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Daily Archives: December 1, 2012
6 wrong-headed ideas about remodeling | Mount Kisco NY Homes
After 30 years in architecture, I still hear the same tired old wives’ tales circulated about remodeling. It’s amazing how long it can take to stamp out a wrong-headed concept. Here are some of my unfavorites:
1. Bathrooms should be planned back to back to save cost. Rubbish. This chestnut goes way back, and probably stems from the practice of placing apartment house bathrooms back to back. You’re not building apartments, however, so the meager savings in plumbing cost — something on the order of a few hundred dollars — doesn’t justify straitjacketing your floor plan with a bathroom arrangement you don’t like.
2. The best way to improve your home’s energy efficiency is by installing new double-glazed windows. Poppycock. In most houses, windows represent a very small fraction of the total heat loss. By far the most heat is lost through ceilings, so attic insulation is the best place to put your energy-efficiency dollars. Once that’s done, consider installing a higher-efficiency furnace and ductwork. Replacing your windows is far down the list of cost-effective energy improvements.
3. Granite is the best choice for kitchen counters. Balderdash. Granite is definitely durable, but it may not make economic sense to install a 100-year countertop on cabinets that will last only 30. In any case, there are lots of other interesting countertop materials out there, from other types of stone slabs, to butcher block, tile, and yes, even plastic laminate. It’s worth taking a look at them before you choose granite by reflex.
4. Skylights are the best way to get daylight into your house. Malarkey. Skylights are a good last resort to improve daylighting, but adding windows should always be your first choice. Why? Because they’re passive solar devices naturally attuned to the seasons, letting in more low-angle sunlight in winter when you want it, and excluding it in summer when you don’t. Skylights do just the reverse. They also look out of place on many styles of homes, particularly those built before World War II.
5. Point-of-use (“tankless”) water heaters are the most efficient way to heat water. Maybe, maybe not. Tankless units can be just the thing for certain applications, such as bathrooms that are remote from the water heater. But their efficiency is typically oversold, with efficiency ratings based on rarified laboratory conditions that are seldom reflected in actual installations. They’re also complex and subject to erratic response under low-flow conditions.
What’s more, if saving space isn’t your primary concern, there are a number of conventional storage water heaters available with efficiencies in the mid-90s, some at surprisingly reasonable cost.
6. Recessed “can” lights are the best way to modernize a home’s lighting. Piffle. Recessed lighting is useful for very specific purposes — highlighting permanent objects or architectural features, for example — but they do a lousy job of general illumination. This is because cans are inherently directional, creating a pool of light beneath them, rather than diffusing light throughout the room. They’re also terribly overused, leading to the notorious “swiss cheese ceiling” effect seen in so many remodeled houses. Be sparing in your use of recessed cans — and if you have a house predating World War II, think twice about using them at all. They’re literally a glaring anachronism in most older homes.
via inman.com
4 key questions to ask before hiring a contractor | Cross River Real Estate
Q: I have a number of small projects that need doing around the house. What is a good way to find a qualified handyman? I have looked in the Yellow Pages of the phone book and made a couple of calls, but they have not responded to come to my home and give me an estimate. I know I should ask them if they are insured and bonded. Are there other questions I should ask before hiring a handyman for a project? –Gretchen S.
A: There are actually a couple of steps that I recommend to anyone looking to hire a contractor of any type, including a handyman:
1. Know specifically what you want to have done. The more information you have available for the contractor, the better.
2. Try to get personal referrals, rather than relying on the phone book. If you have a friend or a relative who had some work done on their home that they were pleased with, that’s a great starting point. You can get some honest feedback about the contractor’s skill level, price, scheduling, level of cooperation, and much more. There are a lot of contractors out there to choose from, and, like most businesses, they succeed or fail mostly by their reputation, so a good referral is very helpful.
There are other sources of referrals as well. If you see some work going on down the street, stop and talk to the homeowner. Most people are more than willing to share their experiences — both good and bad — about the contractor they’ve hired, and here again you can get some great firsthand information.
Material suppliers are also great sources. Ask the people where you buy your lumber or your plumbing supplies if they know of anyone who’s particularly good at the type of project you have in mind. Retailers have a reputation to protect as well — they want to keep you happy and coming back as a customer — so they will typically refer only those contractors who they know are honest and will do a quality job.
Other good sources of referrals include real estate agents, insurance agents, property managers, your utility company, and your local building department.
