Real Estate Information

Montgomery Real Estate For Sale: 575 Cloverdale Road Montgomery, AL 36106

MLS#283504

Take life easy! You can enjoy strolling to the Roux, Chop House, Pine Bar and Filet and Vine. Timeless style and classic proportions mean this townhouse style condo will always have market appeal. Tile has been installed throughout the first floor living areas to provide durability and good looks. Granite counters and a glass block backsplash bring the kitchen right up to date. If you're downsizing and are concerned about where to put all your stuff, this condo is the place for you! Spend all your time enjoying life because your new home has just been totally done over from stem to stern. And ownership here will be easy! No yard to mow and no-hassle owner financing with as little at 10% down. Call us today and make this up-to-date condo your new home! 

Learn more about 575 Cloverdale Road and other Montgomery Real Estate by visiting HatTeam.com. 

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Your credit score is a number that helps lenders predict how likely you are to make your payments on time. This score affects your ability to obtain credit and helps determine what you pay for credit cards, auto loans, and mortgages on Montgomery AL real estate. Even your insurance rate is related to your score. The higher your score, often referred to as a FICO score, the more apt you are to be approved for and pay a lower interest rate on new loans.

What do the numbers mean?

FICO scores range from 300 to 850, with most people scoring in the 600s and 700s, and are generally rated from excellent to very bad.

• Above 800 is considered excellent. This rating reflects that fact that you pay bills on time, have a strong credit history, and have not filed for bankruptcy. You use your credit responsibly.
• Between 750 and 800 falls into the very good category. You are considered a very low risk because of your history of paying bills on time and acting responsibly.
• Between 700 and 750 puts you in the low risk range. You my have missed some payments in the past, but you current record is good. You do not have an excessive amount of credit card debt.
• Between 650 and 700, or fair, means you are a moderate risk. Your credit history may include older negative items, too many recent applications for new credit, or a higher than normal credit card debt.
• Between 600 and 650 is a bad score, and you are deemed a high risk for purchasing Montgomery AL real estate. Your score most likely reflects high credit card debt, late payments, collections, or bankruptcy, and you may well be turned down for new credit.
• Below 600 is considered very bad, and you are viewed as a very high credit risk. If you are approved at all, it will be at a much high interest rate--or you may even need a cosigner or a very large down payment in order to secure a loan.

If you have not yet established a credit history due to lack of credit cards and/or loans, you may have no credit score. Opening a new credit card account and using it responsibly for a few months should alleviate this problem.

What makes up the credit score?

Your payment history comprises 35% of the score, with the amount of debt you have affects about 30%. 15% of the score is derived from the length of your credit history, with 10% resulting from recent new credit applications. Other factors such a s a variety of credit types make up the final 10%.

How can you improve your score?

• Use you credit cards to establish a positive and consistent pattern of payment.
• Check your credit report for inaccuracies. This is a common problem, so look for and report misinformation.
• Have a variety of debt. In addition to a mortgage on your Montgomery AL real estate, add auto loans and credit cards to the mix. It is important to demonstrate good money management in more than one area.

The three major credit reporting agencies are Equifax, Experian, and Transunion. You are entitled to one free credit report a year from each of the three.

In the push to be eco-friendly in their daily lives, gardeners are turning their attention to ways to “save the planet” in their own backyards. There are many natural ways to reduce both pollution and harm to the environment, and manufacturers of gardening aids are producing more and more synthetic products that are non-toxic. Although old habits are hard to break, there are some relatively simple and inexpensive steps you can take to become a green gardener at your Montgomery Alabama real estate.

1. RECYCLE PLANT MATTER AND KITCHEN WASTE INTO COMPOST

Using compost not only creates healthy soil, it also conditions the soil to become less water dependent.

2. USE SAFE AND NATURAL NUTRIENTS

Substances such as blood meal, bone meal, cottonseed meal, fish emulsion, greensand, and rock phosphate are excellent nutrient supplements, as are CowPots, “plantable" cow manure in the shape of pots.

3. AVOID USING PESTICIDES.

Try using natural controls such as nemodes at your Montgomery Alabama real estate. Eliminate the use of chemical -laced products like insecticides, fertilizer, and slug pellets. Each of these has negative repercussions such as killing birds, toads, and beneficial insects. Synthetic pesticides contain imidacloprid, which is non-threatening to non-pests. An annual application is all that is needed.

4. EXPERIMENT WITH WEED AND DISEASE CONTROL MEASURES

Solutions made with milk, baking soda, and some cooking oils are effective, as is 20% concentrate vinegar, clove and citric oils, and corn gluten. Active ingredients in natural controls include Neem oil, canola oil, mild soaps, and pyrethrius. One safe and effective product on the market is Greencure.

