Real Estate

Ever since I started working in Real Estate the subject of 1031 Exchange has come up quite often. Especially since we live in a resort town where a lot of property owners use their property as an investment. As a Realtor, I have assisted clients with Exchanges over the years. I don't know if you have heard of this type of exchange or not, but my gut tells me if you're reading this blog, then you might want to learn more. For the sake of this blog, I am not diving deeply but focusing high-level.   What is a 1031 Exchange? In simple terms: a 1031 Exchange allows an Investor to sell an investment property and roll the proceeds into the purchase of a new investment property to defer all capital gains taxes. By utilizing the money that an investor would otherwise pay to the IRS in taxes, the investor can now add it to a down payment and acquire a more valuable investment property. What Does a 1031 Exchange Protect? A 1031 Exchange strategy allows an investor to 'defer' pa...

  GOOD MORNING... That you want it or not if you are a seller or a buyer involved in a real estate transaction there will be a transfer tax to pay. Generally Transfer and Recordation taxes are taxes collected by the State of Maryland and the local jurisdictions upon recording of deeds and mortgages/deeds of trusts in the land records. Basically, it is sales tax on real estate. Unfortunately, Maryland does have substantial tax rates. On all purchases, there are three separate potential taxes to be paid in order to record a deed. Transfer and recordation tax rates vary by county. State Transfer Tax State transfer tax of 1/2% of the purchase price is uniform throughout the entire State of Maryland. There is an exemption for First Time Maryland Homebuyers. This tax only applies to deeds and is not applicable to mortgages.  County/City Transfer Taxes County/City transfer tax varies by county and is also based on the purchase price. The sale price times the tax rate equals the amoun...

Happy Tuesday everyone! And Happy Valentine's day! Thinking about selling? This is what we can do to help market your home as your agents. Check it out! Call us for more details Let's get your house sold!😁   Because we care... #teambousehouse #remax

  Why is buying a House considered a Good Investment? A reasonably-priced home; with a sound mortgage, is still one of the best purchases that an average person can make. There is no other investment out there that provides the typical family, couple or individual the advantages that a home will. Unfortunately, many of us have forgotten about those benefits. The very real advantages still outweigh the potential risks of home ownership. Even though many of the benefits of home ownership are obvious, quite a few people are unaware of them. To help these people make an informed decision, we will review the reasons why buying a home is a wise investment strategy. A Mortgage is a Forced Investment and Savings Plan One of the biggest advantages to home ownership and one that is least talked about: a mortgage is a forced savings and investment plan. Saving money is a very difficult task for most people – even those with extra income often waste it on unnecessary expenses. A mortgage force...