Homeowner News Sarah’simages.kw.com/docs/0/5/8/058431/1269363334648_Newsletter... · 2010-03-23 · Page 2 Homeowner News March 2010 (continued from Page 1) only works for the folks

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Spring is finally here, and with it thestart of a new real estate sellingseason. Is a new home in your nearfuture? Are your family and friendstalking about buying or sellingsoon? If so, please give me a call.I will use my knowledge andexpertise to make your real estatetransaction as smooth as possible,and will do the same for anyoneyou refer to me. I offer friendlyservice, caring attitude, solidadvice, and there is never anysales pressure.

It’s already March? Gosh, how is it thattax time has come so fast again! Is it justme or does April 15 seem to come fasterevery year? Oh well, no point in lamentingthis; let’s instead figure out how to get themost out of our deductions. Here areseven quick tips for this tax season:

Homebuyer Tax CreditDid you buy a home last year? TheWorker, Homeownership and BusinessAct of 2009 extends a tax credit for thosewho qualify. If you were a first-timebuyer, you may be eligible for$8,000 tax credit; if you werea previous owner whomoved up, you couldreceive $6,500 taxcredit. This is only forprincipal residences (noincome propertiesqualify) and there are, ofcourse, limitations anddeadlines. Check withyour tax professional.

TuitionThe tuition and fees deduction is an easyone to claim since it does not even requireyou to fill out Schedule A – just fill inline 34 (on Form 1040) or line 19 (onForm 1040A). You can deduct up to$4,000 in tuition and fees, but note thatother associated costs such as books, roomand board, are not eligible. The classesyou took must be college-level and takenfor legitimate educational reasons.However, it is not required that you tookthe classes yourself; if you paid tuition andfees for your spouse or dependents, youcan still take the deduction.

7 Quick Tax Time TipsEarned Income Tax CreditFor many folks, last year was a tough onefinancially. If you worked but did notearn a whole lot, you may qualify for therefundable Earned Income Tax Credit.Married couples who file jointly andearned less than $48,279 may be eligible(for individuals, heads of household andsurviving spouses the income limit is$43,279). And what does this“refundable” credit mean? It means thatif the credit is greater than your tax bill,

you actually get money fromthe IRS. The rules for this

credit are complicatedso it is best to sit downwith your tax advisorto get the full details.

Child Care andDependent CareDid you incur daycare expenses foryour children or

disabled adultdependents last year? If

you did, you may qualify for a tax creditof up to $3,000 (for one dependent) or$6,000 (for two or more). As with all thetax breaks, there are rules and limitations;the child or adult dependent must meetcertain criteria, the day care provider mustqualify too, you must have earned incomelast year, etc. The IRS Form 2441 withthe accompanying instructions explainshow to claim the credit.

New JobIf you switched jobs last year, Uncle Sammight give you a break on your taxes. This

Homeowner NewsMarch 2010

TM

Sarah’sSarah Hinson Keller Williams Realty First Atlanta (770) 936-8771

SarSarSarSarSarah Hinsonah Hinsonah Hinsonah Hinsonah Hinson(770) 936-8771(office)(404) 713-5487 (mobile)[email protected]

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Homeowner News March 2010

(continued from Page 1)only works for the folks who (1) switchedto a job in the same field, (2) did nottake a lot of time off between the twojobs, and (3) your new job is not yourfirst one straight out of school. If youmeet the qualifications, you coulddeduct: employment agency fees, resumeservice costs, associated printing andmailing expenses, phone calls and travelexpenses for interviews. Even if you areself-employed you could get a tax break,if your new business is in the same lineof work as your earlier profession.

Say “No” to Quick MoneyQuick money sounds good doesn’t it?But when it comes to the so called“rapid refunds” there is an enormoushidden cost. The truth is that no onecan make the IRS send you yourrefund faster. What the “rapidrefund” agencies do is really give youa loan that is automatically repaid byyour tax refund. As with all loans,there is an interest rate, but unlikemost legitimate loans these “rapidrefund” loans are ridiculouslyexpensive. When you calculate whatthe rate charged would be on anannual basis you will be shocked torealized that some go as high as 700%!So be patient, say “no” to these rapidrefunds, and save your money.

Free HelpDid I just say “free?” Why, I sure did!For those who make less than $49,000per year the IRS has established VITAProgram where certified volunteers helpprepare tax returns and answer taxquestions free of charge. To find thelocal office call 1-800-829-1040. Andfor those 60 years of age and older,AARP offers a similar program – freetax preparation and advice! For thenearest location (there are over 7,000nationwide) call 1-888-227-7669.

The Small Print:The above article does not constitutetax advice. Consult your CPA ortax advisor for answers regardingyour particular tax situation.

