Posted on

Protectecting Yourself During a Move

“I can’t wait to move!”

How often do you hear someone say that? What they mean is they can’t wait to be in their new place, all unpacked and organized and enjoying their new surroundings.

What they don’t mean is, “I can’t wait to spend a month packing up everything I own and hauling it into a truck we’re going to drive across country when I’ve never driven anything larger than a mid-sized sedan, only to have to haul it all out, and into that new house. The new house that has two flights of stairs and narrow hallways. Don’t get me started on unpacking boxes.”

And what they REALLY don’t mean is, “I can’t wait for the movers to break a bunch of my things and lose a bunch of stuff.” Pretty sure they also don’t mean, “I can’t wait for dishonest movers to delay my delivery and charge me quadruple my quote and then hold all my stuff hostage while I sit here helpless.”

Think that could never happen to you?

“Last year, Massachusetts officials sued one moving company and New Jersey officials sued two for providing low-ball estimates and then grossly inflating fees after loading the trucks,” said Consumer Reports. “One of the companies had threatened to auction the possessions of customers who didn’t pay.”

Added MarketWatch about the possibility of mover fraud: “Typically, a mover gives you an extremely low estimate over the phone or Internet without ever actually seeing what needs to be moved. You agree, they show up, load the truck with all your worldly possessions and then tell you it will actually cost a lot more. Then, they hold everything you own hostage on their truck until you cough up the extra cash.”

Yes, moving can be fraught with challenge and frustration and even heartache. So how do you protect yourself? Here are some tips for a safe and fraud-free move.

Do your research

Proper preparation can help you ward off many of the issues that can turn a move into a nightmare, and that’s starts with a healthy dose of research. You always want to ask for a referral rather than using an unknown. And not just anyone is qualified to give a referral, according to MSN.

“Ask your real-estate agent. The general consensus among moving professionals is that word of mouth is the best way to find a good mover,” they said. “Real-estate agents know the ins and outs of the housing industry and are the most reliable sources. Realtors want to make sure that your (moving) transaction is a good one.”

There are also websites dedicated to moving scams. “MovingScam.com maintains a ‘black list,'” they said, as well as a “message board filled with consumer experiences, bad and good.”

Verify licensing and look for complaints

MSN recommends people who are moving investigate the companies they are looking at using. Interstate movers must be licensed by the Federal Motor Carrier Safety Administration.

“Check with your area’s Better Business Bureau to see if any complaints have been filed and whether there are reliable,” they said.

Protect Your Move also provides info on whether a mover’s license is current “and if the company has ever had a federal complaint.”

Watch out for the lowball bid

“You get what you paid for” is often a dangerous reality when it comes to moving. To protect yourself against unethical movers, get several estimates and make sure to weed out any that seem too low. Yes, the desire to save money is strong. But an unusually low bid is often a red flag.

“When shopping for movers, it’s best to get at least three estimates, ” said MSN. “If you’ve got one that’s really, really low compared to the other two, you’re going to know something’s up.”

Have a contingency plan

No matter how well you prepare, the unexpected can still happen. What if the truck doesn’t show up on time? Are you prepared to live without your things for a few days, or longer? Make sure you pack a bag of essentials you can have with you while the rest of your stuff is stuck on the truck.

Protect yourself

The Better Business Bureau suggests paying a little extra for peace of mind.

“Consider accepting full value protection. It may cost a few dollars more up front, but it can eliminate headaches after your move,” they said. “Purchasing full (replacement) value protection from your mover means any lost or damaged articles will be repaired or replaced, or a cash settlement will be made to repair the item or to replace it at its current market value, regardless of age. The cost of full value protection must be included in the initial estimate you receive for an interstate move.”

For more information, visit Protect Your Move.

[ad_2]

Realtytimes

Posted on

June’s Hot List: The Top 20 Housing Markets

[ad_1]

Home prices are escalating as the real estate industry rolls through its busiest season for buying and selling, according to realtor.com®. The median list price for all housing types pushed above $250,000 for the first time ever in May, according to the National Association of REALTORS®, and realtor.com® predicts it will reach $275,000 by the end of June. 

“The housing market has now gone 24 months in a row seeing inventory drop on a yearly basis—the longest streak in over two decades,” says Javier Vivas, manager of economic research at realtor.com®. The site’s research team pinpointed the nation’s largest metro areas with the most buyer activity based on the number of listings clicked on at realtor.com® and where homes are selling the fastest.

