How to Hold Title

When purchasing a property, many buyers don’t think about how they will hold the title to their new home or investment property until they sign the closing documents.  Taking title may actually have serious ramifications later, if not properly filed, especially if the property is owned by multiple buyers.  Some of the most common ways to hold title is sole ownership, community property, community property with right of survivorship, joint tenants, or tenancy in common.

What’s right for your situation?

Married Couple

When a married couple holds title, the most common form is community property with right of survivorship.  This means tha

a
t if one spouse dies, the property is automatically transferred to the surviving spouse.

Single Man or Woman

Most single people will elect to take title by sole ownership as a single man or woman, or if they have been married the title would be held as an unmarried man or woman.

Partnership

Many real estate partners will choose to hold title as joint tenancy, which means all parties own the property equally.  If one partner dies, the property transfers to the remaining partner without going through probate.  If the partners hold title as tenancy in common, and a partner dies, the property of the deceased person can be left to someone else, but still must go through probate first.

Adding Names to Title

It’s crucial to be mindful when adding a name to a family member’s property title. If the person is added as a joint tenant the tax assessor will reassess the value of the property to the current market value - this means the taxes will go up!

Make sure you contact your CPA or lawyer if you are not sure about the best way of taking title to a new property.

The Giving Tree

You want to sell your home and you’re are very familiar with the fact that curb appeal and landscaping are an important factor in attracting potential buyers.  But did you know that trees, yes, trees can be a surprising factor in the value of your home.  The more tree cover a property has, the more increase in sale value is added to your property.  What that means is that by upgrading your existing landscaping by adding more trees, you will see a bigger return on investment and your home can increase in value.  Higher value can mean higher selling price and more money in your pocket after the sale of your home.  Now, I know what you are thinking, adding trees means more watering and higher water bills, not to mention the whole drought thing going on.  And yes, adding some trees to your property can have that adverse effect, but not all trees are alike, so you need to do a little homework. 

Before you go out and buy a truckload of trees and start planting, you need to get some critical information.  Go to a local nursery and get some expert advice.  You need to know what type of trees will work best for you and how to take of them.  You don’t want to plant a fruit bearing tree that will hang over your pool, or a redwood 2 feet from the side of the house.  Since trees are more permanent, you want to think about how they will grow and their upkeep.  Also, planting trees on the south and west sides of your home will provide more shade and keep the house cooler, thus saving energy and potentially money.  As for affecting water usage and the dreaded drought, find trees that are water-efficient and can live on less water than grass.  Drought friendly xeriscape gardens are all the rage and there are numerous trees in all different sizes that fit into such an environment and can bring great value to your home.  I guess the giving tree really is alive and well.

All the Word’s a Stage and We Are Merely Players

         

             You want your home to sell.  You have had a few showings but no bites yet.  The buyers are just not that interested in your home and you don’t know why.  What you need to do is get a new set of eyes, in other words a second opinion about how your home reads to potential buyers.  Sure, you could hire a professional staging company and have them set up your home so that it is picture perfect.   Unfortunately, not every one can afford to dole out the money for a professional stager, but that doesn’t mean your can’t take some of their basic advice.  Most stagers recommend have family, friends, or neighbors come by your home and really look at it like a prospective buyer.  They can make suggestions to you about things you may have overlooked or never even thought could be a turnoff to some buyers.  There are other things you can do to make the buyers more interested in your home. 

            If you are staging your home yourself, there are a few basic tips that will make you an old pro before you know it.  First and foremost, you need to remove the clutter.  Buyers want to see how their own stuff will look in the home and can be distracted by too many personal knickknacks peppered throughout the house.  They may miss the beautiful mantle piece or custom shelving if they are covered in for example, your ceramic cat collection.  After decluttering, it is time to clean and reorganize all that was left behind.  Don’t forget to organize your cabinets and closets.  If your house is listed as a three-bedroom home, make sure the rooms really reflect that.  If you have a hobby room, office, or full gym in the guest bedroom, stage the room as it was originally designed to be.   Also, when staging your home yourself, don’t forget to create ambiance.  You want to make your home feel inviting and comfortable, so pay attention to the feel of each room.  Make sure lighting, furniture, and any decor make the prospective buyers feel warm and cozy and it will make them feel like they are home.  If all the world’s a stage, why not dress yours so that even the most discerning buyer can the its true potential.   

Leave the Gun, Take the Cannolis

            

      You have sold your home and have purchased a new one.  Only problem is your new home is much smaller than the one you just sold.  What are you going to do with all your stuff?  Deciding what you should take with you and what you need to get rid of when downsizing, is a very common problem these days.  We have taken years to accumulate all of our stuff, some of we keep for sentimental reasons, but some of it has us scratching our heads as we ponder why we have it in the first place.  But what about the other things?  The ones that are somewhere in the middle of near and dear to our hearts and “what were we thinking?”  

      

We have all heard the old adage of if you haven’t used something for a year, you should get rid of it.  We may have heard it, but do we really follow it.  When downsizing, this well-known saying really does apply.  If you haven’t used it, why add clutter to an already smaller place.   After that, really study the configuration of your new home.  Will your existing items fit?  Your old house may have been big enough for that oversized couch and love seat, but maybe your new home will only fit a small sofa and chair.   Are you going to store those items indefinitely, or maybe sell them to put towards the cost of some new furniture?  What about the ambiance or theme of the new home?  Your new place is ultra modern, but your bedroom set is old world, or vice versa.  By taking only those items that fit your new place in both size and feel, will make moving to a smaller place easy.  So, keep these tips in mind to make it easier to let go of the things that are no longer necessities and avoid cluttering up your new home, and downsizing will be a piece of cake, or a cannoli.   

Spring Cleaning: Horror or Untapped Party

It is that time of year for the chore of all chores, spring cleaning.  I know I dread it every year and the complaining and whining that come with it are just too much to bear.  And that’s just coming from me, let alone the rest of my family.  So this year I am taking a different approach to spring cleaning and making it fun.  I will not face this daunting task alone and I will not allow the others to bring me down and make this one of the most excruciating experiences of the year.  No longer will we be segregated to separate rooms each dividing and conquering until the task is complete.  This year will be a spring cleaning party and I will make this something to look forward to each year. 

I know you are thinking that I am crazy but there are a few simple things you can do to make spring cleaning fun and get everyone involved.  First things first, don’t be a task master.  If you and your family are cleaning in the living room and come across a photo album, take the time to remember days gone by.  Share stories and remember the good times, and the tedious task of cleaning will seem more like a treasure trove of memories.  Second, make it a competition and get everyone, including little ones, involved.  Make cleaning a treasure hunt or race a by creating a list of tasks for each person and whoever finishes first gets a prize.  Third, make it party by cranking up the tunes and each take turns entertaining those who are cleaning.  Maybe have a sing-off, dance-off, air guitar battle, or lip sync battle during breaks.  Fourth, make it profitable for you and your family.  Items your family no longer uses can be sold at a yard sale, on eBay, or on craigslist and the profit can be used for a treat for all.  Of course anything that does not sell can be donated to help those less fortunate.  So this year, like me, make spring cleaning a party and turn the whining into cheers.