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Tag: Money Saving Tips For Homeowners

  • Saving On Utility Bills? It’s Easy If You Do It Smart

    Saving On Utility Bills? It’s Easy If You Do It Smart

    People everywhere are rethinking how they consume entertainment and utilities in their homes. With the variety of services now available to homeowners, it is important to know what the options are. Many companies are producing new products that provide solutions beyond traditional services. Today you can find more personalized and cost-effective solutions as a consumer than ever before for saving on utility bills.

    saving on utility bills

    Utilities

    The renewable energy options available for residences are changing the way people think about their energy consumption. Traditional means of providing energy to a home by gas or electricity companies are no longer the only cost-effective energy solutions. Renewable energy resources such as solar panels are readily available for residences. These can help support or sustain a home’s energy usage. Residential internet options are now more varied than they have ever been. Companies like Starry are providing next-gen home internet services in Los Angeles and other major cities. Consumers using these newer services are finding that high quality does not require high cost.

    Entertainment

    In-home entertainment is much more than the typical cable or satellite television. There are a variety of streaming services that offer many entertainment options. Today’s consumers are mixing and matching services to get exactly what they want while still saving money. Television isn’t the only form of entertainment with a variety of ways to consume. There are services to rent and stream movies, video games, and even local TV. With so many options on the market, you can customize what you have available in your home and ensure you always get to see and do what you want.

    Security

    A professional home security system and monitoring may be the best way to protect your home, but the options available for homeowners are more varied than ever. Smart home products such as doorbells with cameras, smart door locks and garage door openers are changing the home security game. These can often be monitored by the homeowner or combined with professional monitoring services for a more comprehensive solution. Assess your security needs and find the most cost-effective solution to keep your home protected.

    Advances in technology and services that are readily available are helping homeowners make better choices about how they spend their money and what they choose to consume. People are finding personalized solutions for their homes that are benefiting their wallets as well as the environment. Take the time to look into the variety of services available and find your new favorite.

    Smart ways to save on utility bills

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  • Tax Benefits Of Real Estate Investment

    Tax Benefits Of Real Estate Investment

    Tax Advantages Real Estate Investors Can Take Advantage Of

    A 2017 recent real estate survey found that since 2000, real estate investments outperformed the stock marketing about 2-to-1, providing an over 10.71% annual return as compared to 5.43% with the S&P 500 Index. Not only can investing in real estate be a lucrative idea, but it comes with a number of tax advantages too.

     

    tax benefits of real estate investment

     

    Tax Benefits Of Real Estate Investment

    Lower Capital Gains

    When making longer term investments in properties, the profits made fall under long-term capital gains, which according to your income bracket, are taxed anywhere from zero to 20%. This is important when deciding on purchasing that Brampton home for sale. When investing for the short term such as flipping a house, you won’t realize any special tax benefits as your gains will be taxed at a higher, short-term rate. Obviously, as an investor, long-term capital gains is the way to go as you’ll be taxed significantly less and can utilize previous deductions to lower the total amount that’s taxable.

    Deductions

    While the exact deductions and amounts can change with tax laws, they’re generally the biggest tax benefits for a real estate investor. The write-offs are typically geared toward rental properties and include the costs associated with property tax, interest on a mortgage loan, depreciation, repairs and expenses. For example, if you manage a property, you can deduct necessary expense for maintaining and managing it which can also include advertising, maintenance, utilities and more. As repairs are necessary for keeping a property well-maintained and don’t add value to it, things, like replacing broken screens, painting and fixing leaks, can usually be written off.

    Of course, it’s important to itemize deductions carefully, and if necessary, hire a tax account to make sure all tax laws are followed.

    Depreciation

    A big break when it comes to rental property investments is depreciation. That basically means that you’ll recover the cost of income producing property through annual tax deductions. That deduction, according to the IRS, is defined as an allowance for wear and tear, with multiple factors determining how much can be deducted. That includes how much the property is worth, the recovery period, and method of depreciation that’s used. Most investors use what’s referred to as the Modified Accelerated Cost Recovery System, or MACRS. Investors are allowed to deduct depreciation on residential property for 27 years and six months. For commercial property, it’s 39 years. As investors are already deducting the cost of the rental property, a depreciation deduction provides a great way for investors to save every year.

    1031 Exchange

    When investing in real estate you’ll be able to take advantage of a tool in the tax code known as a 1031 Exchange. It will allow you to defer profits made when and if you sell the property when purchasing another similar property of equal or greater value. There are a number of rules to follow and criteria that needs to be met, which means it’s important to check with the IRS and/or your tax accountant, such as the exchanged property being held for productive purposes in trade or business, and if there is any property or cash received in the transaction that can’t be considered “like kind” it will be subject to taxation. 

  • Money Saving Tips For Homeowners

    Money Saving Tips For Homeowners

    Money Saving Tips for Homeowners

    Being a homeowner is a rewarding experience. However, it can come with extra expenses that you may not have been prepared for when you signed your mortgage. Don’t let routine maintenance and other regular expenses break the bank. Use these money-saving tips to help you out around the house.

    Do an Audit

    Did you know that many HVAC companies will conduct a free or low-cost home energy audit on your home to see where you are doing well and where you have opportunity to improve? They don’t take long to complete and can shed light on areas around your home where you may be able to improve energy costs. Home audits can potentially save you thousands of dollars down the road.

    Be Prepared

    Your home is an investment, and if you’re like most homeowners, you want to protect that investment. Purchasing homeowners insurance to protect your home in the event of fire, theft, or other damage can not only save you money in the event of an emergency, it can also provide you with peace of mind knowing you’ll be taken care of. Additionally, you can install home security systems too.

    money saving tips for homeowners

    Replace Bulbs

    Incandescent bulbs aren’t as energy-efficient as you may think, and in fact, could be costing you. Make the switch to LED bulbs around your home, and you should see significant savings— sometimes up to 20% on your monthly energy bill.

    Insulate

    Providing your home with the proper insulation can keep your home warm in cooler months by trapping excess heat and preventing it from escaping your home. In warmer months, insulation can also keep your home cool by preventing the sun’s rays from passing through into your home. While it can be expensive to insulate your home up front, it can save you quite a bit of money down the road.

    Use Less Water

    Each day, we waste thousands of gallons of water. However, you can take measures to prevent the amount of water you waste by installing low-flow shower heads and energy-efficient toilets which use much less water than traditional fixtures. Making these simple moves can reduce your water waste and your monthly bill.

    Lower Temperatures

    At night and when you aren’t home, you likely don’t need to have your thermostat turned up very high. Program your thermostat to automatically adjust its temperature to lower levels when you aren’t around to help save on your heating bill. You can also invest in a smart thermostat, which will let you monitor your thermostat from your phone or even learn your habits and adjust itself based on your family’s activity.

    Replace air filters

    Your HVAC system should have its filters replaced twice a year or more if you have pets. When your filter gets too clogged, it can’t run at max efficiency which may cause your unit to malfunction and your monthly energy bills to skyrocket. Have your filter replaced regularly to keep your system running at optimum efficiency and to reduce the likelihood of an HVAC repair.

    When you use these money-saving tips, you should have not only fewer repairs to worry about making, but you should also have a thicker wallet as a result. With all your savings, you can focus on other projects, like the home renovation you’ve had your eye on.