So let’s discuss kitchen floor mediums and see how we get on, you see many people have a different opinion about what makes a great one. The beauty of the kitchen is the fact that it can be used for so many functions. It is single most popular room in any family home and we all know why this is the case. As well as being the place where all of that magical food is conjured up, what better place to sit and natter away over a warm cup of something nice? Many of us shun the dining room for a breakfast or supper plate in the kitchen and this is why we love it so much. But have you ever looked at the kitchen floor and hankered for something a little more special? The good news is that there are about 10 different flooring mediums that will suit most kitchens, and this article is concentrating on 3 of those bad boys. Please see what you think and maybe you’ll see one that suits your purpose nicely – Thanks for reading!
Okay, you’re probably thinking about those dank and dusty basements with freezing cold basement floors, and we can’t blame you. But fast forward to 2014 and you’ll see that they have come a real long way since those days.Concrete is all about industrial chic and designers are able to stamp their own personal shades or patterns as they wish. A concrete floor will remain cool even in the warmest of seasons and it is pretty indestructible compared to other flooring mediums. If you get fed up of the concrete, you can simply lay a different flooring medium over it. On the minus aspects, you’ll need a professional to lay the floor and it can be hard work in your bare feet, especially early in the morning. It will need sealing to stop any staining and concrete is simply not to everyone’s tastes.
Vinyl was always considered to be the least expensive flooring medium and as such, it has suffered from image issues. But those days have gone and a new lease of life has been experienced by vinyl designers. It can be altered to mimic almost any type of flooring medium and some of them look very realistic indeed. The material is still a very cost conscious option and extremely easy to clean and maintain. Vinyl is comfortable underfoot as very easy to install. But this soft material is fairly easy to damage and will only look its best for a maximum of 5 years on average.
Many people mistake linoleum with vinyl but they are completely different substances. Linoleum is a natural material made from a myriad of interesting substances including linseed oil and wood flour. The retro green look of linoleum is back in vogue and kitchens are ideal for this cool material to be laid down in. It’s very versatile and affordable as well as being very easy to install. But linoleum will fade after a few years and is very hard to clean properly.
3 Ways To Kitchen Heaven
Well, perhaps these 3 are not to your taste, check out the other options and read up on their pros and cons before making your choice – Good Luck!
Nancy Baker is a freelance blogger and an ace creative write with many years of experience writing for top blogs. Nancy has written on a myriad of topics and has written several posts for us.
Reprinted from www.FreeReprintArticles.com
Financing a new home is smooth and easy when you have the right mortgage company. How do we find the right company….. and what questions do we ask? This is even more important now, in light of the recent mortgage meltdown. With so many mortgage companies folding, it’s wise to choose carefully!
A mortgage is simply a long-term loan in which your lender uses your real estate as collateral. There are several types of mortgages……the fixed rate being the most simple and easy to understand. This mortgage will be amortized…..usually over a 15-year or 30-year term. The rate of interest will remain the same until the loan is paid off. The only change in your payment would be in the event of a change in your homeowner’s insurance premium or property tax rates.
Another popular type of mortgage is an Adjustable Rate Mortgage (ARM). This mortgage can have a term of 1-7 years before the rate changes…….or it can change monthly. It all depends on the program you choose. It should all be spelled out when you obtain the ARM. There are many adjustable rate mortgage programs available, and you should always investigate all your options before making a decision.
When you’re shopping for a home, you should always obtain a pre-approval letter from your lender. This gives us more negotiating power when you find the right home.
Mortgage Broker or Mortgage Banker?
A mortgage brokers are independent agents or corporations that have access to 30-40 lenders. The lenders in their “tool box” are both conforming (good credit….W-2 income, etc.) and non-conforming (poor credit, self-employed, etc.). The loan originator should always counsel with you to determine the program that best meets your needs.
A mortgage banker, on the other hand, works for one specific company. They will have different programs to choose from, but in my experience they don’t have a huge pool to choose from.
The big difference: MORTGAGE BANKERS ARE ON SALARY …..MORTGAGE BROKERS USUALLY WORK ON COMMISSION.
This means that the mortgage banker will get paid whether your loan closes or not……whereas the Mortgage Broker will not. Again my experience has been that the brokers work harder to get your loan approved and closed, because they want to be paid. I have worked with some very good mortgage bankers in the Nashville Tennessee area for financing a new home…..but these loans have been made to people with A+ credit.
