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Preferred Properties of Texas

The Preferred way to buy & sell real estate for you

Archives for June 2022

The Best Way To Protect Yourself From Rising Inflation Is To Be A Homeowner.

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You’ve probably heard of rising inflation if you are following the news. Inflation today is at its 40-year peak. The National Association of Home Builders

As inflation rises, it’s likely that you will feel the impact on your daily life. Prices for groceries and gas are increasing, as well. These rising consumer costs can cause a financial pinch and force you to reevaluate big purchases that you’ve made in order to make sure they are still worth it.

You might be wondering whether you should go ahead with your plans to buy a home in the new year. The answer to that question will depend on your circumstances. Here are some ways homeownership can help you fight rising inflation costs.

Inflation can cause prices to rise all over the place. This is true for food, entertainment, housing, and other goods. Both home prices and rental prices are rising. How can you as a buyer protect yourself against rising costs? homeownership is the answer.

You can stabilize your largest monthly expense, your housing costs, by buying a house. Fixed-rate mortgages on your home lock you in to your monthly payment for the life of your loan. This is often 15-30 years.

Even if prices rise, your housing payment is a steady amount that will help you keep your budget in control. Renters don’t get the same benefit and won’t be protected against rising housing costs.

Although it is true that today’s rising home prices and increased mortgage rates means that buying a house will cost more than it did a few months ago it still offers the opportunity for long-term success. You want to invest in an asset that is more resilient than inflation and usually holds or increases in value in inflationary times.

What does this mean for you? Experts predict that home prices will continue to rise because of the continuing imbalance between supply and demand. Any home price appreciation after you have purchased a house will increase your equity as well as your net wealth. You can rest assured that your home is an asset that will increase in value.

It makes sense to act quickly if you are thinking of buying a house this year. Even though inflation is rising, This will allow you to stabilize your monthly housing costs and invest in an asset which has historically outperformed inflation.

If you’re ready and able, it makes sense to buy today before prices rise further.

If you’re ready to get started, contact Preferred Properties of Texas today.

 

Original Blog: https://www.keepingcurrentmatters.com/2022/06/23/homeownership-is-a-great-hedge-against-the-impact-of-rising-inflation/

Why Ag Exemptions Are Important

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A property that is eligible for exemption from the agricultural property tax must meet minimum requirements in terms of size, use and location. To be eligible for the exemption, the property must have been in agriculture production for at least 5 years. The receipts and proof of this information must be presented in order to apply. The status must be maintained annually and run as a profitable business in order to keep it.

Why is it so important to have an exemption from property taxes for ag? It will significantly lower your annual property taxes.

If you’re considering buying a property with an ag exemption in place, please ensure that you work with an agent or broker who is familiarized with the requirements for the county where the property is located.

As different types of agriculture and land requirements are required in each county, there will be different exemptions and minimum requirements. Depending on the type of operation, some counties may require more land than others. Others will need as little as 5 acres.

You might not be buying the minimum amount for your county if you purchase land from a larger area that is exempt from ag taxes. This is because you might not be able to keep the exemption in place in the future.

Rollback taxes will apply to properties that do not keep the agricultural exemption. This means that the property is now responsible for all property taxes, including those incurred in the 5 years prior to the exemption. This amount will run into the thousands. You should calculate the amount of rollback taxes you will owe and set aside money to pay it when it becomes due. The taxes won’t become due immediately, but it will be gradual.

If you’re a seller who knows your property may not be in an ag exempt area, ensure that the contract protects you from any liability to pay those rollback taxes.

However, you can choose to rollover into a wildlife valuation rather than an agricultural valuation. This requires annual reports and plans.

If your looking to buy property contact Preferred Properties of Texas today.

 

Original Blog: https://texaslandandhome.com/2019/07/07/what-is-an-ag-exemption/

Make Downsizing Easier

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It can be difficult and time-consuming to downsize. These are three ways to prepare for moving into a smaller house.

Give yourself time

You should start planning as soon as possible to avoid feeling overwhelmed. Also, you will want to allow yourself to reflect on the precious items that you find when packing. Instead of worrying about the packing process, take the time to cherish the moments.

Make a list

Make a list of the rooms, including storage areas, that you need in your new home. Also note what furniture and essential items are needed for each room. To ensure that they fit, measure the rooms in advance.

Make Piles

Keep your possessions in one place.  You can easily weed duplicates and dispose of what is not needed by sorting your possessions into piles. Donate, sell or toss the stuff that you don’t want.

Do not feel that you have to do it all yourself. Ask your REALTOR(r), for suggestions for reliable movers, professional organizers, and other relocation services.

 

Original blog: https://www.texasrealestate.com/members/posts/3-tips-to-make-downsizing-easier/?utm_medium=email&_hsmi=215731127&_hsenc=p2ANqtz-_CInhQeZCKGfqAu4gOIURNMj8oe93LaAp02fCz-jnOVxjTh7F3Yn3wlaAM0_C_FSRHP8_5rXCQN-Iu3N3uKdMKgZe1WQ&utm_content=215731127&utm_source=hs_email

Thinking Of Buying A Vacation Home?

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Most people have vacation in their heads as the summer season begins. It is important to research all aspects of a potential purchase before you make an emotional decision.

It’s tempting to make big decisions after a vacation. Here are some things you need to remember before purchasing a vacation house.

