Ashby Homes

Home buyer workshop: Gain insight on the home buying process by determining how much you can afford, understanding credit and the process to purchase; Q & A session offered. Thursday at Maniaci Banquet Center on M-19 in Richmond. Seating is limited; call for a reservation today, 800-784-0639, ext. 2012. Sponsored by Bank of America and Coldwell Banker Professionals.

Short sale seminar: Is it for me? Come with your questions to a free seminar and learn about what a short sale is and the different alternatives available. Explore your options with a professional resource panel. 6:30-8 p.m. on April 25, Livonia Public Library, 32777 Five Mile Rd. Call Sheila Roma at 248-760-6785 or Debbi McLaughlin at 248-561-0077 to reserve a spot by April 20. Sponsored by Keller Williams Realtors.

Home preservation fair: 8th annual Home Preservation Fair presented by the Historic Boston Edison Association will be held from noon-5 p.m. on May 5. Owners and prospective owners of historic homes can participate in one-stop shopping with metro Detroit home repair/preservation specialists. Pre-screened specialists with knowledge and experience of the needs of historic homes will exhibit their expertise. Invited specialists have skills that include masonry repair and restoration, wet plaster repair and replacement, painting of both exteriors and interiors, plumbing, heating, and cooling services, landscaping, window repair and restoration, roofing, electrical upgrades and updating, fencing, flooring, wood floor refinishing. Event will be held at Sacred Heart Major Seminary, 2701 Chicago Blvd. (at Linwood), Detroit.The fair is free and open to the general public, however, a registration fee is required for home repair/preservation specialists. Free and secure parking is provided via the Linwood entrance. Questions and details: go to www.historicbostonedison.org or e-mail bostonedison@gmail.com.

Finance seminar: Learn how to finance your purchase and rehab projects in and around Detroit. Hear from an expert in the lending business, Trent Dalrymple, who has more than 25 years of experience. Real estate and investment professionals are welcome. Seating is limited, so call 248-547-3006, or sign up at www.metro-mi.com . These free one-hour seminars will be 6-7 p.m. on the first and third Thursdays of the month at Metro Mortgage Investments, 26711 Woodward Ave., Suite 301, Huntington Woods.

Home-selling options: Know your rights about foreclosure, HAFA, HAMP and a $3,000 relocation assistance program. Free seminar 6-7:30 p.m. Thursdays at Remerica Hometown One, 44785 Five Mile Road, Plymouth. Call Terrance Green to RSVP, 734-395-8346.

Understanding foreclosure and your alternatives: This seminar outlines alternatives to a home foreclosure. Hosts will explain what a short sale is and what it means to you 6-7 p.m. Thursdays, Weichert Realtors -- Excel, 47699 Van Dyke, Shelby Township. Call Kim Hammonds at 586-703-7949 to register.

Buying/refinancing seminars: Discuss options available to those looking to purchase a home or refinance their existing home. Receive $500 off closing costs. Contact Jeff Catullo, Amerisave Mortgage, at 586-214-4339 or e-mail catullo@comcast.net .

Home selling: Learn about selling your home even if you owe more than its current market value, 6 p.m. Thursdays at 50429 Independence, Canton. Sponsored by Remerica Hometown One. Free. Call Terrance Green at 734-395-8346.

Reverse-mortgage seminar: 6 p.m. Tuesdays at Colonial Mortgage, 33919 Plymouth in Livonia. Free. Call 800-260-5484.

Stop foreclosure: Qualify for a short sale -- HAFA, FHA, VA, Fannie Mae, Freddie Mac, etc., 6:30-7:30 p.m. Tuesdays at RE/MAX Acclaim, 31581 Gratiot, Roseville. No cost to you. Call 586-873-2431.

