David K. Powell's blog post

7 Killer Ways to Get Rid of Weeds

Pre-approval Gives Everyone Confidence

The benefits of buyer's pre-approval are without question; it is good for the buyers, the sellers and the agents. It saves time, money and removes the uncertainty of knowing whether the buyer is qualified. The direct benefits include:

• Amount the buyer can borrow decreases as interest rates rise
• Looking at "Right" homes - price, size, amenities, location
• Find the best loan - rate, term, type
• Uncover credit issues early - time to cure possible problems
• Bargaining power - price, terms, & timing
• Close quicker - verifications have been made

There a big difference in sitting down with a trusted mortgage professional compared to going through calculators on a website. The cost of being pre-approved is a bargain and generally, limited to the cost of the credit report.

Even if you have been pre-approved, a suggestion that can't hurt but may help is to get a second opinion from a different lender. It will either verify that you have a good deal or you’ll discover that you can improve it. Either way, it works to your advantage. Contact me if you'd like a recommendation.

Bi-Level For Sale in Carriage Lane

• 1,781 sq. ft., 2 bath, 4 bdrm bi-level - MLS® - 135000

Carriage Lane, Lexington-Fayette  -  Lots of space in this split foyer home. Open living room is large and includes parquet floors. The dining area has a view of the deck and features a serving bar from the kitchen. Kitchen has been updated with slate back splash, granite counter tops, refaced cabinets and Asian bamboo floors. Appliances include stainless smooth top range, microwave, Bosch dishwasher and refrigerator.

The main floor also includes three bedrooms and a bathroom with granite vanity top.

Downstairs is a large family room with a wood burning fireplace with brick hearth. The fourth bedroom is located here and it features a large walk in closet. And there is a second bath with standup shower as well as a deep 1 car garage.

Out back there is a upper deck with a view of the yard plus a lower deck for additional entertainment space. The backyard is large enough for a pool, garden or play area.

This home also features a brand new heating and cooling system.

Directions: Man-O-War to right on Mt McKinley coming from Alumni, or turn left if coming from Armstrong Rd direction

Property information

1 1/2 Story For Sale in Thompson Park

• 1,346 sq. ft., 1 bath, 3 bdrm 1 1/2 story - MLS® $108,000 - Appraised

Thompson Park, Lexington-Fayette  -  Charming Cape Cod style home that is move in ready features living room with hardwood floors. Eat in kitchen with ceramic tile floor and updated countertops include electric range, dishwasher and refrigerator. Also on the main floor are two bedrooms and an updated bathroom with ceramic tile floor that includes new fixtures, sink and tub.

Upstairs has wood flooring and includes the third bedroom plus a bonus room that could be used has a sitting room for the bedroom, office, den, etc.

The unfinished basement is dry per the owner and includes the laundry area and built in storage shelving. And the washer and dryer are included.

Other features include 2 year old roof, a large backyard with fencing, oversized one car garage and carport. And if the kitchen back splash is not to your taste it can easily removed. Seller put it up on particle board and used mounting screws to hold up to the wall, so it is completely removable with limited damage

House appraised for $108,000 March 2012.

Directions: From New Circle Road: Get off at exit 7 Leestown Rd), turn towards town, go about 1 mile turn Right onto Clyde St. (right before bridge), IMMEDIATELY turn left on Old Main St, Wilton Ave is the first street on the right.

Property information

Price Reduced on 112 Angela Trail in Brittany Heights

Brittany Heights, Nicholasville  -  Announcing a price reduction on 112 Angela Trail, a 1,424 sq. ft., 2 bath, 3 bdrm single story. Now MLS® $127,500 - .

Property information

Ranch For Sale in Forest Hills

• 1,110 sq. ft., 2 bath, 3 bdrm ranch - MLS® $122,500

Forest Hills, Lexington-Fayette  -  This one owner 3 bedroom 2 bath home has been very well maintained and qualifies for the Home Buyer Tax Credit. In the great room area you will find cherry stained wood flooring and vaulted ceilings. Open to the great room area is the eat in kitchen with ceramic tile flooring. Appliances include a brand new Whirlpool stainless side-by-side refrigerator, electric range, built-in microwave and dishwasher. The master bedroom is large enough for a queen size bed and features new carpet. The master bedroom also includes a private bath and walk-in closet. The second and third bedrooms also feature new carpet.

This home also features upgraded nickel plated lighting throughout (except master bathroom), upgraded ceiling fans, electric heat and electric water heater and a one car attached garage.

The home also features a one year 2-10 home warranty.

Directions: Man-O-War to outbound Mapleleaf Dr. (towards Carmicke Theatre) then left on Dabney then right on Tyler. House is located at the end of the court.

Property information

How to But a Gas Grill

Townhouse For Sale in Spring Meadow

• 1,008 sq. ft., 2 bath, 2 bdrm townhouse - MLS® $84,000

Spring Meadow, Lexington-Fayette  -  Great 2 bedroom townhouse with an excellent view. This townhome features a large great room with adjoining dining area. Both areas feature a dramatic wood vaulted ceiling. Open kitchen includes all appliances and a pantry.

