THOSE ASPIRING TO own real estate who didn't think they'd make the deadline for a tax credit now have eight thousand more reasons to buy: On Nov. 6, the government extended the $8,000 tax credit for first-time homebuyers for another six months. Instead of expiring on Nov. 30, buyers now have until April 30, 2010 to sign a contract for a home.
In addition, the Worker, Homeownership and Business Assistance Act of 2009 authorized a tax credit of up to $6,500 for existing homeowners trading in for new digs. Both credits are aimed at getting people who would have bought a place in the next few years to hurry it up a little. The government's hoping that driving up home sales will help shore up the economy.
We checked in with three people you'll be seeing a lot of if you decide to take advantage of these deals — a Realtor, a mortgage expert and an accountant — to find out how you can maximize your financial savings if you decide to buy.
Continue Reading "Savings Splurge: Local Experts on Federal Tax Credits" »
WHEN YOU WERE a kid, practicing your John Hancock on frosted wintry windows was a time-honored tradition (when Mom wasn't looking). These days, though, the thrill has faded — not only are you the one who has to clean the windows, but more significantly, lingering dew signals inefficient windows and costly heating bills.
"As a country, we have to make every home efficient," says Cindy Olson, the vice president of D.C.-based sustainable consulting firm Eco-Coach (Eco-coach.com). This time of year, that means weatherizing your home, and it applies to condo dwellers every bit as much as it does to house owners.
Olson holds certifications in energy auditing, sustainable agriculture, holistic management and more, which equips her to teach sustainable practices for both the business and home fronts.
Continue Reading "Winterizing Your Condo: Outsmarting Colds" »
A MOD HOMESTEADER might hear the word "curtains" and flash back to the Victorian brothel-esque velvet panels Aunt Ida put in her dour den. But framing, covering or simply adding decorative punch to your unsheathed windows needn't mean hiding your sense of style. Interior designers say all rooms deserve — really, need — window treatments. They add both functionality (blocking the sun, keeping Mr. Creepy's prying eyes out of your condo) and flair. And the pros also know that the curtain has closed on fluffy, too-sweet window frosting — and opened on low-key lines, punchy patterns and haute hues.
"Many people think window treatments are purely functional, but they're one of the more important parts of the decor, and one of the first things people notice," says Esther Steinfeld, trends blogger for Blinds.com.
Likewise, an undressed window looks just that: naked. "A clean, tailored drapery panel finishes a room and warms up the windows," says Liz Levin, a D.C. designer who just launched online design resource Liz Levin Nesting (Lizlevinnesting.com).
Continue Reading "Pane Management: Open a Window on a Chicer Home" »
YOU CAN'T CHANGE the world from your kitchen table. OK — you can, but it's much more pleasant to do it in a space that feels like your own, is efficient and looks great.
If you're joining the millions of Americans taking the Great Recession as an opportunity to start something new — to go back to school, to launch a business or to just pick up a small job on the side to bring in extra income, you'll need a space that's dedicated to your work. And, of course, if you have papers strewn everywhere, that'll put a damper on your creative process.
Lauren Halagarda, a certified professional organizer, productivity expert and the owner of the Organization Connection in Alexandria (2OrganizeU.com) says the biggest issue she sees with her home office clients is paper — by far.
Continue Reading "Desk Dilemma: Organizing Your Home Office" »
IT'S A RIOT TO WATCH Fido chomp away at his favorite chew toy. But an apartment littered with rubber hedgehogs and ratty dog beds is likely to land you in the "before" category on one of those HGTV makeover shows. But does adopting a dog, cat or, heck, guinea pig mean you have to surrender your pad to paw print-stamped pillows, fusty carpet scratching posts and metal crates that resemble canine jails?
"There's this desire on the part of home-owners to beautify their spaces, but for many years, the pet-product industry didn't take that into account," says Julia Szabo, pet columnist for the New York Post and author of the new book "Pretty Pet Friendly" ($17, Wiley). But luckily for design-conscious pet lovers, a new generation of chic pet companies has moved to the front of the pack.
Getting your paws on hipper, sleeker puppy beds, cool birdcages and haute cat collars is easier than teaching a dog tricks now, thanks to fresh stock at online outlets, indie boutiques and big-box stores such as Petco and PetSmart. What began with a few high-end designers offering handmade wares with a mod sensibility has evolved into an industry-wide phenomenon -- a growing piece of the $45 billion pet-product pie, according to the American Pet Products Association.
"Carpet-covered monstrosities were not cutting it," says Kate Benjamin, a Phoenix blogger who defies the "crazy cat lady" stereotype on her blog, Moderncat.net, where she emphasizes design-forward products -- from "Jetsons"-esque cat pods by Hepper Home (Hepperhome.com) to sleek cat perches and DIY sheepskin-topped acrylic cubes -- and shows how she incorporates her six felines into her swanky, boutique hotel-ish pad.
Continue Reading "Paw & Order: Accessories for the Modern Pet" »
DIY DECORATING USED TO to be simpler: Pick a style (modern, shabby chic, country craft), acquire its key accoutrements (chrome accents, weathered finishes, "Little House on the Prairie" ginghams), repeat until complete. But now, savvy nesters no longer want to be defined by one design look. Instead, they're fusing high and low, old and new, classic and oddball, for an effect that's both chic and cheeky. The trick to this artsy, madcap aesthetic? A healthy collection of vintage pieces, repurposed in unexpected ways (think an old classroom map hung as artwork or laboratory beakers as flower vases). We tagged along with three local experts to learn the secrets of nabbing secondhand scores.