A few lenders keep your loan “in-house”, but most of them will sell it on the open market. This is very common, so your loan could be sold several times if you live in the home very long. The terms cannot change…..just the company you send your payment to.
Anytime your loan is sold, make sure you get WRITTEN notification before you send your payment to a new company. There have been scam artists that will call and tell people that their loan has been sold to them and they will now be receiving the payments. Don’t do it! Make sure the notification is in writing……and mailed to the address your lender has on file for you!
HOW ABOUT SHOPPING FOR A LOAN ON-LINE? OR CALLING FROM A TV COMMERCIAL?
THEY CAN SOUND REALLY GOOD……BUT BE CAREFUL!!
I have seen many hidden costs or “junk fees” involved with these lenders….and they can add up to hundreds of dollars that you shouldn’t have to spend.
I have seen many homeowners not be able to close on time, which leaves people with moving vans full of furniture with nowhere to go. And leaves sellers very upset! Many times they are ready to close on their new home…..and everything comes to a stop.
I have witnessed people that have already closed on one of these loans……only to find that the lender recalled the loan. Apparently there was a 3-day period in which they had the right to do the recall. Talk about problems!!!
Many of these lenders are not accountable to anyone but themselves,
and accountability and co-operation is vital when you are purchasing a home. It’s much easier when you actually know the people you are dealing with…..but more than this……they actually know you!
We like to do business with lenders that we have worked with before…..and know that we can trust what they say. Whenever a lender tells me something that I find not to be true, or misrepresents anything…..I no longer have faith in them. I get very upset when I ask a lender if this document or that document is back in their file….and they tell me “yes”……only to find out that they haven’t even sent it out yet. Our clients are far too important to leave this to chance. There are hundreds of loan originators out there, but only a few are really good ones.
You are always free to use the lender of your choice and should always do your homework and investigate the company. But I do recommend our in-house lender, who is actually my son, Michael Rumley. He has 12 years experience as a mortgage broker and I hold him accountable for every statement and promise that he makes. You will find him very thorough and helpful to you throughout your loan process. Another good feature of doing your loan “in-house” is that we have your file right here. We have total access to what has been done and what still needs to be finalized. And you can be assured that we keep a close watch on it for you…..making sure you get the rate and terms you are promised and also being able to close on time.
Another thing you might want to be aware of is the fact that whenever someone “pulls your credit report”…..it lowers your score a bit. So you don’t want to have too many inquiries from numerous mortgage companies. Talk to them and ask all the questions you want, but don’t let them inquire into your credit report until you are fairly certain that you want to use them.
50 YEARS COMBINED EXPERIENCE US GIVES MUCH INSIGHT INTO THE MORTGAGE AND REAL ESTATE BUSINESS!
WE WORK TOGETHER TO MAKE SURE YOUR NEW HOME PURCHASE IS AS TROUBLE-FREE AS POSSIBLE!
Contact us now with any questions. You can also apply online for quick and easy pre-approval.
We look forward to hearing from you. Let us prove how working together can save you a lot of money when financing your new home in Nashville Tennessee!
We Work Hard to Represent your Interests
By Tennessee Law, We Must Have An Agency Agreement And It Must Be In Writing!
Tennessee Real Estate Commission 62-13-401
“A real estate licensee may provide real estate services to any party in a prospective transaction with or without an agency relationship to one (1) or more parties to the transaction. Until such time as a licensee enters into a specific written agreement to establish an agency relationship with one (1) or more parties to a transaction, such licensee shall be considered a facilitator and shall not be considered an agent or advocate of any party to the transaction. An agency agreement shall not be assumed, implied, or created without a written bilateral agreement that establishes the terms and conditions of such agency or subagency relationship”
What do all these terms mean?
Whenever the agents for the seller and buyer work for the same firm, the both become “Dual Agents”. Neither you nor the seller are fully represented. “Designated Agency” is a form of dual agency. Consider if you were going to court to settle a legal matter…….Would you want the same attorney or attorney firm that’s representing the other party to also represent you? Tennessee law says that when you, the homebuyer, purchase a home from the agent that has it listed……that agent must revert to a “facilitator” status. This means that they are not representing either side. Only handling the paperwork. This can be a dangerous situation. Both the buyer and seller can easily become “customers”.
This is an agent retained by the buyer to represent their interests. This can be an agent that also lists property. And it’s fine unless you, the homebuyer, decides to purchase a home that this agent has listed. Then the conflict of interest is staring you in the face. You will either have to sign an agreement that the agent will be a “facilitator” as described above……or the company broker can “designate” another agent to work with you. But in this case, the files are in the same office……and there is always the possibility of “talk during the coffee breaks. This can dramatically erode your negotiating power! This is a gray area where again you can easily become a “customer”.
Exclusive Buyer’s Agent
An agent that does not take listings…..nor works for a firm that takes listings. There is no conflict of interest because they only represent the homebuyer. Since they don’t have any listings, there is no possibility that they will try to only show you their or their company’s listings, which is common because they receive both sides of the commission if they sell their own listing, and usually a bonus if they sell a company listing. This is the only form of agency that guarantees 100% representation and loyalty to the buyer. You are always a “client” in this relationship.
It’s up to you to decide which Realtor you want to use!
An agent that represents the seller?
An agent that tries to represent both you and the seller?
An Exclusive Buyer’s Agent that represents ONLY YOU?
Click here for a copy of our agency agreement. Every real estate office has one, but we choose to post ours online for you to read at your convenience. Please read carefully and be sure to let us know about any questions you might have.
Posted by Admin on October 9, 2010 | Subscribe
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Should you be looking for info about various bathroom designs and designs, nowadays can be your lucky day. You have at present stumbled upon articles filled up with information regarding the different options in bathroom design ideas you could carry out or you might pick from. In case you could be looking for ideas, everything you should light which light will be here on this write-up.
Bathrooms happen to be here for some time right now. From the humble beginning being a simply setup associated with bathtubs in front of a living room hearth and using buckets to be able to fill it with normal water, today it has become advanced and also excessive : technology for some houses. Way back when, bathrooms are only able to always be provided from the prosperous and people have been a little honored, today, it may be a necessity which extremely individual must have inside their homes, no matter how huge or tiny it can be, so long as there is a bathroom. Different houses have got different Bathroom Cabinet also. Ranging from classic styles or over towards the modernized design associated with some modern residences. Designs are talking for her and that means you must make time to design that correctly and also program it prudently in order to avoid the particular ugly and also awful seeking bathrooms which might be uninviting and also revolting to be able to step feet upon.
A Bathroom Design may are available in different kinds and now we are here to go over one of the most popular designs that are current today and that means you would have a concept on the in order to design your bathroom to really make it bode well.
1.Classic – it could be a great Edwardian or perhaps a Victorian design or even just the regular white tinted bathroom. This kind of bathroom appears fantastic on rentals as well as cottage kind bathrooms. When you the traditional kind, this a person’s perfect in your case.
two.Region – this Bathroom Design is most likely the simplest to produce and may blend well with the correct form of home. That is best in conjunction with flower wallpaper designs, higher supports as well as basin extras bath tub canopy. To add to the particular overall feel of this kind of design sort, make use of cast iron bath as well as heavy ridged sanitary. It could furthermore look nice together with old-fashioned – colored tiles or even wooden floors in addition to cap all of it upward, place a higher and degree cistern together with pull restaurants to accomplish the collection.
3.Cheap Elegant – this is a unusual blend of overlook and style and is probably the designs which might be difficult to create since things are correctly erroneous. Cheap Elegant designs are usually perfect regarding Mark vii Residences, French Chateaus and Speaking spanish Accommodations. Overall, that totally appears like huge mismatch associated with style and also bathroom things. The actual plumbing and domestic plumbing tend to be desired to be subjected. If the bathroom is really a palm – myself and down from a previous operator of the house, here is the finest design for this. Basic shades with a few dark colors are usually best with this design.
4.Contemporary – right now this particular Bathroom Accessories is actually the best. It can be best to get this done about bathrooms that are limited within room. The idea would be to increase the area accessible, that is perfect for condos as well as apartments. Fitted bathroom suites, fitted mirror models, self storage as well as cupboards are exactly what it’s actually all about. Home furniture is actually favored to become put up for the wall structure and also stainless and metal tend to be best with regard to shoes as well as bath towel side rails.
Essentially, these are the obtainable designs regarding bathroom that is common with people. Thus, now you get the chance to select what is healthy for you as well as just what suits your bathroom.
