Category: Home Owning Tips

Prepping Your Home for Winter

Post author By RHRNews
Post date October 30, 2018

Now that November is here, it’s time to prepare your home for cold weather. These steps will help lower your utility bills, protect your investment and prepare your home for this year’s winter.

Clean your gutters early and often

Don’t Try This… Please be safe. via GIPHY

It’s hard to know when the first snowfall will come, so be sure to keep your gutters free of debris as the autumn leaves fall. Ask your agent if they have any recommended service providers so that you stay safe!

Prep the lawn

via GIPHY

Rake and bag your leaves at least once per week during the fall season. Your local garbage collection may also pick up yard debris. Talk with your Rector Hayden Realtor about what services are available in your neighborhood. Be sure to rake briskly so you remove any moss or deeply-entrenched debris that could impede drainage over the winter, causing ice or other hazards.

Check windows and doors for air leaks

via GIPHY

According to the Environmental Protection Agency (EPA), the average household spends more than $1,000 on heating and cooling costs annually. One way to lower your energy bills is to ensure that your heat doesn’t leak out as cool temperatures arrive.

Check for leaks by holding a lit candle to your windows, door frames, baseboards and the vent leading outside from your dryer. If the candle flickers as you run it past the area, fill in the leak with caulk. Your Rector Hayden Realtor may also have recommendations for professionals, should your leaks be severe.

Add insulation and seal off attic

via GIPHY

Many homeowners ignore their attics, especially if they are unfinished. Attic leaks are extremely common, so insulating your attic can immediately lead to lower energy bills. Attic insulation also has the highest return on investment of any local home improvement project, so you may even earn back more than you spend on this project over time!

Still not sold on the benefit of attic insulation? Consider this: When hot air escapes from your attic, you put your home at risk for ice dams, which can be costly and nearly impossible to fix.

Talk to your Rector Hayden Realtor about professionals that could affordably insulate your attic for you, or offer other winterization tips for your home.

Upgrade to a smart thermostat

via GIPHY

If you’re still turning the thermostat down when you go to bed and up when you get home from work, consider upgrading to a smart thermostat. These devices can learn when it’s safe to lower the temperature and when to boost the thermostat because everyone is at home after a long day. Nest is one of the most popular smart thermostats, but there are plenty of other options on the market. Smart homes are the way of the future!

Still unsure about what you should do to winterize your home? Reach out to your Rector Hayden Realtor about winterization and home care tips!

How to Protect Yourself Against Online Security Breaches

Post author By RHRNews
Post date June 1, 2018

Cyber-criminals — people who commit theft using the internet, email and other technology — will look anywhere for money to be stolen. And that includes real estate transactions. But if you’re careful, you can avoid falling prey to these schemes.

Across the country, the real estate industry has seen a significant increase in the efforts of cyber-criminals to steal money out of real estate transactions. These scams are ever-changing, but here are the general elements of the most common fraud attempts we have seen recently:

1) A fraudster will send a malicious email that seeks to trick the recipient into providing personal information (often a username and password) or clicking on a link or an attachment that contains a virus, infecting the recipient’s computer.

2) The goal of the email is to gain access to computer systems of someone involved in a real estate transaction (like a buyer, seller, real estate agent, or closer). Once the access is given, criminals can log in to learn details of that upcoming transaction.

3) With those details, the criminal can create an email that appears to be from a legitimate source. Typically, this email asks the buyer or a closer to wire funds into an illegitimate bank account.

How to protect yourself against cyber-crime

That may sound a bit scary, but there are precautions you can take to protect your money. These rules can be applied to every technological aspect of your daily life, not just if you are involved in a real estate transaction:

Never send money to anyone who requests it by email without first personally contacting someone you know (like the title closer or your real estate agent) to confirm the request is legitimate.

When confirming the request, don’t rely on the phone number that was provided in the email; the criminals often put their own phone number in the email. Use a phone number that you know or look up the number on the internet.

Use care in dealing with emails. If you receive an email from someone you don’t know with a link or attachment, don’t click on it without verifying that it’s legitimate. And never provide important private information like your username, passwords, bank accounts, pin numbers or other items that might allow criminals to take advantage of you.

article curated by Keith Rector

Tags assets, fraud, online, protection, security

Home Owning Tips Newsletter Featurettes

Prepping Your Home for Winter

Post author By RHRNews
Post date November 1, 2017

Prepping your home for winter in Central Kentucky

Clean your gutters early and often

Don’t Try This… Please be safe. via GIPHY

Prep the lawn

via GIPHY

Check windows and doors for air leaks

via GIPHY

Add insulation and seal off attic

via GIPHY

Still not sold on the benefit of attic insulation? Consider this: When hot air escapes from your attic, you put your home at risk for ice dams, which can be costly and nearly impossible to fix.