The top-performing cities this month are:

  1. Vallejo, Calif.
  2. San Francisco
  3. Kennewick, Wash.
  4. Sacramento, Calif.
  5. Columbus, Ohio
  6. Detroit
  7. Boston
  8. Colorado Springs, Colo.
  9. San Jose, Calif.
  10. San Diego
  11. Dallas
  12. Waco, Texas
  13. Grand Rapids, Mich.
  14. Stockton, Calif.
  15. Midland, Texas
  16. Fort Wayne, Ind.
  17. Santa Rosa, Calif.
  18. Denver
  19. Yuba City, Calif.
  20. Modesto, Calif.

Source: “America’s 20 Hottest Real Estate Markets for June 2017,” realtor.com® (June 29, 2017)

[ad_2]

Realtors.org

Posted on

Contract Signings Pull Back on Supply Woes

[ad_1]

Ongoing inventory shortages are propelling home prices higher, causing pending home sales to slump for the third consecutive month, the National Association of REALTORS® reported Wednesday. None of the major regions of the U.S. saw an increase in contract activity in May.

NAR’s Pending Home Sales Index, a forward-looking indicator based on contract signings, dropped 0.8 percent to a reading of 108.5 in May. The index is 1.7 percent below a year ago. 

“Monthly closings have recently been oscillating back and forth, but this third consecutive decline in contract activity implies a possible topping off in sales,” says Lawrence Yun, NAR’s chief economist. “Buyer interest is solid, but there is just not enough supply to satisfy demand. Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast.”

The lower price ranges of the housing market are seeing the most persistent housing shortages, Yun says. Sales of homes under $100,000 last month plunged 7.2 percent year-over-year. Sales are up only 2 percent for homes priced between $100,000 and $250,000.

“The lack of listings in the affordable price range are creating lopsided conditions in many areas where investors and repeat buyers with larger down payments are making up a bulk of the sales activity,” Yun says. “Meanwhile, many prospective first-time buyers can’t catch a break. Prices are going up and there’s intense competition for the homes they’re financially able to purchase. … A much higher share of homeowners compared to a year ago think now is a good time to sell, but until they do, sales will likely stay flat and low inventory will keep price growth moving swiftly.”

Source: National Association of REALTORS®

[ad_2]

Realtors.org

Posted on

Confident Homeowners Flirt with Selling

[ad_1]

Seventy-one percent of homeowners say now is a good time to sell, according to the National Association of REALTORS®’s second-quarter Housing Opportunities and Market Experience (HOME) survey. The percentage is up considerably from the 61 percent of homeowners who said it was a good time to sell last year.

Owners in the Midwest are the most excited about potentially selling at 76 percent, surpassing the West at 72 percent for the first time this year.

The rise in home prices may be persuading more homeowners to list their home. Could that lead to more listings?

Not necessarily, according to Lawrence Yun, NAR’s chief economist.

Yun says theres a gap between homeowners’ selling confidence and whether they’ll actually list their home.

“There are just not enough homeowners deciding to sell because they’re either content where they are, holding off until they build more equity, or hesitant seeing as it will be difficult to find an affordable home to buy,” Yun says. “As a result, inventory conditions have worsened and are restricting sales from breaking out while contributing to price appreciation that remains far above income growth.”

Still, Yun says, the increase in seller confidence could translate to more added inventory later this year.

“Low housing turnover is one of the roots of the ongoing supply and affordability problems plaguing many markets,” Yun says.

Renters Are Less Optimistic

NAR’s survey also found that fewer renters believe now is a good time to buy. Fifty-two percent of renters say it’s a good time to buy, which is down from 62 percent a year ago. On the other hand, 80 percent of homeowners say now is a good time for homebuying.

“It should come as little surprise that the confidence reading among renters has fallen every month since January (64.8) and currently sits at its lowest level (53.8) since tracking began in March 2015 (65.7),” Yun says. “Paying more in rent each year and seeing home prices outpace their incomes is discouraging, and it’s unfortunately pushing homeownership further away—especially for those living in expensive metro areas on the East and West Coast.”

Source: “Housing Opportunities and Market Experiences Survey,” National Association of REALTORS® (2017 Q2)

[ad_2]

Realtors.org

Posted on

Real Estate Is Lucrative For Canada's Taxman

The Canada Revenue Agency (CRA) continues to follow through on the crackdown it announced last year on people who fail to report income from real estate transactions.

The agency says that from April 2015 to March 2017, real estate transaction audits found $329.4 million in assessed income that had not been reported. That resulted in more than $17 million in penalties, “primarily associated with Canada’s two major real estate markets in Toronto and Vancouver,” says the CRA.

