June 30, 2011 2:27 pm
Six Factors Can Determine Your Choice
Contrary to what many homeowners believe at the outset, there may be scant difference in the price of installing hardwood flooring versus carpeting.
“Carpeting—unless you choose the most expensive high-end product—will generally cost less than hardwood flooring,” says home store flooring consultant Leonard Rangle. “But wood floors can also vary widely in price, so if cost is your primary consideration, be sure to get estimates on installing hardwood and carpeting of equal quality.”
Other factors should be taken into consideration before making your final choice, notes Rangle, who suggests weighing these six factors before making your final choice:
• Noise – Carpet is quiet, while wood flooring absorbs no sound at all. If you have young children, or if TV and/or music is a constant in your home, carpeting may be the better choice.
• Warmth – Carpeting is warmer to walk on, especially in colder climates. If you live in a warm climate, you may appreciate the coolness of wood flooring under your feet.
• Liquid spills – Liquids may stain carpet, although today’s cleaning products do a good job of minimizing damage. But a build-up of dampness can lead to underlying mold or mildew. Wood is resistant to stains and absorption, although prolonged exposure to moisture can cause discoloration or warping.
• Cleaning – Carpeting needs to be regularly vacuumed and shampooed, and even then, dust particles can penetrate under the weave. Hardwood floors are easily cleaned with vacuuming and a damp mop.
• Lifecycle – Carpeting can be expected to last 10 to 15 years depending upon wear and maintenance. Wood flooring, barring water damage, can be expected to last a lifetime.
• Health factors – Hardwood flooring is a better option if there are allergies in your family. Carpets, in addition to trapping dust particles, emit gases—like the ones you smell when you enter a carpet store—for much of the life of the carpet.
June 29, 2011 5:27 pm
Q: Are fees and assessments owed a homeowner’s association deductible?
A: Generally not because they are considered personal living expenses. But if an association has a special assessment to make capital improvements, condo owners may be able to add the expense to their cost basis when the property is sold. Another exception may apply if you rent your condo – the monthly condo fee is deductible every year as a rental expense.
June 29, 2011 5:27 pm
Buyer’s market. Describes an excess supply of homes for sale, in which there are few buyers and many sellers. In such a market, the buyer can typically negotiate more favorable prices and terms.
June 29, 2011 5:27 pm
Most people have one: that room in the house that they wish was just a little larger. What many don't realize is that with a little work and some TLC, they could have exactly what they're looking for.
Here, Lowe's offers 10 designer tricks to help you make any room look larger:
1. For the illusion of a larger room, use a color scheme that is light rather than bright or dark. Pastels, neutrals and white are all color possibilities.
2. Use a monochromatic color scheme on the furniture, rugs and walls. Select different shades and textures of your single color.
3. Lighting is a key element in opening up a space. Recessed spot lighting is visually appealing and is perfect for a small space. A torchiere light is great for bouncing light off of the ceiling and back down on the room. Skylights and solar tubes are natural alternatives for adding light to a room.
4. Limit the number of accessories to avoid the cluttered feeling.
5. The floor and the ceiling are the fifth and sixth walls of every room. A light-colored flooring such as light oak or a light-colored carpet will make the room appear brighter and more open. The same applies to the ceiling—use a light color or white to "open up" the space above.
6. Increase the appearance of the size of the room by adding wall mirrors. They not only reflect images, they reflect light and color. Be a little daring! Use mirror tiles to mirror an entire wall. Your room will appear to double in size.
7. Don't place too many pieces of furniture in a small space. A love seat may work better than a full-size sofa depending on the size and shape of the room. Add two medium-sized chairs or two small wood chairs. Place the chairs closer to the wall and then pull them into the area when additional seating is needed.
8. Add paintings or prints to the walls. One large painting works better than a group of small paintings.
9. The visual balance of a room is also important. A large, brightly colored element can overwhelm a room and decrease the appearance of space.
10. A glass table, whether it is a dining, coffee or end table, will keep the appearance of an open and free space.
For more how-to project ideas, visit Lowe's How-To Library at http://www.lowes.com/cd_How+To+Library_615580068_.
June 29, 2011 5:27 pm
The Better Hearing Institute (BHI) is urging people to pack earplugs when heading out to this year’s 4th of July celebrations and is urging them to exercise safety whenever around fireworks. The single bang of a firecracker at close range can permanently damage hearing in an instant. But by following some simple precautions, people can enjoy the 4th of July festivities and still protect their hearing.
