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Posted by Bo Lee on 7/5/2020

If you work from home either full or part-time, you may want to give the home office deduction a go on your taxes. The problem with this deduction is that it can be tricky. 


Are You Eligible?


Your workspace needs to meet the criteria for business use. You need to use your work space regularly and as your principal place of business. If you don’t work from home as a self-employed individual, your employer must require you to work from home due to a lack of office space or other circumstances. The keywords in this part of the clause are “exclusively, regularly, and must.”


First, you’ll need to calculate the percentage of your home that’s used for business. This means that if your office is 100 square feet and your home is 1,000 square feet, you use 10% of your home for business. If you own the space you’re living in, you can deduct 10% of the mortgage interest that you pay each month. Keep in mind that you can’t double dip either. This means the amount of mortgage interest that you deduct on other parts of your taxes is reduced. If you rent your home, you’d deduct the percentage off of your monthly rental payments. 


Home Office Maintenance


If you own your home, you are able to deduct a portion of your property taxes, insurance, utilities, maintenance, and other expenses that are associated with your home office space. These expenses vary because some are direct such as the expense of you painting your office. Others are indirect. Home insurance applies to your entire home, so you would only apply a portion of that to a deduction. For the direct expenses, you are able to deduct the entire cost. 


For the indirect expenses, you’ll go back to applying the percentage of your home that is used for work. This means if we’re working with a 10% figure, you are able to deduct 10% of your utilities, 10% of your home insurance premiums, and so on.


If you rent, you can still deduct many of the same things that homeowners can from your taxes for a home office expenditure. The only thing that you’ll lack as a renter is the ability to write off things like mortgage interest, property taxes, and homeowner’s insurance. Know that you’ll be able to write off a portion of your renter’s insurance. 


The Complicated Stuff: Depreciation


You are able to depreciate the value of a home office as your home ages. It’s not always necessary to do this, so you should consult your tax professional before you decide to make this type of deduction. Equipment in your office, such as your computer, can be claimed as a depreciation over time as well. 


The important thing when it comes to your home office tax deduction is to do your homework. You don’t want to miss out on important savings!




Categories: home office   tax credit  


Posted by Bo Lee on 6/28/2020

Image by Chris Goodwin from Pexels

Your luxury home is a major investment, so it’s important to make sure that you’re approaching the selling process the right way. Selling a luxury home comes with certain challenges that you’re less likely to encounter with a non-luxury home. Luxury homes aren’t as numerous overall, so you’ll have to work harder to attract more buyers. According to the National Association of Realtors, only 13 percent of first-time and repeat home buyers purchased homes costing $500,000 or more, and only 9 percent purchased homes measuring 3,501 square feet or more. Keep the following tips on selling luxury homes in mind before putting yours on the market.

Get the Pricing Right

Determining the right price for a luxury home can be a challenge. You might not have other comparable homes nearby to help you figure out your listing price, or your home might have special features that could make it worth more. Asking for too much for your luxury home could mean that it ends up staying on the market longer than you expected, especially since the number of buyers for these homes overall tends to be smaller. Asking too little means you’re missing out on getting what your luxury home is worth. 

Think Twice About Open Houses

Open houses are a common part of the marketing process for non-luxury homes. However, you might not want to have them for you luxury home. Anyone can attend open houses, which means you’re likely to have people stop by who have no intention of making an offer on your home. In addition to wasting your time, these open houses could also make it easy for criminals to target your home. Instead of open houses, consider arranging private showings for buyers who have a genuine interest in purchasing your home and the financial ability to do so.

Use High-Quality Photos and Videos

When marketing your luxury home, make sure you use high-end cameras for photos and videos. The quality of these can have a huge impact on how successful your online and offline marketing efforts are. High-quality photos and videos are an important part of attracting buyers and making an initial favorable impression on them.

Find an Experienced Real Estate Agent

When you work with a real estate agent to sell your home, make sure that you find one who has experience in the luxury market. Selling luxury homes involves taking different factors into consideration compared to selling non-luxury homes. A real estate agent without this experience might have a more difficult time selling your home or overlook important ways to attract the right buyer. Real estate agents with in-depth knowledge of how to sell luxury homes provide you with valuable help when your home is on the market, including helping you determine the right price for it.




Categories: Selling  


Posted by Bo Lee on 6/21/2020

If you list your home and fail to stir up interest in it, there is no reason to panic. In fact, there are many quick, easy ways to ensure your house consistently garners homebuyers' attention.

Now, let's take a look at three tips to help you showcase your home to dozens of prospective buyers.

1. Bolster Your House's Curb Appeal

How your home looks to potential buyers can have a significant impact on the house selling journey. If your residence appears drab and cluttered, buyers may be reluctant to set up a home showing. However, if you enhance your residence's curb appeal, you could make your home an attractive choice to buyers.