Talk to your Rector Hayden Realtor about professionals that could affordably insulate your attic for you, or offer other winterization tips for your home.

Upgrade to a smart thermostat

via GIPHY

Still unsure about what you should do to winterize your home? Reach out to your Rector Hayden Realtor about winterization and home care tips!

Home Insights Home Owning Tips Newsletter Featurettes

Tax Benefits of Homeownership

Post author By RHRNews
Post date February 27, 2017

Homeownership has many benefits — and some of the primary financial benefits come at tax time! Here are some key points you need to know about homeownership and taxes:

Deductibility of property taxes

As a homeowner, you are required to pay an annual property tax on your home (if you are a renter, you’re already paying your landlord’s property taxes; it’s just included in your monthly rental payment). This annual tax can provide a nice deduction on your tax return!

The amount of property tax you pay is based on the area in which you live (how much money the local government requires) and the value of your home. In Kentucky, the local tax assessor determines the value of your home via periodic appraisals. If you believe that the assessor’s value is incorrect, you can challenge it, sometimes by simply calling or visiting the assessor

Deductibility of mortgage interest payments and “points”

Income tax benefits of homeownership also include the ability to deduct mortgage interest payments on your tax return. Plus, if you paid “mortgage points” when you purchased the home in order to reduce your interest rate, those costs may be deductible as well.

Exclusion for Capital Gains taxes

Almost every item you own, including your car and television, is a capital asset. But your home is one of the few capital assets that actually might increase in value over time — which is great in that it helps build equity. As a general rule, when you sell a capital asset that has increased in value, you need to pay what are called capital gains taxes.

When it comes to selling a home, however, most homeowners qualify for an exclusion of up to $250,000 of the gain. If you’re filing jointly, this exclusion rises to $500,000. This means that if your home rises in value, you can — up to a substantial point — reap benefits without being penalized at tax time.

Please note that these insights are not intended to provide specific tax or legal advice – be sure to see your CPA for the best advice concerning your own, unique situation.

Tags homeownership, tax benefits

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3 Home Improvement Projects with Great Return on Investment

Post author By RHRNews
Post date February 27, 2017

Looking for a home improvement project that will provide a high return-on-investment at resale? What about one that won’t need a small loan to accomplish? A national Cost vs. Value Report recently evaluated projects across our area in order to come up with the ones that have the most bang for your buck.

Three of the projects they outlined cost less than $1,500 but have returns on investment of 73 to 129 percent.
Here are the short project descriptions and cost breakouts.

Attic insulation with fiberglass

Whether you use your attic as a storage space or are thinking of repurposing it as a living area, it’s critical that the area is insulated. By sealing off your attic with fiberglass insulation, you’ll spend an average of $1,300 and you could recoup $1,470 upon resale. That’s right, you should theoretically make money by insulating your attic. Additionally, you should see a drop in your heating and cooling bills once your attic is insulated. When it comes to your return on investment, attic insulation is one of the top-returning home improvement projects you can take on.

Garage door replacement

Whether your garage door has had an unfortunate run-in with your mini-van or it’s simply dingy after too many Central Kentucky winters, the time has likely come for it to be replaced. With a cost of just $1,650 on average and a 73 percent return on investment, you won’t lose much money on this project whether you sell this spring or in a few years.

Entry door replacement

There’s a reason front doors are often used on homeowner magazines, movie posters and book covers — they’re eye-catching and draw in attention. This is especially true when it comes to buying a new home. Most staging and home seller tips recommend that sellers purchase a new front door or paint their current front door so it’s bright and inviting. Whether a buyer is looking online or driving by in person, a bright front door will capture their interest.

The Cost vs. Value Report verifies that this isn’t just a great trick for drawing buyer attention, it can also pay off at closing. Across our area, this project should cost $1,380 and could recoup $1,775 — a return on investment of 129 percent!

Tags DIY, home improvement, home value, projects, return on investment

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Loan Types: Insights for Home Buyers

Post author By RHRNews
Post date February 3, 2017

Loan Types: insights for home buyers

If you’re considering buying a home, having a knowledge of basic mortgage terminology can help prepare you for meeting with a mortgage consultant. Here are insights you can use to understand basic loan types and how they affect different types of borrowers.

