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Unhappy with the job your contractor did? Peeved at your local hardware store’s churlish service? Annoyed with the runaround you got from a real estate agent? Just use an online review site to gain a small measure of revenge and to satisfy yourself by warning others. Right?
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Selling a house can yield some unexpected tax benefits. Few of us buy or sell often enough to stay abreast of the latest turns of the tax screw, so here’s an update on a few policies that could ease the pain:
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“Satisfaction goes up when you have concrete expectations,” says CA-based contractor Dan Fritschen. The unglamorous truth is that planning ahead saves money. In order to plan effectively, Fritschen recommends that homeowners seek assistance from two types of renovation consultants. Early in your project, each of these pros will ask different, equally important questions to help you translate a design vision into a built reality.
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If you are thinking that this is the year to tackle a bigger renovation project that you’ve been postponing, you’re not the only one. After several years of maintenance mode, homeowners are going to spend on actual improvements this year, predicts the Joint Center for Housing Studies at Harvard.
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Licenses, bonding, and insurance: Every contractor is required by law to have these essential documents in order, but not all do. And the harsh reality is that, if your contractor flouts the law, it could end up costing you.
Adamina Fies, president of Synergy Design & Construction in Reston, VA, says that, as absurd as it may seem, homeowners need to triple-check that their contractors and subcontractors are complying with state and local laws. If your contractor doesn’t have the proper paperwork, then you, the client, could be pulled into lawsuits ranging from on-the-job injuries to unpaid subcontractors’ bills.
Here’s the checklist Fies uses when vetting contractors:
In the midst of the budget crisis in Washington, home energy tax credits were retained for the 2012 tax year. That means you can claim a 10% credit for up to $5,000 worth of qualified energy-efficient improvements, including replacement windows and doors; Energy Star appliances; insulation; and installing more energy-efficient heating and cooling systems.
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Be sure to review the specifics carefully via IRS Form 5695. And audit your receipts to verify that the materials and appliances you bought qualify. For maximum return, include these factors as you estimate the value of the credit:
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Hyperventilation over the housing market recovery is reaching gale force. National news outlets are quoting some experts as saying that housing will lead economic growth this year.
Pass the paper bags. The truth is that a consistent rise in home values in 2012—of 5.9% according to Zillow, and 5.5% according to the Case-Shiller Index—falls far short of recapturing a 30% drop in values since 2006.
This year, several factors will keep home values in check:
Are your home improvement plans hidden in piles of folders overflowing with clips, notes, and paint chips? You can save time, corral your ideas, and bring your current “organizational system” into the 21st century with the right app. We’ve put together three favorites to help you streamline planning and make your 2013 home improvement projects a breeze.
1. HB Color
HB Color
Is one paint company’s Foggy Wisteria the same as another’s Lavender Mist? House Beautiful cuts through color confusion with a smart palette of functions: zero in on your intuitive preferences with a quiz, peruse color combinations recommended by decorators and House Beautiful editors, or fish from the “Color River” to find the moods, shades, and tints that fit your vision.
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Now is the perfect moment to plan your 2013 projects. Be more precise with your time and resources using this raft of renovation-oriented home remodeling apps to aid your productivity. All offer a free trial version, unless otherwise noted, so you can test-drive before shelling out for the full-powered tool.
1. PV Master
PV Master
What’s the payback on a solar installation? Fine-tune the estimate with PV Master. The app calculates how much sun your location receives and how that translates to a photovoltaic solar installation with maximum efficiency.
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The unexpected has become the norm for the US real estate market. As evidenced by the annual Profile of Home Buyers and Sellers, recently released by the National Association of Realtors (NAR), market trends are shifting both quickly and often. Whatever was happening in your local market last spring isn’t likely to be happening now.
Here’s a rundown of the top trends outlined in the NAR report and how you can make the most of them:
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