Valerie Mineiko's Real Estate Blog

Defining a Co-op A Co-op is a housing complex, which is owned by a corporation made up of all the tenants. Each tenant becomes a shareholder in the corporation that owns the property. The number of shares the tenants are issued depends on the size of their unit. The larger unit owners always have more decision making power in how the building is run. The owners also pay fees to cover their own portion of the building’s property taxes, mortgage, and costs of repairs and improvements for the common areas. Co-op owners depend on each other financially, so they can encounter a lot of scrutiny of both the financial history and personal life of each tenant. The Definition of Condominiums Owning a condo is similar in many ways to owning a house. The owner has a deed and mortgage and they have to pay property taxes. However, what the actual ownership if the condo is really just its “airspace.” They don’t personally own the walls, floors, and ceilings, as that is owned in common among all resid...

Flower gardening can be a very satisfying type of gardening. It has just one purpose – to bring beauty into your world!  However, prior your trip to the nursery, spend some time becoming familiar with the reasons why and the how to’s of flower gardening. You should also have your flower garden in great shape if you plan  to  sell your home this spring ! Buyers always seem to notice a nice flower garden. Three Types of Flowers There are three types of flowers that you should be familiar with: perennials, annuals and biennials. What are they? Perennials come back every year and you don’t need to replant them; annuals must be planted every year; and biennials need to be planted in two growing seasons or more.  A combination of all three will give you a nice variety of flowers. Most annuals bloom in summer and will add wonderful colors to your garden. Perennials only bloom for  a short period of time, and you can be sure that as one variety is shutting down for...

There are many terms used today for the types of  homes that are available  – it’s hard to keep the names straight. Here is a quick course in the various types of homes available: Stick Built Homes Site built and stick built home typically refers to traditional  single-family homes  that are built at the same site that the finished home will stand. It’s built by a local contractor who builds the house according to area construction codes. Manufactured Homes Never mind the term “mobile home” – they’re now called “manufactured” homes. Those old rectangular shoebox structures you used to see (and still do) have, in some cases, been replaced by 2,500-square-foot homes with sun rooms & decks. The Manufactured Housing Institute defines a manufactured home as “a single-family house constructed entirely in a controlled factory environment, built to the federal Manufactured Home Construction and Safety Standards, better known as the HUD Code.” Most Americans still refer t...

Thinking about using your home’s equity? Here are a few ways you can tap into that money. Refinance Your Home This is a way of paying off your current mortgage and getting cash out based on how much equity (the difference between the market value of your home and what you owe on it) you have in your home. Refinancing can be a great way to lower your mortgage interest rate. Remember that on refinances, you might have to pay closing costs. discount points, appraisal fees, application fees, recording fees, and miscellaneous other charges. Always ask your lender about additional fees. Securing a Home Equity Loan A home equity loan, a.k.a. a second mortgage, is good for  homeowners  who don’t need as much cash, and whose mortgage interest rate is already competitive. The term is much less than a conventional 30-year mortgage; usually 5 to 15 years. Home Equity installment loans are paid out in one lump sum, so they’re good for paying off credit cards or  remodeling projects , ...

It’s possible that you may be able to take some of your moving expenses as a tax deduction. Even though government regulations are stricter now than in the past, you still may have an opportunity to catch a break if you meet following criteria listed below. Specifications For Tax Deductions When Moving 1.  You have a new job or job transfer that is at least 50 miles farther from  your new home  than your previous home. 2. Your new home is at least 50 miles from your old house. 3. Moving will make your commute shorter to work. 4. You’re a member of the armed forces and had a permanent change of station. 5. If you’re working full-time—even if self-employed. 6. If you incur expenses within one year from when you started a new job. Expenses are typically deducted from your adjusted gross income instead of being included in your itemized deductions. You may then take the standard deduction, if it works to your advantage. What Are The Qualified Tax Deductions? 1. Packing and tr...

