Homes for Sale in Charleston: Hack Your Bedroom: High-Tech Devices Aim to Upgrad...

Homes for Sale in Charleston: Hack Your Bedroom: High-Tech Devices Aim to Upgrad...: Home Improvement | By: Mat Probasco Waking up on Sunday morning to find that an hour of your day has vanished is no big deal. It’s the ...

Park Circle North Charleston, SC.

Park circle, also know as the Olde Village of North Charleston is being revitalized!

As a resident of Park Circle, I see the changes being made everyday. Today, I noticed 2 new park areas that have been constructed. Both with 3 benches and landscapingPark circle. This is just one of the many changes in Park Circle.

The housing Market is evolving. New apartments, new homes & restoration of existing homes are happening all around the Park circle area. New Business are moving into the area and flourishing due to the continued demographic shift to the area. Events are happening all over town.

Stay tuned.. I will be posting many more details about the growth, events and ever changing Park Circle.

Michelle (Micki) Mustain

Agent Owned Realty

843-338-4898

www.mickisellscharleston.com

Current tax laws offer several tax breaks that can help make second-home ownership more affordable. Different tax rules apply depending on how you use the property, for either personal or rental use, or a combination of the two.

Personal Use

As long as you use the property as a second home – and not as a rental – you can deduct mortgage interest the same way you would for your primary home. You can deduct up to 100% of the interest you pay on up to $1.1 million of debt that is secured by your first and second homes (that's the total amount – it's not $1.1 million for each home). You can also deduct property taxes on your second home and, for that matter, as many properties as you own. Like a primary residence, however, you generally can't write off any of the costs associated with utilities, upkeep or insurance (there are exceptions to this; for example, you may be able to claim a home office deduction if part of your home is used for business purposes).

Rental Use – The 14-Day or 10% Rule

The tax rules are quite a bit more complicated if you rent out the property. Different rules apply, depending on how many days a year you use the home for personal versus rental use. There are three categories into which you may fall:

1. You Rent Out the Property for 14 Days or Less.

Your second home can be rented to another party for up to two weeks (14 nights) each year without that income begin reported to the IRS. Even if you rent it out for $10,000 a night, you don't have to report the rental income as long as the home was not rented out for more than 14 days. The house is still considered a personal residence, so you can deduct mortgage interest and property taxes under the standard second-home rules.

2. You Rent Out the Property for 15 Days or More, and Use It for Less Than 14 Days or 10% of Days the Home Was Rented.

This property is considered a rental property, and the rental activities are viewed as a business. If your second home is rented out for more than 14 days, all rental income must be reported to the IRS. You can deduct rental expenses (including mortgage interest, property taxes, insurance premiums, fees paid to property managers, utilities, and 50% of depreciation), but you have to factor in the amount of time the property is used for personal use versus rental use. And, as a rental property, up to $25,000 in losses might be deductible each year. Fix-up days don’t count as personal use, so you can spend more than 14 days at the property as long as it is for maintenance purposes. You should be able to document the maintenance activities, however, with receipts to prove you weren't using the property for leisure purposes on those days.

3. You Use the Property for More Than 14 Days or 10% of the Total Days the Home Was Rented.

If you use the property for more than 14 days, or more than 10% of the number of days it is rented (whichever is greater), the property is considered a personal residence and the rental loss cannot be deducted. If a member of your family uses the property (including your spouse, siblings, parents, grandparents, children, and grandchildren), those days count as personal days unless you are collecting a fair rental price.

Selling Your Second Home

Tax laws allow you to take up to $500,000 profit ($250,000 if you are unmarried) tax free on the sale of your primary residence. This primary-home sale exclusion does not apply if you sell your second home: If you sell a house that is not your primary residence, you may have to pay the usual capital gains tax. If you make the second home your primary residence for at least two years before you sell it, however, you may be able to reap some tax benefits, but it's not as easy as it used to be.

Prior to Jan. 1, 2009, you could move into your second home, make it your primary residence for two years, sell it, and take advantage of the primary-home sale exclusion. Now, as a result of new laws associated with the Housing and Economic Recovery Act of 2008, you can still make your second home a primary home before you sell it, but you'll owe taxes for the period of time that the property was a second home after Jan. 1, 2009. The IRS now uses a ratio of the years you occupied the home as a primary residence versus the years the home was used as a rental (or other-than primary residence) to calculate the amount of capital gain that will be excluded from the sale.

For example, the Smiths purchased a second home in 2004. They continued to use it as a rental home during 2009 and 2010, and then used the home as a primary residence during 2011 and 2012. Only 50% of the capital gains from the sale of the home will be tax free (up to the $500,000 exclusion) since the home was a primary residence for only 50% of the time after Jan. 1 2009.

