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Tax Benefits of Homeownership

Friday, November 6, 2020
by Scott Darling

When listing pros of owning a home in comparison to renting one, many think of things like lower monthly payments for the roof over their heads, the freedom to renovate or simply paint as they desire, or the opportunity to finally have a garden of their dreams. Tax benefits, however, are not something many consider; learn about some of the main tax-related advantages homeownership can bring: 
 

  • Tax deduction on mortgage interest:  when a homeowner’s mortgage is no greater than $750,000, the interest on that mortgage is tax-deductible. 

  • - In 2017, the IRS made changes to this deduction, reducing the mortgage limit. If your mortgage was taken out before December 2017 and is $1 million or less, this deduction applies to your situation as well. 

  • - Having a home equity line of credit (HELOC) that meets the above standards will receive the interest tax credit as well. 

  • - In case a homeowner has two mortgages that are each less than the $750,000 limit, but the total of those mortgages exceeds the limit, not all interest is deductible.  Learn more from the IRS Newsroom. 


  • When the home was purchased, were mortgage points used as part of the loan transaction? This may qualify for a tax credit. Use this handy worksheet from the IRS to determine eligibility. 
     

  • Many have used their homes for office space this past year, but not everyone qualifies for a home office tax credit.  Those who are independent contractors or self-employed are the only taxpayers allowed this credit. 
     

  • Your lender is required to include property taxes paid on the 1098 form they send at tax time.  Property taxes paid up to $10,000 are eligible for a tax deduction. 
     

  • If you are paying private mortgage insurance (PMI), the law to receive a tax credit for this has been reinstated as well as being retroactive. House Logic has more information about the changes and benefits. 
     

 

Do not miss out on these tax deductions!  Normally, hiring a professional tax preparer will get the most benefits for you if you give them all the necessary paperwork.  Keep in mind that using an online tax prep service will ask homeowner-related questions as you work through your return, and self-tax prep is generally less expensive, depending on the software company you choose.   

 

Courtesy of Chester County PA Realtor Scott Darling.

 

Photo credit: LA Property Solutions

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What Does a Realtor Do For Buyers and Sellers?

Thursday, October 29, 2020
by Scott Darling

When you are ready to buy a new home or sell your current one, you might assume that finding an agent to handle the process is not worth the effort and cost. What exactly do these agents do, and how can they be so invaluable to me?  

 


Buyers 

  • - Being pre-approved before you start house hunting is best, and a buyer agent will recommend a lender that will help you begin.  Once you have a mortgage amount, you will know how much home you can afford. 
     

  • - Realtors® have thousands of property listings at their fingertips! Once you let them know what you are looking for, they comb through those listings and find homes that fit your needs and wants. 
     

  • - Do you have any idea how to do the research for writing a successful offer on a house or negotiate counter offers you might receive? Your buyer agent certainly does and can save a lot of stress on your part, especially in the case of a bidding battle.   
     

  • - Your agent will schedule and attend an inspection of the house and will help handle negotiations with the seller to have the necessary repairs performed, have the seller reduce the sale price, or make concessions at closing. 
     

  • - As exciting as the closing is, it can cause some anxiety, but your Realtor® will have prepared you for what is to come and make sure all of your necessary paperwork and other applicable things are ready. 

 

Sellers 

  • - A listing agent will spend a good deal of time making sure your home is priced comparably to homes in your area by analyzing recent sales of similar homes.  Setting either too high or low can deter potential buyers.
     

  • - Not only does the agent prepare and post the property on the MLS (Multiple Listing Service), they will create a page on their website specifically for your listing, video or 3D tours, and market your home to reach as many house hunters as possible. 
     

  • - Your Realtor® will work diligently to get the best price for your home. Many agents will even go so far as to attend the appraisal and the inspection, warding off any misunderstandings about the findings in each. 
     

  • - During any repair requests, your agent will be able to discern what is your responsibility, and what is an unnecessary request by the buyer.  Knowing the difference could save the seller thousands of dollars. 
     

  • - While your house is on the market, you need to know everything that happens behind the scenes, and a reputable agent will stay connected to you, whether it be by phone or in person. Communication is vital to your home’s sale.  

 

If you are buying or selling, connect with a Realtor®. As eager as you may be to go it alone, the legalities and knowledge involved with real estate can cost more money than any agent fees in the end. Not to mention that you cannot place a monetary value on having someone looking out for your best interests during one of the biggest decisions of your life. 


Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: think realty

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Chester County PA Real Estate Market Trends for September 2020

Tuesday, October 20, 2020
by Scott Darling

Chester County PA Real Estate Market Trends for September 2020

Chester County PA single-family homes saw pending sales increase by 36.1% in September 2020 when compared to September 2019. 785 homes sold in September with a median sales price of $395,000.  The average days on the market fell by 21 days. 

If you are thinking about selling your home get a free instant home evaluation Learn More. 

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Fixing a Leaky Roof

Tuesday, October 13, 2020
by Scott Darling


Drip. Drip. Drip. It is pouring rain outside, and you hear that dreaded sound coming from somewhere inside your home. Grabbing the mop bucket to place under the leak will save you from a mess but drying the floor and putting the bucket close by for the next rainstorm is not where you need to stop. Leaving a leaking roof untouched can be detrimental to your health, home, and investment.   

 

  • - Sometimes you may not notice dripping water, but will see bubbling drywall or plaster, or simply a change in the color of the paint. 
     

  • - If you find a drip and have retrieved something to catch water, your next step should be to try and find where the leak is. Open the attic door, and with a flashlight, look around for the dripping water or wet areas. 
     

  • - Do not be tempted to place something to catch the water in the attic. The container can become too full and heavy, and come crashing through the ceiling. 
     

  • While a downpour or thunderstorm is not the time to go outside, once it is safe to do so, go outside and look up the roof’s slope from the area where the leaking was. 

  • -If it is not obvious, you may have to wait to create your own “rainstorm” with a water hose or call a pro to locate the problem. 
     

  • - If the leak is on a flat area of the roof, secure a tarp over the leak to stop more water from coming in.  Sometimes the leaks are around a vent or chimney, and those can be tricky, so you may not be able to make a temporary fix until the roofer arrives. 
     

  • Whether you DIY the roof repair or call a roofing contractor, the attic will need to be dried out.  

  • - Use a dehumidifier to absorb the moisture in the air coupled with a large fan to dry the area. 

  • - Inspect surrounding insulation and make certain it is completely dry before you put it back in place. If it has become compacted, it will need to be replaced with new insulation.
     

  • Leaving a leaky roof with a temporary patch, or worse, doing nothing at all can cause expensive and dangerous problems. 

  • - Mold and mildew can grow not only on the roof, but inside the attic, and possible down to the ceiling and walls. 

  • - Wood under the shingles and on the roof, joists can rot, causing an expensive replacement. 

  • - Drywall and plaster are not meant to be wet, and the moisture can cause them to become weak. No one wants collapsing ceilings or walls. 

  • - Water can get into the home’s wiring, causing copper wires to degrade, and in turn causing an electrical short or even a fire. 

 

As soon as a leak is discovered, repairing it yourself is fine if done correctly.  You may be pleasantly surprised at how easy it can be for a pro to stop a small leak, and the price of the repair will not be very high.  However, the cost of a professional making a repair to a leaking roof cannot compare with keeping your home’s largest and most important structure safe and sound as well as keeping your family safe and healthy. 

 

Courtesy of Chester County PA Realtor Scott Darling.

 

Photo credit: clear impact

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Home Maintenance Checklist for Fall 2020

Wednesday, October 7, 2020
by Scott Darling

Colder days will soon be here, so why not take care of a few maintenance jobs while the daylight hours are still long enough to get plenty accomplished?  Getting things ready for the Winter days ahead will be easy with these tips: 

Outdoors 

  • - Make it easier on yourself and rake or vacuum fallen leaves as they come down.  Mulch leaves for your compost pile or call your local waste management for curbside pickup.   

  • - Check trees for dead or diseased branches and trim them back.  As they go into their dormant phase, there is less chance for the diseases to spread after trimming. Call an arborist if the job is too daunting. 

  • - Many plant trees in the Springtime, but Fall is a better time. The tree’s roots do not have to compete with the heat, they get plenty of water from the Autumn rain, and can settle in and get established. 

  • - Dethatching the lawn is best done now before the grass goes into dormancy.  You will reap the benefits with a healthy lawn next Spring. 

  • - Before storing them in the garage for Winter, service and store the mower, string trimmer, and any other lawn tools you may use. 

  • - Inspect walkway and driveway surfaces, looking for cracks, and seal them with an approved sealant.  Snow and ice can cause the surfaces to bulge, causing a falling hazard. 

  • - Fall is a great time to paint the exterior of your home, thanks to moderate temperatures and lower humidity. 

 

Indoors 

  • - Have your heater serviced by a professional. Ask if they offer a yearly fee for a checkup on your unit at set times of the year; this could save you some money in the long run. 

