Page not found – Your Search engine for Seattle and Eastside Real Estate https://staceycross.com Your Search engine for Seattle and Eastside Real Estate Wed, 28 Mar 2018 12:36:52 +0000 en-US hourly 1 How Tax Reform Affects Homeowners https://staceycross.com/2018/03/28/tax-reform-affects-homeowners https://staceycross.com/2018/03/28/tax-reform-affects-homeowners#respond Wed, 28 Mar 2018 12:36:52 +0000 https://staceycross.com/?p=159 New tax legislation was signed into law at the end of 2017, and it included some significant changes for homeowners. These changes took effect in 2018 and do not influence your 2017 taxes.  Here’s a brief overview of this year’s tax changes and how they may affect you*.   The amount of mortgage interest you […]

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New tax legislation was signed into law at the end of 2017, and it included some significant changes for homeowners. These changes took effect in 2018 and do not influence your 2017 taxes.  Here’s a brief overview of this year’s tax changes and how they may affect you*.

 

The amount of mortgage interest you can deduct has decreased.

Under the old law, taxpayers could deduct the interest they paid on a mortgage of up to $1 million. The new law reduces the mortgage interest deduction from $1 million to $750,000. These changes do not affect mortgages taken out before December 15, 2017.

 

The home equity loan deduction has changed.

The IRS states that, despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage, regardless of how the loan is labeled. The Tax Cuts and Jobs Act of 2017, enacted December 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan.

 

The property tax deduction is capped at $10,000.

Previously taxpayers could deduct all the state, local and foreign real estate taxes they paid with no cap on the amount. The new law limits the deduction for all state and local taxes – including income, sales, real estate, and personal property taxes – to $10,000.

 

The casualty loss deduction has been repealed.

Homeowners previously could deduct unreimbursed casualty, disaster and theft losses on their property. That deduction has been repealed, with an exception for losses on property located in a federally declared disaster area.

 

The capital gains exclusion remains unchanged.

Homeowners can continue to exclude up to $500,000 for joint filers or $250,000 for single filers for capital gains when selling their primary residence as long as they have lived in the home for two of the past five years. An earlier proposal would have increased that requirement to five out of the last eight years and phase out the exclusion for high-income households, but it was struck down. Find out more about 2018 tax reform.

 

How does tax reform affect your plans for buying or selling a home?

The changes in real estate related taxes may change your strategy. Contact your Windermere agent to learn more. If you need help finding an agent, we’re happy to help.

 

*Please consult your tax advisor if you have any questions about how the new tax reform impacts you

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Artfully Organizing Your Bookshelf https://staceycross.com/2018/03/21/artfully-organizing-bookshelf https://staceycross.com/2018/03/21/artfully-organizing-bookshelf#respond Wed, 21 Mar 2018 18:44:04 +0000 https://staceycross.com/?p=151 Posted in Living by Pattie O’Loughlin   When it comes to organizing a bookshelf, there are a multitude of directions you can go. For example, a simple Pinterest search will turn up endless results of bookshelves stylishly organized by color, but what if that entails separating books from within a series? For some of us, that’s like […]

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Posted in Living by Pattie O’Loughlin

 

When it comes to organizing a bookshelf, there are a multitude of directions you can go. For example, a simple Pinterest search will turn up endless results of bookshelves stylishly organized by color, but what if that entails separating books from within a series? For some of us, that’s like separating our children. Ultimately, how you organize your bookshelf is a personal choice based on your own aesthetic, but if you’re looking for inspiration, here are some tips to help give your reading space photo-worthy style.

 

Sorting by color:

  • One color per shelf (a blue shelf, a green shelf, and so on). If you’re having trouble filling a shelf, wrap some of the books in craft paper.
  • A gradual “rainbow” flowing from one color to the next or from the most saturated colors to pastels.
  • A pattern that creates a flag or other simple image when the whole bookcase is filled. This is time-consuming, but impressive.

 

 

Sorting by size:

  • Large, heavy books should be shelved on sturdy shelves, below head height.
  • Start by placing the tallest and largest books on the lowest shelf, placing smaller and smaller books as you move upward. This creates a tidy, organized appearance. On some bookcases, this is a necessity to adapt to the height of each shelf.
  • Large decorative objects and oversized books look best if they are spaced out between different spots in the bookcase, leaving plenty of space between them to create separate focal points. They also make excellent bookends and will help to keep books in place. A zig-zag pattern works well.