The agency says it conducts audits on real estate transactions on a regular basis, “including in regions of Canada where economic factors may increase the risk of non-compliance.” In 2015 it doubled its efforts on the real estate sector in B.C. and now it has started a review of 500 high-dollar-value real estate transactions in that province “to uncover any tax issues that may not have already been identified.”

If a taxpayer knowingly makes a false statement when filing a return, they will be assessed a penalty equal to 50 per cent of the additional tax payable. In the last two years, 885 such penalties were assessed. The largest penalty was almost $2.5 million.

In addition to income tax, the CRA also checks to see if GST/HST payments have been made. It also reviews whether rebates that have been claimed for new homes or rental housing are legitimate.

In Ontario, the agency looked at 14,735 files for the GST/HST New Housing and New Residential Rental Rebates programs, recovering $190.8 million. In B.C., 2,546 audits recouped $10.8 million.

“Builders of new residences or rental properties are required to collect and remit the GST/HST to the CRA when they sell, rent out for the first time, or appropriate the property for personal use,” says the CRA. “Additionally, purchasers of new residences must ensure they abide by the rules when applying for new housing rebates.”

Builders of new or “substantially renovated homes” must charge and collect GST/HST when the home is sold and report the tax.

“If a builder leases a new or substantially renovated home, the builder is deemed to have sold the home to themselves. The GST/HST is payable and collectible at once on the fair market value of the home, including the land value, and the builder must report that tax to the CRA,” says the agency.

Most resale homes are exempt from GST/HST, but “there may also be GST/HST implications for flipping transactions, if a property is new or has been substantially renovated,” says the CRA.

There were 2,110 Ontario files audited for income tax compliance, with $30.4 million recovered, while in B.C. 288 income tax audits yielded $12.7 million in unreported taxes.

Capital gains on the sale of a taxpayer’s principal residence are generally exempt from taxes. However, beginning with the 2016 tax year, taxpayers who sell their principal residence must report the sale when completing their income tax returns.

“For the sale of a principal residence in 2016 or later tax years, CRA will only allow the principal residence exemption if you report the sale and designation of principal residence in your income tax return. If you forget to make a designation of principal residence in the year of the sale, it is very important to ask the CRA to amend your income tax and benefit return for that year. Under proposed changes, the CRA will be able to accept a late designation in certain circumstances, but a penalty may apply.”

The agency says a non-resident who invests in property in Canada “is liable to pay tax on gains that arise from the sale of that property and is generally not eligible for the principal residence exemption.”

The CRA determines a person’s residency status on a case-by-case basis, considering their residential ties in Canada, the purpose and duration of their visits outside of Canada and their social and economic ties outside of the country.

“Residency status should not be confused with citizenship,” says the CRA. “Non-residents only have to report their Canadian-source income, unless a tax treaty provides otherwise. An individual’s residency status is therefore essential in determining what income must be reported.”

Taxpayers who think they have made a mistake or who forgot to report real estate income can correct the record here. They may also be able to take advantage of the Voluntary Disclosures Program where the CRA says it may “offer you a second chance to make things right.”

The agency says it is continuing to strengthen relationships with the provinces, territories and municipalities to exchange information about real estate transactions, “thereby enhancing the CRA’s ability to combat tax evasion and avoidance.”

“Our government has committed to protecting the fairness and integrity of the tax system for all Canadians, notably by cracking down on tax cheating in real estate transactions,” says Minister of National Revenue Diane Lebouthillier. “This means that, without exception, every taxpayer abides by the same tax laws.”

[ad_2]

Realtytimes

Posted on

Mixta boosts affordable housing with N5 billion liquidity 

Head, Business Development and Retail Sales, Mixta Nigeria, Mr. Tunji Osinulu; Deputy CEO, Mixta Africa, Mr. Daniel Font; Creative Director, BAP Productions, Mrs. Bolanle Austen-Peters and MD, Mixta Nigeria, Mr. Kola Ashiru-Balogun at the briefing.

Amid paucity of funds in the real estate sector, Lagos-based property development firm, Mixta Real Estate Plc has increased its liquidity with N5billion bond, which will be used to refinance existing debts and affordable housing projects.

The Guaranteed Fixed Rate Bond was listed in the Nigerian Stock Exchange (NSE) and issued under its N30 billion medium term note programme to refinance loans taken from FBN Merchant Bank and Access Bank. The fixed-rate bond with a par value of N100 at a rate of N1, 000 per unit has a five-year tenor and will be due in 2022.

The company plans is to increase the amount to about N5billion or N10 billion. GuarantCo Limited, a multilateral development finance company, is the guarantor for the bond issue. GuarantCo was founded by the development agencies and governments of the United Kingdom, The Netherlands, Sweden and Switzerland, as well as the Private Infrastructure Development Group (PIDG).