3. When you have a referral or two, call the contractors to set up an appointment. Ask the following four questions:
- Do they do the specific type of work you’re looking for? It could be they no longer do kitchens or room additions, or they now do remodeling and have stopped building new homes. Clarify that upfront.
- What is their schedule like? If you have a project that has to be done within the next month and the contractor can’t even start until then, there’s no point in wasting your time or theirs.
- Can they provide you with referrals? Most companies are more than willing to provide you with names and phone numbers of past clients. If they can’t or won’t provide you with referrals, don’t hire them. Between the time you call the contractor and the time the contractor comes out, be sure to follow up on a couple of the referrals and get some feedback from the homeowners. If possible, see if the referral would mind if you came out to their home to view the contractor’s work in person.
- What is the contractor’s name and license number? Get the contractor’s full legal business name, address and business phone number, as well as their contractor’s license number. Immediately follow up on this information, and call the contractor’s board to verify the status of the license and that all of the proper bonds and insurance policies are in place.
For much more about hiring and working with contractors, you might also want to download my book, “Hire the Right Contractor for your Home,” for $2.99 at amazon.com.
Q: We are remodeling our 27-year-old house. Is it common practice for the electrician and heating, ventilation and air conditioning (HVAC) contractors to “line up” the vents and any lighting fixtures on the ceiling in each room?
Also, when wrapping the ductwork of the HVAC system in the attic, how important is it for the wrap to be tightly secured around the ductwork relative to the money saved in monthly bills? When I look up in the attic, I can see the yellow insulation (underside of the wrap) and there are gaps in the insulation where the duct meets the main air handler. I am concerned this is going to make my energy bills higher because air might escape. Are my concerns justified? –Eugenia H.
A: There’s no common practice for lining up vents and light fixtures. Ceiling vents are typically installed at the outer perimeter of the room, and most commonly over windows. That’s done so that the heat or air conditioning coming in from the vents will help offset the cold or hot air coming in from the windows and the exterior walls. Light fixtures, on the other hand, are typically centered to the room, or spaced to give the best quantity and quality of light for the layout of a given room space and usage.
All insulation around ductwork should be well secured, with a minimum of gaps. Every gap in the insulation will allow heated or cooled air to escape from the ductwork into the unconditioned air of the attic. That will definitely affect the efficiency of the heating/cooling system, and in turn that will have an impact on your utility bills, as well as your comfort levels.
via inman.com
Too soon to count on housing to drive growth | Bedford Hills Real Estate
Global markets have synchronized their trading on the fiscal cliff and little else.
A positive public statement by anybody, then immediately stocks run up and bonds sell off. A negative slant to an eyebrow, a down-turned lip, no matter how minor the official… stocks tank, buy bonds, rates down.
This preoccupation has some merit, but only half. If no deal, and over the cliff we go, Wile E. Coyote in an Acme parachute with no ripcord, the landing will be unpleasant.
On the other hand, exuberance at a deal will be fleeting, replaced by awareness that the deal, any deal, will be the beginning of the largest round of tax increases and spending cuts in U.S. history.
Just as Mr. Coyote thinks he’s caught the Roadrunner, an Acme safe lands on him. Beep-beep.
It is nigh impossible to separate posturing public comments on the fiscal cliff from serious ones. Each of the negotiating sides must try to sell its ideas to the general public, but also try to reassure is own constituents that it is being tough, giving nothing away.
Last week the Republicans genuinely conceded the need for new revenue — losing an election will do that.
But this week’s White House counter beats all for chutzpah. Why not just go ahead with tax increases right now, $1.6 trillion over ten years, and talk about spending cuts some other year? And give the White House authority to borrow whatever it wants, whenever, no more of those silly debt-limit votes in Congress? Oh, and we’d like another $50 billion in stimulus spending right now.
Just posturing, I assume. Be able to tell the Democratic base, “We tried.” I hope.
The economy is always hard to figure, but exceptionally so now, for three reasons: First the Acme Cliff, above. Second, any negative in economic data gets a “Sandy” response. And third, every salesman who would like you to make an optimistic stock market trade says that housing is about to boom.
October personal income arrived unchanged versus an expected 0.2 percent gain. Sandy. October personal spending declined 0.2 percent versus an expected 0.1 percent gain. Sandy. The Chicago Fed’s National Activity index added a deeper negative in October to a slide that began last spring. Sandy?
Third quarter GDP was revised happily from a 2.0 percent annualized gain to 2.7 percent. Unhappily, most of the gain was from bloating un-sold inventories, and consumer spending was revised down to 1.4 percent. Sandy?
