Archwood Properties

May 27, 2010

Tax Deductions for Rental Property

Filed under: Uncategorized — admin @ 10:40 am

While the stress of finding the perfect tenant and fixing up odds and ends sometimes deters homeowners from renting out their homes, the tax deductions can often sway their decision. 

If you save receipts and include such expenses on Schedule E of your tax return form, many of the necessary maintenance can be written off, even if the property is vacant for a short time.  Common expenses to write off are advertising, cleaning and maintenance, commissions paid to rental agents, HOA dues, insurance premiums, legal fees, mortgage interest, taxes and utilities.  Less obvious deductions include expenses to obtain a mortgage and fees paid to an accountant for preparing your Schedule E tax form. 

And important thing to remember that as long as there are sleeping, cooking and bathroom facilities, even a houseboat or trailer can be considered rental property. 

If you have to travel to the rental property in order to show the home, collect rent or maintenance, you can write off up to $0.55 per mile. In terms of maintenance, there is a fine line between repair and improvements.  You can only deduct expenses that keep your property in working condition and not changing out your old counter-tops to fancy new granite. 

You can also deduce depreciation value of the home over a set number of years as well as profits/losses on rental property. 

Be sure to read carefully and fully inspect all the details of what you can and cannot deduct here: http://www.irs.gov/publications/p527/index.html.

 

Contact us today: 214.923.0261 or email us: info@archwoodproperties.com 

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May 10, 2010

The Best Outdoor Projects to tackle NOW!

Filed under: Uncategorized — admin @ 4:53 pm

Touch up exterior paint. Peeling paint allows more moisture and sunlight to damage the existing paint, making it a tougher and more costly chore down the road.  When buying exterior paint, this isn’t where you want to penny-pinch.  Go for the expensive label — it’s worth it in the end. If you have more than just a few touch-ups, go for the full blown paint job.  Professional painters won’t normally come out for touch ups only but it might be in your best interest to hire a handy-man.

Mulch your yard. Fresh mulch gives a visual contrast to your landscaping, allowing the different colors of your plants to really catch the eye.  Mulch promotes healthier plants by keeping the moisture and nutrients in the soil. 

Seal your deck and fence. It’s important to keep your wood safe from the damaging sun and moisture.  Sealing the wood will extend the life of your deck/fence.  It is important to get a seal with a stain in it, rather than paint.  Using a paint-enhanced seal, you’ll have to peel, scrape and sand each time you need to redo the job.  Sealing decks and fences is one of the easiest Do-It-Yourself projects, with little room for error. 

 

Contact us today: 214.923.0261 or email us: info@archwoodproperties.com 

www.archwoodproperties.com

  

May 7, 2010

Filed under: Uncategorized — admin @ 2:56 pm

The Home Star bill, a $5.7 billion program for the next two years will allow homeowners to cash in on rebates for better insulation, new energy-saving windows and doors.  This new stimulus, dubbed cash-for-caulkers, is separate than that $1,500 tax credit on energy from last year through the end of 2010, and will continue for the next two years.  This new stimulus plan is expected to create nearly 170,000 new jobs in a a recession-hit construction industry. 

Contact us today: 214.923.0261 or email us: info@archwoodproperties.com 

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May 6, 2010

Achieving a perfect exterior paint job

Filed under: Uncategorized — admin @ 4:35 pm

1. Check for lead paint.  The EPA has set new regulations for lead-safe regulations.  Having a contractor abide by these new standards may add additional cost to your project.

2. In order for your paint to stick better, make sure all the grit and grime is washed off the exterior before painting.

3. Remove any flaking paint that may deter a clean smooth coat from being applied.

4. Sand down any rough spots for an even finish.

5. If you have an cracks or holes, fill them in before painting.

6. By first using a primer, your paint will adhere much easier to your ‘canvas.’

7. Caulking the joints doesn’t only give fresh paint a finished look, it also prevents air and water leaks.

8. Water-based paints are much easier to work with than oil-based, but be careful in choosing the finish.  Remember, the higher the sheen, the more protective the paint is against the sun.

9. Believe it or not, there is such a thing as too many layers.  The thicker the paint, the easier it will be to chip and flake off down the road. An extreme changing in colors may require 2 coats, however if it’s a slight adjustment, you probably only need one coat.

