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Thursday, JUly 21, 1994 Minimize your home improvement costs Maklng IJnprovements can do more than improve the appearance or comfort of your home. hcorchng to the MIchIgan AssOC!atlon of CPAs (MACPA), spenchng money on certam improvements now can offer you Slgmficant tax savings later. Tax law clearly differentiates between home repairs and capital improvements - the improvements that offer you tax advantages. Repairs keep or restore property to good working condition. Examples of repairs include repainting, fixing a broken wmdow or fixing gutters. Capital improvements, on the other hand, increase the value of your property, lengthen Its life or adapt it to a different use. Examples include remodeling a kitchen or bathroom, creating a master swte, adding a fireplace or putting aluminum siding on your home. Expenses mcurred for capital improvements can be added to the basis of your residence - that is, the total amount you paid for the property. When you sell your residence, the taxable gain is determmed by subtractmg your b8Sls in the home from the sellIng pnce. The greater your basis, the lower your taxable profit. Be sure to keep receIpts for all your capital expenditures. This WIn keep you from overlooking expenses that can increase your basis and will enable you to substantiate your capital gain calculation should the IRS ever question it. Before making a home improvement, it's WIse to consider whether you'll be able to recover its cost when you sell your home. Certain features are more valued by home buyers than others and, consequently, are more likely to add to your home's market value. Today, you're likely to recover costs for expanding a master bedroom, adding an office or study or building a new bathroom. However, adding a greenhouse or installing a hand-l8ld brick wall to your front door is not lJkely to offer you the same payback when you sell your home. Also, don't undertake projects that plevate your property's value above the neighborhood nonn. If the houses m your community generally sell for about $100,000 and your home Improvements would boost your home. 's value to $150,000, chances are you won't recover your costs. How you finance your improvement will affect its ultimate cost. It's wise to finance as much of the improvement as possible with cash, thereby avoiding hefty interest charges. If you can't come up with sufficient cash, consider taking out a home equity loon or borrowing against a home equity line of credit. The interest rate on such loans is usually less than that charged by banks for home improvement and other loans. What's more, except for certain hIgh-income individuals who are subject to an overall reduction in itemized deductions, generally you can fully deduct interest pald on home equity loans. However, since you are usmg your home as collateral, be sure YourHome Page 3 you borrow only an amount that you are capable of repaymg. AVOId usmg your credit card to finance home improvements. Interest rates on major bank cards are usually hIgh and can tack on thousands of dol. lars to the actual cost of the Improvement. Before mOVIng ahead Wlth a major Improvement, be sure to get pnce quotes from several contractors. Have a budget In mind and ask the contractor to outline In wnting the speClfic work that will be completed based on the budget you established. Ask the contractor to show you photographs of Slmllar projects completed on sinular budgets. Finally, be sure to check contractors' references. The MACPA recommends that you ask each reference if the Job was completed on time and within budget. This will gIve you a good idea of whether your home improvement will be completed in a tlmely and cost-effectlve manner. Detroit Edison incentives available for home construction After investIng thousands of dollars to remodel or build a new home, the last tffing a homeowner needs is high energy bills Detroit Edison customers who qualify for the utility's Energy-Efficient Home Constroction Program not only pay lower annual energy bills compared WIth conventIOnal homes, but also could qualify to receIve up to $5,000 in incentIves from the utJlity. 1__ US WHAT YOU WANT•..IT'S AS GOOD AS DONE, TM - EIGHT OFFICES TO SRRVR YOU- The home constructlon program offers builders and homeowners mcentIves for instalhng energy-efficient wall and cellmg msulation, WIndows, lighting, major electric appliances and high-efficiency cooling. Additionally, homeowners qualify for DetrOIt Echson's lower time-of-day rate The program is available to owners and bUIlders of "all.electric" homes, which are homes eqUIpped Wlth electnc heat. H_o_u_s_e_h_o_l_d_H_e_l_p __ Whether your home IS new or old, it should be waterproofed, especially basement and crawl space walls where the entry of water and mOisture ultimately leads to deterioratIOn and damage. With a httle know-how and the right tools, you can eaSily waterproof areas where leakage has started or prevent it in areas where It may occur. To get started, you'll need the following tools and