Should You Put Your Home in a Trust?

Estate planning is something for all homeowners to consider. The same goes for the decision to put your home in a living trust.

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You may think this topic is only relevant for the elderly, but estate planning is a topic that all homeowners should seriously consider. Putting your home in a trust has advantages and disadvantages. The most important advantage to putting your home in a trust is that it allows you to avoid probate by transferring the title of your home to a designated family member. Another advantage is that it gives you future incapacity protection. If you become ill or unfit to manage your finances, another trustee can be selected to manage your trust and protect your home. Putting your home in a trust also gives you the opportunity to save on estate taxes.

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The most important advantage is that it helps you avoid probate.

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One of the major disadvantages of putting your home in a trust is that the process is more complex and more costly than setting up a simplified will. With a living trust, your other assets will also be subject to probate whether or not you have a will. Even modest bank investment accounts made in the trust must undergo the probate process. After you die, the trust must file tax returns and value assets, which means more expenses for your estate that might negate the cost savings of avoiding probate. Consider each of these factors carefully before making a decision. If you have any questions about living trusts or anything else related to real estate, give me a call or send me an email. We look forward to hearing from you soon.

Is Now the Time to Get Off of the Fence?

When is the right time to sell your home? Should you wait? Actually, now is a great time to put your home on the market and there are a couple of reasons why.

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When is the right time to get off of the fence? Should you sell your home now or should you wait?

If you want to sell your home, then this winter offers an incredible opportunity to do so. Current housing inventory is the lowest it has been in years, which means you don’t have a lot of competition on the market. Prices are strong, too.

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Housing inventory is the lowest it’s
been in years.

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We’re also in a period of low but rising mortgage rates. Buyers want to be able to get into a new home before rates go up again.

If you would like to know what your home is worth in today’s market, then give me a call. I know the local area very well and I talk to homebuyers every day, so I have a great feel for our current real estate market. Once we discuss the unique characteristics of your home, I will give you my best estimate of how you can get your home sold for top dollar.

Now is a great time to sell, so please don’t hesitate to reach out to me with any questions. I would be happy to help you!

5 Tips for Deciding on a Home Improvement Project

Home improvements can greatly add to your home’s value.

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Making a new addition to your home is a great idea for various reasons, but interest rates and property values can change the effectiveness of your investment. If you’re considering building a new addition into your home, consider the following five pieces of information as you make your decision:

1. Cost. When budgeting for your addition, plan for the costs associated with major home improvement projects. The hefty cost is something homeowners should consider closely before embarking on this type of construction. It’s also important to consider the additional costs of utilities and taxes to affect your annual budget.

2. Investment value. Sellers don’t necessarily recoup their entire investment due to variables associated with property values.

3. Enjoyment factor. Cost and investment aren’t always the main concerns of homeowners when they’re making additions. Sometimes they just want to enjoy the added space or have a need to expand their home.

4. Stress. I don’t have to tell you that stress is a con, and can be a temporary problem. Selling your home and buying a new one may prove no less stressful.

5. Design aesthetic. A poor design decision can detract from the appearance of your home. An addition that’s mismatched to the main structure can detract from the home’s visual appearance. This will turn buyers off.

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Consider all the pros and cons
 before making a decision.

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Consider all the pros and cons when it comes to making a decision about a new home addition. Talking to other homeowners can also help you gather advice and enhance your decision making process. If you have any questions for us or if you know someone looking to buy or sell, give us a call or send us an email. We look forward to hearing from you.