December 2017 - NJ Lux Real Estate

January 2018 – NJ Events To Attend

Posted on December 30, 2017December 20, 2022 by njlux-admin

This coming year, New Jersey is prepared to host a number of events and festivals that are chock-full of distinctive celebrations. The state of New Jersey is one of the top popular destinations during the New Year celebrations and visitors from other states flock here to usher in the New Year in style. Both locals and visitors enjoy live music, food, wine tastings and more. Check out the exciting things that will be happening during January 2018 and NJ events to attend.

Hoboken Food & Culture Tour

Where: River St. & Hudson Pl., Hoboken, NJ 07030

When: 7^th January 2018

This event has been taking place every year for the last nine years. The 2018 event will focus more on family businesses and everything available will be handmade. This tour offers a more authentic experience to visitors looking to enjoy great food and local historical interests. Each tour will take about three and a half hours and visitors will enjoy a number of food establishments such as home of “Cake Boss” and Carlo’s City Hall Bake Shop.

Art Weekend

Where: Barsky Gallery, 49 Harrison St., Hoboken, NJ 07030

When: January 1^st to January 31^st 2018

The art weekend held at the Barsky Gallery is a popular event that hosts a large number of visitors every year. The gallery is open to the public every Saturday and Sunday. If you are an art lover, you need to make a point to visit the Barsky Gallery to enjoy a quiet time where you can focus more to view art from all over the world. Visitors are offered a glass of wine as they make their rounds in the gallery to make their experience more phenomenal.

Victorian Holiday Gift Boutique

Where: Ocean County Artists’ Guild, Island Heights, NJ 08732

When: Dec 2^nd 2017 to January 21^st 2018

If you are a shopaholic, this is an event that you will not want to miss. Artists from the Ocean County Artists’ Guild will showcase their unique specialty items at the boutique. Visitors can shop for jewellery, handmade pottery, collages, small paintings and original tree ornaments. Only a few of these items will be available so you need to head in as early as possible so that you don’t miss out on amazing stuff. While shopping for original items, refreshments will be served at the gorgeous Victorian house.

North Jersey Orchid Show and Sale

Where: Rutgers University Douglass Cook Student Center, NJ 08901

When: January 12^th to January 14^th 2018

This is a great outdoor event for people looking to enjoy what nature has to offer. This event is New Jersey’s oldest and largest orchid society and in 2018, it will be holding its 51^st show and a special sale Friday. There will be more than 250,000 species of flowering plants in the venue and the show will feature hundreds of blooming orchids of all colours, sizes and shapes from all over the world.

Most people move at the beginning of the year for different reasons and New Jersey welcomes a number of new homeowners every year. If you are planning to buy a property in NJ, ensure that you go through the recent property listings to get the ideal house in the area you want.Contact a seasoned realtor to help you with your search.

How To Save Money For Your New Home In The New Year

Posted on December 27, 2017December 21, 2022 by njlux-admin

During the last few months of every year, that is the best time to sit back and plan what you hope to achieve in the coming year. If you have decided that you need to own a new home in the New Year, there are some things you need to plan for to ensure your dream comes true. You first need to zero in on a house you like before you can take any further steps. Next, you need to make sure that you have some money set aside to make a down payment for the house. Once you cross these two hurdles, the subsequent procedures for owning a home are very easy. The following are tips on how to save money for your new home in 2018.

Look Into Low Down Payment Programs

Once you decide on the house you wish to buy, you need to look into available mortgage programs and compare the amount of down payments each requires. So as not to strain your budget, you need to settle for a mortgage program that allows smaller down payments. If you are a first time homebuyer, you will need to work closely with an experienced realtor to help you apply for reasonable mortgage programs that fit within your budget. Some mortgage programs allow down payments that are less than 20%. Note that when you put smaller down payments, chances are high that you may have to pay extra on your monthly payments.

Check If You Qualify For Special Housing Discounts

This is one thing that most homebuyers are not aware of. You need to talk to your realtor to help you check if there are any special housing discounts that are offered in the area you are planning to move into. If you work in a local government office, you can check if you can get a discount on a home purchase price.

Stash A Portion Of Your Pay-Outs

If you expect to get a tax refund or a bonus in the coming year, you need to commit now to redirect some, if not all of it to your down payment fund. If you plan to use part of the money for the down payment, ensure that the rest of it goes to offsetting high-interests debts so that you can cut on your monthly payments.

