Real Estate and *stuff *
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Commercial land price drop in Millville!
April 18, 2016
This is an amazing commercial property opportunity located at 83A Central Street in Millville. Listed at just $499,999, this land spans across 4 acres and is located near routes 122 and 146, also near the Rhode Island border. Located in a great neighborhood and is available to be part of the sale of the antique colonial house that borders this land. Call us today!
Spring Cleaning! Repair Walls to Give Rooms a Fresh Face!
April 14, 2016
By: Jane Hoback
Sooner or later you’ll repair walls that make rooms look worn out. Erasing dings, dents, and scuffs is an easy fix. We’ll show you how.
Repair walls filled with dents, dings, and scuffs, and you’ll make rooms look young and fresh and maintain the value of your home. Fortunately, repairing walls is a good weekend warrior project. Here’s how to fix your home’s face in a hurry.
Patch Drywall to Smooth Walls:
A putty knife, spackle, or joint compound can repair wall damage that ages a room.
Dents and dings: A quart of spackle ($11) and a putty knife can fill dozens of small wall indentations. Spackle adheres to painted walls better than joint compound, though it takes a bit longer to dry. Cut wall repair time by thoroughly wiping away excess spackle.
Fist-sized holes: Joint compound is your best bet when covering the mesh or drywall patches that cover big holes. You’ll need at least two thin coats of compound and fine grit sandpaper to blend repairs into the rest of the wall.
Nail Pops: Nail pops travel in packs: Rarely do you see just one. To repair walls pocked with pops, hammer the popped nail back into the wall or pull it out with a needle-nose pliers; refasten the drywall to the nearest stud with a couple of screws, then fill dents with two or three coats of joint compound. Sand until smooth and flush with the rest of the wall, then repaint.
Remove Marks for a Clean Start:
Microfiber cloths are little miracles that erase the evidence of a childhood well spent, drawing on and caroming off walls. To get rid of scuff marks and fingerprints:
- Spray an all-purpose cleaner onto the cloth (never directly onto walls to avoid drips) and swipe the scuff. (Test a hidden spot to make sure the cleaner doesn’t take off paint with the mark.)
- Pour a little dish soap onto a damp cloth and wipe the mark.
- Dip a sponge into an earth-friendly and slightly abrasive paste of dish soap, baking soda, and water, and gently scrub grime.
- To repair walls decorated with crayon marks, dab toothpaste onto a towel or toothbrush and scrub marks.
- Use a Mr. Clean Magic Eraser ($3), the best instant wall cleaner around. Wet and wring the eraser before attacking scuffs.
Touch Up What You Can’t Wipe Out:
Prepare for inevitable touch-ups by keeping leftover paint or at least recording the paint number and/or formula (paint names change). Don’t have the original? Scrape off a little and ask your paint store to match it.
For touch-ups, use the same type of brush or roller the original painter used. Feather the paint from the outside borders in.
If touch-ups stand out, paint the entire wall, making sure to paint corner to corner and avoid splatters onto the ceiling and adjacent walls.
Shrewsbury at 20 Bay View Road!
April 11, 2016
If you are looking for a great starter home or condo alternative in a wonderful community, then we are here for you! 20 Bay View Road is situated back from the road offering a huge front yard for both privacy and fun! The updated main level has a full bedroom, bathroom, galley kitchen and large living room overlooking the side yard with bay windows. This is a flexible floor plan that can be a combined living / dining or open concept and optional first floor master bedroom! Completely renovated lower level includes heated floors, fireplace and half bath for the current master suite. Sought after location with neighborhood park and desirable commuter location with easy access to shopping and Mass Pike, Routes 20, 9, 122 and 146. Large back yard with lofted garage provides additional storage space for future expansion possibilities!
Holden single-family home!
April 11, 2016
Check out this single-family home located at 3 Briarcliff Lane in Holden, MA! This ranch is equipped with 7 rooms, 3 beds, 2 baths and 2 fireplaces covering 1374 square feet of living space. Hardwood floors throughout, back deck and private backyard. Master bedroom with master bath. The sellers are super motivated! Call today!
