The Advantages of Buying Over Renting

Posted by on Nov 8, 2018 in Blog

Even back to the early beginnings of America, it has always been the dream of the citizens to own a piece of their property and to be able to own their own home. Though it is a pretty significant commitment to own a home, the long-term benefits far outweigh the benefits of renting. Let’s discuss the benefits of buying versus renting. Forced Savings When you decide to buy a home, you start building equity, which then allows you to use that equity towards other things. Every dollar you spend toward your home gives you ownership of this piece of property. Having a stake in your property will enable you part of the money from your house to do things like adding an addition, paying off debt, or send a child to college. When you are renting, those dollars only go toward the landlord, and you will never see any benefit back. Tax Savings When you own a home, there are many tax benefits. As the government wants people to own homes, they have given them certain tax credits that can be deductible. Some of the items you can deduct are interest on the mortgage, property taxes and any profits you get from selling a home. You can always talk to a tax professional to see if other items will benefit you in the ownership of a house. Renters get no tax relief. Monthly cost As a homeowner, you can decide at the beginning what your monthly mortgage will be. Knowing your mortgage amount every month will allow you to make sure it is something you can afford and that won’t go up. This fixed cost enables you to focus on other aspects of either your home or other expenses that come up. Also, your home value will most likely continue to rise in the next 15 or 30 years. When renting, you are not in control of when prices go up, even when your salary may not. Less Expensive Many reports show the cost of a home over time versus renting will be cheaper. One report on https://www.trulia.com/blog/trends/rent-vs-buy-fall-17/ from Trulia shows that it is anywhere from 6% to 57% cheaper to own than rent. Though rent can sometimes be less expensive over the short run, over time, it will probably be more expensive. Living in your Investment While you can invest in other things like the stock market, or gold, a home is a much more substantial investment. Your family can live in your investment, you can be close to your work, and if things get tight financially, you can still have some equity to help you when you need it. Owning a home is the best investment. It may be a temptation to avoid saving for a home because the initial investment can be steep, the long run will always be worth it as an investment, and also...

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Painting Essentials

Posted by on Nov 2, 2018 in Blog

Painting Essentials So you’re finally ready to pick up a paintbrush and get to work on your walls! Painting can be a stimulating step that many homeowners dream of one day doing but may be too scared to take the first step. Aside from choosing the perfect color for your space, there is a lot more that goes into making sure those freshly painted walls turn out the way you hoped. Afterall, painting your home can either enhance its beauty or tear it to pieces if done incorrectly. If you want to be successful in your project (which I’m sure you do!), follow along to find out the five things every person should know before painting a room. (1) Choosing the Right Finish Just because you picked your paint color doesn’t mean your done making decisions yet! Understanding the pros and cons of different finishes (also called sheen) will help you choose the right finish for the job. To make things easier, I created a quick overview of the different finishes below from lowest to the highest. Flat: A no-sheen finish that is great for hiding wall imperfections and commonly used on ceilings, formal dining rooms, and low traffic areas Eggshell: A smooth, low-sheen finish perfect for living and dining rooms, bedrooms and dens with moderate cleaning capabilities. Satin: A beautiful, multi-purpose, low-sheen finish making it excellent for hallways, kids’ rooms, family rooms and other high-traffic areas. Semi-Gloss: A mid-sheen finish created for stain resistance and repeated washings. People mostly use semi-gloss in kitchens, bathrooms, and for trim. High-Gloss: A high-impact sheen that provides the highest durability but shows imperfections easily; rarely used on walls. Overall, the general rule of thumb is that the higher up you go on the scale it will be more durable and also more susceptible to showing imperfections. (2) Painting Samples Before Committing to a Color Have you ever compared paint swatches you found in the store to the finished product and noticed that they look different? That’s because the swatches are printed on cardstock, not painted, making them almost impossible to match. Since they make swatches on cardstock, it is essential for you to get paint samples that you can paint up on your wall to choose the right color for your space. You can avoid buying a whole bucket of paint for testing by opting for little 8 oz cans of each color. Make sure you put enough coats on the wall to cover up the previous color to get a real sense of what it will look like. (3) Prepping the Room for Painting While prepping your surfaces is essential, you also have to factor in the other pieces in the room. Let me share a little story with you: Last summer I was working on tile selections when one of my clients frantically called me over to their home after professionals painted it. The issue?...

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How to Sell an Inherited Home That You Don’t Need

Posted by on Oct 24, 2018 in Blog

How to Sell an Inherited Home That You Don’t Need

Has a loved one or family member recently passed on and left you with their home? Inheriting a house can be a delightful gift, but it can also present a significant number of challenges that you must navigate. Let’s explore how to deal with an inherited house and, should you decide to, how to sell it without incurring too much stress. Are Emotions Involved? The death of a family member or other loved one can be a trying time emotionally. Depending on how the deceased left the property, you may also have to deal with cleaning out personal belongings and reviving old memories. A battle over a will or the proceeds of an estate can compound the situation, making things worse. If you are emotionally involved, it is best to work with a real estate agent who can do much of the heavy lifting. That way you can focus on supporting your family and keeping your stress levels down. Understand Your Legal Obligations Although real estate inheritance is common, there are still some legal issues that must be considered. As such, you will need to understand what your legal obligations are regarding the will or estate process. Are you the executor of the will, or is someone else? Is the property included in a trust, or is it free-standing and gifted directly to you? Has the probate period passed, or can a family member or relative still challenge the will? If you haven’t already, it is best to speak with a real estate professional or experienced lawyer to get their advice. Consider The Tax Implications As with any financial windfall, there are going to be tax implications that need to be considered when selling an inherited home. For example, it’s unlikely that you will qualify for the home sales tax exclusion unless you have been living in that house as your primary residence. Once you sell the home, you will also need to report the proceeds of the sale to the IRS. There are also a variety of different taxes that need to be factored in, including estate taxes, inheritance taxes and more. Consult An Experienced Real Estate Agent Selling a home that you have inherited in a will or as part of an estate can be an emotionally draining process. Before you make any moves, it is best to speak with a real estate professional. Contact our office at your convenience and we will be happy to meet with you and share our...

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