Mixta commenced operations in February 2006 as a real estate investment fund management company promoted by Asset and Resource Management Company (ARM) Limited. In 2007, the fund was converted to a property company, ARM Properties Plc, as a result of operational and tax limitations encountered due to current legislation governing real estate investment funds in Nigeria.

In 2015, ARM acquired Mixta Africa, an Africa-focused large scale property development company headquartered in Spain with subsidiary operations in several countries across North and sub-Saharan Africa. The combination of ARM Properties and Mixta Africa gave birth to Mixta Real Estate Plc.

“The combination of Mixta Africa and ARM Properties Plc has a land bank of approximately 2.5 million square metres with close to 10,000 housing units delivered across Africa. Mixta Africa has more than 50 experienced professionals and subsidiaries in six countries,” according to the Managing Director, Mixta Real Estate Plc, Mr. Kola Ashiru-Balogun.

He said the company invests in property development projects across the real estate spectrum within the commercial, retail and residential property segments. We also provide real estate advisory services, and take on special projects in medium to large-scale real estate development projects, with a goal to taking advantage of the developing organized retail real estate sector.

Ashiru-Balogun who spoke to media personnel in Lagos disclosed that the real estate company would be investing 20 per cent of the net proceeds from the bond in the construction of its Affordable Housing Project. For us, there are a lot of opportunities for us there. We’re able to deliver 5, 000 in Morocco in a year.

“Last year, in-spite of the economic turn, we sold about 600 units. There are challenges in Nigerian market. We have been advising the federal government to come up with social housing scheme under the Family Home Scheme. Within Lagos, we rolled out three projects. Our delivery capacity is now better. We spent a lot of time on our designs and use locally available materials. ”

On the target market, he said, “most of the homes we have done in Nigeria have been within the upper N25 million. But with this combination we have now, we an incredible opportunity to come down the ladder to sub-N10 million homes and to do that, it means we have to go areas where land is not exorbitant and where there is a critical max of buyers.

“Outskirt of Lagos is a key area for us and Abuja is another important area for us. We will also be looking at Port Harcourt. These are the few areas we are going to concentrate on in Nigeria for now.” Within PortHarcourt, the company has 250 hectares in Omagwa, where work has begun on the residential scheme and golf course. A land in the scheme goes for N22,000 per square metre.

“For example, in Senegal with a smaller population than Nigeria, we have done over 600 homes in the past few years. The entry price for homes in this country is about 30,000 Euros, an equivalent of N6.5 million or thereabout. We think that if we are able to achieve such pricing in Nigeria, we would be appealing to a wider population of prospective homeowners.”

Ashiru-Balogun said: “We need government with an aspiration to deliver homes to low income earners and to back that up with policy and also ensure that people can borrow long term at affordable rate to acquire their homes.

[ad_2]

Guardian

Posted on

Using ‘FISH’ as a tool to unlock challenges of affordable housing

affordable housing

 

affordable housing
Affordable Housing Using FISH

HOS Mrs. Winifred Ekanem Oyo-Ita and Chairman FISH Mr. SKY Adelakun, others at 2017 FISH Summit

Adequate affordable housing can become the turning point to creating a dedicated and purpose driven Civil service.

In Nigeria, Public Servants are faced with several minuses of poor salaries, lack of efficient transportation, poor remuneration and lack of houses even after retirement. These negative narratives, experts argue, has continued to encourage massive looting in government treasury, indolence, lack of dedication, commitment to duty and corruption among the rank and file of the public service in the country.

This brings to the fore therefore, that Housing is one of the fundamental components in Employer—Employee relations.It defines a deep level of concern and care to welfare of staff and in reciprocity, a return of high commitment to service.

After a hard days’ work, staff deserve a roof over their heads where they can rest and prepare for another day of service. This has to be achieved at a cost that will not erode the entire disposable family income but must be at par with recommended sectorial allocation of income to meet the housing cost.

From the colonial introduction of the Civil Service administration, the establishment of government offices was always accompanied with corresponding housing for workers.
These were termed, ‘’Government Quarters, Clerks quarters, Tin Miners Camp and Coal Camp’’ just to mention a few. In the early years of Nigeria’s independence, educational institutions were developed with adequate staff quarters but loss of employment resulted in eviction from the prime housing neighbor hood and served as a deterrent to duty.