Refinance Your Student Loans

If you are currently paying off your student loans, you can choose to refinance it so that you can free up some money for the down payment. How does that work? All you have to do is replace your previous loan with a new one and pay at a lower interest rate. To be able to do this, you need to have a good credit score.

Grow Your Money

If you can save up some money from any of the above options, you may need to consider building up your saving first before making the down payment. You can invest in the stock market or put your money in a fixed deposit account for a specified period of time to get a higher rate of return.

If you are planning to buy a house in New Jersey, there are great mortgage programs you can consider checking out. If you are new in NJ, make sure that you partner with a seasoned realtor who will not only have recent property listings in NJ, but will also help you choose the right mortgage program for you.

What’s Trending In Bathroom Decor For 2018?

Posted on December 24, 2017February 8, 2023 by njlux-admin

When you think of the bathroom, what do you think of? That it’s purely functional, not very fashionable, and really dull? You spend a lot of time in that bathroom. Don’t you think you owe it to yourself and your family (not to mention your guests) to use a little imagination on your bathroom décor? You can turn that bathroom into a place of beauty and style.

When it comes to materials, colors, and designs, what’s in store for bathroom decor in 2018? What’s going to be easy to maintain, yet stylish and fashionable? Let’s take a look.

From 2017 to 2018

While searching for functional and new designs, 2017 concentrated on organic and natural as well. The bathroom designs for 2018 will be simple space arrangements, practical, seamless lines, and super clean colors. Don’t be afraid to add a dash of organic elegance and coziness. Let the creativity flow and your imagination run wild. Make a work of art out of a room that used to be purely functional. A stylish contemporary creation.

Dynamics And Continuity

Being innovative, but working with materials that are easy to fit and maintain, will make your life more pleasant. But they can also be playful and dynamic choices. Ensure the classy and stylish atmosphere with anesthetic masonry in straight lines. For cladding floors and walls, use like aesthetic touches and materials. This will encourage continuity and provide playfulness and simplicity when it comes to the design of your bathroom.

Be Bold in Your Combinations

Evoke a stylish and clean sensation by creating a dynamic atmosphere combining organic and modern. For many design variations, the combination of stone and wood with synthetics is very suitable, combinative, and clever. The shine of ceramic tiles and the warmth of wood can be combined with synthetic materials that are easy to maintain. Now you have a homey yet modernistic composition.

Precision Can Be Easy

Aim for a final outlook that is elegant through easiness of design. You don’t want your bathroom to look like you obsessed over it, but it can be obvious that you planned ahead. Quality designs consist of a well-balanced atmosphere. To achieve that balance, you will take the combination of nature and innovation, warmth and minimalism, and modern and classy to the very edge.

Many of the top names in faucet design are pushing boundaries to the very edge as well. Today’s faucets are fully functioning yet incredibly appealing to the eye. Some combine a water and clay look while others rely on attractive stone. These have a definite place in today’s imaginative bathrooms.

Though organic is going to play a large part in bathrooms in 2018, some materials are simply timeless. Bring a touch of luxury to your bathroom but keep it clean and simple. Remember that the most important thing is use your imagination and let your creativity flow.

The bathroom improvements that you made in your home, should you eventually decide to sell, may have increased your home’s value and allow you to get a higher price when you sell. List your New Jersey home with NJLux and discuss whether or not you should make more improvements for increased home value.

Maximizing Your Winter Curb Appeal

Posted on December 21, 2017December 20, 2022 by njlux-admin

The winter curb appeal of your home shouldn’t leave potential home buyers feeling as cold as the weather outside. Winter may not seem like the easiest months during which to improve the curb appeal of your listed home, but that’s no excuse. If, during the winter months, you are trying to sell a home, it’s as important as ever to make a good, lasting first impression. Here a few tips to help with the winter sale of your home by improving its exterior.

Plants That Are Conducive for Cold-Weather

To spruce of the exterior of your home, add a few plants that can hold up well against the harshness of winter, such as witch hazel, pansies, or evergreen trees. This can take a boring, barren land scape and dress it up beautifully.

Decorations for the Winter Months

This doesn’t mean the giant Big Lots inflatable teddy bear in a Santa Claus suit. What we’re talking about here is decorations that bring out the best in your home by conveying a subtle, wintry vibe. Stack a pile of firewood neatly near the house, string some small white lights around your shrubbery, or tack a simplistic wreath on the front door.

On the Subject of Lighting

In consideration of nighttime visitors: your home can be more attractive, and safer, for potential buyers by having the right kind of outdoor lighting– particularly now that the days are getting shorter. Illuminate a path to your front door using a series of path lights. Consider lanterns or decorative scones to flank the door.