products' hammer, chisel, wooden paddle trowel, wire brush, large pail, heavy.'duty masonry paint brush, hydraulIc water-stop ce~ent and waterproofing masonry coatIng. ror.;:E THE SOURCE AND PREPARE THE SURFACE: Inspect the walls and locate the source of the leakage. Once you've found it, use your hammer and chIsel it to enlarge the crack or hole ~ut square~y or undercut while enlargIng the caVIty to a mmimum depth and width of ~/4 lOch, then remove all loose mater~al from the cavIty and scrub WIth a WIre brush and water. PREPARE MIXTURE AND APPLY TO SURFACE. Prepare a miXture oC one part water and 4 1/,2 par~s hydraulic water.stop cement 10 a pall and roll the mixed amount in your hands until you feel it begin to stiffen and become warm (only mix as much as you can apply in a three-minute period). Beginnmg at the top of the crack or hole, press the cement into the cavity with your fingers and maintain pressure for a few minutes or until the cement sets Then smooth the surface with a trowel. (Work gloves should be worn when completing this step.) APPLY WATERPROOFING MASONRY COATING: When the cement has set, the entire area should be painted with a wlltprproofing masonry coating Remove any paint, loose mortar or dirt with a wire brush and water Next, mix masonry coating and water according to instructIons on package. Dampen the surface WIth a hose Just before usmg a masonry paint brush to apply the mIxture in a circular scrubbing motIon to ensure penetration of waterproofing Ingredients. FIrst coat should dry for 24 to 48 hours before applying second coat Waterproofing masonry coating will continue to cure and harden for one month. Should you have any questions about this job, call the QUIKRETE Companies at 1-800-282-5828. They are the helpful people who provided the above information and will be happy to be of 888istance. ing and cooling systems. "Home constructJon - whether building new or remodeling - is an expensive venture," saId WJ1ham Steele, bwlder h8lson for DetrOIt Echson. "This program helps homeowners A RAREFIND~~~~~~ EvelyWoods four bed room Colonial. First floor library, new kItchen with oak cabinets and ceramic floor. Remodeled bath and freshly painted throughout. Call Marilyn Kenzie 704.6013 Sup
Page 4 YourHome Thursday, Jury 21, 1994 NAR mem.bership survey profiles today's Realtor Today's typical Realtor has a col agents who responded mdicated $4,000 less than theIr male coun approximately 68 percent of the lege background, works at least 45 they had graduate level experience, terparts brokers who responded and half of hours a week and earns as much as whIle 17 percent said they held - The typIcal real estate broker all the sales agents who responded 22 percent more than SIX years ago, bachelor's degrees works a 50 hour week, VIrtually sald they own or have an mterest accordmg to a survey by the Na- - The medIan net mcome in 1992 unchanged Since 1978, whIle the in investment property. tIonal ASSOCIatIOnof Realtors. of brokers was $38,000, a 9 percent typICal sales agent works an aver- The medIan age of brokers in The findmgs of NAR's most re mcrease from 1986 when NAR can age of 45 hours a week, five hours 1993 was 50, two years older than cent membershIp survey, "Member- dueted the last membershIp survey. more than preVIously repor~d for prevlOusly reported m 1987. The ShIp Profile 1993 Profile of the - The medIan mcome after ex- thIS group in 1987. medIal!. age of sales agents was 46, Real Estate Broker and Salesper- penses earned by the typIcal full- - In 1993, 44 percent of all bro- three years older than in 1987. son," IS based on a survey of nearly time sales person was $23,100, an kers were female, more than tWIce The survey also deternuned that 2,300 Realtors from across the increase of 22 percent from 1986. the 1978 figure. The survey also m 1993, the typical real estate brocountry - Men in the real estate mdustry found that nearly SIX of every 10 ker had a tenure of 14 years m the - EducatlOn levels among brokers continue to earn a higher mcome full-bme sales agents, or 58 per- business, whIle the typical sales and sales agents have remained than women The survey reports cent, were women. agent was actIve in the industry for consIstently high over the years In that in 1992, female brokers earned The membership survey also six years, representing an increase 1993, 24 percent of all brokers re- a median mcome of $34,900, nearly found that 78 percent of all brokers of two years for both groups, comported having studied at the gradu- $10,000 less than theIr male coun- and 76 percent of all sales agents pared to 1987. ate level, whIle 20 percent had terparts, whIle full.tIme female are married. In addItion, nearly earned a bachelor's degree Com- sales agents earned a medIan m. nine out of every 10 brokers and paratively, 21 percent of the sales come of $21,800 in 1992, nearly sales agents own their home, while How to achieve a healthy weight Q. My fnend told me the best way to detenmne If you're fit or fat ISto watch your weight on the scale. Is thIs the best way? A The scale does not reflect