Nine Things In Your Home That You Should Know Where They Are And What They Do

 There are many people who grew up fixing their own cars and maintaining their own homes.  Then there are those like myself that lived in apartments for many years when I was young and didn't know how to fix much of anything.  And I sell homes to many people like this who have either had landlords taking care of things or may need to hire someone to come help with most projects around the house.  Either way, you'll want to know where these things are and what they do!!

1.  Sprinkler shut off valve.  

This may likely be underground or at least covered in dirt or grass.  If not, it will be around 8"- 12" of a circle or oval cover you should be able to lift off.  You'll need to know where this is to shut off the water from going into any of your sprinkler lines if one breaks, you need to reroute them or redo your yard for any reason.  

2. Main Water shut off valve

Again, this is something you'll want to know where it is.  If a pipe in your home bursts, this may be your best friend.  This could be in your garage, or maybe outside your home.  

3. GFCI reset

Most women have had the experience of blow-drying their hair and the electrical outlet shutting it off mid-dry. Many times, you can use the button on the outlet to reset it.  This is also used around places in your home where there is water near the outlet to protect from electrical issues near that water source.  Some homes have these outlets GFCI capable but there is no button on them yet they can still trip.  This could mean that all the outlets are wired to one main outlet that you'll have to locate and be able to reset through that trip button on it.  Good to ask your inspector or electrician if this is the case and know where that is...they can be tricky to find sometimes.  

4. Electrical panel/box

This can either be outside on the wall of your house or maybe in the garage although I've seen some inside the home especially if add-ons were done.  There also may be a "sub-panel" if your home is older and needed more power with the many plug-in items we have today.  You'll want to know where these are. 

5. Sink and toilet water shut off valve.

Many people like to turn these off if they are leaving their homes empty for a while.  But you really want to know where these are and how to shut them off if a toilet starts to overflow or something around your sink starts to leak or burst.  

6. Dryer Vent Exit

Many house fires start because of these.  So this is something you really need to pay attention to.  If your vent is short and straight between walls, you can likely clean it yourself.  But if it is longer and curves in the walls, you can hire someone to clean it for you.  They can sometimes look like a wide pipe hole on the outer wall of your home or sometimes they have a cover like the one in this photo. 

7.  Window bars release pull

Having bars on your windows is common in many areas and especially in the city.  Not all of these have a release but they should and if you have a fire in your home, you'll need to know how to get these open quickly so find where yours is today and how to open it.  Because these can be in many places and have different levers and pulls and even foot pedals that open them, I don't have a good photo to represent these release levers but please find the one in your home if you have bars.  

8.  Garage Door release

This one is easy to find and use.  It is typically a string with a red handle tied to the end.  When you pull on it is releases your garage door from the automated lift system allowing you to manually open/close your garage.  While most people don't ever have to use this, it is good to know how to use it in case your electricity shuts off or your electrical opener breaks so you can get your door open or shut.  

9. Sewer Cleanout

This is another one where you will want to know where it is and how to use it!  It is usually located outside your home in the front yard area (although I've seen some townhomes where this is in the garage floor).  Sewer backups in homes happen more often than you think and can cause more damage than expected.  They happen due to items being flushed in toliets that are not toliet paper.  Also sewer lines can collapse, break or have root intrutions.  If you ever hear/see bubbling in your toilets, shower drains or sink drains, this could be a sign that your main line is backing up.  Call a plumber! But also find your clean out and remove the cap right away.  They twist off and sometimes can break if they have been exposed to weather for too long but better to get it off and replace it than to deal with sewer backing up into your home.  

If you are buying a home, this is a good oportunity to find out where these are located. But if you already own your home and need to find these, start asking your plumber and electrician and write down where they are and how they work.  

Did You Know? Tips And Tricks For Your Home

Did You know...you can track your mail through a service provided by USPS.  Sign up here https://www.usps.com/    Look for the "Track And Manage" Tab and under that choose "Informed Delivery".  UPS and Fedex also offer similar services.

Did You Know....You could be eligible to get $400 rebate for a new Clothes Washer through LADWP?  Find out more here https://www.ladwp.com/ladwp/faces/ladwp/residential/r-savemoney/r-sm-rebatesandprograms?_adf.ctrl-state=fcerei2y0_4&_afrLoop=646652632687252

Did You Know....LADWP also offers free AC Optimization services from installing a new thermostat, replacing air filters and adding coolant to your unit?  Find out more here
https://www.ladwp.com/ladwp/faces/ladwp/residential/r-savemoney/r-sm-rebatesandprograms/r-sm-acopt?_adf.ctrl-state=fcerei2y0_4&_afrLoop=646866475158789

Did You Know....Using DW40 to help doors and windows open better may work but spray silicone is what most professionals would recommend you use instead

Did You Know...Watering your grass in the middle of the day can waste water as most of it will evaporate from the sun's heat.  Watering your grass at night may work better but may also cause the growth of mushrooms.  Watering in the early AM is typically a better option for most.

Did You Know...Even though your holiday lights say they can be used outdoors, rain and moisture can still short them out or corrode the plugs over time.  Some neighbors either zip-tie or use electrical tape to cover the plugs with a plastic bag.

