Corona California Community

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  • FINAL WALK-THROUGH
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  • Bright Idea to save money!
  • ROI MATTERS (Return on Investment)
 

Bright Idea to save money!

 

Looking for a cost-effective way to increase security in your home and save energy at the same time? You could put some of the lamps in your house on a timer — or you could consider wireless lighting.

According to Frontdoor.com, wireless lighting enables you to replace switches in your home with receivers that respond to radio frequency signals from remote controls. It might sound complicated, but it’s fairly simple: Disconnect the manual switches and replace them with dimmers. Freestanding lamps that must be plugged into an outlet can be plugged into wireless receptors connected to the outlet. You can even program one remote to operate multiple lights throughout your house, no matter the size.

Aside from the ability to turn off a light downstairs when you’re already upstairs or turn on a light from anywhere in your home if you hear a suspicious noise, the main benefit of installing a wireless lighting system is reducing electricity and energy consumption. You can connect the system to a timer to set lights to turn on and off at specific times.
Wireless systems can range in price, from as little as $30 for a starter kit to hundreds of dollars to equip your entire home. Before installation, talk to a certified electrician to ensure the kit you purchase is the best for your home.

 

ROI MATTERS

If you’re looking to make some upgrades to your home this year, be sure to think about what makes sense for your lifestyle as well as what will offer the best return on investment. Start by checking out the results of Remodeling magazine’s latest Cost vs. Value report.

If you have an attic, you could be using it for much more than just storing holiday decorations and boxes of mementos. According to the report, converting part of the attic into an extra bedroom — which, on average, costs just over $50,000 — can recoup 72 percent of the cost when the home is sold.

On the other hand, the addition of a deluxe master suite (an average cost of $230,000) will only recoup just over half of the investment.

If you’ve been thinking about sprucing up your outdoor space, now might be the time to invest in a new backyard deck; at an average cost of just over $10,000, this investment will recoup nearly 70 percent, the report says. When considering deck materials, choose wood over composite — it will recoup nearly 10 percent more on your investment.

Making over your garage can also be a good idea — replacing a garage door, which costs less than $2,000, recoups just over 70 percent of the total cost. But if your home is up for sale without a garage, it’s best to leave it alone. The addition of a garage costs about $58,000 and only recoups about 57 percent during resale.

Some other minor projects that might be worth the investment include replacing windows with insulated vinyl or wood models (the cost, between $7,600 and just over $8,000, is recouped by almost 70 percent), and remodeling the bathroom (cost is about $16,000 and the cost recouped is about 62 percent).
The bottom line? When making renovations, think small for an optimal return on investment.

Be sure to get the required permits for all work before you start!  Without them it will be harder to sell your home in the future.

 

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

What are the top mistakes homeowner make?

Sin #1: Deducting the wrong year for property taxes
Sin #2: Confusing escrow amount for actual taxes paid
Sin #3: Deducting points paid to refinance
Sin #4: Failing to deduct private mortgage insurance
Sin #5: Misjudging the home office tax deduction
Sin #6: Missing the first-time home buyer tax credit
Sin #7: Failing to track home-related expenses
Sin #8: Forgetting to keep track of capital gains
Sin #9: Filing incorrectly for energy tax credits
Sin #10: Claiming too much for the mortgage interest tax deduction

More details at:

http://www.houselogic.com/home-advice/taxes-incentives/common-tax-mistakes/

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