  A Little Mortgage Quiz Points are: charges paid to obtain a  home mortgage gross profit for the originator of the loan up-front mortgage interest fees to reduce the interest rate each equal to 1 percent of the total loan amount loan origination fees charged by a lender to raise the yield on a loan when money is tight, interest rates are high, or there is a legal limit on the interest rate that can be charged on a mortgage come in two varieties all of the above If you answered (8) you are correct Points are all those things and more. They are often used to cover a lender’s overhead—salaries, building leases, employee benefits, and other unexpected expenses. Generally, paying one point should lower the interest rate on a loan ¼ percent, two points ½ percent and so on. A rule of thumb is: a no-point loan will have a higher interest rate than a loan with points. Paying points on your mortgage now means you’ll pay less interest later. Lowering the rate reduces your monthly princi...

Homebuyers and sellers often don’t agree on many things, but they do share one important concern: they both want a successful transaction. This camaraderie is very evident during the appraisal process. The results of the home’s appraisal can mess up the entire deal.  Appraisers take several factors into account when deciding the  worth of a home.  While some of these, such as location, can’t be helped, there are other things that a homeowner can do to ensure that the home is appraised for maximum its value. 1. Information Matters Most Appraisers don’t much time in the home. In fact, the interior inspection only takes around 20 -30 minutes. It’s pretty easy for the inspector to assess the amenities of the home, as they do it so often. They tend to look around rather quickly, so you don’t have much time to make a good first impression, so make sure to have everything as perfect as possible in advance of the appraiser’s visit. First, make sure there is a packet of informatio...

To make the most out of Halloween this year, consider using the following safety tips to ensure a great experience for you and your kids. Remember Costume Safety Try to choose costumes that are bright and reflective. The kids’ shoes should fit well and their costumes should be short enough to avoid tripping. Always carry a flashlight with fresh batteries to light the way for all the children. Safety on the Trick or Treat Trail The young children should always be accompanied by their parents or a responsible adult, while older children trick-or-treating alone should have a route and a specific time when they should return home. Encourage kids to obey the rules of the road when of walking around, such as crossing at intersections and designated crosswalks to avoid accidents. Also, be sure to only visit homes that have a porch light on – remember, not everyone celebrates Halloween. The Treat Distribution Remember to replace any burned-out bulbs outside, and remove obstacles such as garden...

  Fireworks: It’s that time again! Time for fireworks, but it’s also time for to pay great attention to safety as well. Tens of thousands of people are treated in hospital emergency rooms for injuries associated with fireworks every year. Roughly 55 percent of the injuries were burns, and most of the injuries involved the hands, eyes and head. Another alarming statistic is that about half of the victims were under the age of 15! Some Safety Tips When Attending Public Fireworks Displays 1) Obey the police, fire and safety officials, and respect the safety barriers that have been put in place to allow the trained operator room to safely do his job. It’s crucial that you resist any temptation to get close to the actual firing site. The best view of the fireworks show is from about a quarter of a mile or more away. 2) Although it’s a rare happening, a firework component could fall to the ground unexploded. If you find one, don’t touch it – immediately contact the local fire or police d...

Whether you’re home, out for the day, or on vacation, it’s a important to keep your home safe from intruders. When your home is for sale it can attracts more attention from people, so it’s especially important to keep your home safe when you  list it for sale. Here are a few things you can do to protect your home Most burglars get into people’s homes through an unlocked door or window. Remember to: • Always lock all your doors and windows. • Have dead bolts on your doors • Never leave keys in hiding places outside the house. • Keep your garage door closed and locked. • It’s a good idea to have a solid wood or metal door with high quality doorframes. You can trigger the panic button on your car to set off an alarm that can scare away someone trying to break into your home. When you’re not home, be sure to give the impression that someone is there. Put your lights on timers & have a neighbor pick up your newspapers and mail. Having bright lights outside around doors and windows d...