Smoking In Your Own Home May Be Illegal

If you live in California, then you know we have a number of different smoking bans that prohibit certain areas from any smoking.  We see it at parks, beaches, all work places, bars and restaurants, and there are notices posted in most public buildings saying that smoking is not allowed within a certain distance of the building. If you have a minor in your car, you could be fined for smoking there as well.  But what about in your own home?  I know what some people may be thinking..."It's my home, I own it and I can do as I want"...right?  Well, it's just not that cut and dry.  There are so many people here that own a home that share walls and common spaces with other people.  We have a lot of owners of condos, townhomes, and other multi-family residences out here.  So if you own and live in one of those, should you be allowed to smoke?  Or on the other hand, should you have to live with someone else's cigarette smoke? I'm sure this is a hot topic on both sides of the coin but one California town has just banned smoking in homes where walls are shared. San Rafael has taken the step to say you can no longer smoke within your home if you share walls with another home. And my guess is, this will be the first of many towns to move toward a smoke-free living environment.  So be prepared LA...I'm sure some of our towns aren't far behind this one. Read more of the article here http://abcnews.go.com/Business/california-town-bans-smoking-condos-apartments-share-walls/story?id=20955196

                                                                

Good Things To Know About Income Taxes & Buying A Home

I'm writing this particular blog at this time because I have a few clients that are wanting to hold off on buying a home till after they do their taxes this next year.  So, it got me thinking about how income taxes, how and when you file them, and how that can affect buying a home. So here are just a few key points:

1. While you may be able to get pre-qualifed to buy a home based on your income taxes that you just had done, it may take up to 30 days after your taxes are filed before you can actually enter into a contract to buy a home.  Reason being is that it takes about that long before the government logs your taxes that you've just filed and they are usable for your loan officer to work with. So, if you are needing to have your taxes done before you purchase a home, do them sooner than later.

2. If you are someone who files a 1099 for your income taxes, then it is likely you have some write-offs you incorporate into your income taxes from business expenses. If you are looking to buy a home in the next year or so and you file a 1099, you will want to talk to your tax adviser as well as a loan officer Long before your house hunting process starts. We have a lot of people who file 1099's here in LA and so it is very common that we see people who make a very good living, but can't qualify for a loan.  And the reason is that when people write things off from their personal income, it reflects how much income is seen actually seen as being "earned".  So if you've been writing off a lot for a number of years, it may take a year, or two or even three of doing your taxes differently before you may be able to qualify for that home you want depending on how much you earn and how much you've written off.

3. Property taxes are a great write off every year...but remember this: While you can write off points from a loan and certain fees from the purchase of a home, property taxes will be prorated depending on when your home was purchased.  So unless you've owned that home for the full year, you won't receive the full year of tax benefits for owning that home until the following full year.

4. If you change the way you file taxes in the middle of the year, such as going from a W2 to a Schedule C or from a Schedule C to an S Corp then please talk to a loan officer as soon as possible if you are thinking of buying a home in the next year. They will need to guide you through how to best do this. 

So I hope those few points can help you out but the biggest point I should make, is that you should be talking with your tax adviser as well as a loan officer long before your home search begins. And if you don't have a loan officer, I have a great one I've worked with many times who can help guide you through all these tax related questions as well as many other questions you may have about purchasing a home. Feel free to contact Michael Razak at michael@madisonlendinggroup.com or 818.288.6851  Tell him I sent you. And when you are ready to buy or sell, give me a call. I am always here to help.

                                                                                                                                 

                                                         

Why You Shouldn't Wait To Submit An Offer

I see it too often...I'm out showing clients homes and they see one they like. Then, they tell me to keep an eye on the home and keep in touch with the other agent to see if any other offers come in. Don't do it folks! You will not be doing yourself any favors in this market. When the market is super hot, sometimes an agent will use the first offer that comes in as a bar to which they will ask the other agents submitting offers to exceed. But the market has leveled out somewhat and we aren't fighting a lot of other buyers for all the homes out there. But...that's not to say that there won't be other buyers interested in the same home you are. So if you see a home you like, put in an offer right away.  I know that instinctively we may feel better about our home choice if someone else wants it too, right?  Or maybe we think that if no one else is putting an offer on it, that maybe they see something wrong that you don't see. I know you are thinking these things. But fact is, you want to avoid being in a multiply offer situation. And that is really the key because as soon as more than one offer comes in, then your room for negotiation gets less and the price may go up. So, if you see a house you like, go for it...and don't wait to be in a bidding war.
                                                                  

Southern California Home Price Surge

If you are interested in this article, it is because you have been aware of the recent surge in home prices. When comparing a home's value in some areas, you can no look back any further than one month for comparable sales because the market is changing so rapidly. Here is a great article from the LA Times with an interactive map that shows the median home price increase within any certain neighborhood. This is great! Check it out....

http://www.latimes.com/business/realestate/la-fi-recovery-markets-map-20130308-dto%2c0%2c7204398.htmlstory#.UTvC9n6r6_w.email

Will The Inventory of Homes Get Better Any Time Soon?

It will be March 2013 in a few days and the real estate market is on everyone's mind right now. It is turning out to be common that houses in sought-after areas are going $10k to $40k or more over asking. And this has everyone asking..."Is the inventory of houses for sale going to grow in numbers any time soon?" I've said it before, and I will say it again: I'm not a fortune teller for Los Angeles Real Estate but my guess is, Yes. The inventory of homes for sale on the market will begin to pick up sometime around May. It is a common trend that there are less houses for sale from November to March. A lot of this has to do with school's schedules for families. People are usually more open to moving in the summer time when the kids are out of school and it is easier on the parents. Also, there is something to be said for longer days with more hours of sunlight and people feeling more comfortable about making a move then as well.  But...I can not be sure that just because we may have a steady rise in the number of houses that may come on the market for sale, doesn't mean the competition we are seeing out there right now will get better. I think it may ease up slightly but I feel that there are more buyers that will be coming out to look for homes as soon as tax season is over and people finally understand their financial situation and are able to meet with a loan person to get pre-approved for a loan. So, while we are seeing multiple bids on houses, as many as 20 or more sometimes, we may feel the ease on the number of offers on the table this coming Spring. But my guess is that multiple offers may be here to stay for quite some time. So, when you are ready to buy or sell your home, please give me a call, and let's get moving! www.amberdolle.com