Source: realestate.usnews.com A fireplace is the epitome of ambiance and warmth for some homeowners. Many others, though, see it as a liability at worst or an interior design concern at best. Still, real estate listing sites like realtor.com include “fireplace” among its search filters, a sign that buyers are still keen on cozying up to one – at least in those regions where chilly nights call for one. Are Fireplaces Still Hot? “The impact of a fireplace on a home’s value will vary greatly by geography and age of the home,” says Glenn S. Phillips, CEO and chief economic analyst for Lake Homes Realty, a lake-focused real estate company currently operating in 34 states. “In northern states and the Midwest, where humidity is low, any single-family residence will be seen as odd if it does not have a fireplace.” Aside from a fireplace being a pleasant home feature in wintertime, it’s a critical one in the event power is lost during a snowstorm. In cold weather regions, a fireplace might not add any value – that’s because it’s an expected feature, says Phillips, and the lack of one could actually decrease the value of a home. Alex Caras, a Realtor and broker at Magellan Realty in Chicago, says Chicago’s harsh winters make fireplaces a hit with buyers, especially in the suburbs. “Many buyers see them as a nice add-on,” Caras says, noting that homeowners looking to sell often remodel their fireplaces to feature more popular design elements like tile or marble. “A nice fireplace can push a buyer off the fence into making an offer in some cases.” Should You Add a Fireplace to Your Home? If there’s no traditional masonry fireplace already in place at your home, you could build one to woo buyers or simply enjoy for yourself. But it won’t be cheap, says Ron Cowgill, owner of D/R Services Unlimited Inc. in Glenview, Illinois. “If you’re not looking to drop $40,000 or more on a masonry fireplace, then you can always use a prefabricated unit,” Cowgill says. Most fireplaces – electric and ethanol models are notable exceptions – need ventilation. For homes with no chimney , as not all modern homes are built with one, there must be a flue installed with proper roof clearance, Cowgill explains. Some gas fireplaces work with a sealed direct vent unit, which can go through the wall and not above the roof. Permits will be required in most municipalities to do this work, and Cowgill recommends hiring an experienced contractor to install it in compliance with your local building code. “The last thing you want to do is save a few hundred bucks trying to do it yourself and have your house burn down because (the fireplace) was not installed properly,” he says. For all the inherent beauty of a traditional masonry fireplace, you won’t see many in new builds that are designed for maximum energy efficiency, Cowgill says. “A masonry fireplace is a great way to lose heat from your house,” he says. “After all, if built correctly, that is what it is designed to do.” (Quick physics lesson: The masonry absorbs the heat from the room and sends it out through the chimney.) If there are fireplaces in new builds, Cowgill says they’ll most likely be gas or propane sealed direct-vent units that can be vented through the wall. “This gives the builder a way to provide a fireplace and meet the new energy codes,” he says, noting that these fireplaces are also the go-to choice for remodeling projects because they are “economical, efficient, and easy to install in just about any room.” Of course, there’s always the option of electric fireplaces that are far less expensive and only require an outlet to fire up. “These are great for high-rise condo buildings or basements where you want that cozy feel in the room,” says Cowgill. Indeed, it’s a big deal for city apartments to have working fireplaces, both for safety reasons and environmental factors. Some cities like New York have banned the new construction of wood-burning fireplaces, which makes older units with them more desirable. “Anything rare offers great value to the buyers searching for it,” says Mihal Gartenberg, a licensed associate real estate broker with Coldwell Banker Warburg in New York City. “Due to safety constraints, many fireplaces today are decorative only. However, when a buyer is looking for a real, wood-burning fireplace, they are willing to pay a slight premium for that benefit.” Fireplace Decorating Ideas Some might argue that flickering flames – even the LCD ones of an electric unit – provide enough of an aesthetic for a home. But what should you do for decor if you don't plan to use your fireplace? Gartenberg has seen decorative fireplaces staged with candles and candelabras, which is just fine with some buyers. “Sometimes buyers just want the hearth and mantelpiece in their home, and they decorate the fireplace as though it really works," Gartenberg says. “They can then enjoy the year-long mood of a fireplace without actually ever lighting it.” Sara McDaniel, a Louisiana-based real estate entrepreneur, home