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Home Staging Tips to Help Sell Your Louisville, KY Home

Posted By on Monday, May 03, 2010 9:43:00 AM  |  Comment on This Post
Did you know everyday clutter, bright paint colors and mix matched out-dated furniture could be the main reason buyers aren’t giving your home a second look?  If you are thinking of putting your home on the market or you currently have your home listed with a Realtor, Home Staging can make the difference between a showing and a sale.  Staging your home to sell helps to ensure that when buyers enter your home they like what they see. It helps them envision themselves and their furnishings living in the space.  There are many things you can easily do to make sure your home doesn’t fall into the “what were they thinking” category.

#1: Paint Colors – Be sure you have neutral paint colors throughout. (Don’t leave that one lime green bedroom because you think it won’t matter, it does).

#2: De-Clutter – Be sure to de-clutter all surfaces including countertops in Kitchen and Bath as well as dressers in bedrooms. Be sure to clean out all closets. Rent a storage unit if necessary. A good rule of thumb is that you should be able to see the floor entirely inside every closet. This helps buyers to visualize the size of the closet. Don’t be fooled, they will look in there. We are all looking for ample closet space!

#3: Furniture Layout – Your furniture should be set up in the most ideal way to show off your square footage.  Sofas and other chairs should be centered on focal points in the room such as a fireplace or TV. Remove extra furniture so rooms are not too over-crowded. This will help buyers see the size of your room and visualize if their furniture will fit in it. It is also a trick to make your rooms look larger! Even if you don’t live this way on a regular basis, your home should be set up the way people expect to see it. Each room should be designated for a specific function. If you have your dining room set up as an office, you need to change it back to a dining room. You can look into borrowing items from friends or family members or possibly rent pieces as needed from local rental shops.

#4: Curb Appeal – Don’t forget the outside of your house too! Your front entrance or porch makes the first impression on buyers. They will decide within 15 seconds or less whether they want to enter your home or keep driving. Don’t be the one they pass by! Make sure your front door is freshly painted and your house numbers, mailbox and lighting are updated and clean. Add some freshly planted flowers to your porch to show someone who cares about the property currently lives there.

We hope that these tips will set you off in the right direction. If you live in Louisville, KY or the surrounding areas, we would love to assist you. We offer different packages for Home Staging – We give “quick” staging consultations with a written report telling homeowners what changes are most advantageous for them. We will work with you picking paint colors, moving furniture and helping you to decide what should stay and what should go! This can all be done in a 1-2 hour visit depending on the size of your home. We also offer a more comprehensive staging package for homes that are vacant and need furniture rental.

You can contact us at 502-338-8687 or visit our website at J Renee Designs. You can get great inspiration and information about all things Louisville at our blog: Louisville Design Blog.
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Home Inspections

Posted By on Friday, October 02, 2009 8:45:00 AM  |  Comment on This Post
A professional pre-purchase home inspection can reduce anxiety by screening for problems and itemizing them in a comprehensive report. This home inspection report may include approximations of repair costs and recommendations of useful upgrades to the property systems. The general result of a professional home inspection is that property buyers make significantly more informed purchases.

Screening  for Problems: All homes have strong and weak points, they are not always what they seem. Gain the perspective and sound information you need to make better decisions with a home inspection performed by an experienced professional home inspector. A good home inspector works through a very long checklist of potential concerns to identify the major and minor deficiencies in the home.   A good report will clearly describe the problems and illustrate them along with the what-to and how-to of repairs.

Provide Owners Benefits: Home owners who are planning to make improvements to their homes in order to increase its market value would be well advised to have it inspected first. A home inspector can help prioritize home improvements and offer advice on the best ways to approach repairs. More importantly, an inspector can help the seller identify potential or undiscovered problems before those problems become material for contract contingencies. By taking a pro-active approach one can avoid the frustrations many owners encounter when they are asked to re-negotiate their contracts because of unanticipated problem areas.