  • - Check doors and windows for drafts, and seal with caulking or insulation strips.  Screens should be replaced with storm windows, if applicable. 

  • - See that your chimney is free of creosote to prevent fires.  A licensed chimney sweep would be the best for making sure your home and family are safe from chimney fires. 

  • - Now that it is not sweltering, venture into the attic and give it a good cleaning. Be on the lookout for any insulation issues, and replace or repair, if needed.  Be sure that pests cannot get inside and spend the winter in your attic! 

  • - Wash and/or air out heavy blankets and quilts to get them freshened up for use. 

 

Some of these jobs may seem cosmetic or unnecessary, but as a homeowner, it is more about being responsible.  Home maintenance--indoors as well as outdoors--is critical for protecting your home’s value, as well as for your comfort.   

 

Courtesy of Chester County PA Realtor Scott Darling.

 

Photo credit: insurancehub.com 

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Chester County PA Real Estate Market Trends for August 2020

Wednesday, September 23, 2020
by Scott Darling

Chester County PA Real Estate Market Trends for August 2020

Chester County PA single-family homes saw pending sales increase by 38.4% in August 2020 when compared to August 2019. 933 homes sold in August with a median sales price of $400,000.  The average days on the market fell by 8 days. 

If you are thinking about selling your home get a free instant home evaluation Learn More. 

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Take Care of These Tasks Before Moving

Tuesday, September 22, 2020
by Scott Darling


Buying a home is so exciting, and unless your new home is brand new construction or newly renovated, there may be a few projects you have planned. If any of these plans are in the current budget, get them completed before moving: 

 

  • First things first, change all locks on the house, including the garage door and any outbuildings. 
     

  • Painting interior walls would be finished sooner if done before getting boxes and furniture in the house. 
     

  • Most sellers are required to leave the house and property clean as a whistle, but doing a deep clean on your own or hiring a pro to do the job will make you feel better, knowing it was done.  Have hard surfaces steam-cleaned to ensure that as much dirt, grease, and germs have been blasted away.  
     

  • Any flooring projects you would like done would go more smoothly if completed before living there.   
     

  • Have a look at electrical outlets in each room and add or move them as needed. Consider upgrading outlets to include USB plugs as well, making it more convenient to charge your gadgets. 
     

  • Call an HVAC repair person and have the AC unit thoroughly cleaned and ask if they offer a service plan so that you do not have to schedule this twice per year. 
     

  • If getting new toilets is not possible, at least purchase and install new seats.  In case the bolts are stubborn, The Family Handyman offers some help in getting the old seat off. 
     

  • The security system should be up and running before moving, so check any existing installations and decide to upgrade or not. Get the internet connection established so you can test everything so it will be ready when you bring your belongings. 

 

Any major renovations to the house would make life easier for you and your family if they are finished or nearly so by the time you are ready to move in.  Otherwise, stay a while before you decide if the remodel is exactly what you need.  Once the big things are done, enjoying your new home, and getting to know your neighbors will be the number one priority. 

 

Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: locksmith nowra

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Old House Elements Worth Saving During a Renovation

Thursday, September 10, 2020
by Scott Darling


Filled with wonderful character, old homes can have some characteristics that are not so loveable.  Many homebuyers purchase an old house with renovation in mind before they sign their contract. There are some elements in the aging structures, however, that should be left to restoration instead of demolition.   

 

  • Built-Ins  Unless there is serious damage to the pieces, leave the built-in shelving or window seating. Most built-ins are there to function in some way, and you will likely appreciate and use them once they have been restored. 
     

  • Molding and Doors Whether plaster or wooden, crown and window molding, ceiling beams, and baseboards should be revived in whatever way necessary to bring them to their former glory. Solid core doors are another item to keep and restore. 
     

  • Plaster Crumbling plaster looks awful and may be expensive to repair.  The folks at The Craftsman Blog point out the benefits of leaving and mending the plaster over installing new drywall. 
     

  • Original Windows  While energy-efficient windows are encouraged to most home remodelers, there are ways to save old wooden windows in a house and still save energy. Old House Online says getting an energy audit, insulating your attic, and weatherstripping, among other things, will make the old windows rival replacements. 
     

  • Fireplaces  Sometimes, homeowners rip out newer wall coverings and find a gleaming old fireplace hiding behind it. If you’re not interested in using it, have a professional close it in safely, and use it as a feature in the room. Otherwise, the same pro can likely bring the chimney up to code so the fireplace can be useful. 
     

