Real Estate Blogs Of The Carolina's

Show Them You're Serious June and July are the busiest home sale months of the year. When inventory is in short supply and you may be competing with other offers, it is important to show the seller you're serious. Make your offer look as good as possible because you may not get the chance to make or accept a counter-offer. Put yourself in the seller's shoes.  Your home has just gone on the market.  There is lots of activity and suddenly, there is more than one offer to purchase.  The seller's first consideration may be to accept the highest offer but there are many other things to consider like closing dates, closing costs, possible repairs, contingencies and of course, the ability of the borrower to get a loan. Offer a fair price for the property in your initial purchase agreement.  It shows sincerity and good faith that you're actually trying to purchase the home and not trying to take advantage of the seller.  The old adage...

Don't Leave Home Without... You been planning this trip for some time and almost every detail has been considered...or has it?   Have you thought about how to protect your home while you're out of town?   What's going to make sure that everything you left is still there in you return? Nothing could ruin a trip more than coming back to find out your home has been burglarized or worse.   It makes sense to spend a little time before you leave on making sure your home is as safe and sound as it can be. There are a host of devices to use across the Internet including camera door bells, video cameras, door locks, garage door openers, light and thermostat controls.   You can monitor your home whenever you have an Internet connection.   The question is whether you want the distraction from your trip. Consider these low-tech suggestions along with your other normal efforts: Tell your neighbors you'll be out of town and to be aware of any unusual act...

Temporarily Renting a Home IRS has provisions for homeowners regarding the sale of a principal residence that allows for temporarily renting the home without losing the ability to exclude the gain if the home is sold under the correct conditions. The rules for the exclusion of gain on the sale of a principal residence are: Up to $250,000 of gain may be excluded for single taxpayers and up to $500,000 for married taxpayers filing jointly. Ownership and Use must have been a principal residence for two of the five years preceding the date of sale (closing date).  This allows for a temporary rental for up to three years maximum. Either spouse may meet the ownership test. Both spouses must meet the use test. No exclusion has been used in the previous 24-month period. Let's pretend that a person had owned a home from more than two years.  This person married and moved into their new spouse's home two years, six months ago.  That person decided to sel...

Get Rid of Things You Don't Need Periodically, you need to rid yourself of things that are taking up you time and space to make room for more of what you like and want. There's a frequently quoted suggestion that if you haven't used something for two years, maybe it isn't essential in your life.  If you have books you'll never read again, give them to someone who will.  If you have a deviled egg plate that hasn't been used since the year your Aunt Phoebe gave it to you, it's out of there.  Periodically, go through every closet, drawer, cabinet, room and storage area to get rid of the things that are just taking up space in your home and your life. Every item receives the decision to keep or get rid of.  Consider these questions as you judge each item: When was the last time you used it? Do you believe you'll use it again? Is there a sentimental reason to keep it? You have four options for the things that you're not going to keep. ...

Qualified Charitable Contribution If you're at an age where you need to be taking Required Minimum Distributions (age 70.5) from your IRA, a qualified charitable contribution and some planning may allow you to lower your overall tax liability. Let's say that a couple's 2019 itemized deductions include $8,000 in property taxes, $4,400 in interest and $20,000 in charitable contributions.   That would total $32,400 which exceeds the 2019 $25,300 standard deduction for married couples, 65 years of age or older, filing jointly.   Their required minimum distribution from their IRA is $40,000 which will be taxed at ordinary income.   If this couple is in the 24% tax bracket, the tax liability would be $9,600. Alternatively, if they made the $20,000 in charitable contributions from their IRA as a Qualified Charitable Contribution, it would not be taxable in the withdrawal.   The balance of the RMD of $20,000 would be taxable at 24% which would have a tax lia...

Auto Pay Your Mortgage Payment In the time that it takes to write one check, you can set it up with your bank and never have to do it again.   You won't have to write checks, envelopes or buy stamps anymore.   You'll save time, money and benefit in other ways too. Never be late ... avoid late fees and protect your credit Schedule additional principal contributions monthly to save interest, build equity and shorten the mortgage term. An extra $200 a month applied to the principal on a $200,000 mortgage at 4.5% for 30 years will result in shortening the loan by 8.5 years.   If the loan was paid to term, it would save $52,977 in interest.   Use the Equity Accelerator to see how much you can save. It's convenient ... by doing it online with your bank, you'll have a centralized history of the payments. Protect your credit ... your payment history is the single biggest component of your credit score and accounts for over 1/3 of your credit score. Est...

To-Do List for Better Homeowners Checklists work because they contain the important things that need to be done.  They provide a reminder about things we know and realize but may have slipped our minds as well as inform us about things we didn't consider.  Periodic attention to these areas can protect the investment in your home. Change HVAC filters regularly.  Consider purchasing a supply of the correct sizes needed  online  and they'll even remind you when it's time to order them again. Change batteries in smoke and carbon monoxide detectors annually. Create and regularly update a  Home Inventory  to keep track of personal belongings in case of burglary or casualty loss. Keep track of capital improvements, with a  Homeowners Tax Guide , made to your home throughout the year that increases your basis and lowers gain. Order free credit reports from all three bureaus once a year at  www.AnnualCreditReport.com . Challe...