Monday, May 07 2012
It's a big weekend for a major southern Indina tourism business. Holiday World will open for it's 66th season Saturday, while Splashin' Safari waterpark will welcome visitors for 2012 starting next week. President Dan Koch says the parks have doubled attendance over the past 10 years, which he describes as "very good in the industry." Koch hopes the trend continues this year with the opening of the $9 million Mammoth water coaster. The largest single-ride investment in Holiday World’s history also sets a new size record: the world’s longest water coaster – Mammoth – opens in May. "We added our first water coaster in 2010; Wildebeest was a runaway hit,” says park president Dan Koch. “So we asked our designers for something even bigger. It’s so huge, we’re calling it Mammoth.” Located east of Wildebeest, Mammoth will begin with a conveyor ride up the water coaster’s lifthill. Including a 32-foot drop at a 45-degree angle plus six additional drops, linear induction motors (LIMs) will propel the six-person round boats up six hills, into five enclosed sections and through twists and turns. Mammoth’s one-third mile ride will cover three acres, increasing the water park’s size to 30 acres. “The new twist to this water coaster is the six-passenger boats—this is a brand-new design,” says Koch. “These round boats add tremendous capacity, plus riders may be facing forward, backward or even sideways. It’s all the fun of Wildebeest, plus Mammoth is taller, longer and wider. Starting in May, we’ll have the two longest water coasters on the planet!” Mammoth’s tallest elevation is 69 feet higher than its lowest drop. The conveyor-style lifthill replaces any slide-tower stairs, making the water coaster accessible to riders who might have difficulty walking up stairs. The price tag for Mammoth is $9 million. Other additions for 2012 include Sparkler, a six-story vertical swing ride, the new “Rock the World” Christian music festival, a new family-friendly event called Holiday World’s Happy Halloween Weekends throughout the month of October, plus park-wide Wi-Fi and rental cabanas. Source: Holiday World & Splashin' Safari http://www.insideindianabusiness.com/newsitem.asp?ID=53546 Friday, May 04 2012
Buying Evansville Real Estate with an all-cash transaction definitely has its perks. The sheer pleasure of being able to hold that great wad of cash with the purchase can make anyone feel like a millionaire, after all, and that's something everyone would like to experience at least once. However, you have to understand that there are more pros and cons to actually buying Evansville Real Estate with cash. Knowing some of them could potentially make you a wiser property investor.
Let's say, for example, that you have a bad credit score. In this economy, it's not hard to imagine. Making the real estate transaction happen with just cash can definitely let you forget all that hoop-jumping through credit checks rigorously done by lenders. This can make the entire transaction push through much faster, and in this buyer's market, that's more than a good thing. Remember that you’re not the only one looking to make great investments for a smaller price tag. This can help you make the investment for a lower price as the property appreciates over time. Another great perk to making the exchange completely in cash would be that sellers are more often interested in closing with an all-cash buyer. This means that in the case of multiple offers for a single property, the probability of the seller going with your offer is significantly raised. More than that, sellers are usually more flexible with the price when it comes to dealing with an all-cash buyer, which leaves you more room to wiggle when it comes to negotiations. This should be an obvious point right now, but you wouldn't have to worry about interest rates if you make the purchase entirely in cash. The interest rate you otherwise would have had to deal with is no longer going to be a problem—you end up saving more money. Add to that, buying Evansville Real Estate in cash will make you own the property scot-free. There is virtually no danger of foreclosure since you don’t have mortgages to keep up with. This frees up even more of your income since pretty much the only monthly expense you'd have to worry about when it comes to your property would be the upkeep. There are only foreseeable disadvantages of buying a house with cash. One is that it's not as easy to liquidate as it would have been if you had taken a mortgage, although a careful study of your current finances before the exchange can easily remedy that. Another minor disadvantage of buying Evansville Real Estate with cash is that the usual tax benefits that come with home ownership don't apply. Remember, however, that the accumulated savings from that all-cash transaction more than make up for that. There you have it. The pros of buying Evansville Real Estate far outweigh the cons. If you have enough savings to make the purchase, seriously consider doing so, as this might just help you make a smaller investment for a bigger asset. Contact your realtor today and strike while the iron is hot! I hope you have found this information helpful. If you need any help with buying, selling or renting a home in Evansville, Indiana please contact me on my cell phone 812-499-9234 or email Rolando@RolandoTrentini.com
