The primary focus of feng shui is the positive flow of energy, which contributes to the creation of harmony in life. Integral components of the philosophy are the five elements of fire, earth, water, metal, and wood, and each of these is enhanced by color selection and use in your Virginia Beach home as follows:

FIRE – Passion and high energy. These strong colors include red, orange, purple, pink, and bright yellow.

EARTH – Nourishment and Stability. Beige and various earthy sand colors.

WATER – Ease, freshness, and abundance. Blue and Black

METAL – Clarity and preciseness. Grey and white.

WOOD – Health and Vitality. Brown and Green

Other feng shui principles to follow include:

1. The clearing of unnecessary furnishings and objects:

In feng shui, less is more. Believing that clutter impedes the flow of energy, feng shui proponents suggest avoiding big pieces of furniture and removing most plants, photographs, and personalize items. Most homes will benefit from the absence of about 1/3 of their current furnishings.

2. Abundance of light:

Ample lighting is conducive to good energy and should be generously provided in your Virginia Beach home to provide a sense of spaciousness. Natural light is best, but warm, soft artificial lighting is acceptable. A dimmer switch is strongly suggested for your lights.

3. Outside appearance:

A solid, strong front door is essential, as is an attractive and clutter-free entranceway. Your landscaping should be well-maintained, and your house numbers clean and easily visible. A well-lit entrance is also a must!

4. The feng shui “trinity”:

The bathroom, kitchen, and bedroom are of vital importance since there is a powerful connection among the three areas which promote health and well-being.

*In the bathroom you should try to create a spa-like, relaxing atmosphere through the use of lighting and mirrors, which give the room a sense of space.

*In the kitchen unadorned countertops in colors harmonious with the cabinets and walls are a necessity. Use fire and wood tones, and avoid those associated with water. Lighting under the cabinets invites a good chi, as does a basket of fresh fruit or flowers.

*In the bedroom, the bed should have a solid headboard, be approachable from both sides, and be flanked by two end tables. It is best if the bed does not face the door to the room. The walls should be in earth colors, and televisions, computers, and exercise equipment should not be present.

Good feng shui means positive energy, sure to help with the sale of your Virginia Beach home. Who doesn’t want the hope of good health, happiness, and prosperity?

Too good to be true? Perhaps. Buyers of foreclosed property, especially if it has been unoccupied and not maintained for some time, must be acutely aware of possible problems and trouble spots involved in such a sale and may have to realistically face some unpleasant facts. As Vince Mastronardi, president of On-Site Specialty Cleaning and Restoration, observes, “Buyers need to educate themselves about the potential pitfalls of purchasing distressed property. It’s not so much what damage occurred, but the sources of that damage and how long before the problem was addressed.”

A cautious buyer should look for signs which indicate that all is not well with a piece of Virginia Beach real estate.

1. The presence of mold. Once mold takes hold, it is almost impossible to get rid of. Look for places which have been excessively painted in an attempt to cover up mold.

2. Lack of heat for months in a home not properly winterized. Result? Burst pipes and water damage.

3. Hints of water damage. Peeling, bubbling, or discolored paint may occur as a result of moisture. Other evidence of water damage includes swelling in walls/ceilings, stains, and             a musty odor.

4. Blocked drains or pipes may lead to sewage problems.

5. Evidence of vandalism or break-ins. Signs of such activity include holes punched in walls and broken windows. Theft of appliances, fixtures, air conditioning/heating units,             pipes, and electrical wiring is also of concern.  Were the stolen items properly removed or carelessly ripped from their location?

6. Indications of furnace malfunction or soot damage. Telltale signs include black cobwebs, greasy grey residue on walls, or an oily odor.

7. Renovations in an older home. You would be wise to check to see if permits were issued. Was the work performed by a professional? Does it conform to required Virginia                     Beach real estate building codes? Was asbestos disturbed during construction?