renovation expert and owner of Simply Southern Cottage, has renovated and styled several homes with fireplaces. She embraces them as a focal point in the room, whether functioning or merely as decor. If you’ve got a working fireplace but don’t plan to use it, McDaniel recommends adding birch logs as a decorative element, for example. The mantel is also a great spot to decorate, as long as you don’t go overboard. “There’s a purpose and a place for everything on my mantel,” McDaniel says. She loves to decorate with fresh greenery, usually cut directly from her yard. If she’s entertaining, she’ll add pops of color from fresh flowers. She’s also arranged mantels with books and other small groupings of decor. The type of decor is up to you, but to avoid being “matchy-matchy,” McDaniel suggests choosing odd numbers of items to avoid a symmetrical placement. “At the end of the day, a fireplace is meant for warmth and also comfort,” Gartenberg says. “Owners of homes with decorative fireplaces should embrace their intent and find a way to decorate it that melds their own personal aesthetic while also using the utility of a working fireplace as inspiration behind their decorative choices.” ---- Source: realestate.usnews.com

Source: keepingcurrentmatters.com Are you planning to buy a home this spring? Though things are more balanced than they were at the height of the pandemic, it’s still a sellers’ market. So, when you find the home you want to buy, remember these four tips to make your best offer. 1. Lean on a Real Estate Professional Rely on an agent who can support your goals. As Bankrate notes : “. . . select the best real estate agent for your needs. They will be a critical part of your home buying process.” Agents are local market experts. They know what’s worked for other buyers in your area and what sellers may be looking for in an offer. It may seem simple, but catering to what a seller needs can help your offer stand out. 2. Know Your Budget Understanding your budget is especially important right now. As Sandy Higgins, Senior Wealth Advisor at Capstone Financial Advisors , puts it: “Understand your current budget … what are your expenses, how’s your spending, would you need to make changes?” The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. It helps you be more financially confident, and it shows sellers you’re serious. That can give you a competitive edge. 3. Think Through Everything Before Making an Offer Today’s market isn’t moving at the record pace it did during the pandemic. That means you may have a bit more time to think before you need to make an offer. According to Danielle Hale, Chief Economist at realtor.com : “In general, you likely have more time to make an offer, although that’s certainly not a guarantee. If you’re on the fence about a home or its asking price doesn’t quite fit your budget, you might want to keep an eye on it, and if it doesn’t sell right away, you may have some room to negotiate with the seller.” While it’s still important to stay on top of the market and be prepared to move quickly, there can be more flexibility today. Lean on the advice of your agent as you explore the options in your market. 4. Work with Your Advisor To Negotiate During the pandemic, some buyers skipped home inspections or didn’t ask for concessions from the seller in order to submit the winning bid on a home. Fortunately, today’s market is different, and you may have more negotiating power than before. When putting together an offer, your trusted real estate advisor will help you think through what levers to pull. Bottom Line When you buy a home this spring, work with a real estate advisor to make your best offer. ----- Source: keepingcurrentmatters.com

Source: stuccco.com Since most homebuyers and homeowners have strong opinions about design, it’s easy to assume that you know what increases the value of a home. However, when it’s time to sell, don’t make decisions based on your own opinion or what you’ve seen online. Instead, use real data about what buyers want in their homes in 2023. The Top 12 Most-Wanted Home Features in 2023 Through the most thorough and up-to-date data sources , we’ve put together this list of the most popular and sought-after home features for 2023 buyers. Thousands of people were surveyed to get these results, and we combined data from multiple reliable sources to get the most accurate understanding of what homebuyers are looking for. However, your local real estate market could have very different home features that are highly sought after. If you are selling your own home, consult with a local home professional before doing any remodels or renovations. That being said, there are simple, dependable ways to help your home appeal to more buyers in almost every part of the US. 1. 