Westfield Homeowner Tips Archives - Luxury Homes/Top Towns

Tax Deductions for Westfield Home Sellers

March 13, 2020 by Scott Gleason

We have about a month left before the 2020 tax filing deadline. Currently, that is Wednesday, April 15th. However, in a recent address to the nation, President Trump announced that he would be allowing an extension for some “individuals and businesses negatively impacted” by COVID-19. Specifics about who qualifies for an extension and how long that extension will be are still forthcoming. Meanwhile, anyone who sold their Westfield home last year may be entitled to certain tax deductions and exemptions.

If you sold your Westfield home last year, you could be entitled to a few tax deductions and an exemption when you file your taxes this year.

Westfield Home Seller Tax Deductions

Selling Costs

Any costs associated with the actual sale of your home (legal fees, escrow fees, commissions, etc.) can be deducted from your taxes. These should all be included in your closing statement. However, you need to have used that Westfield home as your primary residence for at least two of the past five years.

Home Improvements/Repairs

Did you need to paint, replace window screens, fix broken windows or do anything else to make your Westfield home more marketable? Those costs could be tax deductible. However, these improvements/repairs must have taken place no later than 90 days from close of escrow. Otherwise, they are not deductible.

Property Taxes

When you are a homeowner, you get to claim up any property taxes you paid as a deduction (up to $10,000). The same holds true for when you sell your house. Anything you paid up until the time of close may be deductible up to $10,000.

Mortgage Interest

Just like property taxes, any mortgage interest you pay before closing may be deducted. Before December 15, 2017, homeowners could claim all mortgage interest paid up to $1 million of mortgage debt. After that, a new tax code went into effect that put a cap at $750,000 of mortgage debt. So, if you purchased a home or refinanced after that debt, you must adhere to the new tax code rules. Both property taxes and mortgage interest deductions must be itemized in order to claim them. So, to make them worth your while, the total should be more than your standard deduction. To determine whether or not to itemize, discuss this with your tax advisor, attorney or preparer.

Capital Gains Tax

When you sell your Westfield home, you are subject to a capital gains tax on your net profit. However, the first $250,000 (single) or $500,000 (married couples) of that profit is exempt from this tax. Again, you need to have utilized the property as your primary residence for at least two of the last five years to qualify for the entire exemption. If you sell it within two years of purchasing it, you might be entitled to a percentage of the total.

Scott Gleason, CRS at Coldwell Banker Realty, Luxury Homes

Best Home Improvement Projects for the Money

October 19, 2018 by Scott Gleason

Your home is a major investment of your time and money. Most likely, you’re going to want to make a few changes while you own it. Some projects you’ll do because they improve your lifestyle. Other projects you do because they improve your home’s value. Here are some of the best home improvement projects for the money.

Best Home Improvement Projects for the Money

Replace the Roof

Click here for an instant “No Strings Attached” valuation of your home.

Does your roof look a little worse for wear? Replacing it costs about $7500 on average. But your ROI runs around 109%, making it the best home improvement project you can do. As time goes on, however, that ROI lessens (due to wear and tear on the roof itself). Whether you plan on selling your Westfield home soon or want to live there indefinitely, you need a good roof over your head to protect you from the elements. So, this is always a good investment.

Plant Some Trees

Trees provide shade in the summer and protection against harsh winter weather. They also help the environment and make your Westfield home look more appealing. But did you know that they’re one of the best home improvement projects you can find? At 100% ROI, they’re well worth the investment. Be careful with which trees you plant. Keep them far enough from the house so that the roots don’t hurt your foundation. Consult with professionals at your local nursery to find out which trees work best and where to plant them.

Wood Flooring

Another one of the best home improvement projects Westfield homeowners should consider is replacing your old flooring with new wood floors. Carpet in the bedrooms and tile in the bathrooms is fine. But today’s home buyers want to see beautiful hardwood floors everywhere else. The cost of materials and installation runs around $10-$15 per square foot. However, your ROI comes in at 91%. If your home currently features hardwood floors that look a little worn out, save some money by refinishing them instead of replacing them. That bumps your ROI up to 100%.

Replace the Garage Door

One of the most underlooked home improvement projects that offers an excellent ROI (87%) is replacing the garage door. Not only is it a minimal cost to install (around $2300 on average), it takes a short amount of time to complete and can totally change the look of your home right away. This also becomes an energy efficient feature when you install an insulated garage door.