This is definitely, one of the objectives of the Federal Integrated staff Housing [FISH] programme. Adequate affordable housing can become the turning point to creating a dedicated and purpose driven Civil service. It is obvious that good housing will also restore pride in civil servants; portray governments social responsibility commitment which will be an enduring catalyst to getting it right in Nigeria.

In 2014,the FISH programme was conceived and developed by government arising from insufficient inflow of funds to the federal government Staff housing Loans Board [FGSHLB] to among other things, ensure adequate funding for the board through collaboration with the National Pension Commission, National Housing Fund, Sure-P, MDG and Special facility from the Minister of Finance and the Director-General, Budget Office, Group allocation of parcels of land in different locations by the Minister of the Federal Capital Territory, Lands and Housing to build housing estates for different categories of Civil Servants, provision of Infrastructure on the acquired land through funding from Sure-p, MDG and the Ministry of Finance as well as other socially responsible corporate organizations like, Julius Berger, RCCG.

It was also to ensure a pre-approved structural and architectural designs for housing specification, Increase in the number of Federal Civil servants to receive loans towards purchasing of houses through the programme, appointment of group of developers to build houses on build and transfer basis at negotiated rate, improved loan deduction from staff salaries and prompt remittances to the Loans Board to facilitate further Loans to new applicants.

The creation of FISH programme was therefore; to enhance the mobilization of resources to the FGSHLB to immensely reduce the housing challenges facing core civil servants, improve their efficiency and effectiveness.

As a successful follow up, the Head of Service, Mrs. Winifred Oyo-Ita inaugurated an 11member FISH committee Chaired by the Permanent Secretary, Common Services, Office of the Head of Service, Yemi Adelakun at a short ceremony held in Abuja few months ago. The committee members were drawn from all MDAs and other stakeholders in the housing sector.

Available records shows that since the FISH programme was launched at a Housing Finance workshop in Abuja early this year by President Muhammadu Buhari, more than 23,000 civil servants had registered to become beneficiaries

It is now very clear, that no less than 16,000 civil servants are expected to benefit from the programme in the first phase of the scheme.Speaking at the just concluded FISH Housing Summit, 2017 in Abuja, the Head of Service, Mrs. Winifred Oyo-Ita signed a Memorandum Of Understanding [MOU] between FGSHLB and the Nigeria Mortgage Refinancing Company for a N13 billion mortgage refinancing, the occasion also witnessed the signing of an MOU between FISH programme and the Family Homes Funds, another government institution established to provide affordable housing under the Ministry of finance,

‘’We also hope that in the near future, a FISH Mortgage Bank will be established, all these efforts are geared to provide adequate funding at low interest rate for the delivery of affordable housing to Public servants whose affordability index are rather low’’.

Oyo-Ita noted, ‘’The success story of FISH prograMme so far is encouraging, for the first time, it has enjoyed the goodwill of several public and private institutions towards consolidating a public sector programme without the conventional contract awards system, it is a pioneer programme that has been able to galvanize strategic partnership under the Inter-ministerial implementation committee with members drawn from relevant Ministries, Departments and agencies [MDAs] mostly Permanent Secretary, MD/CEOs and Directors General from Ministries of Power, Works and housing, Water Resources, FCTA, Women Affairs, OSGF, FHA, PENCOM, FGSHLB and the OHCSF’’.

She stated that to further reduce cost of housing delivery in Nigeria, professional officers were deployed from relevant MDAs to the FISH operational office stressing that these crop of skilled officers were engaged to pre-approved plans and structural designs in the preparation of FISH prototype houses and provide in-house consultancy and other site services.

She explained that ,’’only few developers have been able to agree to our stringent terms of engagement, they include the American Building Society {ABSI], Brains and Hammers and multipurpose investment and Development company [MDC], they are currently developing 3000 units of housing [1000 each] exclusively as FISH estates, furthermore, we identified developers who who have completed houses in existing estates at negotiated affordable prices for 1 bedroom, 2 bedroom and 3 bedroom units depending on the finishing and the location of the houses, currently, 12 real estate developers have submitted more than 1500 completed houses of various categories into FISH-P housing pool, more than 20 developers have been screened and selected to participate and construct houses of various units at different locations in Abuja for civil servants’’.

She stated that to further consolidate on the strategic partnership, three mutually inclusive platforms were created with real estate developers, ’’The developers with completed houses on discounted prices, developers with land, funds and technologies to construct houses as well as developers with finance and technology to construct houses on group land allocation from FISH’’.