 

 

Design effects to consider:

  • Create a dark backdrop. The bookcase will look more striking if the backdrop is darker than the surrounding walls and shelves. Consider painting the back of the bookshelves to create this vivid effect. This can be anything from basic black to pale beige. For open-backed bookshelves, hang a cloth between them and the wall.

 

 

  • Stack books on top of each other on some shelves, and vertically next to each other on others. Shelving books in different orientations by varying the position of the books is eye-catching and chic.

 

 

  • Try a pyramid of books, topped with a small trinket.

 

 

  • Leave plenty of empty space. Gaps often look better than a shelf clogged with paperbacks and origami. This is especially important for open-backed bookcases placed in the middle of a room, which need a large amount of space to let light through.

 

 

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Want to be a Landlord? https://staceycross.com/2018/03/07/want-to-be-a-landlord https://staceycross.com/2018/03/07/want-to-be-a-landlord#respond Wed, 07 Mar 2018 22:17:40 +0000 http://withwre.com/staceycross/?p=71   One area of the real estate market that is thriving right now is rental property. All indications suggest that the rental market will continue to improve because of low vacancy rates and rising rents. In fact, the demand for rentals is predicted to far exceed supply through 2016, with 4.5 million new renters expected […]

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One area of the real estate market that is thriving right now is rental property.

All indications suggest that the rental market will continue to improve because of low vacancy rates and rising rents. In fact, the demand for rentals is predicted to far exceed supply through 2016, with 4.5 million new renters expected to enter the market in the next five years.

What to consider before buying a rental

Being a landlord has its challenges. The recession took a toll on rental prices for a few years and any future economic downturns could do the same. Once the job market returns to normal, there’s a strong possibility that more people will choose to move from rentals into homes of their own. And the demand for rental properties could become oversaturated at some point, resulting in an investment bubble of its own.

What’s more, while the income from a rental property can be significant, it can take at least five years before you’re making much more than what you need just to cover the mortgage and expenses. In other words, the return on your investment doesn’t happen overnight.

However, in the long run, if you select the right property, it could turn out to be one of your best investment decisions ever—especially since rental real estate provides more tax benefits than almost any other investment.

Tax deductions for the taking

One of the greatest things about owning rental properties is the fact that you’re able to deduct so many of the associated expenses, including a sizeable portion of your monthly mortgage payment.

The commissions and fees paid to obtain your mortgage are not deductable, but the mortgage interest you pay each month is, including any money you pay into an escrow account to cover taxes and insurance. Whatever your mortgage company reports as interest on your 1098 form at the end of each year can likely be deducted.

For example, you may be eligible to deduct credit card interest for goods and services used in a rental activity, repairs made to the building, travel related to your rental (local or long distance), expenses related to home office or workshop devoted to your rental, the wages of anyone you hire to work on the building, damages to your rental property, associated insurance premiums, and fees you pay for legal and professional services. However, as is the case with any transaction of this type, be sure to consult your attorney or accountant for detailed tax information.

What to look for

As with any real estate investment, the location of the property and its overall condition are both key. But with rental properties, there are some other, unique factors you’ll also want to consider.

Utilities

Look for a building with separate utilities (water, electric, and gas, etc.) for each rental unit. This will make it far easier to legally charge for the fair use of what can be a very costly monthly expense.

Competition

If your property is one of the few rentals in the neighborhood, there will be less competition for interested renters.

Transportation

Rentals that are near popular public transportation options and/or major freeways (without being so close that noise is an issue) are usually easier to rent—and demand more money.

Landscaping

Properties with small yards and fewer plantings are far easier and less expensive to manage.

Off-street parking

Not only is off-street parking a desirable feature (people with nice cars usually don’t like to park on the street), it’s also a requirement for rental properties in some communities.

How to start your search

Unlike homes, rental properties do not typically have a visible ‘for-sale’ sign standing out front (as landlords don’t want to irritate, bring attention to their current renters, or turn off any prospective renters). Therefore, if you are interested in a rental property, your best option is to schedule an appointment with your real estate agent/broker to discuss your investment goals and identify what opportunities currently exist in the market place.