8. Debris dumped in the yard. You will be required to remove such refuse in a timely (and possibly expensive) manner.

9. Occupation by uninvited critters. Wild animals often live in abandoned structures. Look for snakes, rodent infestation, and unexpected “nests.”

Obviously, you must insist on a thorough inspection of your Virginia Beach real estate to avoid buying a badly flawed foreclosure filled with unpleasant and costly surprises. Be sure to request air quality and surface testing; it is well worth the little extra it costs. You should also inquire about any corrections that have been made to address damages and talk to the company who performed the repairs.

By diligently doing your homework and actively anticipating problems, you may just find the foreclosure which fits your needs and is indeed a bargain!

Search all Virginia Beach real estate and homes for sale.

1. Selecting a property. First decide on a location and the type of property you are interested in. Bordering on both the Atlantic Ocean and the Chesapeake Bay and being the home to large military bases, a thriving Towne Center, and numerous medical facilities, Virginia Beach real estate offers a wide variety of desirable locations sought after by renters. You might also consider proximity to good schools, public services, shopping centers, highways, etc.

Another decision will deal with the type of property you want to own–a single family residence, a multi-family unit, or a vacation rental home. Discuss with you realtor and tax advisor the pros and cons of each to decide which will be most advantageous for you.

2. Examining your finances. In addition to a monthly mortgage payment, investment property expenses can also include taxes, property management fees, utilities, insurance for fire and floods, repair and maintenance costs, condo fees, and periods of vacancy. Be prepared to have cash on hand for a 20% to 30% down payment (or investigate other options).

Also keep in mind that long term (5 to 10 years) ownership is usually best for the average investment. The shorter the length of time you hold the property, the greater the risk.

3. Repairing and updating. Some investment properties require initial repairs/renovation ranging from cosmetic to structural. Unless you have the time and expertise needed to make such repairs, look for skilled professional to do the work for you. Keep in mind that most renters are looking for a good location and a home that is clean and in good working order; granite counter tops and top of the line appliances are usually neither necessary nor cost effective.

4. Acting as a landlord. Being a successful absentee owner of Virginia Beach real estate will require diligence and responsibility. Carefully screen all potential tenants. Run a credit check and find out from prior landlords if they were good tenants who paid the rent on time, treated the property with care, and were considerate neighbors. The more selective you are, the more successful your lessor/lessee relations will be.

As a landlord you have both rights and responsibilities, and you need to be mindful of each. The Virginia Beach Residential Landlord and Tenant Act, effective July 1, 2009, covers rental agreements, remedy provisions, application fees, security deposits, and a wealth of other information and laws relating to the rights and responsibilities of both the landlord and the tenant.

Learn more about investing in Virginia Beach real estate.

Search all Virginia Beach real estate and homes for sale.

Looking for a way to beat the winter doldrums? Interested in conserving the environment? Intrigued with the idea of providing a haven for neighborhood wildlife AND reducing the amount of work, water, and chemicals needed to keep your landscaping alive, well, and attractive? Read on…

Winter is the perfect time to plan a backyard wildlife habitat for your Virginia Beach home and design a garden that provides essential kinds of wildlife, such as birds, butterflies, amphibians, and small mammals. Because natural environments are quickly disappearing due to rapid development, greener gardening techniques which are mindful of the ecosystems and needs of native creatures have become essential.

There are many online sites which provide detailed instructions for turning your property into a mini-sanctuary for wildlife, but the initial steps are relatively simple and include providing food, water, cover, and space.

Provide Food for Wildlife

Everyone needs to eat! Planting native herbs, grasses, shrubs, and trees is the easiest way to provide the foliage, nectar, pollen, berries, seeds and nuts that many species of wildlife require to survive and thrive. You can also incorporate supplemental feeders and food sources.

Supply Water for Wildlife

Wildlife need clean water sources for many purposes, including drinking, bathing and reproduction. Water sources may include natural features such as ponds, lakes, rivers, and wetlands; or human-made features such as bird baths (change water 2 to 3 times per week), puddling areas for butterflies, installed ponds, or rain gardens.

