3883 Turtle Creek Blvd. #504, Dallas

28 Aug

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Stunning & Updated Hi-Rise Has It All!

2 Bedroom / 2 Baths / Gorgeous Views / Updated

CLICK HERE TO VIEW HD TOUR

This gorgeous 2/2 condo in the iconic Twenty-One Turtle Creek building exudes luxury and convenience with a beautifully updated kitchen, sleek and contemporary styling and sweeping views of Turtle Creek and
Highland Park from the balcony area.  The kitchen would delight any chef with its stainless appliances to include a gas cooktop, built-in
microwave and refrigerator, trendy backsplash, upgraded faucet and recessed sink and rich granite.  The Texas-sized family room boasts
contemporary tile set in a herringbone pattern, has accent lighting and leads to a large patio/balcony area for relaxing and entertaining. The master retreat boasts a walk-in closet for storage and also enjoys a
furniture-style vanity with a granite top and both bedrooms have
Plantation shutters. The tones in this home are warm and neutral and there is also a study niche which could also be used for storage and a laundry room on every floor of this building. This condo enjoys excellent facilities with a fully-equipped gym, meeting rooms with coffee bar,
stylish lobby, library area, a larger conference room area, a beautiful treed park and pool area, a grilling area and a dog park for your furry friends.  This home is priced to sell and is move-in ready!!

Please contact Jeff  Jacobs at 972.978.6539  for more information or click HERE.

For more information and other homes for sale in this area, check out www.myrealtytown.com 

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2200 Canyon Point, McKinney

28 Aug

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Beautifully Updated Home On Large Corner Lot!

3 Bedroom / 2 Baths / Great Location / Large Yard
1269 sq ft / Built 2007 / Prosper Schools

CLICK HERE TO VIEW HD TOUR

This stunning home offers the very best in updating, boasts an open and versatile floorplan and is conveniently nestled on a large corner lot just minutes from 380 and 75. Upgraded stone accents add character to the elevation and upon entry, your guests will be greeted by warm and neutral tones, as well as rich hardwoods floors and an open plan. The spacious family room has vaulted ceilings, a cast-stone fireplace and is open to a kitchen that would delight any chef with its painted and abundant cabinetry, work island, breakfast bar, upgraded and modern backsplash and sleek black appliances to include the refrigerator. The split master retreat has hardwood floors, an upgraded ceiling fan, a bath with upgraded lighting , a garden tub and dual sinks and a large walk-in closet for
storage. The secondary bedroom is a generous size and is also served by a full bath with recent glass shower doors and the bedroom at the front of the home has French doors and a closet in the event it needs to serve as a study.

Other outstanding features and upgrades of this home are…a relaxing covered patio and deck area, a Texas-sized backyard with a fence with steel supports, solar screens, additional garage storage, ceiling fans, water filtration system and more!  This home is priced to sell, move-in ready and an unbeatable value at this price!

Please contact Jeff  Jacobs at 972.978.6539  for more information or click HERE.

For more information and other homes for sale in this area, check out www.myrealtytown.com 

Steps in Home Buying Process

27 Aug

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The process of buying a home can be different based on the price range and whether a mortgage is needed. While some things are different, others are similar regardless of price, financing or local customs.

Each year, the National Association of REALTORS® surveys buyers and sellers who have purchased or sold in the previous twelve months in order to identify the process and steps taken. It provides a lot of information for the people who will be going through the process now and in the near future.

44% of all buyers looked online for properties for sale. This might be considered a logical first step to determine the prices of homes in certain areas and what features they offered.

17% of all buyers stated that their next step was to contact a real estate agent. In another REALTOR study, it is reported that 87% of all buyers purchased their home through a real estate agent or broker. Buyers identify a wide range of services the agents offer that is considered valuable in the purchase of a home.

The next step identified by most buyers is to look online for information about the home buying process. In many cases, agents share this information in their first substantial meeting but since it is identified as the third highest steps taken by buyers, some people may not be getting adequate information from their agents or they are verifying the process as explained to them.

The fourth step identified by buyers is to contact a bank or mortgage lender. The position this step takes place is interesting because many real estate professionals suggest that it be one of the first things buyers should do. The reason is to find out how much mortgage they can qualify for, so they are looking for homes in the right price range. This can save a lot of time and frustration.

The three next highest steps included driving by homes and neighborhoods, talking with a friend or relative about the home buying process and visiting open houses.

The buyers in this study mentioned that they depended on several sources for information during the home search. The most frequently used were online website, their real estate agent, mobile search device, open houses and yard signs.

The three most difficult steps listed were finding the right property, the paperwork and understanding the process and steps.

You can download a Buyers Guide that has a lot of interesting information. We have an array of Financial Apps that can provide insight on things like Rent vs. Own, Mortgage Payment and Your Best Investment. And of course, I’d be happy to schedule an appointment with you to go over all these things and talk to you about finding your next home. Call me at (972) 978-6539.