"The best advice I can offer is to leave the fireworks to the professionals and sit at a comfortable distance from the display, where you can enjoy the colors and lights, but not expose yourself and your family to loud noises," says Sergei Kochkin, PhD, BHI’s executive director. "To protect your hearing, make sure you’re wearing ear plugs and that they’re securely in place before the show begins. And be sure to keep them in for the entire show."
Disposable ear plugs, made of foam or silicone, are typically available at local pharmacies. They’re practical because you still can hear music and the conversation of those around you when you have them in your ears. But when they fit snuggly, they’re effective in adequately blocking out dangerously loud sounds.
Noise is one of the most common causes of hearing loss. Ten million Americans have already suffered irreversible hearing damage from noise; and 30 million are exposed to dangerous noise levels each day.
According to the American Pyrotechnics Association, consumption of fireworks in the United States has risen dramatically over the past decade, from 152.2 million pounds in 2000 to 213.9 million pounds in 2009. As more and more Americans come into contact with fireworks, it becomes increasingly important that people follow sound safety measures, including the use of ear protection.
The Dangers and Signs of Loud Noise
Loudness is measured in decibels, with silence measuring at 0 dB. Any noise above 85 dB is considered unsafe. Most firecrackers produce sounds starting at 125 dB–presenting the risk of irreversible ear damage. Repeated exposure to loud noise, over an extended period of time, presents serious risks to hearing health as well. If you have to shout over the noise to be heard by someone within arm's length, the noise is probably in the dangerous range. Here are other warning signs:
• You have pain in your ears after leaving a noisy area.
• You hear ringing or buzzing (tinnitus) in your ears immediately after exposure to noise.
• You suddenly have difficulty understanding speech after exposure to noise; you can hear people talking but can't understand them.
Anyone can take the first step to addressing hearing loss by taking a simple, interactive screening test in the privacy of their own home by going to http://www.hearingcheck.org.
"Prevention is so critical to preserving our hearing, especially for children who are at highest risk for noise-induced hearing loss," adds Kochkin. "So make sure your family and friends fully enjoy the holiday festivities and celebrate smart. Leave the fireworks to the professionals. Stay a safe distance away. And pack the earplugs. Remember: close to 40 percent of hearing loss is preventable with proper protection."
Founded in 1973, the BHI conducts research and engages in hearing health education with the goal of helping people with hearing loss benefit from proper treatment. For more information on hearing loss, visit http://www.betterhearing.org.
June 29, 2011 5:27 pm
While celebrating our nation's birthday this weekend, Plastics Make it Possible® encourages Americans to take advantage of newly expanded opportunities to recycle plastics. According to a recent study, 94 percent of the American population now has access to plastic bottle recycling, and 40 percent can recycle other types of plastic containers such as yogurt cups, dairy containers and lids.
"Recycling plastics is an important way to protect our environment and help bottles, bags and containers from our summer celebrations live a second life as carpeting, decking, T-shirts, packaging and other products," says Steve Russell, vice president of plastics for the American Chemistry Council, which funded the study. The recycling study was conducted by Moore Recycling Associates Inc. for the Sustainable Packaging Coalition, a nonprofit group that works to increase recycling.
To celebrate wider access to plastics recycling—and to encourage consumers to go red, white, blue and green—Plastics Make it Possible® offers the following reuse and recycling tips for Independence Day and other celebrations:
• Make a Place for Plastics—Be sure to set out a clearly marked recycling bin during your festivities. Check out Earth911 if you're unsure which plastic products can be recycled in your community—it's easy to search by zip code.
• Take Recycling Outdoors—Plastic bottles and containers are handy for outdoor gatherings since they're lightweight and shatter-resistant—make sure you bring a bag or bin for recycling them. Remember, caps can be recycled, too. The Association of Postconsumer Plastics Recyclers recommends putting the cap back on the bottle and tossing the whole thing in the bin.
• Protect and Preserve—Insulated plastic foam coolers, re-freezable ice packs and reusable plastic containers can help you transport and preserve your party food and drinks—they also come in handy for fresh veggies and fruit from your farmer's market.
• Wave a Recycled Banner—You'll have another reason to proudly wave the American flag this July 4—some flag makers are using yarn made from recycled plastic beverage bottles.
• Save and Reuse—After the party is over, protect your decorations and other provisions from the elements in sealable plastic storage bins or bags —until it's time to celebrate again.
For more recycling and celebration tips, visit www.plasticsmakeitpossible.com.
June 29, 2011 5:27 pm
With the summer travel season in full swing, Visa is offering consumers tips on how to protect themselves from card fraud during their vacations. The website www.VisaSecuritySense.com provides helpful information for cardholders on how to protect their account information and resolve unauthorized card use.
