Gunning Daily News
November 18, 2011 3:58 pm
Q: How does a lease option work?
A: A landlord agrees to give a renter an exclusive option to purchase the property. The option price is usually determined at the outset, but not always, and the agreement states when the purchase should take place – whether, say, six months, or a year or two down the road.
A portion of the rent is used to make the future down payment. Most lenders will accept the down payment if the rental payments exceed the market rent and a valid lease-purchase agreement is in effect.
Before you opt to do a lease option, find out as much as possible about how they work. Talk to real estate agents, read published materials, and, in the end, have an attorney review any paperwork before you sign on the dotted line.
November 18, 2011 3:28 pm
When a New York family decided to rent out one floor of its two story brownstone, it left them with just 1,200 square feet of living space to be remodeled for their own use.
“It was a daunting project,” said Keith Pandolfi in This Old House magazine. “But they followed some tried-and-true formulas for making small areas look more spacious, and the result was both comfortable and pleasing.”
Pandolfi offers six solutions for opening up small spaces:
• Use paint and flooring wisely – Choose light colors, paint crown moldings white to match the ceilings, and install wood or tile floors in a diagonal pattern to give the impression of more space.
• Try mirrors – One large mirror is a good idea, but two mirrors facing each other create the illusion of more space and light.
• Install a bay window – Bumping out a bay window adds usable square footage and captures more natural light.
• Think vertical cabinetry – Take advantage of high ceilings by installing double cabinets, one above the other, for more storage in a small kitchen. Yes, you will need to use a step stool to access them, but the gain in space may be worth it.
• Build in bookcases – Use “lost” space, such as the foot or so of depth between the fireplace and the living room wall, to build in bookcases to hold knick-knacks and electronic devices as well as books.
• Use double-duty appliances – LGE makes a small microwave and coffeemaker combo that will cook oatmeal and make coffee at the same time in a 23- by 17-inch space. Make best use of limited counter space with appliances like this or a compact washer/dryer combo that can fit under a countertop or into a small closet.
November 18, 2011 3:28 pm
The busiest shopping time of the year is here. Deal-seeking shoppers will hit the stores early to take advantage of massive Black Friday sales, and even more will shop online for discounted holiday gifts on Cyber Monday.
With all the credit and debit transactions that will be coming through, shoppers need to remain alert to avoid identity theft in a time when they are the most vulnerable. Grange Insurance, a Columbus-based insurance company, offers advice for shoppers to remain protected this holiday season.
1. Remove extra credit cards, social security card, birth certificate and passport from your wallet or purse.
In the case that someone’s purse or wallet gets lost, having personal information handy for a stranger to steal makes them susceptible to identity theft. If this happens, victims should call their credit card company and bank immediately to cancel accounts to avoid any unauthorized purchases.
“Social security cards, passports and birth certificates should be kept in a secure place at home,” says Mark Russell, vice president of insurance operations for Grange Insurance. “When you go shopping or out in public, only bring what you absolutely need, and never leave your wallet or purse unattended or in an automobile. These situations could give thieves easy access to your personal information.”
2. Reconcile check, credit card and bank statements.
“Regularly review your check, credit card and bank statements to ensure that all purchases listed are legitimate and authorized,” says Russell. “If you notice any transactions that don’t belong, call your bank or credit company immediately to challenge the purchase.”
Also, confirming that home and work mailboxes are secure for receiving important mail such as credit card and bank statements will reduce the likelihood of theft. When ordering new checks, arrange to pick them up in-person at a local bank branch.
3. Don’t click links in emails from financial institutions or vendors that log into your account or require personal information.
“Online shoppers should also be aware of emails they receive from vendors with links that, when clicked, ask you to enter personal information,” says Russell. “If you receive an email that looks like it’s from a financial institution or vendor, regardless if you’re familiar with that institution, don’t click on any links in the email to log into your account or provide information. Instead, go to your browser and type in the domain name of the institution (e.g. http://www.paypal.com). Often times, these emails are from identity thieves who are trying to obtain or phish for confidential information.”
4. Consider purchasing identity theft coverage as part of your insurance policy.
Many insurance carriers, such as Grange, offer identity theft coverage as part of or an endorsement to their homeowner’s or renter’s policy, according to Russell. Adding identity theft protection to a policy will provide some coverage in the case that identity theft occurs. Policy owners should check with their independent insurance agent to confirm what options and assistance are available.
“In addition to adding identity theft protection to your insurance policy, consider the monitoring and security options that your credit card company or other vendors offer,” says Russell. “Many companies offer protection tools, such as transaction alerts, to help their customers become less vulnerable to a breach.”
