Wednesday, March 17, 2010
 Everyone I've talked too knows that finishing an attic, upgrading a bathroom, remodeling a kitchen or re-landscaping your yard can increase the value of your home. But very few know the ins and outs of capital improvements when it comes to lowering your tax bill when you sell their home.
As it stands now, rules will let you add capital improvement expenses to the cost basis of your home. Simply put, costs associated with improvements (whatever they may be) lowers total profit. Or as the IRS puts it, taxable income.
The best thing to do is to get in touch with your accountant and Realtor prior to putting your home on the market and have a firm strategy for netting the most profit (and paying the fewest taxes) as possible.
Here's a link to an article that sheds even more light on the tax saving opportunities that improving your home may provide when you decide to sell: http://bit.ly/9ohY3p Labels: Belmont Heights, Belmont Shore, California, capital gains, home improvements, Long Beach, Real Estate
# posted by Dave Harbison @ 3:46 PM
Monday, March 8, 2010
Sellers - When a New Roof Matters
I always say, a well placed investment of time a money are worth a lot when it comes to selling your home... One of the biggest hurdles to overcome to a successful sale is a old or bad roof. In today's buyer's market, it is even more important than ever to go into into your home sale knowing exactly what you are willing to do about your roof. Here are some tips worth considering: First, Have all the paperwork available showing when your roof was put on and if the warranty is still in tact. Second, have up to 2 roofing contractors come over and evaluate your roof -- The condition of your wood shingles, composition, tile, slate or stone. Have them also the flashing to see that they were done correctly and that all the plumbing pipes and vents are sealed with caulk. Again, ask them if it was done correctly and professionally. You'd be surprised how many roofers don't take the time to do the job right!     Third, have the contractors go into the attic and evaluate the condition of the wood framing, sheathing and drywall for dry rot or termite damage. This will effect the estimate -- especially if there have been slow leaks that have effected the wood. Forth, have them explain the material they plan on using, the life of the roof, who the manufacturer is and how long the warranty is in effect for materials and labor. In today's real estate marketplace, it is highly unlikely that buyers will overlook the challenges that are presented for a property with roofing problems. Handle them up front and diffuse any questions they may have with logically, confident answers -- like you are in control. It is ultimately up to the buyer, however, it has been my experience that they will be less inclined to cancel or hardball a seller if they are presented a clear picture of the facts up front. Labels: Belmont Heights, California, Homes, Houses, Long Beach, Los Angeles, Real Estate, roof
# posted by Dave Harbison @ 4:32 PM
Saturday, July 18, 2009
5 Quick Tips -- Get Ready to Sell Your Home!
 When the time comes to sell your home, prioritizing projects to get top dollar will undoubtedly help drive the net amount of money you will pocket at the close of escrow . There are a number of important things to consider. I'd like to focus on 5 important aspects of selling your house. More can be found in a great Seller's Guide to selling your home. If these five tips interest you, give me an e-mail and I'll mail you one.
- Curb Appeal - This is often overlooked by the seller when they first consider selling their home. Yet it's so important. Your front yard, afterall, is where buyers form their first and strongest opinions. Make sure your home, from the street, is immaculate, clean, well cared for and inviting. It will bring more buyers that are serious about making an offer on your home.
- Don't Lose Sight of the Minor Details - Buyers in this market are (and can be) picky. Make sure to walk through your home and see that even the smallest of things (i.e. electrical covers, chipped paint, worn varnish, brass plates, etc) are in tip-top shape. Give buyers fewer reasons not to fall in love with your home.
- Clean, Clean, Clean - Understand that you are trying to sell your home for TOP DOLLAR. In order to do this, you need to make sure that your home is clean, there is no dust, all the floors shine, the kids rooms are immaculate and the walk way to your front door is clear of any leaves, weeds and cut grass. You'd be surprised how many homes lose buyers because they don't tidy up on a daily or weekly basis.
- Paint - This is probably one of the least expensive ways to breathe new life into your home. A fresh coat of paint, preferably in a neutral color, allows buyers to visualize how they would change the room and make it their own without creating opportunity for them to put a negative check mark next to the room because of the paint color. And, be very wary of "the wall paper syndrome". If it's there, it probably shouldn't be. Wall paper in this marketplace is not the most desirable attributes for buyers.
- Be Realistic - Over-improving may sound like the right thing to do, especially when you talk to buyers, but it can negatively effect your net proceeds. Take the time to talk with your realtor and discuss what improvements should be done, and what shouldn't. Be mindful of costs and return on investment. In a buyer's market, you will see buyers expecting more for much less.
Small improvements can provide a wealth of value to your bottom line. The right approach to planning your sale can make a huge difference. Labels: Belmont Heights, Belmont Shore, California, Homes for Sale, Long Beach, Park Estates, Real Estate, Selling
# posted by Dave Harbison @ 9:46 PM
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