Is It Time for a Fresh Coat of Paint?

The trees are bare in the winter months which affords anyone driving by a clear and obstructed view of your home. Not so much in summer and spring. Paint that is chipped or faded will stand out like a sore thumb. If need be, give your home fresh coat of paint.

Clean Those Gutters!

Autumn has likely deposited a ton of leaves in your gutters. It’s important that, before you put your home on the market, you clean them out completely. This shows buyers that you are concerned with the home maintenance done on the exterior of your house.

Keep That Lawn Tidy

In the winter months, grass isn’t necessarily green and it doesn’t grow much. You still do, however, need to keep that lawn looking pristine. This will make it easier for buyers to imagine how the home will appear during summer and spring. Rake up debris and leaves periodically to keep the yard looking clean.

You’ve Heard It Before – Safety First

It certainly won’t do for a potential buyer to have an unfortunate incident on their way to your front door. By keeping the stairs, walkways, and your driveway free of leaves, ice, and snow, you can prevent slips and avoid accidents. The last thing you need when you’re trying to sell your home is an expensive lawsuit. Not to mention, that person is not likely to buy your home after they fall and break their hip slipping and sliding down your walkway.

The whole point of sprucing up your curb appeal is to make your home stand out in your NJ neighborhood. You don’t necessarily have to take out a loan to do some simple tweaking of the exterior of your home and dress up your yard. Just a little effort can make a big difference and help you get the price you want for your beloved home.

Neighborhood Guide: Weehawken, NJ

Posted on December 18, 2017February 3, 2023 by njlux-admin

Located on the southern end of the Palisades, Weehawken is a township in Hudson County. The zip codes for this area are 07086 and 07087. In the last decade, there has been an extensive development on the waterfront. Earlier commercial and residential growth took place atop the cliffs of Weehawken, NJ. If you are looking to purchase a home here, there are over 10,000 options for you to choose from in the neighborhood’s 1.4 square miles. Let’s find out more about what Weehawken is like as a neighborhood:

Living in Weehawken, NJ

Weehawken is recognized as a microcosm of the metropolitan area. It is home to various sites of engineering, aesthetic, and historic importance, including famous attractions such as the George Washington Bridge and Verrazano-Narrows Bridge. Locals and tourists are able to capture panoramic views without fail. Next, the diverse populations usually meet up in the neighborhood’s dog-friendly parks, library, schools, and other recreation programs.

Weehawken is no stranger to having a quality education system. Children are able to attend schools such as the Daniel Webster School, Theodore Roosevelt School, and Weehawken High School. Let’s not forget that travelling to and from Weehawken is easy as well. It usually takes less than 10 minutes to drive into the city through Lincoln Tunnel and residents have access to the New York Waterway ferry.

Dining Spots

Chart House

Chart House Weehawken is located directly across from Manhattan and right on the Hudson River. It is an exceptional seafood restaurant that provides gorgeous panoramic views of the glittering New York skyline. Its unique cuisine features classics like their Slow-Roasted Prime Rib and seafood specialties like Mac Nut Mahi. As Chart House has also been taken advantage of for their gorgeous location, by several blockbuster movies and primetime television shows, Chart House is no stranger to having celebrity status.

Ruth’s Chris Steak House

If you wish to dine at a venue that offers a spectacular view of the New York City skyline and the Hudson River, you will not want to miss out on Ruth’s Chris Steak House. Their newly expanded and remodeled restaurant offers a stellar cocktail selection as well. Come an experience their fresh updated elegant atmosphere and make use of their state-of-the-art private dining rooms. At their steak house, they make sure every occasion is the most memorable one yet, for their customers.

Points of Interest

Intrepid Sea, Air & Space Museum

Intrepid Sea, Air & Space Museum is a National Historic Landmark and is dedicated to the interpretation and exhibition of history and science. Visitors are welcomed to explore a wide range of interactive exhibits, historic video footage, and examine original artifacts. A prominent section in this attraction is the Space Shuttle Pavilion. It showcases the space shuttle Enterprise, which is a prototype NASA orbiter. All in all, there are more than 10 dynamic exhibit zones that will leave you in awe.

Lincoln Center for the Performing Arts

Lincoln Center for the Performing Arts was set up as the premier performing arts venue for Weehawken and is approximately 20 minutes away from the neighborhood. Since its inception, Lincoln Center has been presenting and developing the brightest and finest in a wide variety of performing arts to an audience that came from all walks of life.