Credentials: Like any other professional,  home inspectors have varied degrees of expertise.  All home inspectors should be licensed and carefully screened.  Additionally, home inspectors learn from experience.  It takes a few thousand inspections and a more than a few complaints for a home inspector to LEARN what it takes to satisfy clients.

This post courtesy of Michael Del Greco of Accurate Inspections in New Jersey.  Please see this list of home inspectors in Louisville, KY.

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Luxury Homes for Sale Louisville, KY

Posted By on Tuesday, July 14, 2009 11:58:00 AM  |  Comment on This Post
Are you interested in buying a luxury home in Louisville, KY?  Throughout the Louisville, KY area you will find luxury homes in neighborhoods and subdivisions, in addition to finding the homes in unique locations without subdivision restrictions.  Louisville boasts of a large number of historically and architecturally significant luxury homes, as well as modern architectural masterpieces complete with the latest in luxury amenities.

Buying a luxury home is similar to buying any other home, but typically you will find more complex mechanical and structural systems in the home.  This means that you will need a thorough home inspection by a very competent inspector who understands these systems and can verify their proper operation. 

In addition, luxury homes tend to be custom built for a specific owner so you may find features that may not be to your tastes.  This can especially be true of the paint colors and the wall covering selection.  You may need to consider having a portion, or all, of the home painted and the wallpaper removed or added to fit your needs.  This can be a point of negotiation that you should consider when buying a luxury home.

Buying a luxury home in Louisville, KY is an exciting experience.  The variety of architectural styles, plus the abundance of high-quality amenities make luxury homes distinct and desirable.  Contact me if you have any quesitons about luxury homes in Louisville, KY.



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What is an Easement?

Posted By on Monday, July 13, 2009 11:48:00 AM  |  Comment on This Post
What is an Easement?  An easement is a right to use land for a particular purpose, granted by the land owner.  There are two basic types of easments - appurtenant easement and an easement in gross.

An appurtenant easement is annexed (attached) to the ownership of one parcel of land and is used for its benefit on the land of another.  The definition of an appurtenant easement in layman's terms is having the rights to use a neighbor's land for a specific purpose.  These rights stay with the property that is using them.  For example, if a buyer purchased land that did not have access to a public road, that land would require an appurtenant easement on the land of the buyer's neighbor to reach the road.  This is specifically called an “Easement by Necessity” because it is necessary for the owner of that land to have access to their property.  The key to an appurtenant easement is that the two parcels of land must be adjoining.

The definition of an easement in gross is an interest or a right to use someone else’s land.  While this sounds like the same as an appurtenant easement, and easement in gross does not have to be with an adjoining property.  The most common type of an easement in gross is a commercial easement in gross.  This occurs when a utility company, for example, installs power lines on a land owner's property.  The power company with an easement in gross has an interest (or right) to the land that their poles are installed upon. 

Another key difference between an appurtenant easement and an easement in gross is that an appurtenant easement is said to “run with the land” which means it cannot be assigned to anyone else, but stays with the rights of the property that the easement is attached to.  An easement in gross typically terminates upon the death of the easement owner.

When buying a home it is very important to be aware of any easments that may affect your rights to the property you are intending to purchase.  It is possible that you may be restricted from modifying certain parts of the property because there is an easement in force on the property.  Always reasearch the property's bundle of rights and discover if easements are in force when you buy a home.
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What is the Legal Description of Land?

Posted By on Friday, July 10, 2009 9:10:00 AM  |  Comment on This Post
The legal description of land, or a parcel of land, is the exact location of the parcel of land according to an established system.  The description is legally sufficient if a competent surveyor can locate the parcel of land using that description.  If someone is interested in conveying property to another person, there needs to be a detailed way of describing the boundaries of the property.  A typical street address is not legally sufficient as it does not describe the boundaries of the property, only the general location.