87% of Buyers Want a Laundry Room If your washer and dryer sit alone in the corner of your basement, it’s time for an upgrade–or at least a rearrangement. In addition to wanting a room dedicated to laundry, 63% of people also specified that the best place for the laundry room is on the first floor. Today’s buyers want the laundry easily accessible from the main living space. Here are some simple ways to increase the value of a laundry room: Paint the walls Add storage solutions like shelving, cabinets or a rack to the back of your laundry room door Install a built-in ironing board on a wall, which can be easily stored away when its not in use Buy a stackable washer and dryer to create space for a folding table or additional storage 2. 87% of Buyers Want Exterior Lighting Exterior lighting is generally not something that people like to search for on Pinterest or gush over during open houses . However, it adds massive value to the home in terms of security and curb appeal. Potential buyers aren’t going to be satisfied with one dim light by the front door. Start improving this by considering what exterior lighting you already have. You may not need to hire an electrician to wire new lights–simply upgrading your light bulbs or repairing lights may make all the difference. Another way to add value to your home is by adding landscape lighting. While this may require more than a DIY project, outdoor lighting will not go unnoticed. 3. 83% of Buyers Want Ceiling Fans If you asked all your friends what they wanted in a home, you probably wouldn’t hear a large number of them gushing over ceiling fans. However, 83% of people chose this home feature over hundreds of other choices, so this is a home feature that shouldn’t be ignored. Ceiling fans are relatively cheap and easy to install, so this is a home improvement that could significantly improve the perceived value of your home. Another way to upgrade the look of ceiling fans and make your space feel much more luxurious is by installing a fan-delier. These light fixtures look like chandeliers and include the functionality of a ceiling fan. They’re growing quickly in popularity and could be a highlight that will help you sell your home for the most money . 4. 83% of Buyers Want ENERGY STAR-rated Windows Home features with energy efficiency are increasingly important to today’s buyers. A home with ENERGY STAR windows will regulate the home’s temperature and save money for the homeowners, so it’s pretty obvious why this is something buyers look for. Unfortunately, windows are not a simple or cheap home improvement. However, it’s helpful to know the importance of ENERGY STAR windows and appliances if you’re planning a remodel. If you already have certified windows, be sure to include this as one of the features when marketing your real estate listing . 5. 82% of Buyers Want a Patio While patios have been a highly desirable home feature for many years, the pandemic increased this value of it even more. Homebuyers are looking for a place to sit outside, drink coffee, entertain guests, or watch their kids and pets play. If you want to increase the value of a single family home, building a patio should be high on your priority list. Homebuyers rated patios even higher than rear porches, decks, and even front porches. In fact, 82% of construction and home building experts noted that hardscaping is the most important exterior project of 2023. Fortunately, patios can also be simpler to build because they are on the ground, not raised above the ground like decks. If you’re looking to make significant improvements to your home, creating a patio could add massive value. If your home has a scenic view or a cozy cranny that a patio can be in harmony with, your patio will be especially desirable and therefore valuable to you and your home’s eventual buyers. 6. 81% of Buyers Want a Side-by-Side Kitchen Sink Although large farmhouse sinks can be seen all over DIY channels and design magazines, it doesn’t mean that it’s what buyers actually want. This is exactly why you should always look at the facts when you’re evaluating what improvements will sell your home–side-by-side sinks were rated as one of the top features homebuyers want. As always, there are exceptions when a farmhouse sink may be the best choice for your kitchen design. However, the function of a double basin sink is much more likely to appeal to the most buyers. 7. 81% of Buyers Want a Walk-in Pantry It’s no surprise that having a designated, spacious area to store food and kitchen supplies is extremely valuable to homebuyers. If you talk to your friends and family about what they want in a house, this is something that’s almost guaranteed to come up over and over again. If your home wasn’t originally built with a walk-in pantry, it may be a challenge to add one to your kitchen layout. Even if you or the current homeowners are able to fit all of your kitchen supplies without a pantry, buyers viewing your home might need more storage. Since this is a priority, designate a space for pantry items if possible so buyers can see how to maximize kitchen storage. 8. 