Fixed-rate vs. adjustable-rate mortgages

One of the first choices you’ll make when applying for a loan is if you want to have a fixed-rate mortgage or an adjustable-rate mortgage. A fixed-rate mortgage has an interest rate that does not change for the life of the loan, so it provides predictable monthly payments of principal and interest.

An adjustable-rate mortgage typically offers an initial introductory period with a low interest rate. Once this period is over, the interest rate adjusts periodically, based on the market index. The initial interest rate can sometimes be locked in for different periods, such as one, three, five, seven or ten years. Once the introductory period is over, the interest rate typically readjusts annually.

Government-backed loans vs. conventional loans

There are two primary types of government-backed loans: FHA loans and VHA loans.

FHA loans are insured by the Federal Housing Administration and are typically designed to meet the needs of first-time homebuyers with low or moderate incomes. FHA loans can be approved with a down payment as little as 3.5 percent. Because the agency is taking on more risk by insuring these loans, the borrower is expected to pay mortgage insurance and the property must be owner-occupied.

VA loans are backed by the Department of Veteran’s Affairs and they are guaranteed to qualified veterans and active-duty personnel and their spouses. VA loans can be approved with 100% financing, meaning VA borrowers are not required to put down a down payment. Unlike FHA loans, borrowers do not have to pay mortgage insurance on VA loans.

Conforming loans vs. jumbo loans

Fannie Mae and Freddie Mac are two government-owned institutions that buy and sell mortgages on the aftermarket. By selling the loans to “Fannie and Freddie,” lenders can free up their capital and return to issue more mortgages than if they had to personally back every loan that they approve.

If a loan meets the standards that Fannie and Freddie have set, then it is considered to be a “conforming loan.” More than 90 percent of loans that are issued in the U.S. are conforming loans.

One main standard for conforming loans is that the loan must be under a certain amount. While loan limits can vary by county, the conforming loan limit for all counties in Central Kentucky is currently $424,000. If a buyer asks to borrow more than $424,000 in Lexington or Central Kentucky, the loan is considered a “jumbo loan.”

Jumbo loans are considered to be riskier for the lender, so the bank will typically require a higher down payment. Additionally, the interest rate on a jumbo loan may be higher than if the same borrower applied for a conforming loan.

Need help financing a new home? Understanding the loan types is step one. Step two is getting pre-qualified or pre-approved, so you know where you stand. Reach out today to get connected with a Rector Hayden Mortgage expert who can help you, no strings attached!

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Great Gifts For New Homeowners

Post author By RHRNews
Post date January 2, 2017

Here are some thoughtful and easy gift ideas for you to consider if you know young or first-time homebuyers purchasing in Lexington or Central Kentucky.

(or…maybe you ARE a new homeowner and could benefit from some gift ideas to share with generous friends and relatives!)

Moving day pizza or local restaurant gift cards

Whether you’ll be helping on moving day or not, consider sending a pizza delivery to the new abode on the night the buyers will be moving in. While a surprise would be fun, it’s best to let them know in advance so they can plan for it. If you’re delivering pizza or dinner in person, bring a set of paper plates and napkins (and maybe a chilled bottle of champagne) so they create a memory they’ll never forget.

An alternative to this plan is to give a gift card to a new local restaurant they can try out in their first few days or weeks in their new area. Check out reviews in advance so you know you’re sending them somewhere great! We recommend looking through the VisitLex Beyond Grits: Local Restaurant Guide. See the online version here: http://www.visitlex.com/flavors/beyond-grits/

Hardware tore gift cards

Even the most perfect new house will have a few idiosyncrasies, and you can ease a homebuyer’s burden by giving them a credit to a local hardware store. Big-box stores like Lowe’s and Home Depot are perfect for handy homeowners who have big or small projects they want to complete.

For those who may need a bit more guidance and who will be tackling smaller projects, a local hardware store gift card works well. If they need a photo-hanging kit, the section at their local Ace Hardware may be less intimidating than the full aisle of options at a larger hardware store.

New Address Labels

Buyers often overlook the need for new address labels or an address stamp so this is a great idea they won’t be expecting. Online sites like Zazzle and Shutterfly have dozens of affordable designs available.

Plants

Most homeowners have plenty of picture frames from their previous residence, but they may not have indoor plants to jazz up the décor and freshen the air. Consider the size of their new home and their style as you select planters and plants.

Sheets, linens and towels

Linens of all kinds — bed sheets, pillow cases, comforters or quilts — will always be appreciated for new bedrooms. Extra towels, whether for the bathroom or kitchen, are also a great gift. Consider giving a gift receipt so they can exchange for the colors or types they prefer.