How do you choose a good agent? Mostpeople know the dos: interview a few,make sure they are licensed, ask forreferences, ask for a written plan of action,etc. But how about some don’ts? Let’slook at those now. It’s generally a badidea to choose an agent solely based on:

Suggested PriceHere’s a simple way for an agent to signup a lot of sellers: tell people what theywant to hear. Sellers like to hear that theirhomes are worth a lot ofmoney, so somemisguided agents willpromise a big sellingprice even though theyknow the home is notworth it. A seller thatfalls for this will see hishome languish on themarket for many monthsuntil it finally sells at a lowerprice than it could have. You don’t wantto be that seller. Ask agents to backup theirprice recommendations. If you think thesuggested price is too low, have a spiriteddiscussion with the agent. But if it’ssuspiciously high, or if the agent readilyagrees with everything you say, be cautious.

Commission“I want to pay as little in commission aspossible,” some sellers will say. I wouldrecommend a different approach: “I wantto get the biggest bang for my buck.”

How Not to Choose an AgentWhat’s the difference? The difference isnot how much you pay your agent but whatyou get for your money. You can hiresomeone who will give you a big discountand then make little effort to actually findyou a buyer. Or handle problems that popup. Or return your calls. On the otherhand, you can hire someone who chargesa little more, but will bend over backwardsfor you. And answer your calls even afterhours. And get you a better price due tohaving better negotiating skills. The old,

overused, adage “You get whatyou pay for” still holds true.

PresentationGood agents should beable to give you a goodpresentation of their

services. They will likelydiscuss how long they’ve

been in the business, whattrack record they have, what

marketing methods they use, and whatplan of action they have in mind forselling your house. This is all good. Butyou still have to “click” with that person.Is this agent carefully listening to yourquestions? Answering your concerns? Ishe or she genuinely interested in workingwith you? Will you like working with thisperson? Yes, listen to the presentationand ask a lot of questions. But use yourintuition too. Your gut feeling can tellyou a lot about someone, sometimes evenmore than graphs and charts.

The Seven Expensive Mistakes The Seven Expensive Mistakes The Seven Expensive Mistakes The Seven Expensive Mistakes The Seven Expensive Mistakes Sellers Sellers Sellers Sellers Sellers FFFFFrequently Makerequently Makerequently Makerequently Makerequently Makeis a four-page special report that no seller should bewithout. If you are thinking of selling a home soon, armyourself with the knowledge that can help you avoidexpensive mistakes too many people have made. Requestthis report today – there is no cost or obligation.

Free Special Report Available

[email protected](770) 936-8771

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Page 3This publication is for informational purposes only and does not constitute legal or financial advice. All information was obtained from sources deemedreliable, and while I do not doubt its accuracy, I cannot guarantee it. If your property is listed with another broker, this is not intended as a solicitation.© 2010, Resulti and its licensors.

Homeowner NewsMarch 2010

With the spring just around the corner,it is time to think about your garden.Here are the basics of planting colorfulannuals:

LocationJust like in real estate, the location iscrucial for plants. Most annuals love sun,although there are a few shade-lovingexceptions. For the sun-lovers, make sureto pick a spot that gets at least four hoursof direct sunlight per day. The soil isanother important factor to consider.Properly prepared soil is loose and loamy,with plenty of nutrients for your plants.Tilling the top 6 inches of soil is a goodidea, as is adding about 3 inches of qualitycompost.

PlantingIf you’ve purchased yourplants from a nursery thatkept them out in the open,you can plant them rightaway. However, if your youngannuals were grown in agreenhouse, you may firstwant to allow them about aweek to gradually adapt totheir new surroundings.Keep them in a shaded areaat first, and each day bringthem out in the sun for a little longer sothey feel “comfortable” in it.

Annuals like warm soil and steadyweather. It’s a good idea to plant late inthe afternoon or on a cloudy day to avoid“upsetting” the flowers too much. Whenremoving the plants from theircontainers, don’t pull on their stems asthis will likely damage them. Instead,carefully slip them out by turning the

container upside-down,and try to disturb

the roots as littleas possible.

Your annualsshould beplanted atthe samedepth (or

Caring for Your Annualsjust slightly deeper than)they were at thenursery. After youare done plantingyour new annuals,rejuvenate themwith water andsome starterfertilizer.

CareTo grow happily, your annuals need aboutone inch of water per week. Deep,infrequent watering is preferred overfrequent “sprinkling” since it encouragesdevelopment of deeper roots. When youwater, try not to water leaves as this cantrigger foliage diseases. If you are usingan automatic sprinkler, water early so the

leaves will have a chance to dry offquickly.