5. Check your credit score.
Holiday shoppers should also remember to check their credit score annually. Companies such as TransUnion, Experian and Equifax offer free yearly credit reports that allow shoppers to analyze their score for any suspicious activity.
To learn more about identity fraud and access additional resources, visit http://www.us-cert.gov/cas/tips/.
November 17, 2011 5:18 pm
Rising heating costs will be a concern for many families this winter, so Amica Insurance is offering tips to help homeowners save money while keeping warm.
“Now is the time to look around your house to make sure it’s as energy efficient as possible,” said Sean Welch, a senior assistant vice president with Amica Insurance. “Even small things—such as making sure doors and windows are tightly closed or turning your thermostat down a few degrees—can help you save money during the winter months ahead.”
A good place to start is with your thermostat, Welch said. Make sure it’s not near a heating source or drafts of cold air, to help prevent faulty readings. Consider turning it down, even a degree or two, from what you’re used to. That can save quite a bit over the course of a few months. Also, don’t forget to turn it down while you’re not home and while you’re sleeping. Consider installing a programmable thermostat, which can be set to automatically adjust the temperature for you.
Here are a few more money-saving tips:
• Shut doors and heating vents in rooms that are seldom used.
• Close curtains and draperies at night, to help preserve the heat. And make sure they’re open on sunny days.
• Use plastic sheets to cover windows and doors that aren’t used during the winter to help prevent drafts.
• Check the weather-stripping around all doors and windows. Repair or replace it in any spots that may make your home drafty.
• Keep dampers closed on fireplaces and stove vents shut when they’re not in use.
• Make sure you don’t have any cracks or openings in your foundation. If you do, fill them with caulking.
• Consider increasing the insulation in your attic and ceilings. If possible, cover the attic entrance with plastic.
“While it’s great to save money by turning down the heat, never let a particular room or area of a house get too cold or you run the risk of having frozen water pipes that can burst and cause tremendous damage,” Welch said. “If possible, inspect all plumbing pipes leading in and through your house. Any pipes that run through unheated areas—such as attics, crawl spaces or outside walls – should be insulated.”
“Also, if you’ll be using your furnace a lot this winter, make sure it’s ready to run as efficiently as possible,” Welch says. “Have your furnace inspected and cleaned by a professional and make sure you change the furnace filter regularly.”
Every little bit helps, so before you turn up the heat, prepare your home for cold weather, Welch said. Hopefully you will save money and have a warm and comfortable winter.
For more information on protecting your home for winter, visit http://www.disastersafety.org.
This is the third in a weekly series of tips Amica Insurance is offering during November to help prepare and protect your home and family this winter. To see the first and second installments of the series visit Amica.com.
November 17, 2011 5:18 pm
With holiday shopping upon us, I’ve devised a list a list of 10 almost-no-money gift ideas for the whole family this holiday season. These tips will help you keep spending to a minimum, while still offering your loved ones gifts to be treasured. Best of all, you’ll set a good example for your kids on how to give at the holidays without overspending or taking on any credit card debt.
Use only what you have at home. We all know that we have enough leftover craft stuff to last us a lifetime. Make a game of finding everything you have and bring it all into the kitchen and then start making a few homemade gifts for those you love. Grandparents especially love this kind of gift. Go ahead, make their day!
One year my youngest wrapped up a stuffed animal she owned as a holiday present for her older sister. Well, that did not go over so well, as my youngest was 13 and was clearly late to the gift game and trying to make a silk purse out of a sows ear. With just a bit more thought, giving something you really love to someone you really love can be a great gift.
I give books that I have read and adored. This way my friends get a book that is guaranteed to please. I often include a note with other books that I have read by that author and suggestions they might want to follow up with at the library.
Kids can re-gift a favorite book, gently used and much-loved toy or even clothing that they have seen a sibling or friend admire. As long as they are willing to share the gift permanently and understand this, it’s a great way to let the person know you were listening. This strategy will also help strengthen a child’s sharing and empathy skills.
Letters are so important. In the 21st century we are all inclined to email and text, but a real hand-written or typed letter is now so rare that it truly will get your child’s attention. Use it this holiday as a gift of your time and attention. Tell them how you spent your holidays as a child; what was most important. Pick a moment this year when you were proud of them. Recap a moment they really showed you what they were made of and then wrap the letter as a gift. Because it is a gift – showing you see them and think enough of them to capture this memory on paper for them to read and re-read.
This is an all-time favorite of my family at New Years–but it can work at Christmas as well. I give them each a free pass on one thing they did wrong but have yet to confess. It’s a brilliant way to hear what might be lurking out there for you as a parent to yet be aware of, and it gets everybody talking about what took place that needs forgiving.