81% of Buyers Want a Front Porch Front porches have returned in popularity, and likely because they add functionality, design, and curb appeal to a home. However, since this is an exterior home feature, the actual value of it may vary depending on the climate in your location. The best way to learn ‘whether’ (terrible pun) or not a front porch is a home feature desired by local homebuyers is to look at your local real estate market. Search for homes that have been recently built and recently sold around the price that you want to list. Do these houses have front porches? Do the marketing notes emphasize this feature as a valuable asset? 9. 81% of Buyers Want ENERGY STAR-Rated Appliances ENERGY STAR appliances are particularly appealing to buyers because they’ll save money in utility bills and maintenance over time. However, homeowners generally don’t want to buy all new appliances right before selling their home. This would be a massive out-of-pocket expense that’s unlikely to earn an immediate return on investment. However, knowing the importance of ENERGY STAR certified appliances is important to keep in mind if you plan on selling your home eventually. As you invest in your home, the energy rating of each appliance should be a vital part of your decisions. 10. 81% of Buyers Want Hardwood Floors in the Living Areas The days when carpet was the most-desired floor type are long gone. The majority of homebuyers want hardwood flooring in living areas, and having the same flooring in multiple rooms is another benefit. If you already have wood flooring, be sure to feature that in your listing photos and description. It’s hard to determine exactly why buyers prefer hardwood over all other types of flooring. There are many buyers who truly want the real thing, but there are also plenty of buyers who want the look of wood without having to commit to the maintenance. If you don’t already have hardwood but want to upgrade the home’s flooring, laminate, vinyl, or wood-look tile may be the best choice. 11. 80% of Buyers Want a Full Bath In Main Living Area It’s very common for older homes to have a half bathroom or powder room near the main living areas of a home. However, 2023 buyers want full bathrooms close to the busiest areas of the home. There are many possible reasons for this real estate trend, but it’s likely that it makes it easier for guests to be comfortable without having to go into every room of the home. If you have a full bathroom in your main living area, it’s a good space to make some home improvements to maximize its appeal. Since bathrooms can be pricey to renovate, focusing on the one closest to the living area will bring you the highest return on your investment. If you don’t want to get your hands dirty or spend tens of thousands of dollars on a full bathroom renovation, just do it virtually. Virtual staging can give prospective buyers a clear visual of the room’s potential, and it only takes 24 hours to complete. 12. 80% of Buyers Want Energy Efficient Lighting Our designers and photographers will tell you that the lighting of a home is an extremely important factor in the overall feel and design of any space. Homes with lots of bright, natural lighting feel bigger, more open, and ultimately appeal to more prospective buyers. However, 90% of the energy produced by traditional incandescent bulbs generates heat, which increases costs and is unnecessarily wasteful. Luckily, upgrading the lights in your home is extremely simple and affordable. You can find energy-efficient LED bulbs at most hardware or big box stores, and simply replace the energy-burning lights you currently have. Although LED bulbs will be slightly more expensive up front, they’ll save you money (and help the planet) over the long haul. ----- Source: stuccco.com

Source: realestate.usnews.com Give Your Kitchen a Facelift. Of all the rooms in your home, your kitchen might get more use than any other. So if you're going to renovate your interior, it pays to focus on ways you can make your kitchen more functional and attractive. Here are some modern kitchen design ideas to consider. 1. White cabinetry White cabinets offer the benefit of a crisp and clean look. They also play nicely with different countertop surfaces and flooring options. Rotem Eylor, founder and CEO of Republic Floors, says, "Most people choose white kitchens, which is the most natural color. In that case, you can easily use any color on the floor to complement it." 2. Hardwood flooring Hardwood flooring might seem risky in a kitchen setting. But installing it allows you to have uniform flooring on your main level. Plus, hardwood can complement kitchen counters and cabinets nicely. "The trend of homeowners wanting hardwood floors in kitchens is growing exceptionally, despite risks of water damage," says Manny Angelo Varas, president at home design and construction firm MV Group USA. 3. Large center islands The kitchen is evolving to become a gathering spot as much as a food prep spot. And so large center islands are still a popular design choice. They can also serve as a nice focal point. 