Home ownership is often referred to as the "American Dream", and our rate of home ownership is the highest in the world: two out of three families own their own home. Buying a home is also the biggest financial investment most people make in their lifetime, so it makes sense to learn "and earn" as much as possible.

The basic benefits can be summarized as providing your need for shelter, profit potential, tax advantages and pride of ownership. It is commonly said that even when you rent, you pay a mortgage - your landlord's mortgage! So if you need shelter and can afford to buy a home, it makes economic sense to pay for your own mortgage instead of the landlord's. The tax advantages include being able to deduct the mortgage interest and property taxes from your income. Uncle Sam is very generous to homeowners.

Benefits of Homeownership
Owning a home is considered a sign of success, and it provides great emotional rewards for many homeowners. It also provides an opportunity to improve an investment by upgrading the home and landscaping. And, unlike other investments that are based on the money invested, home ownership lets you obtain a return on the money you invested as well as money you borrowed. 'Leverage' is what attracts investors to real estate and rewards homeowners for living in and improving their homes. Real estate values generally rise over time and lenders view real estate as low risk and marketable because it is a tangible asset.
 
And the tax advantages grew significantly with passage of the Taxpayer's Relief Act of 1997. The new law exempts capital gains tax on profit from a home sale of $250,000 for a single owner and $500,000 for a couple. The old rule required homeowners to wait until they were 55 to take advantage of tax breaks and they were restricted to a one-time exclusion. The new rule applies to each two-year period from the date of purchase.

Wants & Needs
Once home buyers decide on the number of bed and bath rooms and settle on a price range based on their financial ability or their 'comfort zone' of payments, there are still a number of issues to ponder. What style of home is appealing? What kind of yard makes sense? How old should the home be and in what kind of condition? Is new construction the answer to your dream home ideas or do you love antique homes? What about a condominium? Take some time to realistically set criteria based on your present and future needs. Then make a list of the amenities or extras and identify if they are truly necessities. If not, keep a 'wish list' for the future.

FREE 1st TIME HOME BUYERS SEMINAR!
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SATURDAY – June 6th - 11:00 am to 1:00pm

Incorporating solar energy into your home will not only save you on your energy bill, you'll also reduce smog and CO² emissions by harnessing the sun into renewable energy.

Homeowners today are facing a steady rise in energy costs and the reality of global climate change. Transitioning power sources from fossil fuels to renewable alternatives like wind and solar simply make the most sense in the long run. Solar power in most parts of the country can be effectively incorporated in several ways, however, there are initial costs to purchase and install. The savings for these changes will vary but most of the suggestions below will pay for themselves in a very short period of time and some require little initial investment, but make a large impact on energy use and savings.

Install a Solar Water Heater - To upgrade from an existing water heater into a solar water heater, costs range from $4,000 to $6,000. Typically you'll spend less if you're building a new home. However, your water heating bills should drop 50%-80% after installation. That means you'll regain your investment in savings more quickly than other solar systems.

Consider Skylights and Solar Tubes - Installing skylights for some may be cost prohibitive, but solar tubes are less expensive, provide natural light without electricity, and take up no more space than a normal light fixture.

Solar Battery Chargers - These devices are cleverly incorporated into messenger bags, backpacks, and roll-outs, and provide renewing power for your cell phone, laptop, GPS, or portable music device.

Solar Lights - These are perhaps the most affordable and common solar products on the market. Garden and pathway lights come in a variety of styles for accents and safety around the home.

Solar Screens or Curtains - A very affordable way to regulate when and where you let the sun in. During the winter you can let the southern sun shine in to help keep your house warm. However, if windows aren't properly insulated, the cold breezes will offset the warmth. In the summer, lower the shades to lighten your air conditioner's burden, especially during the hottest part of the day. 

In most cases, when you purchase a home in a new subdivision or planned unit development (PUD), you automatically become a member of an exclusive club - the homeowners' association (HOA). The club's members include all the people who own homes in the same development. There can be a lot of perks to being a member of an organization of homeowners; however, you may be subject to a host of rules and regulations. In other words, the HOA will probably exercise some control over how you use your property.

CC&Rs

Membership to most HOAs comes with a set of limitations -- called covenants, conditions, and restrictions (CC&Rs). These rules put decision-making rights into the hands of the HOA. Most associations try to make decisions which will enhance the value of the houses. Some HOAs are quite stringent in the enforcement of CC&Rs, while others are more relaxed.

