Created by Jack M. Guttentag, a Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania, it contains a host of really useful calculators such as mortgage calculators, down payment calculators, APR calculators and so much more.

Take a look.  Of course, nothing in this life is guaranteed (death and taxes excluded), not even the accuracy of online calculators, so be sure to “check the facts” by consulting with a mortgage broker or your accountant before you make any life altering decisions.

Well summer is here and the weather in Brooklyn is balmy, so if you are thinking about tackling some of those summertime projects, keep in mind that if you make the right kind of home improvements you can get a nice tax right off on your 2010 Taxes.

The Non-business Energy Property Tax Credit

This tax credit allows you to write off 30% of the cost of the following products on your primary residence if they meet the government’s energy-efficiency standards:

• Central Air Conditioners
• Exterior Windows
• Exterior Doors
• Water Heaters
• Natural gas, propane or oil Furnaces
• Insulation designed to reduce heat loss or gain
• A Metal Roof with the appropriate pigmented coatings
• An asphalt roof with the appropriate cooling granules

There is a lifetime maximum credit of $1,500, and in order to claim the full credit you must spend at least $5,000 on qualified energy-efficient home improvements.

The manufacturer of the products you buy should be able to certify that their product meets government standards or you can also check the Energy Star website.

So save yourself some money on your 2010 taxes.  If your planning to make any of the home improvements listed above, make sure that they meet government standards and save those receipts!

I really liked the simple and sound principles the author outlines in his book that spans the entire life cycle of a mortgage from choosing it to paying it off as quickly as possible.

His explanation of the recent credit meltdown that sent our economy into a free fall is easy to understand by even the most “finance lingo challenged” individual.  Understanding what happened can help you avoid making the mistakes some borrowers did during the mortgage free for all that led some of them to foreclosure.

Also his “avoid consumer debt like the plague” approach to managing personal finances jives with what I’ve had to learn the hard way.

I found this book to be a really informative read and purchased a few copies to give as closing and housewarming gifts.  I think you’ll find it useful as well, especially if you’re a first time home buyer looking to make your first purchase with a mortgage loan.

Here’s the link —> Forbes Interactive Map – Where Americans are Moving

Enjoy

According to the latest quarterly Apartment Research Market Update report by brokerage Marcus & Millichap, asking rents will continue to fall this year, but at a slower pace, the report predicted. Landlords will continue to offer concessions, such as one to two months of free rent, this year to retain or attract tenants.

If you are a market rate renter, I can help you find a great apartment in Brooklyn. I know many renter’s don’t really want to pay a brokers fee, which is typically one month’s rent, but you can save yourself the time and effort of finding a really great apartment at an affordable price by letting me do the leg work.

Bath Beach
Bay Ridge
Bedford-Stuyvesant
Bensonhurst
Bergen Beach
Boerum Hill
Borough Park
Brighton Beach
Brooklyn Heights
Brooklyn Navy Yard
Brownsville
Bushwick
Canarsie
Carroll Gardens
City Line
Clinton Hill
Cobble Hill
Coney Island
Crown Heights
Cypress Hills
Ditmas Park
Downtown Brooklyn
DUMBO
Dyker Heights
East Flatbush
East New York
Farragut
Flatbush
Flatlands
Fort Greene
Fort Hamilton
Georgetown
Gerritsen Beach
Gowanus
Gravesend
Greenpoint
Greenwood Heights
Highland Park
Homecrest
Kensington
Lefferts Manor
Madison
Manhattan Beach
Manhattan Terrace
Mapleton
Marine Park
Midwood
Mill Basin
Mill Island
New Lots
New Utrecht
Ocean Hill
Ocean Parkway
Paerdegat Basin
Park Slope
Parkville
Plum Beach
Prospect Heights
Prospect Lefferts Gardens
Prospect Park South
RAMBO
Red Hook
Remsen Village
Rugby
Sea Gate
Sheepshead Bay
Spring Creek
Stuyvesant Heights
Sunset Park
Vinegar Hill
Weeksville
Williamsburg
Windsor Terrace
Wingate

There are a lot of factors to take into consideration when buying a house, co-op or condo. How long do you plan to live there? What’s the neighborhood like? Is it improving or declining? How will that effect the value of your property when you’re ready to sell it? Does the property meet your needs now and in the future? And, in my opinion the most important question of all, do you love it?