4. Two-toned cabinets Gone are the days where single-color cabinets dominate. According to Eylor, "There is a strong trend now toward contemporary European-style kitchens, often being designed with two color tones." For example, you might see a kitchen where the upper cabinets feature one color and the lower ones feature another. 5. Attractive appliances Appliances play a big role in kitchen design, but these days, homeowners want their appliances to offer aesthetic value as well as function. Stainless steel tends to be a popular choice, as it fits nicely into most design concepts. "Appliances have definitely shifted from being just a functional part of the kitchen to being a big part of the design," Eylor explains. 6. Natural light Overhead lighting is commonly seen in kitchens. But introducing natural light is just as important. This can be done by installing a skylight or even adding windows. 7. Contrasting wood tones Wood is still a popular choice for kitchen cabinetry. But that doesn't mean renovators can't get creative with it. Jessica Sommer, vice president of Wedgewood Homes & Maverick Design, says, "We are seeing a reintroduction of warmer medium and darker wood tones that are used in contrast with soft pale woods that have been trending. This combination creates a more complex, richer palette." 8. More built-ins If you use your kitchen often, you may be invested in conserving space, which means you don't want a microwave monopolizing precious countertop real estate. Many modern kitchens have features like microwaves built in so they aren't an eyesore. 9. Black cabinet interiors Focusing on the inside of your cabinets is just as important as focusing on the outside. "A newer trend we have also seen in high-end kitchens is black cabinet interiors versus white or wood finishes," says Sommer. "The black interior gives an ultra-luxe look which hides dirt, wear and stains better than white or light-colored counterparts." 10. Whites with bright accents Although white kitchens are popular these days, too much white can be uninspiring. That's why you'll often see bold, bright accents incorporated into a white kitchen, like gold cabinet hardware. 11. Wooden accents Many homeowners love the look of natural wood. If you're not so keen on hardwood flooring in your kitchen, you can introduce wood via other design elements, like wall panels or wooden beams. You can also frame kitchen windows with wood. 12. Bold backsplashes Backsplashes can breathe life into a kitchen whose color scheme might otherwise be a bit muted. You can play around with different colors and tiles; the latter can also add some nice texture. 13. Granite and marble countertops Jeremy Betsalel Medioni, founder and CEO at home design platform WeVisu, says you can never go wrong with granite or marble countertops. Lighter-colored granite or marble in particular will generally match nicely against different cabinet and flooring options. 14. Smart appliances Many homes today are equipped with smart technology, so why shouldn't your kitchen have the same? Barry Schneider, executive director at European Kitchen Center, says, "Many new kitchen appliances, such as refrigerators, ovens and dishwashers, come with internet connectivity and touchscreen controls. This lets you remotely monitor and control your devices." 15. Integrated sinks Your kitchen sink doesn't just have to be a home for dirty dishes waiting to be washed. It can also be an eye-catching feature. "The biggest trend in sink styles and something we are doing in almost every home we are currently working on (is) integrated sinks," says Varas. "This is the process of taking whatever sink the owner selects and cladding it with natural stone or quartzite, making it look as though the sink is carved from the natural material." 16. Mixing and matching countertop materials There's no rule stating that countertops have to be uniform, and these days, more homeowners are mixing things up. "Mixing and matching different materials, like stainless steel, glass and concrete, can add texture and visual interest to your kitchen," says Schneider. 17. Organization features Keeping a kitchen free of clutter can help it look more attractive, and many designers are incorporating organization features to make life easier for homeowners. "Drawer organizers and under-shelf baskets make reaching and organizing items in your kitchen easier," explains Schneider. 18. Pantries with retractable doors A pantry door jutting out into your kitchen can mess with its flow. That's why retractable doors are becoming a popular option for pantries. Schneider says, "Pantries with retractable doors, also known as reentering doors, give you easy access to storage space while keeping items out of sight. These pantries often host a range of small appliances like toasters, blenders and small microwaves." 