Hughes Real Estate Services

Fairfield Glade & Crossville TN

Seller Info
# 1 in service on the Cumberland Plateau

20 Low-Cost Ways to Spruce Up Your Home

Make your home more appealing for potential buyers with these quick and easy tips.

1. Trim bushes so they don’t block windows and cut down on light.
2. Buy a new doormat.
3. Put a pot of bright flowers (or a small evergreen in winter) on your porch.
4. Put new doorknobs on your doors.
5. Put a fresh coating on your driveway.
6. Edge the grass around walks and trees.
7. Keep your garden tools out of site.
8. Be sure kids put away their toys.
9. Buy a new mailbox.
10. Upgrade the outside lighting.
11. Use warm, incandescent light bulbs for a homey feel.
12. Polish or replace your house numbers.
13. Clean your gutters.
14. Put out potpourri or burn scented candles.
15. Buy new pillows for the sofa.
16. Buy a flowering plant and put it in a window you pass by frequently.
17. Make a centerpiece for your table with fruit or artificial flowers.
18. Replace heavy curtains with sheer ones that let in more light.
19. Buy new towels.
20. Put a seasonal wreath on your door

7 Steps to Preparing for an Open House

1. Hire a cleaning service. A spotlessly clean home is essential; dirt will turn off a prospect faster than anything.

2. Mow your lawn, and be sure toys and yard equipment are put away.

3. Serve cookies, coffee, and soft drinks. It creates a welcoming touch. But be sure the kitchen has been cleaned up; use disposable cups so the sink doesn't’t fill up.

4. Lock up your valuables, jewelry, and money. Although the real estate salesperson will be on site during the open house, it’s impossible to watch everyone all the time.

5. Turn on all the lights. Even in the daytime, incandescent lights add sparkle.

6. Send your pets to a neighbor or take them outside. If that’s not possible, crate them or confine them to one room (a basement or bath), and let the salesperson know where to find them.

7. Leave. It’s awkward for prospective buyers to look in your closets and express their opinions of your home with you there.

10 Ways to Make Your Home Irresistible at an Open House

1. Put fresh or silk flowers in principal rooms for a touch of color.

2. Add a new shower curtain, fresh towels, and new guest soaps to every bath.

3. Set out potpourri or fresh baked goods for a homey smell.

4. Set the table with pretty dishes and candles.

5. Buy a fresh doormat with a clever saying.

6. Take one or two major pieces of furniture out of every room to create a sense of spaciousness.

7. Put away kitchen appliances and personal bathroom items to give the illusion of more counter space.

8. Lay a fire in the fireplace. Or put a basket of flowers there if it’s not in use.

9. Depersonalize the rooms by putting away family photos, mementos, and distinctive artwork.

10. Turn on the sprinklers for 30 minutes to make the lawn sparkle.

Understanding Capital Gains in Real Estate

When you sell a stock, you owe taxes on your gain—the difference between what you paid for the stock and what you sold it for. The same is true with selling a home (or a second home), but there are some special considerations.

How to Calculate Gain
In real estate, capital gains are based not on what you paid for the home, but on its adjusted cost basis. To calculate this:

1. Take the purchase price of the home: This is the sale price, not the amount of money you actually contributed at closing.

2. Add adjustments:
? Cost of the purchase—including transfer fees, attorney fees, inspections, but not points you paid on your mortgage.
? Cost of sale—including inspections, attorney’s fee, real estate commission, and money you spent to fix up your home just prior to sale.
? Cost of improvements—including room additions, deck, etc. Note here that improvements do not include repairing or replacing something already there, such as putting on a new roof or buying a new furnace.

3. The total of this is the adjusted cost basis of your home.

4. Subtract this adjusted cost basis from the amount you sell your home for. This is your capital gain.

A Special Real Estate Exemption for Capital Gains
Since 1997, up to $250,000 in capital gains ($500,000 for a married couple) on the sale of a home is exempt from taxation if you meet the following criteria:

? You have lived in the home as your principal residence for two out of the last five years.
? You have not sold or exchanged another home during the two years preceding the sale.

Also note that as of 2003, you also may qualify for this exemption if you meet what the IRS calls “unforeseen circumstances,” such as job loss, divorce, or family medical emergency.

Make sure you contact your attorney or tax accountant for detailed information.

7 Terms to Watch for in a Purchase Contract

1. The closing date. See if the date the buyer wants to take title is reasonable for you.

2. Date of possession. See if the date the buyer wants to move in is reasonable for you.

3. The earnest money. Look for the largest earnest-money deposit possible; since it is forfeited if the buyer backs out, a large deposit is usually a good indication of a sincere buyer.

4. Fixtures and personal property. Check the list of items that the buyer expects to remain with the property and be sure it’s acceptable.

5. Repairs. Determine what the requested repairs will cost and whether you’re willing to do the work or would rather lower the price by that amount.

6. Contingencies. See what other factors the buyer wants met before the contract is final—inspections, selling a home, obtaining a mortgage, review of the contract by an attorney. Set time limits on contingencies so that they won’t drag on and keep your sale from becoming final.

7. The contract expiration date. See how long you have to make a decision on the offer

10 Ways to Make Your House More Salable

1. Get rid of clutter. Throw out or file stacks of newspapers and magazines. Pack away most of your small decorative items. Store out-of-season clothing to make closets seem roomier. Clean out the garage.

2. Wash your windows and screens to let more light into the interior.

3. Keep everything extra clean. Wash fingerprints from light switch plates. Mop and wax floors. Clean the stove and refrigerator. A clean house makes a better first impression and convinces buyers that the home has been well cared for.

4. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows.

5. Put higher wattage bulbs in light sockets to make rooms seem brighter, especially basements and other dark rooms. Replace any burnt-out bulbs.

6. Make minor repairs that can create a bad impression. Small problems, such as sticky doors, torn screens, cracked caulking, or a dripping faucet, may seem trivial, but they’ll give buyers the impression that the house isn't well maintained.

7. Tidy your yard. Cut the grass, rake the leaves, trim the bushes, and edge the walks. Put a pot or two of bright flowers near the entryway.

