real estate

Money

9 Things That Will Lower Your Home's Value

If you're trying to sell your home, then Business Insider has some advice on things that may affect the pricing.

If you're trying to sell your home, then Business Insider has some advice on things that may affect the pricing.

With the real estate market as shaky as it is, homeowners can't afford to deal with more problems. And yet there's always something that pops up — whether it's noisy neighbors or an unfortunately placed sinkhole.

Related: 17 Things You Should Always Buy New

We've rounded up some of the biggest threats to the value of a home.

Sinkhole damage sucks property values down a staggering 30 percent.

The prevalence of reports of sinkhole damage in the US this year has raised questions about the impact on property values.

It's not the threat of a sinkhole that damages property value — there's insurance coverage specifically for sinkhole damage. In fact, a 2007 study found no statistically significant difference in home values in areas prone to sinkholes. Like earthquakes, it's only after sinkholes hit your property that problems arise.

Rob Arnold, a Florida real estate investor and realtor who has bought and sold more than 30 sinkhole properties in the last five years, told CF13 News he tells owners of damaged homes to knock 30 percent off their asking price, plus the cost of any repairs.

Read on for more.

Money

7 Things You Didn't Know Your Homeowner's Insurance Covered

You may have a vague idea of what your homeowner's insurance covers, but it's time to get educated on its proper coverage to make full use of it.


You may have a vague idea of what your homeowner's insurance covers, but it's time to get educated on its proper coverage to make full use of it. Of course, every insurance policy is different, but there are some similarities among them. Here are some things you may be surprised to see covered in many homeowners' insurance policies:

  • Student property: The homeowner's insurance covers property belonging to all members of the household, even if they go away for college. Most likely, the student will have to be housed in a college-owned property, like a dorm, to qualify for coverage. Expensive property like laptops and cell phones can be covered by the insurance plans.
  • Pet bites: If Fido gets you into legal trouble by biting one of your neighbors, your home insurance may take care of everything if you meet some of their requirements, such as the breed of the dog.
  • Fraud: Chances are, if you accidentally received counterfeit money or were a victim of check or credit card fraud, you might be able to get some of it back from your insurer. You may not get much back, but every bit counts!
  • Garden damage: If any of your plants, such as trees and shrubs, have been damaged unintentionally, you may be covered for it under your insurance.
  • Spoiled food: If a power outage caused your fridge to break down, you may be entitled to get some of your money back on the food that spoiled.
  • Missing luggage: Many homeowners' insurance policies cover belongings you bring outside of the home, so check to see how much of your lost baggage your insurer will cover.
  • Injuries outside the home: Many policies provide coverage on accidents and injuries, even ones that occur outside of the home.
homes

Annie Leibovitz Lowers Price of New York City Home to $29 Million

Annie Leibovitz has lowered the price of the highly personalized New York compound she created for herself, her family, and her photography from $33 million to $29 million.
Annie Leibovitz Selling New York Home For $33 Million

Annie Leibovitz has lowered the price of the highly personalized New York compound she created for herself, her family, and her photography from $33 million to $29 million.

The 10,000-square-foot home, which was originally listed in December, is comprised of three townhouses at the corner of New York's West 11th and Greenwich streets and surrounded by a private garden. Leibovitz bought the first two homes in 2002 and the third a year later. Since then, she's renovated and connected all three homes, which have seven bedrooms and 13 wood-burning fireplaces among them. Two of them now serve as living quarters; the third hosts a photo studio with its own kitchen and reception area.

"It's very rare to have something like this," said Paula Del Nunzio, the broker who's working with Leibovitz to sell the home. "She created it."

In 2009, Leibovitz put this home, another in upstate New York, and the rights to all the photos she's taken over the years up as collateral for a loan to repay $24 million in debt attributed to overspending. Those debts were later renegotiated and settled. Del Nunzio says Leibovitz is selling the home so she can move uptown to be closer to her three daughters' school.

A peek inside the home Leibovitz built, here in the gallery.

Photos via Brown Harris Stevens.

Money

How This Couple Paid Off a $210,500 Debt in 5 Years

Paying off all your debt is always impressive, especially when it runs up to six figures.


Paying off all your debt is always impressive, especially when it runs up to six figures. Reddit user Biking posted about his and his wife's recent success of paying off $210,500 worth of debt, which includes their $127,500 home, $34,500 in car loans, and $48,500 in student loans. Further, they were also raising a kid, currently 3 years old, while trying to reach their goals. 

The couple had initially bought their home when they were 24 and had been working toward paying of all their debt for five years. Biking says their combined income when they began was $77,000 and their income now is $127,800. Here's how they did it:

  • Doing research and finding what works. They both read The Total Money Makeover by debt guru Dave Ramsey and modified his plan to suit their situation.
  • Sticking to a strategy. They decided to prioritize paying off debt instead of investing, although they were still contributing a good amount to their retirement accounts. They paid off high-interest loans first and avoided carrying balances on credit cards.
  • Keeping track and automating. He automated as much as he could and kept track of everything on an Excel sheet.
  • Increasing their income. Both he and his wife worked full-time jobs to contribute toward debt repayment. They increased their income over the years. His wife got a master's (which accounted for their student loan debt) and had a $15,000 salary increase as a result of a higher position, while Biking's average pay raise each year totaled to $3,500. To add to their income, he started a sports photography side business that generated an extra $10,000 a year.
  • Tightening belts in various ways. For example, they saved on groceries by coupon-cutting. Biker says, "[My wife] would routinely knock $50 off a $125 grocery bill with coupons from the Sunday paper. She would plan meals by the week and we would save the left overs for lunch the next day or dinner the next night."

