Internal Revenue Code

Top Reasons to Own a Home

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Top Reasons to Own a Home-

Buyers all across the nation are making their dreams come true. They’re signing on the dotted line and grabbing hold of the keys to a family home. Despite record low interest rates, many potential buyers are delaying the decision to buy. What’s keeping you on the sidelines?

Let’s take a look at the top reasons to own a home.

Building equity. Writing a check to the landlord is like lining their pockets with your potential equity. It is money you never get back. Owning your home means building equity. Each and every mortgage payment is going towards paying down part of the principal.

Predictability. Gas and grocery prices may rise, but a fixed rate mortgage is as predictable as they come. Your mortgage payment will be X amount for the life of the loan.

Tax Breaks. Did you know that you can deduct the interest you pay each year on your home? You can deduct the cost of your property taxes. Even making energy efficient upgrades can be tax deductible.

Appreciation. Over the years (real estate is a long term investment) your home should gain value. According to the National Association of Realtors (NAR) “The number of U.S. households is expected to rise 15% over the next decade, creating continued high demand for housing.”

Social Benefits. We’ve talked about the financial benefits of owning a home, but did you know that homeowners generally rate themselves as being happier and healthier than their renting counterparts? Part of this is thanks to the stability that homeownership brings. Homeownership can be a great way to secure future financial security and freedom. So, what’s stopping you from getting into the market? There’s never been a better time to buy!   exert from realtytimes.com

For tax, investment or ownership advice we suggest you contact an attorney or certified public accountant. All information deemed reliable but not guaranteed.

Feeling inspired?  Tired of renting?  Want to paint that wall hot pink?  Give us a call for a no pressure overview on what it takes to get started down the path to home ownership in the Temecula Valley.  We’ve been helping people just like you for 18 years!

Call, Text, or Email April Greer at 951-522-0518 or april@teamgreer.com

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What is Probate, Temecula Valley, California?

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Probate is a scary word in real estate since it is not a majority sale type.  Agents and Buyers have little experience with the ins and outs so the typical result is to avoid these types of sales.  We’ve had the privilege this year to participate in 4 probate transactions and successful court approved closings so we have a little more confidence in the process and what is expected by the parties involved.

So what is probate?  Probate is the legal process that results in a court validating someone’s will or determining that he or she died without one. The court, as part of the probate, will appoint someone to handle the bills of the deceased as well as his or her assets.

I’ve located an article that really drills down and explains some of the finer points here at

Overview of the California Probate Process  Please keep in mind that laws are constantly changing.  We strongly recommend that you seek legal counsel prior to making any decisions based on information provided by this blog.

If you find yourself or a family member in a situation where a probate sale may be necessary, please give us a call so that we can share our marketing strategies.  Keep in mind that these type of sales are generally avoided so an excellent marketing strategy and good communication skills will make a huge difference in bridging the gap of understanding with the public resulting in a faster sale at a higher price.

Our primary areas of experience include Temecula, Murrieta, Menifee, Wildomar, Hemet, Winchester, French Valley and Lake Elsinore.  We look forward to your call!  April Greer at 951-522-0518 or april@teamgreer.com

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Steps To 1031 Exchange

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Six Easy Steps to a 1031 Exchange

With nearly one-third of homes sold in the U.S. today purchased by investors and second home buyers, we should all know more about 1031 Exchanges. Section 1031 of the Internal Revenue Code allows you to roll the gain from the sale of your old property over to your new property without paying tax.
To accomplish this roll-over, there are six easy steps you must follow;

1. Both the old property you are selling and the new property you are buying must be held for investment. This requirement is defined quite broadly; therefore for example, you may sell bare land and buy an apartment building, sell an office building to buy a vacation home, or sell a warehouse to buy bare land. Your personal residence is not considered investment property. Typically, you have to hold each of these properties for a year and a day to qualify for a 1031 exchange.

2. From the day you close the sale of your old property, you have 45 days to complete a list of properties you want to buy. The list should identify the property clearly enough that an IRS agent could go directly to the property using your written description. In most situations, you want to put three properties or less on this list.

3. From the day you close the sale of your old property, you have 180 days to close on the purchase of one or more of the properties from your 45 day list. Whatever property you buy has to be on your 45 day list. Both the 45 and 180 day time frames are cast in concrete—there are no exceptions or extensions.

4. You must not touch the money during the time between the sale of your old property and the purchase of your new property. By law, you must use an independent third party, called a Qualified Intermediary, to hold your proceeds. The Qualified Intermediary also will prepare the legal documents required to link together, as a qualified exchange, the sale of the old property and the purchase of the new property.

5. You must take title to the new property in exactly the same way as you held title to the old property. If you held the old property as Fred Jones, you cannot buy the new property as Jones Investment Corporation. There are some exceptions to this rule for situations like a revocable living trust.

6. In order to defer 100% of the capital gains tax, you must meet two requirements. First, you must buy a property equal or higher in value than the one you sold. Second, you must reinvest all of the proceeds from the sale into the new property.

To complete a 1031 exchange in the greater Temecula Valley  please give us a call at 951-522-0518 or april@teamgreer.com We’re also available to answer any questions we can!

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All information deemed reliable but not guaranteed. For tax or investment advice we suggest you contact an attorney or certified tax accountant.