19. Sleek overhead lighting Although natural light is a desired kitchen feature, it's not available once the sun goes down. That's why it's important to incorporate sleek overhead lighting – fixtures that illuminate without being intrusive. "Good lighting is essential in any kitchen," Schneider says, "and can create a welcoming atmosphere while making tasks like cooking and food prep more manageable and safer." 20. Design walls You'll often find accent walls in dining rooms and bedrooms. But there's a place for them in kitchens, too. "Design wall features behind stoves are currently popular," says Varas. "We like to use different materials and textures to provide contrast, like handcrafted Moroccan tiles in a feature wall." 21. Earthy cabinet colors White isn't the only cabinet color worth considering for a kitchen remodel. Teri Simone, head of design and marketing at Nieu Cabinet Doors, says, "A great way to give a kitchen a modern style is to paint or reface cabinetry in a more contemporary color that aligns with current trends. Deep jewel tones and soft earth tones with grey under hues are becoming popular for cabinetry and décor alike, such as stony blues and mossy greens." 22. Accent rugs Accent rugs can protect kitchen flooring while adding an element of texture and contrast. Plus, you can switch them out to give your kitchen a refresh whenever you want. 23. Integrated cabinet hardware Some people prefer eye-catching cabinet hardware. But that's not your only option. "Integrated cabinet hardware is most popular now," says Varas. "Eliminating handles and utilizing hidden, integrated pulls within the cabinets provides the clean look you see in ultra-luxury residences." 24. Glass lighting Glass lighting can turn a kitchen into a work of art. Plus, glass can reflect countertops and backsplashes nicely. A blown glass pendant light can also be a nice focal point in your kitchen. 25. Breakfast nooks Kitchens should be as welcoming as they are functional. That's why many homeowners want carved-out spaces for sitting and sipping coffee. Some of these can double as work-from-home spaces for those who don't have room for a separate home office. ---- Source: realestate.usnews.com

Source: realestate.usnews.com Tenancy in common is a legal arrangement that allows two or more parties, or tenants in common, to share fractional ownership interest in real property. Property ownership comes in many different forms. Instead of being a direct owner, there are structures that allow several owners, like tenants in common in a tenancy in common (TIC) arrangement, to hold title to a single property. Fractional ownership in a TIC comes with key advantages, but is it a good idea? Here's what you should know. Understanding Tenancy in Common. What is ‘tenants in common’? Joint tenants vs. tenants in common. How tenancy in common works. Tenants-in-common disputes. Is tenancy in common a good idea? Understanding Tenancy in Common There are several different structures to owning real property title. One of these is a tenancy in common arrangement. Bradd S. Robbins, attorney with Willinger, Willinger & Bucci, P.C., a LegalShield provider law firm, explains that tenancy in common is “ownership of real property by two or more persons, in equal or unequal shares, who each have an equal right to possess the whole property.” There are other types of shared ownership structures, including joint tenancy and tenancy by entirety. Unlike the other two, tenancy in common has no right of survivorship. “In other words, each owner's share transfers on his (or) her death to his (or) her heirs, or to whomever they leave it to in their will,” Robbins says. What Is ‘Tenants in Common’? A tenancy in common is the ownership structure, while tenants in common are the owners of the shared property. Each tenant in common shares interests, in equal or unequal percentages, and privileges to all areas of the property. This means that each tenant in common has the right to use the property as well as certain responsibilities. All tenants must pay their share of property tax , mortgage payments , monthly bills and any other property payments. If repairs are necessary, then all tenants in common should contribute financially. Tenants in common also face the potential for unlimited personal liability when ownership interests are titled and recorded in their own name. This is why it’s common, especially for real estate investors, to form limited liability companies , or LLCs, to invest in a tenants-in-common ownership arrangement. Without forming a limited liability company, Meyer Mintz, tax partner at Citrin Cooperman Advisors LLC and Berdon Advisors LLC in New York, says there’s zero asset protection. “If I own a 25% undivided interest in the building and someone slips and falls, they can sue me for everything I'm worth,” Mintz says. “Typically, you would put an LLC in between yourself as a 25% owner. Therefore, there's some level of asset protection.” This is also where you see more complicated TIC structures, Mintz adds: “You can have three people own the LLC, which is the tenant in common.” Joint Tenants vs. Tenants in Common “A joint tenancy is ownership