Lancaster price drop!
April 11, 2016
Newer colonial in a premier setting at 40 Burbank Lane in Lancaster! Cul-de-sac location and set back from the road to maximize the privacy of the 3.62 acres. 4 beds, 2.5 baths and nearly 3000 sq feet that includes a full Master Suite with private bath, first floor office, formal dining room and family room. Large kitchen features a center island that can seat 6 people. This custom kitchen with granite counters has expanded features to include a pantry, wine rack and china cabinet. Additional seating area with wood burning fireplace with easy access to the back deck through the sliders really makes this a space to be in! The upper level features generous bedrooms with a full Master Suite that includes a walk-in closet and private bath with Jacuzzi tub. Additional space can be had in the unfinished walk up attic or unfinished walk out basement. Central a/c, workshop and 2 car garage! Don’t miss this short sale opportunity! $479,999!
Residential land in Wales! Funds go to charity!
April 11, 2016
Plant your roots on this amazing residential property! This land covers 2.54 acres located at 48 Haynes Hill Road in Wales, MA. This property is connected with the Degregorio Conservation Area and *ALL* proceeds will benefit the Second Chance Animal Shelter in North Brookfield. Listed *BELOW* the assessed value at just $29,999! Snag some excellent residential property *and* help a great cause! Call us today!
Price drop on commercial land in Millville!
April 11, 2016
This is an amazing commercial property opportunity located at 83A Central Street in Millville. Listed at just $499,999, this land spans across 4 acres and is located near routes 122 and 146, also near the Rhode Island border. Located in a great neighborhood and is available to be part of the sale of the antique colonial house that borders this land. Call us today!
Tax and Home Records Checklist: What to Keep and For How Long!
April 8, 2016
By: Dona DeZube
Want to purge your records — and rest assured you have all the documents you need when you need them? Read on.
Unless you’re living in the 123-room Spelling Manor, you probably don’t have space to store massive amounts of tax and insurance paperwork, warranties, and repair receipts related to your home. But you’ll definitely want your paperwork at hand if you have to prove you deserved a tax deduction, file an insurance claim, or figure out if your busted oven is still under warranty.
Except for tax paperwork, there’s no official guideline governing exactly how long you have to keep most home-related documents. Lucky for you, we considered the situations in which you might need documents and came up with a handy “How Long to Keep It” home records checklist.
First, a little background on IRS rules, which informed some of our charts:
- The IRS says you should keep tax returns and the paperwork supporting them for at least three years after you file the return — the amount of time the IRS has to audit you. So that’s how long we advise in our charts.
- Check with your state about state income tax, though. Some make you keep tax records a really long time: In Ohio, it’s 10 years.
- The IRS can also ask for records up to six years after a filing if they suspect someone failed to report 25% or more of his gross income. And the agency never closes the door on an audit if it suspects fraud. Just sayin’.
| HOME SALE RECORDS | |
| Document | How Long to Keep It |
| Home sale closing documents, including HUD-1 settlement sheet | As long as you own the property + 3 years |
| Deed to the house | As long as you own the property |
| Builder’s warranty or service contract for new home | Until the warranty period ends |
| Community/condo association covenants, codes, restrictions (CC&Rs) | As long as you own the property |
| Receipts for capital improvements | As long as you own the property + 3 years |
| Section 1031 (like-kind exchange) sale records for both your old and new properties, including HUD-1 settlement sheet | As long as you own the property + 3 years |
| Mortgage payoff statements (certificate of satisfaction or lien release) | Forever, just in case a lender says, “Hey, you still owe money.” |
Why you need these docs: You use home sale closing documents, receipts for capital improvements, and like-kind exchange records to calculate and document your profit (gain) when you sell your home. Your deed and mortgage payoff statements prove you own your home and have paid off your mortgage, respectively. Your builder’s warranty or contract is important if you file a claim. And sooner or later you’ll need to check the CC&R rules in your condo or community association.
