Anyone who is planning to buy a home is going to have to plan by putting money aside for a down payment. If you own your current home, then you may have enough equity in it to roll into the next house. However, if you are a first time buyer then you will need to do some budgeting to save.

Rents nowadays are higher and many still have student loans and other debts that can make saving for a home more difficult. However, don’t fear as there are many ways that can help you save. Here are a few helpful tips:

Limit Your Spending – This could be the most obvious way to begin saving, but check for places that you can cut back. Try limiting the number of coffees you get each week, or maybe you can downgrade the cable TV subscription you have. Add up the various places you could be trimming expenses and put that into your savings account instead.

Round-off App – Some mobile apps like Acorns and Clarity Money will round off your transactions and invest your money or conveniently put it into a your savings account. Every transaction that you make is rounded off to the nearest dollar. Check with your bank as some offer this.

Automatic Deposits – Initiate automatic deposits into your savings account for right after you get paid so you know you the cash is available. If you cannot automate this with your bank, set a calendar reminder every two weeks to make deposits manually. Select an amount that you can afford that will not interfere with your bills but will accumulate into a good amount within your time frame.

Sell Unwanted Items – Do some “spring cleaning” and audit your belongings in and outside of your closets. What things could you potentially sell? Other than Craigslist, there are apps like Letgo or Offerup that make selling your things very easy. The additional $20 here and $50 there can really add up.

In the end, don’t get discouraged thinking you have to have 20% to put down. There are many different programs offered by lenders now where you can sometimes put down as little as 3%. If you have any questions, contact me today and I would be happy to assist you.

Nearly everyone is aware of the costs involved in both buying and selling real estate. For buyers, the main costs are going to be your down payment and closing costs that are associated with your loan. For sellers, there are closing costs involving real estate agent commissions and tax stamps. However, the good news is there can be some savings when it comes to tax deductions for both sides of the transaction. Here is a closer look to make sure you are taking full advantage of your options that are available to you.

Home Buyer Tax Deductions

Mortgage Interest – Limits may have changed, but deducting mortgage interest in some capacity is still a good savings. For most everyone, this will include nearly all of it. Especially in the earlier years of your loan, this can account for a substantial deduction.

Property Taxes – Property taxes are typically also deductible. This holds true for your second home as well should you own one. In the interest of saving on your actual tax bill, check to see if you qualify with your town’s homeowner exemptions.

Private Mortgage Insurance –  Homeowners with less than 20% equity in their homes must carry private mortgage insurance or “PMI.” Depending on your income, PMI is typically a tax deductible item. Note: You can terminate PMI after a set amount of time and once your home has appreciated enough to have met the equity requirements from your lender.

Points – Mortgage points can be great as some buyers choose to lower their interest rate this way if they expect to be in their new home long term. Be sure to include any points you have purchased on your taxes for a savings.

Energy Upgrades –  For select energy improvements, there can be tax credits available. Things like solar panels, solar water heaters and the like often have credits available. Check with your accountant for the ones that are currently offering the most incentives that you may be able to take advantage of.  

Home Equity Loan – Before you put a larger improvement project on a credit card, consider a home equity loan or “HELOC.” Just like interest on your mortgage, this is very similar where you can deduct the interest on your taxes.

Home Seller Deductions

Closing costs – Many of the costs related to the sale including legal fees, escrow fees, advertising costs, real estate agent commissions and even home staging fees can all be deducted.

Home improvements – Did you make improvements to your home to make it more marketable like painting and/or miscellaneous repairs? So long as you made these within 90 days of closing, you can deduct these. Remember to retain your receipts!

Mortgage interest – You may deduct the interest on your mortgage (up to a max of $750,000) for the portion of the year that you owned your property.

Capital gains – This is more of an exclusion rather than a deduction. If you have lived in your home at least two of the past five years, you can exclude up to $250,000 of profits on your property or up to $500,000 if you are married.  

