Increase The Value of your Home Archives - Page 3 of 15 - Scottsdale Real Estate Team / Arizona Luxury Homes

Home Buyers: 3 Signs It’s Time to Enlist a Real Estate Pro By Joe Szabo, Scottsdale Real Estate Team

January 30, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team The growth of online real estate listings means consumers are equipped with information very early in the home buying process. A generation ago, to get listing information and access to historical data, home buyers needed to connect with a real estate agent much sooner — sometimes even prematurely. But today’s home buyers can do a lot of the legwork themselves, conducting research online and using home search and research applications independently, in addition to attending open houses. But this access to information doesn’t mean home shoppers can entirely go it alone. Buying a home is a major transaction, and all the data in the world can’t replace a knowledgeable and experienced local real estate agent. Here are some signs that you are ready to engage with a buyer’s agent:

You think you’ve found the home of your dreams, and you don’t know what to do next.

If you’ve been looking at homes for some time, you likely have a good feel for what you get for the money. You’ve gone to some open houses and have a few homes or searches saved online. Home shopping has become a hobby. But once you find the home of your dreams, it becomes a part-time job. Independent shoppers get comfortable with the market until their dream home hits them like a ton of bricks. The house is the motivator to take things up a notch. Reaching out to an agent will take you out of the dreaming phase and move you in the direction of actually buying a home.

You’ve found a home that appears too good to be true, but you can’t figure out what the problem is.

Suppose you stumble upon a house that seems like a great deal. It’s priced accurately for the neighborhood, but has been sitting on the market for weeks, if not months. You may have reached out to the listing agent to see the home in person or asked some questions of the agent at the open house. But that agent represents the seller, so you are not sure what the story is. In this case, you don’t know what you don’t know. That uncertainty, coupled with your curiosity about the home, is the best reason to pair up with a good local agent. They may know the house, its market history or, via their network, have access to information about the home. The house may have some major structural issues. Or the agent might point out that it is on a less desirable road or in a tough school district. These are the types of things that new, uneducated buyer wouldn’t know on their own.

You’ve been hit by a major life or financial event and need hard information to make a decision.

Sometimes you get news that changes your life’s course. Your landlord is selling your building, and you have 60 days to vacate. You’ve received the job opportunity of a lifetime or a huge increase in pay. Or you’ve done some tax planning and realize you are paying so much in taxes that you need to take advantage of the benefit realized by homeownership. When you need information fast, rather than taking the time to study the market independently, it’s easier to go right to the source. In a 30-minute phone call or in-person meeting, a local agent can get you up to speed on the market, pricing, timing and what to expect. You can quickly marry this information with your personal financial situation and start to devise a plan. A generation ago, potential home buyers, curious about getting into the market, had access to little information about homes for sale. They might have checked the open house section of the Sunday paper to get started. Or they simply called a local agent and engaged them. They may not have been quite ready to pull the trigger at that point, but they needed an agent to get them in the game, many times well before they were ready to purchase. While that agent is still an integral part of the process, today’s buyers can hold off a bit longer — as long as they know when the time is right to enlist help. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

Increase Your Home’s Value in 5 Easy Steps By Joe Szabo, Scottsdale Real Estate Team

January 27, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team Thinking about taking on some small home improvement projects to boost the value of your home? Here are some smart upgrades and fixes that won’t cost a lot, but could help you clinch a deal if you’re trying to sell.

Consider curb appeal

First impressions are everything, and potential buyers often decide whether they’re interested in a home within seconds. As they’re walking toward your house, they’re asking themselves, “Could I live here?” Keep the walkway swept and tidy, and spruce up your entryway landscaping with well-placed shrubs, new plants and trimmed hedges. And don’t underestimate the power of a new front door, fence or mailbox.

Buff up the bath

Sure, bathroom improvements can get pricey, but small cosmetic changes can reap big rewards. Consider replacing dated frosted glass with clear glass, updating fixtures or putting up new wallpaper. Other projects that are worth the effort include re-grouting the tile, replacing an old vanity with a new one and buying a new toilet seat.

Make your kitchen cook

The kitchen is the heart of the home. It’s where the family congregates, guests gather and the kids do their homework. To appeal to potential buyers, this space has to look clean, inviting and warm. Beyond making sure your appliances work well and look shiny, consider updating cabinet doors and drawers, light fixtures and faucets. And a basic coat of neutral paint can go a long way toward impressing buyers.

