Columbia SC home improvement trends are slow to catch on – especially compared to the world of clothing and fashion design, where trends come and go with the seasons. In the interior design business trends often change annually. Let's look at five home improvement trends worth keeping an eye on.
Solar Roofing
While solar improvements have been around for decades, it's only been recently that the technology has moved past solar panels being an expensive niche market to a sustainable reality for many homeowners. Solar power experts attribute solar's recent acceptance and accessibility to two main achievements: improved efficiency and the growing support from utility companies, state and local government municipalities and environmentally conscious investors. This means attractive leasing options, government subsidies and certain tax breaks for customers who choose to go solar. As for Columbia SC home improvement trends, solar panels are making huge inroads in the construction roofing sector.
As one home improvement contractor recently put it, "We are seeing a lot of interest in solar from homeowners who are redoing their roofs. It's the perfect time to consider adding solar panels." In addition, roof design is already being impacted to accommodate the demand for solar as an alternate source of power.
Smart Homes
The rapid advancement of technology has placed home automation in the forefront of a growing trend in the home improvement and home building markets. New products are consistently introduced to the marketplace to promote the new technology as well as assist homeowners in better managing their homes – from the convenience of controlling lights to automatically setting thermostats and other energy saving devices.
One notable sign that smart home technology is here to stay occurred recently when mega-company Google purchased Nest, a smart thermostat company, for $3.2 billion. Experts say Columbia SC home improvement trends tend to address needs homeowners never thought they had before, but now the technology exists to meet those needs. As technology improves, new devices enter the marketplace to include items such as portable cameras, Wi-Fi enabled doorbells, two-way speakers, and other smart home features. Homes are consistently being retrofitted with smart home technology and such devices will soon become standard in new home construction. However, despite home automation advantages like lowering power bills and making homes safer, a consistent return on investment for the average homeowner is difficult to achieve due to the ever-changing improvements in technology. To quote another Columbia SC home improvement expert, "We all want a better mouse trap, the problem is newer and better mousetraps cost money… and keeping up with the technology can be both challenging and costly."
Energy-Efficient Windows
Home automation has even made its way into the area of making windows more energy-efficient. Recent studies show windows are around 25% more energy-efficient when they are locked. Modern technology enables a reminder to be sent to the homeowner to close or lock their windows to save energy. In addition, energy efficiency is expected to continue to be popular among Columbia SC home improvement trends. Currently, decorative glass films and coatings can make windows better insulated against the heat and cold. Window glazing, a process whereby windows are coated with a frosted or opaque background, may be the next evolution in energy-efficient windows. Experts say this technology may soon be able to be communicated by the flip of a switch as window manufacturers research the best way to deliver the process to the marketplace so it can be affordable for all new construction.
Barn Doors
Though usually thought of as an interior design treatment, the installation of barn doors requires enough aspects of construction to qualify as a building or home improvement trend. Interior barn doors slide on a special bar mounted above the door frame. The frame is designed to provide a smaller footprint and profile for interior thresholds. In addition, smaller customized barn doors are often utilized to hide an entertainment center or disguise a pantry or other storage. Since barn doors offer a unique combination of rustic charm and functionality, the popularity of this trend is growing.
Electric Car Charging Stations
Ongoing growth in the electric car industry is impacting one major aspect of home construction and remodeling – the family garage. Slowly, a greater number of homeowners are making the transition to electric cars. As this happens charging stations have become popular fixtures in family garages. Top-of-the-line car charging stations are still costly, starting between $2,500-$3,000. Self install units can be as cheap as $300. Construction and home improvement experts say we should expect charging stations to become more popular in garages in the future.
With the emergence and predominance of home automation, new home construction and Columbia SC home-improvement trends have changed dramatically in the past 8 to 10 years. Home automation combined with a greater emphasis on green homes providing sustainable energy will continue to grow in years to come. Furthermore, experts predict improvements in technology and changing lifestyles will dominate home construction for the next several decades.
