Tag: lake homes

Smart Home Tech for Seniors

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Smart gadgets for your home are becoming more and more commonplace. But homeowners don’t have to be tech gurus to make smart updates to their homes, especially those who are reaching  retirement age.

The”aging in place” movement emphasizes how smart home improvements can help the baby boomer generation save money, time, and energy though simple smart home improvements.

See how your life can be made easier, safer and greener with these handy smart home gadgets!

Ecobee Smart Thermostat

Ecobee devices work by monitoring outdoor, indoor and body temperatures through sensors placed throughout the home.

These sensors help regulate room temperatures based on occupancy by detecting temperature changes caused by people entering or exiting a space.Smart home map

Through this technology, the Ecobee smart thermostat saves consumers an average of 23 percent on energy bills annually, according to the company’s website.

Like many modern thermostats, Ecobee can be set to kick on when residents are expected to be home and off when they are away.

Unlike traditional devices however, temperature readings and activity reports can be accessed remotely through Ecobee’s smartphone app.

Homeowners can also control temperature settings from the app as well as receive energy conservation reports and system alerts at no additional cost.

Most Ecobee systems are compatible with smart hubs like Amazon Alexa, Echo and Samsung SmartThings and can be installed without the help of an electrician.

Ecobee home systems start at $169.

For more product information and pricing, visit the Ecobee smart thermostat website here.

Roomba and Braava Cleaning Systems by iRobot

iRobot is making the “self-cleaning home” dream a reality with their Roomba automatic vacuums.

Each system features the iRobot patented three-stage cleaning technology, which “loosens, lifts and suctions dirt” from all floor types and can run for 60 to 120 minutes, depending on the model.

All Roomba vacuums are wifi compatible, with the exception of the base model, Roomba 614. Wifi connection allows users to schedule cleaning times, pause cleaning and keep the device up to date with the latest operating system.

These hands-free cleaners use sensors to make 60 decisions per second to detect dirt, cleaning paths and obstacles to avoid while operating. Such obstacles include furniture, toys, and corners of the room.

The Roomba’s companion, iRobot’s “Braava,” combines the basic components of the vacuum with Swifter-like elements to provide homeowners with an automatic broom and mop system.

Braava offers two devices, the jet and 300 series, which can perform wet mopping, damp or dry sweeping and can clean spaces 200 square feet to 1000 square feet in size.

A complete list of models and performance capabilities can be found at irobot.com.

Lutron Automatic Lights

Lutron products are all about conserving energy and saving money. Simply installing one of the company’s motion activated lighting controls can help homeowners cut annual energy costs by 20 to 60 percent.

Lutron’s Maestro occupancy/vacancy sensors detect motion through temperature changes and ultrasonic sound waves upon one’s entering or exiting a room.

As changes and motion are detected, wall or ceiling sensors will trigger the light.

Spaces to consider installing motion sensors include closets, bathrooms, laundry rooms and kitchens, where lights are frequently lit while not in use.

Maestro sensors can typically be installed without the help of a professional and can be found online or at most major hardware stores starting at $20.

Discover how Lutron can make a difference in your home by visiting their products page here.

Protecting Your Pets: Animal Safety While Showing Your Home

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Not all loved ones walk on two legs.

In 2017, the ASPCA reported 78 million dogs and 85.8 million cats were owned as pets in the U.S.; and that doesn’t even include the birds, reptiles and a large number of other animal kept by Americans! In fact, nearly 68 percent of the country’s population owns at least one pet.

Just as important as keeping your human family safe, is the safety of your pets, especially when your home is on the market.

Try these expert tips for protecting your pet family members next time your home is being shown.

Stretch their legs

One of the biggest issues with showing a home with pets is the potential for these pets be let loose by mistake, whether from the house or yard.

A way to prevent this from happening is simply to remove your pet from the house while showings are taking place.

two little girls sitting by lake holding a puppy

For some, this may be as easy as taking the dog for a walk around the neighborhood, if not with you, then with a neighbor or trusted friend.

The average showing takes about 30 minutes to complete.

This is plenty of time for you and your fur baby to stretch your legs and take in the scenic views of your lake while potential buyers check out your home.

This is also a great time to take your pup to the dog park, where he or she can run and play with other dogs instead of going on a solitary outing.