Create Cover for Wildlife

Wildlife require places to hide in order to feel safe from people, predators, and inclement weather. Use things like native flowers, leaves, shrubs, thickets, brush piles or even dead trees. Remember to utilize both the horizontal and vertical spaces in your yard.

Give Wildlife a Place to Raise Their Young

Wildlife need a sheltered place to raise their offspring. Many places for cover can double as locations where wildlife can raise young, from wildflower meadows and bushes where many butterflies and moths lay their eggs to caves where bats roost and form colonies.

Green gardening for your Virginia Beach home targets a reduction in water and chemical use, a decrease in the size of the area covered with turf grass, and generous use of mulch. How you maintain your garden or landscape (either formal or casual) can have important positive or negative effects on the health of the soil, air, water and vegetation that we all use! Here are some sustainable gardening techniques that you will help you conserve and protect our natural resources.

Mulching

Mulch helps keep water in the soil and available to the plant, rather than evaporating into the air. This can help reduce water consumption. As mulch breaks down, it provides nutrients to the soil, which can help reduce or eliminate the need for additional fertilizers. Be sure to use mulches that are from sustainable forestry practices (not Cypress tree mulch) and are free from pests and diseases. Your cooperative extension office can help you find sources of mulch in your local community.

Reducing Lawn Areas

Grass lawns often require chemicals and frequent maintenance. Gas-powered lawnmowers produce high amounts of greenhouse gases, which contribute to the air pollution that causes global warming. Since lawns are often made of only a few types of plants that most animals do not consume, they do not provide a lot of value for wildlife. Replacing grass lawns with native wildflowers, bushes, and trees provides the food, shelter, and cover that help to maintain healthy, natural ecosystems and reduces your time and labor working on the lawn!

Xeriscaping

Xeriscaping is an approach to landscaping that minimizes outdoor water use while maintaining soil integrity through the use of native, drought-tolerant plants. This is a common practice in drier areas, where water supplies and water quality are in very short supply.

Removing Invasives and Restoring Native Plant Communities

Native plants are better for the environment than exotic plants, generally requiring less fertilizer and other additives, less water, and less effort in pest control. They are especially important to native wildlife, such as pollinators, that may have co-evolved with a particular species. Pollinators often rely on a certain type of flower as a source of food, while the flower depends on the pollinator to transport its pollen to other flowers for reproduction. When non-native or exotic plants are used, they often upset the delicate balance of a local ecosystem and sometimes even out-compete native species (hence the term invasive) to the point of extinction. Wildlife benefit more when native plant communities remain intact or are restored to their natural habitats, thus providing the best source of food for wildlife.

How to get started? Inventory what is presently in the backyard of your Virginia Beach home and consider what can stay, what should go, and what is needed. Locate a list of plants and trees that are native to your area. Contact your local nurseries or agriculture extension office or search for assistance on line. Two informative sites are National Wildlife Federation and Wildlife Habitat. Also, give yourself a pat on the back for helping to restore natural habitats–and look forward to spring!

The Butler Team is one of the leading real estate Teams in Virginia Beach and Hampton Roads. If you are considering buying or selling a Virginia Beach home you need their experience and expertise on your side. Visit ButlerTeamHomes.com or contact us for more personal service.

Virginia Beach Foreclosure Activity and Home Price Index

Home price appreciation was 0.0% with 289 new foreclosures.

Virginia Beach foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or repossession notice – each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Virginia Beach Foreclosure Geographical Comparison

January Virginia Beach foreclosure activity was lower 0.08% lower than national statistics and 0.01% higher than Virginia statistics.

Virginia Beach Foreclosure Activity by Month

The number of Bank-Owned Virginia Beach homes increased in January with 141 Bank-Owned homes compared to 81 in December. The number of Auctioned Virginia Beach homes decreased from 235 to 145. The six month Virginia Beach foreclosure trend is rising.

