Friday, January 30, 2015

NEW LISTING ALERT! 1805 Springbrook court.

1805 Springbrook Court, Whippany NJ 03 LR_P1030056
Beautiful Upgraded Townhome in a Great Location!

Located within the Oak Ridge community, this unit offers so many UPGRADES I can't fit them all in this post.. a true MUST SEE!

2 bedrooms ; 2.5 bathrooms ; 2 car garage.

Asking $445,000
http://morris-homes.com/vtour/Pics.asp?PN=C79


OPEN HOUSE: 3602 Scenic Court, Denville NJ

Sunday 2/1/2015 from 1 - 4 PM we will be hosting a viewing of this private end unit located within the Berkshire Hills townhome community.  This unit is convienently situated minutes from route 10, 46 & INTERSTATES 287 & 80.
This unit offers 2 bedroms ; 2.5 bathrooms ; and a FULLY FINISHED BASEMENT!

Asking $379,000

Please follow the link below to view all more information about this property as well as the rest of our current listings!

Remember, the SR Real Estate Group is here to offer superior services in regards to all of your Real Estate needs! Give us a call or send us an e-mail, we look forward to doing business with you!

http://morris-homes.com/vtour/Pics.asp?PN=B95







Thursday, January 29, 2015

Can Home Staging Really Win Over Buyers?

Staging & Buyers

It is said that home staging can significantly influence buyer’s perceptions of a home and even 
motivate them to pay more, according to the National Association of REALTORS 2015 Profile of Home Staging, a survey of more than 2,300 REALTORS representing buyers and seller. 
Eighty – one percent of realtors who represent buyers state that staged homes make it easier for potential buyers to visualize a property as their future home.  Forty – six percent of those same agents also reported that staging makes their buyers more willing to tour a property they viewed online and 45 percent say that buyers tend to view the value of the home more positively if it is decorated to buyers’ tastes. 
Twenty – eight percent of agents said their buyers are even more willing to overlook other property faults if a home is staged, according to NAR’s survey.
Buyer agents also say that staging can potentially influence how much their buyers are willing to offer for a home.  According to this survey, thirty – two percent of buyers’ agents’ surveyed say that staged homes increase the overall dollar value that buyers are willing to offer from 1% to 5%; sixteen percent said it could increase offers by as much as 6% to 10%.

Whether you choose to stage or not it is vital that you take certain steps in order to ensure that your home is as “show – friendly.”  

Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: www.Morris-Homes.com or www.SRRealEstateGroup.com.

Maximizing Your Homes Resale Value


Our homes aren’t just where we live – they are also a significant investment – so it is understood that when we decide to sell, we hope to get the most out of our investment.  There are a couple of things that you can do to make sure your homes shows well and sells quickly, & most importantly for the highest possible price. 
1.)  Making the Most of Your Space
How furniture is laid out in a room can have a huge impact on how big (or small) the room looks. Your particular lifestyle may call for two love seats, couch and chair that you’ve crammed into the family room.  But these things can really add up to making a good – sized space seem smaller, and less desirable to a buyer for the price you’re asking.  Making these small changes before putting your home on the market can add a feeling of spaciousness, further increasing the implied value.
   2.)  The Art of Un – d├ęcor
Taste is a very particular thing, so we suggest that you keep walls and window coverings neutral & try to create a color flow from room to room.  Neutral both shows & sells best and if you’ve already got a neutral palette, make sure it’s fresh and up to date.  Sometimes simply washing walls in high traffic areas help, other times a single coat of fresh paint can really open up & light the room. 
   3.)  Clutter is a Bad Word
Clutter is a very bad word when trying to sell your home.  Getting rid of all these troublesome items is an absolute must if you want your house to sell.  Be sure to utilize your attic, crawl space, basement etc. when storing items that reduce clutter.  The goal is to leave rooms clutter-free so prospective purchasers can see where all their things would fit in. 
   4.)  Clean and Clear
Nothing sells a home like cleanliness and nothing devalues it faster than dirt.  Make sure your place sparkles.  Great views can be ruined by dirty windows.  Kitchens & bathrooms look best with countertops clean & empty.  Bedrooms look more inviting with the beds made & clothes hung or in a hamper.  Once the entire home is clean, ensure that each room has the most possible light so they are warm and inviting. 
   5.)  Setting the Stage
Once you’ve followed each of these steps and your home is ready for showings make sure that you leave the home when the buyers visit to give them privacy. Remember the best way to sell your home is to not be in it!

Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: www.Morris-Homes.com or www.SRRealEstateGroup.com.

Their team specialize in North Central New Jersey including towns such as BoontonChathamMadison,Chester,Convent StationDenvilleEast HanoverFlorham ParkHanoverHarding Twp.MendhamMontvilleMorristown,Morris Plains,Morris Twp.Mountain LakesParsippanyRandolphRockawayWhippany.  

Maximize Your Selling Potential During Winter Months


Some individuals in the industry may say that winter is the worst time to see your home.  Taking into account that the weather is cold and stormy which may pose challenges, but that shouldn’t get you discouraged.  First impressions are certainly lasting impressions when it comes to Real Estate especially in regards turning potential buyers into active buyers.  It is important to be wary that the slightest discomfort or issue can sort of sour the overall experience BUT no need to worry, by keeping these 5 key areas in mind, any winter woe can easily be avoided.

   1.)  Don’t Let Winter be an Obstacle:
It’s snowing or a winter storm has just passed, but you still have showings booked for your home.  (Hey, it looks like you have motivated buyers to go out in that weather!)  Be sure to shovel your walkway as well as your driveway to ensure easy and safe access to the property. 
   2.)  Consider Your Home’s Temperature:
Typically, buyers are viewing more than one home at a time, thus traveling from point A to point B, and running in and out of cars.  Also be mindful that they will be dressed to counter the winter chill, so while having the heat dialed way up may be great while lounging on the couch but it can actually make the environment oppressive for visiting buyers.  Always have the temperature of the whole house set to an appropriate temperature.
   3.)  Get Buyers Out of the Dark and Into the Light:
Be sure to have adequate light in each room to make it feel warm and inviting.  Keeping it bright will allow you to set the mood and save buyers from fumbling for light switches.  Remember first impressions.  
    4.)    Preparation is Key:
Lets’ face it, no one likes having snow and dirt tracked around their home by shoes or wet socks, same as no one enjoys having wet socks and dodging puddles in the doorway.  Be sure to post a “Shoes OFF” sign.  Placing an absorbent mat will protect your hardwood or stone flooring from water.
   5.)  Pet – Friendly – AND Groomed!:
If you happen to own pets, be sure to have the appearance of clean pets…especially dogs.  The last thing you want is the smell of wet dog greeting your buyers at the front door. 

Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: www.Morris-Homes.com or www.SRRealEstateGroup.com.


5 Golden Rules for Renting an Apartment

5 GOLDEN RULES FOR RENTING AN APARTMENT


    1.      How is your Credit? Did you know that your credit report may affect your ability to rent? We have provided you with a link to a website to obtain a FREE copy of your credit report a twww.annualcreditreport.com. Obtaining a copy of your credit report ahead of time also gives you the opportunity to resolve any issues/problems that may affect your ability to rent. We suggest that you obtain a copy 3 – 5 months prior to searching for your new rental apartment.  
    2.      Do you need a short term rental or a long term one? There are many options such as month to month, 3 – 6 months, 1 year or longer? Please remember the price of rent will fluctuate depending on which option you select.
   3 .    Location!  This is at the top of the priority list when it comes to looking for your new place. Think about if you want to be near parks since you have pets, maybe within walking distance from work or public transportation, or in
   4.    SPACE – there are many different options, do you need a studio apt, 1 bedroom, 2 bedroom or 3 bedroom apartment to fit your needs? How about a garage? But there are also other amenities to consider, for all the water-rats make sure you find a place with a pool, & if you like working out, maybe consider a building with a gym to offset your current gym membership costs.