5. CHECK YOUR MULCH

Although use of mulch is a good way to reduce water consumption and weeds at your Montgomery Alabama real estate, some mulch contains potentially hazardous materials. To ensure that your brand/type is not harmful, look for an MSC (Mulch and Soil Council) product label on the bag.

6. UTILIZE ALTERNATIVE PRODUCTS

Whenever possible, use peat substitute rather than peat, which is a non-renewable resource whose loss damages both the environments and animal habitats. Likewise, consider using artificial stone rather than quarried stone for ornamental purposes. Rain barrels are an excellent way to capture an important natural resource, and the use of electric mowers and garden equipment rather than gas-powered greatly reduces the number of released pollutants.

7. READ AND FOLLOW DIRECTIONS!

If you must use non-organic gardening materials, please apply them responsibly. It is important that you limit their use to late afternoon or early evening when beneficial pollinators are less active and therefore less susceptible. Carefully measure recommended amounts and do not exceed the limit on the label.

PART II--RENTAL PROPERTY

Overall, Montgomery rental property provides more tax benefits than almost any other investment. The deductions listed below are the most common, but you are urged to consult with your accountant and/or the IRS regarding your personal situation.

• MORTGAGE INTEREST: This can be a fairly large deduction if you are carrying a mortgage on your rental property. Other interest deductions can be for loans for improving the property and interest on credit cards for goods or services used in a rental-related activity. (Note: It is much easier to maintain records if you keep your personal credit card(s) separate from a business credit card.)
• DEPRECIATION: The actual cost of rental property is not fully deductible in the year in which it is purchased. Residential rental property must be depreciated over 27.5 years.
• HOME OFFICE: If certain requirements are met, you may deduct your home office expenses from your taxable income. This deduction applies not only to space devoted to office work, but also to a workshop or any other home workspace you use for your rental business. A portion of a workshop used in connection with your Montgomery rental property may also be deducted.
• REPAIRS: Usually the costs of repairs to rental property are fully deductible in the year in which they are incurred if they are ordinary, necessary, and reasonable in number. Examples of deductible repairs include repainting, fixing gutters, leaks, or floors, plastering, and replacing broken windows.
• INSURANCE AND LOSSES: You can deduct the premiums you pay for almost any insurance for your Montgomery real estate. The list generally includes fire, theft, and flood for the property itself, as well as landlord liability insurance. (Note: If you have employees, you may also deduct their health and workers’ compensation insurance.) If you sustain losses due to fire, flood, or theft, you will most likely be able to deduct at least part of the loss, depending on the extent of damage and your insurance coverage.
• ADVERTISING: Expenses related to advertising your rental are deductible.
• TRAVEL: If it is necessary for you to travel a long distance for rental activity, you can typically deduct your airfare, hotel bills, meals, etc. Make sure that you claim only those costs directly related to your rental. The IRS scrutinizes these types of deductions carefully, so be sure to carefully document your expenses. If your travel is relatively close, you use your own vehicle, and your travel is related to your rental property, you can either take a standard mileage rate deduction or keep records for related vehicle expenses (gas, upkeep, repairs). To qualify for the standard mileage rate, you must use the standard mileage method the first year you use a car for your business activity. Moreover, you can’t use the standard mileage rate if you have claimed accelerated depreciation deductions in prior years, or have taken a Section 179 deduction for the vehicle.
• LEGAL AND PROFESSIONAL SERVICES: Expenses paid to an attorney for an eviction, a property management company, tax advisors, employees and independent contractors, etc., are often deductible as they are considered part of operating costs.
• EMPLOYEES AND INDEPENDENT CONTRACTORS: Whenever you hire anyone to perform services for your Montgomery rental property, you may deduct their wages as a business expense. Examples include a resident manager, cleaning service, landscaper, remover of snow or trash, and the like.

If you’re trying to sell your Montgomery AL home this spring, curb appeal is a crucial element in attracting busy home buyers. In this buyers’ market, outside “staging” has become as important as interior preparation for a successful showing, as drive-by lookers often make the decision not to investigate further if they are unimpressed with the exterior of your property. It is important, therefore, that you consider the following tips:

        1. Clear away leaves, fallen branches, and summer residue to enhance appearance and ensure safety.

        2. Remove and replace brown or dead plantings in beds. Think about adding perennial creeping plants and those with colorful foliage and/or berries to add color, shape, texture, and interest to your yard.