Homeowner essentials

When you’ve lived in an 800-square-foot apartment, extension cords may seem like a laughable item. Homeowners, on the other hand, will know that items like extension cords, power strips, extra light bulbs, cleaning solutions and even duct tape are must-have homeowner essentials. Deliver a small package of these items within one week of their move.

Tags first-time homebuyer

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3 Ways Clutter is Hurting Your Happiness

Post author By RHRNews
Post date December 1, 2016

The problems with clutter…

The urge to de-clutter often stems from a simple annoyance, like stepping on a Lego or running into furniture that’s too big for the space. But in order to really commit to a more minimalist lifestyle, you’ll want to consider the deeper ramifications of having too much “stuff”.

Here are some insights you can use for downsizing your belongings, and how doing so can affect everything from your expenses to your well-being….to selling your home.

Problem One: Clutter is expensive

For many of us, a successful shopping trip is one where the cart is filled to the brim with good deals — not one where we successfully avoided the tempting sale section and bought only what we needed. Once the habit of getting a good deal takes hold, it can seem impossible to say no to another knick-knack or a second set of novelty wine glasses — or to see that these items will be a waste of money in the long run. Of course, it isn’t just the buying of “stuff” that makes it expensive. Storing it can also get pricey. Too many people are paying thousands of dollars per year to store items they’ll never use or see again.

Problem Two: It isn’t making you happier

If your cluttered home stresses you out, you’re not overthinking it and you’re not alone. A recent UCLA study shows that women with a high density of household objects feel more stressed than those with less stuff. It’s not hard to see why: Well-maintained homes are the ideal portrayed in every magazine and movie, but the expectation to buy more stuff also weighs heavily on most Americans. The end result? Families purchase things they don’t need and don’t have space for, then feel stressed that their houses don’t resemble the ones portrayed on HGTV.

Problem Three: It makes it harder to sell your home

Today’s homebuyers expect to see decluttered homes with clean walls, minimal décor and extra storage. To list a home that will appeal to the masses, most sellers may need to depersonalize by boxing up personal items and photographs (and maybe change up furniture arrangements) — but sellers with overly-cluttered homes may have to look into investing in a storage rental unit to get their home in peak selling condition.

Considering selling?

Decluttering is usually the first step to selling your home, and we can help advise you on that – and the rest of the process. Call your Rector Hayden Agent today!

Tags de-clutter, happiness, homeowner, homeseller, junk, organizing, owning a home, selling a home

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Prepping Your Home for Winter in Central Kentucky

Post author By RHRNews
Post date November 1, 2016

Here are insights you can use to prepare your home for this year’s winter.

Clean Your Gutters Early and Often

It’s hard to know when the first snowfall will come, so be sure to keep your gutters free of debris as the autumn leaves fall.

Prep the Lawn

Rake and bag your leaves at least once per week during the fall season. Be sure to rake briskly so you remove any moss or deeply-entrenched debris that could impede drainage over the winter.

Check Windows and Doors for Air Leaks

According to the Environmental Protection Agency, the average household spends more than $1,000 on heating and cooling costs annually. One way to lower your energy bills is to ensure that your heat doesn’t leak out as cool temperatures arrive.

Add Insulation and Seal off the Attic

Many homeowners ignore their attics, especially if they are unfinished. Attic leaks are extremely common, so insulating your attic can immediately lead to lower energy bills. Attic insulation also has the highest return on investment of any local home improvement project, so you may even earn back more than you spend on this project over time.

Still not sold on the benefit of attic insulation? Consider this: When hot air escapes from your attic, you put your home at risk for ice dams, which can be costly and nearly impossible to fix.

Upgrade to a Smart Thermostat

If you’re still turning the thermostat down when you go to bed and up when you get home from work, consider upgrading to a smart thermostat. These devices can learn when it’s safe to lower the temperature and when to boost the thermostat because everyone is at home after a long day. Nest is one of the most popular smart thermostats, but there are plenty of other options on the market.

Hoping to Sell this Spring?

If your winter preparations are based on your desire to sell your home this spring, consider getting in touch with your Rector Hayden Agent who can talk you through the upgrades you’ll need to sell for top dollar!

Home Insights Home Owning Tips

September Home Care Checklist

Post author By RHRNews
Post date September 2, 2016

Keeping your home clean, updated, and safe is not only a great idea for you as the owner and resident – but a fantastic idea for when it may come time to sell your home.

Check out this month’s home care checklist on Pinterest!

Tags september