There are three systems currently used to legally describe property.  The first is the “Metes and Bounds” system.  This system uses permanent landmarks with “Metes” (distances) and “Bounds” (compass directions).  A surveyor would have a particular “Point of Beginning”.  Then the surveyor would use measured distances and compass  directions to describe the boundaries of the property and end back at the “Point of Beginning”. 

The next system is the “Rectangular Survey System”.  This system uses Meridian (North and South lines) and Base (East and West lines) lines to create a grid.  The grid is broken down into 6 by 6 mile blocks called “Townships”.  These townships are further divided into 1 by 1 mile blocks called sections.  A parcel of land is described by using township names and section numbers, then specific portions of each section.  For example “the North West ¼ of the 14th section of Newtown Township”. 

The last system of legally describing property is the “Lot and Block” system.  Almost all subdivisions use this system.  A surveyor creates a “Plat Map” that shows the dimensions of each property.  A plat map will also show any easements used by the utility companies and the governing municipality for the property. 

If you are planning on purchasing a home, make sure you understand how your property boundaries are defined.  The state of Kentucky uses the Metes and Bounds system as well as the Lot and Block system.  These legal descriptions can usually be found where ever public records are kept, i.e. the county court house. 

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Who Keeps the Stove?

Posted By on Tuesday, July 07, 2009 10:30:00 AM  |  Comment on This Post
When negotiating to buy a home in Louisville, who gets to keep the stove?  Almost everything in a real estate transaction is negotiable,  therefore it is important to understand the various terms used in real estate.  One important term to know in real estate is the term “fixture”.  The definition of a fixture is an article that was once personal property but has been affixed to the land or a building that the law now recognizes as part of the real property. 

An example of a fixture would be a kitchen stove.  Originally when it was purchased, the stove was not connected to the house.  Yet once the stove was installed, it became a fixture and now is part of the home.  A seller does not have the right to take the stove with them when they sell the house; that is unless either the buyer or seller included that term in the real estate contract and it is accepted.  There are some exceptions to this because there are stoves that are NOT fixtures.  Ensure you know the difference when negotiating to buy a home. 

The legal test for a fixture includes the intention of the person installing the fixture, how it was installed in the real estate and if there is any agreement to it staying with the real property.  In the stove example, the seller could legally take the stove with them when they sell the house if the seller and the buyer mutually agree to it.  If there is no agreement, the fact that it is presently installed and it was meant to stay that way would dictate that the stove stays with the house.  Again, there are exceptions, so make sure you know for certain when you negotiate for your home.

Some fixtures are easier to identify than others.  That is why it is very important for buyers to always negotiate in WRITING for any appliances, window coverings, ceiling lights and fans, or anything else that may be ruled as personal property that they wish to have remain with the home.  Otherwise, you may walk in and find a disappointing surprise to discover the stove you thought was a fixture is actually not and has been removed from the home.
Source: Dearborne
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What is Land, Real Estate and Real Property?

Posted By on Friday, July 03, 2009 12:06:00 AM  |  Comment on This Post
Have you considered buying land in Louisville, KY?  What exactly is the definition of “Land”?  What if something is built on the land?  Is that included in the definition of land?  What is the difference between “Land” and “Real Estate”?  It is important for someone in the market for Land or Real Estate to know the legal definition of Land, Real Estate, and Real Property. 

Land is defined as the Earth's surface extending downward to the center of the Earth and upward to infinity, including permanently attached natural objects.  

The definition of Real Estate includes everything in the definition of Land, plus all things permanently attached to it naturally or artificially.

The definition of Real Property includes Real Estate plus the interests, benefits and rights automatically included with the ownership of the Real Estate - Possession, Control, Enjoyment, Exclusion and Disposition.
    
While we typically take these rights for granted when we purchase a home, it is important to know what these rights include and do not include.  Lets review what these rights included in the definition of “Real Property” mean.

  • Possession is the right to occupy the premises.
  • Control is the right to determine interests for others.
  • Enjoyment is the right to possess your land without harassment or interference.
  • Exclusion is being able to legally refuse other interests in your property.
  • Disposition is the right to determine how the property will be disposed of.

