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‘This is Heartbreaking; I Needed to Do Something’

NAR Daily News Magazine - June 11, 2020 - 1:00am

REALTORS® galvanize communities on Chicago’s South Side to rush aid to residents and businesses affected by looting and property damage.

Categories: Real Estate

Homelessness Becomes Urgent Issue Amid the Pandemic

NAR Daily News Magazine - June 10, 2020 - 1:00am

HUD is allocating billions of dollars to help city governments expand emergency shelters and essential services.

Categories: Real Estate

Short-Term Rentals See a Surge in Demand Again

NAR Daily News Magazine - June 10, 2020 - 1:00am

City dwellers looking for an escape this summer are rushing to find accommodations in smaller tourist towns.

Categories: Real Estate

An Unexpected House Flipping Hot Spot Emerges

NAR Daily News Magazine - June 10, 2020 - 1:00am

Some investors are betting on a growing desire among Americans to live in the suburbs.

Categories: Real Estate

Americans Are Less Anxious About Paying Their Bills

NAR Daily News Magazine - June 10, 2020 - 1:00am

Although the economy is in a recession, consumers report feeling less concerned about their financial situation.

Categories: Real Estate

Could the Open Floor Plan Be in Jeopardy?

NAR Daily News Magazine - June 10, 2020 - 1:00am

As family members work and study at home, many are finding it difficult to concentrate while sharing the same space.

Categories: Real Estate

IRS Grants Extra Time for Opportunity Zone Investments

NAR Daily News Magazine - June 9, 2020 - 1:00am

The IRS is giving investors until the end of the year to reinvest capital gains into a qualified opportunity fund.

Categories: Real Estate

Pandemic Has Made Americans More Eager to Buy, Survey Finds

NAR Daily News Magazine - June 9, 2020 - 1:00am

First-time home buyers and millennials may be the most enthusiastic about jumping into homeownership within the next 12 months.

Categories: Real Estate

Most Borrowers in Forbearance Have Equity

NAR Daily News Magazine - June 9, 2020 - 1:00am

Some may find these gains will better protect them from foreclosure.

Categories: Real Estate

LGBTQ Homeownership: There's More Work to Do

NAR Daily News Magazine - June 9, 2020 - 1:00am

It’s Pride Month and despite the LGBTQ community gaining more acceptance and legal protections, discrimination persists, a new survey shows.

Categories: Real Estate

NAR Provides Guidelines on Guarding Against Hate Speech

NAR Daily News Magazine - June 9, 2020 - 1:00am

Brokerages and REALTOR® associations report a surge of racist and hateful remarks occurring on social media.

 
Categories: Real Estate

5 Renovations That Can Impact Your Home Insurance

Daily Real Estate News - June 8, 2020 - 4:07pm

(TNS)— Planning a home renovation can involve fun activities, such as designing a new floor plan or picking fixtures and paint colors. Having a heart-to-heart with your home insurance carrier may not be part of your preparations, but it should be.

Many house improvements that boost your home’s value could render your home insurance coverage inadequate and leave you vulnerable to losses. Other upgrades may trigger lower premiums—savings you don’t want to miss simply because you didn’t think about your home insurance during renovation.

Some home renovations greatly increase the value of your home and the cost of your home insurance, while others not so much. Here’s what you can expect with the following popular home renovations.

1. Renovating your roof: Decrease
A new roof may not be the most exciting home improvement, but it sure can save a lot of cash when it comes to homeowners insurance.

Some homeowners can get even bigger discounts if they live in hurricane-, wind- or hail-prone states and their new roof employs special loss-mitigation measures, such as hurricane straps, waterproofing or the very best shingles.

While most home policies cover roofs, some insurers use depreciation schedules based on the age of the roof to determine how much protection you get, says Hutchinson. Based on the age of the roof, some policies won’t cover it at all. But the newer the roof, the more the insurer will spend to replace it. Consider adding flood insurance if you live in a flood-prone area as your flood insurance could cover the cost of damage or leaks to your roof.

2. Building a pool: Increase
A pool may make you the most popular house on the block, but it means your home is the riskiest from an insurance standpoint.

The standard policy usually comes with $100,000 in personal liability protection, which would cover medical costs for a person injured in your pool and any legal expenses if you’re sued. However, an insurer may recommend that a pool owner opt for at least $500,000 in liability coverage.

The insurer also may require a fence around the pool with a lock to cover the newly-built liability. If the pool has a diving board or slide, it will be considered an even greater potential hazard.

3. Adding an office for a home business: Increase
Say you want to go full time making reclaimed-wood furniture at home for your Etsy site. Will your home insurance cover the assets of your newfound business?

