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Benefits to Owning a Home

by Sandi Pressley

Owning a home is something many people dream of, but it can seem like a huge commitment with little benefits in return. Some choose to rent over purchasing a home, but there are actually some great monetary advantages that come with owning a home. For those who own homes, there are some itemized tax deductions available, which you are allowed to deduct every year.

Taxes

Both state and local real property taxes can be deducted, but you should keep in mind that real estate taxes are only deductible in the year they are paid to the government. For instance if your lender held money in escrow for taxes due in 2016, you can’t take a deduction for those taxes in the year 2015.

Mortgage Interest

Mortgage lenders send an annual statement to borrowers by January 31st every year that reflects the amount of mortgage interest and real estate taxes that have been paid by the homeowner during the previous year. Mortgage interest loans on a first or second home are fully deductible but subject to certain limitations like the acquisition of loans up to one million and home equity loans up to $100,000. If you are married but file individually, these limits are split.

Points

Some mortgage lenders will allow you to pay one or more points to get a loan. The more points you have, the lower your interest rates should be. These points are sometimes called “loan origination fees” or “premium charges”, but they’re all still points. Each point is one percent of the borrowed amount, for instance if you get a loan of $180,000 each point would cost you $1,800. The IRS has dictated that even if the points are paid by sellers, they are still deductible by the homebuyer. Any points paid to a lender when refinancing your current mortgage aren’t fully deductible in the year they’re paid; you have to distribute the amount over the period of the loan. If you paid $1,800 in points for a 30 year loan, each year you are only allowed to deduct $60, which $1,800 divided by thirty. When you pay off your new loan, any remaining parts of the points you have not deducted, can then be deducted in full.

If you have further questions about the tax benefits of owning your own house, contact your legal and financial advisors.

If you’d like to own your own a home, contact The Sandi Pressley Team to get the process started today.

 

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Sandi's Hot Home Listing

9150 Eagle Rock Avenue9150 Eagle Rock Avenue, Albuquerque

Price: $975,000 Beds:4 Baths:3 Square Feet: 3,800

Divinely Appointed Custom Tuscan Home in desired North ABQ Acres,this .84AC single level dream home offers Elegance,Sophistication,Luxury & Bkyrd living that looks as if it is out of the pages of Better Homes & Garden!With approx 3800SF,the open 4BD+OFC(w/closet) floorplan greets you w/massive exposed wooden trusses in living area,brick FP,stunning porcelain tile(wood-like flooring),striking arched accents thru-out-showcasing the finest quality craftsmanship.

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Remodel or Sell?

by Sandi Pressley

Real estate agents are often asked whether it is better to remodel or to sell. Generally, projects that build off of or improve what you already have are much more expensive than having something new built or added. You could end up with more money invested into a remodel project than you would’ve if you’d just bought a home better suited to your needs.

You need to ask yourself if the home you’re currently in has too many irreplaceable features, and if you’d be willing or even able to duplicate them in another home. If the answer is no, then you should consider selling your home and buying a new one. But if the answer is yes, then there a few things you should be aware of.

When you remodel, it’s best to look forward to when you’ll have to sell it. Some common remodels and improvements can get different percentages in return. Replacing your entry door can get you up to 96.6% in return. Adding a wood deck can return up to 87.4%, and attic bedrooms, garage door replacements and a minor kitchen remodel can get 82-84% return.

Some remodel projects bring less in returns. A master suite addition or backup power generator offers about 67%, a bathroom addition brings back 60%, a sunroom addition or a home office remodel only brings about 49-52% returns.

The most important question you need to ask is whether you actually need to remodel or upgrade. Unless your door is cracked or peeling, you might just need to give it a fresh coat of paint, then try buying planters and other accents like a porch swing in the same color. Don’t assume that a complete remodel is always necessary; sometimes all you need is a repair and a fresh coat of paint.

Keep in mind how long you’re planning on staying in the house, don’t worry too much about what buyers will think, and focus on projects that will make staying in the house more pleasant for you and your family. You can knock out a few walls to make your living room bigger or fill out the attic to make it a bedroom or playroom.

