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 | Kosciusko County Real Estate Blog |
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Monday, 27 April 2009
It might surprise you to learn that a third of all homes sold during the past year were second homes – those to be used as a vacation residence or investment property. This was revealed in the “2008 Investment and Vacation Home Buyers Survey,” conducted by the National Association of Realtors. The survey showed that 12 percent of home sales were vacation homes, while 21 percent were purchased for investment purposes.
Even in a generally sluggish sales market, the appeal of owning a private vacation home is strong. It provides a get-away retreat from the stresses of a busy work and home life.
“Vacation home purchases are largely tied to lifestyle consideration,” it was noted in the NAR report. “Households seek to own an additional home in a desirable destination.”
Other buyers see the current market as an opportunity to acquire homes as investments, sometimes at below-market bargain prices. The purchase of a home for investment is a dollars-and-cents decision resting in part on current cash flow from rental income and expectations of future profit gains. The motivation to buy investment homes is partially driven by investors seeking to diversify their assets and generate income.
Lake Wawasee is second to none in water quality, property values and desirability. The many lakes in Kosciusko County including Webster Lake, Dewart Lake, Waubee Lake, Winona Lake, Syracuse lake among many others are a good investment in today’s economy.
Monday, 20 April 2009
When selling your home you can exclude up to $250,000 of your profit from taxes if you file your income taxes singly and $500,000 if you file jointly as a married couple. To qualify, the home must have been your principal residence for at least 24 months of the previous 60 months. This provision may be used once every two years. You are only required to pay capital gains tax on any amount in excess of the exclusions. This tax break was one of the principal features of the Taxpayer Relief Act of 1997
For profits in excess of the exclusions, the Jobs and Growth Tax Relief Reconciliation Act of 2003 lowered the capital gains tax rates from 20% to 15% for taxpayers in the higher income brackets and from 10% to 5% for taxpayers in the lower income brackets. These rates applied to properties purchased on or after May 6, 2003. In 2008 the 15% rate will continue for higher income taxpayers; while the 5% lower income rate will drop to 0% for the 2008 tax year only. On January 1, 2009, the 15% and 5% rates will be reinstated.
Consult your tax advisor to consider your particular circumstance. We have a list of tax advisors in Kosciusko County area, Warsaw & Syracuse for you to consider if you are looking for further information on this.
Thursday, 16 April 2009
Indiana Steve's Outdoor Consignment Shop Is now open and taking consignments of all kinds, but is especially interested in items for use outside (ie. Fishing, hunting, camping, gardening, grilling, tools, etc.). Store hours are Mon-Fri 9:30am – 6:30pm and Sat. 7am – 7pm. As you clean your garage this spring, or as you prepare to upgrade your existing outdoor equipment, think of Indiana Steve’s as a quicker answer to exchanging what you have for what you need, than all the work and time involved in having a garage sale.
Go to www.IndianaSteves.com or call 574-834-2288 to talk to Steve directly. Pass the word, checkout the website and inventory your garage… this store will have the outdoor lovers hooked in no time!
Thursday, 16 April 2009
Most people know that have a checkered credit history can disqualify you for a home loan. Making monthly payments on credit cards charged up to the limit can do the same thing. But what most people don't know is that merely having a large number of credit cards, even with low balances and a history of timely payments can disqualify you for a home mortgage loan just as quickly.
According to credit experts, having a number of credit cards can be just as detrimental to the granting of further credit as a history of late payments. Lenders look at it this way: If you have ten credit cards, each with a limit of $5,000, that means you have the potential to run up $50,000 in debt virtually any time you choose. That mere possibility makes you a greater risk, from their point of view.
What’s the moral of this story? If you are planning to apply for a home loan in the future, keep only those credit cards you actually need to use and cancel the others.
Contact us at wawaseerealestate.com or 4warsawhomes.com for more direction and advice on buying a residential or lake home in Kosciusko County.
