Do’s and Don’ts of Homebuyer Incentives

 

Do's and Don’ts of Homebuyer Incentives

Do’s and Don’ts of Homebuyer Incentives

By: G. M. Filisko

Homebuyer incentives can be smart marketing or a waste of money. Find out when and how to use them.

Be sure you’re sending the right message to buyers when you throw in a homebuyer incentive to encourage them to purchase your home.

When you’re selling your home, the idea of adding a sweetener to the transaction — whether it’s a decorating allowance, a home warranty, or a big-screen TV — can be a smart use of marketing funds. To ensure it’s not a big waste, follow these do’s and don’ts:

Do use homebuyer incentives to set your home apart from close competition. If all the sale properties in your neighborhood have the same patio, furnishing yours with a luxury patio set and stainless steel BBQ that stay with the buyers will make your home stand out.

Do compensate for flaws with a homebuyer incentive. If your kitchen sports outdated floral wallpaper, a $3,000 decorating allowance may help buyers cope. If your furnace is aging, a home warranty may remove the buyers’ concern that they’ll have to pay thousands of dollars to replace it right after the closing.

Don’t assume homebuyer incentives are legal. Your state may ban homebuyer incentives, or its laws may be maddeningly confusing about when the practice is legal and not. Check with your real estate agent and attorney before you offer a homebuyer incentive.

Don’t think buyers won’t see the motivation behind a homebuyer incentive. Offering a homebuyer incentive may make you seem desperate. That may lead suspicious buyers to wonder what hidden flaws exist in your home that would force you to throw a freebie at them to get it sold. It could also lead buyers to factor in your apparent anxiety and make a lowball offer.

Don’t use a homebuyer incentive to mask a too-high price. A buyer may think your expensive homebuyer incentive — like a high-end TV or a luxury car — is a gimmick to avoid lowering your sale price. Many top real estate agents will tell you to list your home at a more competitive price instead of offering a homebuyer incentive. A property that’s priced a hair below its true value will attract not only buyers but also buyers’ agents, who’ll  be giddy to show their clients a home that’s a good value and will sell quickly.

If you’re convinced a homebuyer incentive will do the trick, choose one that adds value or neutralizes a flaw in your home. Addressing buyers’ concerns about your home will always be more effective than offering buyers an expensive toy.

Source: houselogic.com

Check out homes for sale in Miami. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit http://ralphmagin.com/ for real estate inquiries.

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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HOLLYWOOD FLORIDA REAL ESTATE BIGGEST SALES (01-26-18)

 

Hollywood fLORIDA

HOLLYWOOD FLORIDA REAL ESTATE BIGGEST SALES

*as of January 26, 2018

 

Hollywood Florida

WE HAVE THE KEY TO YOUR DREAM HOME. CHECK OUT REAL ESTATE PROPERTIES FOR SALE IN HOLLYWOOD FLORIDA.

Call now for real estate inquiries! 305-741-2142 or visit www.ralphmagin.com

 

Arts Park 1

Arts Park at Young Circle Hollywood

Great park within the city is where exciting events and weekends happen. The most famous park in Hollywood Florida is Arts Park at Young Circle. It is a 10-acre wide park in the heart of the city with lush green space, broad pavements for the jogging and strolling and wide outdoor space for events.

Arts Park at Young Circle Hollywood on regular days is the meet-up place for some relaxing time or just a simple hang-out place of many residents and tourist. They have the a nice play area for the kids, skate areas, nice atmosphere and it is a few minutes away from the great beach of Hollywood. This will be a nice spot for those lazy days. You just can’t miss the spectacular fountain which is designed by the Japanese artist Ritsuko Taho. Arts Park at Young Circle Hollywood is highlighted on those special events because it is the convention for most of the exciting and free events in the city.

Culture and tradition are highlighted by the park as it venue for all the festivals and whole year-round events. Not to forget the best Monday nights at the park is the Food Truck Invasion that everyone surely loves. All you need is a blanket if you want some time by sitting on the grass and of course there will be foods stalls everywhere.

Find your spot in the Arts Park Young Circle Hollywood. Take a walk, jog, stroll, see around or just take some way time relaxing the park. You’ll surely love this park and the City of Hollywood.