The age of technology in which we are currently living is moving so rapidly in comparison to the advances made in the last generation it's hard to fully comprehend. It wasn't long ago that such "modern conveniences" like an electric garage door, a central vacuum system, or motion sensitive security lights were thought of as high tech. Today, homes can virtually regulate themselves with respect to heating and air conditioning, energy usage, home security measures and other technological advances that have been adapted for in-home use. Perhaps best of all is that as innovation occurs much of the focus will be on delivering that innovation and technology to the home buying and homebuilding industry. After all, what better way to pay for this emerging – and sometimes expensive – technology than by folding it into a 30-year mortgage as part of the sales price of a new home?
You can find more articles pertaining to Columbia SC home improvement trends and projects in the Columbia SC Home Improvements section of our site below Columbia SC Real Estate Categories in the column to your right.We also post tips daily on Twitter and Facebook and would love for you to follow us there as well.
There are a number of Columbia SC homebuying mistakes that need to be avoided. Let's look at three very important tips that will help you avoid common pitfalls associated with buying your first home. Anticipating your needs will go a long way in assisting you in the process you're about to undertake. In addition, it will help make the experience a potentially fun and rewarding one.
We're reminded of a true story about one first-time homebuyer who had scrimped and saved diligently for several years to accumulate a down payment. However, because he was self-employed he worried whether he would have enough for a sufficient down payment and if he would be able to qualify for a mortgage since he didn't earn a "traditional" salary like most young borrowers who work for somebody else.
Unfortunately, stories and concerns like these occur all too often and can fall into the category of Columbia SC homebuying mistakes to avoid – especially among prospective first-time buyers. The Economic and Strategic Research Group of Fannie Mae recently conducted a survey to better understand what consumers know about mortgage qualification criteria. The findings revealed that roughly 40% of potential borrowers did not know when asked about minimum down payment requirements. In addition, 54% and 59%, respectively, were not aware of minimum credit scores and maximum debt-to-income ratios to qualify for a mortgage loan. The lack of knowledge in these basic areas of mortgage qualification is both surprising and disconcerting. Furthermore, it can contribute to common mistakes first-time homebuyers may make as they try to avoid Columbia SC homebuying mistakes. Now, about those tips:
Seek professional advice
The above story about the first-time buyer, we're glad to report, did have a happy ending. The prospective homeowner sought help from a local HUD-approved housing counseling agency who reviewed his credit score, advised him on making some minor changes, and provided him assurance he could qualify for a HomeReady mortgage through Fannie Mae. The HomeReady program allows borrowers to pay as little as 3% for the down payment. In addition, it requires completion of an online education course. With the help of a professional, our first-time buyer was able to qualify for a low down payment mortgage – with his self-employed income – and purchase the home he wanted.
Understand the loan process
Lack of knowledge can be the single most detrimental problem to overcome for any first-time homebuyer. Fear of the unknown is likely the cause of many young buyers remaining on the sidelines when it comes to participating in the homebuying market and avoiding Columbia SC homebuying mistakes. The irony, however, is that in today's informational age there is a wealth of knowledge available to prospective homeowners with just a click of the mouse. Virtually every reputable real estate company and hundreds of publications – both in print and online – provide easy to follow guidelines concerning how to go about searching for a home to buy and financing the home you choose.
Armed with a basic understanding of what is involved in shopping for a home, how to obtain information on homes for sale, and the various financing options available a first-time home buyer can and will have an advantage that comes with knowing what to expect. The old adage, "Knowledge is power" certainly rings true when it comes to avoiding Columbia SC homebuying mistakes.
Avoid these typical pitfalls
There are three major issues that can thwart first-time homebuyers during the process of buying and/or financing their home purchase:
• Going rogue
While it's both enlightening and educational to do some preliminary online home shopping, it's probably not a good idea to strike out on your own and visit homes you like. As we've mentioned above, talk with a housing counseling agency, a real estate professional, or a mortgage lender to help you better understand if you're fiscally ready to buy a home or continue renting. Statistics provided by the Zillow Group Consumer Housing Trends Report show that just 46% of buyers were able to buy the first home on which they issued an offer. This confirms that in a fast-paced real estate market, competition and disappointment go hand-in-hand. It's probably a good idea – and good business – to enlist the aid of a professional to better enhance the outcome.
