Check-out this brick home that offers an in-ground pool, screened porch and a second kitchen in the lower level:
House For Sale – Maryville Tennessee
Category Archives: Housing
Questions Home Buyers Need to Answer
You can make the home buying process go much smoother for yourself and your agent if you can answer these 10 questions in the beginning:
- Why buy and why buy now
- Are you working with a lender
- How many houses have you looked at already
- How do you prefer to be contacted
- What if we found the perfect house tomorrow
- What are your three favorite neighborhoods
- What is your favorite room in the house
- How important is outdoor/garage space
- How long do you think that you’ll live in the house that you buy
- What is a deal breaker for you
Home Improvement Projects to Avoid
In addition to being a poor investment, these projects will often hurt the future sale of your home:
- Turning a bedroom into another type of space
- Installing an above ground pool
- Not keeping paint colors neutral
- Installing a hot tub
- Creating themed children’s bedrooms
When making changes or improvements to your home, always ask the question; how will this affect my home’s value and marketability when it’s time to sell?
Things to Avoid When Negotiating a Home Purchase
- Not doing your homework
- Not understanding the seller
- Showing your cards
- Getting your heart set
- Trying to win
For assistance with your next home purchase, contact the real estate professionals at Ferguson Realtors, who can lead you through the many details that are involved in a real estate transaction. Call us toll-free at (800) 747-0713.
The Preserve at Clinch River – Oak Ridge
Check-out this property that offers access to Community and Wellness Centers, plus pool, tennis and play ground:
Improve Your Odds of an Offer
- Price it right. Set a price at the lower end of your property’s realistic price range.
- Prepare for visitors. Get your house market ready at least two weeks before you begin showing it.
- Be flexible about showings. It’s often disruptive to have a house ready to show at the spur of the moment. But the more amenable you can be about letting people see your home, the sooner you’ll find a buyer.
- Anticipate the offers. Decide in advance what price and terms you’ll find acceptable.
- Don’t refuse to drop the price. If your home has been on the market for more than 30 days without an offer, you should be prepared to at least consider lowering your asking price.
Source: National Association of REALTORS®
How to Calculate Capital Gains
When you sell a stock, you owe taxes on the difference between what you paid for the stock and how much you got for the sale. The same holds true in home sales, but there are other considerations.
How to Calculate Gain
| Your home’s original sales price when you bought it (not what you brought to closing). | |
| Additional costs you paid toward the original purchase (include transfer fees, attorney fees, and inspections but not points you paid on your mortgage). | + |
| Cost of improvements you’ve made (include room additions, deck, etc. Improvements do not include repairing or replacing existing items). | + |
| Current selling costs (include inspections, attorney fees, real estate commission, and money you spent to fix up your home to prepare it for sale). | + |
| Add the above items to get your adjusted cost basis: | = |
| The final sale amount for your home. | |
| The adjusted cost basis figure from above. | – |
| Your capital gain: | = |
A Special Real Estate Exemption for Capital Gains
Up to $250,000 in capital gains ($500,000 for a married couple) on the home sale is exempt from taxation if you meet the following criteria: (1) You owned and lived in the home as your principal residence for two out of the last five years; and (2) you have not sold or exchanged another home during the two years preceding the sale. You may qualify for a reduced exclusion if you otherwise qualify but are short of the two-out-of-the-last-five-years requirement if you meet what the tax law calls “unforeseen circumstances,” such as job loss, divorce, or family medical emergency.
Source: National Association of REALTORS®
Understanding the Home Inspection
Some items should always be examined.
Structure
The home’s “skeleton” should be able to stand up to weather, gravity, and the earth that surrounds it. Structural components include items such as the foundation and the framing.
Exterior
The inspector should look at sidewalks, driveways, steps, windows, doors, siding, trim, and surface drainage. They should also examine any attached porches, decks, and balconies.
Roofing
A good inspector will provide very important information about your roof, including its age, roof draining systems, buckled shingles, and loose gutters and downspouts. They should also inform you of the condition of any skylights and chimneys as well as the potential for pooling water.
Plumbing
They should thoroughly examine the water supply and drainage systems, water heating equipment, and fuel storage systems. Drainage pumps and sump pumps also fall under this category. Poor water pressure, banging pipes, rust spots, or corrosion can indicate larger problems.
Electrical
You should be informed of the condition of service entrance wires, service panels, breakers and fuses, and disconnects. Also take note of the number of outlets in each room.
Heating and air conditioning
The home’s vents, flues, and chimneys should be inspected. The inspector should be able to tell you the water heater’s age, its energy rating, and whether the size is adequate for the house. They should also describe and inspect all the central air and through-wall cooling equipment.
Interiors
Your inspector should take a close look at walls, ceilings and floors; steps, stairways, and railings; countertops and cabinets; and garage systems. These areas can reveal leaks, insect damage, rot, construction defects, and more.
Ventilation/insulation
Inspectors should check for adequate insulation and ventilation in the attic and in unfinished areas such as crawl spaces. Insulation should be appropriate for the climate. Without proper ventilation, excess moisture can lead to mold and water damage.
Fireplaces
They’re charming, but fireplaces can be dangerous if they’re not properly installed. Inspectors should examine the vent and flue, and describe solid fuel-burning appliances.
Source: National Association of REALTORS®
Watts Bar Lake – Weekend Retreat
This lakefront home comes fully furnished and even includes a motor boat:
Questions to Ask About Property Tax
It’s natural for the sale price of a home to loom large in your mind. But don’t forget to look at what your property tax bill might be.
What is the assessed value of the property?
Assessed value is generally less than market value. A recent copy of the seller’s tax bill will help you determine this information.
How often are properties reassessed in this area?
In general, this will happen annually, but properties in areas of slower growth may be reassessed less often.
When was the last reassessment done on this property?
Most significant tax increases on an individual property can be linked to when that property was last reassessed.
Will the sale of the property trigger a tax increase?
Depending upon where you live, the assessed value of a property may increase based on the amount you pay for it. And in some areas, such as California, taxes aren’t allowed to increase until the property in question is resold.
Is the tax bill comparable to other properties in the area?
If not, it might be possible to appeal the assessment and lower the rate.
Does the current tax bill reflect any special exemptions for which I might not qualify?
For example, many tax districts offer reductions to those individuals 65 and older.
Source: National Association of REALTORS®