 |
DC
METRO REAL ESTATE
Serving
the Real Estate needs of the communities of
Manassas, Bristow, Haymarket, Warrenton, Gainesville
and Culpeper in Northern Virginia
|
|
Dave
Scardina
Broker
/ Owner
|
|
703-829-SOLD
866-909-0900
|
|
|
|
|
Tips for Buying Bristow HomesBuying a Bristow Fixer-Upper
Some Bristow investors concentrate on buying fixer-uppers, making repairs and upgrades then selling for a profit. Going with a Bristow fixer-upper can also be a smart way for those who are handy to buy a home in a neighborhood that they might otherwise be unaffordable. Fixer-uppers are a wonderful opportunity for those who simply love to create their space to their own specifications but for whatever reason do not want to start with a vacant lot.
Best to know the extent of the job and whether or not you are up to it before you buy. Some Bristow fixer-uppers simply need cosmetic work such as paint, wallpaper, carpeting and maybe kitchen appliances are fairly easy to estimate the costs for fixing. Bristow homes that need minor structural repairs such as roofing are also fairly easy to cost estimate.
Does Your Bristow Have Curb Appeal?
Good curb appeal is definitely an advantage to home sellers when prospective buyers visit your Bristow and can be an advantage in advertising in the newspaper and on the Internet. However, it is important to note that even a home with great curb appeal can look bad in an advertisement if the photographer did a bad job with the camera. A photograph of a Bristow home on a dreary day will look quite different from a photo of the same home when the sun is shining. Sometimes it is better to take a picture of a home from an angle rather than a straight on shot that may turn out to be more about the garage door than about the house itself.
The Benefits of Selling Bristow
As you know, you are allowed to sell your Bristow principal residence once every two years and exclude up to $250,000 ($500,000 for a married couple) of the gain of the sale on your Federal income tax. Please note: This is not a once in a lifetime tax savings and you don’t have to be any certain age or buy a more expensive property. If you meet the two-year residence test you can sell your principal residence every two years if you are so inclined and the market cooperates. But this tax saving does not affect rental property unless you convert the rental to your personal residence, live in it for two years and then sell it.
What Makes Bristow Sell?
If your only reason for selling your Bristow is for the purpose of taking your profits there are a couple ways to approach this. Assuming you have lived in the Bristow for two years so you can avoid federal tax consequences, if you sell when prices are high and rent until prices come down before buying a replacement home, you will have maximized your profit. Remember, if you sell when prices are low, you will still make a profit and be able to buy a replacement home while prices are still low.
Bristow DOWNTURNS
Real estate markets are affected by the economy as a whole and in turn, can affect the general economy. Of course, a buyer’s dream is to buy Bristow when prices are low and sell when prices are high. However, real estate is not exactly like other forms of investment and most people become comfortable and attached to their homes and are not interested in selling just because the market is right.
Bristow DEPRECIATION
Depreciation is the loss of value of a building or an asset due to wear, tear, and aging. Depreciation cannot be applied to your personal residence unless you use your Bristow in some way for business. If you do depreciate a part of your home, let's say a home office, there are tax consequences you must consider when you sell your home.
|
|
|
