Granite countertops have been all the rage in real estate and interior design the last few years. You would recognize its speckled brown look, and granite is a terrific material for countertops, but there are many types of stone available for use as countertops.
Countertops have become one of the first details that homebuyers look for when selecting a new home. If you are considering new countertops for your home--either for your own use and enjoyment or for prepping your home for sale--I would recommend looking at the many varieties of granite and stone available. The old fashioned tile and grout countertops just won't cut it in today's market (and that grout was always so hard to clean!).
The appeal of granite is its diverse array of colors and patterns and the durability and strength. Granite also tends to be quite bacteria-resistant and stain-repellent, but you have to make sure to take care of it correctly. But since almost everyone has the now-traditional granite counters, what other stones are there to consider?
Marble can add a lot of sophistication to a room but it isn't recommended for kitchens, and the elegance of limestone is appealing to many. I have been seeing more and more soapstone counters, which usually comes in dark solid colors and is even more non-porous than granite. No matter what you choose, a single-unit countertop is generally preferable to small tiles.
The key is to find a look and functionality that works best for your kitchen and design. Majesty Marble & Granite in Pennsylvania has a terrific Q&A website on the basics of stone countertops. There are so many options and suppliers now, so let me know if you have any questions. I'm always happy to help. I can be reached at 510-547-5970 x57 or MSmartt@jps.net.
Thursday, November 1, 2007
Wednesday, October 31, 2007
Ghost Busting Tips
In all seriousness, and in the spirit of Halloween, it is time to share some ghost busting tips. As a real estate agent, we have to deal with all aspects of homes and the needs of homeowners. And, sometimes, a homeowner might believe that their home might be inhabited by a spirit. A few years back, I had to research some methods for ridding a home of ghosts, and thought I would share them with you as a treat on this Halloween day.
First, of all make sure that you have a ghost. Rule out all possible explanations for those drafty corners and squeaky doors. This means, call a handyman or contractor first..not a ghost buster.
The easiest way, according to ghost experts, is to speak to the ghost. Supposedly, ghosts are present due to unresolved issues from their corporeal life. Speak to them--even shout to them--that what they are looking for is gone, that what they need is taken care of, that it is time to move on. You might feel silly speaking into thin air, but it is supposed to be the most effective method.
Other tricks of the trade include using holy water, garlic, incense, hazelnuts, tricky mirrors and more. Of course, you can always welcome the ghost as well. Maybe you've got Casper the Friendly Ghost hanging around, which might be kinda fun. Or, an innocent poltergeist could be great for livening up a party.
A couple of websites to check out if you want more information are Hollow Hill or JeffDwyer.com, the website for the Bay Area's own ghost hunter (who was also very entertaining on KFOG this morning). And, if you seriously have a ghost problem, let me know. As I always say, I'm happy to help. Even with ghosts! I can be reached at 510-547-5970 x57 or MSmartt@jps.net.
HAPPY HALLOWEEN!
Monday, October 29, 2007
The Tax Advantages of Home Ownership
We all know that real estate and home ownership can be a terrific investment, and one reason for that is because there are many tax advantages to home ownership. So while you are building equity for the future, you can also get some nice tax savings in the present. A nice trade-off for all the hard work you put into it, right?
The big one is writing off your mortgage interest. At the beginning of your mortgage term, most of your payment goes towards the interest, so this is a significant amount when April 15th rolls around. You can also deduct the cost of your real estate and property taxes from your income.
Did you refinance? You might be able to deduct the points you paid. Also, if you paid extra points to lower your initial interest rate, those might be eligible for a deduction.
Then there is the capital gains for your primary residence. You can deduct up to $250,000 of your profits when you sell your home if you lived in it for at least 2 of the previous 5 years before the sale. Plus, you can get $500,000 if you are married.