Your pet will be happy for the exercise, and your potential buyers will be happy to tour your home without distraction.

Post Friendly Reminders

For others, like cat, bird and reptile owners, going for a walk isn’t really practical.

Cat owners especially experience pet safety problems when showing their homes because doors are not always closed in a timely manner.

An easy way to ensure your cat doesn’t get let outside is to post signs on all the doors, kindly reminding guests that the cat is not to be let out.

These reminders should be easily read and featured at eye level on the backs of front, rear and garage doors. Reminders should also be posted on the front side of each of these doors.

By doing this, potential buyers and agents are kept mindful of your pet’s presence and well-being.

Additionally, reminders can be hung from bird, reptile and small mammal cages.

Though it is unlikely that someone would willingly open one of these, accidents do happen. Having reminders placed where they can be seen easily will also serve to keep guests aware of your animals’ safety.

Crate or Relocate

Some smaller dogs and cats can be crated while a home is being shown.

If going with this option, it may be beneficial to put the crate in a less trafficked area like a bathroom, guest bedroom, or garage.

In these areas, your pet is less likely to experience any undue stress or disruption. It may be a good idea to also cover crates or carriers with a blanket or something similar.

Additionally, posting a note on the cage or carrier asking potential buyers and agents to not disturb the animal will help keep your pet from unnecessary handling or attention.

It is also a good idea to let guests know that an animal is being kept in a certain area of the house.

This can be achieved by alerting the showing agent prior to the showing, putting a note on the front door of the house or by putting a sign in the area of the house where the pet is being kept.

For larger animals, animals with particularly strong odors or animals who make a lot of noise it is best to relocate while a home is being shown.

One potential solution is to enlist the help of a friend, family member or neighbor.

While the house is on the market, your fur, feather and scaly babies can stay with these people at their homes and in their care.

By leaving your pet in the care of someone you know, you can ensure they are properly taken care of, and most importantly loved.

Pet-cation

If finding someone you know to take care of them is not possible, there is still one last, more unfavorable option, and that is sending your animal family member on a vacation.

While it is certainly difficult to be apart from your pet for any extended period of time, for some, this is the best option.

Sellers who utilize this option include those who travel a lot for work, who are temporarily residing elsewhere while their home is on the market, and for sellers who are vacationing outside the state or country.

There are many animal resorts and spas your pet can enjoy. These facilities offer short and long-term boarding, pet grooming and other pet care services.

If you decide this is the best option for you and your pet, be sure to do your research about the best facilities in your area and any boarding requirements they may have.

For more tips, look to this expert list of things you should do before you board.

Paws, and Review

A few final things to consider when showing a home with pets include not keeping animals outside, chained up, or loose in the home or garage.

No matter the option you think is right for you, at the end of the day, your pets’ safety, happiness and well being is what matters most.

For more Lake Homes Realty pet news, feel free to read our Pet Travel, Invisible Fence and Must-Have Dog Toys articles.

Most Commonly Forgotten Moving Tasks

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Moving can be a stressful affair.

From closing on the property, packing, transporting, unpacking and everything in between, it is easy to forget some of the most important jobs associating with a move.

Take a moment to familiarize yourself with these most commonly missed moving tasks to help ensure your next move goes a little more smoothly.

Address Change

Putting a change of address is something a lot of people, surprisingly, forget.

U.S. postal service logo

In the past, residents would have to go to the post office to file a formal change of address. Today, address changes can be filed from the comfort of your own home.

Though the task can be completed after you have moved, it may be easier for you to get your mail squared away before leaving your old address.

On your phone, laptop or tablet, visit the U.S. Postal Service website where there is an easy and quick change of address form.

The form provides spaces to put your new address and when mail should start being forwarded to that address. You can also mark whether the residence will be permanent or temporary.

A lake home that serves as your primary residence in the summer qualifies as a temporary change of address.

Contact Utility Companies

When moving into a new home, your utilities will need to either be canceled or transferred. This depends on where your new home is located.

Some companies only operate in certain areas so it is important to determine whether your current provider services your new address.

If not, these companies may be able to provide an alternative servicer in the area to whom you can take your business.

In the event that information cannot be provided, websites like InMyArea provide databases of service providers that serve your zip code.