Craft a “Forgiven” coupon and again, wrap it as a gift with a date and time when all will gather and share what they need to unburden themselves with.
Look around you. There are likely a multitude of things to be grateful for. A word or a letter of acknowledgement is one of the best gifts you can give anyone. Thank your pastor for his or her spiritual leadership. Thank your friends for being there for you. Thank your doctor for his or her compassion. I’m sure that if you sit down for five minutes and think about the blessings in your life you will generate a very long list of people that deserve a gift of your acknowledgement.
My favorite gifts from my kids when they were young – coupons! “Anytime kitchen clean-up”, “shoulder massage”, “one hour of quiet time”, oh there were many such wonderful gifts. Kids made the coupons and wrapped each up and I got to “cash-in” throughout the year.
Grandparents love to get coupons for guaranteed time with grandkids. From face-to-face time to time on the phone or Skyping on the computer on a regular basis—this will be a cherished commitment that will end up being a gift to both grandparents and grandkids.
This year, as budgets are tight and Christmas is notoriously tough on budgets, because so much money gets spent all at once, try stretching that budget with a coupon. Do the kids love baseball? Coupon them tickets to a home game this summer and add a baseball or t-shirt to the gift to make it fun.
Everybody in the family can make a list of needs and wants for things that do not cost money, but need someone’s time and talent to do. Then print the lists and cut apart each item from the list separately. (To make sure you do not pick your own, you can either color the paper or use colored paper when you print your list –using a unique color for each family member.) Fold each item “card” up and place them all in Santa’s hat, then on Christmas Day, everybody gets to pick 11. And that becomes the family’s gift to one another.
What’s on my list this year? Changing light bulbs around the house inside and out. Picking up shoes at the back door and putting them where they belong! Emptying the dishwasher. What kids list will depend on their age, but requests can range from a ride to the library to using the car on Friday night.
Set a great example by starting something this year that your kids (or spouse) have been after you to do. Lose weight? Exercise? Cook more meals at home? Eat out more? Read more?
If you have a habit that is stressing out your kids—not to mention your own health—make a gift of quitting, tapering, changing or getting some kind of help that gives them peace. Show them how you plan to tackle the issue, and enlist their help. Everybody wins.
Okay, it does cost time and some money, but baking has long been a tradition for gifting at this time of the year for our family. I have a long list of kids that wait on my chocolate chip banana bread. Attach the recipe to the baked goods and you are good to go!
Make a list of what you have that you would be willing to “lend out” when asked. Maybe you have a snow blower—for those of us here in the Midwest, it’s a welcome gift on those wet, snow days—which you could lend to a friend and neighbor. Take the list and place it in your holiday card and include an email or phone number they can use when they’d like to take advantage of the gift you have offered for use.
Susan Beacham is CEO of Money Savvy Generation. Susan is an award-winning education entrepreneur and nationally recognized kids and money expert.
For more information, visit http://www.msgen.com.
November 17, 2011 5:18 pm
Wallet? Check. Passport? Check. Phone charger? Check. According to the Air Transport Association, an estimated 23.2 million air travelers will be going through similar mental checklists this holiday season. However, many will forget the importance of checking personal safety off of their lists. FrontierMEDEX, a global medical, safety and security solutions provider, conducted a survey of more than 400 travelers last week, and found that most travelers place a higher priority on the weather than on their own safety.
According to the survey, only 29 percent of travelers considered the crime rate a primary concern when researching their destination, as compared with 62 percent citing weather and 55 percent citing recreational activities as most important. FrontierMEDEX experts say that a shift in priorities is critical to keeping travelers safe this holiday season.
A recent study conducted by USA Today found the risk of becoming a crime victim is four times greater than the national average in areas outside most of the nation's big city airports. However, only 51 percent of the FrontierMEDEX traveler safety survey respondents recognized those specific areas as the biggest threat to their personal safety. The number one choice for 73 percent of respondents was city streets, followed by subways at 53 percent.
“During the holidays, people are carrying large sums of cash in their wallets, purses and bags,” said Charlie LeBlanc, president of security solutions for FrontierMEDEX. “They are in and out of airports and train stations and are distracted by getting to where they need to go, and not paying close attention to their surroundings when traveling. Larger crowds, longer lines, and extra articles to carry like coats, gifts, and luggage create an even greater opportunity for distraction. Being alert and mindful of who and what are around you are crucial to staying out of harm’s way.”