Together, these rights are known as the “bundle of rights” that are included in ownership of real property.  

While there are some restrictions to these rights and definitions, now you know that land is different than real estate and real estate is different than real property.  In common language, the term “realty” is used to describe “real property”.  
Source: Dearborne
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Use the $8,000 First Time Home Buyer Tax Credit as a Down Payment

Posted By on Wednesday, June 03, 2009 10:36:00 AM  |  Comment on This Post
It's official!  Qualified first time home buyers can use the $8,000 tax credit as a down payment towards the purchase of their new home by following certain guidelines.  This change in lending policy was announced last week by the HUD Secretary and is designed to further relieve the strained housing market.

Essentially, the HUD / FHA is now going to allow certain third-party vendors to lend you the money for the $8,000 tax credit as a second mortgage on the home that you will pay off once you receive the tax credit from the IRS.  There are restrictions and guidelines that will need to be met to allow first time home buyers to receive this second mortgage, but if you qualify it could potentially be a very good deal.

To use the $8,000 First Time Home Buyer Tax Credit as a down payment on a home you should first review the FAQ to make a preliminary determination if you are eligible.  In addition, I recommend consulting a tax professional to ensure that you are indeed eligible before making any commitments to buying a home.

Once you feel that you may qualify, contact me for further information and I will make certain all of your questions are answered.

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Real Estate Contract Negotiations

Posted By on Monday, June 01, 2009 3:09:00 PM  |  Comment on This Post
Here are three key real estate contract elements that you should be prepared to negotiate each and every time you buy a home in Louisville, KY.  Because everything is negotiable in a real estate transaction these three items are not the only areas you should focus on when buying a home, but they will help you protect your best interests when buying a home.  I am leaving out obvious major items of negotiation like price because that is understood to be part of every real estate transaction.

Financial Contingency

You should specify in great detail in the contract how you plan to pay for your real estate purchase when you begin negotiations and make an offer on a home.  You should specify how much money is going to be put towards a down payment and how much will be financed, including details of where personal funds may originate.  You should also be very specific about the loan terms you will be expecting by including the type of loan, the length of the loan term and the interest rate.  Most importantly when negotiating for real estate you need to include a contingency that allows you to make null and void the contract and have your good-faith deposit returned should you fail to receive the specified loan terms or better.  This will help protect you from having to accept substandard financing when buying a home.

Closing Date and Possession

You should be as specific as you are able in the real estate contract regarding the closing date of your home.  You want to make sure you can realistically meet the stated time frame by coordinating with your real estate agent and your mortgage lender.  The seller may wish to close on a specific date or may wish to negotiate different range of dates than you.  Make sure you are prepared to be flexible enough for both yourself and the sellers.

The seller may also want to negotiate "possession".  Possession refers to the time when you will actually be given the keys to access the property and the seller will have completely vacated the property.  You first close on the home and then you wait to occupy the home when specified in the real estate contract.  It is possible that you will have to give possession to the seller to allow them to get the proceeds from the home you are buying to purchase their new home.  They may also need the time to move.  In any case, if a seller asks for possession I recommend that you be very careful as you will now own the property and they will be occupying the property.  I recommend that you spell out in writing during negotiations who will be responsible in the event of a loss or injury.  You may even want to discuss this with a real estate attorney.

Home Inspection Contingencies

Your ability to freely inspect the home at convenient times and at your expense is critical to ensure that you are not buying a home suffering from potential defects not observed during your initial evaluation of the home.  You must have time to coordinate professional home inspectors, time to evaluate any needed repairs or replacements and time to decide if you wish to continue with buying the home depending on the outcome of the inspections.  You must negotiate this time in the real estate contract and you must not agree to any terms that do not allow you to evaluate the home as completely as you able.  In addition, it is a good idea to specify how the good-faith deposit will be handled in the event you decide to not purchase the home after the inspections.  Make sure this is all clear in the real estate contract negotiations.