Thursday, May 03 2012
More home owners want more space in their kitchens and are expanding the kitchen’s use for more than just cooking, according to the latest findings from the American Institute of Architects’ quarterly Home Design Trends Survey. The survey, conducted in the fourth quarter of 2011, focused on kitchens and bathrooms. “Kitchens seem to be regaining their function as the home’s ‘nerve center,’” says AIA Chief Economist Kermit Baker. During the housing downturn, kitchen design fell as a priority for home owners, Baker notes. But as the market has picked up, Americans’ interest in kitchens has been renewed. “The last few years have seen kitchens take on new functions with dedicated computer areas and recharging stations,” Baker notes. The kitchen products and features growing the most in popularity, according to the survey of architects, are:
1. Computer area/recharging stations 2. Integration with family space 3. Renewable flooring materials 4. Recycling centers 5. Adaptability/universal design Home owners are also placing more emphasis on sustainability in choosing products in the kitchen, such as with renewable flooring materials and renewable countertops increasing in popularity. Sustainability is also important in bathrooms, the survey found. One of the biggest growing concerns for home owners in designing bathrooms is finding ways to minimize utility costs, according to the architect survey. As such, products like LED lighting, dual flush, and water-saving toilets are growing in demand, Baker notes. Wednesday, May 02 2012
As the number of for-sale homes listed on the multiple listing service (MLS) drops, the number of single-family homes up for rent has been gradually increasing, RISMedia reports. Single-family home rentals are a growing business, as more investors buy up foreclosures at bargain prices and then transform them into rentals. About 16 percent of all listings on the MLS are rentals, which is more than double the number of rentals listed in 2006, RISMedia reports. Single-family rentals are often listed on the MLS by real estate brokers, whereas multifamily units typically aren’t. The single-family rental market now accounts for “21 million rental units or 52 percent of the entire residential rental market,” according to a new study by CoreLogic. Single-family rentals are usually very differently from multi-family homes. For example, rents for single-family rentals typically are 1.5 to 1.6 times higher than multifamily homes. Also, families and prior home owners tend to be attracted to single-family rentals whereas multifamily tenants tend to be younger, more mobile people who have never owned a home before. Many of the single-family rental tenants nowadays are former home owners who had faced foreclosure and can no longer afford to own. According to CoreLogic, more than 3 million home owners have been turned into renters over the past five years due to foreclosure. Source: “Single Family Rentals Now Exceed Multifamily,” RISMedia (April 23, 2012) Tuesday, May 01 2012
For credit-worthy Evansville homebuyers, getting a mortgage can be a walk in the park…or a nerve-wracking nightmare. The difference usually has to do with those ubiquitous Credit Reports – the ones TV commercials want to send you for free (at which point they will try to sell you not-so-free monthly services). Anyone who has ever been stalled just as they reached the final stages of getting a mortgage or refinancing knows that getting mad doesn’t solve anything. But avoiding a last-minute problem is easy to do if you plan ahead. At least six months ahead. We like to assume that outfits as important as the reporting agencies know what they are doing, and in fact, they do. But they must start with the right information, which is where we come in. Nobody ever told us this in school, but it’s ultimately our responsibility to see that our credit reports are accurate.
Whether or not you think you will getting a mortgage or refi soon, here are some plan-ahead, proactive steps everyone can and should take. Monitor for these common stumbling blocks:
1. Inaccurate information on the credit report. The first step is to read your reports. It is very important that you request those free copies of your credit reports and dispute any negative items that seem to have appeared for no reason. All three credit bureaus are required to remove inaccurate information, and they will do so, but only after you tell them to. My experience is that the agencies can be quick to respond…or as slow as molasses in January. In Antarctica. The only sure way to set things right is to allow them time to correct or to ask for more information.
2. Carrying too much revolving debt adds an unnecessary obstacle for getting a mortgage. A large part of a credit score is based on your revolving debt ratios. Revolving debt should be kept at or under 20%. If you are carrying more revolving debt than that, take this lead-time to whittle it down to a more loan-attracting ratio.