Are you or someone you know behind on your mortgage payments and facing a Virginia Beach foreclosure? You do have options. A foreclosure is not the only way. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE). I have the training, knowledge and experience needed to help save your Virginia Beach home from foreclosure. The clock is ticking. Don’t hesitate. Give me a call for a private consultation.

Learn more about selling your Virginia Beach home by visiting ButlerTeamHomes.com and ButlerTeamHomes.net.

What’s your Virginia Beach home worth?

Tax Credit for First-Time Home Buyers
First-time home buyers may be eligible for the tax credit. The credit is 10% of the purchase price of the home, with a maximum available credit of $8,000. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Tax Credit for Current Home Owners
The tax credit program now gives those who already own a residence some additional reasons to move to a new Virginia Beach home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What Are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010. Those in the military do have some special extensions on the time lines available.

What’s So Great About a “Tax Credit”?
The benefit of a tax credit is that it’s a dollar-for-dollar benefit, rather than a “tax deduction”, or reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time home buyer who qualified for the entire benefit were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.

Better still, the tax credit is refundable, which means the home buyer can receive a check for the credit if he or she has little or no income tax liability. For example, if a first-time home buyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!

Higher Income Caps
The amount of income someone can earn and qualify for the full amount of the credit has been increased. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price
Qualifying buyers may purchase a Virginia Beach home with a maximum sales price of $800,000.

It’s also important to note another upcoming deadline as the Federal Reserve winds down a program that has been keeping home loan rates artificially low. The fact is that the lowest rates of 2009 were driven down to their attractive levels because of the Fed’s Mortgage Backed Securities (MBS) purchase program, which the Fed once again emphasized in its January 27, 2010 Rate and Policy Statement will end on March 31, 2010. As the Fed’s program winds down and ends, rates could rise over time since MBS will have less support from the Fed.

If you have any questions regarding the tax credit, pick up the phone and call me. I’m here to help you take advantage of one of the greatest opportunities Virginia Beach home buyers may ever have.

There may come a time when, after exploring all your real estate options for the future, you decide that you really don’t want to sell your Virginia Beach home and that you’d rather “age in place.” In that case, you should investigate applying for a reverse mortgage, also known as home equity conversion mortgage (HECM). As with any program or plan that is financially based, there are many pros and cons to be considered before you make a final decision.

Eligibility: you must be at least 62 years of age, own your own home (or have a very low balance that can be paid off), and be living in it as your primary residence. Your Virginia Beach home must meet FHA property standards, and you must provide on-going maintenance and pay property taxes, association dues, and insurance. In addition, you must also agree to attend an information counseling session

Amount: Factors used to determine the amount of your eligibility include your age, interest rates, and the value of your home. Most reverse mortgages provide you with a monthly payment. The are online websites that allow you to calculate/estimate the amount. Go to AARP.com, USAReverseMortgageAdvisor.com, or ReverseMortgageGuides.org for assistance.

Advantages: As stated in Gilbert’s Guide, a reverse mortgage includes these advantages:

• Reverse mortgages for seniors can be set up as a monthly payment, line of credit or a lump sum—whatever works best.
• No matter how the reverse mortgage is set up, the home owner does not make any monthly payments.
• No monthly payment is due from the home owner unless he or she dies, moves or sells the home. At that time, the loan is due in full, plus interest and fees.
• The home owner can receive monthly income from a reverse mortgage as long as he or she lives in the home as a primary residence. A home owner could potentially continue to receive monthly payments even after the loan balance is higher than the amount that the house is worth.
• Neither the home owner nor his or her heirs will ever owe more than the home is worth, no matter how many payments are received or how high the interest rates become.
• It’s fairly easy to qualify for this loan since credit scores and income are not part of the qualification process.

Thus, you may convert home equity into available money to meet escalating medical costs, supplement Social Security payments, and make necessary repairs to your [city] home. Best of all, you can stay in your home and not have to move.

