Let me design the best marketing plan for your home! Call/text or email me to discuss! 843.806.7971
Let me design the best marketing plan for your home! Call/text or email me to discuss! 843.806.7971
Beautiful home with expansive marsh view. 3 bedrooms, 3 baths, 2 car garage elevated home on .86 acres in the gated community of Headquarters Plantation. Over 2400 SF and updated. Sunroom off the master. Nice large media room. Johns Island mailing address, but actually located off the Stono Bridge between Johns Island and James Island.
How cool is this!!! Good luck to Jaheim and Darius!!!
How to Transform Your Home
Into a Profitable Vacation Rental
Turning a house into a profitable vacation rental requires more than taking a few photos and creating a listing on VRBO or Airbnb. To run a successful short-term rental, you need to cater to vacationers’ tastes and keep the property clean and tidy between guests. These five steps will help you transform your residence into a thriving vacation rental that travelers love to visit.
Travelers want to feel like they’re staying in a suite designed just for them, not crashing in a stranger’s home. Perform a thorough decluttering and remove anything that isn’t useful to guests. This especially applies to personal décor like family photos and items with sentimental value. If you’re not willing to have strangers use it (and potentially break it), take it out. If you need to keep some personal items in the property, install a safe.
Renting a dirty home is the fastest way to garner bad reviews. Once you have bad reviews on your profile, it’s harder to attract guests and demand a profitable rental fee. If you want to protect the reputation of your vacation rental, cleanliness is paramount.
Hiring a cleaning service is one way hosts can guarantee a spotless home for guests, but not everyone wants to spend money on professional cleaning. If doing your own cleaning, keep cleaning products well-stocked so you never have to make a last-minute supply run. You should also invest in a high-quality vacuum cleaner. Check reviews to find the best model for your needs.
You don’t want to spend hours mowing your vacation rental’s lawn every weekend. Install hardscaping, mulch, and decorative pebbles to shrink the size of your lawn and create spaces where guests can socialize without trampling plantings. For color and interest, install shrubs, ornamental grasses, and native plants. Realtor.com has more tips for designing a low-maintenance landscape.
If you don’t know where to start, consult with a landscape designer to plan your rental’s outdoor living space. You’ll recoup what you spend on design and installation by not paying for a lawn service.
Security should be a top priority for any vacation rental host. A secure home ensures guests feel safe and protects the property against break-ins. A smart keypad lock is essential for vacation rentals. Smart keypad locks let you issue access codes to guests, change codes between bookings, and lock the doors if your guests don’t. A monitored security system is another must-have, especially if the property is vacant between guests. If you want security cameras, keep them outdoors to protect guests’ privacy.
Don’t forget insurance! Vacation rental businesses aren’t covered by homeowner’s insurance, so you’ll need additional coverage.
Travelers expect certain amenities when staying in a vacation rental. Clean towels and sheets are an obvious one, but a lot of hosts forget to stock other basics like toiletries, cleaning supplies, and kitchen essentials. Stocking these items isn’t strictly necessary, but it’s a cheap way to land glowing reviews for your vacation rental property.
The guidebook is another item hosts shouldn’t overlook. Whether it’s a physical book or an app, your guidebook lays out house rules, shares insight into the local area, and provides guests with basic information like the WiFi password.
Don’t let these steps dissuade you from turning your house into a short-term rental. It’s true that it requires investment to get a vacation rental up and running, but after designing a rental property that’s clean and attractive, it won’t take long to turn a profit!
This is actually a great buy in Mount Pleasant! 6,000 + SF home ~ 4 large bedrooms, 5 full baths, 4 car garage and beautiful inground pool! This home is a 2012 custom built home on the Wando River with boat slip. It has easy access to Charleston Harbor and the intra coastal waterway for all of you boating/fishing lovers!!!!!!!!!!!!!!!!
This beauty has a price tag of only $1,375,000.
Give me a call @ 843.806.7971 if you would like more information or to view this home!
Here’s the Scoop on What’s Tax Deductible When Buying a Home
Are closing costs tax deductible? What about mortgage interest? Or property taxes? The answer is, maddeningly, “It depends.”
Basically, you’ll want to itemize if you have deductions totaling more than the standard deduction, which is $12,000 for single people and $24,000 for married couples filing jointly. Every taxpayer gets this deduction, homeowner or not. And most people take it because their actual itemized deductions are less than the standard amount.
But should you take it?
To decide, you need to know what’s tax deductible when buying or owning a house. Here’s the list of possible deductions:
The one-time home purchase costs that are tax deductible as closing costs are real estate taxes charged to you when you closed, mortgage interest paid when you settled, and some loan origination fees (a.k.a. points) applicable to a mortgage of $750,000 or less.
But you’ll only want to itemize them if all your deductions total more than the standard deduction.
