Tag Archives: Savannah Real Estate

Does Moving Up Make Sense?

17 Mar

 

These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, it’s a sign that you may be ready to move.

  1. Have you built substantial equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.
  2. Has your income or financial situation improved? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving.
  3. Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you’d like to be closer to your job or live in a better school district.
  4. Are there reasons why you can’t remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.
  5. Are you comfortable moving in the current housing market? If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home.
  6. Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer.

Brand Spankin’ New Listing in Georgetown!

4 Mar

55 Beaver Run Savannah, GA 31419

MLS 120086

$159,900

FEATURES:

All brick 3 bedroom 2 bath with 2 car garage and workshop with brand new roof. Well maintained and loved landscaping and yard with large covered patio in back yard. Interior of home has hardwood floors, ceramic tile and some carpet. Kitchen has updated cabinets and counters, peak-a-boo window with eat-in breakfast area and separate formal dining room. Dining room has glass french doors and chair moldings. Living room has a vaulted ceiling, lots of natural light and wood burning masonry fireplace. Bathrooms have been updated and are squeaky clean, one even  has a new skylight. Laundry room just off garage with pantry.

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New Listing: 201 E. 60th Street Savannah, GA 31405

2 Jan

This home is just so fabulous! Check out all of the great features:

  • Fantastic Midtown Location/Ardsley Park Area
  • Corner Lot/Double Lot
  • 30 Year Architectural Shingles
  • Additional Blown-In Insulation
  • Privacy Fenced
  • Deck
  • Storage Building/Garage
  • Iron Wrought Front Door
  • Hardwood Floors
  • Slate Floors in Kitchen
  • Stainless Steel Appliances
  • Extra Deep Garden Sink
  • Mudroom
  • Fresh Paint
  • Crown Molding
  • Formal Dining Room
  • Flex Space (Yoga Room/Office/Studio/Playroom)
  • Two bedrooms & 1 Bath Downstairs
  • 1 Bedroom/Loft & Bath Upstairs
  • New Carpet Upstairs
  • Jetted Garden Tub
  • MLS 117450

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There’s No Place Like Home!

31 Dec

Shawnna is an ER nurse and is well deserving of some R-n-R in her beautiful new home. Even here in this picture she seems to be shutting her eyes and clicking her heels together…There’s no place like home, there’s no place like home! Thank you and congrats Shawnna!

shawnna

9 Easy Mistakes Home Owners Make on Their Taxes

21 Feb

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9 Easy Mistakes Home Owners Make on Their Taxes

Don’t rouse the IRS or pay more taxes than necessary — know the score on each home tax deduction and credit.

Sin #1: Deducting the wrong year for property taxes

You take a tax deduction for property taxes in the year you (or the holder of your escrow account) actually paid them. Some taxing authorities work a year behind — that is, you’re not billed for 2013 property taxes until 2014. But that’s irrelevant to the feds.

Enter on your federal forms whatever amount you actually paid in 2013, no matter what the date is on your tax bill. Dave Hampton, CPA, tax manager at the Cincinnati accounting firm of Burke & Schindler, has seen home owners confuse payments for different years and claim the incorrect amount.

Sin #2: Confusing escrow amount for actual taxes paid

If your lender escrows funds to pay your property taxes, don’t just deduct the amount escrowed, says Bob Meighan, CPA and vice president at TurboTax in San Diego. The regular amount you pay into your escrow account each month to cover property taxes is probably a little more or a little less than your property tax bill. Your lender will adjust the amount every year or so to realign the two.

For example, your tax bill might be $1,200, but your lender may have collected $1,100 or $1,300 in escrow over the year. Deduct only $1,200. Your lender will send you an official statement listing the actual taxes paid. Use that. Don’t just add up 12 months of escrow property tax payments.

Sin #3: Deducting points paid to refinance

Deduct points you paid your lender to secure your mortgage in full for the year you bought your home. However, when you refinance, says Meighan, you must deduct points over the life of your new loan. If you paid $2,000 in points to refinance into a 15-year mortgage, your tax deduction is $133 per year.

Sin #4: Misjudging the home office tax deduction

This deduction may not be as good as it seems. It’s complicated, often doesn’t amount to much of a deduction, has to be recaptured if you turn a profit when you sell your home, and can pique the IRS’s interest in your return. Hampton’s advice: Claim it only if it’s worth those drawbacks. If so, here’s what to  know about what you can write off.

Sin #5: Failing to repay the first-time home buyer tax credit

If you used the original home buyer tax credit in 2008, you must repay 1/15th of the credit over 15 years. If you used the tax credit in 2009, 2010, or 2011 and then sold your house or stopped using it as your primary residence, within 36 months of the purchase date, you also have to pay back the credit.

The IRS has a tool you can use to help figure out what you owe.

Sin #6: Failing to track home-related expenses

If the IRS comes a-knockin’, don’t be scrambling to compile your records. Many people forget to track home office and home maintenance and repair expenses, says Meighan. File away documents as you go. For example, save each manufacturer’s certification statement for energy tax credits and lender or government statements to confirm property taxes paid.

Sin #7: Forgetting to keep track of capital gains

If you sold your main home last year, don’t forget to pay capital gains taxes on any profit. You can exclude $250,000 (or $500,000 if you’re a married couple) of any profits from taxes. So if you bought a home for $100,000 and sold it for $400,000, your capital gains are $300,000. If you’re single, you owe taxes on $50,000 of gains. However, there are minimum time limits for holding property to take advantage of the exclusions, and other details. Consult IRS Publication 523.