The main advice the Reddit user has for others is to create a debt repayment plan and stick to it, which for most people is easier said than done.

Are you inspired by their example?

DIY
Steve Madden

Inside the Six-Story Townhouse Steve Madden Is Selling For $9 Million

Footwear king Steve Madden and his wife have been buying up units of the historic Blacksmith House on New York's Upper East Side since 2006.

Footwear king Steve Madden and his wife have been buying up units of the historic Blacksmith House on New York's Upper East Side since 2006. Now that they own it all, they're ready to sell.

The home, which was listed just this week for $8,995,000, was originally built in 1860 and was subsequently cut up into separate apartments. Located on East 73rd Street between Lexington and Third Avenues, the house is spread over 6,000 square feet. Current floor plans feature seven bedrooms and 10 bathrooms, and the master suite opens onto a private garden. There are also three terraces — one on the parlor floor and another two on the top level of the house.

A look at the house and all that comes with it, here in the gallery.

Inspiration

Alicia Keys and Swizz Beatz Sell Their SoHo Penthouse

Better than backstage passes to the Grammys, this triplex penthouse once belonged to Lenny Kravitz and is now being sold by Alicia Keys and her husband, Swizz Beatz.

Better than backstage passes to the Grammys, this triplex penthouse once belonged to Lenny Kravitz and is now being sold by Alicia Keys and her husband, Swizz Beatz.
With over 6,000 square feet of space — including five bedrooms, four bathrooms, and a private spa — it is a home worthy of music industry legends, but for a mere $15 million, it is available to lesser mortals.
Click through to take a peek at this luxurious SoHo apartment.

Source: Sotheby's
real estate

Rag & Home: Marcus Wainwright's New $6.75 Million Brooklyn Mansion

Turns out being the cofounder of one of the industry's coolest brands will buy you a whole lot of house.
Rag & Bone's Marcus Wainwright Buys Brooklyn Home

Turns out being the cofounder of one of the industry's coolest brands will buy you a whole lot of house. Rag & Bone's Marcus Wainwright and his wife, model Glenna Neece, are getting ready to move into a triplex in Brooklyn's Cobble Hill Historic District. The Greek revival mansion — which Curbed called the "Blogger's Brooklyn Dream House" — was originally built in 1844 and went through a top-to-bottom renovation between 2007 and 2010, when it was originally listed for $7 million. (Wainwright and Neece paid $6.75 million, according to the sales record.)

The freestanding home is one of three in its neighborhood that sits on a double lot, and has enough parking space for four cars. It actually features three separate dwellings: in addition to the main home, there are two rental units with separate entrances that bring in an estimated $56,400 a year.

But that's not the only thing that makes the home so attractive. It has garden space on all four sides, an art studio, plus details like mahogany floors, a roof-deck, and a patio off the kitchen paved in bluestone. A look at the home here in the gallery.

Photos via Brown Harris Stevens.

Kate Spade

Inside Kate and Andy Spade's $4.75 Million Summer Home

The shingle-style Summer home Kate and Andy Spade are selling in Southampton is almost as quirky and quintessentially American as the eponymous brands the couple once designed.

The shingle-style Summer home Kate and Andy Spade are selling in Southampton is almost as quirky and quintessentially American as the eponymous brands the couple once designed.

At nearly three acres, the property — whose asking price was recently reduced to $4.75 million from $5.45 million — is the largest in Southampton's Art Village, where artist William Merritt Chase founded a Summer painting school in 1892. Today, the estate includes a freestanding ballroom, a painting studio, separate servant's quarters, and a two-car garage in addition to the eight-bedroom main house.

The home's interior is filled with charming details like bead board and an apron-front porcelain sink in the kitchen. It also features three fireplaces, six bathrooms, a formal dining room, and three porches that overlook the gardens and sprawling lawns. Many of the walls are covered in bead board, and wide windows and a variety of wall sconces and chandeliers keep the place light. A look at all that, here in the gallery.


Photos via Saunders & Associates

Proenza Schouler

Homes of Their Own: Inside the Proenza Schouler Apartments

The New York City apartment Proenza Schouler's Jack McCollough put on the market this Fall sold fast, but don't worry — Lazaro Hernandez's place is still up for grabs.
Proenza Schouler's Hernandez and McCollough Apartment Photos

The New York City apartment Proenza Schouler's Jack McCollough put on the market this Fall sold fast, but don't worry — Lazaro Hernandez's place is still up for grabs.

Both designers listed their homes for sale on the same day in October, and McCollough's two-bedroom West Village duplex just sold for $1,895,000. But Hernandez recently reduced the asking price for his apartment — which takes up the parlor floor of a townhouse in Chelsea — from $985,000 down to $950,000.

Why both places didn't sell immediately is a mystery: McCollough's light-filled, two-floor apartment has a modern, clean-lined sleekness to it that's warmed up with natural elements like a wall of wood cabinetry in the living room and dark gray stone countertops in the kitchen. There's even a small terrace just steps away from the study.

Hernandez's home is furnished and appointed a little more traditionally: there's a brick fireplace in the living room, which features wooden shutters on its windows. The terrace here is slightly larger than at McCollough's place, and accommodates a table, chairs, and an outdoor sectional.

Speculation has the couple pooling their resources and moving in together, but until then, here's a glimpse of both homes here in the gallery.

Photos via Corcoran.