The pros and cons of buying a vacation home

  • It is an investment and will increase in value, especially if it is located near popular areas such as the beach or mountains.
  • This property can make your vacation more enjoyable. It will save you money and let you stay longer than you would in a vacation rental. It will also allow you to invite your loved ones for some R&R.
  • Rent out the property to make money during your absence or rent it out to vacationers.

The cons of buying a vacation home

  • It is expensive to rent vacation properties. Additional mortgages, property taxes, insurance, and utilities will be required. These costs can reduce savings in other areas, such as retirement or college funds.
  • You must consider security and maintenance when you aren’t there. You can still monitor your property remotely using modern technology. But what if you are far from your primary residence?
  • Are you going to get bored of the view? It’s important to not make an emotional purchase when buying a vacation home. Are you sure you will want a change of scenery within a few years? Are you going to stop taking vacations abroad because of this investment?

Important Information to Consider Before You Buy a Vacation Property

While you have the pros and cons listed above, there are still some things that you need to know when purchasing a vacation home.

  1. Think about the things you want in a vacation home. What are you looking for? What do you see yourself doing with this property? What is the most frequent you will be able visit this property? These questions should be answered in detail. You can use these answers to help you find the right property.
  2. Understand the financial implications of vacation homes. Many buyers don’t realize the higher mortgage rates for a second home. The rules for financing a second residence are different from those for a primary residence.
  3. Do your research. Buying sight unseen is becoming more common in today’s real estate market. However, with a large investment like this, it’s important to know the area. Is the property close to shops and restaurants? These are important things to consider whether you will be renting or living in the home.

It’s an exciting idea to own a vacation home. But make sure you do your research so that you can find the right fit.

Ready to purchase? Contact Preferred Properties of Texas today!

 

Original blog: https://www.landhub.com/land-news/buying-a-vacation-home/?inf_contact_key=9a8e94f992f9eb8392bcff3da9fc2f74680f8914173f9191b1c0223e68310bb1

There Are Many Signs That The Home You’re Buying Will Have A High Resale Value

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Although it may seem premature to consider selling your home before you actually buy it, it is important to remember that a house can be an investment. In an ideal world, investments would make money and not lose it.

When house hunting, resale values should be considered. It shouldn’t be the only thing that you consider when buying a house. If you want 20 acres or lakefront access, should be your priority. You will be happier if you can predict the future appeal of the house you are buying and the surrounding area it is located. You might even be richer.

Buyers will save a lot of money by considering resale values. They won’t have to spend a lot on renovations and updates. A high resale price is not a guarantee.

Because of the effect of the local market and economic factors, it is difficult to ensure that a home will retain its full value.

When house hunting, pay attention to the surroundings. Is it easy to get around the neighborhood? Is it possible to walk to the grocery store without having to stop for snacks? Are there nearby restaurants for those evenings you just cannot?

You won’t get a high return on your home if it isn’t well-developed or has poor infrastructure.

A home purchase is a study of contrasts. You need a beautiful kitchen and good delivery options. Five bedrooms is the minimum requirement. You also need a decent hotel nearby. Your mother-in-law will not be staying with you. You want everything to be bustling, but not in your backyard.

There are buyers, and maybe even you, who love to live in the middle all the action. Be aware that your future buyers may not be as keen to buy the bungalow right next to your favorite watering hole.

Many people view return on investment as the sum of simple calculations: Will your home sell for less than what you paid?

The inspector will give you an overview of the health of your home. However, it is important to pay attention to the roof, foundation, HVAC system, windows and doors. You should also pay attention to electrical and plumbing. Any problem with one of these systems could lead to a costly repair that can take a chunk out of your paycheck.

 

To read more click on original blog: https://www.realtor.com/advice/buy/home-youre-buying-good-resale-value/

DIY Home Improvement Projects

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Home improvements that you do yourself can be a great way to feel good. You learn a new skill and can take pride in what you make.

Let’s face the facts: A DIY project that doesn’t generate income isn’t worth it. It must pay off when you sell your house.

To win the home-improvement return-on-investment game, you must adopt a less-is more approach.

It is a good idea to make small improvements that have a positive impact on buyers if you want to get a return on your DIY investment.

You don’t have to equip your home with the latest technology, but that doesn’t mean that you shouldn’t. If you are making a renovation that you love, you should do it. These home improvement projects will give you the opportunity to get creative and make a big impact on your budget.

Refreshing your kitchen cabinets. If the cabinets are in good shape, adding a fresh coat of paint or stain will dramatically transform the feel of the entire kitchen.

Creating curb appeal. Landscaping and gardening are the biggest ones that also are simple. Curb appeal has a significant impact on buyer’s purchasing decisions. Making a great first impression on home buyers is one of the quickest ways to boost your home’s value.

Giving your front door a new look. Want to boost your home’s curb appeal but don’t have a green thumb? Spruce up your front door instead. All it takes is a few coats of paint. A fresh color at the front door is a great way to enhance your home’s curb appeal for not a lot of money or time.

Adding more storage. Making an addition to your home might not be realistic. But smaller improvements, like adding a pantry in the kitchen, a new storage unit in the garage, or even closet organizers, add valuable storage space to your home and will pay off when you’re ready to sell.

Making small repairs. Spending a few hundred dollars on these small repairs will let the buyer know that this house has been cared for.

Making a great first impression on home buyers is one of the quickest ways to boost your home’s value.

When your ready to SELL contact Preferred Properties of Texas.

 

Original blog: https://www.realtor.com/advice/sell/diy-home-improvement-projects-with-serious-return-on-investment/

Preferred Properties of Texas

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