Choosing where to raise a family is one of the most important decisions for a household with children. Are there standard features a family ought to look for in a neighborhood, community, and town? Not really. The specifics are up to the values and needs of the individual household. Once you determine what you want, it’s time to put the town to the litmus test.

Real estate consultant Barbara Cocoran suggests some practical things homebuyers can and should do before purchasing a home. First and foremost, buyers need to look at the neighborhood and town where the house is located. Too often, buyers develop tunnel vision, focusing solely on the exterior and interior features of a property. Finding the dream house, however, is as much about the community as it is about square footage and floor plan. It’s critical to observe the people who live in the community in real time. Visit the house, neighborhood, and hot spots (playgrounds, local sports activities, and places families frequent) during evenings and weekends.

And if finding quality education is a top priority, Corcoran suggests that buyers check the SAT scores of the local high schools. These standardized achievement tests serve as one barometer of student success. Typically, higher scores translate to better schools and choosier buyers, who purposely seek out properties that will hold their value and increase over time. Are you looking for the ideal community? Check out the video tips at Forbes.com.

http://youtu.be/-3i4IkR9k_A

Finding the right home is not for everybody. Some want to build the dream house using their specifications. With real estate prices lower than they were five years ago, purchasing land could make sense for those who have the wherewithal.

What are the right questions to ask before signing a purchase contract? Michael Luckado’s “Buying the Land for Your Future Dream Home,” featured in HomeGain, outlines the major categories. The first step is to check out the zoning laws for the land and its surrounding areas. Is the area zoned for residential or commercial? What are the setback requirements (distance between the proposed home and lot lines) and height restrictions?

When zoning checks out, the buyer should contact the Homeowner’s Association, if one exists, and inquire about additional restrictions that may affect the building project. If the green light is still on, look into the availability of utilities. Those that are not easily connected will incur additional costs. For example, if water and sewer are not available, a private well and septic tank will need to be installed. There may also be fees to build (contact the local building and public works department for a list) and maintenance expenses even before breaking ground such as real estate taxes, insurance, sewer and water availability fees, HOA dues.

After completing due diligence on the above items, you may want to consult with an attorney to review the contract. As a rule, a title search on the land is recommended. Before you build the dream house, do the homework. It can make the difference between a poor and prudent decision.

http://youtu.be/F7GfCY2orD0

Last week, the attorneys general in 49 states struck a deal with several big banks, according to the Wall Street Journal. After over a year of negotiations, Ally Financial, Wells Fargo, JP Morgan, Citigroup, and Bank of America have agreed to pay billions to homeowners who were foreclosed upon from September 2008 to the end of 2011. The five banks will likely split a $9 billion cash payment to borrowers and another $17 billion in various types of housing relief. This deal marks the largest housing settlement in American history and the second-largest civil settlement between states and an industry since the tobacco case of 1998.

How will the money be spent? CBS Morning News divvies it up:

• $17 billion for reducing principal on mortgages
• $3 billion for refinancing
• $1.5 billion in cash payouts to borrowers for improper foreclosures
• $3.5 billion to state and federal governments to deal with foreclosures
• $1 billion for the Federal Housing Authority

Watch the Wall Street Journal video for more information on this historical deal.

http://online.wsj.com/video/big-banks-in-26b-settlement-over-foreclosures/21DA117A-A8D6-4B79-A7B3-450EDBE786BF.html

Three homes. Three generations — X, Y, and Boomer. Builder Concept Home 2012 is sponsored by Hanley Wood, a multimedia firm that develops magazines, online publications, exhibitions and conferences, and custom marketing and data services for the construction and building industry.

Homebuyers are invited to take a photo-realistic virtual tour of the Boomer house, which is online starting February 8. The home features a one-level floor plan with plenty of private, common, and outdoor spaces for the older couple who remains active. While the house was conceptualized for baby boomers in retirement, this property is potentially functional for a small family unit, no matter what the age of household members.