Costs of closing on a home that aren’t tax deductible include:
Real estate commissions
Mortgage refi fees
Mortgage interest and property taxes are annual
Yearly, you can write off the interest you pay on up to $750,000 of mortgage debt. Most homeowners don’t have mortgages large enough to hit the cap, says Evan Liddiard, CPA, director of federal tax policy for the National Association of REALTORS®. But people who live in pricey places like San Francisco and Manhattan, or homeowners anywhere with hefty mortgages, will likely maximize the mortgage interest deduction.
The $750,000 cap affects loans taken out after Dec. 17, 2017. If you have an loan older than that and you itemize, you can keep deducting your mortgage interest debt up to $1 million. But if you re-fi that loan, you can only deduct the interest on the amount up to the balance on the day you refinanced – you can’t take extra cash and deduct the interest on the excess.
You can deduct the interest on a home equity loan or a second mortgage. But — and this is a big but — only if you use the proceeds to substantially improve your house, and only if the loan, combined with your first mortgage, doesn’t add up to more than the magic number of $750,000 (or $1 million if the loans were existing as of Dec. 15, 2017).
If you use a home equity loan to pay medical bills, go to Paris, or for anything but home improvement, you can’t write off the interest on your taxes.
You can deduct state and local taxes you paid, including property, sales, and income taxes, up to $10,000. That’s a low cap for people who live in places where state and local taxes are high, says Liddiard. To give you an idea of how low: The average amount New Yorkers have taken in state and local tax deductions in past years is about $22,000.
You can write off the cost of damage to your home if it’s caused by an event in a disaster zone, like areas in Florida after Hurricane Michael or Shasta County, Calif., after a rash of wildfires.
This means standard-variety disasters like a busted water pipe while you’re on vacation or a fire caused because you left the toaster on aren’t deductible.
This deduction is also only for some. You can deduct moving expenses if you’re an active member of the armed forces moving to a new station.
And by the way, no matter who you are, if your employer pays your moving expenses, you’ll have to pay taxes on the reimbursement. “This will be a real hardship to many because it’s non-cash income,” says Liddiard. Some employers may up the gross to provide cash to pay the tax, but many likely will not.
This is a deduction you don’t have to itemize. You can take it on top of the standard deduction, but only if you’re self-employed. If you are an employee and your boss lets you telecommute a day or two a week, you can’t write off home office expenses. You claim it on Schedule C.
Anyone paying a mortgage and a student loan payment will be happy to hear that the interest on your education loan is tax-deductible on top of the standard deduction (no need to itemize). And you can deduct as much as $2,500 in interest per year, depending on your modified adjusted gross income.
There are some other itemize-able costs not related to being a homeowner that could bump you up over the standard deduction. This might allow you to write off your mortgage interest. Charitable contributions and some medical expenses are itemize-able, although medical expenses must exceed 7.5% of your adjusted gross income.
So if you’ve have had a hospital stay or are generous, you could be in itemized-deduction land.
Also, if you’re a single homeowner, it could be easier for you to exceed the standard deduction, Liddiard says. The itemized deductions on your house will probably more quickly break the $12,000 standard deduction threshold than a couple’s similar house will break their $24,000 threshold.
If you’re a prospective homeowner with an eye to making the most efficient use of your tax benefits, here are a few ways to buy smart:
Especially in expensive areas, buy a less expensive home so you don’t hit the cap on mortgage debt and local and property taxes, says Lisa Greene-Lewis, a CPA and tax expert for TurboTax.
If you’re buying a higher price home, make a bigger down payment so your original mortgage doesn’t exceed the $750,000 cap.
To see whether you should consider itemizing, plug your numbers into this clever tool from TurboTax and you’ll get their recommendation in just a few seconds.
Though every homeowner’s tax benefits will be a little different, in the end, you’re building equity, you’ll likely make money when you sell, and you have the freedom to paint your walls any color you want and get a dog.
Tax Deductions for Homeowners: How the New Tax Law Affects Mortgage Interest
Tax changes for 2019 change the landscape for homeowners.
Tax season is upon us once again, and to make it even more interesting this year, the tax code has changed — along with the rules about tax deductions for homeowners. The biggest change? Many homeowners who used to write off their property taxes and the interest they pay their mortgage will no longer be able to.
Stay calm. This doesn't automatically mean your taxes are going up. Here's a roundup of the rules that will affect homeowners — and how big of a change to expect.
Related: Are Closing Costs Tax Deductible?
Standard Deduction: Big Change
The standard deduction, that amount everyone gets, whether they have actual deductions or not, nearly doubled under the new law. It's now $24,000 for married, joint-filing couples (up from $13,000). It's $18,000 for heads of household (up from $9,550). And $12,000 for singles (up from $6,500).
Many more people will now get a better deal taking the standard than they would with their itemizable write-offs.