It may also be possible, if your new home is part of a homeowner’s association, that a list of preferred companies is provided.

Before cancelling your utilities and your current address, it is a good idea get final readings and reports to keep for your personal records.

This is the time to settle up any unpaid balances with these companies, as well.

Also, you should strive for utilities such as water, electric and gas to be connected at your new residence on the same day.

Smoke Detectors and Emergency Exits

Once in your new home, check that all smoke detectors are in working order. Be sure to check that all batteries have been changed.

Additionally, discuss a fire escape plan with your family. This discussion should include determining a family meeting place and what to pack in an emergency go-bag.

Change the Locks

High on the priority list is changing the locks.

key in door lock with house keychain

Though this may seem trivial, your family’s safety is number one. You never know how many people have copied keys to your new home.

Protect yourself and your loved ones by eliminating the chance that the previous owners, or other unwelcome guests, might try to gain reentry into the house.

Update Important Documents

It is important to ensure that all significant documents are updated with your new address as soon as possible.

These documents include your diver’s license, voter and car registration, insurance, student loans and professional memberships or licensing boards.

Subscription service services and mailing lists should be updated, as well.

Moving into the next home of your dreams may be a little nerve wracking, but checking these items off your to-do list will help ease that stress, even if only by a little.

Try reading our “Tips to Make the Moving Process Easy” and “Moving on a Budget” articles for more advice and tips.

8 New Year’s Resolutions to Improve Your Home and Health

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New Year’s resolutions typically begin with perfecting yourself, or at least bettering yourself by losing weight, quitting smoking, eating better, working more, etc., but we usually do not think about resolutions for our homes.

We always have a project we would like to work on, or have things around the house we should keep up on.

Here is a list of 8 New Year’s resolutions for better health and a happier home:

new years eve fireworks over the lake

Quit smoking indoors

Or better yet, quit smoking altogether!

Smoking indoors creates a musky, over-powering odor, one non-smokers hard time being around.

Not only does smoking inside produce harsh smells, it creates a film over everything in the house like walls, windows and furniture.

If you have white walls and have been smoking for 2 years inside, they are probably more yellow-toned by now.

Watch your money

Keep your home finances to a budget; including household repairs.

Open a separate savings account designated for home repairs, changing or adding new items to the home, such as décor, new bedding, towels, etc., and household supplies such as a rake for the falling leaves, or salt for the drive way during the winter.

Conserve Energy

Learn how to be more energy efficient.

Use lights only when necessary, turn off all lights and TV’s when not in the room and use water when needed. Remember to check those leaky faucets!

Also. turn off the heat or AC, and open the windows when it is nice outside.

De-clutter and deep clean your home

This means going through each room and getting rid of what is not needed or wanted.

This may be a great way for you to make extra money by selling anything you think is worth something, either online or by having a yard sale. You could also donate your unneeded items to a local charity.

Make a resolution to keep your home cleaner. Most of us can sat this is one resolution we can afford to commit to.

Keeping a home clean helps our overall mood; it keeps us in a happy and productive mood.

A messy place where it seems everything is out of place can create a chaotic and stressful environment.

Focus on Family

Spend more time your loved ones.

Keeping your home full of family and friends is a great way to keep it fun and create memories at the same time.

Utilize your kitchen and make big family meals and invite all that you care about.

Start Small

Make small repairs, and other additions to your home, yourself.

By hiring someone, you are normally paying triple the amount it takes to do the project yourself.

If it is a simple repair or addition, such as adding a shelving unit, or painting the house, you can do that yourself and even invite family and/or friends over to help.

And if you don’t know where to start, we’ve got you covered.

Watch less TV

Limit your time in front of the TV by reading more or taking up a new hobby.

By making it a point to watch less TV, you are saving on the overall cost of electricity, but more importantly you are exercising you mind by reading or your body with outdoor activities.

 

The new can be the start of a new lifestyle. Give these tips a try for a happier, healthier 2018.

 

Karen Davis Named National Director of Brokerage Operations

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Karen Davis, of Birmingham, Alabama, has joined Lake Homes Realty as the brokerage’s new National Director of Brokerage Operations.

Lake Homes Realty is the largest lake-focused real estate company in the United States, with licensed real estate brokerage operations in 16 states.

