Mulling a kitchen remodel but want to keep costs low? You’re au courant with today’s trends that emphasize options and high-tech wizardry at affordable prices.

Trend #1: Remodeling scales back

A new focus on moderation and value has entered the remodeling mind-set. Trends that are likely to show up in your kitchen next year include:

You’ll repair your existing appliances instead of replacing them, extending their life with good maintenance and care. If you’re replacing cabinets, you’re likely to build around your current appliances rather than choosing new models.

You’re scaling back your cabinetry purchases, with an increased emphasis on kitchen storage and functionality over elaborate decoration. For example, rather than stacked crown moldings throughout the kitchen, you’ll put your money into practical roll-out trays and drawer organizers.

Small-scale kitchen projects are big news. Changing out cabinet hardware, replacing a faucet, and refacing your cabinets upgrades your kitchen without major expense.

Trend #2: Simpler, warmer styles dominate

Fussiness and excess have faded away in favor of pared-back looks that present a more timeless, value-conscious style.

Cabinet decoration continues to streamline. For example, massive corbels, once fashionable as undercounter supports, will give way to sleeker countertop supports and cantelivered countertop edges. Stacked moldings will pare back or disappear entirely. Elaborately glazed finishes will yield to simpler paints and stains.

Kitchen finishes will continue to get warmer and darker, and feature natural and stained woods. Walnut especially is growing in popularity.

Laminate countertops will continue to surge in popularity, especially in contemporary design. The latest European-inspired laminates offer more textured and naturalistic finishes than ever before. While exotic wood kitchen cabinets are out of reach for most home owners, glossy, look-alike laminate versions can be had for about one-third the price.

Trend #3: Technology expands its kitchen presence

Many of the techno products and trends that relate to your smartphones and tablets have just started making their way into your local showrooms and home centers.

Appliances will be equipped with USB ports and digital screens so you can display your family photographs and kids’ artwork.

Smart, induction built-in cooktops ($500-$3,000) remember your temperature settings as you move your pans across their entire surface.

One light finger touch is all it takes to open the electronically controlled sliding doors of your kitchen cabinets — a boon to people with limited mobilities. You’ll pay 40% to 70% more for cabinets with electronically controlled doors than standard models.

You’ll be able to use your smart phones and tablets to control lights and appliance settings from anywhere you have a wi-fi connection, as well as to shop for appliances from major manufacturers.

You’ll be opting for LEDs for your recessed lights, under-cabinet task lighting and color-changing accent lighting. You’ll see more LED-powered pendants and chandeliers from major manufacturers as inefficient incandescent bulbs continue their march toward extinction.

A wide selection of affordable microwave ovens with convection and even steam features gives owners of smaller kitchen spaces more high-end cooking power.

What improvements — big or small — are you planning for your kitchen this year?

By: Jamie Goldberg

Published: January 10, 2012

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Here’s a list of the real estate tax rates in Cuyahogoa County.  These are 2011 rates, but they are payable in 2012.  In Ohio, real estate taxes are always at least six months in arrears.  To figure out a home’s taxes, simply multiply the estimated value by the percentage listed below.  For example, if a home in Bay Village, Ohio is assessed at $100,000, the taxes would be $2,710 ($100,000 x 2.71%)

You also might be interested in:

1. Cuyahoga County Property Tax Rates – 2010
2. Lorain County Property Tax Rates – 2010
3. Appeal Your Property Tax Bill

Many sensory clues give you early warning of home maintenance problems—if you can decode the symptoms.

Peeling exterior paint

Cause: Moisture is probably getting underneath the paint, perhaps from a leaking gutter overhead or from a steamy bathroom on the other side of the wall.

Cure: If you catch the problem right away, you might just need to address the moisture issue and then scrape off the loose paint, prime bare spots, and repaint that wall, for a total of a few hundred to a couple thousand dollars. Delay too long and the siding might rot.Patching and repainting the whole house might cost $10,000.

To prevent a chronically steamy bathroom, consider installing a new ventilation fan with a humidity-sensing switch that automatically exhausts moisture-laden air. Cost is about $250.

Flickering lights

Cause: If only a single bulb flickers, it might be loose in its socket or in need of replacement. If lights always dim when the refrigerator or other appliance turns on, the circuit might be overloaded. If groups of lights flicker, connections at the electrical panel or elsewhere might be loose, causing power to arc—or jump—over the gaps. Arcing is a serious problem; it starts fires.