Most homeowners policies protect equipment for home-based businesses up to about $2,500. That might not be enough for a business owner who uses specialized machinery or stores large amounts of supplies or inventory. Unfortunately, you may need to bolster your existing policy or purchase an additional business policy.

This is particularly true if your business is the type that creates heavier foot traffic in your home, such as piano lessons or private yoga sessions.

However, if your business doesn’t bring visitors to your home and requires little equipment or supplies outside of a basic computer, your existing home policy should do the trick.

That said, depending on your insurance provider, you may have a few options:

– Endorsement to your existing homeowners policy: This typically jumps the $2,500 protection amount to $5,000
– Businessowners policy: Combines a wide array of coverages into a single policy
– In-home Business Insurance: Costs about $300 a year, and features the same protection you would get if you were a larger company with smaller policy limits and premiums

4. Expanding your space: Increase
Sometimes a home needs to grow to accommodate an expanding family. That can mean adding more livable square footage, such as in a dank basement or humid attic above the garage. In other instances, a new addition may be in order.

Your insurance will need to be altered to account for the value of the new space.
You may need to consider other types of coverage for the newly built areas of your home. A finished basement with new carpet, drywall and insulation may need water backup coverage if the sump pump is located there, says Towns.

5. Upgrading your kitchen or bath: Both
Sometimes nothing can give a house the facelift it needs quite like making over a kitchen into a chef’s dream or a master bathroom into a spa sanctuary. But unless you give your home insurance a makeover, too, the renovation may be at risk.

For example, say your insurer based your coverage on a kitchen with laminate countertops and generic cabinets. But then you spend $40,000 on granite countertops, custom cabinets and top-of-the-line appliances. Would your existing coverage be sufficient to rebuild your remodeled kitchen after a disaster?

Not if you don’t update your policy.

Call your insurer about the renovation and provide records and photos to validate what you’ve done. Your premium most likely will go up because your home is now worth more.

One small bonus: If your contractor upgrades the home’s electrical or plumbing systems during a kitchen or bath renovation, you could wind up with an insurance discount. Depending on the type of upgrade, it could be as much as 20 percent. However, you will need to ask if you qualify for a discount. It won’t be given to you automatically.

To protect the full value of your home, you will need to update your home insurance after a renovation. To be on the safe side, you should let your insurer know before you make the renovations in case something goes wrong during the process.

Q: Do I need to increase my homeowners insurance after renovating?

Even though experts estimate that remodeling projects increase home values at least by 25 percent, many homeowners don’t increase their coverage.

When you chose your insurance provider, part of your premium was established by your home’s square footage and the cost that would be required to fix or rebuild it. This means that when you increase the value of your home, you also need to increase the cost of your coverage. Without increased coverage, should a disastrous event occur, any improvements you’ve made will not be covered.

Another thing you need to consider is that if you make significant improvements outside of your home, meaning you add structures like a high-end shed or pool, they will not be covered unless you purchase other structures add-on coverage.

Q: So do you need homeowners insurance during remodeling?

Short answer: Yes.

During renovations you need to protect items in your home that aren’t covered with the typical homeowners insurance policy, so speak to your insurance provider about purchasing the following home renovation insurance:

Construction Material Coverage
This coverage protects any materials you’ve purchased whether they’re on your property or are en route to your property. If they are damaged or stolen, construction material coverage will cover the costs of their replacement.

Foundation Collapse
Should your home’s foundation be damaged during construction, foundation collapse will cover the cost of its repair.

Vacant Home Insurance
If you need to live outside of your home while renovations or remodeling is being done, you should purchase vacant home insurance. This will protect your home should any damage occur to it and you don’t notice it until you’re back home.

Don’t forget to make copies of your contractor’s insurance.

Contractors normally have insurance to protect them and you while they’re on the job. To work on your home, they will need liability, property and worker’s compensation. Get copies of each before signing any type of agreement with them.

©2020 Bankrate.com
Distributed by Tribune Content Agency, LLC

The post 5 Renovations That Can Impact Your Home Insurance appeared first on RISMedia.

Categories: Real Estate

On Gardening: This Little Indigo Petunia Will Steal Your Heart

Daily Real Estate News - June 7, 2020 - 1:05pm

(TNS)—New at the garden center this year is one of those petunias that is a rare jewel of a color. It’s one that catches your eye and stops you in your tracks; it is Supertunia Mini Vista Indigo. By all means don’t let the mini throw you for even a second. This is the little indigo that could, or should I say does, deliver riveting beauty and maximum performance in the landscape or mixed containers.

