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With the market slowing down it takes more to sell a home today versus years back.
We recently listed and sold 732 James Lane located in the Lakeview subdivision.
 
Bed: 3
Bath: 2
2 Car Garage
Year: 1976
Sq. Ft.: 1767
Selling Price: $575.000
 
It was a ranch style property which the owner had never occupied but rented with intentions of one day rebuilding it into a larger home. While the market changes over the last 4 years the dream was quickly not going to come to fruition.
 
He stopped by the office and invited me to review the house and give him an idea of what he could sell for or would renting make more sense. We arrived at the home to find it in one large mess- carpet was beyond cleaning, a leak was evident in a bathroom, the heat did not work and the appliances were a mess. The roof was the original wood shake which called for attention.
 
One way or the other this property needed some serious work to put it into condition to rent or sell.
I explained the age of the house, built in 1971, may or may not have records on the property and the amount of coverage allowed.
 
 There were no records ! In this case this was a PLUS because the lot was just under half an acre and had lots of coverage which  would be grand fathered in for future usage. An AS Built Survey would be required by the buyer to determine what was available or the buyer could go up a level.
 
Taking care of repairs prior to selling relieves the owner of future liabilities and full disclosure of items repaired and those outstanding:
 
Repair items included:
- Removal of pine needles, inspection and repair of shakes. This gave the roof at least 3 to 4 years.
- Heating was inspected and minor repairs made- new thermostats installed none were working.
- Painting and carpet replacement
- Appliances repaired ,not replaced
- Leak in shower required replacement of shower head
- Front deck into house was missing boards and railing required tightening and paint
- Removal of broken washer/dryer
- Staging
 
Marketing was underway after the house was cleaned up.
 
The house went under contract within 30 days of listing and closed, this month.
 
Today you need a Broker who knows how to make sure the seller is covered for future liabilities.
A Broker who knows to check the right agencies to see what is on record or not.
Know who to suggest to the buyer to get work with who are reliable and show up!
We over saw all the work on behalf of the seller since he was traveling.
 
When you are ready to work with the right
Brokers- Call Chris & Patti Plastiras - Lakeshore Realty 775 691-7000
  • Important information for Nevada realtors dealing with California clients regarding possible relocation to Nevada

1. Federal tax Changes "Looming": 
a."Bush Tax Cuts" to expire 12/31/12
b. Top ordinary rate goes from 35% to 39.6%; even bottom end rate to increase from 10% to 15%
c. Top long term capital gain rate goes from 15% to 20%
d. Dividends revert to "ordinary income" and thus taxable at 39.6% versus present 15% rate for "qualified dividends"
e. President Obama releases budget calls for "Buffet Rule" millionaires minimum rate of 30%

2. Patient Protection and Affordable Care Act ("Obamacare") new taxes "looming", effective 1/1/13:
a. Medicare (payroll) tax increases of 0.9% on employees and self-employed persons on earnings above 200,000/250,000 joint return
b. New tax: Medicare tax on unread income
   i. Interest/dividends/capital gains/annuities/royalties/rents (tax exempt income excluded.
   ii. 3.8% Rate
   iii. On lesser of net investment income or modified AGI in excess of 200,000/250,000 joint return
   iv. NB: This would include capital gains from sales of real estate - primary residence or otherwise!

3. All of the above on top of California presently high structure, which may increase if Brown initiative passes:
a. Present structure
   i. 9.3 top marginal rate
   ii. Mental Health surtax of 1% for taxable income in excess of 1 million
b. Brown Proposal - "The Schools and Local Public Safety Protection act of 2012"
   i. Up to 2% additional income taxes for 5 years starting 1/1/13 on "millionaires and high income earners"
   ii. "Temporary" (4 years starting 1/1/13) 1/2 cent sales tax increase 
   iii. All dedicated to "education and public safety"
   iv. Goal - 7 billion additional revenue

4. FTB - one of their "top audit issues" for 2012: 1031 changes
a. The sources of the original deferred gain on California property will remain with California, regardless of the location of the replacement property. When the replacement property is ultimately sold in a taxable transaction, the gain originally deferred on the California property will have its source in and will be taxable by California.\

Credits for this article go to Mr. Jeff Quinn with Certified Public Accountants and Consultants Ltd.

When you’re planning on purchasing a new home, it’s important to understand and anticipate the costs of owning and maintaining a home. Here are a few things that some first-time buyers forget to include.

Inspections, appraisals, and closing costs

Many buyers understand they will have closing costs but they fail to budget for other items such as a home inspection. Sometimes inspections are paid for by the seller but it’s usually the buyer who pays for the inspection. And, even if the homeowner recently had a home inspection and has the report, a buyer still might want to pay for an inspector to have another look to compare the findings. Depending on the home, there may also be other inspections such as for lead paint, pests or radon gas.

 

Private Mortgage Insurance

This is added on to your mortgage when the down payment is less than 20%. You can buy a home with less money but you’ll pay the PMI which covers the lender should a homebuyer default on the loan. As you build up equity, your PMI drops off.

HOA Fees

Homeowners’ Association fees (HOA) can add several hundred dollars to your monthly household expenses. These HOA's help to maintain common areas, typically within condominium complexes. They also govern what can be done to the unit and the surrounding area. While there is an up side to HOA's, some buyers prefer to have more freedom over their property, perhaps, until the neighbor paints his house turquoise with red accents.

Taxes

Property taxes generate revenue for municipalities, counties, and schools. It’s an expense that can vary across the U.S. However, on average, it’s 1.38 percent of the home’s value. Back East tends to have the highest property taxes.

Homeowner’s insurance

Lenders require homeowner’s insurance on your property. The amount you’ll pay depends on many variables including: where you live, the age, type, size of your home. For example, older homes can cost more to insure due to the fact that they may require more repairs than newer homes. Also, high-hazard areas can cost more to insure and some insurance companies may not offer an insurance policy for your home, if you’re in a high-risk area.

Utilities and appliances

These areas can be overlooked because, often, when people are renting the appliances are taken care of. When you own your own home, be sure to consider expenses such as the water heater or dishwasher breaking down. While, you can’t exactly figure out when an appliance is going to quit working, you can set a monthly allowance aside to start establishing a household repair fund. Just don’t touch the account or when you really need it, you’ll find it’s not there for you.

So hopefully this information will help you budged accordingly when planning to make that big step and buy a house.

North Lake Tahoe Real Estate Sales January 2012 Comparison

by Lakeshore Realty
  • North Lake Tahoe Real Estate Sales January 2012 Comparison

- Please note that the report above was created using data extracted from the MLXChange System and reflects Residential Property sales.

To access all the Incline Village and Lakeshore Realty listings please click here. You can also contact us by email or call us at 775-831-7000. If you are in Incline Village, please visit us at 954 Lakeshore Blvd. Incline Village, NV 89451.

 

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LakeshoreRealty.com
Lakeshore Realty
954 Lakeshore Blvd.
Incline Village NV 89451
775-831-7000
800-954-9554
Fax: 775-831-6777

LAKESHORE REALTY

Lake Tahoe's Incline Village Real Estate Market Experts & Home Sales Professionals

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