Add an Outdoor Kitchen

Donate to Team Guys & Dolls for Bike MS NYC 2018

Do you love your summer barbecues? Many people do. Another one of the best home improvement projects for the money is adding an outdoor kitchen/grilling station. A $14,000 investment offers a 71% ROI. Charcoal or gas grills cost less than an electric grill. If you keep your outdoor kitchen near your indoor kitchen, you can use the plumbing from there instead of running it out to an area further away. This helps reduce costs and increase your ROI.

Basement Conversion

Basements are very popular here in the Westfield real estate market. They create extra living space. You get to mold it to fit with your family’s lifestyle. As far as being one of the best home improvement projects for the money? Not so much. The cost to finish your basement and convert it into usable space runs around $40,000. If you plan on adding a bathroom or wet bar, you’re looking at much more. The ROI comes in at around 63%. So, if you want to do this, go ahead. Get creative. Just don’t expect to recoup all your costs when you sell your home.

Indoor Kitchen Remodel

One of the most popular home improvement projects actually offers the least ROI (62%) out of all the projects on my list. On average, you’re looking at around $65,000 to completely overhaul an outdated kitchen. Even so, if you want to sell your property in today’s Westfield luxury market, you’re going to need to bring your kitchen up to date. One way to keep remodeling costs to a minimum is to keep the same footprint as the original kitchen, ie, don’t move the plumbing or electrical. If your cabinets are in good shape, sand them down and refinish them instead of replacing them with new ones. Doing the demo work and painting yourself also shaves some money off the costs of remodeling.

Scott Gleason, CRS at Coldwell Banker Realty, Luxury Homes

Managing Your New Home Construction in Westfield

September 14, 2018 by Scott Gleason

New home construction in the Westfield luxury real estate market is a hot commodity. Many buyers want to completely customize their home without the hassle of a messy remodel. A new home build allows them to do that. To avoid problems and reduce your stress, follow these tips for managing your new home construction in Westfield.

Managing Your New Home Construction in Westfield

Only the Best Will Do

Click here for an instant “No Strings Attached” valuation of your home.

When building a luxury new home, don’t skimp on the construction firm you hire. Just because they cost the most doesn’t necessarily mean they’re the best, though. Check their credentials. Ask to see photographs of their most recent projects. Talk to several firms before you decide which one to hire for your new home construction in Westfield.

Create Your Wish List

Setting your ideas down on paper helps both you and your contractor envision the completed project. How many square feet do you want your Westfield home to encompass? How many bedrooms and bathrooms do you need? Do you entertain? If so, a finished basement or large family room might be in order. What types of finishes do you want? Are high ceilings important? Think about your lifestyle and incorporate it all into what you want in your new home construction. Don’t leave anything out. You can always scale back if needed.

Hire a Construction Manager

The best crews run well with someone overseeing them. You can’t be there every day. To keep your new home construction running smoothly, you’ll need to utilize construction management services. They help keep things running on time and on budget. Interview several companies before settling on one.

Look Around

Finally, look at other new home construction projects going on in the Westfield luxury market. Visit recently completed homes to see the latest innovations in home construction and finishes. Home builds constantly change and evolve with the times. It’s a good idea to see what’s happening right now. You might find something you want to include in your new home. On the flip side, you might also see something that you know you definitely want to avoid in your own home’s construction.

Building a Westfield luxury home takes time and patience. Hiring the right people to conduct and oversee your new home construction eliminates a lot of stress on you. A little homework goes a long way. Good luck with your new build. Contact me if you have any questions.

Scott Gleason, CRS at Coldwell Banker Realty, Luxury Homes

Westfield Home Renovation Tip: “Must Keep” Original Features

June 8, 2018 by Scott Gleason

New construction is a hot commodity in the luxury Westfield marketplace. To keep up with newly built homes, many homeowners opt to renovate their older home before they sell. Tearing down walls to create a more open floor plan and updating the kitchen for today’s modern lifestyle may be a great idea. But don’t get rid of everything. Today’s Westfield home renovation tip is important for owners of older homes. Some of the features original to your house should never be thrown out, covered up or replaced unless they are absolutely beyond repair.

Westfield Home Renovation Tip: “Must Keep” Original Features

Hardwood Floors

Click here for an instant “No Strings Attached” valuation of your home.

Buyers love to see these two words when looking at a Westfield home: original hardwoods. Modern construction rarely incorporates traditional hardwood flooring anymore. When ripping up your carpet or tearing into the linoleum in the kitchen, check to see if you have original hardwood flooring underneath. If they’re in good shape, you simply need to sand them down and stain them to restore them to their original beauty. Oftentimes, it’s worth the time and money involved to fix damaged hardwood floors instead of replacing them with new flooring. Consult your contractor for the costs. Then, talk to your Westfield REALTOR® about whether they believe the cost is worth it when it comes time to sell.