Housing Counsel: Starker Exchanges Can Defer Your Tax Payment
FEB 06, 2006
The rules are complex, and the time limitations are strict, but if you plan to sell investment property, the Starker (like-kind) exchange will allow you to defer the profit you make.
Let’s take this example. In the 1970’s, you and your new spouse bought your first house for $30,000. You raised three children and in the early 1980’s, that house was just too small for your growing family.
You bought a larger house, but decided to keep the old residence and rent it out. It is now worth approximately $700,000.
If you sell, you will have to pay capital gains tax on the profit. For this discussion, we will ignore any improvements which you have made, although when you calculate your profit, these improvements will increase your tax basis and thus lower your tax obligations.
You have made a gross profit of $670,000 ($700,000 – 30,000). There are other costs and expenses which will reduce your profit, such as real estate commissions, legal fees, and closing costs, but for our example, these items will not be considered. The current federal tax rate is 15 percent, and thus you will owe the IRS $100,500. You may also have to pay State tax on this profit. There is a way of deferring payment of this tax, and it is known as a Like-Kind Exchange under Section 1031 of the Internal Revenue Code.
This is not a “tax-free” exchange, although that is what it is often called. It is also called a “Starker exchange” or a “deferred exchange.” It will not relieve you from the ultimate obligation to pay the capital gains tax. It will, however, allow you to defer paying that tax until you sell your last investment property.
The ideal exchange is a direct exchange. I own investment property A and you own property B (also investment). Both are of equal value. On February 1, 2006, you convey B to me and on that same day I convey property A to you. If there is a written agreement between us that this is to be a 1031 exchange, neither of us will have to immediately pay any capital gains tax on any profit we have made.
However, such a transaction is rarely possible. The logistics of finding the replacement property to be exchanged simultaneously with the relinquished property is very difficult, if not impossible to coordinate.
Many years ago, a man by the name of T.J. Starker sold property in Oregon, pursuant to a “land exchange agreement,” but did not receive any money for the sale. Instead, the seller — a couple of years later — transferred replacement property to Mr. Starker. The Internal Revenue Service considered this a taxable sale, but the 9th Circuit Court of Appeals held that this was a deferred exchange which was permitted under Section 1031 of the Tax Code. In other words, the exchange did not have to take place simultaneously.
There are two kinds of deferred (Starker) exchanges:.
a forward exchange: you sell the relinquished property, and within the time limitations spelled out in Section 1031, you obtain the replacement property; and
a reverse exchange: you obtain title to the replacement first, and then sell the relinquished property.
The rules are complex, but here is a general overview of the process. With some important exceptions (discussed below) the rules apply equally whether the exchange is forward or reverse:
Section 1031 permits a delay (non-recognition) of gain only if the following conditions are met:
First, the property transferred (called by the IRS the “relinquished property”) and the exchange property (“replacement property”) must be “property held for productive use in trade, in business or for investment.” Neither property in this exchange can be your principal residence, unless you have abandoned it as your personal house. Your vacation home would also not qualify as investment property, unless you actually start to rent it out more or less full time.
Second, there must be an exchange. The IRS wants to ensure that a transaction that is called an exchange is not really a sale and a subsequent purchase.
Third, the replacement property must be of “like kind.” The courts have given a very broad definition to this concept. As a general rule, all real estate is considered “like kind” with all other real estate.
Thus, a single family house can be exchanged for a condominium (or cooperative) unit; raw land can be swapped for an office building, and a farm can be exchanged for commercial or industrial property.
Before you decide to do an exchange, it is important that you determine the tax consequences. If you do a like-kind exchange, your profit will be deferred until you sell the replacement property. However, it must be noted that the cost basis of the new property in most cases will be the basis of the old property. Discuss this with your accountant to determine whether the savings by using the like-kind exchange will make up for the lower cost basis on your new property. Additionally, if your capital gains tax will be relatively small, you may decide just to pay the tax and not be a landlord anymore.
Here is a general overview of the requirements:
Identification of the replacement property within 45 days. Congress did not like the fact that the Starker opinion imposed no time limitations on when the exchange could take place. Accordingly, the law was amended to require that the taxpayer identify the replacement property no later than 45 days after the relinquished property has been sold.