Cure: Anyone can tighten a bulb. Handy homeowners can shut off circuits and tighten loose connections within switch boxes. If you’re not comfortable doing that, or if you suspect an overloaded circuit or loose connection at the panel box, call in a licensed electrician. You’ll pay $150 to $250 for a new circuit, and $500 to $700 for a new electrical panel–way less than what you’d spend to recover from a fire.

Rustling in a wall

Cause: Sure, termites usually signal their presence by building pencil-thick mud tubes up from the ground or by swarming from pinholes in floors or walls. But did you know it’s also possible to detect them by sound? Tap on a wall and then press an ear against it. See if you hear rustling that matches recordings of Formosan or other termites. A sound like crinkling cellophane could mean carpenter ants.

Cure: Call a pest-control professional. Cost is $65 to $100 for an inspection.

Loud knocking

Cause: If the knocking occurs when you turn off water, you have “water hammer,” caused when fast-moving water comes to a sudden stop and there is no air chamber (a short, specially designed piece of pipe) to cushion the shock wave. If knocking occurs when your furnace switches on or off, metal ducts are expanding or contracting as temperature changes.

Cure: If water pipes are the issue and there is an air chamber near the faucet, it may be filled with water and needs to be drained. You might be able to do this yourself. If you’re not confident of tackling that or if there is no chamber, call a plumber ($65 an hour) to add one. Those snapping ducts? Just get used to them.

A toilet tank that refills all on its own

Cause: Worn interior parts may be causing water to trickle through the toilet constantly, causing the water level in the tank to lower and eventually triggering the refill mechanism. A leaky toilet potentially wastes 1,500 gallons a month.

Cure: Untangle or loosen the chain—it may be too tight and preventing the flapper from seating fully, letting water leak out the flush valve. Or, try bending the tube connected to the float ball. If those don’t work, replace the valve and flapper inside the toilet tank (under $25 if you do it yourself, and a little more if you upgrade to a water-saving dual-flush valve).

Creaks and groans

Cause: All houses creak and groan a little as parts expand and contract with temperature fluctuations and with changes in levels of humidity.

Cure: None–it’s normal for house to make a few snaps and pops. But don’t ignore really loud groans when there’s been an unusual amount of snow or rain, especially if your house has a flat roof. There may be an excessive or even dangerous amount of weight on your roof. If you suspect that may be the case, be prudent: Get everyone out of the house and call in a professional to check the roof.

Musty odors

Cause: Mildew, a fungus, is growing because indoor air is humid enough to allow condensation to form on cold surfaces. Basements are favorite haunts for mildew.

Cure: Keep surfaces dry by one or more strategies: increase air movement with a $20 fan, keep relative humidity below 50% in summer or 40% in winter with a $175 dehumidifier, or make surfaces warmer by adding insulation.

Rotten-egg smell when you run water

Cause: Bacteria that produce hydrogen sulfide gas (the scientific name for “rotten egg smell”) are in your plumbing, or there is a problem with your water heater. Fill a glass with hot water, step away from the sink, and take a whiff; if you detect no sulfur smell, they’re in the drain.

Cure: Disinfect the drain by pouring in a $1 bottle of 3% hydrogen peroxide solution, sold at drug stores. A sulfur smell in only hot water points to the water heater as the problem; call a plumber to disinfect the system or replace the tank’s magnesium anode. If hot and cold water both smell, call your water supplier (or health department if you have a well).

Strange-tasting tap water

Cause: Mineral content of drinking water varies, so taste does too. But if the water tastes metallic, iron or copper may be leaching from pipes. If you taste chlorine, your water supplier may have overdosed on disinfectant, or a correct level could be interacting with organic material within your plumbing system.

Cure: If chlorine seems high at all taps, or if you taste metals, call your water supplier or have your well water tested. If only one tap has water with high chlorine or if the taste goes away after you run water for a few minutes, flush your system or call a plumber.

An under-the-counter water purifier with a top-quality activated carbon filter will remove heavy metals, bacteria, and other contaminants. In addition, it removes odors and bad tastes. Expect to pay $150 to $200 for a purifier with a replaceable cartridge.

Sour milk

Cause: With today’s hyper-pasteurized dairy products, milk doesn’t sour easily. So if it or other refrigerated food spoils unusually fast, the temperature in your refrigerator could be too high.