        3. Clean out gutters and downspouts for both looks and safety purposes.

        4. Mulch plant beds. This action helps plants retain moisture, protects them from freezing, and adds appealing colors and textures to the property of your Montgomery AL home.

        5. Prune and thin trees and bushes. Three purposes in doing this: the health of the plants, human safety, and esthetic appearance.

        6. Inspect edging and replace that which is rotting or broken. Decorative brick, concrete, or metal edging can be quite attractive.

        7. Replace worn-out or dated light fixtures, door hardware, house numbers, and mailbox. Think about using those made of copper, bronze, or brushed nickel for an interesting and appealing effect.

        8. Install outdoor lighting. By doing so, you will ensure the safety of nighttime buyers as well as highlight the beauty of your Montgomery AL home. Use lights along pathways, in trees, on garage doors, in flower beds and as a means to illuminate your front door.

        9. Replenish any fading or peeling paint (on doors, trim, and steps), rusty railings, or rotting wood.

        10. Keep seasonal decorations simple. Choose holiday décor that will enhance your home rather than detract from it.

These ten tips for creating curb appeal can easily transform your home into one that attracts would-be buyers and invites them to come inside.

Montgomery Real Estate For Sale:

2216 Country Club Drive, Montgomery AL 36106

MLS# 282804

This charming 1940's cottage backs up to the Montgomery Country Club Golf course. With views from most rooms in the house, you will never get tired of your big, pretty "back yard". And, with a large heated and cooled building out back, uses are endless (workshop, studio, crafts, or just great storage.) The back yard is perfect for entertaining or just relaxing and enjoying the views. Don't pass up this rare opportunity to live on highly desired Country Club Drive!

Learn more about 2216 Country Club Drive and other Montgomery Real Estate by visiting HatTeam.com.

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One of the most complex and significant events in people’s lives is the purchase or sale of their real estate--and most people turn to an agent to assist them in these transactions. Before you select a professional real estate agent, however, you should determine if he/she is qualified to handle your Montgomery AL real estate business, what he actually does, and how he is paid.

REQUIREMENTS: All real estate brokers and sales agents must be licensed by their state. Although the rules and regulations of individual states vary, most require educational courses, a written examination, and license renewal every 1 or 2 years. Usually between 30 and 90 hours of formal coursework are required in topics such as real estate principles, contracts, and ethics to ensure that the agent has a thorough knowledge of the fundamentals and legal aspects of the field. Many states also have a continuing education requirement. In addition, many agents are members of the National Association of Realtors, an organization designed to provide an exchange of ideas to improve the industry as needed in order to protect the consumer and provide quality service.

SERVICES PROVIDED: A good agent wears many hats and is knowledgeable about many aspects of real estate. An agent handling your Montgomery AL real estate business should:

• be familiar with your target area
• represent a buyer or seller in the purchase or sale of real estate
• search for suitable buyers and/or properties
• assist in procuring financing for your Montgomery AL real estate
• examine comparable sales to determine fair market value
• ensure that all terms of the contract are met

QUALITIES TO LOOK FOR: You will want someone who:

• is organized
• is knowledgeable about the business
• is confident in his abilities
• is skilled in negotiations, contracts, and financing
• acts in your best interest
• is ethical and trustworthy
• maintains confidentiality
• is open in disclosing pertinent facts

HOW THE AGENT IS PAID: Since all agents work with a broker, they are paid a portion of the sales commission (commonly paid by the seller). Percentage divisions of the commission vary, but often office costs, such as advertising, are deducted from the agreed upon amount. Neither the buyer nor the seller pays the agent directly.

It is important that you choose a real estate agent wisely and that you establish and maintain a good working relationship with him/her. Carefully check credentials, ask about services provided, and determine his familiarity and success in the area before signing any agreement.

Montgomery Real Estate For Sale: 2258 Narrow Lane Road Montgomery, AL 36106

MLS #282583

Apply a little lipstick and rouge and this rambling ranch will be your next family home. Located on a corner lot with sweeping views of the MCC golf course, park as many as 5 cars at once without any inconvenience. The formal living and dining rooms are spacious, but wait until you see the kitchen! Cabinets galore and enough countertop space for multiple cooks at once! Cozy wood paneled den/study with fireplace opens to a grand 14x22 sunroom with vaulted ceiling. All three of the large bedrooms have direct access into a bathroom, and two of the bedrooms feature built-in storage systems. Speaking of storage, this one has lots of it...from multiple closets, to built-in shelving and cabinetry, to attic space. Don't miss the "hobby" room off the laundry room that could have many uses. Enjoy relaxing in the courtyard-style backyard on the antique brick terrace. Priced well under comparable properties, you won't want to miss this deal. "Property to be sold as is."