| ANNUAL TAX DEDUCTIONS | |
| Document | How Long to Keep It |
| Property tax payment (tax bill + canceled check or bank statement showing check was cashed) | 3 years after the due date of the return showing the deduction |
| Year-end mortgage statements | 3 years after the due date of the return showing the deduction |
| PMI payment (monthly bills + canceled check or bank statements showing check was cashed) | 3 years after the due date of the return showing the deduction |
| Residential energy tax credit* receipts | 3 years after the due date of the return on which the credit is claimed (including carryforwards**) |
Why you need these docs: To document you’re eligible for a deduction or tax credit.
*Energy tax credits ($500 lifetime cap) for such things as energy-efficient windows, doors, heating and cooling systems, insulation, and more.
**Tax credits that you carry forward from one year to a future year, such as when you don’t have enough tax liability to offset the entire amount of the credit. (You can’t deduct more than you earn.) Only certain tax credits can be carried forward. Check with your tax pro about your particular circumstances.
| INSURANCE AND WARRANTIES | |
| Document | How Long to Keep It |
| Home repair receipts | Until warranty expires |
| Inventory of household possessions | Forever (Remember to make updates.) |
| Homeowners insurance policies | Until you receive the next year’s policy |
| Service contracts and warranties | As long as you have the item being warrantied |
Why you need these docs: To file a claim or see what your policy or warranty covers.
| INVESTMENT (LANDLORD) REAL ESTATE DEDUCTIONS | |
| Document | How Long to Keep It |
| Appraisal or valuation used to calculate depreciation | As long as you own the property + 3 years |
| Receipts for capital expenses, such as an addition or improvements | As long as you own the property + 3 years |
| Receipts for repairs and other expenses | 3 years after the due date of the return showing the deduction |
| Landlord’s insurance payment receipt (canceled check or bank statement showing check was cashed) | 3 years after the due date showing the deduction |
| Landlord’s insurance policy | Until you receive the next year’s policy |
| Partnership or LLC agreements for real estate investments | As long as the partnership or LLC exists + 7 years |
| Landlord insurance receipts (canceled check or bank statement showing check was cashed) | 3 years after you deduct the expense |
Why you need these docs: For the most part, to prove your eligibility to deduct the expense. You’ll also need receipts for capital expenditures to calculate your gain or loss when you sell the property. Landlord’s insurance and partnership agreements are important references.
| MISCELLANEOUS RECORDS | |
| Document | How Long to Keep It |
| Wills and property trusts | Until updated |
| Date-of-death home value record for inherited home, and any rules for heirs’ use of home | As long as you own the home + 3 years |
| Original owners’ purchase documents (sales contract, deed) for home given to you as a gift | As long as you own the home + 3 year |
| Divorce decree with home sale clause | As long as you or spouse owns the home + 3 years |
| Employment records for live-in help (W-2s, W-4s, pay and benefits statements) | 4 years after you make (or owe) payroll tax payments |
Why you need these docs: Most are needed to calculate capital gains when you sell. Employment records help prove deductions.
Organizing Your Home Records:
Because paper, such as receipts, fades with time and takes up space, consider scanning and storing your documents on a flash drive, an external hard drive, or a cloud-based remote server. Even better, save your documents to at least two of these places.
Digital copies are OK with the IRS as long as they’re identical to the originals and contain all the accurate information that was in the original receipts. You must be able to produce a hard copy if the IRS asks for one.
Tip: Tax season and year’s end are good times to purge files and toss what you no longer need; that’s often when the spirit of organization moves us.
When you do finally toss out your home-related paperwork, use a shredder. Throwing away intact documents with personal financial information puts you at risk for identity theft.
This article provides general information about tax laws and consequences, but isn’t intended to be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice.
How to Use Comparable Sales to Price Your Home!
April 7, 2016
By: Carl Vogel
Before you put your home up for sale, understand how the right comparable sales help you and your agent find the perfect price.
