You’ve always known that the best investment you can make is with real estate and now that you’ve retired, you’re ready to take the plunge. The good news is, you’re right, retirement is a great time to purchase a home for resale. You’ve got the time, you’ve built up a good credit history, and you enjoy working with your hands so house flipping could be the perfect post-retirement job for you.

Here’s some house flipping advice from Hana Hyams of Clarksville.com Realty.

Before you take that first step or spend that first dollar, you’ll need to contact a real estate agent in your area or the area where you’re looking to invest. They’ll know what homes are best for getting the largest return on your investment, plus they have first hand knowledge of properties being foreclosed, auctioned, or selling below market value.

Next, you’ll want to contact your bank or a mortgage broker recommended by your real estate agent for the area you’re interested in. You’ll want to get pre-approved and have an idea of how much you can borrow for your intended purchase. If you want to use any of your savings to pay off credit card or loan debt first, give yourself a bit of time after doing that before getting your credit score as it takes about that long for it to update.

If you intend to make your house-flipping a full-time business, you’ll want to structure that in a way that lessens your personal liability. Forming an LLC not only separates your personal and business finances but also reduces your tax liability and lessens the amount of paperwork you’ll need to file. When you do, it’s important to create an operating agreement, a document that spells out how your company will be run, structured, and managed. This will be especially important if you bring in any investors.

As a business, you’ll need software for payroll services to spare yourself the headaches of payroll tedium. Running payroll is much simpler with software that tracks time, withholds taxes, and creates direct deposits in minutes. There’s even an app available so you can get your work done on the go.

When you create your house-flipping business, having a strong brand with a professional-looking logo helps instill confidence in lenders and buyers. Fortunately, logos are a cinch when you use a tool online to create one for free. Being creative by doing it yourself with available apps and templates allows you to be in control of exactly how you want it to look. And you’ll save by not having to pay for a designer.

What kind of home you plan to invest in will depend a great deal on the amount of money and time you’re willing to put into it. Your real estate agent will be a good source for knowing how much you can expect to resell your property based on market trends, local housing values, and what kind of homes people in your area are looking for.

Hiring a contractor to give you an estimate of the kind of repairs the home you’re interested in will need and an approximate cost of those repairs is an expenditure that can save you far more than the amount you’ll pay for it. Pulling up carpet and flooring, painting and removing wallpaper, replacing appliances and cabinets, and repairing decks are cost-effective ways to improve the value of a property.

Completely redoing the plumbing, electricity, and roof or removing mold can mean a bigger investment than what you can expect to recover in a sale. Whatever quote you get, it’s wise to add 20% to that since unexpected problems can and probably will be found.

DIY is part of the fun of flipping a house. Painting, landscaping, and staining wood are doable projects most anyone can do. If you’re handy with power tools, even things like installing cabinets and countertops can be learned with online tutorials. Some things, usually anything to do with HVAC, electrical, or structural, should be farmed out to a professional. For instance, it’s probably best to leave the wiring and ducting work for an outdoor range hood to a professional. You can check the reputations of local tradespeople with online resources that allow people to leave reviews of their experiences.

Investing in real estate and flipping homes for resale is growing and becoming more popular, especially for people who’ve retired as interest rates fall and stock market investments become more volatile. Your real estate agent is the most important resource you can have from the beginning search until the final sale. If you’re in the Clarksville, TN area, contact Hana Hyams for Clarksville.com Realty. She’ll be your guide and partner with professionalism, experience, and caring.

The post The Finer Points of House Flipping After You’ve Retired appeared first on Clarksville Real Estate Pro.

Your Roadmap to Moving for a Job Offer

The post Your Roadmap to Moving for a Job Offer appeared first on Clarksville Real Estate Pro.

When your house is on the market, you never really know when potential buyers are going to drop by for a last-minute showing. Your home needs to be spotless and show-ready at all times! Making a strong first impression on buyers is key to selling your home quickly and for the price you want. You might even be able to get higher offers on your home if you really wow those buyers. Whether you’re anticipating an upcoming open house or you want to be ready for impromptu showings, Check out these essential tips from ClarksvilleRealEstatePro.com!

Make Cosmetic Upgrades

Upgrading the appearance of your home is a great way to appeal to potential buyers. Painting the walls is often recommended as a staging strategy to make a home feel fresh and clean while ensuring neutral colors that will please anyone. If you want to add a touch of luxury to your home, consider hanging wallpaper on an accent wall. Peel-and-stick options are great for DIY projects and temporary applications. Look for wallpaper that can be customized and easily removed so you can create the perfect accent wall to wow those buyers.

