Keeping Up With Home Improvements

NORFOLK, VA, Oct 31, 2013—Being a homeowner is one of the most rewarding parts of life, but it is also a large undertaking. From the day you move in to the day you sell your home, there will always be something that will need to be repaired or remodeled. You may want to undertake some changes simply to elevate your comfort level – like installing central air conditioning – or spruce up the home’s aesthetics, such as adding a few stained-glass windows. But other work will need to be done to maintain the property and minimize problems later on. These may include replacing a hazardous roof, fixing broken windows, and repairing leaky pipes. These are all necessities. Left undone, they can lead to major problems and damages within the home. If you decide one day to sell, other improvements will likely be made to increase the home’s value and appeal to potential buyers, says Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty. “From the very beginning, get in the habit of taking an inventory at least once every year of every nook and cranny of your home to check for potential problems,” suggests Eisenberg. Examine the roof, foundation, plumbing, electrical wiring – basically everything. Try to fix trouble spots as soon as you uncover them. “This proactive approach will help you avoid larger expenses later on, so leave no stone unturned when taking your inventory,” explains Eisenberg. Eisenberg notes that you may expect to spend one percent of the purchase price of your home every year to handle a myriad of tasks, including painting, tree trimming, repairing gutters, caulking windows, and routine system repairs and maintenance. An older home will usually require more maintenance, although a lot will depend on how well it has been maintained over the years. “Tell yourself that the upkeep of your home is mandatory, and budget accordingly,” says Eisenberg. Otherwise, your home’s value will suffer if you allow it to fall into a state of disrepair. Remember, there is usually a direct link between a property’s condition and its market value: The better its condition, the more a buyer will likely pay for it down the road. “Adopt the attitude that the cost of good home maintenance is usually minor compared to what it will cost to remedy a situation that you allowed to get out of hand,” says Eisenberg. For example, unclogging and sealing gutters may cost a few hundred dollars. But repairing damage to a corner of your home where gutters have leaked can potentially cost several thousand dollars. For more information on home improvement, please contact, Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA. 23510, leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com

Renting vs. Buying a Home

Fall Fun: 5 enjoyable Fall renovations

NORFOLK, VA, Oct 23, 2013—Dreading your home renovation? It can be hard not to – from the planning to the cost, home improvement can cause a lot of stress. In order to make your renovation more enjoyable, Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty lists a handful of updates that aren't all that bad.

Pull up the old carpet. Getting rid of dingy carpet in your home can be a satisfying task. “What's even more satisfying is revealing lustrous hard wood underneath,” comments Eisenberg. If your home has hidden wood floors, polish them up and see your space transform. No wood? No worries. Replace it with fresh, updated carpet.

Landscaping. Fall is a beautiful time to landscape your yard. Get the whole family involved and turn it into a weekend project. Plan, mulch, plant, and then sit back and enjoy your hard work.

Paint the interior. “Painting can be fun, even meditative,” says Eisenberg.  Make sure to choose a color you love, and don't forget to have a little fun with it. Eisenberg suggests adding a festive accent wall or color border.

Make use of empty space. “Planning out how to change your already existing layout can be extremely rewarding, like a puzzle,” says Eisenberg. Transform that unused office into a home theatre or fitness room. Make a pantry out of that extra space in the laundry room. If you have the financial ability, you can even get luxurious – use extra bedroom space to create a walk-in closet or bathroom suite, or turn that unused first floor bathroom into extended kitchen space.

Play designer. “Sometimes the renovation that packs the most punch isn't a renovation at all,” says Eisenberg. Redesigning your space can completely transform it, and it's usually pretty fun. Pick out new accents, from throw-pillows to curtains. Shop for affordable art, buy new furniture and lay it out differently. You will be amazed with how much can be accomplished with the space you already have.

For more information on buying in a low inventory market,  please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk ,VA 23510, leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com

Selling: Tips for top negotiation

NORFOLK, VA, Oct 22, 2013—If you're selling your home, you're probably enjoying the fact that the market currently appears to be back on track. As more and more buyers come into the fold, you may have multiple offers on your property. Whether you're choosing a buyer, or currently in the throes of negotiating price, Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty offers the following tips for negotiating price and landing the best deal on your home.

“If someone offers you a lowball price, one way to up the ante without quarreling over money is to offer an incentive for a higher offer,” says Eisenberg. Incentives are especially effective with first time buyers. Some good incentives are providing the buyers with a home warranty or title insurance; paying for closing costs or homeowner's association fees; offering to repaint or re-carpet to specifications, or purchasing a year-long membership to a local pool or club.

