 |
DC
METRO REAL ESTATE
Serving
the Real Estate needs of the communities of
Manassas, Bristow, Haymarket, Warrenton, Gainesville
and Culpeper in Northern Virginia
|
|
Dave
Scardina
Broker
/ Owner
|
|
703-829-SOLD
866-909-0900
|
|
|
|
|
Haymarket Condos / Buyer – Seller TipsAdjustable Rate Loans for Haymarket
ARMS may be called by various names including, variable-rate loans, adjustable rate loans or adjustable mortgage loans for your Haymarket home. They all feature an interest rate that can vary over the rate of the loan.
Advantages: The monthly payment on a typical ARM is lower in the early stages than the fixed rate loan. This may make it easier for the buyer to afford the Haymarkethome.
Disadvantages: As interest rates increase, your monthly payment may increase or the amount of your payment applied to the principle may decrease which means that you must gamble on property appreciation to offset this increase in your indebtedness.
Bitten by the Haymarket Home Improvement Bug?
Before you finalize your decision regarding remodeling versus moving, it is wise to get a professional estimate of your Haymarket home’s current value, the actual costs of moving to a different home and the estimated return on investment of the most common types of home improvement. I’ll be happy to provide you with a complimentary analysis of your home’s current value. Simply call or E-mail me whenever you are ready. As for improvements that traditionally bring the highest rate of return on investment, here are some statistics. Kitchen remodeling and adding a bath tends to bring rates of return with averaging anywhere from 85% to 95% return on your dollars spent. Compare that with the 64% return on investment for adding a home office.
Does Your Haymarket Have Curb Appeal?
Every prospective buyer who visits your Haymarket home is struck by a variety of impressions regardless of whether your landscaping is eye-catching or merely so-so. Plants that overrun the walkway, trees that badly need pruning and visible suggest to the prospective buyer that this home will take a lot of landscaping maintenance and yet if your yard is well-maintained, the prospective buyer is inclined to simply admire the fact and move on. If your Haymarket front porch or front door need paint, the prospective buyer is likely to notice the paint job inside and out and think about how much maintenance that will take on a yearly basis. The important message here is that things that look bad or run down call attention to all the work that needs to be done while things that are well maintained conjure up ideas of how pleasant it would be to live there.
The Benefits of Selling Haymarket
As you know, you are allowed to sell your Haymarket principal residence once every two years and exclude up to $250,000 ($500,000 for a married couple) of the gain of the sale on your Federal income tax. Please note: This is not a once in a lifetime tax savings and you don’t have to be any certain age or buy a more expensive property. If you meet the two-year residence test you can sell your principal residence every two years if you are so inclined and the market cooperates. But this tax saving does not affect rental property unless you convert the rental to your personal residence, live in it for two years and then sell it.
The Benefits of Selling Haymarket
If your Haymarket holdings consist of both a personal residence and a rental, you can sell your personal residence and exclude up to $250,000 ($500,000 for a married couple) on the gain. Then you move into your rental, live in it as your personal residence for two years and then sell it, again benefiting from the $250,000 or $500,000 exclusion. This is true even though most or all of the increase in value occurred before you converted the property to your personal residence.
Haymarket BARGAINS
A bargain exists in the mind of a buyer when entering into an agreement to exchange goods when the buyer thinks the price is favorable. Bargains can always be found in the Haymarket market if a buyer is patient and willing to wait for a truly motivated seller. In economic downturns many people believe that foreclosures and short sales are automatically bargains when, in fact, this may not be the case.
|
|
|