Wait a minute — Sandy landed in the fourth quarter. Don’t bother me, I’m busy selling.
Housing. No question, housing is better. The avalanche of distressed inventory headed to fire sale is instead slumping and dribbling along. Prices are rising, especially in the disastrous spots in California, Nevada, and Arizona, although from extremely low levels. Even in places where prices are not rising, some liquidity has been restored.
Some owners can sell their homes in reasonable time frames, and without ruinous concessions. However, is housing the new economic “driver,” as claimed in so many news media stories?
The New York Fed began to run two years ago a quarterly analysis of household debt. Some will be pleased to know that total consumer indebtedness fell $74 billion in the third quarter, to $11.31 trillion. Mortgages of all kinds are 76 percent of the NY Fed total, and they kerplunked $120 billion in 90 days — a 5.6 percent annual rate of decline.
Two questions: how are you going to get housing oomph with net mortgage issuance in its own Acme act? Cash buyers? Lemme know when you see a mob like that. Distressed-market cash cripple-shooters are in play, but not replacing a half-trillion-dollar annual shrinkage in credit.
Then, how come total consumer debt fell less than the mortgage portion fell? A lot less?
The ugly little secret: student loan debt up $42 billion in 90 days. Total now: $942 billion.
Student loan debt is up $100 billion in one year. It’s doubled since 2008. Why? A lot of home equity lost, can’t refinance to send Egbert to the U. Tuition is way up because state budgets go to health care, not the U. Thus student loans explode.
Hell of a way to run a railroad.
via inman.com
Gifts can be deductible business expenses, but IRS limits are strict | Bedford Corners NY Real Estate
Editor’s note: This column addresses IRS rules governing the tax deductibility of gifts claimed as business expenses. It should also be noted that the Real Estate Settlement Procedures Act (RESPA) prohibits a person from giving or accepting anything of value in exchange for the referral of settlement service business, such as of title insurance, credit reports, appraisals, pest inspections, services rendered by a real estate agent or broker, or the origination of a federally-related mortgage loan. RESPA also prohibits real estate agents from receiving gifts or compensation in exchange for referring business to affiliated businesses.
The holidays are here. This means it’s time for gift giving. Giving gifts to clients and business associates are a great way to generate good will. But can holiday gift giving also general tax deductions? Yes, but subject to severe limits.
$25 gift rule
The basic rule is that if you give someone a gift for business purposes, your business expense deduction is limited to $25 per person per year. Any amount over the $25 limit is not deductible. If this amount seems awfully low, that’s because it was established in 1954!
A gift to a member of a client’s family is treated as a gift to the client, unless you have a legitimate nonbusiness connection to the family member. If you and your spouse both give gifts, you are treated as one taxpayer — it doesn’t matter if you work together or have separate businesses.
Company-wide gifts
The $25 limit applies only to gifts to individuals. It doesn’t apply if you give a gift to an entire company, unless the gift is intended for a particular person or group of people within the company such as the president or manager). Such company-wide gifts are deductible in any amount, as long as they are reasonable.
Example: Bob, is a commercial real estate broker whose best client is Acme Inc. Just before Christmas, he drops off a $100 cheese basket at the company’s reception area for all of Acme’s employees. He also delivers an identical basket to Acme’s president. The first basket left in the reception area is a company-wide gift, not subject to the $25 limit. The basket for Acme’s president is a personal gift and therefore is subject to the limit.
Incidental costs, such as engraving on jewelry, or packaging, insuring, and mailing, are generally not included in determining the cost of a gift for purposes of the $25 limit.
Entertainment tickets
There is a special twist if you gift a client with entertainment tickets, such as tickets to a football game. If you don’t attend the event with the client, you have the option of treating the tickets as a gift or as an entertainment expense. Gifts of up to $25 are 100 percent deductible, while entertainment expenses are only 50 percent deductible. So, with tickets that cost less than $50, you get a bigger deduction if you treat them as a gift. If they cost more, treat them as an entertainment expense.
Example: You pay $400 to a scalper for a pro football game ticket that has a face value of only $100. You give the ticket to a client but don’t attend the game yourself. If you treat the ticket as a gift, you may deduct only $25 of the expense. If you treat it as an entertainment expense, your deduction would be 50 percent of $400, or $200.
