta thoroughfare Ponce de Leon Avenue, sandwiched between the Victorian splendor of Inman Park and the bohemian bungalows of Virginia-Highland.  As such, it is one of intown Atlanta’s most walkable neighborhoods and has a lot to offer for residents on the go.

Sweet Auburn is technically part of the Old Fourth Ward but has a special vibe all its own as it is the historic center of African-American life in Atlanta and home to Martin Luther King’s birthplace and the church he preached at, Ebenezer Baptist.  A variety of residents feeling some attachment to the significance of the area have made their homes here in lovingly restored bungalows or historically-accurate new construction.

Virginia-Highland ranks among the most desirable intown neighborhoods and is centrally located just east of Midtown. Its Craftsman bungalows cluster around commercial strips of independent businesses, creating a trendy atmosphere reminiscent of a bohemian village, attracting young professionals, families, and individuals looking for a unique urban-suburban experience.

 

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HB 261  was signed into law on May  11, 2009 by Georgia  Governor Sonny Perdue.  GAR applauds  House Sponsor Ron Stephens (Savannah), House Ways and Means Chairman Larry O’Neal (Warner Robins) and Senate Chairman Chip Pearson  (Dawsonville) for their tireless efforts in the passage of this important legislation. Unlike the federal tax credit, the Georgia credit is not limited to first-time homebuyers, and there are no applicable income limits. The credit is only available to buyers of eligible single family residences who close between June 1 and November 30 of this year. The prompt actions of all GAR members who responded to Calls for Action on this legislation were pivotal in influencing the passage of this legislation. Below are Frequently Asked Questions regarding the Georgia Tax Credit:

 

1. Is this tax credit limited to first time homebuyers?
NO, all purchasers of an eligible single family residence in Georgia that file a Georgia income tax return can claim the credit.

2. Can the Georgia credit be combined with the federal $8,000 first time homebuyer tax credit?
YES, if buyers meet the qualification for each credit they may claim both. Each credit operates independently from the other. One is claimed on your federal income tax return, the other is claimed on your Georgia income tax return.

3. Is it true this credit is limited to the purchase of a single family residence?
YES, the tax credit is limited to the purchase of one single family residence.
Single-family residences (including condominiums) are eligible if they are:
* New residences, residences occupied at the time of sale, or previously occupied residences, if such residences:
-  Were for sale prior to the effective date (5/11/09) and were still for sale after the effective date;
* Owner-occupied residences with respect to which the owner™s acquisition debt is in default on or before March 1, 2009; and
* Residences with respect to which a foreclosure event has taken place and which are owned by the mortgagor or the mortgagor™s agent.

4. Is it true that eligible single family residences must have been listed prior to May 11, 2009 in order to qualify for the credit?
YES, the original intent of the bill was aimed at reducing the housing stock that has been on the market for an extended period of time.

5. Is it true that only eligible buyers that close between June 1, 2009 and Nov. 30, 2009 can claim the credit?
YES, the intent of credit is to stimulate the market by encouraging potential buyers to get off the fence and BUY NOW!

6. How do I determine the amount of tax credit I am eligible for?
The tax credit will be for 1.2% of the purchase price, with a maximum credit of $1,800 (whichever is less). Homes purchased for $150,000 or more will receive a maximum of $1,800.

7. Can I claim all $1,800 on my 2009 income tax returns?
NO, the total amount of your credit must be claimed in one-third increments over a three year period. The maximum credit per year is $600 if you are eligible for the maximum $1,800. Any excess or unused credit may be carried forward to apply to succeeding years™ tax liability.

8. Can I amend my 2008 Georgia income tax return to claim the credit?
NO, the tax credit cannot be applied against prior years™ tax liability.

9. I am looking for investment property or a second home, is the credit available for the purchase of owner-occupied residences only?
NO, all eligible single family residences qualify for the credit. However, each taxpayer can claim the credit one time only.

10. Is there an income limit for buyers who claim the credit?
NO, there are no income limits applicable to this credit.

11. Is there a limit to how long a buyer must own the property to claim the credit?
NO, there is not a limit to how long a buyer must own the property.

12. Does any portion of the credit require repayment for any reason?
NO, if you are awarded the credit there are no penalties that would require you repay any portion of the credit.

 

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