Real Estate Information

- In 2017, the IRS made changes to this deduction, reducing the mortgage limit. If your mortgage was taken out before December 2017 and is $1 million or less, this deduction applies to your situation as well. 

- Having a home equity line of credit (HELOC) that meets the above standards will receive the interest tax credit as well. 

- In case a homeowner has two mortgages that are each less than the $750,000 limit, but the total of those mortgages exceeds the limit, not all interest is deductible.  Learn more from the IRS Newsroom. 

- According to the Tax Cuts and Jobs Act, this benefit will stand through 2026! 
 

When the home was purchased, were mortgage points used as part of the loan transaction? This may qualify for a tax credit. Use this handy worksheet from the IRS to determine eligibility. 
 

Many have used their homes for office space this past year, but not everyone qualifies for a home office tax credit.  Those who are independent contractors or self-employed are the only taxpayers allowed this credit. 
 

Your lender is required to include property taxes paid on the 1098 form they send at tax time.  Property taxes paid up to $10,000 are eligible for a tax deduction. 
 

If you are paying private mortgage insurance (PMI), the law to receive a tax credit for this has been reinstated as well as being retroactive. House Logic has more information about the changes and benefits. 
 

Living in a federally declared disaster area can also get tax boons for homeowners.  Find more information about the natural disaster relief from TurboTax. 

First things first, change all locks on the house, including the garage door and any outbuildings. 

Painting interior walls would be finished sooner if done before getting boxes and furniture in the house. 
 

Most sellers are required to leave the house and property clean as a whistle, but doing a deep clean on your own or hiring a pro to do the job will make you feel better, knowing it was done.  Have hard surfaces steam-cleaned to ensure that as much dirt, grease, and germs have been blasted away.  
 

Any flooring projects you would like done would go more smoothly if completed before living there.   
 

Have a look at electrical outlets in each room and add or move them as needed. Consider upgrading outlets to include USB plugs as well, making it more convenient to charge your gadgets. 
 

Call an HVAC repair person and have the AC unit thoroughly cleaned and ask if they offer a service plan so that you do not have to schedule this twice per year. 
 

If getting new toilets is not possible, at least purchase and install new seats.  In case the bolts are stubborn, The Family Handyman offers some help in getting the old seat off. 
 

The security system should be up and running before moving, so check any existing installations and decide to upgrade or not. Get the internet connection established so you can test everything so it will be ready when you bring your belongings. 

Built-Ins  Unless there is serious damage to the pieces, leave the built-in shelving or window seating. Most built-ins are there to function in some way, and you will likely appreciate and use them once they have been restored. 
 

Molding and Doors Whether plaster or wooden, crown and window molding, ceiling beams, and baseboards should be revived in whatever way necessary to bring them to their former glory. Solid core doors are another item to keep and restore. 
 

Plaster Crumbling plaster looks awful and may be expensive to repair.  The folks at The Craftsman Blog point out the benefits of leaving and mending the plaster over installing new drywall. 
 

Original Windows  While energy-efficient windows are encouraged to most home remodelers, there are ways to save old wooden windows in a house and still save energy. Old House Online says getting an energy audit, insulating your attic, and weatherstripping, among other things, will make the old windows rival replacements. 
 

Fireplaces  Sometimes, homeowners rip out newer wall coverings and find a gleaming old fireplace hiding behind it. If you’re not interested in using it, have a professional close it in safely, and use it as a feature in the room. Otherwise, the same pro can likely bring the chimney up to code so the fireplace can be useful. 
 

Floors  Almost every old home has hardwood floors hiding beneath carpet, tile, or linoleum, and sometimes all three at once! They may look awful when peeling back the layers, but this type of old-growth wood cannot be found anywhere in modern times, and restoring them will be the best thing you can do for them.  

- Being pre-approved before you start house hunting is best, and a buyer agent will recommend a lender that will help you begin.  Once you have a mortgage amount, you will know how much home you can afford. 

- Realtors® have thousands of property listings at their fingertips! Once you let them know what you are looking for, they comb through those listings and find homes that fit your needs and wants. 

- Do you have any idea how to do the research for writing a successful offer on a house or negotiate counter offers you might receive? Your buyer agent certainly does and can save a lot of stress on your part, especially in the case of a bidding battle.   