If you don't want to get into this type of situation to begin with, it's important to price appropriately, says Eisenberg. Many sellers focus too much on what they bought the home for, or the work they put into it. Unfortunately, a home value is based on the current market, so it's important to forget about the cost of that new deck and instead familiarize yourself with current conditions.

“To get a good sense of what comparable homes are selling for, attend open houses and check out local listings,” says Eisenberg. “Ask your agent for help with this—they have access to the MLS.”
For more information on selling your home, please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23505, leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com

Tax Tips For Home Sellers

NORFOLK, VA, Oct 18, 2013—Tax season may feel far away, but with the rush of the holiday season nearly upon us, it's important to start thinking ahead, especially if you sold a home this year. Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty takes us through several of the need-to-know facts about tax season for home sellers.

Under $250,000? You may be able to exclude gains
“Just because you profited on your home sale does not mean you have to pay taxes on it,” says Eisenberg. “In fact, if you're eligible to exclude your gains, you don't even need to note that you sold your home at all when you file.

To be eligible, you need to have made a profit of less than  $500,000 on a joint return or $250,000 on an individual return, and the home must have been your primary residence for at least two years prior to sale.

You may not have to report your home sale at all
“If you can exclude all of the gain--meaning it was under 500,00 on a joint return or $250,000 on a single--you probably don’t need to report the sale of your home on your tax return at all,” says Eisenberg. Double check this with your accountant, but this is the case in most situations.

But you can't deduct your losses
While it's great you can exclude financial gains, you can't deduct financial losses, which is unfortunate.

The more homes, the more complicated tax-time can be
“Several complications can arise from owning more than one property, be it an investment or vacation home,” says Eisenberg. The home you live in the majority of the time is considered your primary residence. This is important because it's necessary for you to report any gains you may have made on your second home.

If you can't exclude gains...
If you can’t exclude all of the gain because it was over the allotted amount, or you choose not to exclude it, then you will need to report the sale on your tax return. “Keep an eye out for Form 1099-S, Proceeds From Real Estate Transactions,” suggests Eisenberg.

If you’re selling your first home...
One more reminder about selling your home and tax season, says Eisenberg. “Special rules may apply when you sell a home for which you received the first-time homebuyer credit.”

Keep in mind that tax time can be stressful and busy, so it's always a good idea to have a professional look over your paperwork if you had an unusual financial year.

For more information on selling your home, please contact Louis Eisenberg, Prudential Towne Realty, leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com

Home Buyers Purchasing Power

Housing Market Forecasts mortgage interest rates are on the rise as well as the price of homes. Now is a good time to buy or sell a home

What to know about buying a home in the Fall

NORFOLK, VA, Oct 16, 2013—The fall often calls for a slowdown from the bustling Summer homebuying season. However, due to affordable interest rates and home prices, this fall is proving to be a busier buying time than the falls that have come before. Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty let's us in on a few tips for buying a home in the fall:

Check up on homes you liked this summer. Remember that gorgeous home with the wrap-around porch you fell in love with in June, but passed on because it was a bit out of your price range? Check back. “If it's still on the market, it may have dropped in price, and even if it hasn't, offering a little less than asking price may be a good idea if the seller is trying to close before winter,” comments Eisenberg.

Buy a home that needs a little TLC. In the fall, not only are homes cheaper, but building materials are, too. Home improvement stores typically have huge fall sales now that the prime building season (looking at you, summer) is over. “So if you are unsure about a home because it needs a renovated kitchen or bathroom, you may be able to swing it if you make good use of the season's discounts,” says Eisenberg.

Take advantage of more selection. While many areas around the country are experiencing a shortage in listing, the fall will offer more selection than the summer or spring. Use this to your advantage by shopping around and comparing prices.

Don't rush. Just as sellers are looking to unload their properties before winter, you may be feeling rushed to purchase one before the holidays start rolling in. “Take your time and make intelligent buying decisions – you want a home you can enjoy for years to come, so don't allow the changing seasons to pressure you,” notes Eisenberg.

For more real estate information, please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510, leisenberg@prudentialtownerealty.com, 757-572-7244, or www.LouisEisenberg.com

Average Homeowner's Net Worth vs Average Renter's Net Worth

17 Facts About moving

 

Infographic Courtesy of Allied Van Lines

5 Reasons to Hire a Real Estate Profesional

 

Regional Home Price Increases Vary By Region