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How Long Should They Last? https://staceycross.com/2018/02/06/how-long-should-they-last https://staceycross.com/2018/02/06/how-long-should-they-last#respond Tue, 06 Feb 2018 22:00:22 +0000 http://withwre.com/staceycross/?p=55 Nothing in life lasts forever – and the same can be said for your home. From the roof to the furnace, every component of your home has a life span, so it’s a good idea to know approximately how many years of service you can expect from them. This information can help when buying or […]

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Nothing in life lasts forever – and the same can be said for your home. From the roof to the furnace, every component of your home has a life span, so it’s a good idea to know approximately how many years of service you can expect from them. This information can help when buying or selling your home, budgeting for improvements, and deciding between repairing or replacing when problems arise.

According to a National Association of Home Builders (NAHB) study, the average life expectancy of some home components has decreased over the past few decades. (This might explain why you’re on your third washing machine while Grandma still has the same indestructible model you remember from childhood.) But the good news is the life span of many other items has actually increased in recent years.

Here’s a look at the average life spans of some common home components (courtesy of NAHB).

Appliances. Of all home components, appliances have the widest variation in life spans. These are averages for all brands and models, and may represent the point which replacing is more cost-effective than repairing. Among major appliances, gas ranges have the longest life expectancy, at about 15 years. Electric ranges, standard-size refrigerators, and clothes dryers last about 13 years, while garbage disposals grind away for about 10 years. Dishwashers, microwave ovens, and mini-refrigerators can all be expected to last about nine years. For furnaces, expect a life span of about 15 years for electric, 18 for gas, and 20 for oil-burning models. Central air-conditioning systems generally beat the heat for 10 to 15 years.

Kitchen & Bath. Countertops of wood, tile, and natural stone will last a lifetime, while cultured marble will last about 20 years. The life span of laminate countertops depends greatly on use and can be 20 years or longer. Kitchen faucets generally last about 15 years. An enamel-coated steel sink will last five to 10 years; stainless will last at least 30 years; and slate, granite, soapstone, and copper should endure 100 years or longer. Toilets, on average, can serve at least 50 years (parts such as the flush assembly and seat will likely need replacing), and bathroom faucets tend to last about 20 years.

Flooring. Natural flooring materials provide longevity as well as beauty: Wood, marble, slate, and granite should all last 100 years or longer, and tile, 74 to 100 years. Laminate products will survive 15 to 25 years, linoleum about 25 years, and vinyl should endure for about 50 years. Carpet will last eight to 10 years on average, depending on use and maintenance.

Siding, Roofing, Windows. Brick siding normally lasts 100 years or longer, aluminum siding about 80 years, and stucco about 25 years. The life span of wood siding varies dramatically – anywhere from 10 to 100 years – depending on the climate and level of maintenance. For roofs, slate or tile will last about 50 years, wood shingles can endure 25 to 30 years, metal will last about 25 years, and asphalts got you covered for about 20 years. Unclad wood windows will last 30 years or longer, aluminum will last 15 to 20 years, and vinyl windows should keep their seals for 15 to 20 years.

Of course, none of these averages matter if you have a roof that was improperly installed or a dishwasher that was a lemon right off the assembly line. In these cases, early replacement may be the best choice. Conversely, many household components will last longer than you need them to, as we often replace fully functional items for cosmetic reasons, out of a desire for more modern features, or as a part of a quest to be more energy efficient.

Are extended warranties warranted?

Extended warranties, also known as service contracts or service agreements, are sold for all types of household items, from appliances to electronics. They cover service calls and repairs for a specified time beyond the manufacturer’s standard warranty. Essentially, warranty providers (manufacturers, retailers, and outside companies) are betting that a product will be problem-free in the first years of operation, while the consumer who purchases a warranty is betting against reliability.

Warranty providers make a lot of money on extended warranties, and Consumers Union, which publishes Consumer Reports, advises against purchasing them. You will have to consider whether the cost is worth it to you; for some, it brings a much needed peace of mind when making such a large purchase. Also, consider if it the cost outweighs the value of the item; in some cases it may be less expensive to just replace a broken appliance than pay for insurance or a warranty.

View the original article on Windermere’s blog.

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