- Your agent will schedule and attend an inspection of the house and will help handle negotiations with the seller to have the necessary repairs performed, have the seller reduce the sale price, or make concessions at closing. 

- As exciting as the closing is, it can cause some anxiety, but your Realtor® will have prepared you for what is to come and make sure all of your necessary paperwork and other applicable things are ready. 

- A listing agent will spend a good deal of time making sure your home is priced comparably to homes in your area by analyzing recent sales of similar homes.  Setting either too high or low can deter potential buyers. 

- Not only does the agent prepare and post the property on the MLS (Multiple Listing Service), they will create a page on their website specifically for your listing, video or 3D tours, and market your home to reach as many house hunters as possible. 

- Your Realtor® will work diligently to get the best price for your home. Many agents will even go so far as to attend the appraisal and the inspection, warding off any misunderstandings about the findings in each. 

- During any repair requests, your agent will be able to discern what is your responsibility, and what is an unnecessary request by the buyer.  Knowing the difference could save the seller thousands of dollars. 

- While your house is on the market, you need to know everything that happens behind the scenes, and a reputable agent will stay connected to you, whether it be by phone or in person. Communication is vital to your home’s sale.  

- pizza, veggie burgers, coffee shop, or other places to eat 

- nearest parks and recreational areas; include neighborhood sports organizations for children 

- lawnmower or auto repair, neighborhood teen that mows grass, local handyman, tree service 

- HVAC repair, plumber, electrician, pool care
- banks, dry cleaners, salon, and barbershop  

- electricity, cable, satellite, internet, phone providers, heating fuel 

- sanitation pick up, local municipality office, water/sewage, emergency management, health department 

- additions, renovations, foundation repair, painting, floor work, roof repairs, snaked/cleared drains 

- plumbing, electric, septic/sewer, water pump, well water testing, ductwork repair/cleaning, added insulation, HVAC service 

- Cleaned gutters, window/door repair/replacement, tree work, lawn care, garage door opener  

- Electric, water, phone/internet, cable/satellite, landscaping/pool care, waste removal/recycling, heating fuel 

MLS#:  This is the identifying number for the property in the Multiple Listing Service. The top section of the listing will normally feature the address, market status, list date, price, and directions.to the property. 

- Status Shorthand:  ACTV: Active, BOMK:  Back on the market, CLSD: Closed, NEW: New listing, PCHG:  Price change, PEND: Sale pending, no contingencies, RACT: Reactivated, TEMP or WDN: Temporarily withdrawn 

- CTG: Contingent upon one of the following: 

A/I: Attorney Approval/Home Inspection, FIN: Financing, HCnn: Buyer's Home Sale Closing, or HSnn: Buyer's Unsold Home 
 

Separate sections share more specific details, such as the home’s square footage, construction date, neighborhood/area, type of zoning, and the number of rooms. Other important details continue with interior and exterior information, types of flooring, as well as appliances included with the sale, type of climate control systems, lot size, and other features/amenities. 
 

Remarks:  Here you will read the public description of the property, as well as any extra features the home may have.  
 

Say you have already searched and saved a few of your favorites, and suddenly there is a new status code! These codes may be UAG: under sales agreement, CAN: canceled, or EXP: expired.
 

If one of your favorites has been canceled or expired, contact your buyer agent to help you find out if the property is re-listed with someone else. 

Buy: Buying an existing property isn’t an instant process, but it does not take long to get pre-approved for a mortgage, go house hunting and find the house you love, close on the deal, and move in.  

Build: According to the latest research from the US Census, new construction takes an average of seven months from planning to moving in.   

Buy: Negotiating is key to many home purchases and if a house needs some work or repairs, the seller usually makes exceptions and changes to reflect reasonable inspection findings. 

Build: Model homes will be shown with upgrades that can add thousands to the base selling price.  Customizing your dream home, however, cannot have a price tag. 

Buy:  What you want in landscaping, such as trees, a garden, or an established lawn, are ready for you to enjoy. Personalizing it with your favorite plantings will cost much less than starting a new lawn and landscaping. 

Build:  You may see a brand-new yard as a canvas and plan your own landscaping design.  Where you want trees or outdoor structures are all according to your imagination--the possibilities are almost endless! 

Buy:  An earnest money deposit generally starts at 1% of the price of the home.  Closing costs can sometimes be part of the sale negotiations, but not always. 