Inexpensive gifts
Inexpensive items such as key chains and pens are not considered gifts for purposes of the $25 limit so long as:
- they cost $4 or less a piece
- your company name is clearly and permanently imprinted them, and
- they are one of a number of identical items you widely distribute.
via inman.com
Mortgage rates barely budge from record lows | Waccabuc NY Homes
After hitting record lows last week, mortgage rates have stayed tanked amid growing concerns that lawmakers won’t reach a compromise to avoid a “fiscal cliff” of automatic tax increases and spending cuts scheduled to take place next year, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.Rates on 30-year fixed-rate mortgages averaged 3.32 percent with an average 0.8 point for the week ending Nov. 29, up from 3.31 percent last week but down from 4.00 percent a year ago. Last week’s rate was a new record in Freddie Mac records dating to 1971.
For 15-year fixed-rate loans, rates averaged 2.64 percent with an average 0.6 point, up from 2.63 percent last week but down from 3.30 percent a year ago. Last week’s rate was a record in records dating to 1991.
Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 2.72 percent with an average 0.6 point, down from 2.74 percent last week and 2.90 percent a year ago. Rates on five-year ARM loans hit a low in records dating to 2005 of 2.69 percent during the week ending July 19.
For one-year Treasury-indexed ARM loans, rates averaged 2.56 percent with an average 0.5 point, unchanged from last week but down from 2.78 percent a year ago. Rates on one-year ARM loans hit a low in records dating to 1984 of 2.55 percent during the week ending Nov. 15.
A separate survey by the Mortgage Bankers Association showed applications for purchase mortgages were up 3 percent during the week ending Nov. 23 compared to the week before. The survey, which included an adjustment for the Thanksgiving holiday, showed purchase loan demand up 8 percent from a year ago.
A Federal Reserve report published Wednesday summarizing commentary on current economic conditions around the country found markets for single-family homes improving in 10 of 12 Federal Reserve Districts. Boston and Philadelphia were the exceptions.
The “Beige Book” report — based on reports from Federal Reserve Bank and branch directors, and interviews with business contacts, economists, market experts, and other sources — found sales growth generally slowed for both the condominium and single-family home markets in the Boston District.
Fed officials in the Philadelphia District said their sources noted that October “began as a disappointing month for some Realtors, only to be punctuated by Hurricane Sandy.”
Reports from the New York District were “mixed but generally firm prior to the storm. Selling prices were steady or rising.”
Declining or tight inventories were reported in Boston, New York, Richmond, Atlanta, Kansas City, and Dallas.
Single-family housing starts were up in the Cleveland District, while builders in the Richmond District reported “significant pent-up demand in the first-time buyer segment.
In the Atlanta District, existing home sales were up slightly compared to a year ago, with investors more active in Florida than in the rest of the District.
Residential construction of single- and multifamily homes increased at a slow but steady pace in the Chicago District, while reports from the Minneapolis District indicated that “segments of construction and real estate were growing at a double-digit clip.”
Real estate activity was characterized as “brisk” by the Kansas City District, with a solid rise in home sales reducing inventories.
The St. Louis District reported continued improvement in residential real estate market conditions.
In the Dallas District, single-family housing activity remained strong, with both new and existing home sales up.
Demand for homes continued to strengthen in the San Francisco District, and sustained growth in home sales has spurred new home construction.
via inman.com
Why no carpeting? | Katonah Homes
Q: I read something you wrote saying that wall-to-wall carpet is a buyer turnoff. Call me old fashioned or out of step, but what is with all the hating on carpeting? Like anything else, it needs to be cleaned occasionally, but I will take the warmth and quiet of it over hard surfaces any time.
The nylon wall-to-wall in my house is more than 20 years old and has worn like iron. Who can say that this type of flooring won’t be back in fashion in a couple years, with people buying it in droves to cover up their faux wood floors or even the real thing?
A: Allow me to be clear: I don’t hate carpet! In my own home, I have carpet in my bedroom, on my stairs and in my office, which has an unlevel floor that was nearly impossible to finish with wood. The rest of my home, though, is finished with hardwood floors, which studies have shown to be the increasingly overwhelming preference of homebuyers.
Here’s the skinny on why carpets are falling out of vogue:
1. Think like a buyer, to understand why carpet is falling out of fashion. Today’s buyers are seeking low-maintenance, high-performance home finishes that allow maximum versatility and healthfulness for their families. And wall-to-wall carpet triggers many of those concerns:
- Maintenance: By and large, buyers see carpet as something that requires regular, professional cleaning — or labor-intensive self-cleaning — at a couple hundred bucks a pop.