Cure: Get an $8 refrigerator thermometer and adjust the control so on each shelf stays below 40 degrees. If you can’t achieve this, consider buying a new Energy Star-rated refrigerator. Fridges are pricey, $450 to $2,000 or more, but you’ll save energy as well as food and might qualify for rebates.

Trembling floors

Cause: If items on tables and shelve jiggle and shimmy when you walk past, or if your floor feels like it gives under your weight, the floor joists might not be sturdy enough or past remodeling might have removed a support wall.

Cure: Have a structural engineer or experienced contractor see whether you can add more joists, bolster existing ones with an additional layer of plywood subflooring, or add a post to support the floor better. You’ll pay up to $500 for a structural engineer to evaluate your problem.

Mysterious breezes

Cause: If a ground-floor room seems drafty, air may be seeping in along the foundation or through an improperly sealed window or door. A drafty attic can make things worse, as warm air currents will rise naturally and exit through any gaps in the attic, pulling colder air in through lower-level cracks.

Cure: Starting in the attic and working your way down, seal all gaps.

By: Jeanne Huber

Published: April 8, 2010

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Offered at $138,000

24651 Deerfield Dr
North Olmsted, Ohio 44070

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Neighborhood Information

• Map
• Schools
• Trulia Market Stats
• Altos Market Stats
• Financial
• Nearby Businesses
• Walkability

Location Map

Schools
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- Main Marker

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3. Condo for sale in Avon, Ohio: 2709 Shakespeare Ln

Priced at $130,000

2709 Shakespeare Lane
Avon, Ohio 44011

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Neighborhood Information

• Map
• Schools
• Trulia Market Stats
• Altos Market Stats
• Financial
• Nearby Businesses
• Walkability

Location Map

Schools
Grocery Stores
Restaurants
Banks
Gas Stations
Golf Courses
Hospitals

- Main Marker

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To successfully appeal your property tax bill, you first need to do a bit of sleuthing into your real estate assessment.

Read your assessment letter

A real estate assessment is conducted periodically by the local government to assign a value to your home for taxation purposes. An assessment isn’t the same as a private appraisal, and the assessed value of your home isn’t necessarily how much you could sell it for today. Real estate assessment letters are mailed to homeowners annually, or perhaps every two to three years, depending where you live.

The letter will include some information about your property, such as lot size or a legal description, as well as the assessed value of your house and land. Additional details—number of bedrooms, for example, or date of construction—can often be found in the property listing on your local government’s website. Your property tax bill will usually be calculated by multiplying your home’s assessed value by the local tax rate, which can vary from town to town.

If you think your home’s assessment is higher than it should be, challenge it immediately. The clock starts ticking as soon as the letter goes out. You generally have less than 30 days to respond, though the time frame varies not just between states, but within each state. Procedures are often outlined on the back of the letter.

Gather evidence

Start by making sure the assessment letter doesn’t contain any mistakes. Is the number of bathrooms accurate? Number of fireplaces? How about the size of the lot? There’s a big difference between “0.3 acres” and “3.0 acres.” If any facts are wrong, then you may have a quick and easy challenge on your hands.

Next, research your home’s value. Ask a real estate agent to find three to five comparable properties—”comps” in real estate jargon—that have sold recently. Alternatively, check a website like Zillow.com to find approximate values of comparable properties. The key is identifying properties that are very similar to your own in terms of size, style, condition, and location. If you’re willing to shell out between $350 and $600, you can hire a private appraiser to do the heavy lifting.

Once you identify comps, check the assessments on those properties. Most local governments maintain public databases. If yours doesn’t, seek help from an agent or ask neighbors to share tax information. If the assessments on your comps are lower, you can argue yours is too high. Even if the assessments are similar, if you can show that the “comparable” properties aren’t truly comparable, you may have a case for relief based on equity. Maybe your neighbor added an addition while you were still struggling to clean up storm damage. In that case, the properties are no longer equitable.

Present your case

Once you’re armed with your research, call your local assessor’s office. Most assessors are willing to discuss your assessment informally by phone. If not, or if you aren’t satisfied with the explanation, request a formal review. Pay attention to deadlines and procedures. There’s probably a form to fill out and specific instructions for supporting evidence. A typical review, which usually doesn’t require you to appear in person, can take anywhere from one to three months. Expect to receive a decision in writing.