CAREERS IN

REAL ESTATE

Real estate training: Out of a job? Changing careers? Become a real estate agent and be ready for the upcoming real estate boom. Remerica Hometown presents a pre-license training class. Real Estate Professional Education Group is at 41025 Ann Arbor Road, Plymouth. Class cost is $99 and includes all materials. For more information, a reservation or to schedule a private interview call Chris, 734-459-6222, or e-mail info@remericahometown.com.

Free career seminars: Provided by Real Estate One. Seminars every Tuesday and Thursday at various times and locations throughout metro Detroit. For information about the seminars and licensing class times, e-mail careers@realestateone.com or call 800-889-9001. Or complete a free interactive business plan to see whether a career in real estate is right for you. Go to www.michigancareerinrealestate.com .

KATHRYN PATTERSON COMPILES THIS LIST. CONTACT HER AT 313-222-6610.

Article posted: 3/17/2012 1:56 AM

By Edith Lank

Q. I own 30 acres of vacant land. I wanted to build a pole barn on the property. The town would not permit it unless I had a house built there first. To get the ball rolling, I applied for a special use permit and built an 800-square-foot “seasonal camp.” I’m not permitted to live in the house year round until I increase the square footage to at least 1,000.

I’m attaching a copy of my tax bills for your review. I’m paying the same amount of taxes on the property as I would if I were a year-round resident. My question is this: Shouldn’t I be paying a reduced rate, considering I’m not allowed to live there year-round?

Advertisement

A. Property taxes are based on the value of your property, on what an assessor figures it might sell for on the open market. How many days a year you live there doesn’t make any difference. If it did, a lot of snowbirds who spend winter in the South would be receiving discounts.

Q. My CPA says the maximum amount for a couple selling their longtime home is tax-free capital gain of $500,000, or $250,000 for singles. Your column said twice that. What gives?

A. Just an extremely public senior moment! Of course I know better, can’t think where my head was when I typed that. It’s the worst mistake I’ve made in 37 years of writing this column. I hate to think of how many readers I’ve misled … although, come to think of it, maybe I didn’t do too much damage. After all, I can’t imagine many homesellers are worrying about taxes on a million dollars’ profit anyhow.

Q. My husband and I are getting ready to remodel our main bath on the second floor and are considering putting in just a walk-in shower and forgetting the tub altogether. Do you think that could be a problem when we go to sell it in the future? Would it devalue the house?

A. Someone sent in that very question a couple of years ago, and it brought a flood of responses. When I sorted the email out, the opinions were pretty much 50/50. Many said, “We’d never buy a house without a tub” or “Where would we wash the dog?” or “ …the grandchildren?” Just about as many, though, wrote something along the lines of “Haven’t used the tub once, waste of space” or “We’d sure go for an impressive walk-in shower.”

Appraisers consider anything that cuts down on the pool of potential buyers as detracting from market value. On the other hand, you might find some buyers particularly enthusiastic about a walk-in shower. That’s about all I can tell you — sorry. Only you know how long you’re likely to be in the house and how important it is to take resale into consideration.

Q. I am disabled and under 60 years of age. I receive a Social Security check and an SSI check. I also get most of my meds and medical bills paid for.

I own my own place but I hate where I am. I have my place up for sale but no one is buying right now. I have a chance to buy another place right now that I like at a low price. The Social Security people said I couldn’t do this. My second place would count as income property, and I would lose all of my benefits.

Is this true? How can I make this happen without losing all of my disability benefits?

A. Owning two houses would give you too much potential income to qualify for those benefits. And anyhow — are you sure you could finance the second place before you sold your present one?

Concentrate on selling that house first. Of course people are buying. You just need a price level that attracts offers. There’s no use waiting for prices to rise so you can get more for your place. When that happens, you’ll also have to pay more for your next house. If you’re buying and selling in the same market, it doesn’t matter whether prices are low or high. What you lose on one end, you make up on the other.

Q. How would lifting restrictions on my property affect my future taxes?

A. Sorry, I don’t know what restrictions you’re speaking of. Even if I did, I wouldn’t know the answer. Contact your local assessor’s office and discuss the matter directly. It’s a good question and you needn’t hesitate about asking.