8. Patch holes in your driveway and reapply sealant, if applicable.

9. Clean your gutters.

10. Polish your front doorknob and door numbers.



Hughes Real Estate Services • Fairfield Glade & Crossville TN • 866.459.2288 • 931.456.2555
		Hughes Real Estate Services Fairfield Glade & Crossville TN Seller Info # 1 in service on the Cumberland Plateau 20 Low-Cost Ways to Spruce Up Your Home Make your home more appealing for potential buyers with these quick and easy tips. 1. Trim bushes so they don’t block windows and cut down on light. 2. Buy a new doormat. 3. Put a pot of bright flowers (or a small evergreen in winter) on your porch. 4. Put new doorknobs on your doors. 5. Put a fresh coating on your driveway. 6. Edge the grass around walks and trees. 7. Keep your garden tools out of site. 8. Be sure kids put away their toys. 9. Buy a new mailbox. 10. Upgrade the outside lighting. 11. Use warm, incandescent light bulbs for a homey feel. 12. Polish or replace your house numbers. 13. Clean your gutters. 14. Put out potpourri or burn scented candles. 15. Buy new pillows for the sofa. 16. Buy a flowering plant and put it in a window you pass by frequently. 17. Make a centerpiece for your table with fruit or artificial flowers. 18. Replace heavy curtains with sheer ones that let in more light. 19. Buy new towels. 20. Put a seasonal wreath on your door 7 Steps to Preparing for an Open House 1. Hire a cleaning service. A spotlessly clean home is essential; dirt will turn off a prospect faster than anything. 2. Mow your lawn, and be sure toys and yard equipment are put away. 3. Serve cookies, coffee, and soft drinks. It creates a welcoming touch. But be sure the kitchen has been cleaned up; use disposable cups so the sink doesn't’t fill up. 4. Lock up your valuables, jewelry, and money. Although the real estate salesperson will be on site during the open house, it’s impossible to watch everyone all the time. 5. Turn on all the lights. Even in the daytime, incandescent lights add sparkle. 6. Send your pets to a neighbor or take them outside. If that’s not possible, crate them or confine them to one room (a basement or bath), and let the salesperson know where to find them. 7. Leave. It’s awkward for prospective buyers to look in your closets and express their opinions of your home with you there. 10 Ways to Make Your Home Irresistible at an Open House 1. Put fresh or silk flowers in principal rooms for a touch of color. 2. Add a new shower curtain, fresh towels, and new guest soaps to every bath. 3. Set out potpourri or fresh baked goods for a homey smell. 4. Set the table with pretty dishes and candles. 5. Buy a fresh doormat with a clever saying. 6. Take one or two major pieces of furniture out of every room to create a sense of spaciousness. 7. Put away kitchen appliances and personal bathroom items to give the illusion of more counter space. 8. Lay a fire in the fireplace. Or put a basket of flowers there if it’s not in use. 9. Depersonalize the rooms by putting away family photos, mementos, and distinctive artwork. 10. Turn on the sprinklers for 30 minutes to make the lawn sparkle. Understanding Capital Gains in Real Estate When you sell a stock, you owe taxes on your gain—the difference between what you paid for the stock and what you sold it for. The same is true with selling a home (or a second home), but there are some special considerations. How to Calculate Gain In real estate, capital gains are based not on what you paid for the home, but on its adjusted cost basis. To calculate this: 1. Take the purchase price of the home: This is the sale price, not the amount of money you actually contributed at closing. 2. Add adjustments: ? Cost of the purchase—including transfer fees, attorney fees, inspections, but not points you paid on your mortgage. ? Cost of sale—including inspections, attorney’s fee, real estate commission, and money you spent to fix up your home just prior to sale. ? Cost of improvements—including room additions, deck, etc. Note here that improvements do not include repairing or replacing something already there, such as putting on a new roof or buying a new furnace. 3. The total of this is the adjusted cost basis of your home. 4. Subtract this adjusted cost basis from the amount you sell your home for. This is your capital gain. A Special Real Estate Exemption for Capital Gains Since 1997, up to $250,000 in capital gains ($500,000 for a married couple) on the sale of a home is exempt from taxation if you meet the following criteria: ? You have lived in the home as your principal residence for two out of the last five years. ? You have not sold or exchanged another home during the two years preceding the sale. Also note that as of 2003, you also may qualify for this exemption if you meet what the IRS calls “unforeseen circumstances,” such as job loss, divorce, or family medical emergency. Make sure you contact your attorney or tax accountant for detailed information. 7 Terms to Watch for in a Purchase Contract 1. The closing date. See if the date the buyer wants to take title is reasonable for you. 2. Date of possession. See if the date the buyer wants to move in is reasonable for you. 3. The earnest money. Look for the largest earnest-money deposit possible; since it is forfeited if the buyer backs out, a large deposit is usually a good indication of a sincere buyer. 4. Fixtures and personal property. Check the list of items that the buyer expects to remain with the property and be sure it’s acceptable. 5. Repairs. Determine what the requested repairs will cost and whether you’re willing to do the work or would rather lower the price by that amount. 6. Contingencies. See what other factors the buyer wants met before the contract is final—inspections, selling a home, obtaining a mortgage, review of the contract by an attorney. Set time limits on contingencies so that they won’t drag on and keep your sale from becoming final. 7. The contract expiration date. See how long you have to make a decision on the offer 10 Ways to Make Your House More Salable 1. Get rid of clutter. Throw out or file stacks of newspapers and magazines. Pack away most of your small decorative items. Store out-of-season clothing to make closets seem roomier. Clean out the garage. 2. Wash your windows and screens to let more light into the interior. 3. Keep everything extra clean. Wash fingerprints from light switch plates. Mop and wax floors. Clean the stove and refrigerator. A clean house makes a better first impression and convinces buyers that the home has been well cared for. 4. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows. 5. Put higher wattage bulbs in light sockets to make rooms seem brighter, especially basements and other dark rooms. Replace any burnt-out bulbs. 6. Make minor repairs that can create a bad impression. Small problems, such as sticky doors, torn screens, cracked caulking, or a dripping faucet, may seem trivial, but they’ll give buyers the impression that the house isn't well maintained. 7. Tidy your yard. Cut the grass, rake the leaves, trim the bushes, and edge the walks. Put a pot or two of bright flowers near the entryway. 8. Patch holes in your driveway and reapply sealant, if applicable. 9. Clean your gutters. 10. Polish your front doorknob and door numbers. Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2004. All rights reserved.

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