9 Home Maintenance Items to Do This Fall

Prepare your home for the season by checking off these nine home maintenance items to do this fall.

Care for your trees and shrubbery.

That fall breeze and those brewing winter storms can cause a lot of ruckus. Be sure to trim your trees and prune your shrubs to avoid falling limbs that can cause damage to your home. 

Clean your gutters.

Those fallen autumn leaves can cause big issues for you in the winter if you don’t clean them out of your gutters and downspouts this season. Clogged gutters can create pooling water, resulting in roof leaks, wall leaks, peeling paint, wood rot, and siding and gutter damage. 

Have your chimney cleaned and inspected.

Before it gets too cold outside, make sure to get your chimney cleaned and inspected. And, if you don’t already have one, add a chimney cap in order to prevent critters from crawling in!

Check for any exterior repairs.

Walk around your property. Did you see any roof, siding or foundation damage? Get it repaired now before winter arrives!

In addition to your house, be sure to check that your driveway, walkways, stairs and railings are in good shape and sturdy for the cold that can bring snow and ice.

Turn off exterior faucets and store hoses.

Get ready to protect your pipes from low temperatures by shutting off the water to the exterior faucet. And don’t forget to drain your hoses and store them indoors. 

Add weather stripping. 

Applying weather stripping around your windows and doors can help keep out the cool weather and cut energy costs. You can also add door sweeps in order to keep the heat in.

Have your heating equipment checked.

One of the home maintenance items to do this fall that you definitely don’t want to skip is having your heating equipment checked. In addition to making sure your heating system is ready to perform in the cold, you will also want to make sure you are changing your air filters monthly. 

Clean dryer vents. 

Lint buildup in your dryer can cause your energy bill to go up, your dryer to work less efficiently and put your room at risk of fire. And with this season’s cool, dry weather increasing static electricity, that lint can be more prone to ignition, so now is the time to clean it out.

Check your smoke detectors.

Inspect your smoke and carbon monoxide detectors to make sure they are working. Be sure you put in fresh batteries, or if your detector has a power indicator light, make sure that it is on.

You will also want to press the test button to make sure the alarm sounds. 

Summary

With this checklist of nine home maintenance items to do this fall, your house will be set up for comfort and success in the coming seasons. For more home tips and real estate news, continue reading our blogs.

Real Estate Defined: An Overview of Seller Concessions

Buying a home is a big deal. Selling a home is a big deal. There are a lot of moving parts and factors to consider on both sides, including the cost. But costs can quickly go beyond a list price. Let’s look at an overview of seller concessions as an example.

What are seller concessions?

The best way to begin an overview of seller concessions is to explain what seller concessions are exactly. To simplify, seller concessions can sweeten the deal and could help expedite the selling process.

More specifically, seller concessions cover specific costs associated with buying a house that the seller agrees to pay. Seller concessions could include certain home improvements or repairs as well as some of the closing costs.

For instance, seller concessions may include several different fees such as the inspection fees, appraisal fees and the attorney fees.

Even though seller concessions can help lower the upfront costs and attract buyers, there are pros and cons for both buyers and sellers.

Seller concessions for buyers and sellers

For buyers, the upside to seller concessions is it can save you a significant amount at the closing table, making a home more affordable. This can also allow potential buyers the chance to make a higher offer, which may have a better chance of standing out in a competitive market.

From the seller’s perspective, seller concessions may speed up the sale of your property by making it more attractive to buyers in a crowded market.

Summary

Now that you’ve read an overview of seller concessions and what they could mean for you as a buyer or seller, reach out to your local Realtor to discuss your next move within our market. You can also learn more about our local market, real estate trends and other industry news by reading our blogs!

5 Potential Homeowner Tax Breaks for 2022

The due date for taxes is April 18, 2023. But before you file, be sure you are aware of the tax perks of homeownership. Check out these five potential homeowner tax breaks for 2022.

Mortgage interest 

The mortgage interest deduction is an itemized deduction. This means that for it to work in your favor, all your itemized deductions need to be greater than the standard deduction.

Note that for the 2022 tax year, those standard deduction amounts increased. For individuals, this deduction is now $12,950, and for married couples filing jointly, it is now $25,900. For the head of household, this deduction went up to $19,400. And if you are 65 or older, you can add on an extra $1,400 per person if you are married and filing jointly or an extra $1,750 if you are a single filer.

And remember—the more recent your mortgage, the greater your tax savings will be.

Property taxes

Property taxes are on that itemized list of all your deductions that must add up to more than your standard deduction.

Taxpayers can take one $10,000 deduction. This deduction is capped at $10,000 for those who are married and filing jointly.

Note: If you have a mortgage, your property taxes are built into your monthly payment.

Interest on a home equity line of credit

If you have a home equity line of credit, or HELOC, the interest you pay on that loan is deductible only if that loan is used specifically to “buy, build or improve a property.”

Essentially, you will have some cash if your home needs repairs or upgrades. But you cannot use that money for things such as weddings or college tuition.

You can deduct up to the $750,000 cap—this is for the amount you pay in interest on your HELOC and mortgage combined. But note, if you took out a HELOC before the new 2018 tax plan for anything other than improvements to your home, you cannot deduct the interest.