1031 Exchanges

A 1031 exchange, also known as a like-kind exchange or tax-deferred exchange, is a transaction where a seller swaps a rental or investment property for another rental or investment property of equal or greater value, on a tax-deferred basis. The advantage is that the seller may be able to avoid paying capital gains tax on the exchange. A property must be considered a rental property (and not a personal residence) to qualify for a 1031 exchange. This means that you must rent out the property for 15 days or more, and use it for less than 14 days or 10% of days the home was rented.

Since tax laws are complicated and do change, owners and potential buyers should consult with a qualified real-estate tax specialist to gain a full understanding of tax implications and laws, and to determine the most favorable ownership strategy.

Charleston Real Estate and property Management

Michelle Mustain

843-338-4898

18 thing high Achievers do

This infographic reveals 18 things that high achievers do that low achievers don’t. These points are adapted from several blog posts featured on Forbes.com several years ago (but which took the negative path rather than the positive path exhibited here.

1. They move on. They don’t waste time feeling sorry for themselves.

2. They keep control. They don’t give away their power.

3. They embrace change. They welcome challenges.

4. They stay happy. They don’t complain. They don’t waste energy on things they can’t control.

5. They are kind, fair, and unafraid to speak up. They don’t worry about pleasing other people.

6. They are willing to take calculated risks. They weigh the risks and benefits before taking action.

7. They invest their energy in the present. They don’t dwell on the past.

8. They accept full responsibility for their past behavior. They don’t make the same mistake over and over.

9. They celebrate other people’s success. They don’t resent that success. They also celebrate their own success.

10. They are willing to fail. They don’t give up after failing. They see every failure as a chance to improve.

11. They enjoy their time alone. They don’t fear being alone.

12. They are prepared to work and succeed on their own merits. They don’t feel the world owes them anything.

13. They have staying power. They don’t expect immediate results.

14. They evaluate their core beliefs — and modify as needed.

15. They expend their mental energy wisely. They don’t spend time on unproductive thoughts.

16. They think productively. They replace negative thoughts with productive thoughts.

17. They tolerate discomfort. They accept their feelings without being controlled by them.

18. They reflect on their progress every day. They take time to consider what they’ve achieved and where they are going.



Michelle (Micki) Mustain

843-338-4898

Charleston Real Estate and Property Management

18 thing high Achievers do

This infographic reveals 18 things that high achievers do that low achievers don’t. These points are adapted from several blog posts featured on Forbes.com several years ago (but which took the negative path rather than the positive path exhibited here.

1. They move on. They don’t waste time feeling sorry for themselves.

2. They keep control. They don’t give away their power.

3. They embrace change. They welcome challenges.

4. They stay happy. They don’t complain. They don’t waste energy on things they can’t control.

5. They are kind, fair, and unafraid to speak up. They don’t worry about pleasing other people.

6. They are willing to take calculated risks. They weigh the risks and benefits before taking action.

7. They invest their energy in the present. They don’t dwell on the past.

8. They accept full responsibility for their past behavior. They don’t make the same mistake over and over.

9. They celebrate other people’s success. They don’t resent that success. They also celebrate their own success.

10. They are willing to fail. They don’t give up after failing. They see every failure as a chance to improve.

11. They enjoy their time alone. They don’t fear being alone.

12. They are prepared to work and succeed on their own merits. They don’t feel the world owes them anything.

13. They have staying power. They don’t expect immediate results.

14. They evaluate their core beliefs — and modify as needed.

15. They expend their mental energy wisely. They don’t spend time on unproductive thoughts.

16. They think productively. They replace negative thoughts with productive thoughts.

17. They tolerate discomfort. They accept their feelings without being controlled by them.

18. They reflect on their progress every day. They take time to consider what they’ve achieved and where they are going.



Michelle (Micki) Mustain

843-338-4898

Charleston Real Estate and Property Management

Location, Location, Location or Maybe NOT!

HOW MUCH DOES LOCATION REALLY MATTER WHEN BUYING A HOME?

Written by Jaymi Naciri on Wednesday, 07 September 2016 3:12 pm

The old saying, "Location, location, location" is more like a mantra when it comes to real estate. Buy in the wrong one and you could be setting yourself up for financial ruin. Or at least an unhappy experience. Right?

In some cases, yes. But also, maybe not so much. Let's get into it.

The argument for buying in the best location you can afford!

You can change your home, adding, updating, and renovating down to the last square foot. What you can't change is where it's located. Add in an inherent desire to build equity when you buy a home, and it's not surprising that real estate experts often recommend buying not only in the best location you can afford, but, if given a choice, buying the worst house in the best neighborhood instead of the other way around.


