Archive for the 'Home Owners' Category
Staying Safe in Your Home-Tips on Preventing a Home Invasion
March 31st, 2008 categories: Central Connecticut News & Information, Home Owners
This morning I heard the awful news that Mary Ellen Walsh was found dead in Bristol, the victim of another home invasion but this time in New Britain. Although not in her own home but in that of a friend, Mary Ellen reminded us all that crime can impact us even in places we should feel safe. I am truly sorry for her, her family and her friend Carol Larese who is recovering in the hospital.
I am not going to get into how angry it makes me that this home invasion ever occurred, why or how it happened or how disgusted I am that I can’t leave my doors unlocked because some low-life may get this idea in my area. Long gone are the days where you enter your home and leave the doors unlocked. Maybe those days never even existed but I like to think they did.
Normally, I don’t comment on issues like this but this event touches a basic need we all have and that is security - more specifically security in your own home.
Other than buying a gun and getting a big, mean dog, (which I have no problem with, by the way) how do we stay safe in the one place where we should never have to feel unsafe - our home? Read the rest of this entry »
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There’s Gold in That Thar Deck - Adding a Deck Means Money In Your Pockets
March 26th, 2008 categories: Home Owners, Home Sellers
One of the easiest, least expensive exterior projects for your home is the addition of a wood deck. Even in Connecticut where you can enjoy your deck only half of the year, decks are an additional room for your house during those warm months.
A deck is economical to put in. And out of other exterior projects, a wood deck is more likely to pay off when you sell than most other projects such as the addition of a garage or sunroom.
According to the National Association of Realtor’s 2007 Cost Vs Value Remodeling Report, the average deck in New England costs $10,634 and home sellers can expect to recoup around 84.4% of the value on resale.
I was actually surprised to read that the average garage addition only recouped about 67% of its cost.
If you’re contemplating a sale soon or just want to enjoy the outdoors, adding a new deck may be the way to go.
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Big Brother is Watching Your Laundry - The Right to Clotheslines in Connecticut
March 14th, 2008 categories: Central Connecticut News & Information, Home Owners
The Connecticut legislature is considering a bill that would stop homeowners’ associations and towns from restricting clotheslines or the drying laundry outside if there is no area for air drying elsewhere.
On one side, you have people who want to save money or cut down on their energy usage.
On the other, you have homeowners associations whose main purpose is to enforce uniformity in their community in the name of protecting property values.
Everyone has a point.
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The Truth About Deducting Private Mortgage Insurance
February 17th, 2008 categories: Home Owners
Private Mortgage Insurance, or PMI, is
“insurance that protects a lender or investor against loss if a borrower stops making mortgage payments. It makes it possible for you to buy a house with as little as a three percent down payment or less for qualified borrowers, helping you buy a home sooner than you otherwise could. ” PrivateMI.com
Although it protects the lender, the borrower actually pays for it. And until recently, PMI was not a tax deductible item for primary residences.
PMI is now tax deductible for some. Here are the requirements:
Borrower must have purchased or refinanced* the home using a loan backed by PMI in 2007. For the next three years, ending in 2010, borrowers who pay PMI will also be able to deduct it as long as they meet the other restrictions.
Only borrowers with an adjusted gross income of $100,000 may deduct 100% of the premium. Families earning up to $109,000 may deduction a portion of the premium.
Premiums are deductible for the borrower’s primary residence or for a second home. Owners of rental property are already allowed to deduct PMI.
The IRS publishes a 16-page guide to “explain” this further.
*There is some confusion about whether a loan that’s been refinanced qualifies. Contact your tax advisor for more information.
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The Truth About Deducting Private Mortgage Insurance
February 11th, 2008 categories: Home Owners
Private Mortgage Insurance, or PMI, is
“insurance that protects a lender or investor against loss if a borrower stops making mortgage payments. It makes it possible for you to buy a house with as little as a three percent down payment or less for qualified borrowers, helping you buy a home sooner than you otherwise could. “ PrivateMI.com
Although it protects the lender, the borrower actually pays for it. And until recently, PMI was not a tax deductible item for primary residences.
PMI is now tax deductible for some. Here are the requirements:
- Borrower must have purchased or refinanced* the home using a loan backed by PMI in 2007. For the next three years, ending in 2010, borrowers who pay PMI will also be able to deduct it as long as they meet the other restrictions.
- Only borrowers with an adjusted gross income of $100,000 may deduct 100% of the premium. Families earning up to $109,000 may deduction a portion of the premium.
- Premiums are deductible for the borrower’s primary residence or for a second home. Owners of rental property are already allowed to deduct PMI.
The IRS publishes a 16-page guide to “explain” this further.
*There is some confusion about whether a loan that’s been refinanced qualifies. Contact your tax advisor for more information.
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