RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Refund Refurbish: Paint Your Home!

April 28, 2016 12:33 am

Eight in 10 taxpayers receive refunds each year. Most will obtain their refunds in May or June—ideal months for paint projects. What better way to purpose your tax refund than improving your home with paint?

Because paint is a relatively inexpensive product, your refund doesn’t have to be substantial to have an impact. According to the Paint Quality Institute, supplies for an interior painting project cost less than $100. In fact, if you’re a taxpayer receiving the average $2,800 refund, you can feasibly repaint the entire interior of your home!

Exterior painting is more costly, but your refund may cover a significant portion of the expense, including the product. The quality of ordinary exterior paint lasts for about four years; 100 percent-acrylic latex paint lasts 10 years. Purchasing a durable product is ultimately more cost-effective than buying a less expensive alternative.

Consider spending your refund on small-scale paint projects, too, such as a applying a fresh coat on the front door or an accent color in a built-in feature. These minor improvements will have major effects come resale.

Keep in mind, also, that if you run a home-based business, some of your painting expenses may be tax-deductible on next year’s return. Be sure to consult with your tax professional to determine your eligibility.

How are you purposing this year’s refund? Will you invest it back into your home?

Source: Paint Quality Institute

Published with permission from RISMedia.


Tags:

What Actions Impact My Credit Score?

April 27, 2016 2:30 am

Credit scores factor into the majority of lending decisions, including those for mortgage and rental applications. In most of these scenarios, lenders determine an applicant’s eligibility by weighing his or her FICO® Score.

FICO recently rolled out an enhanced version of their Score Simulator that helps prospective homebuyers and renters understand the impact their actions have on their credit scores. The tool simulates actual FICO Scores, allowing users to enter multi-action simulations and providing side-by-side comparisons with data from the three major credit bureaus.

The what-if simulations include over 20 distinct actions, such as:

• Forgetting to Pay a Bill
• Increasing a Credit Account Limit
• Maxing Out a Credit Card
• Paying Down a Credit Card Balance
• Refinancing a Mortgage
• Taking Out a Car Loan

“Because FICO Scores are used in more than 90 percent of U.S. lending decisions, consumers want to better understand how their actions might affect FICO Scores," says Geoff Smith, vice president of Consumer Scores at FICO. “The newly enhanced FICO Score Simulator enables consumers to run simulations using the actual FICO Score 8 formula, as well as data from all major credit bureaus. This is an extremely easy-to-use and valuable tool for anyone who wants to understand how their financial behavior could impact their FICO Scores.”

The Score Simulator can be found at myFICO.com.

Source: FICO®

Published with permission from RISMedia.


Tags: