Monthly Archives: November 2019

What to do with Housing in Case of Divorce or Separation

What to do with Housing in Case of Divorce or Separation

In a separation or divorce procedure, one of the issues that costs the most to regulate and that causes the most problems is housing. When the use and payment of the property has been shared during the marriage, it is necessary to correctly and legally regulate what will happen to the family home. It doesn’t matter if we are talking about a friendly divorce, or if it comes with litigation. The most important decision is to determine if one of the parties stays with the house or if it is sold. Whatever the outcome of the negotiation, everything has to be embodied in a regulatory agreement to avoid future problems. Here are some tips on what to do with housing in case of divorce or separation.

It is decided to sell the house

When the former spouses reach an agreement to sell the homes, it must be taken into account that each one will have to declare the sale in the IRPF. The real estate operation can provide an economic gain, which is stipulated by calculating the difference between the value at which the house is sold and the value at which it was purchased, according to the year in which the property was acquired.

Both parties will pay taxes based on the proportion in which they are owners. Earnings of up to 6,000 USD are taxed by 19%, and the percentage rises to 21% between 6,000 and up to 50,000 USD, and 23% from 50,000 USD.

If, on the contrary, the sale of the property throws losses, they must also be declared as compensation can be obtained in the same income statement.

If the former spouses want to reinvest the money from the sale in buying a new habitual residence, they can also deduct the taxation on the part of the profit that is destined to the new purchase. And some of the parties are over 65 years old, neither will they have to pay taxes for the profit they get when selling the house, nor are they obliged to reinvest the money in the purchase of a new home.

The house is for sale but there are no buyers

The process of buying and selling a property can be long and complicated; much more if several parties in conflict are involved. It is quite common for the house in case of divorce to take time to sell, and in the meantime we must continue to take care of everything. The co-owners are obliged to continue paying the expenses generated by the home and include it in the personal income tax, based on the percentage of participation they have in the house.

If, after the separation, neither party follows housing, they will have to impute real estate income. In case one of them does reside in the house, only the former spouse who no longer lives there will have to do so.

Mortgage payment

If the house is gain, the mortgage payment is the responsibility of both parties equally, at 50%. The quotas will continue facing the same as when the couple resided in the property, until the company of liquidators is liquidated.

The house is put on rent

One of the options that customers are demanding the most for their home in case of divorce or separation in the rental of the marriage home. It is a very good investment, since the lease offers a high return and allows covering the expenses while the ex-couple decides what to do with the property. When the house is rented, both parties can enjoy a 60% reduction on the net rental yield. Of course, for this you must declare the lease in the declaration of income as a return on real estate capital.

Whatever the decision made by the former couple with the house in case of divorce, if selling or renting, the most advisable thing is to go to an experienced real estate consultant, to carry out the process with legal guarantees and total tranquility. In addition, the real estate agency can handle the sale or lease of the home. We offer you a comprehensive advisory service so that the management of the couple’s assets does not involve any extra problems. Contact us and tell us your case.

Find more details here: www.webuyjerseyshorehouses.com

What to Do With Your Inherited House

What to Do With Your Inherited House

It is common for many people to receive property as inheritance. However, it must be borne in mind that once the family member dies, the property is not immediately transferred to the heirs, but it is necessary to carry out a series of preliminary procedures before the figure of a notary. Here the question arises, how to sell an inherited house?

The procedures can be somewhat cumbersome, which is why many heirs choose to reject the legacy. But, if in your case you decided to accept it and take charge, it is crucial that you know about the existence of some payments that must be made such as inheritance tax or municipal capital gain, this as a way to avoid future economic and legal scares. If what you have in mind is to sell an inherited house, we give you some tips so that nothing is overlooked.

Requirements to sell an inherited house

Taking charge of an inherited home has its tricks, but do not worry that next we will give you some lights to understand all the aspects that come into play in this scenario.

Before thinking about selling an inherited house, it is necessary that you are its legal owner in the eyes of the Property Registry, a procedure that can be done depending on the nature of the inheritance, for example, it could be a inheritance with a will, an agreement in the distribution of assets between the number of heirs or some legal procedure when there is a disagreement between the beneficiaries. Regardless of the case, you must present the death certificate and the last will certificate of the deceased, to know if there is a will and where you can locate it.

Taxes before selling a house in inheritance

It is time to cancel some taxes. First, there is the Inheritance Tax whose value may vary depending on the autonomous community. In this sense, each heir has the responsibility to pay his in a recommended period of six months, if he cannot do so at that time, it may be extended, provided that a previous request is made.

