Lexington KY Real Estate Blog

Whether you're an owner now or expect to be one in the future, it is important to be familiar with the federal tax laws that affect homeownership.  Since personal income tax was enacted in 1913 with the 16th amendment, homes have had preferential treatment.

The mortgage interest deduction is based on up to $750,000 of acquisition debt used to buy, build or improve a principal residence.  In addition to the interest, the property taxes are deductible, limited to the new $10,000 limit on the aggregate of state and local taxes (SALT).  The taxpayer may also deduct interest and property taxes subject to limits on a second home.

Homeowners can decide each year whether to take itemized personal deductions or the allowable standard deduction which

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I recently had the honor of representing the seller of 127 Duncan Ave. in Paris, Kentucky. This fine home was sold the First day on the Paris, KY Real Estate market. It was such an honor to bring the buyers and sellers together and see the love and passion they all had for this home backing up to the Garden Club of Kentucky. Here were the marketing remarks on this special home:

  

Sophisticated & timeless, this Italianate blend tradition w/ 21st century amenities. In 1877 James Duncan built this home for his daughter as a wedding gift to her and husband George Bell. Upon entry you are greeted by a sweeping staircase, tall ceilings, pocket doors, grand rooms & lavish woodwork. Modern kitchen has granite, glass door cabinets & great flow by extending

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IRS has provisions for homeowners regarding the sale of a principal residence that allows for temporarily renting the home without losing the ability to exclude the gain if the home is sold under the correct conditions.

The rules for the exclusion of gain on the sale of a principal residence are:

  • Up to $250,000 of gain may be excluded for single taxpayers and up to $500,000 for married taxpayers filing jointly.
  • Ownership and Use must have been a principal residence for two of the five years preceding the date of sale (closing date).  This allows for a temporary rental for up to three years maximum.
  • Either spouse may meet the ownership test.
  • Both spouses must meet the use test.
  • No exclusion has been used in the previous 24-month
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June and July are the busiest home sale months of the year. When inventory is in short supply and you may be competing with other offers, it is important to show the seller you're serious. Make your offer look as good as possible because you may not get the chance to make or accept a counter-offer.

Put yourself in the seller's shoes.  Your home has just gone on the market.  There is lots of activity and suddenly, there is more than one offer to purchase.  The seller's first consideration may be to accept the highest offer but there are many other things to consider like closing dates, closing costs, possible repairs, contingencies and of course, the ability of the borrower to get a loan.

Offer a fair price for the property in your initial

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You've been planning this trip for some time and almost every detail has been considered...or has it?  Have you thought about how to protect your home while you're out of town?  What's going to make sure that everything you left is still there in you return?

Nothing could ruin a trip more than coming back to find out your home has been burglarized or worse.  It makes sense to spend a little time before you leave on making sure your home is as safe and sound as it can be.

There are a host of devices to use across the Internet including camera door bells, video cameras, door locks, garage door openers, light and thermostat controls.  You can monitor your home whenever you have an Internet connection.  The question is whether you want the

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Greetings from Lexington, KY! I hope you are enjoying this beautiful July 4th! Let's wish America a big ole Happy Birthday! I hope you have been able to enjoy some time off from work today. I have enjoyed the day so far but as they always say, "real estate never sleeps!" That is true even on holidays. I have been meeting with my seller and completing the listing forms and working with the photographer as I prepare to welcome a fabulous new listing to the Lexington Kentucky Real Estate market tomorrow (July 5th, 2019). I don't mind making house calls on holidays. In fact, I bought my very First home on the Fourth of July back in 2003. I will never forget that day. I made the offer in the morning and during the afternoon I headed downtown Lexington with my

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According to the 2018 Profile of Buyers and Sellers, 52% of buyers want help to find the right home to purchase.  Physically locating the home is certainly part of what buyers want from their agent but finding the right home at the right price and terms is also crucial.

87% of buyers purchased their home through a real estate agent or broker.  Slightly more than half of buyers were referred to their real estate professional by/or is a friend or relative or had used the agent previously to buy or sell a home.

There are tech tools that can be used together with the expertise and experience of your real estate professional to make the home buying process efficient and effective.

Listing Alert ... while this service is called by other names, the

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Memorial Day has passed us by and now summer is really starting to set in. Heating and air-conditioning are frequently referred to as the "comfort systems."  If one has gone out in the dead of winter or the heat of summer, lack of comfort becomes a primary concern.  Regular maintenance with a HVAC checklist is something that homeowners can do themselves to ensure that the units operate properly.

Periodically

  • Change your filter every 90 days; every 30 days if you have shedding pets. 
  • Maintain at least two feet of clearance around outdoor air conditioning units and heat pumps.
  • Don't allow leaves, grass clippings, lint or other things to block circulation of coils.
  • Inspect insulation on refrigerant lines leading into house monthly and
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Swing by 3533 Stolen Horse Trace Lexington, KY 40509 in Lexington's The Home Place neighborhood and check out the Dream Home that is set to be given away on Thursday, May 23, 2019. One lucky winner will able to call this gorgeous brand new 3 bedrooms, 2.5 bath home their new Kentucky home place!  With over 2,900 sq. ft. this beautiful home boast a large kitchen for entertaining, covered patio, formal dining with butler's bar and so much more! Tickets are $100.00 each and can be purchased at the house or online at Lexington Dream Home Giveaway.

Here are a few pictures of this beautiful home and check out that master bathroom. I love all the tile work and the mixture of the different finishes. All of the proceeds from the ticket sales go right to

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Your income tax is probably filed for last year by now and you've been through your expenses for the year.  Money spent on repairs to your home is not deductible but being aware of how much you spent last year may help you make a decision that could save you money this year.

Sellers, often, provide a home warranty to buyers to give them peace of mind by limiting some of the out-of-pocket money spent on unexpected repairs for one year.  Home warranties can be renewed by the buyer by paying the annual fee and any homeowner can purchase one for their home whether they had one when they bought it or not.

A home service contract typically covers mechanical systems and built-in appliances in the home.  Many times, these items are not covered by the

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