A taxpayer may identify more than one property as replacement property. However, the maximum number of replacement properties that the taxpayer may identify is either three properties of any fair market value, or any number of properties as long as their aggregate fair market value does not exceed 200 percent of the aggregate fair market value of all of the relinquished properties.
Furthermore, the replacement property or properties must be unambiguously described in a written document. According to the IRS, real property must be described by a legal description, street address or distinguishable name (e.g., The Excalibur Apartment Building).
Who is the neutral party? Perhaps the most important requirement of a successful 1031 exchange is that the taxpayer cannot receive (or control) even one penny of the net sales proceeds from the relinquished property. All such proceeds must be held in escrow by a neutral party, and go directly into the purchase of the replacement property. Generally, an intermediary or escrow agent is involved in the transaction.
In order to make absolutely sure that the taxpayer does not have control or access to these funds during this interim period, the IRS requires that this agent cannot be the taxpayer or a related party. The holder of the escrow account can be an attorney or a broker engaged primarily to facilitate the exchange.
Take title within 180 days: The replacement property must be obtained no later than 180 days after the relinquished property is transferred or the due date of the taxpayer’s income tax return for the year in which the transfer is made. If, for example, you transferred the relinquished property on December 15, 2005, your tax return is due on April 15, 2006. That is only 121 days. You either have to take title to the replacement property by that date or get an extension from the IRS so that you can extend out to the full 180 days. It should be noted that as of this year, instead of the four month automatic extension, you can now opt for a six month automatic extension by filing IRS form 4868.
Interest on the exchange proceeds. The interest which is earned while the sales proceeds are held in escrow is called the “growth factor,” and any such interest to the taxpayer has to be reported as earned income. Once the replacement property is obtained by the exchanger, the interest can either be used for the purchase of that property, or paid directly to the exchanger.
Reverse exchanges: As many taxpayers have discovered, it is sometimes difficult to meet the 45/180 day requirements. You have found the replacement property, but do not yet have a buyer for the relinquished property. And the owner of the new property is not willing to wait until you are able to go to closing on your current property.
Thus, you may have to go the reverse Starker route. Here, in very general form, are some of the important rules:
The taxpayer must arrange for the replacement property to be held in a “qualified exchange accommodation arrangement.” In government language, this will now be called “QEAA.”
Qualified indicia of ownership of the property by the QEAA is required. This means that the QEAA must either have legal title to the replacement property or other some other arrangement which is acceptable to the IRS to demonstrate ownership. A land sales contract (also called “contract for deed”) may suffice.
Under this latter arrangement, the QEAA will not have actual legal title, but will have certain obligations under a contract. This may — depending on state or local law — avoid having to pay a double recordation-transfer tax. Otherwise, this tax must be paid when the property is first transferred to the QEAA and then again when it is transferred to the ultimate taxpayer.
No later than five business days after the property is transferred to the QEAA, the taxpayer and the exchange accommodation titleholder (called the QEAT) must enter into a written agreement which provides that the latter is holding the property for the benefit of the taxpayer in order to facilitate an exchange under section 1031. Generally, this can be accomplished by a lease of the property from the QEAT to the taxpayer.
Both the taxpayer and the exchange accommodation titleholder (the QEAA) must file separate federal income tax returns, so as to advise the IRS of any income and expense incurred while the QEAT had ownership of the property.
No later than 45 days after the replacement property is transferred, the taxpayer must identify the relinquished property. The IRS allows the taxpayer to identify alternative and multiple properties, and if the taxpayer owns several investment properties, this provides some flexibility as to which property will be sold.
No later than 180 days after the replacement property is transferred to the QEAT, it must be conveyed to the taxpayer.
Perhaps the most important aspect of a reverse Starker is the requirement that the taxpayer have a bona fide intent to engage in a 1031 exchange. According to the IRS regulations:
At the time the qualified indicia of ownership of the property is transferred to the exchange accommodation titleholder, it is the taxpayer’s bona fide intent that the property held by the property … in an exchange that is intended to qualify for non-recognition of gain (in whole or in part) or loss under ï¿½1031.
In other words, you cannot buy the replacement property and then — as an afterthought — decide to treat the transaction as a 1031 exchange.
The rules are extremely complex. You must seek both legal and tax accounting advice before you enter into any like-kind exchange transaction — whether forward or reverse.
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