Wednesday, 08 April 2009
After your search for a house and all the negotiations are over, you arrive at the bottom line--the sales price. It is not unusual for there to be disagreements between the buyer and seller about what is included in the sales price. Careful drafting of the paperwork can help you avoid future disputes.
The following definitions may help. Real property is land and any permanent attachments, such as buildings, landscaping and fences. Personal property consists of movable possessions, such as furniture and clothing. A fixture is defined as an item of personal property that has become part of the real property by virtue of becoming permanently attached, such as a new sink, a spa, or a chandelier.
The principal area of dispute about what is included usually concerns fixtures. Most preprinted real estate contracts will provide space for exclusions. Whether you are selling or buying, you should make use of this space. Do not assume curtains, satellite discs, antennas or fireplace equipment convey with the house. You should also make it very clear what you don'twant left on the property. If you are specific about every item that may be questionable, you will greatly reduce the chances of a dispute after the closing.
Monday, 06 April 2009
Most buyers want a home that is in tip-top condition and ready for them to occupy, but many homes go for lower prices because they need work. Some buyers love "fixer-uppers" for the obvious reasons: the price and the satisfaction of designing something attractive. Whether you are buying the property for yourself or as an investment, choose a house that is in a good location and structurally sound. It should be priced enough below market value to allow plenty of room for a profitable re-sale after the work is completed.
It is important to educate yourself before taking on such a project. For example, inexpensive cosmetic improvements often give the greatest return-- paint will increase the value three times for every dollar invested. Landscaping, carpeting, and light fixtures are also relatively inexpensive improvements. Expensive structural improvements, such as a new roof, plumbing, wiring, or foundation repairs, usually do not add as much to the market value of a home. Remodeling a kitchen will rarely add more than the cost, but new appliances usually give a fine return. An updated bathroom is the best renovation from an investment point of view.
It is important to talk to your Realtor before making any significant improvements. We have a list of recommended home improvement contractors and builders in the Kosciusko County area to share with you, just call the Warsaw, IN or Syracuse, IN office.
Thursday, 02 April 2009
Plans are underway for the first annual Community Artisan and Farmers Summer Market. Every Saturday from May through October at the Verteran’s Memorial Park (also known as Crosson Mill Park) in Syracuse, area atrtists, craftsmen and gardeners will have the opportunity to display and sell their work and produce. Space is limited and only artists with their own original work and gardeners with locally grown produce may reserve space. There will also be a special spot allocated for our”Casual Neighborhood Gardeners” to bring a chair, visit, and share the bounty from their gardens with others. Some other surprises will be in store for our visitors too. So, keep your eyes and ears open for further details about how to participate in this special community event! The Artisan & Farmer’s Summer Market is being sponsored by the Syracuse-Wawasee Chamber of Commerce, Syracuse Parks Department and the Creative Fish.
Thursday, 02 April 2009
We’ve all seen the news reports about the real estate market slow down. Those reports have motivated many home buyers to wait until they are certain that the market has reached the bottom before they buy, so they can get the best deal. This might not be the best strategy, here’s why:
First, it is nearly impossible to accurately predict the real estate market’s ups and downs. According to several analysts, prices generally are now at or near the bottom of the cycle. In some areas the market is already coming back and seeing a gradual increase in values.
The larger selection of homes that are listed these days makes it easier for you to find your ideal home in the right location. Once the slump is over, that selection will dwindle. With so many properties on the market, sellers may be willing to negotiate price and terms and even offer incentives. This is the best way to make a deal rather than waiting for home prices to drop significantly.
Mortgage financing is still available at near record low interest rates. True, it’s tougher to qualify for a loan today, but if you have good credit and a decent “credit score” you should have no problem in obtaining financing with very favorable terms.
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Amanda & Daniel Harstine
Century 21®
Integrity Real Estate Group
2510 E. Center St.
Warsaw, IN 46580
574.269.7878
1406 S Huntington Street
Syracuse, IN 46567
Office: 574.457.5018
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