In his welcome address to the 2017 FISH summit, the Permanent Secretary, Common Services, Office of the Head of Service and Chairman, FISH committee, Yemi Adelakun said that affordable housing is a tough programme to achieve the world over and this is why it is one of the ‘United Nations’ Sustainable Development Goals which requires deliberate and concerted efforts of all concerned including government, business and the prospective beneficiaries hence, the need for innovative strategies to deliver affordable housing in the face of increasing costs and economic challenges.

Adelakun stated that the programme is faced with challenges such as Land acquisition, construction finance, mortgage loans, rising cost of building materials, high interest rate on borrowed funds especially those from off-shore investors compared to income of potential housing beneficiaries, all of these needs to be addressed comprehensively for unchained access to affordable housing’’, adding that overcoming these obstacles require new tools, creativity, innovative strategies, a compatible framework of cooperation and synergy for all actors in the system to operate in synergy for mutual benefits.

Also a good will message the President, Nigerian Institute of Architects, Tonye Oliver Braid promised that the Institute will participate in the FISH programme by expanding on the ideas postulated therein, ‘’these have been tested and operated successfully in various economies, what may be needed could be the adjustment to meet a Nigerian operating model, in addition, the institute can provide value added services to assist with bulk purchase/procurement, insurance management, information services and supply could be instituted to create maximum impact of the projects on the Nigerian people.”

In her contributions, the Executive Secretary, Federal government staff Housing Loans Board, Dr. Mrs. Hannatu Fika said that FISH is a special staff welfare intervention initiated by the office of the Head of Service to deliberately and sustain ably address the housing challenges faced by core Federal civil servants in a similar manner done under Post housing Services of the military, Police, Para-Military services in addition to other similar programmes by federal government owned institutions to motivate their workers.Fika assured that unlike other failed programmes of Government, FISH has come to stay and the success is becoming very real on a daily bases.

Posted on

New-Home Prices Hit Record High

[ad_1]

The median price for a new single-family home reached a record high in May of $345,800, the Commerce Department reports. Buyers will be paying a huge premium for new construction, as new-home prices are now 16.8 percent higher than they were a year ago.

So far, however, the higher price tags don’t seem to be spooking home shoppers. In May, 61,000 new homes were purchased—a 2.9 percent increase from April and an 8.9 percent increase from a year ago, the Commerce Department reports. “Builders are focused on the mid to upper end of the housing market,” says Joseph Kirchner, realtor.com®’s senior economist. “It means that it will be more difficult to find more affordable homes for first-time buyers, millennials, and low-income people.”

Only 6,000 newly constructed homes sold in May were priced between $150,000 and $199,999. Further, there were about 14,000 sales in the $200,000 to $299,999 range. New homes now cost about 36.8 percent more than previously existing homes, which also reached record-high prices in May. 

Regionally, new-home sales increased the most in the West last month, posting a 13.3 percent month-over-month jump, followed by a 6.2 percent increase in the South. New-home sales, meanwhile, fell 10.8 percent in the Northeast and plunged 25.7 percent month-over-month in the Midwest.  

Source: National Association of Home Builders and “New Homes Just Keep Getting Pricier, But Buyers Keep Coming,” realtor.com® (June 23, 2017)

[ad_2]

Realtors.org

Posted on

Understanding restrictive covenants

[ad_1]

Building a house involves countless decisions about fixtures, finishes and fabrications, but owners need to ensure a new home follows the rules set out in its covenant.

What is a restrictive covenant?

Covenants – referred to as ‘estate covenants’ in housing estates – place restrictions on how a home owner can use or alter their property.

They can relate to big picture things like the number of homes on a block or the style of house or finer details, such as the type of fence or letterbox allowed.

They are legally binding and can be enforced by local councils.

Mandalay streetscape

Estate covenants are designed to create uniformity when it comes to the look of a neighbourhood. Picture: Getty

Real Estate Institute of Victoria president Joseph Walton says covenants are usually put in place to create a desired “look and feel” in a housing estate or neighbourhood.

“Covenants are legally binding and enforceable and can apply to any property, not just those in new housing estates,” Walton says.

Details about what is and isn’t allowed under a property covenant is recorded on the Certificate of Title and included in the vendor’s Section 32 statement.

Covenants cover a vast range of property characteristics, from front fences, building set-backs, building heights and even materials.

“They can also restrict the number of dwellings and use of a property, in an effort to protect the local environment,” Walton says.

Generally speaking, covenants don’t cover agreements between sellers and buyers that are personal to them.

“Covenants affect the title of a property, with the obligations of a restrictive covenant passed onto transfers of title,” he says.

“Covenants last a very long time, even after the need for having them in the first place has long passed. They can be enforced by local councils and property owners whose properties benefit from having the covenant,” Walton says.