Secondly, there is the payment of the Capital Gains Tax or Tax on the Increase in the Value of Urban Nature Land, which is paid on the increase in the cadastral value of the land. The calculation of this increase is made by comparing how much the price has increased from the first purchase to the moment in which the transmission is carried out by inheritance.

In the same way it is important that the inherited house be reflected in the declaration of income as imputed income, in case you plan to keep the property owned. In the event that you have decided to sell it, in your personal income tax, you must only declare the profit you have obtained in the sale. In this way, you are not obliged to declare anything regarding inheritance, since this transfer does not pay in the IRPF, but does so in the Inheritance Tax.

With regard to taxes you must be very attentive, since there are decisive details that sometimes are often ignored or go under the table. Taxes on the sale of an inherited home must be paid in the territory where the deceased had the habitual residence, regardless of the location of the property. This is an important aspect because depending on the autonomous community where they are settled, taxes can be up to a thousand times higher in one place than in another.

Anyway, you must be clear that before making the payment of any of these taxes, it is necessary to make an appraisal of the house. This step can be activated before the Ministry of Economy and Finance of the corresponding autonomous community so that this administration is responsible for deciding the value of the property left in inheritance by the deceased.

After this you must contact an appointment with the notary to, when the time comes, be able to sign the deed of adjudication of the inheritance. At this point it is very important that you have at hand the deeds of the house so that you can be credited as the new owner of the same, then you can make the change of ownership of the property.

If you want the statement to be more favorable we recommend you follow some legal “tricks”. For example, the sale price can be subtracted from all the expenses derived from the operation that you can justify before the Treasury. To the acquisition price you can add all the expenses derived from the operation that you can justify, for example, the taxes that you have had to cancel.

We recommend you read our post about expenses when selling a house. Also, tell you that if you are looking to sell your home in the fastest and easiest way, even with an inheritance, here is a solution. We are not a real estate agency, we work differently and we explain how the process to sell your house with us works.

Is there a stipulated time to sell an inherited house?

From the legal point of view there is no time limit to be able to sell an inherited house, since once you become the owner you will have the right to sell it when you require it, however, there is something that does influence and is the profitability that you can get to the property during the time between the inheritance and the sale of the home.

There are ways to avoid tax surcharges, for example, by canceling the taxes of the sale of the inherited house within a maximum period of six months after the death of the original owner.

Also, from the perspective of the municipal capital gain, it happens that, when selling an inherited house a year after registering the home in the name of the heir, the payment of this tax will have to be made again.

For this reason, many experts in the real estate area recommend that, if the goal is to sell the inherited property, the operation is carried out within a year after the award and registration of the same, this as an alternative to avoid assuming a payment additional not within the personal budget.

Keep in mind that the faster you take care of fixing each of the procedures to sell your house, you will have a green light to sell it. Don’t let the process, which we understand is usually overwhelming in some cases; prevent you from selling an inherited house. If what you want is to sell it as soon as possible and without going through this process, call or write us without obligation. We offer you a serious and fast offer.

Find more here: We Buy Jersey Shore Houses LLC

Finsbury – Starting the Search for the House of Your Dreams? Here are 5 Tips!

Finsbury – Starting the Search for the House of Your Dreams? Here are 5 Tips!

In the current real estate market, the low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time buyer if you’re not prepared. In a Realtor.com article titled “How to Find Your Dream Home — Without Losing Your Mind” ) The author highlights the steps that first-time homebuyers can take to help follow their enthusiasm throughout the process.

1. Get a preapproval for a mortgage before starting your search

One way to show that you are serious about buying your dream home is to obtain a prequalification or preapproval for a mortgage before starting your search. Even if you are not in a market that is so competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.

This step will also help you refine your search based on your budget and will not leave you disappointed if the house you see, and likes, ends up being out of your budget!

2. Know the difference between what ‘essential’ and what ‘you would like to have’

Do you really need that farm-style sink in the kitchen to be happy with your home choice? Would a garage for two cars be a convenience or a necessity? Can ‘the cave for man’ of your dreams be a renewal project for the future instead of being decisive at this time?

Before you begin your search, list all the characteristics of the house you would like and rate them as “indispensable you have ‘,’ must have ‘, or ‘ absolute wish list ‘ . This will help you stay focused on what is most important.

3. Research and choose a neighborhood where you want to live

Each neighborhood has its own charm. Before committing to a house based exclusively on the house, the article suggests experiencing the area. Make sure the area meets your needs for “services, transportation, school district, etc. And then spend a weekend exploring before committing. ”

4. Choose a style of the house that you like and keep it

Evaluate your family’s needs and establish a home style that best meets those needs. Just because you have reduced your search to a zip code, it does not mean that you need to visit all homes for sale in that zip code.

