There are many benefits to owning a home: A home is an investment that can earn equity, is often cheaper to buy than to rent, and is your own place that you can fill with wonderful memories.
But another great benefit about owning a home is the financial benefits that you can take advantage of during tax season.
Major Tax Breaks for Homeowners
Owning a home, and eventually selling it, can offer you opportunities for deductions on your taxes, and we wanted to outline the major tax breaks for homeowners today. Are you taking advantage of these tax benefits?
Available until the end of this year, homeowners who have installed solar hot water heaters, solar electric systems, wind turbines, or qualifying energy-efficient home improvements can take a tax credit as part of the Residential Energy Efficient Property Credit.
The credit is for 30% of the cost for these energy-efficient home improvements.
Deduction for Property Taxes
In addition to deducting your mortgage interest, you can also deduct the annual taxes you pay on your home’s value, called real estate taxes.
Deduction for Capital Gains
If you have used your home as your primary residence when you sell, you can exclude up to $250,000 in capital gains from the home sale on your taxes (or $500,000 if you are married filing jointly).
To learn what other tax benefits you may take advantage of, visit the Credits and Deductions page on the IRS website or read this MarketWatch article about other tax breaks for homeowners.
Let Us Help You Find the Perfect Home
If you have been considering buying a home in Lake of the Woods or elsewhere in the area and are ready to start your search, we can help you find the perfect home that falls within your budget and provide you with helpful real estate resources to make the journey to homeownership as smooth and enjoyable as possible.
Contact us today at 540/735-7998 and let’s talk about your goals for owning a home.
Until next time…It’s another beautiful day at the lake!
Pat Licata – Realtor
Lake of the Woods, VA, Real Estate Stats for January 2016 By Pat Licata REALTOR® In the month of January, a total of only 4 homes were sold. 3 were standard sale, 1 between $100-$175K, 1 between $250-350K, and 1 over $500K. There was 1 foreclosure in the $100-175K price range. There weren’t any short sales sold in January, and no lots sold either.
However, don’t let those low January real estate stats fool you. February is hot! Within the last two weeks, 4 of my listings have gone under contract, I just received an offer on another listing, and my team has written two offers for buyers. If you are thinking of selling in the not-so-distant future, check out this blog post for some tips to make it easier when the time is right for you: Tips for LOW Sellers
Here’s a link to real estate currently for sale in Lake of the Woods: LOW active listings It’s another beautiful day at the lake!
Tucker is clearly “tuckered out” from his misadventure!
If you know anything about me, you know that I am an animal person. So I’m sure you can imagine how excited and proud I was to learn that the Orange County Sheriff’s Office and Lake of the Woods Fire & Rescue were both involved in a heroic rescue of 12 year old yellow lab, Tucker! And my friend, Anita Walton, owner of Locust Grove Veterinary Clinic, and her staff treated Tucker after the rescue!
Tucker escaped from his home at around 6:30pm on February 1st, and his frolics landed him in the ice cold water of a frozen pond not far from Lake of the Woods off of Rapidan Hills Road. While we can only guess exactly how long he was stranded in the pond, chest deep, it was at least a few hours. Fortunately he was noticed, and that’s when our fine rescue crews sprung into action! With the assistance of Orange County Deputies Broyles and Cutone and firefighter Jeff Leibold, the dog was pulled from the pond by firefighter Aaron Lovell, who himself fell through the ice when pulling the lab to safety. The lab was then taken to Locust Grove Veterinary Clinic. After a short stay at the clinic, where Tucker received a well-needed “spa treatment package,” he was off to the Orange County Shelter for the night. His owners then retrieved him the following morning.
These caring actions of so many people involved to save the life of Tucker is just one of the many reasons why our community is so fantastic!
Until next time…It’s another beautiful day at the lake!
By Pat Licata-REALTOR
Selling your home may be an idea you are seriously considering, but that does not mean you are ready to put your home on the market just yet. You may be waiting to pay off your mortgage; you may be waiting for the kids to move out; for the Spring selling season to hit Lake of the Woods (it’s not necessary to wait–I promise); or you may not be ready yet to part with all the memories you have made in this home.
But that does not mean you don’t have to start preparing to sell.
What to Consider Before Listing Your Home
Many home sellers feel overwhelmed when they are preparing to sell their home for a number of reasons: There is the daunting task of decluttering, the sometimes unexpected repairs that have to be made, and the seemingly endless list of squeaky doors and minor fixes that buyers would notice almost immediately.
And all of this happens in a short time. (Read this Popular Mechanics article about what surprises this first-time home seller experienced to get an idea of what can happen.)
Prepare Now, Feel Less Stressed Later
You are in the perfect position right now to do what many home sellers do not have the chance to — slowly start to get your home in order. Here are five home selling tips you can try now so you won’t feel overwhelmed when the time is right for you.
1. Start with the Necessary Repairs
Free yourself from future stress by making any major repairs now, whether that is repairing the HVAC or replacing the hot water heater.