If you have plans to move into a new home soon then you probably have many things to do from packing to scheduling movers. However, one of the best pieces of advice is to set  time aside and make a floor plan of your new home and map things out. Regardless of if you are taking furniture you own or if you are buying new pieces, planning out the rooms will give you peace of mind while making sure everything fits well.

Take Measurements – A good place to start is to take measurements of everything that you can. Some listings, especially if they are new construction, can have floor plans available that you can use which will save you a lot of time. Most floor plans will be fairly accurate, but the scale is not always 100% exact. Be sure to also measure the width of doorways and stairwells.

Consider Function and Lifestyle – When you are mapping out each room, make sure you keep function and flow in mind. Envision the room with many people in it. Then, figure where your furniture should go so that it can be functional without interrupting the flow. Sometimes it can be a good idea to work with others to get different perspectives and ideas.

Use Online Tools – If there isn’t already a floor plan and you need to create one, try using a free  service like Floorplanner.com. A system like this is works well for drawing a floor plan and it even offers objects that you can place in rooms to represent your furniture.

Be Open to Changes – It is important to understand that as much planning you do for your home, it is not going to be exactly the same as when you actually move in. Be open to make some changes once your belongings are all moved in. You may even want to live in it for a short period of time to see how the setup can work best.

Planning ahead by creating a floor plan can assist in relieving stress, see what you have and what is needed. This can also be a helpful tool to instruct your movers on where to place your furniture on moving day.

Rents across the United States have been increasing over the years to a point where it can sometimes be cheaper to purchase given the low mortgage rates. For South Florida cities, renting is proving to be more expensive.

According to RENTCafe’s recent report, it shows renters in 10 cities across the tri-county area of Broward, Miami-Dade and Palm Beach seeing year-over-year increases in average rent among the 250 cities that were included in the study.

West Palm Beach had shown the largest increase, but Fort Lauderdale actually had the highest average rent for the region. Specifically, it was $486 more than the national average of $1,364 per month coming in at $1,850. The year-over-year increase was at 5.3%.

In another report from RENTCafe, Florida was among the least renter-friendly states within the United States. To determine if a state was more partial to landlords or renters, RENTCafe took into consideration the laws that were related to 10 different intricacies of renting including rent increase notifications, landlord’s access to the property as well as eviction policies.

Based on this criteria, Florida ranked 40th in the United States for friendliness of renting. Deciding factors for this included things like a three-day termination notice for nonpayment of rent, no existings statutes for maximum security deposits or for rent increases for those in a month-to-month lease as well as a seven-day termination notice for lease violations.

Are you tired of renting and looking to purchase your next home? Contact me to discuss or begin searching for homes here.

As the spring is upon us it is a good time to tackle your home’s organization before the warmer weather hits. Here are some tips on how to address some of the most common household complaints.

I Cannot Find It – Having too much clutter in any part of the house is always going to make it more difficult to locate the items you are looking for. Getting organized can be easier than you think. For example, for any messier carports, garages or even closets start with a simple hanging solution. Try investing in a peg board and using hooks to hang things. In addition, use a marker and draw an outline around each item or tool so indicate its location.

I Forgot it at Home – Have you been guilty of leaving the house and forgetting essential things? The solution for this is to set up an area for success. Try creating an organization system with pockets that hangs on the door knob or on the door that holds the items you need when you head out next. These door organizers are often inexpensive and can certainly help a lot for when things get busy.

Laundry, Clean or Dirty? –  A simple solution for a multiple person household is to get each family member their own laundry basket. When laundry is done and clean, members can retrieve their basket from the laundry room. This should be a solution to asking if it is done or questioning whereabouts for particular items.

Do I Have Everything? – The kitchen is often times the heart of the home. It is commonly where we open our mail, do homework, pile up stuff and eat! Try dedicating areas for certain routines. One area can be set up for lunches, another for coffee and one for mail.