Build: Many builders prefer an earnest money deposit to be at least 5% of the sale price and closing costs do not vary as much unless the builder is offering to cover those costs as a purchase incentive. Just ask--you might receive!  

Buy:  Buying an older home may require some work to update wall colors/coverings flooring or fixtures.  Keep in mind that if any of those jobs can be DIY, costs will be significantly lower, and can be done when you have the extra money in the budget. 

Build:  A new build may not always be maintenance-free. Whether you are considering a new development or building on your own land, contact owners of the builders’ completed homes and make certain you will be paying for a quality home without new construction issues. 

When you have a legitimate problem, such as noise at inconvenient hours, or someone’s car frequently blocking your driveway, speak to your neighbor in person about it. Kindly tell them your concerns and ask if there is anything, they can do to help you. If they need help to remedy the situation, offer assistance. 
 

Trees and other plants can cause discord between neighbors.  Unless the tree branches are diseased or hanging over your roof, the best solution may just be to leave them alone--extreme tree-trimming can cause more harm than good. 
 

Yards that are not mowed often, if ever, can be more than an eyesore, thanks to hiding critters.  If there is a way to discreetly find out why the homeowner is unable to keep up the yard, do so, then recruit other neighbors and offer to take care of their yard.  Sometimes, sharing city codes with the neighbor will encourage them to clean up to avoid fines.   
 

Noise, from you as well as your neighbor, can be absorbed by fences, a water feature, or plants that are at least six feet tall.  If the noise is truly interruptive, share your concerns with the offending neighbor, and try to compromise or come up with a solution that suits both of you. 
 

On the same token, when someone from next door approaches you with a concern of their own, no matter their demeanor, do your best to handle it with grace, and without becoming defensive and angry. Arguing will get nothing solved. 

Finances are the most important issue here. Wanting to stay in your home during the later years of life will take some savings since most will be on a limited income. Having a retirement account as well as an emergency fund that cannot be touched until you are retired is best.  Having to pay for home repairs is not something an elderly person should have to worry about. 
 

Make sure you have a network of friends and family that you communicate with regularly.  Keeping in touch is vital for the elderly, and especially important if living alone. Start creating that network now, especially with your neighbors. 
 

In your 40’s and 50’s, pay attention to your health!  Take care of yourself, and if you have a chronic health problem, have a plan in place in case you are unable to communicate with others. Create a list of doctors, medications, insurance info as well as any conditions you have, and keep it current. 
 

Deciding to modify your current home or downsize when the time is right may be difficult. If you know you have health issues, then selling and getting a smaller home may be the right thing, and could provide you with added savings, as well. 
 

In case you choose not to sell your current home, take a good look at your home, and decide what changes need to be made.  Common changes for older folks at home: one-level living, more lighting, non-skid flooring, doorway width, kitchen counter heights, curbless walk-in shower, or walk-in tub, and not to mention handlebars to grasp in different areas. 
 

The outdoors is sometimes forgotten when it comes to making changes for the aging-in-place plan.  Consider covered walkways, porches, or decks, one entryway without steps, and raised gardening beds.  
 

A discussion with immediate family is probably the most important part of the plan. Let them know your wishes and all that you are doing to get the plan in place.  

- Write a list of needs and wants for your future home, beginning with size, the number of rooms, type of neighborhood, size of the yard, garage, or no garage, etc. Be realistic, as there is only so much house you can afford. Set a price range, and stick to it. 
 

- Create an income/expenses list, or use this handy budget calculator so you may see exactly where your money is going.  If there is little left of your paycheck at the end of the equation, it is time to begin eliminating unnecessary purchases so you can start saving. 
 

- Start paying off any debt you currently have credit cards, car loans, or personal loans. Eliminating these balances will reduce your debt-to-income ratio, and will show lenders you’re serious about paying for a home. 
 

- Once you start paying off debt, start depositing the amount of those payments into a savings account. Not only do you need to save towards the payment, but you’ll also have other costs for buying a home: appraisal, home inspections, and other fees may or may not be added to the closing costs. 
 

- Some people that live on low incomes may feel like homeownership is a pipe dream, but that is not true. Many government-backed agencies will assist those with limited incomes buy a home: 

- Federal Housing Administration offers loans with low down payments (3.5%). 

- USDA  helps low-income families in rural areas with purchasing a home with no down payment. 

- VA loans assist veterans with home-buying, as well as home repair.