  • Floors  Almost every old home has hardwood floors hiding beneath carpet, tile, or linoleum, and sometimes all three at once! They may look awful when peeling back the layers, but this type of old-growth wood cannot be found anywhere in modern times, and restoring them will be the best thing you can do for them.  

 

Other features you should consider keeping are wood siding, mosaic tile, exposed brick, porch columns, and lighting fixtures. If you see that you’d rather mix modern elements into the house, do your best to find someone who will remove the old items so they can be used by other old house renovation projects. Sell them outright, through a consignment shop, or donate to a Habitat for Humanity ReStore.  

 

Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: clipart

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Before You Purchase a Foreclosure

Friday, September 4, 2020
by Scott Darling


Whether searching for a budget-priced home or an investment property, many people turn to the “Foreclosures” section of online house hunts or newspaper ads.  Sure, the price is a bargain, but there are some drawbacks to purchasing a home that is in foreclosure. Take these tips into consideration before you head to the auction: 

 

  • - Most foreclosures have been unoccupied for several months and will surely be affected by that. You will need to be willing to put in some work and some cash to bring it up to code/living conditions. 
     

  • - If the house is on the auction block, you will likely need the full purchase amount in cash, as the lender or bank is looking to recoup as much from the defaulted loan as they can. They do not allow time for financing to take place. 
     

  • - Some states allow redemption to the homeowner, and HUD defines this as “...a period after [the] home has already been sold at a foreclosure sale when [a homeowner] can still reclaim [their] home.”  
     

  • - Because a foreclosed property is sold “as is,” you will not receive any disclosures, meaning, a home inspection is a must!  Depending on who owns the property will make a difference in how much time you must complete the inspection.   
     

  • - On the other hand, if the property is REO (real estate owned), you will be able to go through the home-buying process in the usual way and have time to secure financing for your purchase. 
     

  • - An REO will be sold as-is just like an auctioned house, and all repairs will have to be done by the new owner--there are no repair requests or contingencies granted. 
     

  • - For buyers that are new to the foreclosure-purchase game, going through a bank to buy the property is your best bet versus auctions. Once you gain some experience in the process, try your hand at auctions. 
     

  • - For any distressed property, make sure you have a title search performed. Buying a foreclosure takes long enough, and you want to make certain you will not run into any roadblocks. 
     

For your foreclosure-hunting convenience, realtor.com® has a search page specifically for foreclosures!   Check with your municipality for notices on tax foreclosures, and if you have the funding, pre-foreclosures and short sales are other property bargains.  Remember to connect with a Realtor® that is experienced in distressed sales. Their knowledge and expertise can make a drawn-out process go smoothly! 

 

Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: realtor.com

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Before You Buy Budget Like a Homeowner

Tuesday, August 25, 2020
by Scott Darling


If you are a renter, you know that rent costs are on the rise, and it may be getting more difficult for you to stop thinking that a home purchase cannot be easier on your wallet. Starting on buying a home can come a year in advance of your first house hunt and creating a homeowner budget is the first step.   

 

  • Write a list of needs and wants for your future home, beginning with size, the number of rooms, type of neighborhood, size of the yard, garage, or no garage, etc. Be realistic, as there is only so much house you can afford. Set a price range, and stick to it. 
     

  • Create an income/expenses list, or use this handy budget calculator so you may see exactly where your money is going.  If there is little left of your paycheck at the end of the equation, it is time to begin eliminating unnecessary purchases so you can start saving. 
     

  • Start paying off any debt you currently have credit cards, car loans, or personal loans. Eliminating these balances will reduce your debt-to-income ratio, and will show lenders you’re serious about paying for a home. 
     

  • Once you start paying off debt, start depositing the amount of those payments into a savings account. Not only do you need to save towards the payment, but you’ll also have other costs for buying a home: appraisal, home inspections, and other fees may or may not be added to the closing costs. 
     

  • Some people that live on low incomes may feel like homeownership is a pipe dream, but that is not true. Many government-backed agencies will assist those with limited incomes buy a home: 

  • - Federal Housing Administration offers loans with low down payments (3.5%). 

  • - USDA  helps low-income families in rural areas with purchasing a home with no down payment. 

  • - VA loans assist veterans with home-buying, as well as home repair. 
     

No matter your income, homeownership is within reach if your credit report and score is within an acceptable range and may differ according to the lender.  Learning how to budget your income, paying your bills on time, and saving money are all possible, and it may take discipline on your part. The result, however--a home of your own--is worth all the time and effort it took to prepare for it! 
 

Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: ggwash.org

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