Jill Finkelstein - Compass



Posted by Jill Finkelstein on 9/13/2020

Photo by Dave Frisch from Pexels

If you've inherited a house you'd rather not live in, here are some things to consider—before you accept it. Before we get to the selling or renting part, calculate the cost of:

  • Repairs and renovations.
  • Any debt that would pass to you with the home.
  • Annual property taxes.
  • Yes, you may decline your inheritance if it's too burdensome to accept, as long as you're not already named on the deed, and as long as you meet applicable deadlines for submitting a notarized disclaimer of interest form. 

    Now let's look at selling or renting.

    1. Selling an Inherited Home Can Produce High Tax Savings. 

    The federal tax treatment of an inherited home, when sold, can be highly supportive of a deceased homeowner's loved one or family. 

    Under IRS stepped-up cost basis rules, you may sell without paying tax on the gains that accrued since the deceased homeowner first bought the house. You'll pay capital gains tax only on any increase in the property's value between the time you inherited and the time you sold. These savings alone can be a great gift to you. 

    Inheritance taxes are not a major factor for most homes, and that factor is easily checked.

    2. Working Out a Shared Inheritance Commonly Means Selling.

    Are you one of several beneficiaries? Does everyone agree on what to do? One sibling may wish to sell. Another might want the house. These factors typically mean someone will sell their inherited interest.

    Selling after a loved one has passed away is quite often the best decision for all concerned. It relieves family or other loved ones of the costs of repairs and upkeep, utilities, taxes and insurance. It also ensures that everyone receives an equal share of the gift.

    3. You Could Have a Choice of Which House to Sell or Rent. 

    If you inherit a free and clear title, you can move into your inherited home, and enjoy it without debt, while selling your current home. Be sure to use the time when the home is in probate to speak with your real estate agent about preparing the home for sale.

    Renting out the house for investment income is another option. Your real estate agent can check for any zoning restrictions and offer you further pointers.

    Tip: If you rent out the home it won't be a primary residence, so it won't get the capital gains tax benefit when you ultimately sell the home. Yet certain rental property spending is tax-deductible, and rent-related income has a low tax rate.

    Need Advice to Fit Your Situation and Today's Market? We're Here to Help.

    Inheriting real estate can put a lot on your plate. Your real estate agent can advise you step by step, offering indispensable knowledge when you need it most. 





    Posted by Jill Finkelstein on 8/16/2020

    Whether you plan on selling your house in the next few years, or if you just want to make some much needed updates to your home, renovations can be a great way to increase the value of your property.

    However, not all updates will pay for themselves. Some upgrades that we want for personal reasons, such as building an addition for more space, could come back to haunt you if it isn’t to the taste of potential homebuyers in the future.

    So, in this article, we’re going to talk about five simple updates to your home that have the best chance of increasing its selling price. That way, when you do finally decide to move on from your home, you can sell for the price you know your home is worth.

    Improve your lighting

    You don’t have to be a carpenter to increase the value of your home. When a potential buyer enters your home for the first time, two of the first things they’ll notice are the lighting and the spaciousness of the room.

    Since lighting is an essential part of creating spaciousness, increasing the former will also increase the latter.

    So, what are some ways you can increase lighting?

    • Add recessed lights to the ceilings of your home. It will open up space in the ceiling and allow for a greater number of lights overall.

    • Add lighting under the cabinets in your kitchen

    • Use large mirrors for decoration to increase lighting and create the illusion of spaciousness in smaller rooms

    Painting for the modern homeowner

    Home decor trends come and go. Not long ago, wallpaper was the go-to choice. However, the surest way to increase the value of your home is to use bright and neutral colors since, statistically, these appeal to the largest number of people.

    Fresh paint and good lighting work together to make your home seem more polished and modern. And, for just a few hundred dollars, you can paint your whole home.

    Remember, however, that it is easy to scuff up the walls in your home. So, it’s a good idea to paint closer to the date you think you’ll be trying to sell.

    Low maintenance landscaping

    While there are people who enjoy mowing the lawn on Saturday morning, those people tend to be few and far between. One thing potential buyers will consider when viewing your home is how difficult it will be to take care of the yard.

    Adding an irrigation system, removing unnecessary obstacles, and planting hardy bushes and plants will woo potential buyers.

    Upgrade the most outdated room in your home

    If your home is in need of serious upgrades, it’s best to start with the room that needs it the most, especially if that room is a bathroom or kitchen. Replacing an old vanity or putting new tile down can be simple ways to spruce up a bathroom that’s looking dated.

    Fix the little things

    If you have a couple of years before you plan to sell, that gives you time to fix the small issues that you’ve noticed and will continue to notice. Maintaining your home now will give you less to worry about when the time comes to sell, and you don’t want to be dealing with leaking faucets when that day arrives.





    Posted by Jill Finkelstein on 8/9/2020

    Let's face it – the thought of entering the home selling market can be stressful, even if you don't plan to put your house on the market for several weeks or months. However, there are many simple ways to ensure you can enjoy a fun, exciting and successful home selling journey.

    Now, let's take a look at three tips that you can use to kick off an unforgettable home selling journey.

    1. Examine Your Home's Interior and Exterior

    How will a potential homebuyer view your residence when he or she sees it for the first time? This is a question that you'll want to consider closely, as a homebuyer's first impression of your residence may dictate whether he or she moves forward with an offer.

    Take a close look at your house's interior and exterior from a homebuyer's perspective. If home improvements are necessary, now may be the ideal time to complete these tasks. That way, you can enhance your house's interior and exterior before you add your residence to the real estate market.