• Shopping for homes outside your price range
Many real estate professionals recommend first-time buyers get pre-approved before they begin the home buying process. Pre-approval can include the completion of a mortgage loan application and the submission of pertinent supporting documentation such as tax returns, W-2s, or pay stubs to verify income. In addition, a preliminary credit report can be ordered for those prospective applicants concerned about their credit scores preventing them from qualifying for a home mortgage. In addition, real estate agents and mortgage lenders advise first-time home shoppers that just because you're approved for a certain price range doesn't mean you should necessarily spend the entire amount. We suggest using your pre-qualification amount as a guideline to demonstrate what you may be able to afford and compare that to what you can comfortably afford to pay each month – taking into consideration your other monthly expenses. The bottom line here is, look at only those homes that are in your price range and that you can comfortably afford. This is a better plan for avoiding Columbia SC homebuying mistakes financially.
• Not comparing mortgage quotes and notes
Recent research cited by Fannie Mae shows just two-thirds of prospective borrowers actively received more than one mortgage interest rate quote. Comparison shopping for the best interest rates, terms and conditions will give you a better selection from which to choose, and will ultimately give you peace of mind knowing you considered other mortgage options. In addition, if you don't take the time to shop around, you could be spending thousands of dollars more than you need to over the life of your mortgage.
Read more about home buying tips in the section of articles on Columbia SC Home Buying Tips just below our Columbia SC Real Estate Categories in the column to your right. Remember, we also post tips daily on Facebook and Twitter. Check us out there, too.
If you're a homeowner you probably already have Columbia SC home insurance. You likely also know that your policy covers your home and its contents from loss or damage in a fire, peril or theft. Some homeowners, however, are surprised to find out there are a number of things not covered by their insurance policy. This article will look at ten items of interest that may not be covered. Be aware of them before you file a claim. And, if you want your home covered against these events, see your Columbia SC home insurance agent to find out what coverage is available and what it costs.
Your homeowners insurance coverage may not include:
• Flooding
Flood damage is typically not covered by a standard homeowners insurance policy. Chances are if you live in an area of the country prone to flooding and flood-related damage, you may already have purchased a separate flood insurance policy for protection against loss. As a result of recent storm activity throughout the nation, however, many people who’ve never experienced floods are discovering Mother Nature can always wreak havoc – even when we least expect it. Visit the National Flood Insurance website online to learn more about flood insurance and what it covers.
• Earthquakes
If you have a standard homeowners insurance policy, you may not be covered against earthquakes. If you are, the deductible is probably pretty high. As is the case with flood insurance, in most cases, you’ll need to purchase a separate policy for earthquake damage coverage. Discuss an earthquake policy with your Columbia SC home insurance agent and get his thoughts and recommendations.
• Pet Bites
If you own pets, it’s probably a good idea to check your policy to see if you’re covered in the event Fido – or any other pet or animal residing on your property – bites a visitor. Dog bites can be painful and dangerous, and the last thing you want to have happen is for one of your house guests to sue you for medical bills related to a bite or injury caused by your pet.
• Sewer Problems
A standard homeowners policy probably won’t cover you for damage caused by a sewer system backup that affects your home. For newer or newly-built homes this is probably a non-tissue, but for older homes with septic tanks it can be a common problem and an expensive one to correct.
• Sinkholes
It seems that the news reports contain more and more stories about sinkholes appearing from nowhere and creating damage to property and homes. While you’re more at risk in certain parts of the United States than others, it’s worth meeting with your insurance agent and discussing riders you can add to your existing policy to cover damages and loss from sinkholes.
• Termites
In most instances, damage caused by termites is not covered by a standard homeowners insurance policy. What’s worse is the damage can often be extensive and expensive to repair. Some pest control companies offer insurance against termites, so check around and see what's available.