Learn more about 2258 Narrow Lane Road and other Montgomery Real Estate by visiting HatTeam.com. 

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Tax season is upon us and now is the time to start identifying house-related tax deductions and gathering the necessary documentation for them. The following information is current as of now, but I urge you to check with your accountant, visit the IRS website, or call the IRS assistance line at 800-829-1040 for verification and/or specifics.

PART 1--PRIMARY RESIDENCES

• MORTGAGE INTEREST: As you know, much of your mortgage payment goes toward paying off interest, especially in the early years. All this paid interest, on debts of up to $1 million on a joint return, is tax deductible. The amount you have paid is reported to you on a 1098 form sent by your lender and should be reported by you on line 10 of a Schedule A form (itemized deductions).
• HOME EQUITY LOAN INTEREST: Interest paid on home equity loans (second mortgages, equity credit lines, and some refinancing) is fully deductible up to $100,000--regardless of how you use the proceeds. If you use some or all of the proceeds for home improvements, that amount can be added to the $100,000. Be sure to carefully document all improvement costs. Note: The limits mentioned apply only as long as all debt secured by the residence does not exceed the fair market value of your Montgomery real estate.
• POINTS: The points you paid to the lender at closing are deductible for the year in which you paid them. This amount is also reported to you on the lender’s 1098 form. See publication # 936 from the IRS for more specific information, especially about points paid for refinancing.
• PROPERTY TAXES: Montgomery real estate property taxes are fully deductible.
• PRIVATE MORTGAGE INSURANCE: If your mortgage was taken out between 2007 and 2010 and your joint income is below $100,000, you can deduct any premiums you paid. Note: This is the last year that you can take this deduction.
• HOME OFFICE: If you use a portion of your home exclusively for business purposes, there are certain costs you can deduct. Such expenses may include a percentage of your utilities, repairs, qualified insurance premiums, and even property taxes. The IRS has specific requirements for these deductions. Consult IRS publication #509.
• SELLING YOUR HOME: In addition to being able to pocket as much as $500,000 tax free in profit if you file jointly and have lived in the piece of Montgomery real estate for two of the past five years, you can also deduct from your taxable capital gain many costs which you incurred while selling the property. Such costs usually include realtor commissions, legal and inspection fees, and title insurance. In addition, cosmetic repairs and improvements you made to the home within 90 days of the sale are also deductible.

TAX CREDITS: These are even more beneficial than deductions and fall into two categories for the 2010 tax year.

        1. HOMEBUYER TAX CREDIT: Buyers who purchased a house before May 2010 and qualified for a Homebuyer Tax Credit may claim that credit by mailing in (you cannot file electronically) your return with IRS Form 5405. Members of the military, foreign service, and intelligence communities have until April 30, 2011, to purchase a home and be eligible for this credit.

        2. HOME ENERGY TAX CREDIT: If you installed qualified energy-efficient systems, windows, and/or appliances in your home before December 31, 2010, you may be eligible for a tax credit of up to $1500. Again, you may not file electronically, and you must complete and attach IRS Form 5695 to your return.

FORGIVEN DEBT: Mortgage debt to buy a principal residence that is forgiven (as in a short sale, foreclosure, or debt restructuring) is no longer taxable in many cases. Restrictions apply for investors, equity lines, refinancing, etc. See IRS Publication 4681 for detailed information and use IRS Form 982 for filing.

If you are among those who received a tax credit of up to $7500 when you purchased your Montgomery home in 2008, you are now required to begin repaying that credit with this year’s tax return. The entire amount is payable in 15 equal annual installments.

The IRS is sending letters of explanation of the repayment procedure to all taxpayers who claimed the credit in 2008. Generally speaking, all first-time 2008 home buyers will need to pay an additional $500 on their taxes from 2010 to 2025, provided the house is not sold before then and remains the owner’s primary residence.

If you sell your Montgomery home before 2025, any profits will first go to paying back the tax credit in full. If you sell at a loss, the difference will be forgiven, although, as is typical with most forgiveness agreements, you must record that amount as income and pay taxes on it.

If, within 36 months after buying your home, the property is no longer used as your primary residence due to a divorce in which your spouse retains the house; conversion to rental property, a business, or a vacation home; or foreclosure, the full amount of the unpaid credit must be paid in full with the tax return for the year in which the change occurred. You will need to file IRS form 5405 with your return in this case.

Because individual situations vary, it is important for 2008 Montgomery home buyers to consult a qualified tax professional to make sure they are fulfilling all obligations of their purchase and subsequent credit.