Increasing Investment Potential: Mary Iannaccone Overview
Buying or selling a house is one of the biggest decisions most people will ever make with their finances and their lifestyle. Getting the best bargain in the purchase or making the most profit on the sale give buyers and sellers so much to think about that many may never stop to consider keeping that old house - or buying another - as an income-generating property. But the rewards, in savings and profits can be high.Mary Iannaccone an ERA Justin Realtor agent offers, “One option for buyers who otherwise might consider home prices beyond their reach is the property that pays for itself: a house you live in part of and rent the rest of. This offers not only an obvious balance of cost and income, but perhaps lesser-known benefits in taxes and mortgage tax consequences change and you should verify information with your tax consultant. Rental units can be depreciated over time; considered to offset the rental income. This can lower your taxes on that income. At the same time, the rent's addition to your finances helps you qualify for a larger mortgage, and investors who occupy their rental properties can, under certain conditions, get interest rates lower than those who do not. Of course you'll want to decide if the demands of being a live-in landlord are for you, and explore if rent-control laws in your area might limit the return on your investment. If being an offsite landlord is more appealing, you could always keep your current home as a rental after you move into the new one. Your long-tern familiarity with the home's features and condition could lend a certain confidence both to yourself and your potential tenants. As with any investment property, you'll first want to calculate whether the rental income will make up for the needed expenses. This is another consideration in which a qualified real estate sales professional can help, with the local rental market and its prospects over time. And of course being a long-distance landlord has special concerns, so you have to enjoy the challenge and be ready to meet the needs.
You may even prefer a fixer-upper to your familiar former home. With a thorough inspection to answer any questions, and a realistic budget and disciplined schedule to handle all improvements, your outlays may prove to be well worth it. Renovations can range from reconfiguring the floor plan to simply replacing now-unfashionable décor.
Owning an income-generating property is not for everyone, but - from younger buyers offsetting their purchase costs, to seniors easing the expenses of their retirement years - it can be for all kinds of people. Talk to a real estate sales professional at ERA Justin Realty to find out if rental property is what you seek.”
Mary concluded, “At ERA Justin Realty the words, ‘There is a difference in real estate companies’ is more than a phrase. We live it every day. We proudly received the prestigious ERA world-wide ‘Commitment to Excellence Award’. All across the nation, the most sought award that can be achieved in business is the ‘J.D. Power & Associates’ award. Only outstanding business entities are honored and receive it. ERA Real Estate was the recipient of ‘Highest Satisfaction for First Time Home Buyers and Home Sellers Among Full Service Real Estate Firms.' For these reasons ERA Justin Realty has been selected by thousands of buyers and sellers as their Realtor of choice since beginning in business in 1950.
