Tax benefits of home ownership
There are so many advantages to purchasing your own home. For instance, it offers the pride of ownership, provides an overall sense of accomplishment, and is a place where you and your family will build many lasting memories. Among others, real estate opens the door to many tax benefits as well. Let’s discover some of the following ways that owning a home/s can help to create a tax shelter.
- Mortgage Interest & Points: If mortgage debt is $1,000,000 or less, married couples filing jointly can deduct the full amount of their interest. Otherwise, those filing separately can write off up to $500,000 worth. This also includes second homes or adjacent land to your main residence. Points on either a home purchase or refinance can also be deducted, but these must be amortized for the latter.
Six Ways To Ensure A Remodeling Project Pays Off
Just a few years ago you could count on getting the bulk of your money back for almost any home-improvement project you took on. According to a study from Remodeling magazine, the average return on value for an upgrade declined from 87% in 2005 to 64% in 2009. But these six rules will help you maximize your return on your remodeling investment.
Rule No. 1: Repairs get the biggest returns. The smartest money now goes into “un-deferring” needed maintenance. That’s because while buyers might appreciate enhancements like Jacuzzis and Sub-Zeros, they won’t tolerate a house with a leaky roof or antiquated plumbing. “If a property is known to have issues, today’s buyers won’t even look at it,” says appraiser Jim Amorin.
read moreReal Estate News for the week of May 17,2010
House lawmakers approved a $6 billion measure that aims to provide rebates to homeowners who invest in energy efficiency improvements. The bill, officially known as the Home Star Energy Retrofit Act but better known as “cash for caulkers,” has been touted by President Obama since December as one of the signature pieces of his administration’s larger job-creation strategy. The act “is a common-sense bill that will create jobs, save consumers money, and strengthen our economy,” President Obama said after the House passed the measure. “We have workers eager to do new installations and renovations, and factories ready to produce new energy-efficient building supplies.” House Speaker Nancy Pelosi, D-Calif., estimates that the legislation will create nearly 168,000 jobs in construction, manufacturing, and retail. The vote simply authorizes the creation of the program; it does not appropriate the funds needed to run it. Source: Associated Press
read moreIs my home worth staging?
These are questions I get asked the most when homeowners get ready to sell their home.
- “Is it worth it to stage my house?”
- “My house is not that big, it’s probably not worth staging?”
- “Is the price point too low to stage my house?”
- “Should I wait and ask my real estate agent if I should stage my home?”
- “My house is pretty new, should I stage it?”
- “My REALTOR® says I don’t need to stage my house, what do you think?”
The answer to all of these questions is absolutely yes! Why is that? Because no matter what price point a house is, or size, small or large, or how beautifully decorated it is, staging is beneficial.
