Preferred Properties of Texas

The Preferred way to buy & sell property for over 25 years

How Much Does It Cost to Construct a Home?

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Perhaps You’ve been Searching for a house for awhile, and nothing about the market is fulfilling your requirements. You may also be at a place in which you do not wish to buy, and you need your dream forever home. In such scenarios, you might choose to build instead of buy a present house, but just how much can it really cost? The Expense of building a custom house is different upon on individual facets. For instance, it varies depending on your geographical area, the stuff you use, along with square footage. A custom-built house can be distinct from a retail build. At a production build, you are choosing specific customization choices inside a subdivision. While your house is in certain ways distinct, you are confined to picking from what the builder offers. The typical cost to Construct a house was $428,000 in 2017. That quote is based on a yearlong house of approximately 2800 square feet. According to this, the typical cost to construct a home is $153 per square foot. Price by Area According to the U.S. Census Bureau’s analysis of the Median Cost per Square Foot for brand new houses in 2017, at the Northeast, the average price was 161. From the West, the typical price per square foot was 139 and at the South it had been 100. For the Midwest, the typical price was $106. That means in the event that you would like a bargain, you are hopefully building in the South or maybe the Midwest. The Northeast is the most expensive place to construct a house. Also within a certain area, the prices can Vary based upon the city or county where you are building. The Way the Personal Prices Breaks Down. Therefore, as you are building a House, you’re very
Literally beginning from the bottom up. Once You Purchase property, you’ll start with what is Called site function. Site work includes plans and preparing property for building. This normally costs approximately $16,000, based on the degree of the job. Additionally, this can incorporate cash you are going to need to cover the local authorities such as the impact fee, which pays for streets and parks within your own community. The Expense of a base is generally $25,000. The base will consist of excavation to make certain your property is totally flat before construction is initiated. A home’s base costs will also incorporate lumber and concrete. If your house will have a basement, then rely on base costs being. From there, you cover for framing, that can be tens of thousands of dollars, then you’ll cover a comparable price for outdoor finishes. Exterior finishes incorporate both the walls and support constructions, in addition to items like doors and windows. Rely on spending about $35,000 to your Systems such as your HVAC and plumbing. Then, You Can Begin counting the prices for
Your house’s interior. This will likely be where the majority of your funding moves, and there is a great deal of variance based on the sort of endings you desire. Interior finishes contain everything out of the countertops and cabinets into your own trimming. Can it be more economical to Buy or Build? Whether it’s more economical to buy or construct is not something that can necessarily be certain everything is variable. For instance, the normal selling price of a house at 2017 was approximately $291,000, and it can be a bit lower compared to the ordinary building cost of $428,000. That does not mean you can not construct a more affordable home compared to $428,000 figure. It is up to where you reside and the kind of stuff you’re using. Should You decide to Construct a home, unless You are paying money as you proceed, you are going to require a loan. A loan is generally converted or faxed to a mortgage once the home is finished. Now you go through an identical program Procedure To get a building loan because you do a loan, however, instead of getting the cash In a lump sum amount, your builder receives a collection of payments. Your builder asks for a draw when they are moving on the next period of work. An inspector comes outside, Checks the advancement to the creditor, then disburses the draw on.

Learn more on if you should buy or build a home in Stephenville Texas and contact a Realtor at Preferred Properties

Keeping Your Water Heater Strong All Winter Long

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It is never easy to have your own water heater to stop functioning, but it’s worse throughout the winter. To make certain your water heater is appropriate to survive the whole season, here are a few hints for regular maintenance which you are able to perform.

As you pay these things, you could even run a mini-assessment of your water heater well being to spot any warning signals or possible dangers that might have to be adjusted prior to the temperature drops.

Assess the Valve
Even only a couple of minutes of yearly maintenance can stop unnecessary malfunctions and tumultuous breakdowns.

If a lot of stress builds up, however, your own water heater tank may actually burst. To discharge pressure and make sure yours is in tiptop shape, put a bucket underneath your water heater’s discharge pipe and then raise the pressure-release valve. Water must release at this time. If it does not, the valve has to be replaced.

Get the Tank Flushed
Among the most typical water heater repair tasks is that a tank cleaning. This eliminates built-up residue, sediment and dirt which accumulate through the year. Experts advocate yearly imports, which may be achieved at an inexpensive price. Possessing a tech run the cleaning may also guarantee your heater is working properly as they will also do an expert review. If they detect any other difficulties, they can notify you about the danger and provide possible solutions. You are able to add these fixes to the present task or schedule them later at your own convenience.

Set the Temperature
If your heater does not have an integrated temperature indicator, you may use a typical cooking thermometer to check the water temperature.

Your tank may require flushed or there might be a mechanical problem that needs dealt with.