As far as fertilizing goes, mostannuals don’t need much, provided

that you’ve prepared the soilwell. Once or twice pergrowing season should beplenty; if you used plentyof quality compost in the

beginning you might notneed fer ti l izer at al l .Mulch is another smart

feature to consider. Inaddition to improving the look of yourgarden, properly applied mulch helpsthe soil retain moisture and hindersweeds – both very nice bonuses for yourplants.

And finally, if you want your annualsto produce a multitude of colorfulf lowers, don’t forget about“deadheading.” This is the process whereyou remove any faded flowers from yourplants to encourage new growth.Remember, annuals live to produce seedsfor the new generation of the plant; if youremove the dying blooms containing newseeds, you will “trick” the plant intothinking it has to produce another flower.The more vigilant you are about this task,the more you will extend the colorful lifeof your flower garden.

Q:Q:Q:Q:Q: WWWWWhahahahahat is title insurt is title insurt is title insurt is title insurt is title insurance and wance and wance and wance and wance and whhhhhyyyyydo I need it?do I need it?do I need it?do I need it?do I need it?

A: Abraham Lincoln lost his hometwice due to problems with the title.The purpose of title insurance isto help you avoid the same fate.Simply put, it insures you and yourlender against errors or potentialproblems with the ownershipdocuments of your home. Forexample, if someone was to claimto be the rightful owner of yourhome, the title insurance protectsyou against possible loss ordamages.

Two types of title insurance areavailable. The lender’s policyprotects only the lender from titledefects, liens or judgments. Theowner’s policy protects the buyeragainst the same problems, and canbe expanded to cover additional titlerisks, such as unrecorded liens. Alender’s policy is required in orderto obtain a mortgage. An owner’spolicy is not, but since it’s onlyslightly more expensive than thelender policy, buying it is certainlynot a bad idea as it gives you addedpeace of mind.

HaHaHaHaHavvvvve a tough re a tough re a tough re a tough re a tough real estaeal estaeal estaeal estaeal estate ques-te ques-te ques-te ques-te ques-tion? tion? tion? tion? tion? YYYYYour calls and e-mails arour calls and e-mails arour calls and e-mails arour calls and e-mails arour calls and e-mails areeeeealalalalalwwwwwaaaaays wys wys wys wys welcome:elcome:elcome:elcome:elcome:

SarSarSarSarSarah Hinsonah Hinsonah Hinsonah Hinsonah Hinson(770) [email protected]

ARCHITECTURE CORNER: AMERICA’S LANDMARK HOMES

March 2010

Nestled in North Carolina mountains, near the town of Asheville, lies America’s largest privately-owned home – the BiltmoreHouse. This landmark residence has a whopping 175,000 square feet, 250 rooms and 65 fireplaces. Its original owner used to callit his “little mountain escape.”

The Biltmore House was built by George Washington Vanderbilt II, an heir to the Vanderbilt steamship and railroad empire.The house is modeled after several fine chateaus (mansions) in France, and is the finest example of the French Renaissance style inthe United States. The construction took six years, starting in 1889 and finishing in 1895. This was such an enormous undertakingthat a brick factory was purpose-built nearby, as well as three miles of railroad that transported all the building materials to theconstruction site.

No expense was spared on this lavish home. Some roomsare so large that a small house could fit inside. The Biltmore’scollection of fine art boasts, among other things, a painting byRenoir and a chess set once owned by Napoleon Bonaparte.There is also a private bowling alley and what is thought to bethe world’s first indoor swimming pool. The home was quitehigh-tech for its time too; it features such 19th Centurytechnological marvels as elevators, smoke alarm and an intercomsystem.

George Washington Vanderbilt II envisioned his home as a self-sustaining estate. He established poultry, hog and cattle farms onhis property, and built a village to house people who would work for him. He was also passionate about horticulture and forestry,and in order to properly care for his enormous estate he established America’s first forestry education program. Vanderbilt’s originalproperty of 125,000 acres(!) became the first professionally managed forest in the U.S.

Creating the Biltmore Estate was such an expensive project that it severely depleted Vanderbilt’s inheritance. After his death in1914, his widow sold most of the land to the U.S. Government, which used it to establish Pisgah National Forest. The house and theremaining 8,000 acres were inherited by Vanderbilt’s daughter Cornelia, who in 1930 opened it to the public in order to help pay forthe property’s upkeep. The Biltmore House is still owned by Vanderbilt’s descendants, and over one million people visit it annually.

THE BILTMORE HOUSE

SarSarSarSarSarah Hinsonah Hinsonah Hinsonah Hinsonah HinsonKeller Williams Realty First Atlanta200 Glenridge Point Parkway, Suite 100Sandy Springs, GA 30342