Contact us today: 214.923.0261 or email us: info@archwoodproperties.com 

www.archwoodproperties.com

  

May 5, 2010

Air Leaks? Easy fix!

Filed under: Uncategorized — admin @ 2:29 pm

Air may be seeping out of your house from a number of different sources and you may not even know it until you get your energy bill.  Fixing potential leaks is pretty dang easy!

*Add insulation around recessed lighting

*Close up those gaps around your chimney/flue

*Add weatherstripping to your attic door

*Squirt foam into attic gaps

*Add caulk to small gaps, especially around electrical boxes

*Add caulking and/or weatherstripping to your doors and windows

May 3, 2010

Spring/Summer Maintenance Checklist

Filed under: Uncategorized — admin @ 10:55 am
  • Schedule HVAC inspection/maintenance
  • Check your gutters
  • Check chimney and roof for any winter damage
  • Check siding
  • Flush your water heater

 

Contact us today: 214.923.0261 or email us: info@archwoodproperties.com 

www.archwoodproperties.com

  

April 23, 2010

The Why’s & How’s of Home Maintenance

Filed under: Uncategorized — admin @ 3:46 pm

 There are several common problems with homes that seem to always need to be taken care of at one point or another.  It could be odors, noises, aesthetics…but whatever it is, we don’t want it to happen and when it does, we want to know how to fix it stat!

Pealing paint:  Caused by moisture under the paint, either caused by leaks or a steamy bathroom.  Catch the source or moisture as quickly as possible to prevent serious damage, such as rotting walls.  Quick fixes are scraping off the paint, prime and just repaint that area.  Cheap. Easy. Done!

Flickering Lights: If it’s just one light bulb, it may be loose in the socket or might just need to be replaced.  If lights dim when other appliances are used, your circuit may be overloaded.  If groups of lights flicker, it may be that your electrical panel is loose, which can be very dangerous and can likely start a fire.  Tighten loose connections with switch boxes.  If you’re too nervous to mess with the electrical wires and connections yourself, always play the smart card and call a licensed electrician to come take a look.

Noise inside a wall: Bugs.  Yuck!  If you suspect something may be making a home within your home, tap on the walls and then put your ear to it to see if you can hear little things scurrying around in there.  How to fix this?  Call pest control!

Loud knocking: Do you hear a loud noise when you turn off the water?  It’s the fast-moving water coming to a sudden halt without having an air chamber to catch the shock waves.  If this happens when your furnace turns on/off, the metal ducts are expanding/contracting due to the change in temperature.  The water issue — call the plumber.  The duct noises — sorry, Charlie — it’s how it goes sometimes. 

Toilet tank refilling on its own: Is water continuously trickling through your toilet?  First try to untangle or loosen the flapper so that it doesn’t seat completely.  If that doesn’t work, you  may just have some worn out parts that need to be replaced, but fortunately, this is a cheap repair.

Musty odors: It’s probably mildew, caused by humid indoor air allowing moisture to form on cold surfaces.  You can keep the air moving wtih a small area fan or purchase a small dehumidifier to take some of the moisture out of the air. 

Smelly running water: Either there is bacteria that causes a rotten-egg smell is growing in your plumbing or there are water heater problems.  To help detect, pour a glass of water and step away from the sink.  If you can’t smell anything odd in the glass of water, it’s like the bacteria is in your drain rather than your faucet.  Pour a 3% hydrogen peroxide solution in your drain to get rid of the bacteria.  If the smell only occurs when you’re running hot water — you know it’s a problem with the heater.  A plumber can disinfect your heater.  If all the water in your home smells funny, contact the city utility services or health department.

Bad-tasting tap water: Certain sources of water may be higher in mineral content than others, altering the taste of water.  This can also be a result of too much chlorine in the water.  If chlorine is your issue, call the city’s water department — they may have done too good of a job disinfecting.  An under-the-counter water purifier will help remove minerals, odors and bad tastes from water.

Contact us today: 214.923.0261 or email us: info@archwoodproperties.com 

www.archwoodproperties.com

  

April 22, 2010

Saving Energy: Easy Tips!

