Don't Forget About These Homeowner Tax Breaks

One of the many perks of homeownership is big tax breaks. So whether you’re doing your taxes yourself or getting help from a professional, it’s important to take advantage of those breaks!

Mortgage Interest Deduction: Before buying a home, a standard deduction may have made the most sense when you prepared your taxes. But homeowners can deduct the interest portion of their mortgage payments, and the earlier you are in your mortgage, the greater the percentage of each payment that goes toward interest, so take advantage right away! Contact your mortgage servicer if you need a copy of your 1098, which will have the total amount of interest paid for last year.

Home Office: This deduction is often overlooked, which is unfortunate since one of the items Buyer's are looking for is a dedicated home office space. Utilizing a home office is the trend as computers connect us more each day and allow us to avoid a commute one or several days each week. There are specific criteria that have to be met in order to deduct home office expenses, but it can lead to a very large deduction. In general, your home office has to be used specifically for business purposes. Check with a tax professional to see if your home office qualifies for a deduction—it’s a little extra work, but can make a big difference in your tax burden.

As always, if you need a referral for an excellent CPA, or any other help, please let me know. Happy to share my vendors with you.

What Buyers Are Searching For In Their Next Home

Thinking about selling your home? That's great! There is very little inventory in the Denver market and if your home is well priced, modestly updated and well maintained you will sell quickly and for top dollar.

Buyers today have high expectations. The internet and reality TV has created a demand for updated homes in every price point; from first time home/condo buyer all the way up to luxury real estate purchase.

The brokers in Kentwood City Properties were recently queried about the features buyers are seeking today in the Denver real estate market. Below is the compilation of that list. Home Sellers take note. Many of these items can be easily accomplished for modest sums and in a short amount of time. Little updates bring major financial rewards. Below, in no particular order, is the list:

• Gourmet "Cooks" Kitchen
• Tidy Garage with Organized Storage
• Closet with Built In Storage Space
• Stellar Master Bath
• Walkability ~ proximity to a coffee shop, restaurant, etc.
• Close to Public Transportation/Light Rail
• Out Door Living Areas (fire pits, patios, ponds/fountains)
• Secondary Building (loft over garage, studio space, workshop, etc.)
• Views 
• Open Floor Plans
• Roof Top Patios
• Modern Finishes (if it was updated ten years ago it is dated)
• Grey tones. Grey is our neutral palette today.
• Smart thermostats (Nest is one ~ there are others). Xcel is currently rebating on this one!
• Smart Home features ~ can control systems, lights, etc. from phone
• Energy efficiency (solar panels, new windows)
• Private Yard
• Reasonable HOA fees (amenities are great, but HOAs rivaling mortgage payments are not).
• Stone countertops (soapstone, quartz, etc. Granite is taking a backseat here.)
• Lots of Natural Light
• Nicely Finished Basement
• Efficient Square Footage. People are looking to use every bit of their space. Especially nice are rooms that can be used for dual purposes (i.e., office with a Murphy Bed for guests). No formal living and dining rooms that sit empty most of the year.

Reach out to me if you need a vendor recommendation to assist you in any of these projects. In fact, why not tackle some of them now, before you are thinking about Selling! That way you get to enjoy the project results too. I'm happy to help you figure out what to do to make your home even more appealing.