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Should I Fix Up My Home Before Selling?


These tips will help you decide how to prep your home for the market.

Should you take the time and money to fix up your home before selling or are you better off selling it at a discount and not doing anything? Here are some tips to help:

1. Get an assessment from a real estate professional. They should know the ins and outs of the market and be able to give you a better idea of what you could sell for with making fixes and without making fixes.

2. Get your reports upfront. For example, a termite inspection will give you a report about the conditions of the wood in your home. A pre-listing home inspection will point out any areas of neglect so we know how to price the home based on its condition if we do choose that route.

3. Be realistic with the pricing. In today’s market, it’s possible to overprice. Pricing at or slightly below market value will not only get you more eyes on the property, but it will also help you sell it faster and for more money.

4. Timing. If you have a few months and some cash to spend, the repairs can be easily made and really impact your final sale price.

If you have any questions for me about fixing up your home, selling your home, or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
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Location: Mission Viejo, CA, USA

What Do You Know About Proposition 19?


Here’s everything you need to know about Proposition 19.

Back in November, the “ayes” barely eked out the “nays” as Proposition 19 passed with a margin of 51% to 49%. This directly impacts the tax basis of California homeowners who are in the 55+ age bracket.

One of the benefits of Prop. 19 is that it allows you, a senior homeowner, to transfer your tax basis (1%) to any county in California, not just the 14 counties that had been participating prior to the 2020 vote. The second benefit is that a tax basis can be transferred up to three times—a significant increase from the previous one-time cap. This gives you more flexibility if you know your next home won’t be your “forever” home.

Here’s a huge drawback, though: In order for children/grandchildren to inherit a property from their parents/grandparents and keep the same tax basis, the property must be used as a primary residence. So if, for example, a son is living in Florida and his California-based parents pass away, he’d have to move into their house permanently so he could keep their tax basis; if he plans to hold onto it as a second home or rental property, then the property must undergo a tax assessment for 1% of its current value.

Prop. 19 gives you more flexibility if you know your next home won’t be your “forever” home.
 
Depending on how long someone’s parents or grandparents have been living in a property, this change in the inheritance law could mean the difference between them paying $1,000 a year in taxes or $10,000 a year in taxes. Properties inherited as second homes will be reassessed at the current market value—no exceptions. These tax liabilities will be huge.

If you have more questions about Prop. 19 or need some help with your buying, selling, or investing plans, reach out by phone or email anytime. I’m always here to help you make sense of the market, and I look forward to hearing from you soon.
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Location: Mission Viejo, CA, USA
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