In an effort to ensure travelers have a safe, and hopefully happy, holiday season, the following are tips from LeBlanc, a leading authority on security principles:
• Skilled thieves steal smaller items like wallets, passports, and cell phones, so keep a close eye on all your possessions, especially small bags, purses and laptop cases as these are prime targets for airport thieves;
• Do not let your purse or laptop go through the security scanner before you do;
• Carry wallets in front pockets or in a zippered purse or handbag;
• Separate cash and valuables into different bags, so that if your wallet or purse is stolen, not everything will be gone;
• Arrange ground transportation in advance to ensure swift airport departure via a trusted driver you hire or a friend.
“Most people let their guard down at the train station or airport because of a perceived increase in security,” LeBlanc added. “There are several no-cost things a traveler can do to help reduce the chance of personally becoming a victim of crime. By staying focused, knowing where the greater risks are and following our recommended tips, they’ll increase their personal safety this holiday season. A safe holiday should help to create a happy one.”
For more information, visit http://www.FrontierMEDEX.com.
November 17, 2011 5:18 pm
It's nearly that time of the year again. Family members from across the nation will soon be congregating at your dinner table, eager to get a slice of that free range turkey you purchased at your local grocery store.
Before you selected this year's bird, you probably read its packaging, including the poultry label touting it as "free range."
But you might wonder what the truth is behind these labels. And what the USDA actually requires of producers.
In your mind, the phrase "free range" conjures images of an idyllic farm in the countryside. The turkey that is now cooked and prepped for your diners to devour lived a great life in the outdoors, wandering the hillsides and eating only the freshest... whatever it is that turkeys eat.
Here is what the USDA requires of producers claiming their turkey is free range or free roaming:
"Producers must demonstrate to the Agency that the poultry has been allowed access to the outside."
This might just mean that a bird has been labeled "free range" simply because whatever structure is used to house the animal has access to the outdoors in the form of a small yard. The standard doesn't mandate how long birds can spend outdoors, or how big the outdoors area should be.
So it could also mean that the turkey did have the dreamy outdoors life that you envisioned it living before it made its way onto your dinner plate. The USDA labeling requirement sets a minimum standard for what's considered free-range. It doesn't set a maximum.
Savvy shoppers and bird lovers might want to look beyond the "free range" turkey label at the store. Poultry labeling can help you pick the perfect protein course for your Thanksgiving meal, though the requirements may not be as strict as you might think.
For more information, visit www.findlaw.com.
November 17, 2011 5:18 pm
Property tax. Assessment levied by city and county governments on real and personal property to generate the bulk of their operating revenues to pay for such public services as schools, libraries, and roads.
November 17, 2011 5:18 pm
Q: What is a lease option?
A: It is an agreement between a renter and a landlord in which the renter signs a lease with an option to purchase the property. The option only binds the seller; the tenant has a choice to make a purchase or not.
Lease options are common among buyers who would like to own a home but do not have enough money for the down payment and closing costs. A lease option may also be attractive to tenants who are working to improve bad credit before approaching a lender for a home loan.
November 16, 2011 5:40 pm
Holidays and children just naturally go together, and every family develops its own patterns and traditions, notes North Carolina family counselor Eleanor Gaines. But some families more than others, says Gaines, do a great job of instilling in children the real meaning of the holidays; giving to others.
“There are many ways families can work together to make the holiday season more rewarding for those who may lack the family or resources that make the season joyous,” Gaines said. “A few hours spent making someone else’s season merrier can make your own season that much more memorable.”
Gaines offers five suggestions for working with your kids to make it happen:
• Bake some cookies – Have the kids help bake some family favorites and set them out on wrapped trays. Deliver a day or two before the holiday as a thank-you to local police or fire stations.
• Do some caroling – Plan an hour or two of caroling at a local hospital or convalescent home. Call ahead to clear a time with administrators; then invite a few friends or neighbors to go caroling with your family and invite them home for hot chocolate and cookies afterward.
• Greet a serviceman or woman – Shop together for a few items a service person overseas can enjoy—like cosmetic or personal items, cookies or candy, magazines, crossword puzzles or books. Package them up with note of thanks for their service and go to soldierpackages.org for the name and address of a solider or Marine.
• Fill a backpack – Children in the juvenile system often go from home to foster home or social service facility with little but the clothes on their backs. Fill a backpack with socks, underwear, toys and books, and anything else your children might suggest, and take it to a police station or a juvenile facility to be available the next time an emergency causes a child to be removed from home.
• Empty the toy box – Before your kids are inundated with a new season of toys, ask them to gather together the gently used toys they have tired of or outgrown. Pack them up and deliver them to a hospital or a child’s home to be enjoyed by less fortunate kids.