Invest in Equity Build-up

20 Aug

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Equity build-up could be one of the biggest advantages to buying a home. There are two distinct dynamics that take place to make this happen: each house payment applies an amount to reduce the mortgage owed and appreciation causes the value of the home to go up.

It is easy to make a projection based on the type of mortgage you get and your estimation of appreciation over the time you expect to own the home. Even conservative estimates can produce impressive results.

Let’s look at an example of a home with a $270,000 mortgage at 4.5% for 30 years and a total payment of $2,047.55 payment including principal, interest, taxes and insurance. The average monthly principal reduction for the first year is $362.98. If you assume a 3% appreciation on the $300,000 home, the average monthly appreciation is $750 a month.

The total payment of $2,047.55 less $1,112.98 for principal reduction and appreciation makes the net monthly cost of housing, excluding tax benefits, $934.57. If this hypothetical person was paying $2,500 in rent, it would cost them $1,565.43 more to rent than to own. In the first year, it would cost them over $18,000 more to rent.

Together, the items in this example contribute over $1,100 to the equity in the home . This is one of the reasons a home is considered forced savings. By making your house payments and enjoying increases in value, the equity grows and the net cost of housing decreases by the same amount.

In this same example, the $30,000 down payment grows to $133,991 in equity in seven years. While this is equity build-up, the extraordinary growth is attributed to leverage. Leverage is an investment principle involving the use of borrowed funds to control an asset.

To see what your net cost of housing and the effect of leverage will have on a home in your price range, see the Rent vs. Own. If you have questions or need assistance, contact me at (972) 978-6539.

7900 S Ballantrae Drive, McKinney

14 Aug

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Beautiful Home Offers Exceptional Value & Location

4 Bedroom / 3 Baths / Great Location / Large Yard
2549 sq ft / Built 2004 / McKinney Schools

CLICK HERE TO VIEW HD TOUR

The perfect single level floor plan in beautiful Village of Ballantrae in Stonebridge Ranch.

Master suite on one side of home and three additional bedrooms on other side separated by large kitchen, breakfast dining, living area and formal dining. Master suite split from three additional bedrooms, also split, with two more full baths. Open plan with lots of
windows.

Quality features include: Plantation shutters throughout, Kitchen Aid appliances, Kenmore Elite cooktop and vent hood, tall doorways, large flagstone patio and treed backyard.

Please contact George Jacobs at 214.385.8951  for more information or click HERE.

For more information and other homes for sale in this area, check out www.myrealtytown.com 

1512 Lodengreen Court, Plano

14 Aug

UPDATED CUL-DE-SAC HOME WITH POOL!

4 Bedroom / 4 Bath / Game Room / Pool
3407 sq ft / Built 1992 / Plano ISD




 

CLICK HERE TO VIEW HD TOUR OF THIS HOME!

Beautifully updated home with POOL on a cul-de-sac lot in Plano ISD! Four bedrooms and four baths with newly installed flooring throughout the home, along with fresh paint. A Study is down with adjacent full bath and could be a fifth bedroom!

 The completely remodeled kitchen boasts white cabinets with new hardware, stainless appliances and granite counters. Spacious living room with tons of natural light looks out to the backyard with a
sparkling pool, board-on-board fence and covered deck area, perfect for entertaining. Upstairs you will find the master retreat with updated spa-like master bath, 3 additional bedrooms and 2 secondary baths. Also upstairs is over-sized game room with plenty of entertainment room for all.

This one has it all!

Please contact Jeff Jacobs at 972.978.6539 for more information or click HERE.

For more information and other homes for sale in this area, check out www.myrealtytown.com 

912 Lake Worth Trail, Little Elm

14 Aug

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STUNNING PALOMA CREEK LAKEVIEW HOME WITH ALL THE EXTRAS!

3 Bedroom / 2 Bath / 2 Car / Large Backyard
1590 sq ft / Built 2010 / Denton ISD

CLICK HERE TO VIEW HD TOUR OF THIS HOME!

Better than NEW American Legend Home in desirable Paloma Creek Lakeview community.

Open floorplan with beautiful hardwood floors and tile. Kitchen includes knotty alder cabinets, granite countertops, stainless appliances, breakfast bar and eat in kitchen. Master bedroom has separate tub and shower.

Fresh paint! Tons of storage throughout home-Walk in closets. Nice sized backyard.

Great location with amenities galore such as hike and bike trails, parks, sparkling neighborhood pools including 4 junior olympic size pools, fitness facilities, and acres of greenbelts!

MUST SEE this incredibly priced home!  It’s ready for you to move in right away!

Please contact Elyse Guthrie at  (512) 217-1412 for more information or click HERE.

For more information and other homes for sale in this area, check out www.myrealtytown.com 

America Still Considers Real Estate the Best

13 Aug

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35% of respondents, in a recent annual Gallup poll that dates back to 2002, identified real estate as the best long-term investment option compared to 27% who identified stocks.

The top choices included real estate, stocks, savings accounts and gold. Even with the remarkable prices of the different U.S. stock indices recorded in 2019 through April and May, homes have the highest confidence in the minds of the respondents.