Disadvantages: Gilbert’s Guide also cautions that there are cons involved with reverse mortgages. Some of these include:

• Reverse mortgages for seniors have high closing costs. The senior must pay origination fees that are about double what they are for conventional mortgages and mortgage insurance. The interest rates are adjustable. So, because the set-up costs are expensive, you certainly don’t want a reverse mortgage if you’re going to move in three to five years.
• For seniors who depend on Medicaid or other state or federal programs, it’s important to consider if reverse mortgage payments will affect their eligibility.

The senior is required to attend counseling by an independent HUD counselor prior to receiving a reverse mortgage. These are complex loans and this is a measure of consumer protection, and this point should be high on your reverse mortgage pros and cons checklist.

As with any financial undertaking, you should meet with your real estate agent, your tax advisor, and your attorney during the decision-making process. Discuss the matter with your family members who may be affected by your participation in this program. Talk with other seniors who have a reverse mortgage, and use, either in person or online, knowledgeable sources such as AARP, Fannie Mae, HUD, the Federal Housing Administration and your bank to your advantage.

What’s your Virginia Beach home worth?

The Butler Team is one of the leading real estate Teams in Virginia Beach and Hampton Roads. If you are considering buying a Virginia Beach home you need their experience and expertise on your side. Visit ButlerTeamHomes.com or contact them for more personal service.

Basic facts Home Buyers Tax Credit:

• The new deadline is April 30, 2010 (June 30^th with a binding, signed contract)

• First-time buyers are eligible for a tax credit of 10% of the purchase price–up to $8000.00

• Repeat buyers (those who have lived in one residence for 5 consecutive years of the last can receive a credit of up to $6500.00.

• Income levels–$125,000 for individuals; $225,000 for couples.

The credit may be claimed on this year’s tax return (for 2009).

***Remember that a tax credit is a dollar-for-dollar deduction in what a taxpayer owes. If the credit exceeds the amount owed, a refund will be issued.

Because it generally takes 3 to 4 weeks to process a loan and often an additional month for inspections and paperwork, there are some important and beneficial steps you can take to expedite the purchase of your Virginia Beach home.

Beating the deadline:

• Get pre-approved for a loan. Have your credit report, proof of funds, and employment certification ready to submit.

• Know what you are looking for. Have some well-thought-out ideas about the desired location, style, and price of your new Virginia Beach home.

• Supply all documents to your lender in a timely manner.

• Communicate often with your lender. Stay on top of the loan status, closing date, etc.

• Avoid a short sale, which is often a lengthy and unpredictable process.

• Take advantage of the expertise and advice of your real estate agent. He/she can be an indispensable asset and guide in your Virginia Beach home buying experience.

The Butler Team is one of the leading real estate Teams in Virginia Beach and Hampton Roads. If you are considering buying a Virginia Beach home you need their experience and expertise on your side. Visit ButlerTeamHomes.com or contact them for more personal service.

That is a question with which many seniors are wrestling these days. One the one hand, older homeowners are faced with rising maintenance costs, personal physical constraints, a desire to live a more carefree and less complicated lifestyle, a realistic look at future needs, such as being near public transportation and/or quality health care, and living in a “too-large” home. On the other hand, they are reluctant to leave a neighborhood where they are known and respected, move further from friends and family, consider downsizing and parting with treasured items, and undertaking the seemingly overwhelming job of emptying one home and setting up another. In addition, they don’t want to give up the security or the memories tied to their current home.

A knowledgeable and understanding real estate agent who is familiar with the needs and desires of the 55+ set, combined with the services of an attorney who specializes in both real estate and estate planning and an accountant who deals with senior tax implications, can be invaluable to you in looking at all aspects of selling your Virginia Beach real estate and helping you determine what is best for you. You might think about taking out a home equity loan before you put your house on the market and that you involve your whole family in the decision-making process.

Deciding to Sell

If you do decide to sell, BankRate.com cautions you to first get a written market analysis and a financial evaluation which will help you and your team of advisors address the realities of the market, your investments, and tax objectives.