In addition to these biggies, there are all sorts of nooks-and-crannies in the real estate tax codes, like reducing your taxable gain with receipts for home improvements, deductions for home offices, and more. Always consult with a tax professional who knows the ins-and-outs of real estate taxes. If you need a referral or just have a question, please let me know. I am always happy to help. I can be reached at 510-547-5970 x57 or MSmartt@jps.net.
The big one is writing off your mortgage interest. At the beginning of your mortgage term, most of your payment goes towards the interest, so this is a significant amount when April 15th rolls around. You can also deduct the cost of your real estate and property taxes from your income.
Did you refinance? You might be able to deduct the points you paid. Also, if you paid extra points to lower your initial interest rate, those might be eligible for a deduction.
Then there is the capital gains for your primary residence. You can deduct up to $250,000 of your profits when you sell your home if you lived in it for at least 2 of the previous 5 years before the sale. Plus, you can get $500,000 if you are married.
In addition to these biggies, there are all sorts of nooks-and-crannies in the real estate tax codes, like reducing your taxable gain with receipts for home improvements, deductions for home offices, and more. Always consult with a tax professional who knows the ins-and-outs of real estate taxes. If you need a referral or just have a question, please let me know. I am always happy to help. I can be reached at 510-547-5970 x57 or MSmartt@jps.net.
Friday, October 26, 2007
Yes, You Do Need a Home Warranty
A lot of new homeowners get confused on the differences between a homeowners hazard insurance policy and a home warranty plan. And, many think that a warranty may not be necessary, assuming that they are like those questionable extended warranties they offer you on electronics and small appliances. Well, let me weigh in that a home warranty plan is some of the best money you can spend in protecting your home.
Generally, the homeowners hazard insurance policy covers major damage to the structure of a home caused by natural hazards and accidents, whereas a home warranty plan covers the cost of unexpected repairs or replacement of major systems and appliances that break down due to normal usage. My own home warranty has come in very handy, and I have a relatively new home!
For instance, say you move into a house and you have a plumbing problem a few months later. Perhaps the pipes under the kitchen sink develop a leak and need to be replaced. Instead of calling a plumber and paying several hundred dollars for the labor and parts, you would just call your home warranty representative and then pay a small fee of about $50. It is like having dental insurance and paying a set fee for cleanings. That simple! (To extend the comparisons....the water damage caused by pipes would be covered by your homeowners hazard insurance.)
A home warranty plan will cost you a few hundred dollars a year, and it is well worth it. You will be saving money if you make just one or two repair calls a year. Standard home warranty plans cover items such as the following: heaters and furnaces, dishwashers, ovens, garbage disposals, plumbing leaks, water heaters, sump pumps, electrical, and much more...even some pest control issues. And, if you have special items that need coverage--like that fancy built-in wine cooler--you can get additional coverage.
There are a lot of companies out there, and I highly recommend Old Republic. Not only do they have great rates and coverage, their customer service is unbeatable. If you live in the Bay Area, I can hook you up with Alex Quinzon, their top-notch sales rep.
Home warranties can be difficult to get a handle on, especially if you are a new homeowner. If you have any questions or need guidance let me know. I'm always happy to help. I can be reached at 510-547-5970 x57 or MSmartt@jps.net
Generally, the homeowners hazard insurance policy covers major damage to the structure of a home caused by natural hazards and accidents, whereas a home warranty plan covers the cost of unexpected repairs or replacement of major systems and appliances that break down due to normal usage. My own home warranty has come in very handy, and I have a relatively new home!
For instance, say you move into a house and you have a plumbing problem a few months later. Perhaps the pipes under the kitchen sink develop a leak and need to be replaced. Instead of calling a plumber and paying several hundred dollars for the labor and parts, you would just call your home warranty representative and then pay a small fee of about $50. It is like having dental insurance and paying a set fee for cleanings. That simple! (To extend the comparisons....the water damage caused by pipes would be covered by your homeowners hazard insurance.)
