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