If the review is unsuccessful, you can usually appeal the decision to an independent board, with or without the help of a lawyer. You may have to pay a modest filing fee, perhaps $10 to $25. If you end up before an appeals board, your challenge could stretch as long as a year, especially in large jurisdictions that have a high number of appeals. But homeowners do triumph. According to Guy Griscom, Assistant Chief Appraiser of the Harris County (Texas) Central Appraisal District, of the 288,800 protests filed in his Houston-area district in 2008, about 58% received reduced assessments.

How much effort you decide to put into a challenge depends on the stakes. The annual U.S. median property tax paid in 2008 was $1,897, or 0.96% of the median home value of $197,600. Lowering that assessed value by 15% would net savings of about $285. In some parts of New York and Texas, for example, where tax rates can approach 3% of a home’s value, potential savings are greater. Ditto for communities with home prices well above the U.S. median.

There are a few things to keep in mind as you weigh an appeal. The board can only lower your real estate assessment, not the rate at which you’re taxed. There’s also a chance, albeit slight, that your assessment could be raised, thus increasing your property taxes. A reduction in your assessment right before you put your house on the market could hurt the sale price. An easier route to savings might lie in determining if you qualify for property tax exemptions based on age, disability, military service, or other factors.

This article provides general information about tax laws and consequences, but is not intended to be relied upon by readers as tax or legal advice applicable to particular transactions or circumstances. Readers should consult a tax professional for such advice, and are reminded that tax laws may vary by jurisdiction.

Barbara Eisner Bayer has written about mortgages and personal finance for the past 15 years for Motley Fool, the Daily Plan-It, and Nurse Village, and is the former Managing Editor of Mortgageloan.com and Credit-land.com. She has successfully challenged her real estate assessment.

By: Barbara Eisner Bayer

Published: October 8, 2009 at HouseLogic.com.

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The new year is a good time to take stock of your home owners insurance coverage.

1. Make sure you can rebuild all, not just part of, your house
Don’t make the mistake of assuming that just because your home’s value has gone down that the cost of materials and labor have gone down, too. For example, home construction costs rose 1.3% from January 2009 to January 2010, according to construction cost consultants Marshall and Swift/Boeckh, even while many homes were falling in value. Make sure your home owners insurance pays you for full rebuilding costs in the event of a disaster.

2. Check your flood insurance

The National Flood Insurance Program can help by making affordable flood insurance available, but there are limits to how much coverage you can get, and it isn’t available everywhere. In addition, the NFIP has only been approved for a series of short-term renewals. (That is, Congress has been extending its provisions for only short periods and has not committed to making it permanent.) Keep an eye on the NFIP to make sure the program remains in force.

If you can’t participate in NFIP or need more extensive coverage, see if you can buy flood insurance from your existing carrier. Flood insurance rarely comes with a standard home owners policy.

3. What’s new in your life?

If you’re recently divorced, and you got the house, make sure your ex-spouse’s name is off the policy. Did you build a playground for your children? Install a swimming pool? These may change your liability needs. Talk to your agent and compare your life status this year with last year’s to update your home owners insurance.

4. Maybe your valuables are worth more

Your art, jewelry, antiques, and other collectibles may have appreciated in value over the years. If your home owners insurance policy doesn’t have accurate values on these items, your company may not reimburse you for the full value in the event of fire or other home disaster.

5. Tally up any home improvements

Have you made any renovations or additions to the home, such as an expanded garage, new bathroom, or home theater in the basement? Your house may now be worth more and your home owners insurance needs to reflect that. Create a home inventory video and keep it in a safe place outside the home.

6. Give your trees the once-over

Hire an arborist to look at the trees on your property, and check with your home owners insurance agent to see if your policy covers you if one of your trees falls on the neighbor’s car. An arborist can tell you if your trees are healthy and advise whether they should be removed or trimmed.

7. Watch the nickels and dimes

Hunt for any special discounts that can reduce your home owners insurance premiums. For example, you may be eligible for a discount if you have an automobile or valuable articles policy with the same company has your home owners insurance policy.

These home features can also give you discounts on your home owners insurance–but only if your insurer knows you have them:

Burglar or fire alarms
Gated community patrol service
Storm shutters
Temperature monitoring system to protect against freezing, connected to a central station alarm
Permanently installed, electrical back-up generator

By: Richard Koreto
Published: December 10, 2010

Richard J. Koreto, a freelance writer, is the former editor of several professional financial magazines and the author of Run It Like a Business, a practice management book for financial planners. He and his wife own a pre-Civil War house in Rockland County, N.Y., and a country house in Martha’s Vineyard.