[Flea Market]
TREASURE QUEST: Stu Eli and Janet Morales, Threepotatofourshop.com
When Janet Morales, above, and Stu Eli decamped from Brooklyn to NoVa a few years ago, they realized the quirky-cool pieces they were collecting for their new house might appeal to other hip homemakers, too. It wasn't long before their Reston, Va.-based Web store, Threepotatofourshop.com, earned a devoted design following for its mom-and-pop feel and well-sourced selection of eclectic vintage objects (retro letters that once belonged to 1960s-era storefronts, Fiberglas classroom chairs) unearthed at flea markets, antique malls and other troves easily reached via the duo's minivan.
WHEN THE EMPTY walls of your pad beg for decoration — but your wallet is as empty as van Gogh's after a bender — trade your winning-a-Sotheby's-auction fantasies for a trip to the art supply store. Because making your digs a one-person gallery can be as easy as playing Jackson Pollock for an afternoon, no MFA required.
Arlington interior designer Sara Tuttle's (Saratuttle.com) clients often dole out thousands of dollars for oversized Pop-Art canvases or rococo pastorals to accent their homes. But Tuttle's personal budget isn't quite so generous. So, when she has a wall to fill, she scours art-history books, design magazines and blogs for ideas and then grabs a canvas and paints her own Rothko- or Miro-esque masterpiece.
Aspiring artists might also prowl local art galleries and museums for inspiration. (Hey, if you're going to say, "I could do that," put your paintbrush where your mouth is.) Tuttle is drawn to the drama of abstract expressionism, a style that the still life-impaired might find more approachable than, say, a detailed landscape depicting the Rosslyn skyline or a portrait of your Uncle Alvarez.
Continue Reading "Make Your Own Masterpiece: Releasing Your Reasonably Priced Warhol" »
MADONNA AND NEW YORK Mayor Michael Bloomberg are among the big-name clients who have turned to interior designer Jamie Drake for playfully colorful rooms. Known for weaving together disparate hues (hot pink and chocolate, ebony and purple) with contemporary art, Drake doles out tips on making your pad look posher Tuesday at 7 p.m. at the Corcoran Gallery of Art (Corcoran.org). We caught up with him on how to do the bright thing at home.
» EXPRESS: How'd you learn to combine colors in such a wild way?
» DRAKE: Childhood exposure to museums and contemporary art gave me this background where I can be brave, yet use color in a painterly way. Some people look at my work and think it's all color. But I'm trying to use color as accents in small, repetitive ways.
» EXPRESS: What's your favorite color?
» DRAKE: That would be like picking my favorite child! But I do feel a trend toward less saturated colors: orchid, mint, aqua.
NOBODY LIKES TO be called a dummy. But the authors of "Home Buying for Dummies" would probably be the first to tell you it's better to admit when you're a little clueless about the real estate market than to later be saddled with debt because you bought a place you couldn't really afford.
"No one is born knowing how to buy a home," write Eric Tyson and Ray Brown, the co-authors of "Home Buying" ($22, Wiley), which was released in its fourth edition this spring. They encourage buyers — especially first-timers — to take a holistic approach to shopping for a new pad. Consider how buying real estate will impact every aspect of your life, from your weekly latte budget to your commute to work, the authors advise.
In light of the recent changes in the home-buying market, such as tightened rules for lenders and falling home values, a cautious approach seems particularly smart. But Tyson says he and Brown have been preaching patience all along.
"We're proud of the fact that since the first edition of the book, we've counseled people to save a decent down payment amount and not take on risky mortgages and loans," says Tyson, whose Web site, Erictyson.com, covers financial and housing news. "You've got to look at your overall personal financial situation, and get that in order first."
We asked Tyson to share more of his must-know tips for newbies.
» EXPRESS: Everyone's saying it's not as easy to buy a home today as it was in the past. Can you explain why?
» TYSON: There's certainly more of a supply of homes to choose from today. When people talk about the difficulty, they're referring to the financing end of it. If you don't have a high credit score and you don't have enough money saved for a down payment, you are going to have a tougher time finding affordable financing.
But people need to keep in perspective that despite the fact that real estate in most parts of country has declined in value by a fair amount, real estate is still a good long-term investment — that has not changed. Because prices have come down and interest rates are so low, housing is the most affordable it's been in a long time.
Continue Reading "Get Smart About Real Estate: Eric Tyson" »
WHEN NATASHA SMITH moved from Florida to Washington nearly two years ago, she dealt with many of the adjustments that come with a major relocation. But one change she wasn't willing to undertake was shelling out thousands of dollars for rent every year. So, Smith, 25, crashed at her older sister's house in Clinton, Md., while she embarked on a yearlong quest to buy a condo.
Her search came to an end in mid-April when she closed on a two-bedroom condo in Hyattsville near the Metro station. And it ended on an unexpected high note: The new first-time home buyer federal tax credit unveiled in February as part of the economic recovery act essentially repaid her $8,000 in cash.
"Toward the end of my search, I heard about the $8,000 tax credit, and that gave me more incentive to finally go through with something," says Smith, an advertising and sales coordinator for the American Resort Development Association. "It definitely sped up my decision."
Smith's condo is one of a projected 160,000 home sales to be stimulated by the new tax credit, according to the National Association of Home Builders. That number includes 101,000 first-time buyers eligible for the credit and another 59,000 existing homeowners who will be able to trade up because a rookie buyer purchased their home, the NAHB said.
Continue Reading "Reap New Rewards: First-Time Home Buyers Receive Tax Credit" »
Addison Road