Fireplace

Fireplaces create beautiful focal points in most rooms. For older Westfield homes, in particular, this proves especially true. First, have the chimney and flue inspected by a professional to make sure they work properly. Soap and water work well to clean up a stone surround. But a wooden mantel requires a more delicate touch. Sand it down before applying a fresh stain or coat of paint. Pay special attention to any original detailing. Even a non-functioning fireplace can still be a focal point after you restore its appearance. Set candles inside instead of logs once you’ve finished renovating it.

Hardware

Finally, never throw out your Westfield home’s original hardware. Old fashioned doorknobs, drawer pulls, and even light fixtures can be repurposed into modern design schemes. In fact, many buyers want to see original pieces like this included in an older home. They don’t necessarily have to be put back in their original locations, though. Kitchen pulls can be incorporated into the master bathroom. Exterior doorknobs can be used on the pantry door, linen closet or master bedroom door. And light fixtures can be moved to just about anywhere in your home.

You’ve heard the saying “they just don’t make them like they used to”. Well, it’s true. They don’t. If you plan on doing a home renovation on your older Westfield property, try to keep the original features listed above as part of the new design. Create something beautiful by marrying the old with the new. Buyers will love it.

Scott Gleason, CRS at Coldwell Banker Realty, Luxury Homes

Quick Projects to Make Your Older Westfield Home Look New Again

May 21, 2018 by Scott Gleason

As you are probably aware, buyers love new luxury construction. If you own an older home, you’ll be competing with newer homes for buyers’ attention. To attract these buyers, you may need to make a few updates. But that doesn’t always mean digging deep into your pockets or spending weeks to renovate. Here are a few quick Westfield home improvement projects that will make your older home look new again.

Quick and Easy Westfield Home Improvement Projects

Bathtubs

One area that can date your bathrooms is the caulking in your tub. Yellowed, cracked, and peeling caulking makes tubs look dingy. Luckily, this is one of the Westfield home improvement projects that take little time or money to fix. Visit your local home improvement store for tips on how to update the look of your bathroom in about an hour or so.

Walls

Click here for an instant “No Strings Attached” valuation of your home.

Are your walls all the same color? Build interest in an otherwise bland room by creating an accent wall. The foyer, dining room and family room tend to be the areas of choice for accent walls in a Westfield home. You don’t have to have an accent wall in every room, though. Decide on just one room to do this in. Choose a color that ties in with the accessories already found in the room. Also, many homeowners like to refresh the look of a room with new artwork, photographs or other wall hangings. Unfortunately, this leaves nail holes behind. They can be unsightly. Take a few moments to go around from room to room filling in the old nail holes with spackle. Then, use touch-up paint to blend the spackle seamlessly into the wall.

Lighting

Next, look at your light fixtures both inside your Westfield home and out. Add dimmer switches in place of standard ones. And don’t forget your exterior lighting. Add solar lights to your walkways and around the driveway. Many options include wireless models that use the sun’s light to charge their batteries. No messy wires involved. Simply stake them into the ground wherever you want them. Just make sure the areas you place them have plenty of access to direct sunlight.

Windows

Now, let’s focus our Westfield home improvement projects on to the windows. Torn screens and broken shutters make a house look worn and uncared for. A new coat of paint freshens up old shutters. Replace ripped screens quickly and easily with a screen replacement kit that can also be found at your local home improvement store. They’re easier to replace than you think.

Stairs

Wooden stairs are beautiful. And in an older house, they can be especially pleasing to the eye. However, the treads wear down with use. Add life back into your stairway by replacing the treads with easy-to-install carpet stair treads available in a wide variety of colors and styles. You can order them online or purchase them at a home improvement store. Just fit them to the width you want, add heavy duty carpet tape, and stick them in place. Learn more about keeping your treads in place here.

Garden

Finally, the last of the Westfield home improvement projects I’ll be talking about today involves your garden. Pretty flowers and trimmed shrubs are a definite must. But you can add a little more interest simply by installing a birdbath, hummingbird feeder, birdhouse, and/or fountain. Even large painted vases add beautiful focal points and take no time at all to install.

When competing with newer homes on the market, you need to make your home stand out. To do so may involve updating your property a little. Luckily, these Westfield home improvement projects don’t take a lot of time or money to complete. But they’ll definitely make a lasting impression on buyers.

Scott Gleason, CRS at Coldwell Banker Realty, Luxury Homes