Karen Davis, National Director of Brokerage operations
National Director of Brokerage Operations Karen Davis

In her role, Davis will oversee both existing and new real estate brokerages in each state the company operates.

This will include assisting brokers and agents, managing the compliance team and refining brokerage back-office operations.

“I have been watching the growth of Lake Homes Realty since the beginning and was very impressed with what had been accomplished and the plans for the future,” Davis said.

“When they approached me about coming to work here, I saw it as an opportunity to be a part of something exciting that had really never been done before in real estate.”

Davis brings more than 20 years of experience in the real estate industry, having worked as both a licensed real estate agent and managing broker.

She is currently a licensed broker in Alabama and Georgia.

Prior to joining Lake Homes Realty, Davis worked for Signature Homes, a multi-state construction and real estate company headquartered in Birmingham, Alabama.

There she served in numerous roles managing home sales, property purchases and providing agent support.

Glenn S. Phillips, CEO of Lake Homes Realty, added, “Karen is a fantastic addition to our management team. We’ve known her for several years and have seen her be an incredible professional, as well as a genuine and caring person.

“As we grow the company, adding the right leadership to our team is imperative, and we are excited Karen has joined us.”

Through her work at Lake Homes Realty, Davis said she is excited to help the company continue its rapid growth while maintaining its high standards of integrity, service and compliance.

About Lake Homes Realty

Lake Homes Realty (www.LakeHomes.com) is a multi-state real estate company focused on lake homes and land.

Headquartered in Birmingham, Alabama, the firm is one of the fastest growing real estate companies in the country.

The company was named #927 on the 2017 Inc 5,000 and has been recently featured by Realtor® Magazine. Lake Homes Realty has also been named by the Birmingham Business Journal as one of the 30 fastest growing businesses in Birmingham each of the past three years.

Lake Homes Realty is a licensed real estate brokerage in 16 states, and is growing rapidly into additional states.

Choosing the Right Flooring for Your Lake House

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Shoes on flooring of lake house

Anyone buying or remodeling a lake home has a myriad of decisions to make. Many times, flooring is one of the last things you want to think about. Even so, lake home flooring is a very important decision!

If you are buying or remodeling a lake home, chances are you are already familiar with the effects of the elements. Lake homes withstand a huge amount of moisture, humidity and wear and tear.

Here are the most common flooring types and how they stack up against those elements.

Carpet

White farmhouse style bedroom with carpet lake house

Best for: Bedrooms, living rooms, upstairs hallways
Worst for: Kitchens, bathrooms, entryways

Many people think carpet is an automatic no-go for a lake house. Far from it! If your heart (and your soles) are set on having carpet in your home, never fear. Just keep a few things in mind.

The main worries for carpet on the lake are water, mud, and humidity. Those muddy footprints can add up pretty quickly!

But if your property isn’t waterfront, this might not be a serious problem. Many builders compromise by using hardwood or synthetic flooring in main entryways and kitchens, then carpet in the main living areas.

Carpet also gives comfy insulation during the winter months. Having a soft, comfy floor is a big plus on those chilly winter nights!

One hidden drawback of carpet is its absorbency. Carpet absorbs moisture, pet hair, dust, pollen, and mold. Many of these are in abundance at a lake house! If you are buying a previously owned lake house, be sure to clean the carpets when you move in.

Hardwood Flooring

Hardwood flooring of lake house with fireplace and walk out patio
Photo courtesy of OneKindesign.

Best for: Living rooms, dining rooms, foyers, hallways, bedrooms
Worst for: Basements, bathrooms, kitchens, wet areas

Many lake homes have hardwood floors. There is a wide range of hardwood flooring options, from bamboo to pine, to oversea exotics such as mahogany and rosewood. These can be attractive, durable, and increase your home’s value.

The two primary concerns with hardwood on the lake are cost and the chance of water damage. Hardwood can be extremely expensive, depending on the wood chosen. Water damage from flooding, the elements, or just years of wet feet can be expensive to replace.

Hardwood is also vulnerable to humidity, especially in basements or other “below grade” areas. Many builders only use hardwood on or above the ground floor. Or you can use engineered wood. This uses a top layer of finished wood over multiple, thin layers of plywood or fiberboard. Amy Matthews, the host of HGTV’s Sweat Equity, says, “depending on the thickness of the veneer, engineered wood can be finished once or twice.”

