Do the simple things that matter the most. A survey of 2,500 Realtors said De-cluttering, Painting and Cleaning had the biggest impact on how a home shows and sale price. Here are some top tips I have gleaned from my Buyers, other Realtors and Home Stagers.
Home staging includes the prep work above but takes it to the next level considering your décor. Changing how the furniture is arranged can reinvent a room. Don’t underestimate the impact of crisp new linens for the bedrooms or bathrooms or the impact of a particular paint color [Read A Guide to Staging Your Home ]
Let the sun shine in. Living in the Caribbean is largely about living outdoors and bringing the natural beauty visually inside. When there is a showing, make sure drapes and blinds are open and lights are on in bathrooms, walk in closets and any area that does not have good natural light. Remove distractions. Buyers need quiet time to consider what they are seeing. The less activity and noise the better. Given an option, Sellers should not be home for showings. You want Buyers to take their time and not feel they are imposing or disrupting your day. You want them to discuss the property with their agent, even the things they find objectionable. The selling Realtor may have a response that makes them give it more consideration. I love dogs but, as lovable and adorable as your dogs may be, they are still a diversion. If the buyers are dog lovers, they may pay more attention to your pets than the home.
The Transaction and Calculating your Net
The Virgin Islands are considered an ‘attorney state or territory meaning rather than escrow agents, closings are handled by attorneys. [Read More]
1031 Exchange, Selling an Investment Property
Simply stated, it is a way for owners of investment real estate to sell their property and defer payment of capital gains taxes by re-investing their money in another Investment property. This can be HUGE and the good news is this provision of the IRS code applies to the U.S. Virgin Islands [Read More]
Selling a Primary Residence
One of the great tax benefits of home ownership is the opportunity to exclude up to $500,000 gain for married couples and $250,000 for single taxpayers as taxable income. It must be your primary residence and you must have lived in the house for a period of two years before you take this exclusion. The two years can be any two year period or 730 days ownership and use as your primary residence within the five years preceding the sale in order to qualify. The link below to IRS Publication 523 gives guidance on the rules governing this exclusion [Read More]