Covenants still apply on re-sale, so it’s imperative potential buyers inspect the Section 32 to find out if one applies to the property they are considering buying.

[ad_2]

Realestate.com.au

Posted on

How Green Can You Go? Eco-friendly Solutions For Every Commitment Level

It’s hard to ignore the influence of big oil in Texas. Thirty-five miles to the Southwest of Frisco, TX, this year’s second-fastest-growing city in the nation and home to thousands of suburban families like my own, whose electric bills climb up into the $300-plus range while cooling their 3,000-square-foot house, Irving-based Exxon is the biggest oil producer in the world – and that’s just the tip of the oil well. Frisco is also among the Texas cities where deregulation among power options is still not a thing, BTW. Oh and there’s also a fun Texas law that “allows builders to restrict solar-energy devices while a housing development is under construction,” said the Dallas Morning News, and when they would be most convenient, and most cost-effective to install, in most cases.

This is not the place you’d expect to see, oh, I don’t know, a luxury community of eco-friendly homes with features including grass rooftops.

But that’s precisely what is being proposed by architecture and design firms Stantec and Total Environment, who presented the concept “for a 57-acre, single-family home development” with luxury homes featuring low-energy, environmentally friendly products” to the Planning and Zoning Commission this week, said Frisco Community Impact. “These types of homes are popular in other countries such as India and Dubai, and, if approved, would be the first in the U.S., according to developers.”


communityimpact.com

It begs the question: Did green living just move from the fringe to the forefront? If eco-friendly homes can come to oil-rich, fracking-loving Texas, are we talking game-changer? Could be.

We’re still a long way from hiring landscapers to manage our rooftops en masse. But, in the meantime, it’s easier and more rewarding than ever to live a leaner, greener life. So it might be time to ask yourself: How green can you go?

Here’s our breakdown of some of the best ways to incorporate a more eco-friendly way of life into your world, no matter your commitment level.

Green “lite”

You may already have thought of some of the easiest ways to go green, like recycling at home, watering plants early or late in the day when the sun is not at full strength, and doing laundry and dishes during the coolest part of the day to save your air conditioning from working overtime.

Compact fluorescent lightbulbs (CFL) are probably already on your radar, which is a great thing, since, according to the Environmental Protection Agency (EPA), CFLs use as much as 75% less energy than those old incandescent bulbs and can also last up to 10x longer.

Here are a few easy changes you can make that you may not have considered:

Replace nonstick pans with cast-iron. “To create the slick surface of nonstick cookware, manufacturers apply chemicals called fluoropolymers, which are released into the air when you cook at high temperatures, according to the Environmental Working Group,” said Prevention. “Worse, the chemicals break down into compounds such as perfluorooctanoic acid (PFOA), a likely human carcinogen that’s also been linked to heart disease, and can get into your food.”

Do your wash in cold water. Energy Star says that close to 90 percent of the energy used for laundry goes to water heating. Buy some cold-water detergent and you’re good to go.

Set your TV picture to “normal” instead of the manufacturer setting. “Many flat screens are shipped from the manufacturer with a picture setting that makes it stand out in retail displays, but are brighter than you need at home and consume 10 to 20% more energy (and cash) at this setting, reports the NRDC,” said Prevention.

Ditch your regular house cleaners. Many of them can include toxic ingredients that can harm the environment and are also potentially dangerous to members of your household. The only things you really need to clean just about everything in your house: baking soda, white vinegar, and lemon.


amazon.com

Trade your regular mulch for rubber. Mulch is great for your yard because it keeps moisture in and also makes it look nice and tidy. But rubber is a step up from the bark-like texture you’re probably used to seeing. “Made from 100-percent recycled tires, rubber mulch is suitable to use on most landscapes,” said HGTV. “It has several benefits: a safe play surface for children, prevents weeds, does not attract insects and water and air can easily flow through it.”

Green medium

Looking to make a larger commitment to green living? There are changes you can make outside of daily efforts like watching your water and electricity usage and choosing products with a more eco-friendly profile for everyday use.

Seal it up. Sealing up any leaks can make a big difference in the heating and cooling loss that’s driving up your bills – as much as a 20 percent difference, according to Energy Star. It’s also a pretty DIY-friendly task, but to get the best results, you may want to hire a professional Home Energy Auditor who can give you the lowdown on where your home is deficient and recommend changes.

Start composting. “Compost is organic material that can be added to soil to help plants grow. Food scraps and yard waste currently make up 20 to 30 percent of what we throw away, and should be composted instead,” said the EPA. “Making compost keeps these materials out of landfills where they take up space and release methane, a potent greenhouse gas.” Their easy composting guide will give you all the info you need to for a DIY compost.