Insert Insulation
If your water heater is just a decade old or more older, it may not be suitably insulated. Newer versions come insulated to reduce heat loss and preserve system stability. Nevertheless, older versions will need a fiberglass coat. If you are not certain the way to security insulate your furnace along with its own plumbing, this task can easily be achieved in a couple of hours by a licensed plumber.

Nobody wishes to take care of cold water at the midst of winter. To make sure your home’s water remains warm and nice all season long, assess your water heater and also do some simple maintenance. If you are unsure about something or you observe a issue, have an expert come have a peek at it. The earlier you catch potential issues, the easier they are to look after!

Decorate with Winter Color Schemes — Year-Round!

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Winter means different things to different people depending on where you live in the country. Some areas experience a winter wonderland from November to February as the landscape is blanketed with thick snow. In other areas, trees lose their leaves and the weather gets crisp, but even a light snow dusting is a major event. But if you love the feeling that winter gives you — even if you live in Orlando or San Diego — you can bring it inside to make your home feel festive no matter the time of year. Here are some ideas for decorating with a winter color scheme.

Cool Colors

With winter comes cold colors like blue, silver and even pure white. These are great colors to use to decorate your home and give it a wintery feel. These colors are also calming, so rooms decorated in these shades can create a sense of peace and serenity.

Pop of Warmth

Of course, too much cold can make for an uncomfortable winter. The same is true in your design scheme. You always want to include a pop of warmth to spice things up and make your home feel cozy. Common warm winter colors include shades of red, including variations like magenta and violet. You also can use rich browns to give your winter space a rustic feel.

Inspiration from Nature

Green may be one of the most underrated winter colors. When paired with red, you might think of an over-the-top holiday display, but it can be used in the right way to inject a pop of color in your winter scheme. Green is the color of evergreen trees that dot the landscape in the winter. Incorporate deep shades of green into your decor for a beautiful natural look.

Use of Texture

Although not a color, texture can enhance your winter decor. What do you associate with the cozy feel of the season? Cable knit comes to mind and can be used for pillows or throw blankets. Faux fur also lends a luxurious feel to your winter home-scape. Other textures, like birch bark and evergreen branches, can introduce a feeling of the season into your home.

 

What Are Quitclaim Deeds?

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Property deeds are written and signed legal documents used to transfer ownership of real property from a previous owner, or grantor, to a new owner, or grantee. Deeds can be official or private. General warranty deeds offer the highest level of buyer protection, while quitclaim deeds typically provide the least protection. So why are they used?

Quitclaim deeds are most often used for transferring property between family members. These deeds are relatively common, and most real estate agents have experience dealing with them. Because the parties know each other, they’re more likely to accept the risks associated with the lack of buyer protection. Quitclaim deeds are used when no money is involved in property transfer ownership:

What are you getting into when you obtain property this way?

  • A quitclaim deed also is called a nonwarranty deed and conveys whatever interest the grantor currently has in the property, if any. The grantor only “remises, releases, and quitclaims” his or her interest in the property to the grantee. There are no warranties or promises regarding the quality of the title.
  • Accept a quitclaim deed only from grantors you know and trust. Quitclaim deeds are best for low-risk transactions between people who know each other. Quitclaim deeds are commonly used to transfer property from a parent to an adult child or between siblings or when a property owner gets married and wants to add his or her spouse to the title. Married couples who own a home together and later divorce also use quitclaim deeds. When one party acquires the home in a divorce settlement, the other may execute a quitclaim deed to eliminate his or her interest in the property.
  • Quitclaim deeds can be used to clear a title defect, also known as a cloud on the title, in the recorded history of the real estate title. Title defects include issues with wording, like not complying with state standards, missing a signature or even failing to properly record the real estate documents.
  • Quitclaim deeds are as effective as warranty deeds to transfer titles but only if the title is good. It’s the lack of any warranties that makes a quitclaim deed less attractive from a grantee’s perspective. If the title contains a defect, the grantee has no legal recourse against the grantor.
  • A quitclaim deed affects ownership and the name on the deed but not the mortgage. If there’s still a mortgage on the property, the grantor may remain liable for the mortgage even after ownership is transferred through the execution of a quitclaim deed. Quitclaim deeds transfer titles but don’t affect mortgages. For this reason, a quitclaim deed may not be a good idea when a property still has a mortgage.

Think of quitclaim deeds as a fast way to accomplish real estate transfers among family members or to place real estate into a trust. Of course, this is just an introduction to a complicated legal issue.

Our agents at Preferred Properties of Texas are here to help you with all your Real Estate Needs. Contact our office today.