You have to love indigo. If you asked me, is it a little blue or a little violet, I would answer yes. Throughout the day you’ll see both; it will dumfound and confuse you all while you are falling passionately in love with it. A word of caution goes with this plant. When you see it for sale at the garden center, make that the instant you put it in your cart. Don’t ponder or go to the next aisle as you think about it, or it will be gone.

So, you may be thinking what is a Supertunia Mini Vista? It is a petunia that will typically reach 12 inches tall and spread 24 inches versus the Supertunia Vista that can reach 2 feet tall and spread 48 inches. The Mini Vista flowers are also slightly smaller. The Supertunia Mini however packs great vigor and perseverance allowing it to excel in the landscape or containers.

Supertunia Mini Vista Indigo, though new to the garden center this year, has racked up an impressive two dozen awards in University Trials across the country. A few of the most noteworthy are Best Petunia Penn State, Top Performer Texas Tech, Perfect Score All Season Oklahoma State.

Just like the rainbow needs indigo, your garden needs it too. If you ask your favorite search engine what is the opposite color of indigo, you most likely will find answers like orange, yellow and even chartreuse. These all sound good to “The Garden Guy”; I’m not sure there is a color of flower that will clash with this little indigo.

This year, I watched my color guru son, James, combine it with Rockin Golden Delicious pineapple sage, and in another area, he paired it with Snow Princess sweet alyssum and Calliope red geraniums for a red white and blue theme. The one that surprised me and looked as celebratory as Carnival in Rio was his partnership with Calliope red geraniums and Luscious Royale Cosmo lantana that itself, is a kaleidoscope of ever-changing color. I keep shooting photos of this one trying to do it justice.

All of the plantings are in fertile organic rich soil, and if they are in containers, I assure you they are the best James can get his hands on. It will be a long hot summer and the key to the green thumb is how brown it first gets in soil preparation.

Feeding these workhorse flowers will be important if you want them lasting until pansy planting time. Since containers get watered daily it stands to reason that fertilization is regular regimen. This most often is accomplished as part of the water process using water-soluble fertilizer.

One of the most critical horticultural techniques over a long hot summer is cutting them back. This may be right after the July 4 celebration and even again in mid-August. Don’t be afraid to remove up to 20 percent and to keep the food coming. They can survive the dog days and look good going into fall.

While “The Garden Guy” has fallen madly in love with Supertunia Mini Vista Indigo know there are seven colors in the Mini Vista group. So, your passion may be Supertunia Mini Vista Sangria, Morning Glory or others. The season is young so make this the weekend you get out and do some flower planting!

Norman Winter is a horticulturist, garden speaker and author of, “Tough-as-Nails Flowers for the South” and “Captivating Combinations: Color and Style in the Garden.” Follow him on Facebook
@NormanWinterTheGardenGuy.

©2020 www.thegardenguy.net
Distributed by Tribune Content Agency, LLC

The post On Gardening: This Little Indigo Petunia Will Steal Your Heart appeared first on RISMedia.

Categories: Real Estate

WeWork Faces Class Action Suit Over Failed IPO

NAR Daily News Magazine - June 5, 2020 - 1:00am

Investors who had bought shares in the company prior to the IPO claim the company spent recklessly.

Categories: Real Estate

Mortgage Rates Tick Up Slightly After Last Week’s Record Low

NAR Daily News Magazine - June 5, 2020 - 1:00am

Borrowing costs are still cheap as homebuying activity picks up.

Categories: Real Estate

Consumers May Rely on Agents Even More Post-Pandemic

NAR Daily News Magazine - June 5, 2020 - 1:00am

“COVID-19 won’t stop us from buying and selling homes, but it will change how, where, when, and why we buy,” says a California real estate pro.

Categories: Real Estate

Make DIY Sanitizing Wipes With 2 Ingredients

NAR Daily News Magazine - June 5, 2020 - 1:00am

If you're having trouble finding this cleaner in stores, make your own for your listings and workspace.

Categories: Real Estate

Could the Rise of Remote Work Spark More Home Sales?

NAR Daily News Magazine - June 5, 2020 - 1:00am

Americans living in expensive cities are less tethered to the office and can seek to purchase in more affordable areas.

Categories: Real Estate

Congress Approves Widened PPP Loan Terms

NAR Daily News Magazine - June 4, 2020 - 1:00am

Borrowers now have more time to use their funds, and the SBA is working on new guidance for applying for loan forgiveness.

Categories: Real Estate

Shoppers Return to Open-Air Discount Malls

NAR Daily News Magazine - June 4, 2020 - 1:00am

One company that owns shopping centers throughout the U.S. saw its stock price increase 15% Wednesday.

Categories: Real Estate
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