Declutter Your Stuff

Decluttering is one of the most important steps in preparing your home for the market. The last thing buyers want to see when they walk into your home is someone else’s clutter. It can feel awkward evaluating a stranger’s home when it’s so obvious that someone still lives there. Take some time to declutter and depersonalize your space to ensure potential buyers can imagine their own lives there. If need be, you can rent a storage unit to get some of your stuff out of the home before showings. Resist the urge to stuff your closets—your buyers will want to peek at your storage as well!

Enhance Your Curb Appeal

People visiting for showings and open houses will form an immediate impression of your home based on its external appearance. Make sure this impression is positive! A fresh coat of paint, some simple lawn maintenance, and a power wash of your pathways might be enough to brighten your exterior. If you’re looking to do more, Best Life suggests trimming your hedges, placing some planters on your front porch, and upgrading your exterior fixtures.

Keep Your Home Staged

When you’re expecting showings at any time, it’s important to keep your home staged and ready to welcome visitors. After cleaning, decluttering, and enhancing your curb appeal, The Spruce recommends moving furniture around to add visual space and create focal points in each room. Add natural features through indoor houseplants, twigs, and dried flowers to reflect the natural landscape of your home’s geographical location. Also, try to pay attention to the smells in your home, being mindful of what you’re cooking before showings.

Do Some Light Cleaning Every Day

Clean homes tend to sell faster and for a better price. While dirty homes represent more work and maintenance issues to potential buyers, a clean home indicates that the property has been well cared for over the years. Don’t wait for a last-minute showing to tackle all your cleaning tasks. Instead, do a little cleaning every day so your home remains spotless. Vacuum carpets, sweep hard floors, wipe down surfaces, put your clothes away, empty and reload the dishwasher, and keep the beds made. When your real estate agent calls to say there are buyers on the way, all you’ll have to do is give your home a once-over, collect lingering clutter into a basket, and get out of the house.

When your home is on the market, you want to do everything in your power to encourage a quick sale. Selling your home fast will help you get top dollar for your property. Plus, you’ll be able to move into your new place much sooner! Take the time to clean, declutter, upgrade, and otherwise prepare your home for showings so you can make a great impression on buyers.

Whether you’re buying, selling or both, ClarksvilleRealEstatePro.com can help you navigate the process. Visit our website for buying and selling tools, a list of our recommended vendors, and other helpful resources!

The post Tips for Keeping Your Home Spotless and Show-Ready appeared first on Clarksville Real Estate Pro.

Are you or someone you know moving this year? As you age, moving can be more challenging and stressful. If you or your loved one is moving as a senior, Realtor Hana Hyams shares six tips to help make the process easier and less stressful.

1. Hire Professional Movers

Packing and moving your stuff isn’t easy, so why make it more complicated? There are tons of great moving companies in most major cities that offer reliable services and reasonable rates. If you’re relocating to a new city or even just making a cross-town move, hiring professional movers can simplify your relocation process and make sure everything arrives at its destination safely. Hiring professional movers means less stress on you and peace of mind during your move.

2. Consider Your Needs When Packing

When it comes to packing, seniors are often limited by their physical capacity. Before hiring movers, find out if they provide any special services or equipment designed specifically for seniors.

3. Use a Moving Company With Seniors in Mind

There are many moving companies out there that specialize in senior moves. Seniors don't always have the energy to pack and unpack everything themselves, but there are ways to make it easier on everyone. A moving company that specializes in senior moves offers unique services that cater to seniors' needs. Before hiring any professional service provider, read reviews online from people who have used their services in similar situations to yours. If you're stressed over costs, you can likewise investigate which moving organizations offer special deals or credits.

4. Understand Senior Move Packages

Work with an experienced senior move manager to make your next move more stress-free. A qualified senior move manager will help you organize and plan your moving day while offering valuable advice along the way. When your senior move manager comes to evaluate your belongings at your home, they will make an inventory of everything that needs to be moved. This includes fragile items such as glassware and collectibles.

5. Choosing the Right Home for Your Move

To make sure your move goes smoothly, choose a home that’s well-suited to senior living. You might consider walking paths and elevators if you or your loved one find stairs a challenge. Check out neighborhoods with amenities seniors often use regularly. Whether or not you intend to move to another state or will remain in your neighborhood, it's essential to get a feeling of the current real estate market so you can estimate how long your home will take to sell and what price you'll get.