of real property by two or more co-owners who take ownership simultaneously by the same instrument and with the same right of possession,” Robbins explains. But unlike tenants in common, joint tenants each have a right of survivorship to the other’s share. So when an owner dies, their share of the property automatically transfers to the other owner or owners. Robbins also points out that in some states, this must be clearly expressed in the conveyance, otherwise the tenancy will be presumed to be a TIC. “In a few states, a joint tenancy between a married couple is also referred to as a tenancy by the entirety. A tenancy by the entirety may be assumed in those states if a deed to a married couple does not specify tenants in common,” Robbins adds. “It’s best to check with your attorney.” How Tenancy in Common Works The way tenancy in common works may differ from state to state and the terms of a TIC agreement may also vary by case. However, it generally involves: At least two tenants in common. At least two owners are required to hold title to a TIC and the IRS’ Revenue Procedure 2002-22 states a maximum of 35 co-tenants. Ownership shares do not have to be equal. Tenants in common can have equal or unequal shares of the property. Tenancy in common arrangements can be dissolved or changed. TICs don’t have to be permanent. “Any party can sell their interest,” Robbins says. “The parties should take into consideration, especially when it is an investment property, that they may have a new partner and put limits by separate agreement upon the ability to sell without giving the other party a first right of refusal, or other legal arrangement.” For example, if A and B own a house as tenants in common and A owns one-third of the property and B owns two-thirds, they both have the right to occupy the entire property, Robbins explains. If B sells their shares to C, A still retains one-third of property ownership. Furthermore, B does not have any obligation to sell their share of the property to a person that A approves of or agrees to. Another example: Robbins says that if A and B own the house as tenants in common and A dies, B does not assume A's ownership unless A has left A's share to B under A's will, or there is no will and B is A's only heir. TIC Disputes If there’s a dispute between the tenants in common, the first step they should take is to try and resolve the issue on their own. If this is impossible, then Robbins suggests contacting an attorney who can help. “Since the owners have an equal right to possess the whole property, neither can remove nor force the other owners from the premises,” Robbins explains. “A partition action may be necessary, which is a lawsuit brought to resolve the dispute. The partition action often ends with the court telling the parties to settle on their own, or sell the property.” Is Tenancy in Common a Good Idea? When purchasing property with another person, you have several options as to how the property is titled. Titling the property as tenants in common may be a good idea when purchasing a property with someone who is not related to you or for investment purposes. A big benefit of tenancy in common arrangements is the ability to do a tax-deferred exchange . “The advantage of doing a tenancy in common is either to do a like-kind exchange or the anticipation of possibly doing a like-kind exchange later,” Mintz says. However, the status of the TIC must remain valid, according to the IRS. “The IRS came out with Revenue Procedure 2002-22 that basically lists the factors saying the IRS won't give you a private letter ruling if you don't have these factors,” Mintz says. “And most practitioners look at that as the gospel and everyone tries to stay within what they call this ‘safe harbor’ even though it's not a safe harbor.” According to Mintz, all factors could be true and the IRS won’t give you an advanced ruling stating it’s a tenancy in common. All factors must be met before the IRS sends a private letter ruling. ---- Source: realestate.usnews.com

Source: keepingcurrentmatters.com There are plenty of good reasons you might be ready to move. No matter your motivations , before you list your current house, you need to consider where you’ll go next. In today’s market , it makes sense to explore all your options. That includes both homes that have been lived in before as well as newly built ones. To help you decide which is right for you, let’s compare the benefits of each. Regardless of which option you choose to explore, working with a trusted real estate professional throughout the process is essential. The Benefits of Newly Built Homes First, let’s look at the benefits of purchasing a newly constructed home. With a brand-new house, you’ll be able to: 1. Build your dream home If you build a home from the ground up, you’ll have the option to select the custom features you want, including appliances, finishes, landscaping, layout, and more. Bankrate puts it like this : “Building means customizing. . . . instead of wishing your home had a certain kind of flooring, a sunroom or some other special amenity, you’ll be able to tailor the property to your exact needs. You also won’t be limited to a specific location or neighborhood.” 