As you can see, Weehawken is a bustling neighborhood with so much to see and explore. If you are thinking of starting your family with kids, this is a neighborhood that will not disappoint. Check out the latest Weehawken listings today!

What Separates The Top Real Estate Agents From The Rest?

Posted on December 15, 2017December 21, 2022 by njlux-admin

What is it that makes today’s top real estate agents better than others? What separates them from all of the real estate agents everywhere? There are key strategies involved in becoming, and remaining, a top real estate agent. What should a real estate agent do if they want to be at the top of their game.

Don’t Work Alone

When, because of their existing business, real estate agents are too busy to prospect new business, they need to hire some help. Never mind a buyer’s agent. Hire an administrative assistant to free up your time and help you make more money.

While Generating Leads, Be of Service

When prospecting for new business, don’t “pester” the general public. At the same time you are talking to them, provide them with some type of value. Tie that into your reason for contact. Make it seem like you are contributing. When you are contacting neighbors in the vicinity of a listing, part of your conversation should inquire if anyone they know, or they themselves, are in the market to sell or buy a home soon.

Don’t Be Afraid to Use a Script

This is essential! Make your own script or use someone else’s, but find something that works and stick with it. You can eliminate trial and error by using scripts that have already been tested. This way, an agent can more quickly achieve the desired result.

Prospect Without Fear

If you want fast conversion ratios and immediate business, contacting expired listings and FSBO’s is the quickest way. Just because you’re not familiar with these people doesn’t mean that you should reach out to them. They want to sell their home yesterday. You can help them with that.

Build Up Referrals

One of your first moves should be to get everyone you know together in a setting that allows for easy access to their pertinent information. On a regular basis, contact them. Your referral base should be built upon constantly. Put a system in place for contacting the people just referred to and switch up your methods of contact regularly.

Listings Should Be Your Focus

If, annually, you don’t close in excess of 45 transactions, but your work week consists of 65 hours or more, there’s a problem. Either you’re working with fewer sellers and more buyers, or you have a problem with time management. Make sure that you focus on listing side activities for lead generation. It’s easier to handle listing sides that it is buyer sides.

The Marketing Department – We’re Always Open

Each business day, in order to proactively generate new leads, time block a small portion of the day. It helps to live in an area where everyone knows you. Somewhere that you have been for years. At one time or another, one of those people is going to send some business your way. And be available as much as possible. Yes, you have to have a life. But part of being a top real estate agent means being accessible.

The Pros Of Listing Your Home During Winter

Posted on December 12, 2017December 21, 2022 by njlux-admin

Listing your home during winter may, at first thought, seem like a questionable decision. It’s cold out, after all. But a study has shown that homes sell faster in winter. Many, at an amount that was higher than the asking price. Maybe people have more of a sense of urgency.

Of course, supply and demand can still have everything to do with whether or not you sell your house right away. The right real estate professional can help you determine what the state of the market is at the precise time you’re considering selling.

Look at recently sold and currently listed homes in your area to check the local real estate climate. How many days had or have the homes been on the market. If it is in excess of 60 days, you might want to wait until spring to sell. On the other hand, if properties are going like hot cakes, take advantage!

Here are a few strategies that should help you sell your home in winter.

Make Sure the Prices are Right

Special pricing considerations apply during the winter months. In winter, you may not receive as many offers as in the spring; because spring is when a lot of people shop for a new home. In spring, home sellers list low in hopes of experiencing a bidding war. Not so much in winter. Then again, don’t list so high that you’re testing the market. You might eventually need to drop your price. You certainly don’t want it still on the market in spring – it makes your home look stale.

The best advice may be to set your price at market value with a conservative approach. Once again, look at the market for the last 30 days and what comparable properties closed at. Make sure your home isn’t overpriced compared to current list prices.

Tune Up Your Home

Make all necessary repairs including getting a roof inspection, and fine-tuning your HVAC and furnace. Weather strip your windows, change air filters, and clean those gutters. Particularly in winter, home buyers are going to be concerned about heating costs. This could be a good time to install energy efficient windows or upgrade your installation.

Make Things Bright

Particularly when the weather outside is frightful – or dismal – a gloomy first impression can be warmed up considerably with festive holiday decorations, cool-weather plants, and warm, attractive landscaping. Repair cracked window seals, caulk windows, and fix chipped paint.