6. The Benefits of Downsizing

Downsizing is an excellent way to simplify your life and reduce living expenses. The longer you’ve lived in one place, especially if it’s been full of stuff, downsizing will take some effort — but it can be rewarding to purge items that no longer serve you. Downsizing to a small rented apartment can be a good way to cut expenses like maintenance costs while still enjoying comforts and conveniences at home.

Easy and Stress-Free

Hiring specialized moving services can make moving safer and easier, especially if you have mobility issues. You don’t have to deal with heavy lifting or take time off from work, and the move will be stress-free.

Ready to find your next home? Make use of these resources and contact Hana today!

The post 6 Tips for Moving as a Senior appeared first on Clarksville Real Estate Pro.

Determine the best long-term care choice.

Regardless of what you do with your home, the first step is to decide where you should live. The level of care you will require is the determining factor, as are any future care needs. For example, if you only need a moderate level of care throughout the day, and for the foreseeable future, assisted living can be the right choice. These communities offer a healthy balance of independence and assistance.

If, however, you have a chronic health condition that is likely to worsen, skilled care will be the optimal choice. Nursing home communities provide round-the-clock care for residents who need more medical assistance than what’s offered in assisted living.

Should you gift your family home when downsizing to long-term care?

It’s a common strategy for seniors to “spend down” their assets in order to qualify for Medicaid. While primary residences typically aren’t countable assets for Medicaid consideration, many seniors fear their home will be repossessed to compensate Medicaid after they die. As AARP explains, the Medicaid Estate Recovery Program can seek repayment from a beneficiary’s estate; however, giving away your home to avoid estate recovery is likely to do more harm than good.

Whether a senior adds a family member as a joint tenant with right of survivorship, gifts the home directly, or sells it for under market value, it’s considered a gift. When seniors make substantial gifts during the five years prior to applying for Medicaid, it triggers a penalty period that makes the senior ineligible for Medicaid until the penalty is satisfied.

Gifting a home also has tax implications for the recipient. A home’s tax basis is only stepped up when it’s sold or inherited, not gifted. That means if your heirs sell, they’ll owe capital gains tax on all appreciation since you originally purchased the home. Your heirs could end up with a tax bill if your home has appreciated significantly after two years.

Should you sell your home when downsizing to long-term care?

Selling is another option. A home sale can generate funds to cover several years of assisted living depending on how much equity you have. First and foremost, if you’re selling your home, it’s crucial that you work with a dedicated and experienced realtor like Hana Hyams. It’s also helpful to learn about your local housing market. Real estate market data will tell you how long you can expect your home to be on the market and whether it’s likely to sell for above or below your asking price. Having this sort of information gives you a ballpark idea of how much the sale could help you cover expenses at your new home.

Should you keep your home when downsizing to long-term care?

Is your heart set on keeping the house in the family? While it takes more effort, it is possible to hold onto your home without incurring Medicaid penalties or steep tax bills. Elder Law Answers explains that certain transfers won’t trigger a Medicaid penalty, such as transferring ownership to a spouse who is not applying for Medicaid, a disabled or minor child, or a family caregiver who has lived in the home for at least two years.

It’s also possible to use your home as a source of income so you can afford long-term care without Medicaid assistance. Renting out the home may generate enough income to cover the gap in long-term care costs and allow you to keep your home. You can also refinance to lower your monthly mortgage payment. For instance, an FHA streamline refinance is ideal for homeowners with existing FHA mortgages, as it’s simpler and faster to apply for than standard refinance programs.

Your situation is a complex one. Whether you want to keep your home or sell it, it’s wise to talk to an elder law attorney before making major financial decisions. What you do with your home has implications for Medicaid eligibility and your estate, and seeking professional advice is the best way to avoid making a costly mistake.

Real estate expert Hana Hyams has the tenacity and savvy to help you sell or buy a home. Reach out today to find out more!

The post Downsizing to Long-term Care? appeared first on Clarksville Real Estate Pro.

Many homeowners are faced with the decision of whether to rent or sell their newly remodelled fixer-upper. The following article will provide guidance on how to decide which option is best for you, what responsibilities come along with being a landlord, and the costs involved in both renting and selling your property. Learn more about making the best decision for you from Realtor Hana Hyams.

The post What to Do With My Rehabbed Property appeared first on Clarksville Real Estate Pro.

The post Ideas for Buying a Home During the Coronavirus Pandemic appeared first on Clarksville Real Estate Pro.

Outgrowing Your Home Business? Tips on How to Upsize Your Company

The post Outgrowing Your Home Business? Tips on How to Upsize Your Company appeared first on Clarksville Real Estate Pro.