How much can you sell your home for? Probably about as much as the neighbors got, as long as the neighbors sold their house in recent memory and their home was just like your home.
Knowing how much homes similar to yours, called comparable sales (or in real estate lingo, comps), sold for gives you the best idea of the current estimated value of your home. The trick is finding sales that closely match yours.
What makes a good comparable sale?
Your best comparable sale is the same model as your house in the same subdivision—and it closed escrow last week. If you can’t find that, here are other factors that count:
Location: The closer to your house the better, but don’t just use any comparable sale within a mile radius. A good comparable sale is a house in your neighborhood, your subdivision, on the same type of street as your house, and in your school district.
Home type: Try to find comparable sales that are like your home in style, construction material, square footage, number of bedrooms and baths, basement (having one and whether it’s finished), finishes, and yard size.
Amenities and upgrades: Is the kitchen new? Does the comparable sale house have full A/C? Is there crown molding, a deck, or a pool? Does your community have the same amenities (pool, workout room, walking trails, etc.) and homeowners association fees?
Date of sale: You may want to use a comparable sale from two years ago when the market was high, but that won’t fly. Most buyers use government-guaranteed mortgages, and those lending programs say comparable sales can be no older than 90 days.
Sales sweeteners: Did the comparable-sale sellers give the buyers down-payment assistance, closing costs, or a free television? You have to reduce the value of any comparable sale to account for any deal sweeteners.
Agents can help adjust price based on insider insights
Even if you live in a subdivision, your home will always be different from your neighbors’. Evaluating those differences—like the fact that your home has one more bedroom than the comparables or a basement office—is one of the ways real estate agents add value.
An active agent has been inside a lot of homes in your neighborhood and knows all sorts of details about comparable sales. She has read the comments the selling agent put into the MLS, seen the ugly wallpaper, and heard what other REALTORS®, lenders, closing agents, and appraisers said about the comparable sale.
More ways to pick a home listing price
If you’re still having trouble picking out a listing price for your home, look at the current competition. Ask your real estate agent to be honest about your home and the other homes on the market (and then listen to her without taking the criticism personally).
Next, put your comparable sales into two piles: more expensive and less expensive. What makes your home more valuable than the cheaper comparable sales and less valuable than the pricier comparable sales?
Are foreclosures and short sales comparables?
If one or more of your comparable sales was a foreclosed home or a short sale (a home that sold for less money than the owners owed on the mortgage), ask your real estate agent how to treat those comps.
A foreclosed home is usually in poor condition because owners who can’t pay their mortgage can’t afford to pay for upkeep. Your home is in great shape, so the foreclosure should be priced lower than your home.
Short sales are typically in good condition, although they are still distressed sales. The owners usually have to sell because they’re divorcing, or their employer is moving them to Kansas.
How much short sales are discounted from their market value varies among local markets. The average short-sale home in Omaha in recent years was discounted by 8.5%, according to a University of Nebraska at Omaha study. In suburban Washington, D.C., sellers typically discount short-sale homes by 3% to 5% to get them quickly sold, real estate agents report. In other markets, sellers price short sales the same as other homes in the neighborhood.
So you have to rely on your real estate agent’s knowledge of the local market to use a short sale as a comparable sale.
Starter-home in Shrewsbury!
April 4, 2016
If you are looking for a great starter home or condo alternative in a wonderful community, then we are here for you! 20 Bay View Drive is situated back from the road offering a huge front yard for both privacy and fun! The updated main level has a full bedroom, bathroom, galley kitchen and large living room overlooking the side yard with bay windows. This is a flexible floor plan that can be a combined living / dining or open concept and optional first floor master bedroom! Completely renovated lower level includes heated floors, fireplace and half bath for the current master suite. Sought after location with neighborhood park and desirable commuter location with easy access to shopping and Mass Pike, Routes 20, 9, 122 and 146. Large back yard with lofted garage provides additional storage space for future expansion possibilities!
Real Estate and *stuff * 