• Simultaneous events
Picture this: An unusually windy and rainy storm occurs and causes your home to flood. You’d be covered, right? Probably not, because flooding isn’t covered as part of your standard Columbia SC home insurance policy. The insurance companies refer to this occurrence as “anti-concurrent causation.” Simply put, when two events occur at the same time, one of them may not be covered under your normal policy.
• Burst water pipes
Sometimes a water pipe that bursts is covered by your standard policy. However, sometimes it isn’t. If the pipe bursts as a result of negligence on the part of the homeowners – like not draining a pipe or protecting it from a freeze warning – the resulting damage may not be covered. Always take the necessary steps to protect pipes from bursting in severe winter weather – and plan to discuss your coverage with your insurance agent to make sure you understand it fully.
• Mold
Chances are, mold damage and its results are not covered. It could be, but the best thing to do is check with your Columbia SC home insurance agent to make sure. Remember, if you ever have any type of water damage to your home, correct and repair it as soon as you can to stop mold spores from growing.
• Identity theft
While identity theft seems like an odd occurrence to be included in a homeowners insurance policy, because it’s an issue that has run rampant in recent years many insurance companies offer such coverage. Again, to make doubly sure, contact your insurance agent and find out exactly what’s covered and what’s not – and what the coverage limits are. Some insurers offer options to your homeowners insurance policy to cover items such as repairing your credit in the case of compromised accounts or false reporting.
Columbia SC home insurance can give you the peace of mind every homeowner wants and needs by knowing they’re protected against most perils. However, you’ve just learned of ten such occurrences which may not be covered. Make sure you invest the time to meet with your insurance company and read your policy and its many clauses. Knowing what is and isn’t covered will guard against what could be expensive and frustrating surprises – especially if you find out after the fact that a rider or additional policy could have been bought for a small additional cost.
While some of the items mentioned may never apply to you, your property or the area of the United States in which you live, that’s the whole reason insurance exists – to protect you from events or occurrences you never expect will happen. Again, for the nominal additional cost of coverage for some of them, it may indeed be better to be safe than sorry.
Explore your options with your existing insurance company and be prepared to shop around to price coverage with other companies. You may find that by bundling these and other coverages with your homeowners policy you can save even more money while gaining additional coverage and greater peace of mind.
You can find more articles pertaining to Columbia SC home insurance in the Columbia SC Insurance section of our site below Columbia SC Real Estate Categories in the column to your right.
Remember, we post tips daily on Twitter and Facebook, many of these relate to insurance as it pertains to homes and homeowner's insurance. Check us out there..
Columbia SC tax preparation time may seem a long way from now, but with 2016 rapidly coming to a close it’s never too early to begin thinking about your 2016 taxes. According to the U.S. government, it is estimated that approximately 60% of individual taxpayers use paid tax preparers to fill out, calculate and complete their income tax returns. If you’re included in that 60% it’s probably a good idea to at least be thinking about your plans – it could mean the difference between having a good experience and a bad one.
Some tax preparers choose to meet with you directly to get the information they need, while others will have you fill out a questionnaire. This article will focus on ten steps you can take regarding your Columbia SC tax preparation and planning with only a few weeks left in the year.
Your Columbia SC Tax Preparation To-do-List
Select a preparer
If you’re contemplating using an accounting professional to handle your Columbia SC tax preparation, it’s a good time to start looking for one. One of the best sources for referrals of good tax preparers is to ask friends, business associates, your lawyer or your banker. During the consideration process, make sure the candidate you’re thinking of retaining has a Preparer Tax Identification Number (PTIN) confirming that he or she is qualified. The PTIN is proof that person is authorized to prepare federal income tax returns. The next step in choosing a preparer is to ask questions about the preparation fees. Nobody likes surprises – especially at tax time – so understand what the charges will be ahead of time. Most preparation fees depend on the complexity of your return and the time it takes to complete the various information requirements, but most tax preparers can give you a price range so you’ll know what to expect. A word of advice: Don’t do business with a tax preparer that will charge you a percentage of your refund.