How did all of that sound to you? I know it can seem a bit overwhelming & quite possibly like a roller coaster. Be prepared for some ups & downs in your search but do your research and don’t worry, the team at the S.R. Real Estate Group will use its professional expertise to match you with the best fit rental.

Please feel free to call/text or e-mail us anytime at www.SRRealEstateGroup.com

Smitha Ramchandani – (973) – 953 – 7777    [cell phone]
Rahul Ramchandani – (973) – 615 – 6504  [cell phone]

Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: www.Morris-Homes.com or www.SRRealEstateGroup.com.


Wednesday, January 28, 2015

NEW TO MARKET! 1207 Windsor Court, Denville NJ

JUST listed, 1207 Windsor Court in Denville is a wonderfully upgraded townhome unit located within the Berkshire Hills community.  This unit offers 3 bedrooms ; 2 full bathrooms ; 1 half bathroom ; and a 2 car garage.  Located within minutes of shopping on rt. 10 & other major highways makes getting to wherever you need convienent.  For more information on this listing please follow the link below to visit our website! 






Please don't forget to follow us on your favorite Social Media platforms!

Thursday, January 22, 2015

OPEN HOUSE: 708 Buckland Court, Denville

Open House this Sunday 1/25/2015  from 1-4 pm at a lovely, spacious townhome located within the Berkshire Hills community.  With much to offer and plenty of ammenities this unit may not be around much longer!  Please follow the link below if you would like more inforamtion about this property.  We hope to see you Sunday!

http://morris-homes.com/vtour/Pics.asp?PN=B96




OPEN HOUSE: 408 Brookview Court, Whippany

Sunday 1/25/2015 we will be hosting an open house at 408 Brookview Court, which is a lovely end unit in the Oak Ridge community.  This unit has much to offer including an open layout, 2 car garage and a spacious master bedroom with a walk-in closet.  For more information about this listing please follow the link below to our website.  Hope to see you Sunday!

http://morris-homes.com/vtour/Pics.asp?PN=C76




OPEN HOUSE: 208 Liberty Corner Road

Sunday 1/25/15 we will be hosting an open house at an exclusive Private Estate sitting on a little over 9 acres in Bernard Townships desirable Liberty Corner neighborhood.  This stunning estate has a prestigious Far Hills Mailing Address and offers an extensive list of amenities.  For more information about this listing pleae follow the link below to our website, we hope to see you on Sunday!

http://morris-homes.com/vtour/Pics.asp?PN=D27




Sunday, January 18, 2015

1/18 Open Houses Canceled

Due to inclement weather and dangerous driving conditions, sadly we are canceling all our open houses today. Stay safe, everyone!

Thursday, January 15, 2015

Mortgage rates at their lowest levels since May 2013! MUST READ!

*Credit for article & information: CNN.com/money*

Great read for anyone who is currently looking to buy/sell; as well as those who may act in the future.

Very intersting article here about mortgage rates & how these low rates (which are at their lowest since May 2013) are driving the housing market in a positive direction.  Refinances as well as initial mortgage applications are up over 50% this week (which marks its strongest weekly gain since November 2008).

http://money.cnn.com/2015/01/15/news/economy/mortgage-applications-soar/index.html?iid=SF_BN_Lead

EXCLUSIVE! 208 Liberty Corner rd. Far Hills, NJ

208 Liberty Corner Road, Far Hills, NJ


PRICE JUST RECENTLY REDUCED! A MUST SEE EXLUSIVE!