This seems to be based on the stability of the housing market and the expectation that home prices will continue to rise. Homeowners build equity from both appreciation as well as reducing principal with each payment made. These same factors exist for investors of rental homes in predominantly owner-occupied neighborhoods.

Real estate has another dynamic working to produce favorable investment results due to leverage. Leverage occurs when borrowed funds are used to control an asset. When the borrowed funds are at a lower rate than the overall investment results, positive leverage occurs which can increase the yield from an all cash investment.

Gold and savings accounts must be funded with cash. The maximum borrowed funds allowed for stocks is 50% and generally, at a rate higher than typical mortgage rates.

Homes are a particularly attractive investment because you can enjoy them personally by living in them. The interest and property taxes are deductible and gains on the profit are excluded up $250,000 for single taxpayers and $500,000 for married taxpayers filing jointly.

Many people consider an investment in a home for a rental property an IDEAL investment: Income, Depreciation, Equity Build-up & Leverage.

If you have questions or are curious about the process, contact me at jeff or (972) 978-6539.

Determining Property Type

6 Aug

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The Internal Revenue Service considers four different types of real estate. Specific types of properties have benefits based on their classification. The determination does not depend on the property itself as much as it depends on how the property is used and what the owner’s intentions are.

Principal Residence … a principal residence is the place a person lives or expects to return if they are temporarily away from it. It could be a single family, detached home or condominium or a duplex, tri-plex or four-unit. The owner(s) can deduct the qualified mortgage interest and property taxes on the schedule A of their tax return. There is a capital gains exclusion on profit of up to $250,000 for a single taxpayer and up to $500,000 for a married taxpayer.

Income Property – is improved property that is rented or leased to tenants as opposed to using it personally. It can include houses and condos, apartment buildings, office complexes, shopping centers, warehouses and other commercial buildings. Depreciation is allowed on the improvements. For property held more than one year, the profits are taxed at long-term capital gains rates. This type of property is eligible for a tax deferred exchange.

Investment Property … can be raw land or improved property that is not rented or leased. This property is not subject to depreciation. If the property is held for more than one year, the profits are taxed at long-term capital gains rates. It is also eligible for a tax deferred exchange.

Dealer Property … this type of property is primarily considered inventory because the intention is to sell it without intentionally holding it for more than a year. It could be new construction such as a home builder. It could be an investor who buys a property and expects to sell it for more. There is not a requirement to make improvements. The profits on dealer property are taxed as ordinary, “sweat of the brow” income. Dealer properties cannot be exchanged.

A second home is like a principal residence in that you can deduct the interest and property taxes on your Schedule A, up to the limits. A second home, as well as a principal residence, can be rented out up to 14-days a year without threatening the status of the property. Seconds homes are not eligible for exchange because personal use properties are not allowed. A second home is not a principal residence and profits are taxed like an investment property. If you own it for more than a year, it is taxed at long-term capital gains rates.

Vacation homes are rented for more than 14 days a year and are like income property but with some additional rules that apply. If your personal use is 14 days or less or 10% of the time it is rented, your expenses can be deducted in excess of income. If you use it for more than 14 days or more than 10% of the number of days it is rented, it is considered personal use and your expenses are limited to the amount of income collected with no losses being deductible.

Taxpayers can strategically change the property type based on their intentions. A principal residence can be converted to income property. Dealer property could become a principal residence. A rental property could become a principal residence.

Professional tax advice is always recommended to be able to understand the information and how it applies to your specific situation.

Get Leverage Working for You

30 Jul

Leverage is an investment term that describes the use of borrowed funds to control an asset; sometimes referred to as using other people’s money. Borrowed funds can affect the investment in your home positively.

For instance, if you had a $100,000 rental property, collected the rents and paid the expenses and had $10,000 left, you would earn a 10% return (divide the $10,000 by the $100,000.) With no loan on the property, there is no leverage.

If you decided to get an 80% mortgage at 8%, you would owe an additional $6,400 in expenses leaving you only $3,600 net. However, your return would grow to 18% because your investment is now $20,000 in cash (divide the $3,600 by $20,000.)

Leverage, the use of borrowed funds, causes the return to increase in this example. While, most people associate leverage with rental properties, it also applies to a home. The larger the mortgage, the more leverage you have. A FHA mortgage with a 3.5% down payment has more leverage than an 80% loan.

Assume we’re looking at a $295,000 purchase price with 3% closing costs and a 4.5% mortgage for 30 years with a five-year holding period. The following table shows the return based on different down payments and appreciation rates. The initial investment is the down payment plus closing costs. The equity build-up at end of year five is the result of normal principal reduction and appreciation.

Down Payment 1% Appreciation 2% Appreciation 3% Appreciation
3.5% 21% 28% 34%
10% 12% 17% 21%
20% 7% 10% 13%

Another way to look at the 3.5% down payment example with 3% appreciation would be to say that a $10,325 down payment plus $8,850 in closing costs could grow into $82,482 of equity in a five-year period producing a 34% rate of return on the initial investment.

Estimate what your initial investment could grow to using this jeff

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