Set up an appointment
Because experienced tax preparers are very busy during the peak “tax season,” its best to schedule an appointment in advance – even if it’s for late January or early February – just to make sure you can get on their appointment calendar. Of course, if you’re expecting a refund, the sooner you can get your information together and meet with your tax preparer, the sooner you can file and receive your refund.
Gather your information
Under normal circumstances by the end of January you will likely receive a number of pieces of information you’ll need to give your tax preparer to complete your returns. Here are some of the most common forms:
• Form W-2 if you were employed
• Form SSA-1099 if you received Social Security benefits
• 1099s to report various additional sources of income (especially if you were an independent contractor)
• Form 1095-A to report information from the federal government marketplace from where you bought your health insurance coverage
• 1098s reporting mortgage interest paid, student loan interest paid, or college tuition payments
• Form W-2Gs to report gambling winnings
• Schedule K-1s to report income or loss from business entities in which you have an ownership interest
Collect your receipts
If you choose to itemize personal deductions rather than claiming a standard deduction, you’ll need a greater degree of verification and proof in the form of receipts. If you’re itemizing, collect the receipts (or cancelled checks) you have for such things as medical costs not covered by or reimbursed by health insurance, property taxes and employment-related expenses.
Assemble your charitable contribution records
If you choose to itemize deductions, you’ll need to have detailed records to legally claim any tax write-off. Charitable contributions of $250 or more require a written confirmation from the charity verifying the contribution and stating that it was a qualifying donation.
Be prepared for tax law changes
Your Columbia SC tax preparation expert should be able to help you be aware of any new tax rules and regulations so you can avoid any unpleasant surprises. The individual healthcare mandate (the Affordable Healthcare Act) created a myriad of changes, as many will remember. We recommend asking your tax preparer what changes, if any, may affect you this year or you can go online to www.irs.gov.
Provide a list of personal info
Give your tax preparer information such as your Social Security number and those for each dependent you claim on your returns. In addition, list the addresses of real estate you own, including a second home or rental property, if applicable. Your tax preparer may ask for additional information on these properties, as well.
Will you file for an extension?
If you know now that you’ll need additional time to complete your tax returns prior to the April 17th deadline (normally the 15th, but the 15th is on Saturday in 2017 so you'll have two extra days), alert your tax preparer. More often than not, items like Schedule K-1s can cause taxpayers to file for an automatic 6-month extension.
Decide what to do with you refund
If you’re entitled to a tax refund, there are several options as to the instructions you can give to the IRS (the federal government) to do.
- Have some or all of it applied to your income tax bill on your next return.
- Have them send you a check or use direct deposit into a designated account.
- Contribute some or all of the refund to certain types of accounts for the expressed purpose of purchasing U.S. Savings Bonds through Treasury Direct.
Locate a copy of last year’s tax return
If you choose a new Columbia SC tax preparation professional you’ve not worked with before, it will be helpful for him or her to have access to information on the previous year’s return. For example, payers of interest and dividends, and information on your favorite charities would be important reminders as they rarely change from one year to the next.
You can find more articles pertaining to Columbia SC tax preparation in the Taxes section of our site below Columbia SC Real Estate Categories in the column to your right.
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You took out your Columbia SC mortgage loan a few years back when both you and your spouse were working and things were going pretty well financially. In fact, that’s the reason you bought your first home. Since then, the economy has slowed considerably and your employer has downsized. Over time – which was an almost guaranteed addition to your budget for a few years – is now a thing of the past thanks to the company’s new management. While your income has dropped considerably, your obligations continued – especially those to your Columbia SC mortgage loan institution. So, what do you do? What can you do? Let’s take a look at how an honest, proactive and direct approach with your creditors can work to your benefit when times get tough.
Be honest.
Most credit counselors, financial experts and creditors say the best possible thing you can do is to contact them in writing as soon as you experience a hardship affecting your ability to pay your mortgage. You may not want to divulge your entire situation to the mortgage company – they may not want to hear that you will never be able to make another payment, for example – but in all seriousness, be open and honest about your current status.