your body compoSltlOn;It does not mscnmInate between flUId or fat weIght. It takes 3,500 calories to make one pound. Sudden weight changes are usually from flUIdshIfts In the body. If your weIght suddenly nses five pounds, It more lIkely IS from water retention than from the extra 17,500 calories from food It would take to make five pounds of fat Q. Is a low calone dIet the best way to achIeve a healthy weIght? A. Chrome dIetmg, undereatmg or sklppmg meals can contribute to sluggish metabolism, which could make it harder to lose weight. Fuehng metabohsm IS like stokmg a fire: remove the wood and the fire mmimshes. Sni1ilarly, our metabo. lIsm must have a suffiCient amount of calones or the body WIllslow down to compensate. Q. Can mIlk be frozen? A. Yes, mIlk can be frozen in most home freezers for up to three months. Freezing does not affect nutrition, but may alter flavor and appearance, because the water m the mIlk freezes first and may separate from the milk solids. After thawmg, you11 need to stIr the mIlk or shake It thoroughly. Thl.S rnformatlOn I.S for educatIOnal purposes only Reference to commerclal Saving Dloney "With a ne-wappliance Repl8£lOgan old apphance WIth a new one can do more than pnhance your decor WIth today's encrgy-effi. CIent models, It can save hundreds of dollars over the hfetIme of a new appliance Some apphances, such as ranges and dryers, have always operated effi- CIently. Others, such as microwave ovens dnd trash compactors, use so httIe energy that saVIngson new models IS mInImal But when It comes to refngerators, washers and dishwashers, most 15- to 30-year.old models can be claSSIfiedas energy guzzlers compared WIththeIr newer verSIons For example, a refngerator manufactured today uses about 47 percent of the energy that Its 1972 counterpart consuml''l For "'1l~llJngmachmes, the figure IS about 28 percent, ba'led on eIght cycles per week; for dIshwashers, about 30 percent, based on 6 2 cycles per week More bIg changes are In store for refngerators and freezers manufactured after Jan 1, 1993 Thl' Department of Energy has ruled that these newest models must Improve theIr energy effiCIency ratio by an average of 25 percent over present models. In deterrmnmg the true cost of an apphance, the purchase pnce IS only the start Multiply the yearly cost of operatmg the apphance by Its bfe expectancy and add thIS figure to the purchase pnce To help you figure the yearly cost, look for the black, yellow and whIte EnergyGulde label on appliances. It WIllbe a sticker, hang tag or f1apu..;.ThIs label WIlldIsplay a SIngle estImated annual cost figure based on "typIcal use." To mamtaIn energy S>tVlngs,the new apphance should be used effiCIently Rend and followthe manufacturer's recommendatIOns In addl tlon, the new applIance should really replace the old one If the old one IS SImply moved to a new locatIon and used as a spare, Its hIgh monthly operatmg expense contmues. products does not lmply eruWrsement by MSUE or blaS agarnst tJwse not mentioned. Manon E Hubbard is a dietitian With a master's degree Ln nutntum and is on staff at tlu! Macomb MSU ExtenSion. Contact the food and Nutrition Hotlme at 469-5060, Monday, Wednesday and Friday, from 9 a.rn.. to 4 p.rn.. Lmuted inrome {amllles WIth children mterested In "stretch- Ing your food dollars" may call 469- 6432 for free classes Foods & Nutrition Marion E.£.Hubbard A~ fd\ 1 Bedroom from $595! 2 Bedroom from $650! -----PLUS ----- ONE MONTH FREE!* Resort features include: -Clubhouse With Indoor racquetball court -Health/fitness center -Pool with waterfall -Outdoor hot tub -Seachfront sand volleyball court -Village Suites-short term furnIshed rentals Jom us for our MOONLIGHT MADNESS OPEN HOUSE Thursday, July 21'It & 28th from 9-11 pm TTTTTTTTTTTTTTTT Check Out Our Spectacular Move-In Gifts And Prizesl •••••••••••• A ••• 1-94 to Metro Plwy Between Shool & Crocker on Jefferson Ave 8107913093 'Some Restnc!lons Apply oJ I
Page 1 and 2: Park teen visits historic Normandy
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Page 5 and 6: July 21, 1994 Grosse ~ointe News Ne
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Page 9 and 10: Ie t July 21,1994 Grosse Pointe New
Page 11 and 12: t i JUlY '::::1, l~~q Grosse Pointe
Page 13 and 14: 8A Nice lawn, but _ .. Te, the Edit
Page 15 and 16: 12A News July 21, 1994 Grosse Point
Page 17 and 18: 10A .1 ., e..f S Local Illayors pic
Page 19 and 20: 88 July 21, 1994 Grosse Pointe News
Page 21 and 22: 1 Mr. and Mrs. Robert William Al1ae
Page 23 and 24: 1 68 Travel July 21, 1994 Grosse Po
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Page 27 and 28: 14C July 21, 1994 Grosse Pointe New
Page 29 and 30: 2C Sports July 21, 1994 Grosse Poin
Page 31 and 32: Grosse Pointe News The Connection J
Page 33 and 34: 4C GE Profile ltSuilt-in Style" REF
Page 35 and 36: urosse t-'ointe News The Connection
Page 37 and 38: ur u:>:>e t"OHHe ....ews The Connec
Page 39 and 40: JUly 21 t 1994 iI UTlClES TWIN sIZe
Page 41 and 42: - I Page 12 YourHome Thursday, July
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