3. Taking on new debt less than six months before getting a mortgage: bad idea. If you are planning on getting a mortgage or refinance, avoid taking on other new debt in the six months leading up to your application. This solves any question over whether you will be able to pay the new debt as well as the mortgage amount.
Time spent planning ahead and getting your financing in order will be well worth it once you find the home of your dreams and are ready to write an offer. Questions? Contact me anytime you wish to discuss pre-qualifying for a Evansville home. You can reach me on my cell phone 812-499-9234 or email Rolando@RolandoTrentini.com Monday, April 30 2012
This is usually the time of year when Evansville residents have gotten through tax season, heaved a sign of relief, and gone back to working on more important matters – like earning enough to make reducing taxes a goal worth pursuing.
This year, the latter part of April may be a little different. Because this is an election year, tax matters are already being widely debated, and changes that could affect everyone are more possible than usual. I am bringing these topics up for discussion with the firm caveat that your own planning (includingEvansville home buying decisions) should always be made after consultation with the financial experts you trust. Currently, federal and Indiana rules carry tax benefits that can greatly reduce a homeowner’s tax liability. They are very unlikely to be eliminated, but you may want to keep your ear tuned whenever you hear these topics under discussion, because seemingly minor changes can have major impacts.
Mortgage Interest and Points
Many renters found that they were able to use the standard deduction tables to simplify their federal filings. Homeowners, on the other hand, were usually better off using itemized deductions because of the welcome mortgage interest deduction. Qualifying points paid to obtain a mortgage can also generally be deducted in the year they are paid.
IRA Penalties
Everyone with a standard Individual Retirement Account has heard about the penalties for withdrawing funds before retirement age. But currently there is an exception in some home buying situations. Generally, some IRA funds can be applied to home buying (or building) a first home without those tax penalties. The catch is that you can only withdraw up to $10,000 over your entire lifetime (not annually). Those with Roth IRAs may find additional tax advantages, too.
Real Estate Taxes
Qualifying local and Indiana property taxes can amount to sizeable deductions. If, in the home buying process, you reimbursed a seller for prepaid property taxes, that amount can qualify, too.
As in all financial planning, you should consult your accountant or other tax professional before making any important decisions. And whenever buying or selling a Evansville property makes sense for your family, I’m standing by to answer all of your real estate questions.
You can reach me on my cell phone 812-499-9234 or email Rolando@RolandoTrentini.com Friday, April 27 2012
Permits for new-home building — a gauge of future demand — reached its highest level last month since September 2008, the Commerce Department reported Tuesday. New housing permits rose 4.5 percent in March, reaching an annualized level of 747,000. But while the future of home building shows signs of picking up, actual construction started last month slowed, the second consecutive month for declines. Builders broke ground in March on a seasonally adjusted annual rate of 654,000 homes, a 5.8 percent drop from February, the Commerce Department reported. The construction of multifamily homes — those with at least two units — posted a 16.9 percent drop last month while construction of single-family homes dropped slightly at 0.2 percent. New-home building declined the most in the South — posting a 15.9 percent decline in March — while the Northeast saw a 32.8 percent gain and the Midwest saw a 1 percent increase. The new-home market continues to struggle to compete against foreclosures and short sales plaguing many markets, which are often sold at big discounts. Coupled with that, new homes tend to be priced about 30 percent higher than previously occupied homes. While builder confidence has been increasing in recent months, confidence showed a slight decrease in April, the first time it's declined in seven months, according to the National Association of Home Builders/Wells Fargo Housing Market Index. "Although builders in many markets are noting increased interest among potential buyers, consumers are still very hesitant to go forward with a purchase, and our members are realigning their expectations somewhat until they see more actual signed sales contracts," says Barry Rutenberg, NAHB chairman. Source: “U.S. March Housing Starts -5.8% to 654K,” Dow Jones International News (April 17, 2012) and National Association of Home Builders Thursday, April 26 2012
Tax deductions for home –modifications, capital expenses incurred if home improvements are necessary for medical reasons. The following comes from I.R.S, Pub. 502, medical and dental expenses.