Originally posted: https://wp.me/pTfmo-uE

Check out homes for sale in Sunny Isles. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit http://ralphmagin.com/ for real estate inquiries.

 

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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Should I Sell My House or Rent It?

Should I Sell My House or Rent It?

By: Dona DeZube

When it comes to deciding whether you should rent or sell your house, are you worried you’ll make the wrong financial moves? Here’s how to make the right call.

When your current home no longer suits you, selling it is a popular option. But in some cases, turning it into a rental home might make more sense.

There are lots of factors to consider when making the “sell vs. rent my home” decision, including:

  • Your financial situation.
  • Local market conditions for rental homes.
  • Your future housing plans.
  • Your tolerance for being a landlord.
  • State and federal income taxes.
  • Current and projected home prices.

Other factors to consider include:

Is Your Move Permanent?

Going away for a few years and planning to come back to the area? It may be cheaper to rent your house and move back in when you return, rather than paying sales commissions to sell your current home and purchase of another one when you get back.

You’re Being Transferred, But You Are Likely Coming Back

Suppose you have owned and lived in your home for two or more years but are now being transferred to a different city temporarily, after which you plan to return. You can rent your home for up to three years without losing the chance to sell it with no capital gains tax. So long as you owned and lived in the house for two of the five years prior to the sale, any capital gain on the sale can generally be excluded.

Therefore, by turning your home into a rental, you keep the option to move back in when you return, or sell it and avoid paying capital gains tax on any gain you might have.

Can You Rent Your Home for Enough to Cover the Mortgage Payment and Expenses?

If you can, keeping your house can be a smart way to help fund your retirement. Each month your tenants pay rent. You likely won’t pay tax on that income if you have enough expenses to offset it (like mortgage interest and repair costs).

When you finish paying off your mortgage or once you retire, you can sell the house and convert your equity into a lump sum, or continue renting it and collecting income during your retirement.

Do You Need More Tax Deductions?

When you rent your home instead of selling, you get to depreciate it for tax purposes. In most cases, you divide the amount you paid for the house, plus the cost of major improvements (less the value of the land) by 27.5 (that’s how many years the tax law says a house must be depreciated) to arrive at your annual depreciation.

For example, if you paid $100,000 for the house, and the portion allocated to the land is $20,000, you get to deduct $2,909 in depreciation annually ($80,000/27.5). Along with this, you can deduct other expenses, such as property taxes, repairs, and community association fees.

You Think Home Prices Are Going to Rise Over the Next Five Years

Even if your rental income doesn’t cover all your expenses (mortgage, property taxes, repairs, etc.), you might make up that loss if your home’s value rises before you sell it.

Say your home is worth $100,000 today and your expenses are $1,000 a year more than the rent you can collect. Over 10 years, you’ll lose $10,000 ($1,000 x 10 years), but if your home sale nets you more than $110,000, you’ll make money despite those annual losses. Your annual losses might be tax deductible, saving you money on your tax bill.

What’s Your Home’s Condition?

Renters, more so than buyers, can be willing to overlook outdated home fixtures because renters know they’re just passing through your home, not owning it.

If you don’t have the money to invest in improvements and your home’s fixtures scream 1970s (and not in a good, retro chic way), renting may be the better choice.

You Need the Profit From Selling Your Home to Fund Your Move-Up Home

If you need a different home and must sell your current home so you can use the equity as a downpayment, you might want to sell your home vs. renting it.

If you don’t need all the equity in your home for your down payment, you might be able to take out a home equity loan or refinance into an investor loan and use the loan proceeds as your down payment, and still make your home a rental.

You Freak Out About Condition and Panic Over Repairs

When someone lives in your home, they can scuff the walls, burn the countertops, and forget to water your prized shrubberies. If you can’t live with that wear and tear, sell rather than rent your home.

Becoming a landlord usually means you still have to maintain your house. You’ll get the bills when the plumbing springs a leak or the refrigerator dies. If making DIY repairs is beyond you and paying for upkeep is going to cause you to panic, opt to sell your house vs. renting it to save your sanity. You can save many of these headaches by using a property manager, but this, of course, will cost you.