A home warranty plan will cost you a few hundred dollars a year, and it is well worth it. You will be saving money if you make just one or two repair calls a year. Standard home warranty plans cover items such as the following: heaters and furnaces, dishwashers, ovens, garbage disposals, plumbing leaks, water heaters, sump pumps, electrical, and much more...even some pest control issues. And, if you have special items that need coverage--like that fancy built-in wine cooler--you can get additional coverage.
There are a lot of companies out there, and I highly recommend Old Republic. Not only do they have great rates and coverage, their customer service is unbeatable. If you live in the Bay Area, I can hook you up with Alex Quinzon, their top-notch sales rep.
Home warranties can be difficult to get a handle on, especially if you are a new homeowner. If you have any questions or need guidance let me know. I'm always happy to help. I can be reached at 510-547-5970 x57 or MSmartt@jps.net
Wednesday, October 24, 2007
Computer and Electronics Recycling
Time for another GREEN update. One of the toughest things to Reduce/Reuse/Recycle is old computers and other electronic items. Well, I just discovered a terrific resource in Berkeley that should take care of all of your needs--the Alameda County Computer Resource Center.The ACCRC will take your old computers and laptops for free. They will even "degauss" (aka clear the hard drive) for a small fee of just $10. They use this impressive instrument with massive electromagnets to clear all your old files and information. Then, they take the old computers and get them up-and-running on a basic Linux system so they can then be donated and re-used by a school or a non-profit or some other needy organization. (Do you need computers for your org? Give them a call!)
Most electronic items with a plug--from cell phones to TVs to toasters--will be accepted free of charge. If you live in Berkeley, they will even pick-up the stuff for free! But, being a non-profit, they will happily accept any donations you can make. The only thing they can't accept is large household items like washing machines, air conditioners, dishwashers, and things of that sort. Visit their website to find out what they do with all this stuff.
There is a ton of great information on their well-written website, but there is one more thing you should know. ACCRC founder James Burgett has just been chosen by CNN as an environmental hero for their current Planet in Peril series.
If you have other questions about recycling and going green, let me know. I'm always happy to help. I can be reached at 510-547-5970 x57 or MSmartt@jps.net.
Tuesday, October 23, 2007
Another Look at the MMAP
Normally, I try very hard not to repeat myself on this blog, but I think the MMAP program is worth another look right now. First, it is one of the most viewed pages on my blog and I get asked about it quite a bit. Second, with the recent changes in the market, I think it is worth another look.
MMAP stands for Monthly Mortgage Assistance Program, and it can help reduce a buyer's payments from $250 to $1000 per month for up to two years. And, all it requires is a simple agreement between the buyer and the seller.
MMAP could be a very valuable tool right now for sellers in this market. Right now, the market is changing from a sellers market to a buyers market, which means that sellers need to do more than ever to make their homes attractive to buyers. Buyers have every reason to be fickle right now, and an attractive feature like MMAP just might be the trick to encourage them to make an offer on your home instead of the one down the street.
So, instead of a price reduction or credit, consider using the MMAP. Basically, the seller agrees to set aside an agreed-upon amount of the purchase price into a trust account (via the MMAP grant program), which is then used to reduce the buyer's monthly mortgage payments anywhere from $250 to $1000 per month for up to 24 months. It is a pretty simple process, and you can get more information by visiting the MMAP website.
If you would like to discuss the MMAP program in depth and find out if it is right for your listing, please let me know. I am always happy to help. I can be reached at 510-547-5970 or MSmartt@jps.net.
Monday, October 22, 2007
A Consumer Guide to Real Estate Contracts
Most consumers know that a real estate transaction is a very complicated process--from negotiating the price to lifting contingencies to arranging the financing before finally closing escrow. But what a lot of real estate consumers do not realize is that the transaction is also a legal process. The standard purchase offer used in the state of California is also a legally binding contract. So, it is important to understand some of the ins and outs of this innocent looking 8-page document.
The standard California Residential Purchase Agreement is a contract. And, a contract is a legally enforceable agreement between two or more parties that creates an obligation to do or not do particular things. In this case, the agreement is to purchase a house at an agreed upon price, usually with many conditions.