Filed under: Uncategorized — admin @ 9:09 am
  1.  Switch from standard incandescent to compact fluorescent lightbulbs.

  2. To lower costs on the standard incandescent bulbs, lower the wattage used by 15.

  3. 2012 will bring new energy requirements, so keep an eye out for new bulb technology.

  4. Use motion-sensors and door-jam switches to help you minimize the amout of light you leave running.

Contact us today: 214.923.0261 or email us: info@archwoodproperties.com 

www.archwoodproperties.com

  

April 6, 2010

Enhancing Curb Appeal: Quick Tips!

Filed under: Uncategorized — admin @ 2:24 pm

I’ve said it before, it’s no big surprise — curb appeal is a HUGE factor in making your home more marketable and sets the tone for how potential buyers feel when considering your property.  Let’s make this quick and simple, here’s your key improvements to give your home’s exterior a major boost!

  • Paint exterior siding, shutters, posts, etc. ’Nuff said. 

  • Before painting, give the house a good scrub.  Pressure washers are amazing!  Don’t forget to clean the windows and get rid of unsightly cobwebs.

  • Give your landscaping a quick face-lift by snipping excess shrubbage, pulling weeds and getting your grass in tip-top shape!

  • Add a ‘wow factor’ with use of color.  It could be as simple as a unique mailbox, a sharp planter with bright flowers or even a new coat of paint on the front door.

  • Get fancy with your mailbox and house numbers.  Make your address stand out!

  • Clean up the roof-line, including any wind-blown leaves, debris, etc.  A big must is to replace any distressed looking shingles.

 …and there you have it.  Just a few and cost-effective ways for your house to offer a great big warm welcome to lookers.

Contact us today: 214.923.0261 or email us: info@archwoodproperties.com 

www.archwoodproperties.com

  

March 24, 2010

Patio Weather

Filed under: Uncategorized — admin @ 2:59 pm

 It’s nearly prime season to sit out on your back patio and enjoy the awesome spring weather.  What?  You don’t have a patio?!?!  It’s definitely a good time to evaluate your yard for what potential patio space you have.  Plus, having a nicely done outdoor living space is a major plus for resale.  On average, deck/patio additions create a 45% return on investment, but that other 55% spent can be accounted for in terms of enjoying your outdoor space and the money you save by hosting an event rather than going out on the town. 

Outdoor living projects are becoming more and more popular and is a great way to expand your living space at a much lower cost than remodeling or adding on to your interior space.  With home construction costs averaging about $95 per foot, decks and patios range from $15-33 a foot.  Make sure to but your ambitions, spontaneity and impulsiveness to the side and really study your space.  In choosing the perfect placement for your patio, you want to consider these factors:

  •   Sun exposure.  Are you going for a sunny space to catch some rays or are you looking more for a relaxing, shady spot.

  • Neighbor exposure.  Do you really want all your ‘dirty laundry’ to be convenient for snoopy neighbors?  You know that kid that always kicks the ball over the fence and into your yard?  Would your guests’ heads be possible target for that ball?  Patios are often meant for a relaxing alternative to indoor living, but if the location is poorly planned, it may not be all that relaxing. 

  • Crowd. On average, how many people would you typically entertain using this space?  This will definitely help you plan out the amount of space you want to use. 

  • Convenience.  Is the location suited for your ideal patio in terms of not only sun exposure and size, but in terms of convenience to the kitchen or main living area for entertaining?

  • Stuff.  What kind of furniture, patio accessories will you have out there?  Table, chairs, grill, outdoor bar?  Make sure there is enough room for all the amenities and for people to move freely. 

  • Regulations.  Very important!!!  It’s necessary to check with your local neighborhood and HOA bylaws about zoning and and any regulations that will affect the construction of your patio. 

Remember, a large portion of cost for such a project is the labor and there are plenty of do-it-yourself methods that might be a cheaper option for you.  It’s definitely worth saving hundreds of dollars to put in a few hours of your own hard work!

Contact us today: 214.923.0261 or email us: info@archwoodproperties.com 

www.archwoodproperties.com

  

Contact us today: 214.923.0261 or email us: info@archwoodproperties.com 

www.archwoodproperties.com

  

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