An interior coat of off-white will help make the most of the season’s lacking natural lighting. Additionally, it will make the inside of your home feel larger.

Present a Warm Home on a Cold Day

Stage your living room to be warm and cozy. An attractive throw blanket conveys warmth and comfort. Make your holiday décor neutral – perhaps more seasonal than holiday related. Stack wood in the fireplace, if you have one.

Be absolutely sure to depersonalize and declutter as much as possible. Home buyers don’t need to see your family photographs. Displaying pictures of the home in warm weather helps potential buyers envision the home during warmer months. Include colorful flowers and garden shots.

No matter what season you decide to list your home during, it’s advisable to consult an experienced local NJ property agent to give yourself every chance of selling your home at the best price.

Neighborhood Guide: Jersey City, NJ

Posted on December 9, 2017December 20, 2022 by njlux-admin

Jersey City is a melting pot of cultures and people, reflecting the diverse influences and flavors of the international populations that call the city home. Jersey City is recognized as an urban sophistication that exists in the downtown area. It is bordered by Bayonne, Newark, Kearny, Hoboken, Union City, North Bergen, and Secaucus. The city is not only home to famous landmarks such as the Colgate Clock and Powerhouse Arts District, but many talented artists as well. Let’s take a closer at Jersey City, NJ as a neighborhood:

Living in Jersey City, NJ

Although Jersey City features mostly an urban area, there is a unexpected amount of green space here. Locals and visitors are able to sample a wide variety of the city’s multicultural influences including Cuban, Filipino, Indian, and Korean. With its myriad attractions, housing options, and restaurants, you will never get bored with living here. Jersey City is widely known for housing Liberty State Park, which is an oasis situated in the middle of a major metropolitan area. What’s more, you will be able to catch ferries to both the Ellis Island and Statue of Liberty.

Dining Spots

Satis Bistro

Satis Bistro is a classical Mediterranean restaurant that has been featured in Zagat’s list of New Jersey’s Top 50. The restaurant offers an exclusive brunch menu and is headed by Michael Fiorianti. The dual-storey picturesque bistro is beautifully designed with ornate chandeliers, red-brick walls, rustic flooring, hardwood, and fittings that go well with the natural lighting that seeps in from the outside. Satis Bistro is located at 212 Washington Street, so be sure to check it out!

Light Horse Tavern

Light Horse Tavern is a restaurant that was restored from a 1850s’ tavern. The restaurant was founded by Ron Smith and Bill Gray, who named it after Light Horse Harry. He was a historical figure from the American Revolution. Light Horse Tavern has a reputation of adding a twist to your everyday dishes, including an enriched version of the French onion soup, generous pork belly entrées, and more. All in all, the restaurant is well-received by locals and has been included in multiple favorable reviews in The Jersey Journal.

Points of Interest

Liberty Science Center

Liberty Science Center is a 300,000-square-foot learning center that was established to inspire the next generation of engineers and scientists, as well as stimulate the interest of learners of all ages, about the pure fun of technology and science. It is home to tornado-force wind simulators, live simulcast surgeries, a 3D theater, giant aquariums, a live animal collection, and 12 museum exhibition halls. The Jennifer Chalsty Planetarium and LSC Giant Dome Theater can also be found here. It is a large, technologically advanced planetarium.

The Landmark Loew’s Jersey Theatre

Opened in 1929, Loew’s Jersey Theatre is a prominent movie palace-type theater and a live entertainment venue. It was part of a series of flagship Loew’s movie palaces located in the NYC area. Rapp and Rapp was the architectural firm that was responsible for designing the venue in a Baroque/Rococo style.

If you are thinking of living in Jersey City, you can find a stellar selection of properties available here in this neighborhood for your consideration. Contact NJLux today for more information.

Indoor Ice Skating Rinks In New Jersey

Posted on December 6, 2017February 8, 2023 by njlux-admin

New Jersey has a lot of indoor activities that families and people looking to enjoy their holidays in style can take part in. During the cold season, most people are limited to only taking part in indoor activities since the weather restricts the number of outdoor activities one can take part in. If you are visiting New Jersey or looking to settle in the area, you will be happy to know that there is a lot one can do for fun even during the cold months. During winter, you can choose to take your family or friends to one of the indoor ice skating rinks in New Jersey. Let’s take a look at the most popular ice skating rinks you can visit while in New Jersey.