- Performance: There are certainly high-end carpets that wear well over time, but many of the carpets that are installed by sellers just prior to putting a home on the market do not qualify. These light-colored, inexpensive carpets often look old and worn relatively early in their lives, and buyers know this.
- Versatility: A buyer of a home with carpeting everywhere is somewhat limited in their decor and design choices by the preferences of the seller before them. By contrast, hard flooring finishes allow the buyer a near-infinite range of decor palette choices.
- Healthfulness: Buyers see traditional carpeting as something that off-gases toxic fumes and traps dirt and allergens that may exacerbate family members’ allergies or other respiratory issues. Many see hardwood and other hard flooring finishes as more healthful and sustainable for their families — and for the planet. To boot, buyers who have pets and children know that these little wild family members can be very hard on carpet.
2. But buyers share your concerns, too. Buyers also crave warmth and noise muffling — and many install area rugs over their hard flooring finishes for precisely that reason. Also, buyers who like carpet often enjoy selecting their own (so they can choose the color, select nontoxic materials or even choose those versatile carpet tile systems) or may want to install carpets in certain areas (e.g., bedrooms) and not others (e.g., living and dining rooms, and hallways).
3. Don’t let buyers be the boss of you. The article you read was about buyer turnoffs, and I stand by my designation of wall-to-wall carpet as one of those. However, if you don’t plan to sell your home anytime soon, there’s no reason for you to let what might turn buyers off down the road stop you from enjoying the carpet you love in your own home. If you’re planning to stay put in your home over the long run, put carpet on the walls if you want to! Your home is more than just an investment — it’s the place you live, and your largest monthly expense — so you should enjoy it.
If, on the other hand, you are planning to sell your home in the next few years, and you are contemplating an investment in carpet, it might make more sense to take buyer preferences into consideration. Consider just placing it in your bedrooms and leaving the rest of the house finished in hardwood — perhaps placing area rugs down to get you the warmth and sound dampening you seek. Or go ahead and put carpet everywhere you’d like, but make sure you either (a) invest in a high-grade carpet and maintain it impeccably, or (b) be willing to pull it up before you sell the home.
via inman.com
20+ Coupon Sites for the Best Shopping Deals and Bargains | Pound Ridge Real Estate
via hongkiat.com
It Happened To Me: My Small Business Was Hacked! | Armonk NY Real Estate
via readwrite.com
Quick Tip: 5 Things to Do to Jump-Start Your 2013 | North Salem NY Real Estate
After the long Thanksgiving holiday, it’s tempting to take your foot off the pedal and coast into 2013. But, I encourage you to make the most of these last few weeks of the year. Don’t wait until January 1st to get started for the year – the time is now.
Here are 5 quick and easy things to do to jump-start your 2013:
1. Shed your problem clients
I have witnessed first-hand agents who are so desperate for a paycheck that they hang onto the wrong type of client until they are completely drained and end up comprising way too much. The sign of a successful agent is the ability to walk away if needed. Ask the tough questions: “Are they worth it? Are they being realistic? Are they keeping me away from other opportunities?”
2. Clear your schedule
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Your time is your own, but it’s also easy to let your schedule get out of hand because of other people’s needs. From now until the end of the year, time block time during the week that is just devoted to thinking about 2013. For true planning, brainstorming and dreaming – you need more than 10 minute chunks of time. You need long drawn out time blocks without interruption!
3. Be honest
What do you love about your business and what do you want to change? Make 2013 the year you work with the clients you really want to work with, the year you truly have the year professionally and personally that you want to have. Been meaning to take a vacation? Plan it out! Nothing happens by accident. Be honest about where you are and where you want to be in 12 months!
4. Get your finances in order
Do you have a professional helping you with your accounting and/or taxes? If not, now is the time to talk to one before the end of the year. Don’t try to do it all yourself – get a professional to help! Also, now is a great time of year to update your software or invest in a system like QuickBooks or Mint.com.
5. Schedule 5 phone calls a week
Don’t forget, one of the best ways to reach out to someone is with a quick phone call. Nervous about calling out of the blue? Then, email them first and set up a time to chat and then schedule the call using a calendar appointment. Make sure you have a reason for calling – is it a market update? Recent sales in their neighborhood? After you call, search them out on LinkedIn and connect there as well as Facebook and/or Twitter if appropriate for you and your business.
These are just a few things to get ready for 2013. I would love to hear how you are getting ready for the New Year. Leave me a comment below!
via next.inman.com