Laminate / Vinyl Flooring

Vinyl laminate floors in lake house kitchen
Photo courtesy of Mi Windows.

Best for: Entryways, hallways, living rooms
Worst for: Bathrooms

Lake homes often sport vinyl or laminate flooring in parts. These are more affordable and durable than carpet or hardwood. Better yet, they have advanced greatly since the 1970s, when vinyl flooring, floral wallpaper, and lava lamps went hand-in-hand.

Laminate is a synthetic flooring with the appearance of hardwood. Vinyl is a synthetic flooring with far more options and can have the appearance of tile, wood, stone or other materials. Both come in panels of various sizes.

Many of these can beautify a home at a fraction of the cost used by hardwood or tile flooring. They can easily shrug off spilled drinks and muddy footprints, too.

Remember that these flooring options are not perfectly waterproof. They typically require a perfectly clean, level floor. Seams between the panels can let water in, as well, that could soak into the underlayment or subflooring. Be careful when using these in a bathroom, where small puddles of water are almost a daily occurrence.

Linoleum

Hand painted linoleum floors with stencil navy blue
Photo courtesy of BBFrosch.

Best for: Entryways, kitchens, bathrooms­­­
Worst for: Sunrooms, bedrooms, rooms with rough concrete flooring

Another flooring that has seen a resurgence ­is linoleum. This synthetic flooring can come in either glue-down sheets, panels, or tiles.

The main difference between linoleum and laminate is the materials used. Linoleum is made from natural products, including linseed oil and sawdust.

Linoleum is more waterproof than laminate or vinyl tile. Because of this, it is more commonly used in areas like kitchens where spills happen frequently. When installing linoleum, be sure to waterproof the seams and edges.

Avoid installing linoleum flooring in any room with direct sunlight. The flooring will fade with time, and could even peel or warp. Install linoleum flooring in a sunroom, and you will most likely need to replace it in a few years’ time.

Ceramic or Stone Tile

Rustic kitchen with stone tile
Photo courtesy of Elona Home.

Best for: Entryways, outdoors, kitchens, bathrooms
Worst for: Bedrooms

Many homeowners on the lake solve these water damage issues with ceramic or stone tile. Tile flooring is attractive, easy to clean and completely waterproof. It also comes in a wide range of textures and colors. A tile floor can give your home a warm, old-world charm; a crisp, clean surface; or any other look you desire.

Tile floors are more durable than nearly any other finished flooring. You can use it in entryways, kitchens, patios or anywhere you like.

The only true drawbacks to tile are cost, hardness, and temperature. Depending on the type, tile can easily cost more than hardwood. Tile can also be very unforgiving if you plan to stand for long periods of time, or if someone slips and falls. This is especially true for gloss finish tile.

Tile gets very cold in the winter, too. This is why builders rarely use tile in bedrooms or hallways.

Location, Location, Location

Couple selecting tile flooring at hardware store

Whatever your preference, a mix of flooring types will probably work best for your lake home.

Many builders use grading to determine what type of floor to use. “Grade” refers to ground level. Rooms at ground level are “on grade,” above ground level are “above grade” and below ground level is “below grade.”

Most builders never use hardwood, or other floorings susceptible to water damage, in below-grade rooms such as finished basements. Due to the proximity to the lake and the water level, this can bring persistent dampness or even water seepage. Any flooring susceptible to damage from moisture (such as hardwood) should not be used below grade.

For more home improvement and DIY tips, read more of our articles here.

Entrepreneur Magazine Shares Leadership Lesson From Lake Homes Realty CEO

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Glenn S. Phillips, Lake Homes Realty CEO

Lake Homes Realty CEO Glenn S. Phillips was recently featured for his experiences in leadership on the business magazine website Entrepreneur.com

The article “5 Stories That Will Make You Rethink Your Leadership Style,”  by contributing writer Heather R. Huhman, shares the story of a significant struggle Phillips encountered while running his software company, Forté.

From this experience, Phillips learned the importance of embracing ongoing education.

Now, personal and staff education is a daily activity in his leadership role as CEO of Lake Homes Realty.

“I appreciate Entrepreneur magazine sharing my story,” said Phillips. “Everyone running a business can benefit from the lessons learned by peers and mentors. No one builds a business alone. I hope I’m doing a good job of paying-it-forward for all those who have helped me, and those who continue to help me.”

