{"id":919,"date":"2014-02-18T01:17:01","date_gmt":"2014-02-18T01:17:01","guid":{"rendered":"http:\/\/blog.topbev.com\/?p=919"},"modified":"2014-02-18T01:23:22","modified_gmt":"2014-02-18T01:23:22","slug":"own-a-home-some-things-to-consider","status":"publish","type":"post","link":"https:\/\/blog.topbev.com\/?p=919","title":{"rendered":"Own a Home?—Some things to Consider"},"content":{"rendered":"

Home-ownership is often complicated, and never exactly what you expect. Nothing you have done previously in your life can prepare you totally for owning a home. Don’t get me wrong: there is not a greater believer in home ownership than I. All I am saying is that there are some definite steps you should be taking, and moves you should be making, and the sooner you get things organized properly, the easier you will find the home ownership experience. Here is my list of “do’s” and “don’ts”, in no particular order of importance:<\/p>\n

    \n
  1. DO file for a Homestead<\/span>. I do deal with Homesteads each and every day. There is no downside to recording the Homestead Declaration, unless you think a $100 dollar investment to protect $500,000 is not a good deal. How you will employ your Homestead when it is necessary is not something you can predict. Just understand that you only need to file a Homestead once, and it will endure through countless refinancing transactions. A Declaration of Homestead is truly “the gift that keeps on giving”.<\/li>\n
  2. DON’T be a careless record keeper<\/span>. The current tax laws are extremely favorable to middle-class America. If you have lived in your home for at least 2 of the last 5 years, you can sell your home and not pay any capital gains tax to a maximum exclusion of $250,000 for a single person and $500,000 for a married couple. Especially these days, that exclusion covers most of us, and we can make one, two or more transactions without any concern for paying the tax man. Well, there is no guarantee that our law makers will continue this tax benefit forever. What if fiscal needs require the termination of this program? Are you ready to recreate your tax basis in your home? Do you have records of improvements and additions which can be added to your tax basis? The time to determine whether you do is NOW, not when you are staring down the barrel of a tax audit.<\/li>\n
  3. DO be a believer in preventive maintenance<\/span>. Letting needed repairs slide is not a good idea, even in a recession. If your roof is not sound, or you need new windows, get the work done before greater woes befall you. You may find that the payback with new windows on energy costs justifies the expense. Ditto with needed insulation. Attend to these items as they are needed. You will receive the benefit.<\/li>\n
  4. DON’T wait too long to consider Elder Care transactions with regarding your home.<\/span> If you are fortunate, and have children you can trust, you may want to consider getting your home out of your name and into a Grantor Trust. These Trusts can be helpful later on, but there are waiting periods in place to prevent abuses and every time they change, they seem to get longer. Don’t let this go so that when you decide you want to make a move, you too close to need attendant care to insulate your assets. Again, each circumstance is different, but certainly 60 years of age is not too early to start planning.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    Home-ownership is often complicated, and never exactly what you expect. Nothing you have done previously in your life can prepare you totally for owning a home.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[450,29,3,41],"tags":[],"class_list":["post-919","post","type-post","status-publish","format-standard","hentry","category-home-ownership","category-mortgages","category-real-estate-law","category-title"],"jetpack_featured_media_url":"","jetpack-related-posts":[{"id":173,"url":"https:\/\/blog.topbev.com\/?p=173","url_meta":{"origin":919,"position":0},"title":"Massachusetts Tenancy by the Entirety and Declaration of Homestead–A Basic Primer","date":"June 24, 2010","format":false,"excerpt":"In Massachusetts, and possibly in other states as well, significant protection is given to the non-debtor spouse if the married\u00a0couple elects to take title as \"husband and wife, tenants by the entirety\". There are other advantages to tenancy by the entirety, such as avoiding probate, but the principal advantage is\u2026","rel":"","context":"In \"declaration of homestead\"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":37401,"url":"https:\/\/blog.topbev.com\/?p=37401","url_meta":{"origin":919,"position":1},"title":"Homestead Protection for Trusts","date":"July 10, 2017","format":false,"excerpt":"A common misconception regarding a Revocable Trust, however, is that they have some ability to protect your assets from creditors.","rel":"","context":"In "Home Ownership"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":862,"url":"https:\/\/blog.topbev.com\/?p=862","url_meta":{"origin":919,"position":2},"title":"The New Massachusetts Homestead Law takes effect March 16, 2011.","date":"March 13, 2011","format":false,"excerpt":"The long awaited and much needed revision to the Massachusetts Homestead Law will be taking effect on March 16, 2011. It can be found at Massachusetts General Law Ch 188 \u00a71-10.","rel":"","context":"In "Estate Planning"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":378,"url":"https:\/\/blog.topbev.com\/?p=378","url_meta":{"origin":919,"position":3},"title":"Couples “Uncoupling” and Owning Real Estate–“Breaking Up is Hard to Do”","date":"July 9, 2010","format":false,"excerpt":"In Massachusetts, where I have been practicing real estate law for more than 40 years, many unmarried couples purchase real estate together. Some engaged people are trying to take advantage of the current low interest rates, and market indecision, to get something \"we own before we marry\". Other couples, who\u2026","rel":"","context":"In \"joint tenancy\"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1330,"url":"https:\/\/blog.topbev.com\/?p=1330","url_meta":{"origin":919,"position":4},"title":"ugg boots made in usa 1974 uggs 5991 sales outlet","date":"November 11, 2010","format":false,"excerpt":"Travelers are usually deterred from scheduling an end of summer Caribbean getaway due to the threat of Atlantic hurricane season (which peaks between August and October). Bushmans Kloof, a century old homestead turned nature reserve, cares for 18,532 acres of this rare habitat home to endangered Cape mountain zebras and\u2026","rel":"","context":"In "trusts"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":160,"url":"https:\/\/blog.topbev.com\/?p=160","url_meta":{"origin":919,"position":5},"title":"Creating Home Ownership for Your Kinds–Try an LLC","date":"June 24, 2010","format":false,"excerpt":"When parents want to help their children buy a home, they are often stymied by the myriad gift and other tax considerations which make providing for their children a difficult task. Recently, with the assistance of Scott W. 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