Across all age, groups, real estate is still considered the best long term investment. Whether you are a first-time home buyer, starting your investment portfolio, or a long time homeowner, or investor, having real estate in your portfolio not only adds value, but tax advantages as well. Consult your financial adviser or accountant for more information on the benefits of owning real estate.
When it comes to buying or selling real estate, be sure to talk to a real estate professional, one that can handle your sale of purchase of a home or land with knowledge, expertise, and finesse.
If you are house hunting and looking to down-size or right-size and don’t want to spend as much time with yard work, a zero-lot line home could be for you. Typically a zero-lot line home can be a home with a shared common wall with the home constructed on a lot line. A home built along the property line allows maximum use of indoor space and outdoor living of a smaller lot. A focal point of the layout can feature a large private outdoor courtyard with minimal lawn or garden yet have space for a decorative water feature and plantings with hardscape. Baby Boomers and Young Professionals alike find attractive such a casual relaxing lifestyle. Sometimes called Garden or Patio Home these homes could offer just your type of home ownership.
With temperatures in Tulsa well over 100 degrees for several weeks now (just look at the local KJRH Channel 2 forecast), I thought it might be a good time to remind everyone about the importance of watering your foundation to prevent future foundation damage and costly repairs.
Why should you water your foundation?
Because the soil underneath your home expands and contracts constantly every year. Most of the time it isn’t enought to cause any severe damage to your home, but in drought like temperatures the lack of water can be hazardous to your foundation. As the soil gets extremely dry, it will contract and leave less support for you foundation and the weight of your home.
The best way to keep your soil moist is to use a soaker house and place it about 6 inches away from your home’s foundation. Let it run long enough to not just soak the surface, but to penetrate enough to soak the soil well beneath the surface, keeping in mind that your foundation is about 2 feet deep.
While you may see a big increase in your monthly water bill, the cost to keep your foundation in tact is well worth the cost. Keep in mind that recently, a client of mine made an offer on a home and backed out after inspections revealed that the home needed $9,000 worth of foundation repair.
For anyone who has ever tried to give directions to a house or anywhere else, typing those directions and trying to give them to someone else can be a hassle.
There have been many times in the past when I spent way too long trying to text directions to someone else who also had an iPhone. I recently learned a shortcut that will not only save me lots of time, but it will also be more helpful for the person receiveing the directions as well.
Maps has now made it easier to get directions to and from anywhere that the GPS can locate. First, type in and search the address you’re trying to give directions to. Sometimes this may be the same location you are currently at.
After the address is found, tap the bottom right hand of your screen, and a purple pin will drop.
This will give you the option of getting directions to the pin or from the pin, or even sharing your location via e-mail, text or Tweet.
If you want to drop a pin anywhere, click the bottom-right corner and hit “Drop Pin” (or “Replace Pin,” if you’ve already got one on the map). That way, you can drop a pin anywhere on the map, not just where you’ve searched.
So there you go. A faster way to give someone else directions Happy Searching!
If you’re anything like me, I am always moving my iPad or iPhone adaptors from one place to the other throughout my house. Then somehow, one half of the adaptor seems to always disappear. I’ll have either the usb cable or the wall jack, but not both. There is a new item that has hit the market that will now eliminate the need for me to have any usb cables or bulky square chargers. Its a USB charger that’s built into your wall outlet.
It’s called the Power2U AC/USB Wall Outlet.
It’s an easy do-it-yourself installation for anyone who knows how to turn off a circuit and use a screwdriver. Just remove the existing outlet from the wall, switch out the two leads, and screw it back into place.
The original plug in still works and it gives you the option to charge your devices faster, and you no longer have to worry about keeping track of any cables.
The outlets are UL-certified for use on a 15 amp 125 volt circuit. The outlets are compatible with iPads, iPhones, iPods, Android tablets and phones, tablet computers, cellphones, game systems like Nintendo, Sony and PlayStation, Bluetooth headsets, digital cameras and GPS devices that charge through a standard USB plug.
The outlets are available in white. The list price is around $30 an outlet, although they can be found for less at online stores such as Amazon.
Transferring the title of a home from one person to another may seem simple but it could have a significant tax implication.
When a person inherits property, the basis is “stepped-up” to fair market value at the time of the decedent’s death. On the other hand, a gift has a carry-over basis which means that the recipient receives the unrealized gain also.
As an example, let’s say an elderly parent, in an attempt to get their affairs in order, gives their home to their adult child. The rationale might be that they are the sole beneficiary and will get the property eventually. In an effort to settle things early, unnecessary income tax may be incurred.
If the home was purchased for $20,000 and worth $100,000 at the time of transfer, there is a possible gain of $80,000. However, if the adult child inherited the property at the time of the parent’s death, their new basis would be $100,000 or the fair market value at the time of death and the possible gain would be zero.
This is meant to be an example and many other variables could be involved. If you’re concerned about a situation, you should seek specific advice from a tax professional and your attorney.
As always, I’m here to help you as your real estate professional. If you find you are in a situation where you wish to sell the property, I can guide you through the process of getting the home ready to sell. I have a team of reliable, reputable and reasonable resources from cleaning, staging, hauling, repairs and estate sales that can help you through what is sometimes an overwhelming process.
I am always available to answer your real estate questions.
She never really envisioned becoming CEO of her own real estate agency.
Today, Chinowth with her husband, Lee Cohen, who is chief financial officer, oversees Chinowth & Cohen Realtors, which has about 330 licensed, full-time real estate agents and another 80 or so who are referral agents.
To get the business to that level has taken long hours and lots of work. In those first few years of starting the company, neither Chinowth nor her husband took a vacation or a day off work.
“To be a woman CEO and to start your own business, you have to understand you’re going to be working 80 hours a week for the first four or five years … You’re not going to get a lot of sleep,” Chinowth said. “To be an entrepreneur, you have to really have a strong drive. You have to have passion for the business that you’re in and really, really enjoy it and just an extremely hard work ethic.”
Looking back at it now, Chinowth jokingly said she wonders if she weren’t a “little bit crazy.” But she has no regrets. She loves people and real estate, and with the combination of the two, “it’s been a great fit.” “When your job is something that you enjoy doing every day, it’s not work,” she said.
She is glad to know that she and her husband helped achieve and build something that will last long after they are gone. If she were to do it all over again, Chinowth said she would have started the company 10 years earlier.
“I really do believe there are no limits. The only limits a person has in life are the limits they put on themselves. If you work hard, there aren’t any limits.” Women don’t hear the term “glass ceiling” anymore like they did when she was growing up, although there are still a lot of men who own their own companies. The playing field is changing, however, and Chinowth sees a society that increasingly values individual talent, skills, knowledge and personal integrity. “Those are the things that will rise you above everyone else – whether you’re male or female,” she said.
First, what is a short sale? A short sale is opposite of what it sounds like…. a short sale does not take a short amount of time, it often take 3-6 months (or longer) from offer to close. A short sale is when the sellers mortgage holder is accepting less than full payoff of their mortgage in exchange for releasing the lien. But if you are long on patience, have an open time frame in which to purchase and are hoping to get a good deal, the short sale market may be a good choice for you.