Emergency Info – Another great tip to put together is a household manual. This just takes a little bit of time and costs nothing. Try grabbing a 3 ring binder and compile all necessary important information there. Include things like emergency contact info, family doctor info, school rosters, medication info, vet info (if you have pets), and any other valuable info for emergencies.

Centralize Cords – With so many cell phones, tablets, remotes and what not there can be many different cords scattered around the house. Try locating one spot in the home and have a central charging station. A charging station can hide cords while keeping everything together in one organized place.

Toys – With kids, come their toys. Every parent loves to provide toys for their children, but getting kids to put away their toys can oftentimes be a challenge. Try using bins for toys so they can be put away properly. Each bin should hold similar toys to keep things orderly. You can even have fun with this by putting a picture on each bin for what items go in it.

Your Sanctuary – Everyone needs one place in their home to relax and decompress from the world’s demands. Ideally, this should be your bedroom as it is your place to rest. A tidy room free of piles of laundry, books and the like will foster a relaxing atmosphere.  Begin by getting rid of clothing that you never wear or no longer fits. Then sort through your books and magazines that have collected. Only keep those that are active reads or current issues. Relocate or give away the rest.

Tidy up After Yourself – Some areas of the house that are common rooms tend to get messy first. The bathroom in particular can be one room where everyone needs to play their part of cleanliness before it becomes a disaster. Try getting each member a caddy system. This way each person is responsible for putting their products away and storing the caddy after they are finished.

Finding the Time for Organization – Many people use the excuse of lack of time to stay organized. The best way to manage the process is to reduce the clutter. The more there is in general, the more there is to clean and organize. Next, don’t get hung up on the details all of the time. Your house doesn’t need to be absolute perfection every day. Sometimes “good enough” will win the game.

Considering any other significant home improvement projects? Click here to check out these tips for going “green” this spring.

One of the most prime corners in Fort Lauderdale has just hit the market – the block at Las Olas Boulevard and A1A along Fort Lauderdale Beach – yielding the potential for a large high rise development.

The landowners, Lior Avidor and Aiton Yaari have spent the last 30 years buying up properties, one by one, along Fort Lauderdale beach. They have combined 4.46 acres with 500 feet of beach frontage and are now selling it all for redevelopment which is now possible where it is all under one ownership.

“It’s a life achievement,” Avidor said.

“This is the showcase block of Broward County, and probably one of the most beautiful and valuable blocks in the tri-county area,” Yaari said, declining to put a potential price on it.

The acreage is complete with bars, shops and restaurants. The offer to potential buyers has included a rendering of what can be possible for the property. This would be a 2 tower complex with hotel rooms, residential units and commercial space.

The project has yet to be submitted to the city for approvals, but regardless it would be impossible to predict whether or not the buyer would even carry the project forward or leave things as they are.

News of the potential sale raised concerns for the fate of the well known and popular bar “The Elbo Room.” Yaari stated that his property did not include this establishments location.

“Elbo Room will remain open and a treasured landmark on Fort Lauderdale beach,” Fort Lauderdale Mayor Jack Seiler assured people in a tweet Friday, after someone tweeted, “Please don’t let this happen.”

The parcel stretches from just north of the Elbo Room to Poinsettia Street, and from State Road A1A all the way back to Seabreeze Boulevard. It does not include the northeast corner of Las Olas Boulevard and Seabreeze, or the properties fronting Las Olas Boulevard leading up to the Elbo Room.

Since the news broke many have expressed concerns about the future of the area and said he wanted to assure residents that a developer would be hand picked as he shares the best interests. Yaari responded “We have to sit down as a community, as a city, as a private landowner, and look at each other in the eye and say, ‘Do we love it the way it is, or do we want to take it to the next level for the future?’ ”

In the end these proposed plans are in fact, just schematics. Any buyer will have to go through the process of approvals and have the blessing of the commission should they seek a development of such scope.