Can You Evict a Tenant Who Fails to Pay?

If you wouldn’t have the heart to force out a renter who didn’t pay, you shouldn’t become a landlord — or if you do become a landlord, plan to have a pro manage your property.

Source: houselogic.com

Check out homes for sale in Miami. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit http://ralphmagin.com/ for real estate inquiries.

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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AVENTURA REAL ESTATE BIGGEST SALES (01-19-18)

 

Aventura

AVENTURA REAL ESTATE BIGGEST SALES

*as of January 19, 2018

Aventura

WE HAVE THE KEY TO YOUR DREAM HOME. CHECK OUT REAL ESTATE PROPERTIES FOR SALE IN AVENTURA .

Call now for real estate inquiries! 305-741-2142 or visit www.ralphmagin.com

 

 

Prive, An Island Beyond Extraordinary!!!

The sole address on South Florida’s last undeveloped private island, Privé is an exclusive lifestyle offering with world-class services, five-star amenities and absolute privacy, all surrounded by open air, sea and sky. Privé is a secluded enclave of 160 grand residences in twin, 16-story towers. The residences range in size from 2,585 to over 9,000 square feet of indoor space, plus expansive terraces. All residences feature private elevator entries, flow-through floor plans with 10-foot glass from floor to ceiling, expansive east/west water views, European kitchens and bathrooms, and outdoor summer kitchens. (Click here to check Prive floor plans)

Situated on an eight-acre private island in the Intracoastal Waterway, Privé is ideally located at the epicenter of Aventura, accessible through the gated enclaves of Williams Island and Island Estates. From this enviable location, Privé residents can enjoy immediate access to the adjacent and neighboring marinas, Aventura Mall, Turnberry Country Club & Resort, Gulfstream Park, along with a myriad of fine dining options and boutiques. Within twenty minutes of Privé, one can be at the Miami or Fort Lauderdale International airport, Las Olas Boulevard, Downtown Miami, Bal Harbour, the Miami Design District, Midtown Miami, Coconut Grove, Coral Gables, or Miami Beach. Know the story behind the extraordinary residence, click here.

PROPERTY FEATURES & AMENITIES

Access via private road, attended gatehouse and private bridge

Full-service valet

Five-star concierge

24-hour security – roving and permanent

Poolside Café – in-home service and light catering available during

certain hours

Beach-entry pool

North-South lap pool

Outdoor whirlpool

Lighted tennis court

Jogging trail

Private jetty for guest boat landing and fishing

Private marina with boat slips available for purchase (limited availability)

Nature path*

Private beach & beach club *

Pet grooming arena

Kids’ playground

Private garages available for purchase

BUILDING FEATURES & AMENITIES

The following features & amenities are contained in both Privé towers:

Two-story, 10,000-square-foot gym/spa containing:

Men’s and women’s steam and sauna

Massage treatment rooms

Aerobic & cardiovascular equipment

Weight facility

Fitness studio

Toddlers’ playroom visible from the fitness studio

Social room – billiards, board games, HD television

Private dining room with catering kitchen

Dining terrace

Wine cellar and tasting room

Cigar lounge

Guest suites – available for purchase by residents only

Business center

RESIDENCES

Prices start at $1.7 Million

Unit sizes ranging from 2,585 to over 9,000 square feet

Average unit size approximately 3,400 square feet

160 total units (80 units per building)

10-foot ceilings

10-foot-deep balconies

Floor-to-ceiling glass on all exterior walls

Penthouse units have private rooftops and pools

Intracoastal, Bay, and Ocean views

Spacious, open-plan living, dining, and kitchen areas

Private elevator access

Modern, custom-designed cabinetry and European-style kitchens

Outdoor summer kitchens

Service suites

The sales gallery is now open for interested buyers. You may visit their website for more information. For further assistance, call this number 305-935-2696 and look for Ralph Magin, your trusted real estate broker.

Source: http://mypriveisland.com

Check out homes for sale in Aventura. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit http://ralphmagin.com/ for real estate inquiries.