• Edith Lank will respond to questions sent to her at 240 Hemingway Drive, Rochester, N.Y. 14620 (include a stamped return envelope), or readers may email her through askedith.com.

© 2012, Creators Syndicate Inc.

Article posted: 3/17/2012 1:56 AM

By Edith Lank

Q. I own 30 acres of vacant land. I wanted to build a pole barn on the property. The town would not permit it unless I had a house built there first. To get the ball rolling, I applied for a special use permit and built an 800-square-foot “seasonal camp.” I’m not permitted to live in the house year round until I increase the square footage to at least 1,000.

I’m attaching a copy of my tax bills for your review. I’m paying the same amount of taxes on the property as I would if I were a year-round resident. My question is this: Shouldn’t I be paying a reduced rate, considering I’m not allowed to live there year-round?

Advertisement

A. Property taxes are based on the value of your property, on what an assessor figures it might sell for on the open market. How many days a year you live there doesn’t make any difference. If it did, a lot of snowbirds who spend winter in the South would be receiving discounts.

Q. My CPA says the maximum amount for a couple selling their longtime home is tax-free capital gain of $500,000, or $250,000 for singles. Your column said twice that. What gives?

A. Just an extremely public senior moment! Of course I know better, can’t think where my head was when I typed that. It’s the worst mistake I’ve made in 37 years of writing this column. I hate to think of how many readers I’ve misled … although, come to think of it, maybe I didn’t do too much damage. After all, I can’t imagine many homesellers are worrying about taxes on a million dollars’ profit anyhow.

Q. My husband and I are getting ready to remodel our main bath on the second floor and are considering putting in just a walk-in shower and forgetting the tub altogether. Do you think that could be a problem when we go to sell it in the future? Would it devalue the house?

A. Someone sent in that very question a couple of years ago, and it brought a flood of responses. When I sorted the email out, the opinions were pretty much 50/50. Many said, “We’d never buy a house without a tub” or “Where would we wash the dog?” or “ …the grandchildren?” Just about as many, though, wrote something along the lines of “Haven’t used the tub once, waste of space” or “We’d sure go for an impressive walk-in shower.”

Appraisers consider anything that cuts down on the pool of potential buyers as detracting from market value. On the other hand, you might find some buyers particularly enthusiastic about a walk-in shower. That’s about all I can tell you — sorry. Only you know how long you’re likely to be in the house and how important it is to take resale into consideration.

Q. I am disabled and under 60 years of age. I receive a Social Security check and an SSI check. I also get most of my meds and medical bills paid for.

I own my own place but I hate where I am. I have my place up for sale but no one is buying right now. I have a chance to buy another place right now that I like at a low price. The Social Security people said I couldn’t do this. My second place would count as income property, and I would lose all of my benefits.

Is this true? How can I make this happen without losing all of my disability benefits?

A. Owning two houses would give you too much potential income to qualify for those benefits. And anyhow — are you sure you could finance the second place before you sold your present one?

Concentrate on selling that house first. Of course people are buying. You just need a price level that attracts offers. There’s no use waiting for prices to rise so you can get more for your place. When that happens, you’ll also have to pay more for your next house. If you’re buying and selling in the same market, it doesn’t matter whether prices are low or high. What you lose on one end, you make up on the other.

Q. How would lifting restrictions on my property affect my future taxes?

A. Sorry, I don’t know what restrictions you’re speaking of. Even if I did, I wouldn’t know the answer. Contact your local assessor’s office and discuss the matter directly. It’s a good question and you needn’t hesitate about asking.

• Edith Lank will respond to questions sent to her at 240 Hemingway Drive, Rochester, N.Y. 14620 (include a stamped return envelope), or readers may email her through askedith.com.

© 2012, Creators Syndicate Inc.