  • Public Open House on Sunday, 1/18/2015, 1PM - 4PM
  • This Exclusive, Private Custom Estate is located in Bernard Township’s desirable Liberty Corner neighborhood with a prestigious Far Hills Mailing Address.
  • Conveniently located close to major highways and transportation with access to the Award-Winning Basking Ridge school system.
  • Luxurious yet Comfortable & Inviting, every amenity is elegantly embraced in this Custom Manor Home.
  • It rests on over 9 acres of Lushly Landscaped property with a separate Carriage House, a Beautiful Swimming Pool and Koi Pond in the back, and is surrounded by abundance of mature trees that produce a rainbow of color each autumn and privacy all year around.
  • This custom-built mansion was designed with all the Elegance imaginable and boasts Impeccable attention to detail indoors and outdoors for Grand-scale entertaining and family living.
  • The open floor plan offers Bright & Spacious rooms, 3 floors of Luxurious Living space, 3 Fireplaces, and Lovely Architectural detailing.
  • This expansive residence first welcomes the visitor with a Circular Driveway and opens up to a Grand 2 Story Entrance Foyer with an Elegant Curved Staircase leading to the 2nd level. The foyer includes Gorgeous Marble Floors, Trompe l’oeil Box Moldings and Chair Railings, and a Chandelier.
  • The Elegant Formal Living Room features Hardwood Floors, a Beautiful Fireplace with Custom Carved Mantel, Crown and Chair Moldings, Ceiling Medallions, and French Doors to the Private Backyard.
  • Combining Elegance & Warmth, the Formal Dining Room with Lovely Wood Floors and Crown Moldings and Chair Railings is perfect for large dinner parties or intimate get-togethers. It also boasts Floor-to-Ceiling windows, Ceiling Medallion, and Built-In Buffet Table and Cabinets.
  • An Impressive Family Room with Floor to Ceiling Brick Fireplace adds texture and warmth, providing wonderful space for relaxation & casual entertaining. It features Crown Moldings, Wood Floors, a Beautiful Ceiling Fan and Ceiling Medallion, and double doors that lead to the Resort-like Patio and Swimming Pool.
  • An Exquisite combination of Beauty and Function, the Gorgeous Kitchen features Custom Cabinetry, Hardwood Floors, Crown Moldings, Designer Appliances including a SubZero refrigerator, a Center Island with Breakfast Bar, Tile Backsplash, and Pantry.
  • Adjacent is and a Large Dinette area with Wood Floors and Crown Moldings. It boasts an open, easy layout for casual entertaining and meals.
  • The 1st Floor also features two Powder Rooms and a Library with Crown and Box Moldings, Chair Railings, Chandelier, Wood Floors, and Huge Windows for lots of natural light. It also works wonderfully as an Office.
  • An Attached, Oversized, 3-Car Garage completes the 1st Floor.
  • Upstairs, a Spacious Master Bedroom Suite features Plush Carpeting & Vaulted Ceiling and opens to a Large Sitting Room with an Ornate Fireplace with Custom Cherry Mantel, Hardwood Floors, and Built-In Cabinets and Shelving. The master suite offers a Lavish Spa-like Master Bath with Cherry Cabinetry, Dual Vanities, Marble Counter Tops and Floors, Marble-Surround Jetted Tub & a Walk-in Shower.
  • The 2nd Bedroom includes Wood Floors, Skylight, Ceiling Fan, and Built-In Shelving and Storage.
  • The Spacious 3rd, 4th, and 5th Bedrooms also feature Wood Floors and Plenty of Space.
  • 3 additional full baths and the laundry complete the 2nd level.
  • The Full Finished Lower Level features a Carpeted Recreation Room with Built-In Bookcases, a Carpeted and Mirrored Exercise Room/Gym with Attached Full Bath, a Workshop, and Lots of Additional Storage. A Full Bed and the 2nd Full Bath would be an Excellent Suite for an Au Pair.
  • Outside an Elegant, Spacious Carriage House boasts a 2-Story Living & Dining Area, Wood Floors, a Bedroom Loft with Vaulted Ceiling, and a Full Bath. The carriage house is the Perfect Retreat for Guests and Family.
  • The back yard features a Resort-like retreat with a Large Paver Patio, Gazebo, Koi Pond, Heated In-Ground Swimming Pool, Whirlpool, fenced Garden with raised beds, and Lush Landscaping. A Stunning Space to Relax or Entertain. Enjoy the Privacy and Scenic Views.
  • Other Amenities include: Central Vacuum, Wet Bar, Intercom, Security System, Multizone Heating & A/C, Speakers wired throughout interior and patio for enjoying music, Trash Compactor, In-Ground Sprinkler System, Storage Shed
  • Taxes: $39,020 (2013) Approx.
  • Year Built: 1994 Approx.
  • You will Live & Entertain with Pride in this Beautiful Home!
Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: www.Morris-Homes.com or www.SRRealEstateGroup.com.