Don’t procrastinate.
The best course of action is to take charge and let your creditors know immediately, or at least sooner rather than later. The longer you hold off doing so the worse your situation will likely become. If you procrastinate too long, the outcome can be removed from the hands of people that may be able to help and transferred to the proverbial “home office” or some other nebulous entity who thrives on red tape and double-speak. Remember this: Don’t make the erroneous assumption that you are out of options and your creditors won’t work with you. Most will, but you’ll never know until you ask them.
Do your homework.
If you’re a homeowner and have already missed a payment on your Columbia SC mortgage loan, seek assistance from your lender as soon as possible. There are laws now called the “rules restricting dual tracking.” Dual tracking is the process whereby a mortgage loan servicer (the arm of the mortgage company who’s responsible for collecting your payment and accounting for it each month) forecloses on a home while simultaneously entertaining a mortgage loan modification by the borrower. The Consumer Financial Protection Bureau (CFPB) wrote the law in 2013 to prohibit lenders from dual tracking within a 120-day period after a mortgage loan default. The rule allows greater protection for borrowers going into, or already in, the throes of foreclosure proceedings. Plus, the law has teeth – violators are subject to damages, and that may give borrowers necessary leverage for favorable consideration in a foreclosure lawsuit – if and when it that time comes.
Explore all available options.
Columbia SC mortgage loan experts say there may be programs available in some states that will make mortgage payments for homeowners. In 2010, the Hardest Hit Fund (HHF) was designed to assist borrowers struggling to make their monthly payments. The assistance was created in an effort to stave off foreclosure and return economic stability into some neighborhoods. While not available in every state, the states that do provide the HHF assistance concentrate their efforts on two groups of homeowners: Those who are unemployed and are looking for a new job, and borrowers who are “underwater” on their mortgage. These homeowners owe more on their mortgage loan than their home is worth.
Be realistic in your expectations.
As mentioned above, most creditors will try to work with you in times of hardship. However, they don’t have to. Just because you've called your mortgage lender and have been honest about your financial situation, they aren't required to provide you leniency – especially if there are extenuating circumstances such as chronic or recurring delinquencies, or other strikes against your credit report. Just remember that all you can do is ask for assistance – what the lender may or may not do is up to them. You signed a note and mortgage promising the lending institution you’d repay them each month, every month and on time.
Take the bull by the horns.
Be proactive with your financial problems – even if you think they are just temporary. By not doing anything or ignoring your situation with a creditor – especially a Columbia SC mortgage loan company – the lender may assume you don’t care about your financial responsibility or your promise to repay the money they loaned you. We’re talking about your home, here, so the last thing you want your mortgage company to think is that you don’t care about losing your home.
Since the housing crash of less than a decade ago, mortgage lenders have become more willing and able to work with borrowers who become delinquent, but it’s also a proverbial “two-way street.” The lenders should know if you need and want help, and if they aren't aware of that, they naturally assume the worst and take the necessary steps allowed them by law to recover their collateral.
The worst thing you can do.
The very worst thing you can do is to do none of the suggestions mentioned above. One of more of them can hamper or eventually cripple your chances for a successful outcome if you fall behind in your payments. By law, mortgage companies can’t and don’t wait “forever” before they begin certain procedures designed to protect the lending institution from their borrowers defaulting on their mortgage loans. Remember, most all mortgage lenders are regulated and overseen by the federal government. As such, banks and other lending institutions have policies and practices that are nearly always uniformly followed – if that bank or lending institution wants to remain in compliance with the federal guidelines. Most do, of course, because failure to do so will result in fines, penalties and – in severe cases – shutdowns or forced acquisitions. No lending institution's board of directors wants that to occur.
You can find more articles pertaining to Columbia SC mortgage loans in the Columbia SC Mortgage Info section of our site below Columbia SC Real Estate Categories in the column to your right.
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