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October 21, 2017

Are you paying more taxes than is necessary? Useful tips to lower your property taxes

tax for the propertyIt is the duty of every citizen to pay taxes to the government so as to aid with national and regional developmental objectives. It’s a crime not to pay your taxes and you could face a jail term if you knowingly or unknowingly fail to make your tax payments. If you own property, whether residential or commercial, you have to make regular payments to your local and federal government in the form of property taxes. The amount you pay as property tax depends on the size and value of your property with those with large property investments paying more taxes for their property. However, the tax man may make errors when determining the value of your home and you could end up paying more than you should in taxes. If you feel that you are paying more taxes than is necessary, there are a few things that you can do to solve the situation and here are some of them.

1. Visit your local tax office.

The first step in rectifying your tax situation is to visit your local tax office. Once at the tax office, inquire to find out the valuation of your property as per their recent analysis. If you have issues with their valuation, inquire to find out what one needs to do to file an appeal. If there are fees to be paid and forms to be filled, let them tell you how much you should pay and the where you can find the tax appeal forms. It is important to do everything according to the law as deviations reduce your chances of getting your tax appeal approved.

2. Get independent appraisal.

You should hire an independent appraiser to determine the value of your home for your tax appeal. Your property may have depreciated in value from the last time the taxman assessed it and an independent appraisal will help you determine by how much. Such professionals are not free and you will have to pay for their services. The upside is that you will be able to determine the true value of your home for your tax appeal.

3. Limit outdoor construction.

Outdoor structures increase the value of a home and as a result, you will have to pay more taxes for your property. Such structures include garages, carports and outdoor shades. If you want to lower your taxes, you should, therefore, strive to limit the outdoor structures in your home or at least wait until after the next property assessment by the taxman.

4. Check with your neighbors.

If the homes in your neighborhood are the same, then you and your neighbors should be paying similar taxes for your property. You should, therefore, check with your neighbors to find out how much taxes they are paying for their homes. If you find any disparities, raise that issue with your local tax agency.

Conclusion.

Paying taxes is very important but if you find yourself experiencing difficulties in paying them and your other bills, you should consider filing for Bankruptcy in Toronto.

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October 20, 2017

Looking for new property – This Real Estate key points will help you for sure

real estate propertyWe always try to increase our assets. If we are earning more than we also save more. Sometimes we are investing in gold; we are purchasing new bonds even we are investing in stock market. But I have observed that people love to purchase new land or will increase their property. Here a real estate agency takes place.

Now many business houses expanding their business in real estate so we are finding more real estate projects everywhere. Even these real estate agencies are giving more offers to their clients. Every country has their different real estate laws. While choosing your real estate company you can take guidance from your financial advisor regarding where to go & how. Following are the points which you need to keep in mind & I am sure these points will help you.

1. Market reputation

While choosing your real estate agency for new apartment or property you need to check what market reputation your agency has. If that real estate company is very new in the market try to avoid those companies. Go with the experienced one.

2. Previous completed projects

When you will select the experienced agency then check their previous completed projects. Check how many clients they have got for the same. Is all their created properties have been sold or not. If possible go to that completed projects & check how those are.

3. Take existing clients feedback

When you will visit to the live completed projects try to talk with their existing clients who has purchased from that real estate agency. Existing customers can give the actual views about their business because they have experienced their created properties.

4. About their competitors

Every business does have their competitors. Real estate business does have more competitors in terms of this. So, check your agencies competitors, if they are also big then go for this company. It means your agency do have some good position in this field.

5. Your specifications

While searching for your property you can set your specifications or expectations earlier. This will help your real estate agency to find the ideal property or apartment for you. If you want beach properties then specify your requirements. Here I can strike an example, recently I have visited Florida, USA & there I have found many rich beach side properties like Icon south beach, Aria on the bay, Santa maria brickell, Icon brickell etc. If you are the citizen of Florida & looking for beach property then you can search in this manner. I am sure you will get the ideal one as per your needs. In the same way you can search in the other countries also.

Before concluding the matter would like to tell you that think twice before you just jump for any real estate company because this would be a long term investment for you & the investment amount is also huge here. So, take proper assistance from your financial advisor & then go ahead. These real estate investments not only increase our property/assets it also includes more comfort in our life if your property or apartments are like that. Finally good luck from my end I hope these information will help you somewhere.

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September 5, 2017

Why property investment should be a key part of Estate Planning?

plan for your estatePeople underestimate the importance of property investments within estate planning until it’s too late. Estate planning is your declaration after you pass away. You may not want your family to receive money and other assets you intended for your wife and children. Molly McCollough found out how essential property investment within estate planning is the hard way.

Meet Molly

Molly McCollough is a 54 year old woman who is the founder of Theature Company. Molly thought she and her husband has everything figured out. They never thought they needed life insurance or a strategy for financial planning because they were married and didn’t have children, so everything would be left to Molly. After her husband, Joe died, Molly found out being his wife didn’t carry much weight in collecting his estate.

The Issue

Molly’s husband didn’t have a will, and the money he left behind was in a foreign bank account that did not have her name on it. Because Molly’s name was not on any of the accounts, she didn’t have access to anything.