To upgrade your house's curb appeal, it is essential to mow the lawn, trim the hedges and perform other lawn care tasks. Don't forget to repair or replace any damaged home siding too. Because if you make your home's exterior appealing to buyers, you may find that many buyers want to check out your house as soon as possible.

2. Eliminate Clutter

Clutter is a problem that home sellers must eliminate. Otherwise, excess items scattered throughout a home may make a residence appear small.

For those who want to cut down on clutter, it may be beneficial to rent a storage unit. You can rent a storage unit close to home that enables you to keep various belongings safe until your residence sells.

If you are ready to get rid of assorted items, you can host a yard sale or list these items online. You also may want to donate unwanted items to a local charity or give them to family members or friends.

3. Employ a Real Estate Agent

When it comes to generating interest in a home, it often helps to hire a real estate agent. This housing market professional knows how to promote a residence to buyers, and ultimately, ensure a seller can reap the benefits of a quick, profitable property selling experience.

Initially, a real estate agent will walk through your home and perform an in-depth analysis. He or she next will work with you to craft a house selling strategy and showcase your residence to buyers. Finally, if you receive an offer to purchase your home, a real estate agent will help you assess this proposal and determine how to proceed.

Let's not forget about the assistance a real estate agent provides after you accept an offer to purchase, either. At this point, a real estate agent will guide you through the closing stages of the home selling journey. And if you have any concerns or questions along the way, a real estate agent is happy to address them.

If you find that buyers are hesitant to view your house, you may want to revamp your property selling strategy. Thanks to the aforementioned tips, you can revise your house selling plan and take the necessary steps to get buyers interested in your residence.





Posted by Bo Lee on 6/14/2020

There is no set amount that a homeowner should spend on a smart house device. In fact, depending on the smart gadgets you purchase, you may wind up spending only a few dollars, or hundreds, on these devices. But if you understand how to shop for smart home gadgets, you may be better equipped than other property owners to find high-quality and budget-friendly smart devices for your residence.

Now, let's take a look at three tips to help you get the most out of your smart home device spending.

1. Choose Only the Smart Home Devices You Need

Although there are many smart home devices available, it is paramount to select only the ones you need for your house. That way, you can keep your smart home device spending in check. Plus, you can avoid the risk of buying smart home gadgets you ultimately won't need.

As you try to sort between smart device wants from needs, consider your day-to-day activities. For instance, if you require energy-efficient and economical lighting for your house, you may want to invest in smart light bulbs. Or, if you are concerned about security, a smart home security system may be an ideal investment.

2. Shop Online and at Brick-and-Mortar Retailers

Smart home devices are available both online and at brick-and-mortar stores. If you shop for smart house gadgets from a variety of retailers, you may find some that offer the optimal combination of affordability, convenience, and quality.

Don't hesitate to ask questions as you shop for smart home devices either. Remember, your goal as a homeowner is to find smart gadgets that can serve you well for an extended period of time. If you ask questions about smart home devices, you can gain the insights you need to make informed purchase decisions.

3. Consider Pre-Owned Smart Home Devices

Smart home device models are constantly evolving, and multiple generations of different gadgets may be available. Keep in mind, however, that an old smart home device model may suit you perfectly at a fraction of the cost of a new version.

Sometimes, you may find pre-owned smart home devices that work great and won't break your budget. If you search smart home device listings on Craigslist and other online marketplaces, for instance, you may find lots of terrific pre-owned smart house gadgets. If you browse these gadgets closely, you may discover a pre-owned smart home device that corresponds to your budget.

For those who want to buy a smart home device, it often helps to remain flexible, too. If you are open to shopping for smart house gadgets from a wide range of manufacturers, you may quickly find a smart home device that is both expertly constructed and affordable.

Ready to purchase one or more smart home devices? Take advantage of the tips above to shop for smart house gadgets, and find devices that fall in line with your finances.





Posted by Bo Lee on 6/9/2020

This Condo in Franklin, MA recently sold for $560,010. This style home was sold by Bo Lee - Coldwell Banker Residential Brokerage.


7 Riverstone Way, Franklin, MA 02038

Condo

$556,900
Price
$560,010
Sale Price

6
Rooms
2
Beds
2/1
Full/Half Baths
Brookview At Franklin, Another Brendon Properties Signature Community, Offers New Construction In Franklin MA. The "Wentworth" Is An Open Floor Plan That Features 2 Bedrooms Plus A Study With 2 1/2 Baths. Gorgeous Designer Kitchen With Wood Cabinetry, Granite Counters And Stainless Steel Appliances. A Spacious Great Room With Gas Fireplace And Beautiful Hardwood Floors Throughout The First Floor. Bedrooms, Study And Loft Space Are Carpet And Baths And Expansive Laundry Room Ceramic Tile. This Home Also Has A Two Car Garage Attached. Don't Delay, Homes Are Selling Fast. Please Call To Schedule Your Appointment Today.

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Tags: Real Estate   Condo   Franklin   02038  
Categories: Sold Homes  




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