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Home improvement trends embrace energy efficiency, low maintenance exteriors, and double-duty space.

Trend #1: Maintenance-free siding

We continue to choose maintenance-free siding that lives as long as we do, but with a lot less upkeep. But more and more we’re opting for fiber-cement siding, one of the fastest-growing segments of the siding market. It’s a combination of cement, sand, and cellulosic fibers that looks like wood but won’t rot, combust, or succumb to termites and other wood-boring insects.

At $5 to $9 per sq. ft., installed, fiber-cement siding is more expensive than paint-grade wood, vinyl, and aluminum siding. It returns 80% of investment, the highest return of any upscale project on Remodeling magazine’s latest Cost vs. Value Report.

Maintenance is limited to a cleaning and some caulking each spring. Repaint every 7 to 15 years. Wood requires repainting every 4 to 7 years.

Trend #2: Convertible spaces

Forget “museum rooms” we use twice a year (dining rooms and living rooms) and embrace convertible spaces that change with our whims.

Foldaway walls turn a private study into an easy-flow party space. Walls can consist offancy, glass panels ($600 to $1,600 per linear ft., depending on the system); or they can be simple vinyl-covered accordions  ($1,230 for 7 ft. by 10 ft.). PortablePartions.com sells walls on wheels ($775 for approximately 7 ft. by 7 ft.).

A Murphy bed pulls down from an armoire-looking wall unit and turns any room into a guest room. Prices, including installation and cabinetry, range from $2,000 (twin with main cabinet) to more than $5,000 (California king with main and side units). Just search online for sellers.

And don’t forget area rugs that easily define, and redefine, open spaces.

Trend #3: A laundry room of your own

Humankind advanced when the laundry room arose from the basement to a louvered closet on the second floor where clothes live. Now, we’re taking another step forward by granting washday a room of its own.

If you’re thinking of remodeling, turn a mudroom or extra bedroom into a dedicated laundry room big enough to house the washer and dryer, hang hand-washables, and store bulk boxes of detergent.

Look for spaces that already have plumbing hookups or are adjacent to rooms with running water to save on plumbing costs.

Trend #4: Souped-up kitchens

Although houses are trending smaller, kitchens are getting bigger, according to theAmerican Institute of Architects’ Home Design Trends Survey.

Kitchen remodels open the space, perhaps incorporating lonely dining rooms, and feature recycling centers, large pantries, and recharging stations.

Oversized and high-priced commercial appliances—did we ever fire up six burners at once?—are yielding to family-sized, mid-range models that recover at least one cabinet forstorage.

Since the entire family now helps prepare dinner (in your dreams), double prep sinks have evolved into dual-prep islands with lots of counter space and pull-out drawers.

Trend #5: Energy diets

We’re wrestling with an energy disorder: We’re binging on electronics—cell phones, iPads, Blackberries, laptops–then crash dieting by installing LED fixtures and turning the thermostat to 68 degrees.

Are we ahead of the energy game? Only the energy monitors and meters know for sure.

These new tracking devices can gauge electricity usage of individual electronics ($20 to $30) or monitor whole house energy ($100 to $250). The TED 5000 Energy Monitor ($240) supplies real-time feedback that you can view remotely and graph by the second, minute, hour, day, and month.

Trend #6: Love that storage

As we bow to the new god of declutter, storage has become the holy grail.

We’re not talking about more baskets we can trip over in the night; we’re imagining and discovering built-in storage in unlikely spaces–under stairs, over doors, beneath floors.

Under-appreciated nooks that once displayed antique desks are growing into built-ins for books and collections. Slap on some doors, and you can hide office supplies and buckets of Legos.

Giant master suites, with floor space to land a 747, are being divided to conquer clutter with more walk-in closets.

Trend #7: Home offices come out of the closet

Flexible work schedules, mobile communications, and entrepreneurial zeal are relocating us from the office downtown to home.

Laptops and wireless connections let us telecommute from anywhere in the house, but we still want a dedicated space (preferably with a door) for files, supplies, and printers.

Spare bedrooms are becoming home offices and family room niches are morphing into working nooks. After a weekend of de-cluttering, basements and attics are reborn as work centers.

By: Lisa Kaplan Gordon
Published: May 13, 2011

Lisa Kaplan Gordon is a HouseLogic contributor and homebuilder.