2. Take advantage of builder concessions In today’s market, a lot of home builders are working hard to sell their current inventory before they add more to their mix. That means many of them are offering concessions and are more willing to negotiate with buyers. That could work to your advantage in the process. 3. Minimize home repairs Many builders offer a warranty, so you’ll have peace of mind on unlikely repairs. Plus, you won’t have as many little improvement projects to tackle. As realtor.com says : “. . . if something goes wrong with your new home, not only are there likely some manufacturer warranties in place, but many builders also include additional home warranties . . .” 4. Take advantage of energy efficiency When building a home, you can choose brand-new, energy-efficient options to help lower your utility costs, protect the environment, and reduce your carbon footprint. The Benefits of Existing Homes Now, let’s compare those to the perks that come with buying an existing home. With a pre-existing home, you can: 1. Explore a wider variety of home styles and floorplans With decades of homes to choose from, you’ll have a broader range of floorplans and designs available. 2. Appreciate that lived-in charm The character of older homes is hard to reproduce. If you value timeless craftsmanship or design elements, you may prefer an existing home. 3. Join an established neighborhood Existing homes give you the option to get to know the neighborhood, community, or traffic patterns before you commit. Plus, they have more developed landscaping and trees, which can give you additional privacy and curb appeal. 4. Move in faster If you have a short timeframe to move or you just don’t want the process to take several months while your home is under construction, buying an existing home might make sense for you. U.S. News explains : “When you’re choosing a home, existing or new, you should also consider how long it might take to move into that home. Just because you have a contract doesn’t mean that your new home will be completed (or even started) at the time you agree to the purchase. It can be a struggle waiting for the walls to go up as you wonder what your home will become.” When thinking about where you’ll go after you sell your house , remember your options. As you start your search, think about what’s most important to you. By working with a trusted real estate agent , you can be confident you’re making the most educated, informed decision. Bottom Line If you have questions about the options in your area, meet with a local real estate professional to discuss what's available and what's right for you. ---- Source: keepingcurrentmatters.com

Source: keepingcurrentmatters.com Last year, the Federal Reserve took action to try to bring down inflation. In response to those efforts, mortgage rates jumped up rapidly from the record lows we saw in 2021, peaking at just over 7% last October . Hopeful buyers experienced a hit to their purchasing power as a result, and some decided to press pause on their plans. Today, the rate of inflation is starting to drop. And as a result, mortgage rates have dipped below last year’s peak. Sam Khater, Chief Economist at Freddie Mac , shares : “While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023 .” That’s potentially great news if you’re a buyer aiming to jump back into the housing market. Any drop in mortgage rates helps boost your purchasing power by bringing down your expected monthly mortgage payment. This means the lower mortgage rates experts forecast this year could be just what you need to reignite your homebuying goals. While this opens up a window of opportunity for you, remember: you shouldn’t expect rates to drop back down to record lows like we saw in 2021. Experts agree that’s not the range buyers should bank on. Greg McBride, Chief Financial Analyst at Bankrate , explains : “I think we could be surprised at how much mortgage rates pull back this year. But we’re not going back to 3 percent anytime soon, because inflation is not going back to 2 percent anytime soon. ” It’s important to have a realistic vision for what you can expect this year, and that’s where the advice of expert real estate advisors is critical. You may be surprised by the impact even a mild drop in mortgage rates has on your budget. If you’re ready to buy a home now, today’s market presents the opportunity to get a more affordable mortgage rate, find your dream home, and face less competition from other buyers. Bottom Line The recent pullback in mortgage rates is great news – but if you’re ready to buy now, holding out for 3% is a mistake. Work with a local real estate expert to explore the options in your area and learn how today’s rates impact your goals. ---- Source: keepingcurrentmatters.com