 

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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How to Appeal Your Property Tax Bill

 

 How to Appeal Your Property Tax Bill

How to Appeal Your Property Tax Bill

By: Barbara Eisner Bayer

To successfully appeal your property tax bill, you first need to do a bit of sleuthing into your real estate assessment.

It’s possible to trim your property tax bill by appealing the value the taxman assigned to your home. That “assessed value” is what’s used to calculate how much tax you owe.

One way to lower your property tax is to show that your home is worth less than its assessed value. You can do the initial research online in just a few minutes or by making a quick call to your real estate agent.

If it turns out you’re right and your property is assessed at too high a value, the process for appealing can stretch out for months.

Read Your Assessment Letter

Local governments periodically assess all the real estate they tax. When your new assessment comes in the mail, it’ll list information about your property, such as lot size or a legal description, as well as the assessed value of your house and land.

Your property tax bill will usually be calculated by multiplying your home’s assessed value by the local tax rate, which can vary from town to town.

If you think your home’s assessment is higher than it should be, challenge it immediately. You generally have less than 30 days to do so, though each taxing authority sets its own timeline. Procedures are often outlined on the back of the letter.

Follow these five steps to challenge your assessment:

1. Decide if an Appeal is Worth Your Time

How much effort you decide to put into a challenge depends on the stakes. The median property tax paid in 2012, the latest available figure, was about $2,000. That’s about 1% of the roughly $200,000 median-value home.

Say you’re able to lower your assessed value by 15% to $170,000 and therefore save 15% on your property tax. That lowers your tax bill to about $1,700, a net savings of about $300.

In some parts of New York and Texas, for example, where tax rates can approach 3% of a home’s value, potential savings are greater. Ditto for communities with home prices well above the U.S. median.

2. Check the Data

Make sure the information about your home is correct. Is the number of bathrooms accurate? Number of fireplaces? How about the size of the lot? There’s a big difference between “0.3 acres” and “3.0 acres.” If any facts are wrong, then you may have a quick and easy challenge on your hands.

3. Get the “Comps”

Ask a REALTOR® to find three to five comparable properties — “comps” in real estate jargon — that have sold recently. Alternatively, check a website like realtor.com to find approximate values of comparable properties that are very similar to your own in terms of size, style, condition, and location. If you’re willing to shell out between $350 and $600, you can hire an appraiser to give you a professional opinion of your home’s value.

Once you identify comps, check the assessments on those properties. Most local governments maintain public databases. If yours doesn’t, seek help from a real estate agent or ask neighbors to share tax information. If the assessments on your comps are lower, you can argue yours is too high.

Even if the assessments are similar, if you can show that the comparable properties are superior to yours, you may have a case for relief based on equity. Maybe your neighbor added an addition while you were still struggling to clean up storm damage. In that case, the properties are no longer comparable.

4. Present your Case

Armed with your research, call your local assessor’s office. Most assessors are willing to discuss your assessment informally by phone. If not, or if you aren’t satisfied with the explanation, request a formal review.

Pay attention to deadlines and procedures. There’s probably a form to fill out and specific instructions for supporting evidence. A typical review, which usually doesn’t require you to appear in person, can take anywhere from one to three months. Expect to receive a decision in writing.

5. Appeal if You Don’t Like the Review

If the review is unsuccessful, you can usually appeal the decision to an independent board, with or without the help of a lawyer. You may have to pay a modest filing fee, perhaps $10 to $25. If you end up before an appeals board, your challenge could stretch as long as a year, especially in large jurisdictions that have a high number of appeals.

But homeowners often do triumph. More than half the tax appeals in Seattle’s King County are successful.

There are a few things to keep in mind as you weigh an appeal.

  • The appeals board can only lower your real estate assessment, not the rate at which you’re taxed.
  • There’s a chance, albeit slight, that your assessment could be raised, thus increasing your property taxes.
  • A reduction in your assessment right before you put your house on the market could hurt the sale price.

An easier route to savings might lie in determining if you qualify for property tax exemptions based on age, disability, military service, or other factors.

This article provides general information about tax laws and consequences, and shouldn’t be relied on as tax or legal advice applicable to particular transactions or circumstances. Consult a tax pro for such advice.