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Take steps immediately to reduce radon gas buildup if your home tests high. Knowing the available radon mitigation methods and costs will help you make the best choice.

Reducing radon: Simple strategies

If radon test results indicate that levels in your home are only slightly elevated–less than 4 pCi/L (picocuries per liter of air):

• Caulk cracks or gaps in the slab, foundation, or framing–wherever your home contacts soil–to inhibit radon gas infiltration. This step also improves the success of other radon reduction strategies.

• Open exterior crawl space vents to increase air flow and dilute radon buildup.

• Install a heat recovery ventilator (HRV). An HVR introduces fresh, air-conditioned air into homes that are otherwise tightly sealed.

Reducing radon from unsafe levels

If radon levels inside your home test at 4 pCi/L or higher, enlist the services of a professional contractor who is trained in radon mitigation strategies. Contact your state radon office for a list of contractors in your area who are trained and certified in radon reduction techniques. Obtain several bids.

Professional radon mitigation options

Some of the systems used for reducing radon are:

• Soil suction. A special vent fan draws radon from soil beneath your home through pipes that dispel gas into the open. Negative pressure created by the suction further inhibits the buildup of gas. Fans run 24/7, and are usually guaranteed for up to 10 years of continual operation.

• Sub-membrane suction. Considered the most effective strategy for homes with crawl spaces, sub-membrane suction employs a high-density plastic sheet atop the soil. A fan draws radon gas out through vent pipes located beneath the plastic.

• Passive and active ventilation. Ventilating a crawl space or adding additional vents may also reduce radon gas. Opening vents is passive ventilation; adding a fan is active. When employing either of these methods in a colder climate, you may need to add insulation in a crawl space to prevent pipes from freezing.

Costs for radon mitigation

Prices for radon mitigation vary depending on the extent of the work being done, but range between $800 and $2,500. The average cost nationally is $1,200 to $1,400.

As a rule, a house built on a slab or with a basement requires less labor, resulting in the lowest costs for radon reduction. Radon reduction in a house over a crawl space tends to be most expensive since a vapor barrier may be required.

Homes with any combination of slab, crawl space, and/or a basement fall in the middle range for costs.

Another budget consideration: As you ventilate radon gas from your home, energy costs increase—either from releasing air that’s been heated or cooled, or from you operating a fan full-time. Using an HRV to ventilate helps reduce waste.

Published: March 25, 2011, By: Jan Soults Walker, at HouseLogic.com

With four home renovations to her credit, Jan Soults Walker is a devotee of improvements, products, and trends for the home and garden. For 25 years she’s written for a number of national home shelter publications, and has authored 18 books on home improvement and decorating.

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Don’t rouse the IRS or pay more taxes than necessary—know the score on each home tax deduction and credit.

Sin #1: Deducting the wrong year for property taxesYou take a tax deduction for property taxes in the year you (or the holder of your escrow account) actually paid them. Some taxing authorities work a year behind—that is, you’re not billed for 2010 property taxes until 2011. But that’s irrelevant to the feds.

Enter on your federal forms whatever amount you actually paid in 2010, no matter what the date is on your tax bill. Dave Hampton, CPA, tax manager at the Cincinnati accounting firm of Burke & Schindler, has seen home owners confuse payments for different years and claim the incorrect amount.

Sin #2: Confusing escrow amount for actual taxes paidIf your lender escrows funds to pay your property taxes, don’t just deduct the amount escrowed, says Bob Meighan, CPA and vice president at TurboTax in San Diego. The regular amount you pay into your escrow account each month to cover property taxes is probably a little more or a little less than your property tax bill. Your lender will adjust the amount every year or so to realign the two.

For example, your tax bill might be $1,200, but your lender may have collected $1,100 or $1,300 in escrow over the year. Deduct only $1,200. Your lender will send you an official statement listing the actual taxes paid. Use that. Don’t just add up 12 months of escrow property tax payments.

Sin #3: Deducting points paid to refinanceDeduct points you paid your lender to secure your mortgage in full for the year you bought your home. However, when you refinance, says Meighan, you must deduct points over the life of your new loan. If you paid $2,000 in points to refinance into a 15-year mortgage, your tax deduction is $133 per year.

Sin #4: Failing to deduct private mortgage insuranceLenders require home buyers with a downpayment of less than 20% to purchase private mortgage insurance (PMI). Avoid the common mistake of forgetting to deduct your PMI payments. However, note the deduction begins to phase out once your adjusted gross income reaches $100,000 and disappears entirely when your AGI surpasses $109,000.