    Also, a home appraisal may help you identify problem areas with your residence. This appraisal enables a property inspector to examine your residence from top to bottom and can help you better understand your house's strengths and weaknesses.

    2. Declutter Your Residence

    Unfortunately, clutter can accumulate in a home over an extended period of time. But if you start decluttering your home today, you may be able to avoid the stress of cleaning out your residence as you get closer to adding your home to the housing market.

    To declutter effectively, consider items that you need to keep and store them safely. Then, take the items that you no longer require and consider all of your options to get rid of them quickly and safely.

    In many instances, you can sell excess items or donate them to charity. Or, you can always offer these items to family members and friends as well.

    3. Meet with a Real Estate Agent

    What does it take to get your house ready for the real estate market? Meet with a real estate agent, and you can learn everything you'll need to know about selling a house.

    A real estate agent understands the ins and outs of the real estate market. As such, he or she can answer any questions that you may have about the home selling journey and help you plan accordingly.

    In addition, after you list your residence, your real estate agent will streamline the home selling cycle. This housing market professional will set up home showings and open houses, promote your residence to large groups of potential buyers and much more. By doing so, your real estate agent will do everything possible to help you maximize the value of your residence.

    When it comes to getting ready to sell your home, there is no need to worry. Instead, use the aforementioned tips, and you'll be able to enjoy a memorable home selling journey.




    Categories: Uncategorized  


    Posted by Jill Finkelstein on 7/12/2020

    If you want to sell your house as quickly as possible, it is important to ensure your residence boasts a dazzling interior. Because if buyers fall in love with your residence as soon as they step inside of it, you may be able to reap the benefits of a quick, profitable house selling experience.

    Now, let's take a look at three tips to help you rejuvenate your home's interior.

    1. Eliminate Clutter

    Clutter is a problem for many home sellers, and it may make it tough for a seller to show off the full beauty of his or her residence to potential buyers.

    Dedicate time and resources to remove clutter from your house – you'll be glad you did. If you have excess items, you can always sell these items or donate them to charity. Or, if you have assorted items you want to keep, you can rent a storage unit to keep these items safe until your residence sells.

    2. Depersonalize Your Home

    Antiques, paintings and various personal belongings have helped your transform a house into a home. Yet these personal belongings may make it difficult for a buyer to picture what life may be like as the owner of your residence.

    Oftentimes, it helps to remove personal belongings from your home before you add it to the real estate market. If you make it easy for buyers to imagine what life could be like if they purchase your home, you may be able to help them decide whether your residence is the right choice.

    3. Clean Your Home

    Buyers likely will shy away from a dirty, messy home. Conversely, a home seller who cleans his or her residence from top to bottom can boost the likelihood that this house will make a positive first impression on prospective buyers.

    Home cleaning should be performed regularly. If you need extra help with home cleaning, you can always hire a professional home cleaning company as well.

    As you get set to add your residence to the local housing market, you may want to hire a real estate agent too. A real estate agent can offer recommendations and suggestions about how to improve your residence's interior. Furthermore, he or she will do whatever it takes to help you optimize your home sale earnings.

    Let's not forget about the guidance that a real estate agent can provide at each stage of the home selling journey, either. A real estate agent will showcase your residence to prospective buyers, help you analyze offers to purchase your house and much more. And if you ever have home selling concerns or queries, a real estate agent is prepared to respond to them at a moment's notice.

    Ready to revitalize your home's interior and enjoy a successful property selling experience? Use the aforementioned tips, and you can improve your house's interior and take a step to distinguish your home from comparable residences in your city or town.




    Categories: Uncategorized  


    Posted by Jill Finkelstein on 3/15/2020

    As a home seller, you likely want to set a "fair" initial asking price for your residence. Because if you fail to do so, you risk pricing your home outside of your target buyer's price range. Perhaps even worse, you risk pricing your house too low – something that may cause you to miss out on the opportunity to maximize your home sale earnings.

    Ultimately, there are lots of things that you can do to ensure you establish a fair initial asking price for your residence, and these include:

    1. Study the Local Housing Market

    For home sellers, it is important to perform plenty of research before you list your residence. If you assess the local housing market closely, you can obtain insights that you can use to set a fair initial asking price for your home.

    Evaluate the prices of available houses in your city or town that are similar to your own. This will help you determine the price range for comparable houses in your area.

    Also, find out how long some of the recently sold houses in your city or town were available before buyers purchased them. This can help you differentiate a buyer's market from a seller's market so you can price your house appropriately.

    2. Conduct a Home Appraisal

    A home appraisal delivers immense value, as it enables you to receive a property valuation. Once you have a property valuation in hand, you may be better equipped than ever before to determine how to price your house.

    In addition to a home appraisal, you may want to conduct a house inspection as well. During a house inspection, a property expert will review your home and identify any underlying issues. You then can use a house inspection report to prioritize home repairs and upgrade your residence before you add it to the local real estate market.

    3. Work with a Real Estate Agent

    As you search for ways to get the best price for your home, you may want to hire a real estate agent. In fact, if you have a real estate agent at your side, you can receive comprehensive support throughout the house selling journey.

    A real estate agent will learn about your home and help you determine exactly how to price it. Next, he or she will promote your residence to buyers. And if a buyer submits an offer to purchase your residence, a real estate agent will help you decide whether to accept, reject or counter this proposal.

    Furthermore, a real estate agent is a home selling expert who is happy to share his or her housing market insights with you. If you ever have concerns or questions as you navigate the house selling journey, a real estate agent can address them.

    Setting the right price for your home sometimes can be difficult. Thanks to the aforementioned tips, you can establish a fair initial asking price for your residence. As a result, you may be able speed up the home selling journey and optimize your house sale earnings.







    Jill Finkelstein