Home offices

Are you self-employed, with your home office being your principal place of work? Good news! You can deduct $5 per square foot, up to 300 square feet, of office space. The maximum deduction your home office can receive is $1,500.

For those taking this deduction, know that there are very strict rules on what constitutes fully-deductible home office space.

In addition, understand that if you are still working remotely, you are still a W-2 employee and are not eligible for this deduction under the CARES Act.

Home improvements

To receive the home improvement tax break, your improvements have to exceed 7.5% of your adjusted gross income.

Deductible improvements can include widening doorways, lowering cabinets, fixing electrical or adding stairlifts. For some homeowners who plan to add renovations such as wheelchair ramps and grab bars in the bathrooms, for example, the cost of improvements can result in a nice tax break.

You will need a letter from your doctor to prove that these changes were medically necessary.

Summary

Be sure you keep these potential homeowner tax breaks for 2022 in mind when filing your taxes in 2023. These breaks and homeownership tax perks can save you money!

Finally, continue reading our blogs for more real estate tips and news.

9 Factors to Consider When Determining an Offer Price on a Home

You finally found it—the home of your dreams! Now what? It’s time to make an offer. Your buyer’s agent will guide you through the entire process, including sharing these nine factors to consider when determining an offer price on a home.

Making an offer

Before you can make an offer, there are several factors to consider when determining an offer price on a home. Are you ready to figure out where to start? Now is the time to ask your REALTOR® about the following.

The home’s current list price.

For starters, what is the home’s list price? Is the asking price in line with the fair market value? If so, is it within your overall budget?

The sold price of similar homes in your area.

Your buyer’s agent can provide you with valuable information, including what similar homes in your area recently sold for. Commonly referred to as “comps,” this information offers you a reasonable baseline in terms of a starting offer.

How long has the house been on the market?

In a nutshell, if the home has been available for longer than average, sellers may be more willing to negotiate or accept a lower offer.

On the other hand, if the property is new to the market, the offer may need to be higher.

Look at the condition of the home.

Before you make an offer, take the time to learn about the home’s history and pay attention to its details. When was the house built, what types of building materials were used, what is the square footage?

What are the home’s top features and amenities? Is it in need of repairs or is it move-in ready?

Consider seller concessions.

And the questions to ask yourself continue. Will you be asking the seller to make any last-minute improvements?

Or, would you want them to cover the closing costs? These are the sorts of questions to review with your agent.

Outline exactly what’s included with the home.

Make sure the agreement and offer clearly define what is included with the home, such as appliances or window treatments.

Add in the earnest money.

When you get ready to make your offer, remember to add in the earnest, or deposit, money.

Factor in home inspection contingencies.

It may be a good idea to consider the unknowns that could be uncovered during the home inspection. Leave room in your budget for any potential updates or repairs.

Is there flexibility in your offer?

Finally, when it comes to factors to consider when determining an offer price on a home, did you give yourself some wiggle room? Is your offer going to fall at the top, middle or low end of your budget?

If the price point is firm, can you sweeten your offer in other ways? Consider being flexible when it comes to requested repairs, the closing date or the closing costs, for instance.

Summary

Bottom line: even after doing your research and carefully considering several factors to determine your offer price, the sellers could turn it down. But, remember, your trusted local REALTOR® is on your side and ready to negotiate on your behalf!

Are you looking for additional real estate tips? Keep reading our blogs for more!

Real Estate Defined: Home Inspections and What to Expect

When purchasing a home, a home inspection can save you thousands of dollars in unexpected repairs. It’s important to know exactly what you are getting into. Let’s take a closer look at home inspections and what to expect.

What is a home inspection?

A home inspection is a visual assessment of a home’s physical condition and mechanical systems, including the roof, ceilings, walls, floors, windows, doors, plumbing and more.

An inspector helps make sure there are no hidden issues in a house before the buyer commits. It is important to know about home inspections and what to expect in order to do your due diligence before purchasing a home.

In addition to the home’s physical condition and mechanical systems, inspectors will also check major appliances and the heating and air.

What happens during a home inspection?

During a home inspection, the inspector has three main tasks.

  1. Identify any possible issues with the house.
  2. Suggest fixes.
  3. Write a report, including photos, noting all observed concerns.

This report is vital for the buyer and agent. Based on this report, a buyer can request repairs from the seller.

Things to look out for that home inspectors won’t check

While inspectors assist in determining physical and mechanical issues, they typically only address issues that can be seen with the naked eye.

Inspectors will not put themselves in danger. For example, if a roof is too steep, they will not climb up to check for missing shingles. Instead, they’ll try and use binoculars.

Basic home inspections do not include any of the following:

  • Swimming pools
  • Wells
  • Septic systems
  • Structural engineering work
  • Fireplaces or chimneys

For wood-burning fireplaces, many inspectors will open and close the dampers to make sure they’re working and look up chimneys for obstructions, but that is all.

Summary

Now that you know about home inspections and what to expect, make sure you show up with your agent on the day of the inspection. This allows you to ask questions, review the inspection report and prepare to negotiate repairs.

For more industry insights, continue reading our blogs.