Sin #5: Misjudging the home office tax deductionThis deduction may not be as good as it seems. It often doesn’t amount to much of a deduction, has to be recaptured if you turn a profit when you sell your home, and can pique the IRS’s interest in your return. Hampton’s advice: Claim it only if it’s worth those drawbacks.

Sin #6: Missing the first-time home buyer tax creditIf you met the midyear 2010 deadlines, don’t forget to take this tax credit into account when filing.
Even if you missed the 2010 deadlines, you still might be in luck: Congress extended the first-time home buyer credit for military families and other government workers on assignment outside the United States. If you meet the criteria, you have until June 30, 2011, to close on your first home and qualify for the tax credit of up to $8,000.

Sin #7: Failing to track home-related expensesIf the IRS comes a-knockin’, don’t be scrambling to compile your records. Many people forget to track home office and home maintenance and repair expenses, says Meighan. File away documents as you go. For example, save each manufacturer’s certification statement for energy tax credits, insurance company statements for PMI, and lender or government statements to confirm property taxes paid.

Sin #8: Forgetting to keep track of capital gainsIf you sold your main home last year, don’t forget to pay capital gains taxes on any profit. However, you can exclude $250,000 (or $500,000 if you’re a married couple) of any profits from taxes. So if you bought a home for $100,000 and sold it for $400,000, your capital gains are $300,000. If you’re single, you owe taxes on $50,000 of gains. However, there are minimum time limits for holding property to take advantage of the exclusions, and other details. Consult IRS Publication 523.

Sin #9: Filing incorrectly for energy tax creditsIf you made any eligible improvement, fill out Form 5695. Part I, which covers the 30%/$1,500 credit for such items as insulation and windows, is fairly straightforward. But Part II, which covers the 30%/no-limit items such as geothermal heat pumps, can be incredibly complex and involves crosschecking with half a dozen other IRS forms. Read the instructions carefully.

Sin #10: Claiming too much for the mortgage interest tax deductionYou can deduct mortgage interest only up to $1 million of mortgage debt, says Meighan. If you have $1.2 million in mortgage debt, for example, deduct only the mortgage interest attributable to the first $1 million.

This article provides general information about tax laws and consequences, but is not intended to be relied upon by readers as tax or legal advice applicable to particular transactions or circumstances. Readers should consult a tax professional for such advice, and are reminded that tax laws may vary by jurisdiction.

Published: January 25, 2011 at Houselogic.com by G.M. Filisko.

G.M. Filisko is an attorney and award-winning writer who was once mortified to receive a letter from the IRS—but relieved to learn the IRS had simply found a math error in her favor. A frequent contributor to many national publications including AARP.org, Bankrate.com, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

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Turning your home into a rental or buying an investment property? Expect to pay up to 20% more for the right insurance policy to protect your property.

Rental properties require their own type of coverage–landlord insurance, which is different than the homeowners policy you buy when you live in a house yourself. Landlord insurance protects you against losses from fire, lighting, falling trees, wind and hail, water damage, and injury to your tenants and their guests.

But it doesn’t cover the renters’ household goods. So encourage tenants to buy a renters policy to cover their stuff. You can even include a clause in your lease saying they have to buy renters insurance, so everyone is clear about what’s insured and what’s not.

Landlord insurance is expensive

You’ll pay 15% to 20% more for a landlord insurance policy than you will for a homeowners policy on the same house–and even more if you offer short-term rentals. Start your policy shopping by calling the company that sold you your homeowners insurance, then check with an independent insurance agent selling commercial and business policies.

Ask how you can get discounts if you have fire prevention devices, burglar alarms, or multiple properties.

What a landlord insurance policy probably will cover:

Lightning, windstorm, hail, explosion, riot and civil commotion, smoke, falling objects, snow, ice, sleet, vandalism, sonic boom, sprinkler leakage, frozen pipes, water damage, burglary, volcanoes, and sinkholes.

Things that belong to you that stay at the property, like appliances, furniture, or lawn care equipment. Keep an inventory of what’s on site.

Outbuildings, like sheds or garages, although this coverage will have its own limit (probably 10% of the overall insurance policy amount).

Costs to defend yourself against lawsuits filed by tenants or guests, as well as the costs awarded if you lose the case. Some policies cover medical bills for injuries; some don’t.