Clary Anderson Arena – Montclair

Located in Montclair, the Clary Anderson Arena is a pubic friendly arena that hosts skating to the public seven days a week. It is a great venue to take your family especially if you have kids. They offer a variety of lessons which include parents and their children and also host birthday parties. The Arena has a Café which serves snacks and beverages at lunch, dinner, and even breakfast if you prefer. The prices are very affordable. The Clary Anderson Arena is a great venue to have fun as a group and also a great place to teach yourself or kids how to ice skate.

Codey Arena – West Orange

The Codey Arena is a popular ice skating rink that is located next to the Turtle Back Zoo in West Orange. The Arena is part of the Essex County and features a number of amenities that can be enjoyed by people looking to enjoy some ice skating, or those looking to take their time off from their busy schedules, and simply relax in an indoor recreational facility. The Arena features an arcade, pro shop, a concession and meeting rooms. The public skating arena is open every day of the week with hours changing monthly.

The Arenas at Woodbridge Community Center – Woodbridge

If you are situated in Central NJ, you need to visit the Woodbridge Community Center as it’s one of the best indoor ice skating rinks in New Jersey. This rink has it all. You can enjoy roller skating, in-line skating and ice skating. You can plan for an ice skating birthday party in this arena and you will enjoy a variety of options like Carvel ice cream cakes, chicken nuggets, and pizza. If you are looking for a place to take your ice skating lesson, Woodbridge Community Center would be the ideal place.

Flyers Skate Zone – Atlantic City

The Flyers Skate Zone has a lot to offer especially for people looking to enjoy indoor activities. This arena hosts a pro shop, a snack zone, figure skating, leagues, clinics, and hockey camps. If you are looking to enroll for ice skating lessons, you will be glad to know that the Flyers Skate Zone is a training facility of the Philadelphia Flyers.

Whether you are just visiting New Jersey or looking to settle in the area, there are a lot of winter activities you can take part in without exposing yourself to the elements. If you are having trouble finding the right property, you can check the property listings in New Jersey or contact a real estate agent to help you find one.

How Real Estate Investors Can Save On Property Tax

Posted on December 3, 2017December 21, 2022 by njlux-admin

When it comes to investment homes, there are number of estate tax, property tax, and basic tax strategies that can be involved. Let’s take a look at a handful of tips that will take your tax savings and maximize them. You may also gain some insight as to how to best handle owning a second home.

A Tax Rule

The 1031 exchange, as long as you shift the proceeds right into another property investment, allows you to profit from the sale of investment property. It also defers tax liability. Without affecting your capital, you could increase the value of your holdings by paying capital gains tax. In addition, no tax will be due on the original sale as long as the money is kept in holding and is, before closing, untouched.

The Phantom Deduction – Depreciation

Rental property depreciation losses are defined by the IRS as an allowance provided to the owners of those properties. It is for, during normal use of the property, basic wear and tear. Owners and landlords are compensated for the depreciation of their assets by the IRS. But homes appreciate rather than depreciate. That disallows the depreciation consideration by the IRS. So, profit can still be made and money saved on taxes.

If It’s Rental Property – Depreciate It

The IRS expects your rental property to, overtime, depreciate. They view it as a business expense. This benefits you because it means a deduction. For upward of 27.5 years to come, you can deduct some of the cost of the home.

“Safe Harbors” Should Be Taken Advantage Of

While you are not in your second home it’s best to rent it out. Don’t let it sit vacant if you don’t have to. For one thing, that rent you collect is extra income. For another thing, you can deduct mortgage interest, real estate taxes, insurance, repairs, and other related expenses. A policy called ”Safe Harbor” is provided by the IRS. It applies to $2500 of expenses for rental property.

Different tax implications, however, will apply if for more than 14 days per year you are personally using the property. It is best to take a close look at the specifics by consulting with a professional accountant that is familiar with local and federal tax laws as they relate to homes, properties, rentals, and investments.

You simply don’t leave these kinds of things to chance.

Make Your Heirs Happy

The kids are going to love this. The gain inherent in your investment is gone once you pass away. What that means for your heirs is that they will be left with a lower tax basis than the actual value of the real estate you’re leaving them. Those are the tax laws that apply to real estate property of the deceased.

If what you’re looking for from the property is cash, you may be well advised to get a home equity line of credit and refinance it. Because, on debt, there is no tax. So, without having an extra tax expense, it’s easy to get cash flowing with that home equity line of credit.

If you’re considering investing in real estate, and you’re interested in going property hunting in New Jersey, there are lots of opportunities. Take a look at current listings, email Josh@NJLux.com, or call us at 201.568.5668 today!