For example, the article says, “ If you have several younger children and do not want your bedroom on a different level, stay away from Cape Cod houses, which typically has two or more bedrooms on the upper level and the master bedroom. On the first floor. “

5. Document your home visits

Once you start visiting the houses, the characteristics of each home will begin to blur together. The article suggests keeping the camera at hand and documenting what you like and what you don’t like from home ownership you visit.

Taking notes on the sheet of the house for sale when touring the property will also help you remember what the photos mean, or what you were feeling while touring the house.

In conclusion,

In a competitive, high-speed environment, any advantage you can give yourself will help you on your way to buying your dream home.

For more details please visit: Prestige Finsbury Park Floor Plans

How A Well-Maintained Roof Can Reduce Your Energy Bill

How A Well-Maintained Roof Can Reduce Your Energy Bill

In an effort to keep homes cool in summer and warm in winter, energy and electricity bills can easily fluctuate and progress into a potential pocketbook problem. Rather than looking for an external way to conserve energy, sometimes it might just be worth looking up at your roof. A well-maintained roof may seem like another expensive prospect, however, in the long run, taking care of your roof might just be the answer to keeping energy and utility costs low.

Your properties ability to maintain heat in winter, keep cool in summer, and support energy efficiency relies entirely on the quality of the roofing materials, the quality of the insulation and ventilation, and the quality of the initial installation. Roofing is much more than just the external appearance. High quality and well cared for roofing structures are an important investment for all homeowners.

A well-kept roof will provide adequate shelter, ventilation, insulation, and will assist in maintaining a steady indoor environment. This will efficiently contain conditioned air and decrease the amount of energy being used by other sources in the house. Ideally, a roofing contractor will have installed your roofing materials with your area’s climate in mind.

The key to keeping your roof well maintained is regular roofing inspections and having a roofing contracting company assess the current condition of the roof. This will help prioritise any repairs, replacements and upgrades needed for the upkeep of your roof. Without taking this initial step to upkeeping your roof, you will likely be paying for more heating or cooling services than necessary.

Poorly Kept Roofing Will End Up Costing More

A weathered, damaged or improperly installed roofing structure will not provide the adequate climate control needed for a house. This will keep cooling and heating systems working overtime, resulting in high energy and utility costs. In the warmer months, heat is radiated to the interior of the home, forcing air conditioning units to work harder and for longer periods of time. As the weather cools down, warm air being pumped out by the heater moves through the house but easily escapes with no insulation. This means the heater running at a constant pace trying to replace lost heat.

There are a number of variables that come into play when a roofing structure is failing. Whether it be poor insulation, poor insulating materials used, poor ventilation, worn out roof underlayment materials, low quality roofing materials or improper installation, there are many contributing factors that could be negatively impacting your home.

Insulation

Little or no insulation contributes to both heat gain and heat loss. Heat gain is when during the warmer months, the sun heats up the roof, and is absorbed by the attic. Poor insulation allows for that heat to transfer into the home, which makes the air conditioning system work harder to obtain a cool and comfortable temperature inside the house.

Heat loss occurs when during the cooler months, the poor insulation doesn’t sufficiently maintain the heat inside the house. Rather than trapping the heat inside, it allows the heat to escape into the attic and be released to the exterior of the home. Heat loss also drives the heating to work harder in order to continue to heat the home and make up for the lost heat. As a result, both heat gain and heat loss contribute heavily to overuse of air conditioning and heating, driving up the costs of energy bills.

Vertec Roofing in Sydney note that a poorly maintained insulation in a house is one of the largest contributors to a home’s over consumption of energy. Investing in high quality insulation, especially for your attic area of your home, will significantly improve your roofing quality and decrease your energy consumption.

Ventilation

If a roofing system lacks proper ventilation, there will be a build-up and entrapment of moisture inside the attic space. A build-up of moisture will likely result in a contamination of condensation and mould. When enough condensation collects, it will start to drip and soak into the insulation. Over time, this will significantly damage insulation around the house and will contribute to heat loss and heat gain. Again, this can be a large factor for over consumption of energy in the home and will unnecessarily drive up utility costs.

Roofing Materials

Roofing materials that are selected with cost-effectiveness in mind rather than the home’s structure quality will likely result in poor results in insulation and ventilation. Older roofing materials also wear out rather quickly and will need replacing more often.

Nowadays, new roofing materials and design technology can cut down energy consumption and improve efficiency sustainably. Selecting the right roofing materials for the climate your home is in and the structure of your homes design will decrease the amount of money and time you spend frequently maintaining your roof.