A young woman I worked with recently found a beautiful condo that she really liked, but truthfully it was no bargain. It wasn’t particularly over priced, but there were other condos in the area that were less money. The problem was that the other properties didn’t have the light the condo she liked had, and she didn’t get that “wow” factor from the other properties like she did when she walked around the more expensive property.

After much deliberation, she went with the higher price condo because, as she put it, “This where I’m going to live and I want to like it. That’s worth more then money.”

So the cheapest house is not always the best deal. The best deal is when you buy a property you really love for a price that you can afford.

Happy house hunting,

Mortgage Interest Deductions – If you took out a mortgage to purchase your home, or you have a Home Equity Line of Credit, then each month you are paying interest to a lending institution. That interest that you’re paying is tax deductible. In order to take the deduction you will have to itemize on your tax return. What you will need to take the deduction is form 1098 that you should have received from your lending institution, and the schedule A form to file with your 1040 or 1040A.

Real Estate Taxes – You can also write off the real estate taxes you pay on your property. What you will need to take the .
deduction is the amount of real estate taxes you paid for the year (if you have a mortgage the amount should be included on form 1098) and again you will have to itemize (use form schedule A).

First-time Homebuyer Tax Credit – If you did not own a home in the 3 years prior to buying one in 2009 or you purchased a home in 2010 (you must be in contract on or before April 30, 2010) then you may qualify for an $8000 First-time Homebuyer Tax Credit. The credit is fully refundable meaning that if you don’t owe the IRS any monies, you may receive the entire $8000 in cash.

For more information on this credit and the form you’ll need to file it, go to the First-Time Homebuyer Credit Questions and Answers Pageon the IRS’s website.

Move-Up Buyer Tax Credit – If you have sold the home you lived in for five consecutive years of the last eight years and purchased a new one between November 7, 2009 and July 1, 2010 (you must be in contract on or before April 30, 2010) then you may qualify for a credit of up to $6,500.

For more information on this credit and the form you’ll need to file to get it, go to the First-Time Homebuyer Credit Questions and Answers Pageon the IRS’s website.

Residential Energy Property Credit - If you’ve made energy efficient improvements to your existing home, you can get a credit of up to $1,500. What are some of the improvements that qualify? Take a look at the Energy Star.gov Website for more information.

As you can see from the tax credits and deductions above, owning a home can really benefit your pocket when tax season rolls around. Be sure to consult with your tax profession to make sure you get all of the tax breaks you deserve.

The next question that I always ask is, “what do you mean by a brownstone?” It might seem like a stupid question to some, but the truth be told, different people have different ideas on what a brownstone is. Some call any row house regardless of the material it’s made of a brownstone. Some call any row house that is brown in color a brownstone. Some call a row house with a layer of brown sandstone applied to its façade a brownstone.

Which idea is correct? Well, in Brooklyn New York, and the rest of New York City, the most widely accepted definition of a “Brownstone” would be a multi floor row house that has a façade made up of brown sandstone which, back in the 19th century when this type of construction was popular, was quarried in New Jersey and Connecticut. The stonemasons of that time period were artisans that liked to use sandstone during construction because it was easy to work with and allowed them to create the varied and ornate design elements you see on the exterior of brownstones today.

When brownstones were first build they were single-family homes that typically included a Garden Floor, sometime called an English Basement, that was at ground level which had a front entrance underneath an exterior formal staircase that led up to the “parlor floor” above, and a rear exit door that led to a garden at the back of the house. The kitchen was generally located on the garden floor.

The parlor floor was where guests were entertained and the parlor was usually the most elaborately designed room of the house with a large fireplace with an intricately detailed mantle, beautifully crafted moldings and fantastic hardwood floors. The entrance to the parlor typically had a set of pocket doors that discreetly slid into the walls when opened. The tall windows that looked out onto the flagstone sidewalk in front of the house would be equipped with raised panel shutters that folded into the window frames when not in use.

One of the things I love most about classic brownstones is the gorgeously ornate staircase banisters some of them contain. I find it so exciting when I see an intricately carved wood banister sweeping up to the floors above, especially if it still has its original finish.

Today, most brownstones have been converted to multiple family dwellings with a lot of the original detailing lost to neglect, indelicate care or too many coats of paint. Still, if you are looking to own a home with some of the finest architecture in Brooklyn, then a brownstone might be for you.