Enjoy this 4 minute Video with tips on moving strategies when you’re downsizing.
Hello! I’m Lisa Dunn with RE/MAX Results Senior Services Group live from my mobile office (my car)! Here we are at the beginning of 2016 and many of the questions we get this time of year are about capital gains tax. For example: “I sold a home last year, what will that mean for me in regards to capital gains tax as I prepare for taxes?”
First I’ll give you some of the general rules about capital gains tax, and then will follow up with the million dollar piece of advice
General rule for single people:
If you’ve lived in the house for 2 of the last 5 years as your primary residence and didn’t use it for rent or business, you’ll likely be eligible for the the capital gains exclusion up to $250,000. So, if you lived in a house for at least 2 out of the last 5 years and sold your home last year for $249,000, those dollars will likely be exempt from capital gains tax.
General rule for married couples filing taxes jointly:
The exemption doubles to $500,000.
Here’s the Million dollar piece of advice I promised you:
The time to consider planning for capital gains tax is before you stick the for sale sign in your front yard. The time to strategize the best way to sell your home is with your tax advisor before you list your home for sale. Here’s why: your tax advisor may be able to help you lower the basis of your home. The best time to have that conversation is when you are in your home, before you start throwing away receipts of work you’ve done to your home.
We’ll continue with these videos for the rest of the year. Make it a great day!
It can be difficult to find good information about senior housing. Which websites have the most accurate, trust worthy information? How do you know what information to trust?
Here are 5 tips to finding senior housing information on the internet
1. Beware the 1-800 number on Senior Housing Guide websites. So many of the websites I’ve seen on line only list a fraction of the senior housing communities available. But, they have a 1-800 number for you to call to get more information. Ask yourself why someone would go to the trouble to post a website with only a small amount of information and offer a phone number for you to call? They are likely going to take your information and try to sell you beach front property in Arizona, or worse, sell your information.
2. Don’t “register” on Senior Housing Directory websites – The beauty of the Internet is being able to shop and gather information anonymously without the unpleasant babbling of some smarmy salesperson. You should expect to be able to search senior housing without giving out your name and email. You should not have to “register” to be able to search senior housing, only to be contacted by someone before you’re ready. You should also expect to find contact information for a human. If you would like some help, and want to talk with a human instead of fish around on the Internet for specific information.
3. Don’t believe it just because it’s in writing – Because it’s on the Internet, doesn’t mean it’s so. Is there an “about us” page where you can get some background on who is providing the information? Are you getting the information from an expert or a ghost writer?
4. Don’t assume all the rules about senior housing apply to the state you live in – You’ve heard that real estate is all about location location location. The same is true about the senior housing industry and the continuum of services available. Have an understanding of “where” the information you’re looking at originated from.
5. Don’t go it alone. Enlist the assistance of a local professional. We navigate the senior services maze everyday and can provide you with a compass for your own journey.
Just like the real estate market, the senior housing market is always changing. The availability of units change and new developments are popping up all the time. The Senior Services Group of RE/MAX Results works very hard to keep up on what’s happening in the real estate market as WELL as the senior housing market. One of the challenges of downsizing into senior housing is managing the timing of the move and the logistics of the availability of units. Our clients depend on up to date accurate information! That means not only do we visit 10-15 homes per week, we are also visiting senior housing communities every week. We know this information is difficult to figure out when you’re first starting out. So, this is just for you. We’ve dedicated Monday’s to Senior Housing Reviews and Updates.
It’s all about upper crust downtown living for those moving to the only 62+ community in downtown Minneapolis. Scheduled for occupancy September 2016, they are already taking reservations.
Abiitan is a Continuing Care Retirement Community. This means you invest with a fully refundable entrance fee and receive whatever care you need during your stay in the community. We have known the marketing director and business development director for a very long time, and know first hand the excellent reputation of Ecumen.
It’s exciting to see such an innovative project happening downtown. Those lucky few who reserve a unit now will have some input on their apartment details. Here’s what Abiitan has to say about the development on their website:
While Mill City has a lot to offer in entertainment, spending a quiet night in is always relaxing. Whether your plans include sipping wine and listening to your favorite jazz or an intimate dinner with friends, you can rest assured any activity will be enjoyed in beautiful surroundings. We’ve taken great care to craft Abiitan with convenience and comfort in mind.
Our smoke-free apartments boast open floor plans and feature:
- High-end touches like fine wood cabinetry with under-cabinet lighting and solid surface countertops
- Stainless steel appliances, including refrigerators, stoves/self-cleaning ovens, dishwashers
- Garbage disposal
- Full-size, in-home washer and dryer
- Wireless internet
- LED lighting
- Emergency call system
- Satellite/cable television
- Individually controlled heat and air-conditioning
All apartments include a private deck or walk-out patio. And for a little extra, you can secure heated underground parking, transportation, storage and skilled home care services. Have a beloved pet that’s part of the family? Don’t worry. He or she is welcome, too.
You’ll also be able to take advantage of other on-site community offerings, such as:
- Restaurant, bar, cafe and outdoor dining
- Business center with private offices and conference room
- Fitness center that caters to a wide range of needs and ages
- Club room with breathtaking views of the skyline
We can’t wait to see it!
RE/MAX Results Senior Services Group specializes in working with older adults that have lived in their homes for a long time. The majority of our clients own their home, have lived in the same house for over 30 years, and have never sold a home before. This means our specialties are listing homes, marketing them, and partnering with our clients to develop a move plan that makes sense for them.
Our mission is to understand our client’s goals and only do what makes sense for our clients. Our client’s goals inform how the house is prepared for the market. This is a very different approach than what you’ll see on reality television. You know what I’m talking about–those TV shows that show you how to decorate, repair, and remodel your home for a much lower cost than us mere mortals could manage. Of course, those houses sell in a matter of hours in a biding war. (Psst, this is not how it usually works in real life!)
HGTV is filled with this kind of programming. Don’t get me wrong, this kind of TV is entertaining, and gives even me new ideas about how to decorate and it’s fun! But HGTV is not where you should be getting your professional real estate advice. The first piece of advice I’ll give you is “Stop watching those shows!” What you see on those shows is simply not how we recommend our clients prepare their home for the market. Those shows certainly don’t know what YOUR GOALS are. Those shows certainly don’t know what’s important to you or your current situation. Please, don’t let those shows influence you into thinking what you SHOULD BE doing to prepare your home for the market.
When we meet with our clients for the first time we ask them “What would YOU like to do to prepare the home for the market?” The vast majority of our clients say “I’m not interested in doing ANYTHING to the house. I want to move and be done with it!” We think that’s just fine. At the time of this writing it continues to be a strong seller’s market. This means our clients can get away with doing as little as possible to their homes to get it ready for the market. If the real estate market conditions where different, homeowners may need to adjustments to the list price when not doing any cosmetic updates to the house.
In general, our advice to our client’s is
- If it’s broken, fix it
- If it’s unsafe, address it
- If it’s only cosmetic and you haven’t made any other cosmetic changes to your home in 30 years, leave it!
Of course, this is just general advice and every one’s goals are a little different. If you’re thinking about selling, even if you’re thinking it’s a year away, we suggest having a Senior Real Estate Specialist visit your home to help determine the strategy for any repairs or modifications to make to your home. Your goals and the current real estate market may affect the strategy you chose to get your home ready for the market.