2. Go for Neutral Colors
If you want to give your walls a fresh coat of paint, opt for more neutral colors. During home showings, neutral colors and décor make it easier for home buyers to picture themselves living in your home, which is your ultimate goal. Don’t use builder white. Two of my favorite are Benjamin Moore’s bleaker beige for warmer tones and revere pewter for cooler ones.
3. Start Decluttering Now
Home sellers often find that decluttering is one of the more frustrating and overwhelming tasks, but if you start cleaning the clutter now, you will thank yourself later. A good rule of thumb: If you don’t love something and use it, lose it.
4. Deep Clean Your Home Periodically
Sometimes it feels like the little things pile up quickly, don’t they? Try to stay ahead of minor maintenance and cleaning tasks by:
cleaning fixtures and light switch covers
fixing broken doorbells
repairing squeaky doors
dusting high and low
cleaning floors and windows
5. Refresh Your Front Entrance
During the home selling process, making a fantastic first impression is the key to getting buyers in the door. Refresh your home’s curb appeal by purchasing a new welcome mat, painting the front door, and polishing or replacing the doorknob.
List Your Home with Pat Licata for a Smooth Experience
We at the Licata Group/Licata on the Lake hope you found these home selling tips helpful. We know that selling a home can be overwhelming, especially if the unexpected happens. But we want to make sure that you have as painless of a sale as possible, so we will do everything we can to help you sell your home for top dollar and in your desired timeframe. So when you do decide to list your home, Pat is just a phone call away at 540/735-7998! It’s another beautiful day at the lake!
by Pat Licata-REALTOR, Licata on the Lake, Lake of the Woods The Lake of the Woods Association is the proud recipient of the 2015 Central Virginia Chapter Community Associations Institute’s “Community Association of the Year Award” for very large scale associations of 1,000 units or more! The award is designed to recognize community associations in the Central Virginia area that are excelling in all facets of their operations.
LOWA General Manager, Phil Rodenberg, stated, “It is a team effort of members, Board and staff to win such an award. So here’s to our talented, dependable LOWA employees who are working behind the scenes in big and little ways to serve the membership of our one-of-a-kind community.”
Current LOWA Board of Directors are Louisa Rucker, President; Mike Rugless, Vice President; Leighton Cumming, Secretary; JoAnn Zwickl, Treasurer; Jim Hutchison; Larry Moreland; and Nigel Goodwin.
As recipient of this award, our association serves as an example for the community association industry and encourages the educational and professional growth of community associations.
What an honor! Congratulations to all!!!
Lake of the Woods Market Stats Through 11/30/15 By Pat Licata-REALTOR
In Lake of the Woods in October, a total of 14 homes were sold. 11 were standard sale, of which three sold between $100-$175K, two between $175-250K, and six between $250-350K. There was one foreclosure at under $100k, and three in the $100-175K price range. There were two short sales, both selling between $175-250K. 5 lots also sold, two of which closed for over $100K.
Here’s a link to real estate currently for sale in Lake of the Woods: LOW active listings It’s another beautiful day at the lake!
On Wednesday, October 28 from 10AM-12PM, LOWLINC will hold a membership information session at the Community Center. The mission of LOWLINC, a 501(c)3 non-profit, is “…to enable seniors and those with physical and cognitive challenges who reside at LOW to continue living fully and independently in their homes for as long as possible.” There are currently over 30 volunteers who are excited to help older residents of Lake of the Woods. Membership is fee-based, with the goal being to provide subsidies for residents in need. RSVP to carolyn@lowlinc.org or Jeri F. at 972-2180. Jeri is the person to contact if you need a ride to/from the meeting. Click here for more information!
September 2015 Real Estate Statistics for Lake of the Woods, VA By Pat Licata REALTOR® In the month of September, a total of 18 homes were sold. 17 were standard sale, 3 between $100-$175K, 10 between $175-250K, 2 between $250-350K, 1 between $350-500K, and 1 over $500K. There was 1 foreclosure in the $100-175K price range. There were no short sales in August. Three lots also sold, and they all closed for under $100K.
Here’s a link to real estate currently for sale in Lake of the Woods: LOW active listings It’s another beautiful day at the lake!
August 2015 Real Estate Statistics for Lake of the Woods By Pat Licata REALTOR® In the month of August, a total of 17 homes were sold. 13 were standard sale, 4 between $100-$175K, 4 between $175-250K, 3 between $250-350K, 1 between $350-500K, and 1 over $500K. There were a total of 4 foreclosures, 1 under $100k, and 3 in the $100-175K price range. There were no short sales in August. Two lots also sold, and they both closed for under $100K.
Here’s a link to real estate currently for sale in Lake of the Woods: LOW active listings It’s another beautiful day at the lake!
If you have used your home as your primary residence when you sell, you can exclude up to $250,000 in capital gains from the home sale on your taxes (or $500,000 if you are married filing jointly).
