THE GREAT OUTDOORS
Renovating? Think Outside The Home
When homeowners think about increasing the value of their home, they're usually focused on renovating interior spaces, such as kitchens and bathrooms. Indeed, studies show kitchen and bath renovations often top the list of "best return on investment" (ROI) when it's time to sell. But don't ignore the spaces outside your home, that is, your yard and garden. According to Bankrate.com, citing the annual "Cost vs. Value Report" by Remodeling magazine, adding a deck not only expands your living space, a $7,000 deck addition place fourth in ROI at 86.7%.
If you already have a deck or patio you're proud of - or you're not ready to spend thousands right now to build one - don't worry. There are a number of cost effective ways you can make your little corner of the world more beautiful now and worth more when you're ready to sell. Following are just a few tips from various online sources.
From DoItYourself.com:
- Buy a variety of perennials and bulbs for season after season of beautiful blooms with only a single planting. The staff at your
local nursery or garden center can provide more complete information on which flowers and plants will do best in your own home environment. Buying a collection of plants rather than individual plants may also save you money.
- Add small boulders or stones. Simply adding a few stones or boulders can have a remarkable impact on the look of the landscape, and beautiful rocks can often be found at little or no cost. You might also consider artifi cial rock designs, which can be a cost-effective way to add beauty, drama and value to the exterior of the home.
From Landscaper.com:
- Think about adding landscape lighting. Lighting pathways, driveways and walks makes them safer to travel at night and provides extra security for your landscape. (Burglars would rather pick a dark and shady property to conduct their business, rather than a well lit landscape!) Adding festive lighting around patio landscape areas also opens up the possibility of nighttime entertaining.
From GardenHobbies.com:
- Buy young tress and shrubs, and keep existing tress and shrubs healthy by pruning and reshaping them. Shrubs planted against your home should be pruned back at least a foot to discourage pests that could cause damage.
- Do most of the work yourself if you can - shaping garden beds, pruning shrubs, etc. In addition to saving money from hiring a professional, you'll get to enjoy the great outdoors.
San Diego Law Firm takes on Offer in Compromise...
An outstanding tax liability can be an ever increasing burden on a taxpayer. With tax season right around the corner, it is a perfect time to begin to resolve these tax debts.
The Internal Revenue Service understands that situations arise whereby taxpayers do not satisfy their tax liability. The IRS has created programs that a taxpayer can take advantage of to alleviate this problem. One such program is an offer in compromise.
According to the IRS, an offer in compromise is an agreement between the taxpayer
and the IRS that resolves the taxpayer's tax debt. The IRS has the authority to settle, or "compromise," federal tax liabilities by accepting less than full payment under certain circumstances.
There are three circumstances that will allow a taxpayer to apply for an offer in
compromise. These circumstances are:
1) doubt exists that the assessed tax is correct,
2) doubt exists that you could ever pay the amount owed, and
3) an exceptional circumstance exists such that payment of the tax would
create an economic hardship or would be unfair or inequitable.
A taxpayer should work with an attorney to determine his or her eligibility for the
offer in compromise. If you or someone you know has an outstanding tax liability,
please contact San Diego Law Firm to determine your potential eligibility for this
IRS program.
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FINANCING:
Mortgage Stretching Your
Wallet Too Thin?
Some of last year's home buyers knew the good deals when they saw them, but still went too far out on a limb to buy as much home as they could get financing for. Now, some of these buyers are feeling the pinch of utility bills, maintenance and repair expenses, increasing property taxes and other expenses. (A report by Equifax Inc. and Moody's Economy.com noted that past-due mortgages at the end of the third quarter 2006 had reached their highest level in three years - 2.33%.)
 We caution home buyers that the mortgage payment they qualify for isn't necessarily the amount they can comfortably live with. Many buyers have financial obligations and lifestyle preferences not taken into account by the loan underwriting process - say,
For college education, medical care, recreation or hobbies, charitable giving, etc. Added to that, home buyers should consider how much cash and income they need to reserve for emergencies, insurance, retirement, etc.
Other expenses, which many home buyers overlook, are the costs of settling into the new home. A recent survey by Move Inc., which operates Realtor.com, found that the average household spends almost $9,000 on products and services directly related to moving - home decorating, furnishings, improvements, repairs, appliances, yard equipment, and the cost of setting up new service for utilities, cable, insurance and so on. Before buying a home this year, be sure to put together a detailed budget that takes into account expenses you can predict and leaves room for those you can't. Then, keep your monthly mortgage payment to
what you can realistically live with, regardless of how much you've been approved for by a mortgage company.
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