Read the CC&Rs carefully before you buy and make sure they are compatible with your lifestyle. Once you've moved in, getting relief from overly restrictive CC&Rs isn't easy. Regulations often limit the color or colors you can paint your house, the color of the curtains or blinds visible from the street, and even the type of landscaping you can have.

Some CC&Rs require that garages facing the street be kept tidy, that laundry be dried indoors rather than on an outdoor clothesline, prohibit parking boats or RVs in the driveway, prohibit basketball hoops in the driveway or front yard, etc. See the list below for more examples.

In order to bypass most CC&Rs, you'll likely have to submit an application (with a fee), get permission from the rest of the HOA (your neighbors), and possibly go through a formal hearing. If, later on, you decided you want to make a structural change to your house, such as adding a room or building a fence, you'll likely need formal permission from the association, in addition to having to comply with city zoning rules.

Things Commonly Regulated By Homeowners' Associations (not limited)

• exterior paint and shingles 
• trees, lawns, and weeds 
• fences and hedges 
• pools 
• basketball hoops and swing sets
• garages and sheds 
• mailboxes 
• garbage cans and clotheslines
• outdoor lights and TV antennas 
• window coverings and wreaths 
• home businesses 
• pets (breed and size)
• noises and view obstructions

• Simple is best in most cases. Add a shelf along one wall to display a few favorite photos, plants, decorative soaps or towels.
• Use an old low dresser or vanity for a sink base for extra storage. Refinish with paint washes or natural stains and then seal with a waterproof clear coat to protect the finish from moisture.
• Use your eclectic collection of antique jars, bowls or mugs to store/display collectibles, potpourri and small live plants.
• Be creative by adding non-traditional pieces, like a wicker table or chair, if space allows. 
• Try adding low light fixtures or "can" lights to give your rooms warmth. 
• Consider decorative tiles, stenciling or textured plaster for your ceiling.
• Place mirrors strategically around the room to create a feeling of openness.
• Keep your eyes open at thrift and second hand stores for vases, watering cans, or window boxes for plants and flowers. Add a fabric or patterned covering to closet doors.
• For shelves, consider a faux door from outdoor lattice panels. 
• Give that front door a new coat of paint, door knob or knocker.
• Add a fresh coat of paint to all your rooms. This is one of the most affordable and easy ways to change the look and feel of your new home. 
• Add light and airy window treatments with an open weave such as chiffon or organza.
• Revitalize cabinets with a fresh coat of paint or stain, or remove the doors and hardware for a truly European-style kitchen.
• Replace old lighting fixtures and ceiling fans. Sometimes just replacing the glass for the lights, or blades for ceiling fans gives rooms a whole new look without spending a lot.
• Moving is a great time to de-clutter - as you pack up, set aside items you haven't used, or even forgot you had, and then box up and donate it to the local Goodwill or Salvation Army.

Regardless of the amount of time you've lived in your home, it's likely you've had memories and experiences you'll want to remember, so for a lot of people, moving from your current house is like saying goodbye to an old friend.

1. Defrost your refrigerator and freezer.

2. Gather all your important documents, keys, maps, etc., and place in a prominent area for the move.

3. Pack up a box of items you'll need immediately when you get to your new place - like your coffee maker, coffee, tea, cups, dish towels, cleaning supplies, paper towels, toilet paper, and cleaning sponges.

4. Begin disassembling the last pieces of furniture, including the beds.

5. Call your bank, utility companies and switch service addresses, update or change telephone numbers, and schedule installation of cable or satellite service.

6. Pack up your computer and all peripherals.

Arrange for pet sitting on the day or days of your move to ensure the safety and security of your furry friends. If you are moving to another city or state, make sure you have leashes, cage, water, and food dishes ready to go.

This month we have again included the latest version of Market Snapshot, an award-winning, real-time MLS graphical report. The industry’s most current online real estate report has a new look and layout which offers even more market information on one page. Key comparative MLS data charts, including Asking price VS. Selling Price, Selling Times, and Neighborhood Inventory, are now available on the front page, through convenient collapsible sections. These enable viewers to remain in one web window and not have to toggle back and forth to compare data. You can have up to 100 of the closest active and sold listings displayed on the map for the Seller’s Market Snapshot as well as the Buyer’s.

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Keller Williams LA Harbor Realty
Catherine Bennison - Realtor Associate
Direct: (310) 707-2162
Cell: (310) 748-7889
Fax: (310) 519-1882
E-Mail: CBennison@KW.com
Website: www.CatherineBennison.com