When paying a general contractor, is paper or plastic better? Angie’s List founder shares some tips and advice. Read
Visit houselogic.com for more articles like this.
Copyright 2012 NATIONAL ASSOCIATION OF REALTORS®
Get an “A” on your Schedule A Form: Dodge these tax deduction pitfalls to save time, money, and an IRS investigation. Read
Visit houselogic.com for more articles like this.
Copyright 2012 NATIONAL ASSOCIATION OF REALTORS®
This comes from a long running discussion on Linked-in regarding new home “Square-foot-pricing” which a lot of buyers look to when comparing builders. This could also apply to existing homes and think buyers really need to consider the big picture and not try to put things into a Square Foot number. It is just not that accurate.
Ask the clients to imagine their entire home as a simple triangle with 3 points. On each point of the triangle there are three parts of your home. 1. Price, 2. Size, 3. Amenities and Features. We tell them that because each home has is different, as are the prices, that they get to Pick 2 points on that triangle to Control. We as the Builder Control the last remaining Point.
So, if they pick: Price, and Size. We get to control the amenities and features, i.e.: design elements, finishes, faucet types etc…
The same goes if they pick: Size and Amenities, We get to Control the Price.
90 % of my clients “click” with this and then we start the design process, the other 10% or so go build a crappy box that costs them more and we run into them years later at the store or something, and they tell us how they should have built with us!
Also, some ask the question “Do you buy your vehicles by the pound?” Making the point that although a Mercedes and a Hyundai are the probably near the same weight, the prices are very different due to the level of finish, amenities, etc.
A 3.8% Transfer Tax?
The federal health care legislation, effective in 2013, includes a new tax that was designed to affect upper income taxpayers. The 3.8% tax is imposed ONLY on those with more than $200,000 of Adjusted Gross Income (AGI) ($250,000 on a joint return). The tax applies to investment income, defined as interest, dividends, capital gains and net rents. These items are all included in an individual’s AGI. A formula will determine what portion, if any, of these types of investment income would be subject to the tax. The tax is NOT a transfer tax on real estate sales and similar transactions. Not long after the tax was enacted, erroneous and misleading documents went viral on the Internet and created a great deal of misunderstanding and made the tax into something far more draconian than the actual provisions. The new tax does NOT eliminate the benefits of the $250,000/$500,000 exclusion on the sale of a principal residence. Thus, ONLY that portion of a gain above those thresholds is included in AGI and could be subject to the tax. Realtors® should familiarize themselves with the tax, but should not advise their clients about the application of the tax. The amount of tax will vary from individual to individual because the elements that comprise AGI differ from taxpayer to taxpayer. For more information, check out the brochure from the National Association of Realtors® or visit www.realtor.org
Health Insurance Reform: Frequently Asked Questions (FAQs) New Medicare Tax on “Unearned” Net Investment Income Download this set of FAQs
Q-1: Who will be subject to the new taxes imposed in the health legislation? A: A new 3.8% tax will apply to the “unearned” income of “High Income” taxpayers. Another 0.9% tax will apply to the “earned” income of many of these same individuals. Both levies are referred to as “Medicare” taxes. (For a description of the new 0.9% tax, see separate Q&A entitled “New Tax on EARNED INCOME: Wages, Salaries and Commissions.”)
Q-2: Who is a “High Income” Taxpayer? A: Those whose tax filing status is “single” will be subject to the new unearned income taxes if they have Adjusted Gross Income (AGI) of more than $200,000. Married couples filing a joint return with AGI of more than $250,000 will also be subject to the new tax. (The AGI threshold for married filing separate returns is $125,000.)
Q-3: Are the $200,000 and $250,000 thresholds indexed for inflation? No. Thus, over time, more individuals may become subject to this tax.
Q-4: When does the new 3.8% Medicare tax take effect? A: The new Medicare tax on unearned income will take effect January 1, 2013.
Q-5: What is “unearned” net investment income? A. Unearned income is the income that an individual derives from investing his/her capital. It includes capital gains, rents, dividends and interest income. It also comes from some investments in active businesses if the investor is not an active participant in the business.
Price it right from the get-go
The old-school strategy of real estate sellers crossing their arms and holding out for a better offer will be brushed off by most homebuyers. Consider that of the homes that took four months or more to sell in the past year, almost half of their owners accepted less than 90 percent of the asking price, according to the National Association of Realtors. For a gauge, have your agent produce the latest comparable sales including short sales and foreclosures as well as a recent summary of sales prices versus original list prices. But be wary that such information doesn’t reflect the homes that failed to sell.
(New!)
Give a great gift this Christmas by devoting some time and energy to fixing up the house of a friend or family member who could use your helping hand. It won’t cost much — in fact, it’s way cheaper than five golden rings. Read
Visit houselogic.com for more articles like this.
Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®
(New!)
This Christmas, give someone you care about a little bit of your time — a helping hand with a home improvement or maintenance task is truly the spirit of the season. It won’t cost much, and it beats eleven pipers piping. Read
Visit houselogic.com for more articles like this.
Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®
(New!)
A home improvement or maintenance helping hand is a meaningful gift that really shows you care. It doesn’t cost much, and it’s so much easier to give than 10 lords a-leaping. Read
Visit houselogic.com for more articles like this.
Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®
(New!)
If you can’t conjure up maids a-milking or swans a-swimming as Christmas presents for those near and dear, give an inexpensive gift they’re sure to love — yourself, and a home improvement or maintenance helping hand. Read
Visit houselogic.com for more articles like this.
Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®
