Selling a Suffolk County NY home that is currently occupied by a tenant can be a bit of a challenge, as the tenants don't always share the same motivation as their landlords – consequently, they may fail to keep the home looking neat and attractive to impress potential buyers.
So what can landlords do to prevent problems?
First, landlords should never attempt to deceive tenants in the first place, and so they should make it absolutely clear that they intend to list the home once the local market picks up again.
Landlords can also offer their tenants some kind of concession in return for their cooperation – for example, in return for the tenant keeping the home looking neat tidy (unlike the photo!) while it's listed, they could be given a 10% discount on the rent. However, landlords would need to clearly communicate their expectations regarding cleanliness, like making sure the bed is always made up in the morning, and ensuring dirty dishes aren't left in the sink for prospective buyers to see when they come to see the property.
Setting established hours for buyers to view the property will also do a lot to get tenants on your side.
Landlords need to keep in mind they don't usually get a second chance, and so it pays to keep tenants on their side, especially when a property is first listed for sale.
If you're a Suffolk County NY landlord and would like more information and tips on what you should do if your property has a tenant and you're wanting to sell, contact us. We'll be happy to give you additional tips.
Homeowners need to be proactive in making energy-efficient home renovations. Here is a list of easy check-ups every homeowner can do to optimize the energy efficiency of their home:
Windows and Doors
Holes in windows and doors allow conditioned air to leak from your home and allow outdoor air to infiltrate, which can tax your heating and cooling systems and raise your energy bills. Caulk around windows and doors where there are gaps. Also caulk areas where plumbing lines or electrical wiring extend to the exterior of the home.
Floor and Wall Insulation
Insulation acts as a barrier to heat movement and helps keep any home cooler in the summer and warmer in the winter—all while using less energy. Making sure insulation is used at potential gaps such as around an attic stairway or over the attic access door is important as well.
Shedding a Little Light on a Simple Solution
By replacing traditional incandescent light bulbs with compact fluorescents, you can use up to 75% less energy on lighting alone. A wide assortment of CFLs is now available for almost any type fixture found in a home.
Appliances and HVAC Systems
Your major household appliances are a good place to focus on to make your home more eco-friendly. Start by changing the filters of your HVAC systems regularly and consider upgrading older appliances to take advantage of newer, more efficient designs.
Buy a Programmable Thermostat
This energy-saving step can have a positive and noticeable impact right away. Programmable thermostats are fairly easy to install and once they are set up a homeowner can adjust them as the weather changes. For every degree that a thermostat is set back, you may realize a savings between 1-3% on your heating or cooling bills.
Even though tax day is still more than 2 months away, it's never too early to start gettin yourself organized and ready to file, so you're not one of the millions of procrastinators who wait til the last minute to file, or have to file an extension because you just weren't ready.
This is one in a series of occassional articles about your taxes. For other tax related articles, click the "Taxes" Category to the right to see our full list of tax related content and tips.
1. Know your filing status — If you're single, you can't declare on your tax forms and returns that you are married nor can you claim someone as a dependent who isn't. Unfortunately, tax forms including W-4 forms are sometimes incorrect. These forms should reflect your tax status as of December 31 of the filing year, and should be reviewed by you annually. Your marital status may have changed as might the number of dependents you have.
2. Keep your receipts — Receipts are important and should be kept on hand, offering proof of purchases made or donations given. If donating to a charity, you'll want to get a receipt from that organization showing the items you donated. You may be able to value these gifts yourself too.
3. Use tax prep software — There are a number of tax preparation software programs available for you including TurboTax, TaxACT, Tax Cut and Tax Works. Such programs are inexpensive and can be ordered online and downloaded to your computer. Unless you're using the services of a tax prep professional, these programs are an excellent alternative and can save you money.
4. Take a loss — Stocks or bonds that are performing poorly may not be worth holding onto. If you anticipate that you'll lose money on the sale of such investments, take the loss and show it on your income taxes. That loss will reduce your tax burden. You can reduce it further by donating your investments to an eligible charity. Note: In order to take a loss for last year, the loss must have been recorded last year. You can't sell poorly performing stocks or bonds now, or you'll have to claim them NEXT year when you file for this tax year.
5. Fund your retirement plan — If you have a retirement plan, the funds you contribute are generally not taxable until you begin to make withdrawals. See your financial advisor to discuss options that are available to you. Prepare for the future and keep your money out of the hands of the federal government.
6. File on time or obtain an extension — Failing to file on time can lead to serious consequences. If for some reason you can't finish your taxes by April 17 (you get two additional days this year), request an automatic 6-month extension to October 15. Whatever money you owe the IRS still has to be paid by April 17th, but the later filing deadline can buy you some much needed time as you finish gathering your documents.
We'll have more tips on taxes as we get closer to filing time in April. Stay tuned!
Do you think you know what's going to happen in the stock market this year? What about with oil prices, and last, but not least, housing? Compare your guesses to the experts.
Care to post your predictions? We'd love to hear what you think. Just click the comment link below and let 'er rip with your economic forecast.
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