For perspective, the number of homeowners who will be able to deduct their mortgage interest under the new rules will fall from around 32 million to about 14 million, the federal government says. That's about a 56% drop.
"This doesn't necessarily mean they'll pay more taxes," says Evan Liddiard, a CPA and director of federal tax policy for the National Association of REALTORS® in Washington, D.C. "It just means that they'll no longer get a tax incentive for buying or owning a home."
So will you be able to itemize, or will you be in standard deduction land? This calculator can give you an estimate.
If the answer is standard deduction, you'll be pleased to know that tax forms are easier when you don't itemize, says Liddiard. Find instructions for IRS Form 1040 here.
Personal Exemption Repealed
One caveat to the increase in the standard deduction for homeowners and non-homeowners is that the personal exemption was repealed. No longer can you exempt from your income $4,150 for each member of your household. And that might temper the benefit of a higher standard deduction, depending on your particular situation.
For example, a single person might still come out ahead. Her $5,500 increase in the standard deduction is more than the $4,150 lost by the personal exemption repeal.
But consider a family of four with two kids over 16 in the 22% tax bracket. They no longer have personal exemptions totaling $16,600. Although the increase in the standard deduction is worth $2,420 (11,000 x 22%), the loss of the exemptions would cost them an extra $3,652 (16,600 x 22%). So they lose $1,232 (3,652 – 2,420).
But say their two kids are under 16, giving them a child credit worth $2,000. That offsets the loss resulting in a $758 tax cut.
The takeaway: Your household composition will probably affect your tax status.
Mortgage Interest Deduction: Incremental Change
The new law caps the mortgage interest you can write off at loan amounts of no more than $750,000. However, if your loan was in place by Dec. 14, 2017, the loan is grandfathered, and the old $1 million maximum amount still applies. Since most people don't have a mortgage larger than $750,000, they won't be affected by the cap.
But if you live in a pricey place (like San Francisco, where the median housing price is well over a million bucks), or you just have a seriously expensive house, the new federal tax laws mean you're not going to be able to write off interest paid on debt over the $750,000 cap.
State and Local Tax Deduction: Degree of Change Varies by Location
The state and local taxes you pay — like income, sales, and property taxes — are still itemizable write-offs. That's called the SALT deduction in CPA lingo. But. The tax changes for 2019 (that's tax year 2018) mean you can't deduct more than $10,000 for all your state and local taxes combined, whether you're single or married. (It's $5,000 per person if you're married but filing separately.)
The SALT cap is bad news for people in areas with high taxes. The majority of homeowners in around 20 states have been writing off more than $10,000 in SALT each year, so they'll lose some of this deduction. "This is going to hurt people in high-tax areas like New York and California," says Lisa Greene-Lewis, CPA and expert for TurboTax in California. New Yorkers, for example, were taking SALT deductions around $22,000 a household.
Rental Property Deduction: No Change
The news is happier if you're a landlord. There continue to be no limits on the amount of mortgage debt interest or state and local taxes you can write off on rental property. And you can keep writing off operating expenses like depreciation, insurance, lawn care, and utilities on Schedule E.
Home Equity Loans: Big Change
You can continue to write off the interest on a home equity or second mortgage loan (if you itemize), but only if you used the proceeds to substantially better your home and only if the total, combined with your first mortgage, doesn't go over the $750,000 cap ($1 million for loans in existence on Dec. 15, 2017). If you used the equity loan to pay medical expenses, take a cruise, or anything other than home improvements, that interest is no longer tax deductible.
Here's a big FYI: The new rules don't grandfather in old home equity loans if the proceeds were used for something other than substantial home improvement. If you took one out five years ago to, say, pay your child's college tuition, you have to stop writing off that interest.
4 Tips for Navigating the New Tax Law
1. Single people may get more tax benefits from buying a house, Liddiard says. "They can often reach [and potentially exceed] the standard deduction more quickly." You can check how much you're likely to owe or get back under the new law on this tax calculator.
2. Student loan debt is deductible, up to $2,500 if you're repaying, whether you itemize or not.
3. Charitable deductions and some medical expenses remain itemizable. If you're generous or have had a big year for medical bills, these, added to your mortgage interest, may be enough to bump you over the standard deduction hump and into the write-off zone.
4. If your mortgage is over the $750,000 cap, pay it down faster so you don't eat the interest. You can add a little to the principal each month, or make a 13th payment each year.
The Southeastern Wildlife Exposition (SEWE) is the largest even of it's kind in the US and is hosted right here in Charleston, SC!!!! It is a celebration of wildlife through education, fine art, sporting events and great food and drink!
We get over 40,000 guests per year attending this wonderful event!!!
You can buy your tickets here!! SEWE in Charleston SC
If you're a first time home buyer, let's get together and discuss the home buying process. Because it is a "process" that can be a good experience or a nightmare. You will learn the pitfalls and how to avoid them! Give me a call/text 843.806.7971