This Boomer house seeks to provide comfortable living spaces with the latest design features:

• A covered courtyard for entertaining gives guests direct access to the dining area and connects the two main parts of the house — the bedroom suites and the great room.
• Sliding glass panels are integrated for several of the rooms throughout, allowing easier access.
• The master bedroom suite is complete with a zero-threshold walk-in shower and an adjoining study.
• And the guest bedroom has its own kitchen. It’s perfect for the “boomerang” child, relative, or caregiver who needs a suite of their own.

Model homes for generations X, Y, and B are situated in the Eagle Creek golf course community near Lake Nona, about 30 minutes from the Orange County Convention Center in Orlando, Fla. For those who can’t make it to Orlando, the virtual tour will not disappoint.

Over the past several years, many individuals experiencing economic challenges have relied on the financial and housing help of parents, children, and other family members. According to the Pew Research Center that analyzes U.S. Census Bureau data, 51.4 million Americans lived in multi-generational households in 2009, up from 46.5 million in 2007. But what about individuals or families who provide housing and support to non-relatives? Forbes reports that in some cases, non-relatives may qualify as dependents also, thereby reaping a tax break for the head of household (”When A Housemate Is a Dependent (And A Tax Break)”).

One exemption per dependent can mean a $3700 deduction on an upcoming tax return. So who are the dependents you support? And can you legally report them as such? Here are some general guidelines:

• Parents can claim their children who are under the age of 19 and who live with them for more than half the year. Full-time college students under the age of 24 also qualify as dependents.
• Heads of households can claim a relative or non-relative who is a U.S. citizen, does not file a joint return, and earned less than $3700 in the past year (not including Social Security or disability pay).
• Relatives, such as an elderly parent in a nursing home, are not required to live in the same residence to qualify as dependents, but non-relatives must share the same address as their benefactors.

Refer to the IRS for more information on claiming dependents (”Six Important Facts about Dependents and Exemptions”). Consult with your accountant or tax preparer for additional guidelines.

Every house should have a smoke alarm. Most detectors on the market alert occupants with a shrill or beep. But recently, a new kind of product has emerged — the Chick-a-Dee. Created by artist Louise van der Veld, the Chick-a-Dee sings its alarm. In 2006, the Union of Dutch Insurance Companies in the Netherlands sponsored a contest to inspire designers to recreate the standard smoke alarm. The Chick-a-Dee took first place for its functionality and beauty of design.

When triggered by smoke, the Chick-a-Dee tweets like the real bird would. As increasing smoke is detected, the volume goes up and the chirping quickens. For the price of $79, households get the detector with a one-and-a-half year battery life, plus a three-year product warranty.

Whether you choose the $79 or the $7 version, FEMA (Federal Emergency Management Agency) recommends that families living in multi-story homes install at least one detector per floor. Avoid placing smoke alarms in the kitchen or garage, where cooking and auto fumes can trigger them. For more information on detectors, how they work, and other information, refer to FEMA’s website.

Around this time of year, tax forms for 2011 are trickling home through the mail. If you have a more complicated return or simply want guidance, enlisting the help of a professional tax preparer can mean the difference between paying more or less to Uncle Sam. For households that run a small business, it’s important to find an accountant who stays up to date on tax laws pertaining to your specific industry. Learn more by watching the Wall Street Journal’s “Experts Explain: How To Choose a Tax Preparer.”

http://online.wsj.com/video/experts-explain-how-to-choose-a-tax-preparer/A0126021-8808-48D1-BBB9-DCCD9A56FC45.html

The National Retail Federation Survey forecasts that consumer spending on Superbowl paraphernalia — food, munchies, booze — will hit a record high of $11 billion dollars. That exceeds the heights of holiday spending this past year, when Americans spent $7 billion on Halloween and another $6 billion on Christmas decorations. (Has your jaw dropped yet?)

An estimated 110 million viewers will watch the New York Giants and New England Patriots vie for the championship. But that’s not all. Big companies plan to unveil slick commercial ads that aim to humor, entertain, and pull at consumer heartstrings. Will real estate get in the game? You betcha. Century 21 Real Estate will make a debut appearance with a 30-second spot during the third quarter. The ad features Donald Trump and notables in the sports world being outsmarted by none other than a real estate pro.

Will you be watching Superbowl XLVI? Game starts at 6:30 p.m. EST on NBC this Sunday, February 5. Catch a preview of the ad at Inman News.