MUST SEE! 408 Brookview Court, Whippany, NJ

408 Brookview Court, Whippany, NJ


Come check out this cozy townhome located within the Oak Ridge community, PRICE has just been REDUCED !! This unit offers 2 bedrooms; 2 full baths; 1 half bath, along with a spacious 2 car garage!





FULL DETAILS:
  • Private End Unit Townhome in the Serene Oak Ridge Community.
  • Close to Major Shopping & Public Transportation. 15 +/- minutes to the Mall at Short Hills.
  • Easy Access to Major Highways (Routes 10, 80, 24, 46 & 287). Minutes to New York City Bus.
  • 10 +/- minutes drive to Convent Station for Train to New York City. 5 +/- minutes drive to Downtown Morristown for Restaurants, Shopping.
  • Open Floor Plan is Perfect for Entertaining. Great Flow!
  • Inviting Entry with Wood Floors.
  • Bright, Spacious Great Room with Brick Fireplace with Mantle, Plush Carpeting, Tons of Windows, and Crown & Chair Moldings.
  • Sunny Dining Area accesses a Cozy Deck, Perfect for Enjoying the Outdoors.
  • Lovely Eat-In Kitchen includes Crown & Chair Moldings, Lots of Counter and Cabinet Space, and a Sunny Dinette with Window Seat.
  • Sun-Drenched Den boasts Huge Palladium-Style Windows, Vaulted Ceiling, Window Seat, and Built-In Shelving.
  • 1st Floor Powder Room includes Wood Floors.
  • Expansive Master Suite features Plush Carpeting, a Sitting Area, Crown & Chair Moldings, and a Large Attached Bath.
  • Master Bath includes a Relaxing Tub, Stall Shower, and His & Her Sinks with Vanity.
  • Spacious 2nd Bedroom includes a Lovely Window Seat, Crown & Chair Moldings, and Ample Closet Space.
  • Main Bath comes with a Tub with Shower and a Sink with Cabinet.
  • Bright Ground Level Family Room features Great Built-In Picture/Plan Shelving, Crown Moldings, Deep Windows, and Pergo Floors. Would also make a Great Office!
  • Also includes Central A/C, an Attached 2 Car Garage, and Much More...
  • Community Amenities: Outdoor Swimming Pool, Tennis Courts
  • Pets Allowed (Some restrictions may apply. Please call Association.)
  • Maintenance Fee: $336/Month (Application fee may apply. Please call Association.)
  • Year Built: 1996 Approx.
  • Taxes: $5,662 (2014) Approx.
  • Style, Convenience, & Comfort! Truly a Must See!

Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: www.Morris-Homes.com or www.SRRealEstateGroup.com.

Their team specialize in North Central New Jersey including towns such as BoontonChathamMadison,Chester,Convent StationDenvilleEast HanoverFlorham ParkHanoverHarding Twp.MendhamMontvilleMorristown,Morris Plains,Morris Twp.Mountain LakesParsippanyRandolphRockawayWhippany.

Friday, January 9, 2015

Come see 408 Brookview in Whippany!

Open House this Sunday 1/11/2015 from 1-4 PM!

Please visit the link below for more information about this property!
http://morris-homes.com/vtour/Pics.asp?PN=C76





.Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: www.Morris-Homes.com or www.SRRealEstateGroup.com.

3602 Scenic Court, Denville NJ

Open House this Sunday 1/11/2015 from 1-4 PM!

Please visit the link below for more information about this listing!
http://morris-homes.com/vtour/Pics.asp?PN=B95

Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: http://www.Morris-Homes.com or http://www.SRRealEstateGroup.com.