Source: houselogic.com

Check out homes for sale in Miami. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit http://ralphmagin.com/ for real estate inquiries.

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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WILLIAMS ISLAND REAL ESTATE BIGGEST SALES (01-12-18)

 

Williams Island

WILLIAMS ISLAND REAL ESTATE BIGGEST SALES

*as of January 12, 2018

Williams Island

WE HAVE THE KEY TO YOUR DREAM HOME. CHECK OUT REAL ESTATE PROPERTIES FOR SALE IN WILLIAMS ISLAND .

Call now for real estate inquiries! 305-741-2142 or visit www.ralphmagin.com

 

VILLA MARINA

 

Villa Marina – 7000 Williams Island

Living to finest luxury is at the Williams Island where living is escalated at the high rise residence. Villa Marina among the many condominiums in the area offers on the top service and well maintained amenities for every resident and guests.

Villa Marina – 7000 Williams Island is a waterfront property in the sophisticated community of Williams Island built in 1998. It is a 32-story luxury tower for 299 luxury units with spacious floor plans. Each unit offers the magnificent view of the city and the sea. Each unit has oversized balconies and exquisite marble flooring. Villa Marina offers in-house amenities such as pool, spa, fine dining and gym. It is the only tower in the community that gives front door access to the Williams Island Tennis Club and has its own marina.

VILLA MARINA

Villa Marina 7000 Building Condo Amenities:

24-hr Security

Covered and Valet Parking

Concierge

Pool and spa

State of the Art Gym

Club House

Business Center

Ocean Views

Beach Pool Towel Service

Landscaped Areas

Library

Movie/Media Theater

Living in Villa Marina is a great opportunity who prefers to live in an exclusive and finest community. It will be worth an investment that spells luxury, security, convenience and expect more of a quality living. Contact a Realtor right now and live in an escalated lifestyle.

Originally posted:  https://wp.me/pTfmo-sR

Check out homes for sale in Williams Island. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit http://ralphmagin.com/ for real estate inquiries.

 

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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Keep Your Home Purchase on Track

 

 

Keep Your Home Purchase on Track

Keep Your Home Purchase on Track

By: G. M. Filisko

You’ve found your dream home. Make sure missteps don’t prevent a successful closing.

A home purchase isn’t complete until you make it to the closing. Until then, the transaction can fall apart for many reasons. Here are five tips for avoiding mistakes that cause a home sale to crater.

1.  Be truthful on your mortgage application.

You may think fudging your income a little or omitting debts when applying for a mortgage will go unnoticed. Not true. Lenders have become more diligent in verifying information on mortgage applications. If you fib, expect to be found out and denied the loan you need to fund your home purchase. Plus, intentionally lying on a mortgage application is a crime.

2.  Hold off on big purchases.

Lenders double-check buyers’ credit right before the closing to be sure their financial condition hasn’t weakened. If you’ve opened new credit cards, significantly increased the balance on existing cards, taken out new loans, or depleted your savings, your credit score may have dropped enough to make your lender change its mind on funding your home loan.

Although it’s tempting to purchase new furniture and other items for your new home, or even a new car, wait until after the closing.

3.  Keep your job.

The lender may refuse to fund your loan if you quit or change jobs before you close the purchase. The time to take either step is after a home closing, not before.

4.  Meet contingencies.

If your contract requires you to do something before the sale, do it. If you’re required to secure financing, promptly provide all the information the lender requires. If you must deposit additional funds into escrow, don’t stall. If you have 10 days to get a home inspection, call the inspector immediately.

  1.  Consider deadlines immovable.

Get your funds together a week or so before the closing, so you don’t have to ask for a delay. If you’ll need to bring a certified check to closing, get it from the bank the day before, not the day of, your closing. Treat deadlines as sacrosanct.

Source: houselogic.com

Check out homes for sale in Miami. Contact Ralph Magin, your trusted real estate agent, at 305-741-2142 or visit http://ralphmagin.com/ for real estate inquiries.

Ralph Magin, GRI, CRB, Broker Associate
Coldwell Banker Residential Real Estate
40 Years Experience Over 3,000 Homes Sold
305-741-2142 – RalphMagin@yahoo.com – www.RalphMagin.com

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