Let there be light

Is there an old chandelier that needs to come down? Dated lamps that age the room? Take care of that! Also, increase the wattage in dark rooms that lack natural lighting. Rooms will seem larger and more open. Visual space — or how large a home feels — is crucial.

Reconfigure the layout

Assuming you’ve already covered the basics, such as removing clutter and personal belongings to make rooms look larger, why not take it one step further and think about reconfiguring the layout? Substituting one room’s use for another is a cheap way to transform a two-bedroom home with a den into a three-bedroom home, for example. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

Home Organization: Embracing Order in the New Year By Joe Szabo, Scottsdale Real Estate Team

January 22, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team For many people, the new year represents a clean slate, and brings a renewed sense of possibility and enthusiasm. It’s a wonderful time to get your home organized in anticipation of the busy months ahead. Effective storage solutions and organization systems will enable you to enjoy your home to its fullest. Here are some tips to put you on track for an orderly and productive 2015.

Learn to let things go

The first step in any organization plan is purging. This can be the hardest part, but it is also the most rewarding. Do not keep what isn’t functional or doesn’t bring you joy. Also remember that something you let go of might bring someone else a great deal of pleasure. If you’re not sure you can part with an item, store it in a box and see if you miss it or need it. This is a great litmus test for what’s truly necessary.

Don’t let the perfect be the enemy of the good

Any organization effort is better than no organization effort. It’s best to approach a behemoth task like organizing your entire home in stages. The house provides us with natural barriers. Think of each room as its own project and it will begin to feel more manageable. And remember that it gets worse before it gets better, so don’t feel discouraged early on. Organizing is not something that happens in one day – it is a journey and a state of mind.

Think outside the box store

A trip to the Container Store can be fun, but unorthodox storage solutions make for a more interesting space. Beautiful, one-of-a-kind pieces can be highly practical and help make your home more functional. Make use of available and affordable materials when possible to stretch your home organization budget. This bookcase was made out of old wine boxes and then stained a dark walnut color.

The three Bs: bins, buckets and baskets

Oh, and jars. (But that doesn’t start with a B.) Once you’ve whittled down your belongings to favorites and must haves, you’re going to need somewhere to store them. Baskets and buckets have a wonderful visual impact in a room — filling nooks, resting against chairs, and adding texture and color. They are also highly functional for storing everything from toys and blankets to magazines and shoes. Keep an eye out for unexpected vessels, like this gigantic industrial mixing bowl that is now a great solution for avoiding entryway clutter. Using jars in the kitchen to store dry goods can make open shelving a lot more appealing. Bonus: With healthy grains and goodies in plain sight, you’ll end up using them more often.

Use your vertical space

If your home doesn’t have a huge footprint, vertical solutions are essential for staying organized. These can be implemented in a more practical manner, like stacking bins and boxes under your bed or in your closet, as well as through design decisions. Capitalizing on vertical space draws the eye to different parts of the room and creates a sense of balance, in addition to saving important real estate on the floor. This curio cabinet makes excellent use of a corner that might otherwise be neglected. A hanging light above has a nice visual impact and doesn’t take up any additional space. The best reason to get and stay organized? You’ll save yourself valuable time — which means you can focus on doing things that really matter to you. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

Setting Up a Home Office That Works for You By Joe Szabo, Scottsdale Real Estate Team

January 19, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team In recent years, the line between working and living in our homes has become blurred. More people want a home office, whether it’s a simple space for taking care of household matters, a spot for the inevitable papers and projects that make their way home from work, or a dedicated area for a full-time business. For a few minutes a day or 40 hours a week, working at home is always more fun in an area with loads of function — and some personalization, too. Here’s how to create a snazzy home office space that will make you look forward to clocking in.

The essentials

Some experts have said there are only two essentials for a functional home office: a comfortable chair and a door that closes. Most people, however, probably have a few more requirements. Basic elements of designing a room include smart space planning, adequate lighting and sufficient storage. When setting up your home office, also consider functionality and comfort.

Get horizontal

Start with your work surface. Stock desk units come in a variety of materials, but may be difficult to fit in with your room. Modular office furniture is more flexible and comes in many styles. Or look to repurposed furniture. With some judicious changes, you can turn flea market finds and antiques into acceptable home office elements. Don’t hesitate to make a piece your own with a simple coat of paint in your favorite color.

