Can a Tree House Raise the Value of Your House?

Can a Tree House Raise the Value of Your House?

Some of my fondest childhood memories took place in and around tree houses. Whether it was at the camp fire just next to it, the tire swing off of it, or crossing the babbling brook getting to it the tree house was at the center of my childhood.  Obviously I am a big fan of the old tree house and do recommend it to all parents who have kids and the ability to pull it off.  It’s an addition to the home that your children will never forget.

Two Story Tree House with Deck.

Two Story Tree House with Deck.

Do know that not all tree houses are created equally.  The one pictured here is a two story tree house with a deck!  Along with this particular tree house comes a gorgeous 5,021 square foot brick home on 38 Acres.  Lol.  Yes, this particular tree house is an awesome one on an awesome lot with an awesome house that happens to be for sale. (Click here to view the listing.)   Not quite at the level of what you might see on Animal Planet’s “Tree House Masters”, but it’s an awesome one none-the-less.

For those of you who will attempt to build the tree house yourself without a contractor –> be careful, but absolutely do go for it.  Especially if you have kids.  You will never see them more focused in their lives.  My brother and I built no less then 5 in our run of building tree houses.  That was almost more fun then when we finished it.  That process alone is worth the effort.

I will leave it on this note.  Yes tree houses add value to your house if they are in good shape. If it’s a falling down scrap heap then obviously it’s not a good idea to have it remain on the property. That said, the memories that children will have from a well built tree house are priceless.  Many buyers will consider it a differentiating factor your competition so go for it and have a blast!

Click here to see the full details of 19 Sandfort Lane, Warwick, NY 10990

 

Why Spring is the time to Sell!

Why Spring is the time to Sell!

springLet the selling season begin!

The first official day of spring was March 20th!  As you might know spring is the busiest home selling and buying time of the year.

Spring is a time of renewal.  Here in the Northeast, snow starts melting,  flowers and trees start blooming and homeowners get busy!  Cleaning and de-cluttering to get their home on the market.

Here are some major advantages to listing your home in the spring.

  1.      Warmer weather invites people to venture out. Sunday drive = seeing for sale signs.
  2.      Daylight Savings Time:  The more daylight you have the more houses that can been seen in a day.
  3.      Curb appeal is at its best. You never get a second chance to make a first impression (especially on a Sunday drive by). Houses photograph better, and therefore look better online.  If they see the home first online and it doesn’t look good they most likely will not schedule an appointment to see it in person.
  4.      Pricing:  Prices are higher in the spring when there are more houses on the market.  It seems counterintuitive but the price is driven by season and the school year.
  5.       There are better valuations.  This goes hand in hand with the price.  Appraisers are looking at what recently sold first.  Therefore the more houses that sell in the spring (for that larger price) the better the valuation is.
  6.       And if you time it right, a summer closing so you can move into your new home before the school year starts.

Ever wonder who might buy your home, who your market is?  Millennials (ages 25-35 years old) make up 68% and Generation X (ages 35-49) 29% of first time homebuyers.    These groups also make up 59% of all home buyers in general.

Capital Gains – How it Can Impact Your Home Sale.

Capital Gains – How it Can Impact Your Home Sale.

20160408_215635For those who sold their home this year, it’s important to understand how selling your home may impact your tax returns, now that tax season is upon us. The following information explains how capital gains work for those who have recently sold a home. For those of you that are unaware of what capital gains are, its simply profit made from a capital asset such as stock, bond, or in our case, real estate.

If you sell your primary residence, you may be able to exclude up to $250,000 of gain – $500,000 for married couples – from your federal tax return. To claim the exclusion, the IRS says your home must have been owned by you and used as your main home for a period of at least two out of the five years prior to its sale.

There are a few catches: You also must not have excluded gain on another home sold during the two years before the current sale. However, special rules apply for members of the armed, uniformed and foreign services and their families in calculating the 5-year period.

If you do not meet the ownership and use tests, you may use a reduced maximum exclusion amount. But only if you sold your home due to health, a change in place of employment, or unforeseen circumstances.

An extra perk? If you can exclude all the gain from the sale of your home, you do not report it on your federal tax return. If you cannot exclude all the gain, or you choose not to, you must use Schedule D of Form 1040, Capital Gains or Losses, to report the total gain and claim the exclusion you qualify for.

How about for those with more than one home?

You can exclude the gain only from the sale of your main residence. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is usually the one you live in most often.

The Green Team home base is in Warwick, but our client’s properties expand all over New York and New Jersey. I have seen a large raise in  homes for sale in Warwick, Florida, and most other places in Orange County which is why I am passing this information on to you reader! If you have any questions on capital gains, don’t hesitate to call or stop by.

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