"A home is an investment - and the best investments have the most room for improvement," said Realtor.com. "Ideally, you'll be adding to the home during your ownership, building equity in hopes of a payoff when you (eventually) sell. Brendon DeSimone, author of "Next Generation Real Estate," told them. "You can add value on your own. If you're choosing between an awesome house in a crappy location or an awful house in a great location, I would choose the latter."
Socketsite


Multiple recent studies bolstered the idea of buying in the best location you can, but identified new factors for determining location-worthiness. Namely, you need to buy a home with a Starbucks nearby. Or a Target nearby. Ideally, both.


"Among homeowners who sold in 2015, those near a Target saw an average 27 percent increase in home price since they purchased their home, which equates to an average price gain of $65,569," said the Washington Post.


As for Starbucks, "Between 1997 and 2014, homes within walking distance, or one-quarter mile, of a Starbucks appreciated 96 percent," said Forbes. "Compared to the national average for the same time period, 65 percent, it seems having a barista close by is a smart real estate move."


Buying the house, not the neighborhood


Yes, buying in a neighborhood that seems to offer some cushion when it comes to values makes sense. But what if you fall in love with a house that's not in your preferred neighborhood? What if it's not in anyone's preferred neighborhood?


The opportunity to buy a more affordable home can tempt people to take a chance on an iffy location. But how iffy is too iffy? The potential for losing money on a home that may not ever appreciate because of the neighborhood is only the beginning. Buying into an area that has higher crime can be dangerous to more than your finances.


Not sure what you're getting yourself into? Here are a few ways to investigate the neighborhood:
Look at sales data - Beyond the safety issues, you want to know what you're in for in terms of your investment. Just because a home in a questionable area is priced low doesn't mean it's a good value.
Check crime records - You'll obviously want to pay attention to murder and violent crime rates, but also property crimes including break-ins, home robberies, and car thefts.
Check the sexual predator registry - That's a given for any move.
Talk to neighbors and area business owners - Sometimes, the people that live and work there can provide the most telling information.
Consider the type of businesses in the neighborhood. Remind yourself about the Starbucks and Target value conversation. Those aren't around? What's in their place?


The quality of the businesses in the area can be one of the main determining factors when considering a neighborhood. A story from attn: asked the question, "Do Certain Businesses Attract Crime?" Their findings: "The prospect of a new liquor store or marijuana dispensary can spark safety concerns in some neighborhoods. But while the idea that particular businesses are crime magnets holds up in some cases, it's not always true, and people's concerns can be based on real evidence or flawed perception."
Ev Grieve


However, they note that businesses like liquor stores, nightclubs, and pawn shops can be linked to higher crime trends. A careful examination of police reports can either put your mind at ease - or send you in another direction.


Perhaps toward a neighborhood with a strip club. Yes, the establishment once thought to be a neighborhood killer has actually been found to have little or no effect on home values. "A new study found that proximity to strip clubs doesn't put downward pressure on home prices, said Inman. In addition, "The research undercuts legal arguments that municipalities have used to justify placing zoning restrictions on strip clubs."


The new study was conducted in Seattle between 2010 and 2014, analyzing more than 300,000 home sales. "The basis for the study was as follows: The relationship between the City of Seattle and local strip clubs is tumultuous, at best. For more than 20 years, the city limited the number of strip clubs in operation using various forms of bans, ordinances and zoning regulations... to prevent a decline in property values due to possible negative externalities, or ‘secondary effects' generated by the presence of strip clubs in local neighborhoods."


The upshot: "The study found no empirical evidence that strip clubs drive down home prices, as property values in Seattle neighborhoods near the opening or closing of an establishment did not change in value per the study's findings."
Pittsburgh History & Landmark Foundation


Buying in a transitional neighborhood


Transitional is code for "might be on its way up" which also translates to "'might be a great investment." Many buyers seek out these changing neighborhoods when their ideal neighborhood is out of reach and/or to get more for their money and be on the "ground floor" as the area appreciates.


So how do you know if your neighborhood is transitioning? If they're building a Whole Foods, a Trader Joes, or a café on the corner, that a good sign. Forbes offered a few more tips:
It's Accessible, with "proximity to public transportation."
"Hot hoods border it - A neighborhood that's adjacent to a much-desired one is much more likely to gentrify than one that's surrounded by less prime areas."
Days on market are dropping - Your real estate agent will be able to pull data and show you trends.
"It Has an Art Scene. A large population of artists tends to mean galleries and restaurants will soon follow suit - which, in turn, attracts more residents and businesses."
"It Has Historic Architecture - Historically significant styles, in particular, are a good indicator that an area is ready for a renaissance."
Renovations are being made - "One of the most obvious signs of a turnaround neighborhood is homes that are in the process of renovation. Drive around and see if you spot construction trucks and dumpsters—then you know there's activity in the air."

Michelle (Micki) Mustain

Realtor

843-338-4898

www.mickisellscharleston.com