“In my case, this was a lesson learned the hard way, trying to just work harder,” he continued. “What was key, as I would learn, is that I needed more knowledge and different types of education behind that work.”

The article also includes helpful leadership lessons and “takeaways” from other business leaders around the country.

entrepreneur magazine logo Entrepreneur magazine is well respected in the business community. The magazine seeks to inspire, inform and celebrate entrepreneurs.

To read more of Phillips’ story, and those of others like him, visit https://www.entrepreneur.com/article/293842.

Getting Ready for your First Open House

Posted on Staff

home with open house sign in front of it If you are selling your home, chances are your real estate agent has spoken with you about an open house.

These are an excellent way to get prospective homebuyers in the door and get them talking to your selling agent.

If you are still living in your home, this can be tricky.

Here are some tips to help you work with your realtor and make your property as appealing as possible.

Clean, Clean, Clean

Now is the time to do all the spring cleaning you’ve been putting off, and then some. Vacuum, mop, clean the floors, wipe down the countertops and more.

Don’t neglect any out-of-the-way areas like the guest bedrooms, bathrooms or the garage, either. This is the time to clean the grout, tile, fixtures and appliances.

Remove the sources of any unpleasant odors. Even faint odors from a pantry, cigarette smoke or garbage disposal can often turn buyers off.

Especially if you have pets, vacuum the carpet, drapes and upholstery. Buyers with pet allergies won’t want to stay long otherwise!

If you don’t want to handle the cleaning all by yourself, consider hiring a cleaning service for a good, deep clean.

De-clutter

Buyers are attracted to properties where they can imagine themselves moving in as soon as possible.

Help this process along by removing any day-to-day clutter that might distract them from those happy thoughts.

Put away things such as laundry, dishes, bills, children’s homework or pet projects.

Make sure the dishwasher and sink are empty, and all trash cans are empty, even those in the bathrooms or garage.

When possible, you should also remove any prominent personal items. You want buyers to imagine your property as their new home.

Family photos, quirky fridge magnets, religious icons and sports memorabilia can make that difficult.

If removing framed photos leaves a big empty spot on the wall, you can temporarily replace them with a simple painting or other generic decoration.

Let the Sun Shine In

Homes look their best,  and their biggest, when they are open and well-lit.

Turn on every light in the house, other than those that cause noise, such as lights wired to kitchen exhaust fans.

Clean your windows and pull back the curtains, as well. If bushes or trees obscure the view, consider trimming them back.

Open windows always make a house look larger, especially in the living room.

Don’t let Rover come over

If you have pets, try to remove them during the open house, especially dogs.

Dogs can be very anxious or excited around visitors, especially if you aren’t there. No matter how friendly they are, your furry friends might give the wrong impression.

If you simply can’t remove your pets, for whatever reason, confine them to a specific part of the property, such as the garage.

Make sure they won’t bark or scratch at the door, and that your realtor is comfortable being alone with them.

Whatever you do, do not lock pets in sought-after areas such as the master bedroom. The entire point of your open house is to give buyers an in-person look at the property!

Protect your Belongings

Ideally, you will have several strangers looking and moving through your house. Make sure your belongings and valuables are kept safe.

Your realtor can’t be everywhere at once.

Remove or secure any jewelry, medication, electronic tablets and other valuables that might “walk off.”

If you aren’t sure where to put them, simply pack them in the trunk of your car until afterwards.

After the open house, double-check your doors and windows to make sure they are still locked.

Remember the Great Outdoors

Mow, trim, weed and wash!

Your front yard is the first thing visitors will see when they pull up. Make sure your lawn is already mowed, with the grass clippings blown or swept away.

Trim any bushes and remove any low hanging tree limbs that need removal.

If your house has vinyl siding or a brick exterior, this is the perfect time to give it a pressure wash.

This is doubly true for walkways, steps, and driveways. Removing a few years of grime and mildew can make your home stand out!

Don’t neglect the back yard, either. Visitors will certainly look there!

Put away any tools, children’s toys, lawn care equipment and other clutter. Outdoor furniture is a plus, but make sure yours is clean and doesn’t have any mildew or standing water in it.