Take a seat

Chairs need to be functional, but an office chair isn’t your only choice. If you’ll be spending a lot of time working in the office, consider including a lounge chair or chaise. It will make a comfortable spot for reading or coffee breaks. For your desk, choose a chair with an adjustable seat and armrests to protect your spine and help reduce aches and injuries. To personalize it, add a throw pillow to coordinate with window coverings or other decorative elements in the room.

Essential details

Make a list of everything you need, from pencils and paper clips to research materials and file folders. Pick a color scheme and purchase the necessities in your favorite palette. Measure all the electronic equipment you’ll require to determine where it will fit best. And make sure you add some favorite framed photos or artwork to inspire you. To create softness and texture underfoot, layer on an area rug to anchor your space.

Light it up

Natural light is great, but you’ll need ambient and task lighting as well. Here is another opportunity to add a bit of personal style to your space via lamp shades, crystals and fixture finishes. Watch out for the possibility of glare, especially when finding a place for your computer screen. If your office space doesn’t have a door, you can establish a sense of privacy by the way you orient your work surface or by using a screen or file cabinets to mark off the area. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

3 Ways to Create a Dynamic Home Library By Joe Szabo, Scottsdale Real Estate Team

January 15, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team While e-books and the Internet are clearly here to stay, it doesn’t mean home libraries, or library-style features in rooms, are leaving any time soon. My husband and I have finally agreed to and embarked upon the first of our home renovations. Part of that is turning the “rec room” into a library and office for the both of us. We decided to go with a bold color, which you will get to see in the season finale next month. Create your own inspiring place to read and work with these three tips.

Choose a bold color for bookcases

I typically stay away from staining and wood finishes. Fortune favors the bold, and I believe a dark color can really enliven a dreary, stuffy library design, turning it from boring to brilliant in one step. I love the drama of a high-gloss lacquer, too — particularly with metallic accents added. This is a great way to update a traditional library and create someplace you will want to hang out in all the time.

Customize existing bookcases

In one instance, I used small built-in cases, removed the shelves and had a custom insert built in with a beautiful hexagon pattern. This really updated the boring old shelves. You can achieve a similar look by removing some or all of your shelving and having a cabinet maker add a little zing to what is already there. A fresh paint job will complete the update. This is a fairly economical way to give you whole library a facelift.

Create customized bookcases in any room

This is a way to utilize a spare bedroom that never gets used, or a basement that has seen better days. Create a custom bookcase with your cabinet maker and find a design that really suits you. For example, in one project I had the cabinet maker create a “running bond” pattern — similar to what you see with subway tile — to create a pleasing yet simple pattern. Another time I created a a bookcase with all square, rather than the standard rectangular, openings. In the center I created an opening that allowed us to add a vase and decorative items. Whatever pattern you choose will make the space truly your own. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

Financial Housekeeping Tips to Close Out the Year By Joe Szabo, Scottsdale Real Estate Team

January 1, 2015 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team As the year comes to a close, it’s a good time to do a little financial housekeeping. Here are a few smart moves to consider:

Tackle your outstanding credit card debt

Seven percent of Americans are still carrying debt from last year’s holiday season, according to Consumer Reports. Come up with a pay-off strategy — whether that’s paying off the cards with the highest rates first or paying off the card with the lowest balance — and put it to work. You’ll save a bundle on interest.

Reduce your tax liability

If you own stocks and mutual funds outside your retirement accounts, 2014 has been a prosperous year. But on April 15, you’re going to have to share some of your good fortune with the Internal Revenue Service, so it’s wise to start looking for ways to minimize the bite now. Do you have any poor-performing investments? You can sell them at a loss to offset capital gains from other investments sold throughout the year. Some other tax moves:

Clean out your closets and make charitable donations
Give the gift of cash — you can give up to $14,000 to as many individuals as you’d like without filing a gift-tax return, but you must do this before Dec. 31
Gift securities
Contribute to your 401(k)
Defer income if 2014 was a high-income year.

Reassess your housing situation

Reconsidering your housing is important now because mortgage rates are below 4 percent and projected to rise to 5 percent by the end of 2015, according to Zillow. With rents projected to rise faster than home values in 2015, it’s a good time to put the wheels in motion if you have any intention of buying a home. After all, a 1 percent rise in mortgage rates reduces affordability by whopping 11 percent. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

How to Hire and Work with a General Contractor By Joe Szabo, Scottsdale Real Estate Team

December 11, 2014 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team Starting your home renovation can be a daunting task and your general contractor can either be your best friend or your worst enemy. Finding the right fit will make your renovation much easier, so it is potentially the most important decision you will make with your renovation.