Replace your appliances. That old fridge is working hard to cool what’s inside, and that’s costing you – literally. It, and its friends the old dishwasher and washer and dryer, are sucking up energy and dollars. Swapping them out for newer, Energy Star versions, is good for the environment, and your bank account. Whether you get a new refrigerator or not, these tips from Prevention will help you save even more: “Keeping your fridge pushed tight up against the wall limits circulation and makes the unit work harder, increasing your energy use and costs. Keep it a few inches away from the wall, and follow the manufacturer’s instructions to safely keep the fridge’s coils clean. If you’re one of the 25% of U.S. households using a second, older fridge, considering recycling it. Running an older – model fridge – ones commonly used in basements or garages – could cost your family up to $300 a year. Temperature makes a difference, too. Proper fridge temp should fall anywhere from 35 to 38 degrees – anything lower wastes energy.”

Hardcore green

Window replacement falls here because it can be a big dollar commitment. “All-new vinyl windows for an average 2,450-square-foot house run about $15,000, according to the ‘Remodeling Impact Report’ from the NATIONAL ASSOCIATION OF REALTORS®,” said Houselogic. But, the good news is that you’ll save “$126–$465 a year when replacing single-pane windows, according to Energy Star. And, “For average-quality vinyl windows, you can recoup 80% of the project cost in added home value, according to the ‘Remodeling Impact Report,'” said Houselogic. Based on the vinyl window replacement projects in the report, that’s a value add of about $12,000 if you should decide to sell your house.”

Other “major commitments” include:

Use spray foam insulation. Give that old pink stuff the heave-ho. “An alternative to traditional fiberglass and cellulose insulation, spray foam traps more conditioned air within the home, allowing for significantly less leakage and consequently, reduced energy use year round,” said CBS. “Containing rapidly renewable material, spray foam insulation does not produce harmful emissions and is also water and shrink proof, which translates into zero framing distortion over time — a huge construction plus. A study done on side-by-side homes, one with traditional insuation, and one with spray foam, “found that the use of spray foam to create an unvented attic (Home CP2a) lowers the HERS (the industry standard by which a home’s energy efficiency is measured) score from 84* to 79, and results in a net annual energy savings of 16%. When spray foam is used to provide an unvented attic and insulate the exterior walls (Home CP3a), the HERS score is reduced from 84 to 78, and the annual energy savings increases to 22%.”

If you’re building from scratch, consider the material. You already know that bamboo is a top choice because it is renewable. But have you thought about recycled steel? “Two out of every three tons of new steel are recycled from old steel, making it the most recycled material on the planet,” said CBS. “According to the Steel Recycling Institute, steel also uses less energy and emits fewer harmful CO2 emissions than many other building materials, making it an optimum green choice. You also can’t beat steel for durability.”

Choose sustainably harvested materials. You can get a natural wood look without the guilt by looking for eco-friendly options. “Put in formaldehyde-free cabinetry to avoid releasing environmental toxins,” said Nolo. “Better yet, go for wood certified by the Forest Stewardship Council (FSC), which will be sustainably harvested.”


tesla.com

Go solar. Forget those ugly solar panels. Elon Musk and Tesla are in the process of upending the roofing industry with their Solar Roof glass tiles, which are “offered in four styles of Tuscan, Slate, Textured, and Smooth” and which “look like regular roof tiles from ground level, but embedded with photovoltaic solar cells underneath,” said Teslarati. The first installations are expected soon, and are also said to be less expensive than many traditional roofing materials.

Reclaim your water. Water reclamation is an easy enough undertaking that it could go in the medium category above. But, for many, people, the idea of recycling water is slightly traumatizing, so it’s going here instead. The thing is, you don’t have to recycle all the water in the home to reap the benefits from an eco-friendly perspective. If the idea of blackwater, which includes wastewater from toilets as well as dishwashers and garbage disposals,gives you the shivers, you’re not alone. Companies are busy working on black water recycling systems, but, for now, you only need to concentrate on gray water, “which is tap water soiled by use in washing machines, tubs, showers and bathroom sinks,” said How Stuff Works. “Gray water reclamation is the process by which households make use of gray water’s potential instead of simply piping it into overburdened sewage systems with all the black water.

The advantages of gray water reclamation for your wallet include lower water and sewage bills. Additionally, reusing gray water’s otherwise wasted nutrients from soap (nitrogen and phosphorous) and food (potassium) can sustain plant life and recharge topsoil.” 

[ad_2]

Realtytimes