"You can include in medical expenses amounts you pay for special equipment. Installed in a home, or for improvements, if their main purpose is medical care for you, your spouse, or your dependent. The cost of permanent improvements that increase the value of your property may be partly included as a medical expense. The cost of the improvement is reduced by the increase in the value of your property. The difference is a medical expense. If the value of your property is not increased by the improvement, the entire cost is included as a medical expense." Certain improvements made to accommodate a home for a disability condition, do not usually increase the value of the home and the cost can be included in full as a medical expense. As the baby boomers age these improvements will definitely improve the resale value of your house. That being said, perhaps the time to make these improvements is sooner than later. These improvements include, but are not limited to the following items. Adding an elevator or stair lift system. Elevators generally add value to the house. Other improvements include:
Amounts you pay for operation and upkeep of a capital asset qualify as medical expenses, as long as the main reason for them is medical care. This rule applies even if none or only part of the original cost of the capital asset qualified as a medical care expense. Improvements to property rented by a person with a disability are also an eligible medical expense. IRS Publication 502 indicates that “amounts paid by a renter to buy and install special plumbing fixtures in a rented house for a person with a disability, mainly for medical reasons, are medical expenses.” As a footnote remember it is always much less expensive to include accessible/ universal design features in the original design of the home. Our universal designed “smart” home plans incorporate all of the above and more in the initial design. There are also business deductions for complying with the ADA, Section 44 of the IRS Code allows a tax credit for small businesses and Section 190 of the IRS Code allows a tax deduction for all businesses. Tuesday, April 24 2012
This is a pretty common topic when purchasing Evansville Real Estate. A lot of prospective homeowners dream of buying Evansville Real Estate and making one of the biggest investments in their lives without having to break the bank. The investment of buying Evansville Real Estate requires careful study and a lot of financial discipline. These are just a few tips to help you stay within your budget. First and foremost, it must be noted that budgeting demands the utmost of financial discipline. Studying your annual income and determining what you can afford comes easy enough, but it is a step that a lot of prospective homebuyers tend to forget. Keep track of your current expenses and confirm that you are ready for the responsibilities of buying Evansville Real Estate. Spending only a maximum of 25% of your current monthly income to make payments for the purchase will be a wise decision. Before approaching a lender, know and verify your credit score first. This is a fair measurement of how well you can manage your finances, although at this point you should already be sure that you are ready to purchase Evansville Real Estate. Online services from FICO can help get this score for you quickly and accurately. Getting this little bit of research done can definitely aid you when you decide to approach a lender, so that the loan application process can go along much smoother. Now that you have determined the amount of your income you are willing to spend on Evansville Real Estate, it's time to go house-hunting. Contact your realtor and ask to see the listings. Narrow down your search in terms of square feet and locations that you can afford. Visit only the properties that are within the budget you have set for the purchase, so the temptation to go beyond it won't even cross your mind. Another great practice to help you stay in budget would be to stop spending and start saving. Cutting down on unnecessary luxuries in your current expenses can help boost your bank account so you can make a bigger down payment on your purchase. This will also condition you to become even more financially stable, so that future real estate investments can be more than just dreams for you. Staying within your budget when buying Evansville Real Estate can be difficult for some, but following these little tips can help you make one of the biggest investments of your financial life without a hitch. All it takes is a little discipline, a little know-how and help you get the most bang for your buck. Don't be afraid to ask your realtor about home affordability and your current financial status. The realtor’s experience in the industry has certainly earned him a few stars and can help you make the right choices for your Evansville Real Estate. I hope you have found this information helpful. If you need any help with buying, selling or renting a home in Evansville, Indiana please contact me at any time. You can reach me on my cell phone at 812-499-9234 or email Rolando@RolandoTrentini.com
Monday, April 23 2012
An index measuring improvement in the nation’s housing markets is showing signs of plateauing, which could be a good sign for the spring home-buying season, according to an economist. The number of metro areas joining the Improving Markets Index ticked up slightly to 101 in April from 99 in March, according to the index released by the National Association of Home Builders and First American. The index measures improvements in metro areas by analyzing increases in housing permits, employment, and housing prices for at least the last six consecutive months. Source: http://realtormag.realtor.org/news-and-commentary/daily-news?page=1
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