| Home Ownership Provides a Tax Haven |
 It's tax season again and thoughts of home ownership weigh heavily on the minds of renters and other prospective homebuyers. Renters are often apprehensive about the financial responsibility of owning a home. The professionals at Coldwell Banker® want to remind taxpayers that ownership, rather than renting, offers financial benefits. Below are tax incentives for home ownership, but as always, taxpayers should seek the advice of a financial professional:
- Deductible property taxes and interest. Most homeowners can deduct property taxes and interest paid on their mortgage for each year of ownership.
- Borrowing against equity. Homeowners can borrow against the equity they have built up in their homes. Equity from a home can be used to improve the property, buy a car or pay for education.
- Real estate tax exemption. Depending on the state, certain real estate tax exemptions apply for homeowners who meet specific criteria.
- Yearly home appreciation. Although it is not a tax advantage, homes build equity over time. Renters receive no financial return on monthly rental costs.
|
| How to Make More with Less |
 Coldwell Banker® tells you how to make more with less There are modifications owners of smaller homes can make to create the illusion of space. For sellers of small homes, creatively manufactured space will appeal to buyers. And buyers should inspect a potential home with an eye towards how they can maximize unused space for their own benefit. Being imaginative with furnishings, decorations and interior architecture can enable homeowners to craft a more useful, and attractive environment. The professionals at Coldwell Banker Real Estate LLC offer some of their best tips for living big in a small home: To add space, add a wall. One would assume to maximize space one would remove walls but interior designers recommend adding a wall slightly breaks up a room, or putting a freestanding bookcase in the middle of a room to make a space appear larger. A room of one's own. For older children, loft beds can free up large amounts of space. They can be redesigned by teenagers as social areas, study spaces, for storage, or as game centers in their rooms. When there is a real lack of space, consider investing in a bed with storage underneath, saving the need for a bureau.
Manufacture space. Look for opportunities for built-ins, such as bookshelves in staircases, unusual cabinet possibilities, drawers under beds, etc. Using mirrors on walls opens a room and makes it feel larger. Consider turning the sills on bow and bay windows in the kitchen into window seats, offering more seating and a cozy, café-like environment.
The home office: There are many ways to set-up a home office, whether it's a desk at the foot of the bed or a more complete set-up in the basement. Another spot to consider is on the second floor stairway landing, which is especially good for working parents who can focus on work and yet still be in the midst of family activity
|