Sin #8: Filing incorrectly for energy tax credits

If you made any eligible improvements in 2012 — or will in 2013 — such as installing energy-efficient windows and doors, you may be able to take a 10% tax credit (up to $500). But keep in mind, it’s a lifetime credit. If you claimed the credit in any recent years, you’re done. Fill out Form 5695.

Part II of the form, which covers systems eligible for a larger tax credit through 2016, such as geothermal heat pumps, can be incredibly complex and involves crosschecking with half a dozen other IRS forms. Read the instructions carefully.

Sin #9: Claiming too much for the mortgage interest tax deduction

You can deduct mortgage interest only up to $1 million of mortgage debt, says Meighan. If you have $1.2 million in mortgage debt, for example, deduct only the mortgage interest attributable to the first $1 million.

*This article provides general information about tax laws and consequences, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice.

Million Dollar Smile

24 Aug

Well, look-y here. It’s Jeffery Hodges wearing the million dollar smile of a man that just bought his first house! It’s always so exciting for me to be a part of this dream that many people have. I love my job! Congratulations Jeff!

Jeff just bought his first home!

New Listing! 56 Cordage Circle

24 Feb
Play VisualTour

What is Homestead Exemption ?

7 Feb

Hello to all of you homeowners out there! Don’t forget it’s time to file homestead exemption if you have not already.

The Georgia Department of Revenue  specifies that generally, a homeowner is entitled to a homestead exemption on their home and land underneath provided the home was owned by the homeowner and was their legal residence as of January 1 of the taxable year. (O.C.G.A. § 48-5-40)

To be granted a homestead exemption, a person must actually occupy the home, and the home is considered their legal residence for all purposes.  Persons that are away from their home because of health reasons will not be denied homestead exemption.  A family member or friend can notify the tax receiver or tax commissioner and the homestead exemption will be granted. (O.C.G.A. § 48-5-40)

Application for homestead exemption must be filed with the tax commissioner’s office, or in some counties the tax assessor’s office has been delegated to receive applications for homestead exemption. Here in Chatham County, you can just go down to the Courthouse on Montgomery Street. You should take identification with you as well as a utility bill with your name on it.

A homeowner can file an application for homestead exemption for their home and land any time during the calendar year. To receive the homestead exemption for the current tax year, the homeowner must have owned the property on January 1 and filed the homestead application by the same date property tax returns are due in the county. Property tax returns are required to be filed by April 1. Homestead applications that are filed after this date will not be granted until the next calendar year. (O.C.G.A. § 48-5-45)

The Standard exemption for the home of each resident of Georgia that is actually occupied and used as the primary residence by the owner may be granted a $2,000 exemption from state, county and school taxes except for school taxes levied by municipalities and except to pay interest on and to retire bonded indebtedness. The $2,000 is deducted from the 40% assessed value of the homestead. The owner of a dwelling house of a farm that is granted a homestead exemption may also claim a homestead exemption in participation with the program of rural housing under contract with the local housing authority.

If you are 65 or older, disabled, or a service member you may be eligible for a greater exemption.

So save yourself some money and file!

In the news…

19 Aug

11409 Colleen Drive ~ SOLD 10/23/09

13 Aug

Erin Rowley | Coldwell Banker Platinum Partners | 912 224 0460
11409 Colleen Dr., Savannah, GA
Great home for first time buyer’s, military, or newly weds!
4BR/2BA Single Family House
offered at $149,000
Year Built 1964
Sq Footage 1,608
Bedrooms 4
Bathrooms 2 full, 0 partial
Floors 1
Parking 1 Covered spaces
Lot Size Unspecified
HOA/Maint $0 per month

DESCRIPTION

If you have been looking for a great home to invest in– look no further. This home is an absolutely adorable all brick ranch style home, with fenced backyard. The front and backyard have wonderful established plant life and lush green grass. The house has brand new carpet, new vinyl floors, and new neutral paint. There is an additional room which would be perfect for an office, den, or 4th bedroom. It even has it’s own separate entry. Off the formal dining room is a screened porch. The kitchen opens out to a covered patio, which welcomes you into a very sweet and peaceful backyard. There is
tons of storage here, both inside and out.

The neighborhood is well kept and quiet.

Perfect for military, move-up or 1st time buyers.

Seller’s are VERY motivated.

Here is an estimate of what it would cost to live in this home:

*IF* you paid full asking price, with no money down, at $149,000

At an interest rate of 5.5%

For 360 months (standard)

Would be about $846 a month for Premium and Interest.

Taxes and Insurance are estimated to be under $150 a month…

That brings your monthly payment to less than $950/month.

The seller’s are willing to negotiate.

Shown by appointment anytime!

Direct (912) 224.0460
Office (912) 352.1222

Abercorn Southbound. Take a RIGHT on LARGO DR. RIGHT on Colleen St.
#11409 on your right hand side.

https://savvyinsavannah.wordpress.com

see additional photos below
PROPERTY FEATURES

– Central A/C – Central heat – Living room
– Office/Den – Dining room – Breakfast nook
– Dishwasher – Stove/Oven – Laundry area – inside
– Yard – Swimming pool

ADDITIONAL PHOTOS


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Contact info:
Erin Rowley
Coldwell Banker Platinum Partners
912 224 0460
For sale by agent/broker

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Posted: Sep 15, 2009, 7:19am PDT