I hope these three points of negotiation are useful to you when buying real estate in Louisville, KY.  I recommend seeking the advice and counsel of a competent real estate agent and a real estate attorney to help you and to protect your best interests during real estate contract negotiations.


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Real Estate in Louisville, KY

Posted By on Thursday, May 07, 2009 11:13:00 AM  |  Comment on This Post
Buying Louisville, KY real estate is simple using the powerful Louisville MLS search tools available on JoeHaydenRealtor.com.  Whether you are just beginning to think about buying real estate in Louisville or you are ready to move yesterday, having full access to all homes for sale on the MLS in the Louisville, KY area is a great advantage for you.

Using the Interactive Map Search, researching the general areas, learning about construction styles and materials in certain locations, plus getting familiar with price ranges will save you countless hours of hassle when buying Louisville real estate.  In addition, when it comes time to negotiate for your new home you will have critical information at your finger tips that could give you a beneficial advantage.  Contact Joe Hayden directly to learn more.

Louisville, KY's real estate market continues to buck national trends and remain relatively robust.  It is still a great time to buy a home, and definitely to your advantage to plan ahead and prepare to buy real estate in Louisville.

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The $8,000 IRS First Time Home Buyers Tax Credit

Posted By on Wednesday, April 15, 2009 12:24:00 AM  |  5 Comments

This post is intended to help home buyers determine whether or not the $8,000 First Time Home Buyers Tax Credit applies to their particular situation.  I have taken selected passages directly from the IRS website that explain in detail how the credit is supposed to work.  As always when dealing with tax and financial issues you should secure the assistance of professionals in those fields to best protect your interests.  The tax credit is available to qualified first time home buyers who have a home under contract by April 30, 2010 and close on the home by June 30, 2010.

First let me present some scenarios from the IRS website to help you determine if you are eligible.  These scenarios can be found at this link - First Time Home Buyer Credit Scenarios.

Scenario One:  If a single person (Taxpayer A) qualifies as a first-time homebuyer at the time he/she purchases a home with someone (Taxpayer B) that is not a first-time homebuyer and then later that year they marry each other, is the credit still allowed?

Answer:  Eligibility for the first-time homebuyer credit is determined on the date of purchase. If Taxpayer A, a first-time homebuyer, buys a house and then later that year marries Taxpayer B, not a first-time homebuyer, the credit is allowable to Taxpayer A. Taxpayer A may take the maximum credit.

Scenario Two:  Taxpayer A is a single first-time home buyer. Taxpayer B (parent) cosigns for A and does not qualify. Both names are on the mortgage. Can Taxpayer A claim the credit and, if so, how much? 

Answer:  Yes. Taxpayer B is not a first-time homebuyer and cannot claim any portion of the credit, but A may claim the entire credit ($7,500 for purchase in 2008; $8,000 for purchase in 2009), if the home was purchased as Taxpayer A's primary residence.

Scenario Three:  A taxpayer owned her principal residence. Several years ago, she decided to relocate to a rented apartment, but did not sell the former residence. Instead, she rented it out to tenants. Now the taxpayer plans to buy another house and make it her new principal residence. Does she qualify for the first-time homebuyer credit?

Answer:  A taxpayer who owned rental property within the past three years is still eligible for the credit. The taxpayer cannot have owned and used a home as his or her principal residence within the last three years.

Scenario Four:  If husband and wife wanted to sell the home that the wife owned when they got married, and the husband had not owned a home within the past three years, could he qualify as a first-time homebuyer for the credit even though the wife would not qualify?

Answer:  No. The purchase date determines whether a taxpayer is a first-time homebuyer. Since the wife had ownership interest in a principal residence within the prior three years, neither taxpayer may take the first-time homebuyer credit. Section 36(c)(1) of the Internal Revenue Code requires that the taxpayer and the taxpayer's spouse not have an ownership interest in a principal residence within the prior three years from the date of purchase. The husband may not take the credit even if he filed on a separate return.