First, after agreeing upon a price, the contract usually states the amount of the initial deposit, down payment, and loan amount. There is often an initial deposit, followed by an increased deposit if certain conditions are met, such as the successful lifting of an inspection or loan contingency. In addition to the signatures, it is the deposit that makes the purchase offer contract valid.
It is important to keep the deposit in mind because the buyers can lose the deposit if they pull out of the contract. The deposit is a good faith display of consideration to the sellers that you intend to complete the purchase of the home at the end of the escrow period. So, if you pull out, you also can lose the deposit. This is covered in depth later in the contract in Section 16 regarding "liquidated damages." And pulling out of a contract is considered damaging to the sellers because they have lost time and other potential buyers and need to be compensated for this damage.
The next important section is regarding contingencies. The buyer has the right to a short period at the beginning of the escrow period to make sure their loan and appraisals are in order and to further inspect the house. This period is a safeguard to the buyer to make sure they are ready and able to make this major transaction and to ensure that home has no hidden defects. Perhaps there is a massive amount of dry rot or a faulty foundation that might cause the buyers to reconsider their interest in the home. By pulling out of the contract before lifting these contingencies, they can also safely get their deposit back (in most situations).
Most of the standard contract is considered "boilerplate" but make sure to read each section and make sure you understand it. There are sections that outline who pays which transfer taxes, who pays for home warranties, which major appliances and other items are included (or not included) in the sale.
One interesting legal fact pertaining to contracts that not a lot of people know is that a counter-offer renders the original contract null and void.
Now there is a lot more to the standard real estate contract here in California than I have covered here. I always advise that you contact a lawyer if you have a questions about the contract or a legal issue arises. If you would like to know more about the purchase offer contact, please let me know. I'm always happy to help. I can be reached at 510-547-5970 x57 or MSmartt@jps.net
The standard California Residential Purchase Agreement is a contract. And, a contract is a legally enforceable agreement between two or more parties that creates an obligation to do or not do particular things. In this case, the agreement is to purchase a house at an agreed upon price, usually with many conditions.
First, after agreeing upon a price, the contract usually states the amount of the initial deposit, down payment, and loan amount. There is often an initial deposit, followed by an increased deposit if certain conditions are met, such as the successful lifting of an inspection or loan contingency. In addition to the signatures, it is the deposit that makes the purchase offer contract valid.
It is important to keep the deposit in mind because the buyers can lose the deposit if they pull out of the contract. The deposit is a good faith display of consideration to the sellers that you intend to complete the purchase of the home at the end of the escrow period. So, if you pull out, you also can lose the deposit. This is covered in depth later in the contract in Section 16 regarding "liquidated damages." And pulling out of a contract is considered damaging to the sellers because they have lost time and other potential buyers and need to be compensated for this damage.
The next important section is regarding contingencies. The buyer has the right to a short period at the beginning of the escrow period to make sure their loan and appraisals are in order and to further inspect the house. This period is a safeguard to the buyer to make sure they are ready and able to make this major transaction and to ensure that home has no hidden defects. Perhaps there is a massive amount of dry rot or a faulty foundation that might cause the buyers to reconsider their interest in the home. By pulling out of the contract before lifting these contingencies, they can also safely get their deposit back (in most situations).
Most of the standard contract is considered "boilerplate" but make sure to read each section and make sure you understand it. There are sections that outline who pays which transfer taxes, who pays for home warranties, which major appliances and other items are included (or not included) in the sale.
One interesting legal fact pertaining to contracts that not a lot of people know is that a counter-offer renders the original contract null and void.
Now there is a lot more to the standard real estate contract here in California than I have covered here. I always advise that you contact a lawyer if you have a questions about the contract or a legal issue arises. If you would like to know more about the purchase offer contact, please let me know. I'm always happy to help. I can be reached at 510-547-5970 x57 or MSmartt@jps.net
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