Knowledge is power. Learning some simple tips and how-to’s for preparing your home for the market can mean the difference between selling your home quickly and a home that sits on the market for months. I invite you to read this article titled, ”Staging Your Home to Sell for Top Dollar," and arm yourself with these quick-sell techniques.
Staging Your Home to Sell for Top Dollar
By Bob FooteThe scenario: Your house has been on the market for longer than you want. You don't have the time or money for any remodeling projects. What do you do? You "Stage" your home to sell. If you don't know what staging is, well, just keep reading.
Staging your home doesn't mean you have to go out and spend hundreds on new furniture or even hire a professional. Even the most successfully staged homes are staged using what you already own. The keys to a successfully staged home are a little reorganization, some well-placed furniture and accessories, and maybe a little clean up. With my simple tips and suggestions you can transform your home into a more attractive space that will stand out above the rest and sell quicker. And who knows, you may even get more for your home than if you didn't stage it. StagedHomes.com found that staged homes sold for 6.9 percent more and sold two to three times faster than comparable homes. (1)
It is very common to channel monies from investment properties through a 1031 Exchange company. This is the way to avoid paying large capital gains taxes. It is very important that you make sure that the rules for a 1031 exchange are followed so that you don't end up paying the capital gains taxes and penalties. Brad Jorgensen, President of Summit 1031 Exchange,LLC and Ryan T. Peel esq., the Utah Corporate Counsel for Summit 1031 Exchange, LLC have compiled this quick reference that will answer questions regarding the proper way to use a 1031 exchange.
Important Points About 1031 Exchanges
By Brad Jorgensen and Ryan T. Peel
Section 1031 of the Internal Revenue code allows for taxpayers to defer the payment of capital gains taxes on the sale of investment or business property -provided, however, that certain requirements are followed:
Buy up in value. In order to defer all of the capital gains taxes (and often state taxes and taxes on depreciation recapture) on the sale of their property, a taxpayer must purchase replacement property valued at or above the net sales price of the relinquished property. When calculating the net sales price of a property, one deducts the real estate commissions, closing costs, escrow fees and exchange fees, but not any mortgages or loans being paid off, which were secured by the property.
During 2005 the National Association of Realtors partnered with Remodeling Magazine and they did a nationwide survey of 55 different real estate markets. They collected data that shows how much return you can expect for doing certain remodeling projects to your home. This information can be very valuable, especially if you are trying to figure out what to do to your home so that you can realize the highest profit when you sell.
Remodeling Costs vs. Return
102.2% average recouped (national)
Job cost: $10,499
Resale value: $10,727 (national average)
Update an existing 5-by-7-foot bathroom that's at least 25 years old. Replace all fixtures to include 30-by-60-inch porcelain-on-steel tub with 4-by-4 ceramic tile surround, new single-lever temperature and pressure-balanced shower control, standard white toilet, solid surface vanity counter with integral double sink, recessed medicine cabinet with light, ceramic tile floor, and vinyl wallpaper.
Every real estate transaction will have closing costs involved, whether you are the Buyer or the Seller. If you know what the closing costs are, it is easier to understand what those fees are and there are no surprises at closing! A great explanation of what the closing costs are has been prepared by Martly Sharp of Zions Bank in Sandy, Utah.
The Mystery of Closing Costs Explained
By Marly Sharp
Whether it's your first closing or you're a 'seasoned pro,' virtually no one buys or sells property without help from one or more real estate-related services. Costs can include fees for brokers, lenders, surveyors, attorneys, title companies, and others who are involved in the purchasing transaction.
Altogether, the total costs of these various services become your actual closing costs.READ MORE