Communication is key

When interviewing contractors — you should interview at least three — it is best to lay out your expectations. How often you expect to see your contractor on the job, estimated completion date, budget and frequency of communication are all great things to cover. If you share your expectations in a clear manner there can be no misunderstanding later on. You should always check all references the contractor provides you, as well as his license and insurance. Call prior clients and ask how frequently he visited the job site, whether he stayed within the budget, and if he finished the job in a timely manner. Also, ask if he was quick to return calls and/or emails.

Cheaper is not better

Hiring the cheapest contractor is not always the best idea, as most likely he is underbidding to get the job and will still spend what the others quoted. Do not make price your hiring criteria. You should hire based on his references, his experience, and how you interact together — is he someone you can get along with?

Create a timeline

Once you’ve made your decision, but before you sign the contract, put in writing a projected timeline. Find out what your contractor will need from you to follow that timeline. He may need that tile picked out immediately, but may not need paint colors for some time. Add these tasks to the timeline so you are providing him the information he needs to complete your project in a timely manner. Be as organized and upfront as possible — making sure you know exactly what you want before the project gets going. Search Zillow Digs for inspiration for the project, and save images to show the contractor exactly what you want. If you have already picked out paint colors and other finishes, put these in writing on your timeline and share it with him. It is also a wise to create and share a calendar. Read more here Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

Deck the Halls? Maybe Not, If Your Home Is For Sale By Joe Szabo, Scottsdale Real Estate Team

December 8, 2014 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team

For many buyers and sellers, December is still an active real estate market. Serious buyers will view homes and negotiate contracts right up until Christmas Eve. It’s a good time for sellers to have their homes listed, because competition is slim — conventional wisdom and history trend toward listing in the spring. But listing a home in December begs the question: should you decorate your home for the holidays, or skip it? Prepping a home for sale is a dilemma for many sellers, at any time of year. After spending considerable time and energy decorating their home to express their personality, they feel reluctant to take down their photos and put away treasured items. The same goes for holiday decorations, which hold sentimental value for many homeowners. But as much as the seller would like to show off their holiday decor and create a festive atmosphere for their family, it may be better to hold back while the home is on the market.

Less is more in real estate

No matter what time of year a home goes on the market, real estate agents always advise sellers to keep it simple when it comes time to list. An over-personalized home with bright paint colors, lots of family photos or off-putting art on the walls can turn off buyers. For sellers, presenting their home to the market in the most neutral light is a better strategy. The more neutral the home shows, the more marketable it will be, and the wider the net it can cast. The same is true for holiday decorations — understated is better.

Religion can be off-putting to buyers

If you live in a part of the country where Christianity is less common, your fireplace nativity scenes or religious decorations may alienate some buyers. It’s best to keep them packed away. These suggestions are not meant to insult a seller’s religion or beliefs, but simply reflect the business aspects of selling a home. Sellers must remember that, once their home goes for sale, it is no longer their home, but a product on the open market. To best position their product for a swift sale, it’s important to appeal to as many buyers as possible.

Commercial decorations are more acceptable

For a family with small children, typical commercial holiday decorations such as Christmas trees, stockings and lights may be unavoidable, even if their home is on the market. To some degree, people will expect this. Will it still alienate some non-Christian buyers? Possibly, but it won’t have the same effect as more religious decorations. While it is impossible to define what would be inoffensive to every person in every market around the country, sellers should be mindful of who their potential buyers are and how their home and its decorations show. For fear of insulting them, many agents avoid having this conversation with their clients — but it’s an important one nonetheless. If your home is on the market, take a step back and evaluate before you decorate. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

Can You Afford to Buy a New Home and Rent Out Your Old One? By Joe Szabo, Scottsdale Real Estate Team

December 5, 2014 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team When it comes to buying a new home, most people decide to trade up to gain additional space, live in a better neighborhood, move to a home in better condition — or any combination of these. For many home buyers, particularly those with a good deal of equity in their current home, it begs the question: Do I have to sell in order to buy? Real estate is always meant to be a long-term hold. Building equity and passive income are why so many people turn to real estate to build wealth. If you can afford to keep your home while purchasing another, do so. If you want to make your first foray into real estate investing, you’ll need to take several steps. Meet with a mortgage and real estate pro, and do some early research to determine if owning two homes is feasible for you.