Molly was afraid and mourning the death of her husband. Molly needed to figure out a way to gain access to his estate before his family tried to claim any part of the estate. Molly felt her husband was hiding secrets, and she didn’t know where to turn or who she could trust.

Molly said, “There’s just something about death and greed and money and long-buried resentment that bubbles to the surface when there’s any substantial inheritance. It tears families apart. People lie and steal and cheat.” In her situation, she was right. Joe’s family did just what Molly hoped they wouldn’t. They came and took all of his estate and left her with nothing. Inheritance drama is something no one wants to deal with and it can cause years of frustration, and put a rift between families.

Life insurance, financial planning, and estate planning are things you need to discuss with your partner before it’s too late. Make sure you and your partner have a will whether you have children or not. If these things are not in place before you pass away, the state will do what they see fit, and most of the time, it’s not what you wanted.

The Solution

At Unified Lawyers, we work tirelessly to help people who don’t understand wills, trusts, estate planning, and similar assets. We understand the urgency in these situations and always put our best foot forward. We are not a traditional law firm. We believe in helping people instead of collecting a check. All our fees and costs are straightforward so each of our clients know how every cent of their money was spent. We are here to help you get your situation resolved.

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June 29, 2017

7 Tips on How to Buy a Luxury Home

luxury home buyingLooking for a luxury home or condo? Don’t know how to find the best deal. The following 7 tips can help you buy your dream home.

1. Get familiar with the search process

Many luxury homes do not protect the privacy of their sellers. Those properties are quite often found later through the personal connections of Realtors. The large search engines don’t always cover everything you need. So, you may need to check a lot of online sources when searching for a real estate.

2. Go beyond the photos

Do not dismiss a real estate based on its front elevation photographs. The large homes and condos are often not photogenic. Your best bet would be to see a property in person. It’s also a good idea to do some search on Google Earth. This computer program can help you explore the property itself and its vicinity as well. This way you will be able to see what is around the home you’re looking for. You can also use the online search tools when searching for the luxurious properties. If you’re looking for a real estate within Hilton Head Island, make use of such a tool to find the best sea pines real estate.

3. Contact a local expert and reliable adviser

Once you’ve determined the location of your property, you should contact a buyer agent. A local expert can provide you with important info about the property you want to buy. Some high-end areas have a controlled access with the fewer open houses. Sometimes, you will have to make a few appointments to get access. Besides a local buyer agent, you should also hire a reliable Realtor for some suggestions.

4. Gather your financial documents

It is critical to document everything before heading to the high-end market. Pay attention to financial documentation in particular. People who are making a lot of money have an accountant or a manager to shelter their money.

5. Bank on your relationship

The banks keep the portfolios of their clients for many years. So make sure to go to the bank(s) you have the relationships with. It’s good to know the difference between the prequalification letter and pre-approval letter.

6. Don’t forget your title insurance

The title insurances ensure that you’re protected against possible issues that may occur. Before closing time, you need to take a look at the exceptions page. This page is included in the title insurance, but many people are not aware of it.

7. Get familiar with co-ops and condos

You need to know in advance what to expect with condominiums and cooperatives. Your attorney should represent you for condos and co-ops when you enter the field. The attorney should also do a thorough research on the financial viability of the real estate you are interested in. There is always a room to negotiate before you make an offer. Let your agent investigate the comparable real estates that have recently sold in that area. That will help you get the more affordable closing price.

Look into the future. Try to find out what buildings are planned around your property in the near future. And be aware of the timeline. Don’t tie your money up for an extended period of time. You may miss a good opportunity due to the construction delays.

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June 10, 2017

Time to Honor your Parents by gifting them a House

property to giftNo matter who you are and where you are, you can never fully repay your parents for all the care, love and sacrifices that they have made. Isn’t it?

But increasingly, many people who have already taken care off their financial responsibilities (like buying a house, paying for children’s education, etc.), are honoring their parents by gifting them a house. Also, father’s day is around the corner.

This is indeed a great gesture that shouldn’t be only evaluated from the financial angle.

Gift or not, there is no doubt that house purchases are major decisions. And they cost a lot of money. But if you too are planning to gift your parents a house, then it shouldn’t be a problem as home loans are easily available at very low rates. Ofcourse you need to have a good credit history and a reasonably good repayment capacity to avail home loans.

But even before getting into the financial aspect of the house purchase, you need to be careful before selecting a house for your parents. More so if they would be living in that house.

Any house that is to be occupied by senior people should be built keeping in mind the ease-of-use from seniors’ angle. Like if you are looking to buy a flat, then it should have the lift facility or it should be on the ground floor. To ensure proper ventilation and lighting, its better to opt for a house/flat that has more open windows/balconies.

Security is another factor while selecting a property for parents. If the flat being considered is in a residential society, then security aspect is taken care off. But if it’s a standalone house, then you need to think about how secure would the property be, if the parents were to live there alone. Of course all these factors will reduce the number of options (properties) that fit all your criteria. But that is necessary considering the limitations that seniors have.

So all in all, once you have taken care of most of your financial responsibilities, go ahead and surprise your parents with the biggest gift of their lives.

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