If mosquitos are a problem in your neighborhood, light a few citronella candles in discreet places so they don’t harass your guests.

Leave!

This may go against your instincts, but most buyers are far more comfortable speaking with an agent, without the homeowner present.

Even if they don’t buy the house, they can often give your agent useful feedback that they might not give you directly.

Give your selling agent a complete rundown on anything they need to know, and let them work their magic.

If your home is a lake home, a selling agent who specializes in lake property can be a huge help with the lake-specific aspects of this process. Visit the Find a Lake Agent page on Lakehomes.com to find one in your area.

And be sure to check out our lake home specific open house article for additional advice and tips.

Deductions Aren’t the Only Way to Save on Real Estate Taxes

Posted on Nerdwallet (LHR Content Provider)

man in suit holding up white house outline

By Bill Brown, 2017 President of the NATIONAL ASSOCIATION OF REALTORS®.

Learn more about Bill on NerdWallet’s Ask an Advisor

The mortgage interest deduction and the state and local property tax deduction are probably the best-known tax incentives for homeownership and real estate investment.

That’s no surprise. Roughly nine out of 10 home buyers borrow money to buy a home, meaning they likely pay some form of mortgage interest. And property taxes are a near-universal expense for homeowners.

Both deductions are crucial to making homeownership possible for the average buyer.

But there are other real estate-related tax incentives that might not be as familiar.

Capital gains exclusion

All homeowners hope their property will appreciate.

The flip side is that anyone selling an asset that has gone up in value may get hit with a tax bill for the profit, also known as the capital gain. Thankfully, homeowners have some help in their corner.

An individual selling his or her principal home can qualify for an exclusion of up to $250,000 in capital gains, and married people who file jointly may qualify for an exclusion of up to $500,000.

There’s no need to report gains up to these limits on a tax return.

To take the exclusion, sellers must pass the IRS’ ownership and use test, but it’s fairly straightforward.

Essentially, they must own the property and have used it as a primary residence for a total of two out of the five years preceding the sale. Even if owners currently rent the property and depreciate it — as we’ll discuss shortly — they might still meet the use and ownership test and qualify for the exclusion. And even if sellers haven’t lived in the home during the past five years, they might qualify for a partial exclusion.

That’s a big help, as well as a recognition of the fact that millions of Americans depend on their home to build wealth throughout their lives.

1031 like-kind exchanges

The “1031 like-kind exchange” sounds like it’s ripped right from an accountancy textbook, but it’s actually fairly easy to understand.

Let’s say a person owns a single-family, detached rental home as part of an investment portfolio. If the home appreciates, the owner will likely owe capital gains taxes in the event of a sale — unless he or she uses the proceeds to buy a condominium in a market with higher rents.

Because the single-family home and the condo are both investment properties, tax law treats them as “like kind.” And because this transaction is a “like-kind exchange,” the owner won’t pay capital gains tax until he or she sells the new property.

This gives investors an incentive to put any realized gains back into the economy rather than pocketing them. And it’s a big deal: Major real estate investors and mom-and-pop investors alike can benefit.

Depreciation on rental property

Homeowners who rent a portion or all of their property might be able to “depreciate” that asset, which means deducting some of the cost of the property each year on their tax return.

That could result in a significant income tax deduction.

If you do earn money on the sale of your home after depreciation is taken into account, you’ll generally owe tax on the depreciated portion at the 25 percent “depreciation recapture” rate.

Any other gains will be taxed as capital gains.

Changes may be coming

For more than a century, the United States has recognized the benefits of homeownership and real estate investment.

It strengthens communities and helps individuals grow nest eggs for themselves. However, Congress is considering tax reform proposals that could have sweeping implications for real estate incentives.

That’s something to keep an eye on.

Everyone’s tax situation is unique. Before you count on any of these incentives, you may want to talk with a tax professional. But if you’re ready to take the plunge into homeownership or real estate investment, tax benefits — some obvious and others perhaps less so — are out there.

Bill Brown is the incoming president of the National Association of Realtors.

The article Deductions Aren’t the Only Way to Save on Real Estate Taxes originally appeared on NerdWallet.

NerdWallet is a Lake Homes Realty / LakeHomes.com content partner providing real estate news and commentary. Its content is produced independently of Lake Homes Realty and LakeHomes.com.