Home Office Deductions: A Refresher on the Rules

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The Internal Revenue Code (IRC) allows taxpayers to claim a business deduction for expenses arising from the qualified use of all or part of a residence, as long as certain conditions are met. This deduction can be a particularly attractive tax planning tool for those who meet one of the following requirements:

  • The home office is taxpayer’s principal place of business. A home office must be used regularly and exclusively to conduct business. Consequently, working on the kitchen table (which is also used for purposes other than work) doesn’t qualify, but a desk set up in a bedroom might.
  • The home office is where the taxpayer meets patients, clients, or customers in the regular course of business. This can be difficult to assess if the taxpayer operates out of different locations. In such cases, the IRS will look at things like the amount of time spent at the location. To assess where the principal place of business is, if a taxpayer has multiple work locations, consider the relative importance of the activities conducted in each location, the amount of time spent there, and whether another fixed location might compete as the principal place where work is done.
  • A separate structure not attached to the dwelling and used in connection with the business may qualify.
  • If the dwelling is the only fixed location of the taxpayer’s business, a space within it that is used regularly to store the business’s inventory or product samples may qualify as a home office.

These considerations generally apply to the self-employed, because employees who work from home are not entitled to claim a home office deduction even if the employer requires the employee to maintain a home office. (The 2017 Tax Cuts and Jobs Act eliminated employees’ ability to deduct unreimbursed job-related expenses paid with personal funds as miscellaneous itemized deductions.)

The following is something of an exception to this rule: if the employer sets up an “accountable plan,” which reimburses workers for business expenses, that reimbursement is not counted as income, and it is not subject to withholding or reported on the employee’s W-2. When setting up the plan, the employer must (1) ensure that reimbursed expenses are business-related, (2) substantiate the expenses within a reasonable period and (3) make sure that any unspent funds are returned to the employer within a reasonable period.

This means that to avoid raising red flags for the IRS that can result in the plan being treated as a nonaccountable plan, the business owner must set up the plan carefully, fully document all associated expenses and comply with any limitations or restrictions associated with deductible expenses.

Ultimately, the point is that an accountable plan is a simple way to shift deductibility of business expenses from the employee to the employer and offers the ability to mitigate tax liability by allowing business owners to choose which expenses are reimbursable and which employees will be eligible to submit reimbursements. These rules can get complicated, so be sure to work with a professional on these, and all home office tax issues.

 

Expensive Mistakes Your Making on Your Home

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Homes cost a lot of money to maintain. But are you spending extra money unnecessarily on upkeep?

Traditional Light Bulbs. If you still have incandescent light bulbs in your home, you could be throwing a lot of money away every month on inflated electric bills. Over its life span, an incandescent bulb can use $180 worth of electricity. A CFL will only use $41 worth of electricity over the same time period. Even better is the LED bulb, which only uses $30 per bulb.

Leaky Faucet. A leaky faucet can waste more than 3,000 gallons per year, which is enough water to take more than 180 showers. Some of us live in areas where water is plentiful, but for those of us in areas plagued with drought, this could be costing you a fortune. Fix or replace your leaky faucet and save a ton on your water bill.

Air Filters. We all sometimes forget to change out the air filters for our HVAC systems or accidentally buy the wrong size. But using the wrong filter or a dirty filter can increase your power bill and cause expensive problems for your furnace down the road. Use the correct filters for your system, and set a reminder to change them after the recommended amount of time. You won’t regret it.

Customizing Temperature. Invest in a customizable thermostat. If you’re away at the office all day, you can program your heater to shift down a few degrees while you’re gone and then shift back up shortly before you return home. Heating or cooling an empty home wastes a lot of money in energy costs.

Air Vents. Is one room in your home hot, while the others are cold? Oftentimes homeowners will crank up the air conditioning in the whole house to combat hot temperatures in one area. Instead, adjust air vents to direct the flow of air more evenly throughout your entire home. Professionals will come regulate this to ensure that your entire home is receiving the same amount of air conditioning or heating.

Over Watering Lawn. Many homeowners have their sprinkler systems programmed to come on in the early morning hours for optimum lawn health. This can become a problem, however, if you’re never around to see what you’re actually watering. A broken sprinkler head could be causing a fountain, or the trajectory of your sprinkler may be directed at a fence instead of your lawn. Periodically run your sprinklers during the day so you can see how they are performing when you’re not around.

Water Heater Temperature. Unless you have a tankless water heater, your water heater is keeping the water in its tank hot 24/7. If you don’t keep an eye on the temperature as each season changes, you may be paying too much to heat your water. Decrease the temperature in the summer, and bump it back up when winter comes.

Leaky Windows and Doors. Leaky windows and doors are great places for cold, winter winds to enter your home. Many homeowners simply ignore them and crank up their heaters. Caulk leaky windows and put rubber seal around doors to keep winter winds out and warmth in.

Handyman. Don’t pay a handyman for a job that is simple enough to do yourself. If you’re unsure of how to do something, look up video tutorials online. Doing simple tasks yourself can save you a lot of money.

Curled Shingles. If you see any possible issues with your roof, repair them as soon as possible, as this will save you significant costs later. Don’t ignore problems on your roof!

Preferred Properties of Texas

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