Here are some questions and answers specifically targeted at persons who make their purchase in 2009.  These questions and answers can be found at this link - First Time Home Buyer Tax Credit Questions and Answers.

Is the IRS currently accepting e-filed returns that claim the new $8,000 homebuyer credit in/for the 2008 tax year?

Answer:  Yes. Taxpayers can file Form 5405, First Time Homebuyer Credit, electronically for home purchases in 2008 to claim the first-time homebuyer credit. IRS began processing these returns electronically on March 30, 2009.

I bought my home in 2009 (early) and filed my 2008 tax return claiming the $7,500 first-time homebuyer credit that has to be repaid. Now the expanded law provides for an $8,000 credit that doesn’t have to be repaid. What do I need to do to get the $8,000 credit that doesn’t have to be paid back?

Answer:  You can file an amended return.

If I purchase a home in June 2009, and have already filed my 2008 tax return, can I amend my 2008 return or will I have to claim it on my 2009 return?  

Answer:  You can either file an amended return to claim it on your 2008 return or claim it on your 2009 return.

I am in the process of buying a home. I expect to close the deal before December 1, 2009. Can I claim the first-time homebuyer credit now? That would allow me to use the refund for a down payment.

Answer:  No. You may not claim the credit in anticipation of a purchase that has yet to happen. Until you have finalized the purchase of your home, which for most purchasers occurs at the time of the closing, you do not qualify for the credit.  IRS news release 2009-27, First-Time Homebuyers Have Several Options to Maximize New Tax Credit, contains details for filing options if the home is purchased after April 15, 2009.

When must I pay back the credit for the home I purchased in 2009?

Answer:  Generally, there is no requirement to pay back the credit for a principal residence purchased in 2009. The ...

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Take Advantage of Low Mortgage Interest Rates

Posted By on Tuesday, April 07, 2009 2:01:00 PM  |  Comment on This Post

This past year has brought a perfect buyer’s market to the Louisville, KY area, and even better, mortgage interest rates are now very low.  This is the time to buy a new home. In addition to low mortgage interest rates, the IRS is offering an $8,000 tax credit to first time home buyers!  Essentially, if you have had any interest in becoming a homeowner, it is time to take action.

The first step in the process of buying a home is to get your finances in order and analyzed by a mortgage lender.  Contact me for recommendations of quality mortgage providers.  You need to ensure you credit report is sound and your credit scores are adequate.  If you have any issues with your finances, you need to begin to take action now to resolve the situation as this market may turn at any time.

The next step when buying a home is to get in touch with me to discuss the market, to develop a home buying strategy, and to begin to search the Louisville MLS for a new home.  I can save you a significant amount of time just through a simple interview process that will help me guide you effectively in your new home purchase.  In addition, I will be able to help you save money and avoid costly mistakes.

To learn more about the process of buying a home in Louisville, KY, and to take advantage of these incredible low mortgage interest rates, contact me today!  It will be my pleasure to assist you…

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Welcome to the New JoeHaydenRealtor.com!

Posted By on Friday, April 03, 2009 8:34:00 AM  |  2 Comments

Welcome to the new JoeHaydenRealtor.com website! After many months of hard work by Ben Peskoe of Sierra Interactive and myself, we have developed what I consider to be the finest real estate website available in the Louisville, KY real estate market.

The primary focus and feature of this website is to allow you, the potential home buyer, to search the Louisville, KY MLS for all available homes for sale in the area. You can use an interactive map search, fill out a search form, search by community or you can contact me directly for assistance with searching for your new home.

In addition to the search features offered on this site, you can save listings, email listings, request showings and request additional information about any home for sale in the Louisville area that interests you.

I also offer you a wealth of information about buying a home in Louisville, KY, selling your Louisville home and information specific to first time home buyers.  You can learn about all facets of a real esate transaction and closing, plus gain insightful tips and guidance designed to make your experience positive and enjoyable.

Thank you for visiting my new site and let me know how I can help you!


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