The addition of a second story, a master suite or even a sunroom is worth the extra money if you really need the space, but keep in mind that you’ll need building permits for all of those additions, and that the work could clutter up your home for months at a time. DO NOT attempt a major remodeling project without an architect or experienced contractor. Take advantage of having the expert advice and make sure any projects you’re undertaking are complimenting the structure of your house.

In general, smaller projects can get you more return than the larger ones, so start with those and fix any minor things that you can. As you spend more time in your home you’ll get a better idea of which remodels and updates make the most sense for you and your home.

If you’ve decided that you’d like to sell, contact the Sandi Pressley Team today.

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Sandi's Hot Home Listing

154 Placitas Trails Road154 Placitas Trails Road, Placitas

Price: $415,000 Beds:3 Baths:2 Square Feet: 2,943

EXCEPTIONAL! Single level custom Pueblo style Placitas Home features 3BDRM/3Bath/2 CG nestled on 1.58 AC culdesac lot. Breathtaking great room complete w/kiva fireplace, beamed/T &G ceilings, LG picturesque windows for spectacular Views, Gourmet kitchen w/granite counters-veg sink, custom cabinetry & S/S appl overlook the spacious & sunny breakfast nook+ formal dining area. Private MSTR-STE w/Kiva FP, secluded Mstr BDRM ofc, outside entrance to relaxing back covered patio

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Curb Appeal Returns

by Sandi Pressley

Curb appeal can go a long way toward getting your home sold as quickly and for the highest price possible. Most agents rate outside remodeling projects as the most valuable a homeowner can undertake. But most homeowners are uncertain which projects will get them the most return on investment when they put their home on the market.

Projects like replacing the entry door or siding and window treatments can get homeowners more than 78% of costs upon the sale of their home. Replacing your door with a steel entry might cost around $1,000, but you can make most of that back in the sale of your home. Even though you aren’t making a 100% return, a good first impression is absolutely priceless. If the buyer doesn’t like what they see, they won’t even bother taking a second look at your home.

Adding a deck or patio is another project that is often recommended by agents, with the opportunity for a return of over 87% of your costs. Vinyl siding can return over 78% while fiber-cement siding can return 87% as it’s more popular with buyers. Replacing a midrange garage door can return almost 84% return, but getting a more upscale garage door can offer an 83% return on your costs. Investing in wood or vinyl window replacements can get you more than a 79% return.

Even giving your home a fresh coat of paint can get your home noticed faster, and get it sold for more.

If you’d like to see what return you can get on all your projects, contact The Sandi Pressley team today.

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Sandi's Hot Home Listing

13201 Canyon Trail13201 Canyon Edge Trail NE, Albuquerque

Price: $675,000 Beds:5 Baths:4 Square Feet: 3,265

A Rare find - Oversized Lot at the Canyons featuring two homes and a 3 Car Garage.Perfect Multigenerational Home- Numerous recent upgrades to main home- Beautiful New Kitchen, New Wood Floors, Heating System Upgrade, Living Room Remodel

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How Should You Price Your Home?

by Sandi Pressley

When you are placing your house on the market, it is crucial to price it properly. Pricing too high to start can be a waste of both time and money for the seller. Usually, the seller will get showings, but the offers that come in won’t be close to your asking price, or won’t come in at all. Sellers who price their home with the market will usually get more offers at better prices and their homes sell faster than homes that price high to start.

Because of this, you need to be extremely cautious when choosing a price for your home. If you price too high your home can sit on the market and the longer it sits the less offers you’re likely to receive. If you price too low you won’t get what your home is worth. Your real estate agent should be able to narrow down the number that is perfect for your home. Sellers who listen to their Realtors when it comes to valuing their home are usually the ones that come away from a sale with the most for their home.

If you are ready to find out what your home is worth, contact The Sandi Pressley Team today.

Have An Awesome Week!

Sandi's Hot Home Listing

9405 Black Farm Lane NW8018 Loma Larga, Corrales

Price: $1,125,000 Beds:4 Baths: 2 Square Feet: 4,253

True country estate! Casual Elegance! Perfect for multi-generational living, 1 story plus guest house, amazing mountain views! Front acre landscaped lot borders Loma Larga & is perfect for play area, soccer field, dogs or horses. Home & guest house are set way back for serene and private living. Incredible outdoor living spaces with multiple covered patios, portals, fireplace, pool, hot tub, outdoor kitchen w/ Alfresco grill!.

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