If your roofing structure, including insulation, ventilation or materials aren’t up to scratch, your home will likely suffer. Although a roofing replacement or repair may be a large expense, it’s a long-term investment that will cut down your energy use and bills. The best place to start is to contact your local roofing company and have them inspect your current roofing situation, before making some much needed adjustments that will be better for both your home and the environment.

The Risks of DIY Asbestos Removal

The Risks of DIY Asbestos Removal

Asbestos is the naturally occurring mineral that was widely used in the industrial and commercial construction industry due to its durability and fire resistance characteristics. It was considered an excellent building and construction material, that is until, it was proven to be a human carcinogenic.

Inhalation of asbestos and exposure to the toxic fibre can cause detrimental health effects such as asbestosis, lung cancer and pleural plaque. Although the use of asbestos products has become heavily regulated today, many homes that were built before 1980s were constructed with asbestos-containing materials.

The problem that now lies with the remaining asbestos products in materials is that when the fibres become damaged, worn, or disturbed, they are released into the air and can get trapped in the lungs. If the product with asbestos is securely bound and intact, it does not pose a threat. However, if the materials are crumbling, the asbestos fibres become friable and are extremely hazardous to anyone in the immediate vicinity.

Asbestos in The Home

With the growth and popularity of DIY (Do It Yourself) tasks within home and improvement and renovations, more people are putting themselves at risk of hazardous product exposure without the knowledge and experience that is necessary for safe disposal of such products. If you’ve found that your home contains asbestos materials (or you suspect it does), inspecting and removing the asbestos yourself is strongly discouraged.

As a homeowner, the thought of having to organise an extra professional for a seemingly simple task of removal can be a foolish and expensive prospect. Although the temptation of executing the disposal of asbestos yourself may be alluring, it really isn’t worth the risks that come with DIY asbestos removal.

Asbestos removal specialists are licensed professionals that have the training, equipment and knowledge to handle and dispose of hazardous materials. In the U.S, some jurisdictions allow private homeowners to remove asbestos materials on their own, however it’s not recommended and is important to understand the hazardous risks that come with DIY asbestos abatement.

Risk of Accident

Most products that were constructed with asbestos products were produced a long time ago and are likely to be weathered and aged. Attempting to remove, transport and manoeuvre such products is incredibly dangerous as you run the risk of damaging the fibres, which releases the toxins into the air, or accidentally damaging other fragile parts of the house.

Unsuitable Removal Techniques

There are many problems that can arise if improper removal techniques are undertaken. If the area is not properly sealed, the asbestos fibres can contaminate other parts of the home unknowingly. If the appropriate personal protective equipment is not properly fitted or worn, those in contact are likely to be exposed.  

Asbestos removal company GBAR Group Sydney also strongly discourage those with asbestos products attempting simplified DIY tactics like wetting the asbestos materials, without the necessary education and training. Often contaminated pieces of asbestos materials are found in difficult places and adding water may result electrical accidents, mould or further damage to an older structure. 

Any debris or equipment used during the removal need to be safely disposed of as well with the materials. Handling contaminated items is incredibly dangerous for those without experience, and all equipment needs to be disposed of legally with the necessary licences to have it transported.

After disposing of the asbestos contaminated materials at an approved facility, a thorough clean needs to be executed of the area it was removed from. Doing this yourself runs the risk of having airborne asbestos fibres contaminate other parts of the house or building. A licensed asbestos removalist will have the training and equipment to leave your home asbestos-free confidently.  

Risk of Health

The heavy regulations on asbestos products can be mostly attributed to the extensive research on the negative health effects it has on humans. Performing DIY asbestos removal involves putting both your health and your family’s health at risk. Once those asbestos fibres are disturbed, released into the air and become trapped in a someone’s lungs, they become stuck. These stuck fibres trigger devastating diseases such as:

  • Asbestosis (lung scarring)
  • Lung Cancer
  • Mesothelioma
  • Benign Pleural Disease

Risk of Injury

Asbestos sheets can weigh very heavy at around 70 to 110 pounds per sheet. For those who are not used to working with this much weight, in a high-risk environment, they are at risk of injuring themselves. Asbestos roofing is also incredibly difficult to work with when ladders and heights are involved.

The safest and easiest way to deal with asbestos in your home is to hire a professional asbestos surveyor and removalist. It’s not illegal to removal the asbestos yourself, however, the EPA advises homeowners to find accredited specialists to undertake the work. Having a professional asbestos company inspect, remove, and dispose of the asbestos also removes all of the risks for you and your family.