"By spending a few moments building card security into their travel plans, summer vacationers can enjoy even greater peace of mind," says Eduardo Perez, Global Head of Payment System Risk.
The site includes summer travel tips consumers should keep in mind:
• If traveling outside the United States, inform the bank that issued your card which countries you will be visiting, and for how long.
• Keep a copy of your bank's name, its customer service phone numbers, and your Visa account number in a convenient place—separate from your card.
• Report lost or stolen cards and/or unauthorized transactions to your financial institution issuer immediately.
• Limit the number of payment cards and other personal information that you carry in your wallet or purse.
• Be aware of your surroundings when entering your Personal Identification Number (PIN) at an ATM or at the checkout.
• Don't leave your cards in your car's glove compartment. An alarming number of payment-card thefts are from car glove compartments.
• Save and check all receipts against your statement.
Cardholders can also turn to www.VisaSecuritySense.com for news about fraud scams, access helpful resources or find help to resolve problems.
June 28, 2011 5:27 pm
Q: Are up-front fees and closing costs deductible?
A: Many of the costs paid at closing are not immediately deductible.
The exception is points you pay to purchase your home loan. They are deductible for that year. Points paid when you refinance an existing mortgage must be deducted over the life of the new loan.
Some fees—including loan application, appraisal, document preparation and recording fees—that are assessed when purchasing a home can be recouped by adding them to the adjusted cost basis, the starting point for figuring a gain or less when selling the home.
Significant home improvements also can be calculated into your cost basis.
June 28, 2011 5:27 pm
Buy-down. Cash payment to a lender to reduce the interest rate a borrower must pay on a new mortgage loan. Commonly used by builders to sell new homes.
June 28, 2011 5:27 pm
The majority of Americans say they want and need income replacement projections but most have neither access to that data nor an understanding of how to translate their 401(k) savings into a stream of retirement income, according to a new research from J.P. Morgan.
A recently released white paper titled "Searching for Certainty" details the findings of an online survey conducted with over 1,000 individuals with 401(k) plans nationwide. J.P. Morgan found that participants wrestling with how to make their savings last through retirement were often completely in the dark.
Eighty six percent of respondents said that they will need to know how much of their pre-retirement salary they can replace, yet almost one quarter (22 percent) aren't even sure what they are on track to receive after they stop working. Overall, only 40 percent of respondents even feel comfortable that they will be able to reach their financial goals in retirement.
Americans are also dangerously underestimating how much money they will need in retirement. Among respondents who had a target retirement income replacement level in mind, nearly half (45 percent) thought they would need less than 75 percent of their pre-retirement salary level. However, extensive J.P. Morgan research shows that a minimum guideline for successful retirement income is a replacement ratio of at least 70 percent or more.
"On the positive side, some 91 percent of participants agreed that they were personally responsible for their own financial futures," says Diane Gallagher, vice president, product development, J.P. Morgan Retirement Plan Services. "However, there's still a significant gap between acknowledging responsibility and acting upon it."
Related findings about the retirement income challenges facing Americans are eye opening:
• Two thirds of respondents admitted that they don't even know how much they should be saving for retirement
• Nearly half of respondents are scared that they will outlive their retirement savings
• Of the participants who said they would need 75%-100% of their pre-retirement salary after they stop working, less than a third even had enough savings to provide this income
Driven by the overhang of the recession, most Americans have pushed aside retirement savings priorities, which rank a distant second to paying monthly bills. This is despite the fact that 401(k)s are the only or the primary source of retirement savings for two thirds of Americans.
"Paying monthly bills, credit cards and mortgages accounts for 71 percent of individuals' top priorities," says Donn Hess, managing director, product development, J.P. Morgan Retirement Plan Services. "It is extremely difficult to convince participants that retirement should be more important than any of these financial concerns. That's why we have to make it hard for people to fail as savers and why the right 401(k) plan design is so essential to the mix. Automatic programs can make the difference between someone who can afford to retirement and someone who cannot."
Emerging Risks of the High-Income Employee
Interestingly, higher income employees are facing the most challenging shortfalls in closing the retirement income gap, which highlights the significant need for supplemental savings channels for this demographic.
Employees earning $165,000 annually cannot replace their salary on their 401(k) contributions alone, even with making catch-up contributions. As a result, the availability of a non-qualified plan is increasingly important with the full complement of savings plans working together. According to J.P. Morgan's research, however, 46 percent of non-qualified plan participants do not currently contribute to their primary defined contribution plan. "We have to work with sponsors and participants on optimizing their plan design and usage of those benefits," says Mr. Hess
Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.