Lost rental income if the property is damaged and you can’t rent it.

What a landlord insurance policy probably won’t cover:

The tenants’ belongings.

Your rental property if it’s vacant for more than 30 days. Seek an exemption in advance from your landlord insurance company as soon as you know the property is going to be vacant.

War and nuclear, biological, chemical, or radiological attacks.

Optional coverage you might want to buy:

Flood

Earthquake

Vandalism (if the policy you buy excludes it)

Pool and tennis court insurance

Liability for personal injury, wrongful eviction, wrongful entry, libel, and slander

Don’t forget liability coverage

To cover yourself in case you lose a big court case filed by an injured tenant, buy an umbrella insurance policy that gives you liability protection for $1 million to $5 million or more if you have a lot of assets to protect.

Don’t file a claim unless you absolutely have to

There’s a limit to how many claims you can file before insurance companies start charging you more or canceling your policies. Claims can quickly add up as you buy more rental properties.

One time you always want to file a claim is when someone says they’ve been injured on your property. One claim you’ll want to avoid filing: water damage for less than $10,000 because worries about mold growing in water-damaged properties will lead some insurers to immediately cancel your insurance policy.

Published: September 1, 2010 at Houselogic.com by Dona DeZube.

Dona DeZube, HouseLogic’s News Editor, has been writing about real estate for over two decades. She lives in a suburban Baltimore 1970s rancher on a 3-acre lot shared with possums, raccoons, foxes, a herd of deer, and her blue-tick hound.

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• Myth: You should stop paying your mortgage so you can leverage assistance with your mortgage payments.

The approach, called a “strategic default,” can become a tactical trap.

It isn’t necessary to default on your mortgage payments in order to qualify for help.

If you are struggling to stay current on your mortgage, you may be eligible for a loan modification or other assistance program.

You signed a contract that binds you to making regular mortgage payments. If you don’t make your payments, you will be exposed to foreclosure, subsequent black marks on your credit report and years of financial recovery.

If you can financially afford to make your mortgage payments, even if you’ve been declined a mortgage modification , short sale or other work out, do so to maintain your credit standing.

If you need help, contact your lender, contact a U.S. Department of Housing and Urban Development (HUD)-approved counselor online or call the Homeowner’s HOPE Hotline at 888-995-HOPE (4673).

• Myth: After a foreclosure, you’ll never get another mortgage.

Well, sure. You blew it. Perhaps you borrowed more than you could afford or your ability to pay for what you thought you could afford went away. You may not qualify for a home for as long as seven years, but that’s not “never.”

Work to create a spending and savings plan that will rebuild your credit. Get approved counseling that will reveal your effort to recover.

• Myth: Workout options are over once you get a foreclosure notice.

Lenders would prefer that you keep your mortgage and continue to make payments because they lose money when they foreclose on you. Even if foreclosure proceedings have begun, it’s not too late to be considered for a workout or other alternative.

• Myth: You need to leave your home as soon as you’re notified that your property is in foreclosure.

A notice of foreclosure is the first step in the foreclosure process. There are procedural and legal guidelines and applicable state and federal laws that servicers and lenders must follow in every foreclosure. Foreclosures take months to complete.

• Myth: If you’re late on your monthly payments, you’ll lose your house.

You will if you stick your head in the sand. If you have a financial hardship and fall behind, it’s possible to keep your house and get back on track if you tell someone who is able to help. Contact your lender to discuss your options that include forbearance, loan modification, reinstatement, repayment plans, even a short sale.

• Myth: All the offers for help are probably all scams. Scam artists do often target homeowners who are struggling to meet their mortgage commitment or who are anxious to sell their home.

Deal with your lender first, rather than an outside party. If you do deal with an outside firm avoid those that ask for a fee in advance to work with your lender to modify, refinance, or reinstate your mortgage. Ignore guarantees from outside firms that claim they can stop a foreclosure or modify your loan.

Legitimate offers will have specific information identifying your current mortgage, including the loan number of your mortgage. Shy from offers that come from a company other than your current lender or an authorized agent of your lender.

• Myth: Give up if your lender is not responding to your inquiries.

Never give up. Lenders are deluged. It make take longer than you’d like to reach your lender, which is why you should contact your lender at the first sign of trouble. The process of obtaining a loan modification or other foreclosure alternative may require diligence in the form of multiple calls and multiple submissions of documents between you and your lender. The process isn’t perfect, the procedures continue to change.

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