Once underway in the selling process, you‘ll have to prepare your Virginia Beach real estate for showing to potential buyers. That includes removing, storing, or giving away some large furnishing, heirlooms, or collections, and making your home as “clutter-free“ as possible. If this task looms too large for you to deal with by yourself, your real estate agent can provide you with qualified, responsible people who will make the burden much lighter. Remember that a well-maintained property with plenty of open space makes the house seem larger and shows off its assets.

The exterior, too, needs attention so that its “curb appeal“ will make shoppers want to come inside and investigate further. Keep lawns mowed, bushes trimmed, and flower beds fresh and colorful. Walkways, siding/brick, and roofs should be in good condition and entranceways must be attractive and inviting.

What and where to buy?

Bankrate.com stresses the importance of looking at all your options and comparing them to your physical needs-now and in the future. Carefully consider the benefits to a one-level home or a building with an elevator. Would a condo with no maintenance required be best for you? Have you thought about a retirement community? You’ll need to determine the value of being close to friends, doctors, churches, stores, public transportation, and facilities which foster leisure pursuits. Do you golf? Want to be involved in a recreational senior center? Will you want trails or bike paths nearby? Be sure to visit areas you are seriously considering–often and at different times of the day. Talk with current residents, drop in the stores, walk around the community with family members or a friend. You can also do some reconnaissance online at [our website] which give you very useful demographic information re: income, population, employment, crime rate, etc., or you can Google a specific neighborhood.

Two Final Precautions

1. Don’t commit to a vacate date on the Virginia Beach real estate you’re selling until you have secured a new residence. You don’t want to have to move twice!
2. If family is really important to you, don’t move too far from them. Many grandparents have regretted their move so much that they have moved back to be closer to the children!

As you go through the process of relocating to/from your Virginia Beach real estate, view it as an adventure, a chance to view the world from a different setting, meet new people, and make new friends–and enjoy the journey!

Here are a number of money-saving ways to reduce the amount of tax you owe–or even increase the amount of your refund!

First, let me explain the difference between a tax deduction and a tax credit.  A tax deduction reduces (adjusts) your taxable income. A tax credit reduces your tax dollar for dollar. You do not have to itemize deductions to claim a tax credit.

Tax Deductions for Primary Residence

Tax deductions on your primary residence include:

• Interest paid on your mortgage
• Refinancing points paid in 2009
• Real estate taxes
• Interest on major home improvement loans
• Mortgage insurance premiums
• Home improvements required for medical care
• Any sales commission, legal fees, or closing costs associated with the sale of [city] real estate in 2009
  

Home Energy Efficiency Improvements Tax Credits

Consumers who purchase and install specific products, such as energy-efficient windows, insulation, doors, roofs, and heating and cooling equipment in existing homes can receive a tax credit for 30% of the cost, up to $1,500, for improvements “placed in service” starting January 1, 2009, through December 31, 2010. See Federal Tax Credits for Energy Efficiency for a complete summary of energy efficiency tax credits available to consumers.

Residential Renewable Energy Tax Credits

Consumers who install solar energy systems (including solar water heating and solar electric systems), small wind systems, geothermal heat pumps, and residential fuel cell and microturbine systems can receive a 30% tax credit for systems placed in service before December 31, 2016; the previous tax credit cap no longer applies. Details are explained here.

Home Buyer Tax Credit

• First-time buyers who have not owned a home in the last three years are eligible for a credit of 10% of the purchase price, not to exceed $800,000. Ownership of a vacation home or rental property not used as a prime residence does not disqualify a buyer as a first-timer.
• Current home owners, or those who have owned and lived in a principal residence for at least 5 consecutive years of the last 8, may qualify for a credit of up to $6500.

And that’s it for Part I of the tax deductions tutorial for owners of Virginia Beach real estate. The next blog will cover such topics as Educational expenses, Family and Personal deductions, Health and Medical expenses, and reducing your adjusted gross income by declaring taxes paid in 2009.

Also read:

More On New Improved Home Buyer Tax Credit

Virginia Beach Home Buyers Rejoice – Tax Credit Expanded