Relax on the private deck with a great view of trees and a small creek. There is also a small storage closet on the deck.

The lower level includes 2 bedrooms, full bathroom, utility closet that includes the washer & dryer hook ups and a storage closet.

The $80 per month association fee covers all exterior maintenance as well as building insurance. Heat pump is new per owner. Other recent updates include newer dishwasher, stainless microwave and stainless refrigerator.

Directions: New Circle to inbound Harrodsburg Rd. Turn left on Spring Meadows at Frisch's.

Property information

Just a thought

Whether you're refinancing your current home or buying a new one, something worth considering is a 15 year loan rather than a 30 year term. The payments will be a little higher but you'll get a lower interest rate and you'll build equity much faster.

Let's look at an example of a $200,000 mortgage with the choice of a 30 year term with a 3.75% rate compared to a 15 year term with a 2.875% rate. The payments would be $442.94 higher on the shorter term but the equity would be considerably higher even after you adjust for the higher payments.

Another benefit is that the shorter term loan creates a forced savings situation where the savings on a longer term loan might end up being spent rather than being saved and invested. Contact me if you'd like a recommendation of a trusted lender.

It’s Worth Checking Out

"Anyone may arrange his affairs so that his taxes shall be as low as possible...for nobody owes any public duty to pay more than the law demands." 
Judge Learned Hand

This opinion refers to federal income tax but the logic and spirit can easily be applied to any tax including property tax. Most property tax is based on a valuation called an assessment placed on the property by a government taxing authority.

When property values rise due to appreciation, the assessments usually rise. However, when values decline as they have done in many areas in the past few years, the assessments should follow accordingly.

If you don’t believe your assessment reflects market value, put together proof to support your position. Recent comparable sales, similar in size, condition and location are very persuasive. Check to see if the square footage on the assessment is accurate. If the home is not in good condition, take pictures to show that.

As your real estate professional, I can supply the comparables, filing deadlines and other pertinent information needed to make a challenge. Lowering your assessment will result in lower property taxes and more money in your pocket.

Tax-Free Income

Some residents of Augusta, Georgia have purchased tickets to the Master's for years but have never attended the famous golf tournament. It's because they include the tickets as a bonus to the people who rent their home during the event.

Each year, owners rent their home for a big premium during the Masters and make tax-free income. Homeowners benefit from a little known provision in the tax code that does not require taxpayers to recognize the income derived from renting their home for less than 15 days per year. See Rental of property also used as home on IRS.gov.

Large sporting events like golf and tennis tournaments, championship games and other high attendance events increase the demand for a temporary rental of a private residence. Obviously, there are challenges with personal belongings and damage but getting a premium rental rate with a substantial deposit and not having to recognize the income could be worth it.

You'll certainly want to discuss this with your tax professional prior to making this decision. You'll probably also want to get some help from an experienced real estate professional.

Dick Clark’s Memory Will Live On in His Malibu Estate

Save Money...Be Comfortable

Automatic thermostats can lower your monthly utility costs while conveniently regulating your comfort by adjusting temperatures on your heating and cooling systems. These can be particularly effective in homes with zoned systems where you live in one area during the day but sleep in a different zone.

There are programmable thermostats available at home improvement stores that can make the adjustments for specific times during the day and specific days of the week. They'll allow you to override the setting when needed without tampering with the programming. They'll even remind you to change your filter.

An exciting development is the Wi-Fi enabled thermostat that allows adjustments from any Internet connection such as computer or Smartphone. Imagine how convenient it can be to change your temperature from the car before you get home.

Reasonably priced under $100 for most models, it makes it easy to recapture the cost of the thermostat quickly. Most of the thermostats are designed for do-it-yourselfers; however, you can always have a heating and cooling professional install it for you.

Care and Maintenance of Your Deck

Have You Backed Up Your Home?

Personal computers have been around long enough that everyone has experienced or knows someone who has lost their data due to a hard drive crash, accident or burglary. If they had a backup, the loss was inconvenient but not critical.

Do you have a backup for your personal belongings? Not that you need duplicates of all the items but do you have a journal listing of all the items with a description and their approximate values? That record becomes the backup that supports the claim for your insurance.

If a building sustains a total loss, the insurance company will usually pay the face amount of the policy. When it comes to personal property which might be 40% to 50% of the insured value of the dwelling, the insurance company is going to expect an accounting with receipts or at least, a relatively recent inventory.

The better your inventory, the less likely you'll have difficulty with the claim. Almost everyone has a digital camera that can take stills and probably even videos. The combination of the images as well as a written description will help you replace the belongings and serve as proof to the insurance company.

Once you've made the inventory, store it off site for safe keeping. Online storage in the "cloud" might be the best place to insure you'll always know where it is. Contact me for a free Home Inventory form; it's my way of helping you be a better homeowner.