Determine your current purchasing power

If you were to sell your home and take out that equity, how much can you afford to spend on a purchase, and what type of home will that get you? Check with your real estate agent and go to open houses to see what you can buy for your money. This number is going to be high because you would be putting all your eggs into the new purchase. If you choose to keep the old home as a rental, you may not be able to buy your dream house. Understanding what you are giving up will help inform your decision of whether you want to be a landlord.

Calculate your purchasing power without that equity

If you keep your old home, you will likely have to compromise on your new home’s location, size or condition. Go check out homes at lower price points to understand what you will get for the money. If you are open to becoming an investor and building wealth in real estate, this compromise won’t be a big deal. But if you aren’t comfortable with your purchasing power without your existing home’s equity, then it might not make sense for you.

Understand your monthly income and expenses

If you are open to taking the plunge, the next step is running the numbers to understand your potential new financial reality. First, understand the rental market. You’ll have to know how much rent you can fetch for your current home. Browse rental listings online or ask your real estate agent to show you comparable rental properties. Will the rent cover the mortgage exactly? Could it be a small loss? Sometimes an investor will be open to taking a small loss in the near term to build equity in the long term. As you run your numbers, take off 10 percent to account for issues like vacancies, necessary improvements and repairs.

Move forward with your decision

Just like someone who would be buying at the same time they are selling, someone who is keeping a home as a rental should prepare for stress. Timing it is never easy, and nobody likes to carry two mortgages for too long. Unlike buyers — who can shop and make offers knowing they won’t move in for two to three months — renters generally search within weeks of their desired move-in date. Once your new home is under contract and you have removed your contingencies, it’s time to get the existing property on the rental market. It’s better to show the home with your furniture than empty. If you can manage it, start showing the home for rent within a few weeks of your purchase closing.

Choose a renter wisely

Becoming a landlord means starting a business. You tenant will become your customer, and it’s better to have a good customer than a bad one. You’re better off with a pleasant, reliable tenant paying a little less than market value than a cranky or difficult tenant paying market value or more. You also want a tenant who plans to stay. Turnover means wear and tear, and potential lost rental income.

Arrange for a helping hand

If you are moving out of the area, consider hiring a property manager to handle your new rental home. Not only can they deal with repairs or complaints from the tenant, but they collect the rent and enforce the terms of the lease, if necessary. Property managers have teams of repair specialists and contractors who can fix problems.

Research tax considerations

Owning real estate as an investment opens up a new world of tax issues and events. Before you sign on the dotted line, check with your accountant. Understand the following important points:

Your new rental income is taxable.
Improvements and repairs have tax consequences.
You may lose the homeowner’s tax benefit when you sell the rental property. If you’ve lived in the home for two of the past five years, then you won’t pay taxes on any gain ($250,000 for individuals and $500,000 for married couples) when you sell it. Once you pass this time frame, you are on the hook for the gain.

Being a landlord is not for everyone. As with any real estate transaction, never rush — and never go in with blinders on. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

Even With More Homes for Sale, Low-Priced Homes Tough to Find By Joe Szabo, Scottsdale Real Estate Team

November 25, 2014 Joe Szabo

By Joe Szabo, Scottsdale Real Estate Team There are 15.8 percent more homes on the market this year than last year, but whether home shoppers will be able to find one to buy will depend on their budget. Zillow’s Real Estate Market Reports for October looked at housing inventory across the nation by price tier. In most markets, the share of high-priced homes for sale was growing much more quickly than low-priced homes for sale. Overall, the housing market is softening. Home values are growing at a slower pace. The U.S. Zillow Home Value Index is up 6.4 percent from October 2013, its slowest annual pace of growth in more than a year. That’s good news for buyers. Zillow Chief Economist Dr. Stan Humphries said he expects to see demand for lower-priced homes grow as more millennials prepare to buy. But in markets around the country, buyers with a budget on the low end for their metro are likely to find tight inventory. In a majority of markets, the share of homes in the upper price range was growing faster than the share in the lower price range. In Dallas, Atlanta, Phoenix and Nashville, there were at least two times more homes for sale priced in the top third of the market than in the bottom third. To dive into our recently released October Real Estate Market Reports, visit Zillow Research. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, info@ScottsdaleRealEstateTeam.com or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.

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