Their team specialize in North Central New Jersey including towns such as Boonton, Chatham,Madison,Chester,Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham,Montville, Morristown,Morris Plains,Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway,Whippany.



www.SRRealEstateGroup.com | www.Morris-Homes.com | www.TheTownhouseExpert.com | www.NorthernJerseyRealEstate.com

Lovely Townhome at 708 Buckland Ct. Denville

Open House this Sunday 1/11/2015 

Please visit the link below for more information on this listing! 
http://morris-homes.com/vtour/Pics.asp?PN=B96


Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. You can reach Rahul and Smitha and their team online at: http://www.Morris-Homes.com or http://www.SRRealEstateGroup.com.

Their team specialize in North Central New Jersey including towns such as Boonton, Chatham,Madison,Chester,Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham,Montville, Morristown,Morris Plains,Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway,Whippany.



Thursday, January 8, 2015

Your Top Homeownership Tax Questions Answered

There are a lot of homeownership tax benefits — if you don’t forget to take them. To make sure you get your due, HouseLogic asked tax expert Abe Schneier, a former senior technical manager with the American Institute of CPAs, for tax-filing tips.

What’s the most common home-related tax deduction or credit claimed by homeowners?

Abe Schneier: The mortgage interest deduction, [which the NATIONAL ASSOCIATION OF REALTORS® estimates amounts to about $3,000 in tax savings for the average itemizing homeowner] and [the deduction for] real property taxes.

Which tax provision do homeowners often overlook?
AS: You can deduct mortgage insurance premiums [or PMI] if you were required to get PMI as a condition of receiving financing on your home. Some people will overlook that, although it’s typically disclosed on the 1099 that you receive from the bank, along with all the deductible information you need.

HL note: The PMI deduction expired in 2014, but Congress may renew it for 2015 by passing a bill that extends the deduction. That’s something they’ve done in past years.

[Another area of tax-filing confusion is] whether you’ve correctly treated any points you paid if you refinanced. In a new home purchase, the points can be deducted [in the tax year you paid them]. But typically in a refinancing, you have to amortize and deduct any points you paid over the life of the mortgage, and people tend to forget that after a couple of years.

What’s the No. 1 mistake homeowners make when filing their taxes?
AS: Because you receive a statement from the bank with details [such as] how much mortgage interest you paid over the year, and how much the bank pays on your behalf in real estate taxes, the number of mistakes has dropped.

But if you’re in a state where you pay the real estate taxes on your own — the bank doesn’t handle it for you — [people] make mistakes because sometimes real estate tax bills include other items besides pure real estate taxes. It could be trash collection fees; it could be snow removal fees that the state or county is assessing on the real estate tax bill. Since the items are included in the same bill, homeowners sometimes deduct [those fees] regardless of whether the items are actually taxes.

What’s the single most important piece of advice for people filing their taxes as a first-time homeowner?
AS: You have to take a look at your closing statement from when you bought the house. It’s commonly called the HUD-1 form and you receive it at the closing. Occasionally, there are fees such as prepaid taxes or interest at closing that can be deductible.

What tax advice do you have for someone who’s owned their home for 10 or 20 years?
AS: If you’ve been a longtime homeowner and you’ve been through refinancings, you have to be careful about how much interest you’ve deducted, especially if you have a home equity loan or equity line. A lot of people who’ve refinanced have sizable equity lines. The maximum outstanding home equity debt on which interest is deductible is $100,000; the maximum loan amount on which interest is deductible is $1 million.

What home improvement-related records should homeowners keep?
AS: Absolutely keep your receipts for couple of reasons:

1. You want to make sure — if there are any warranties attached to the work that was done — that you maintain those records and you have something to go back to the person who did the work in case something doesn’t function properly.

2. If you’ve added value to the home — you’ve added a deck, you’ve added a room, you’ve added something new to house — you’ll need to know what the gain is on that capital improvement when you sell the house.

Note: Tax rules let you add capital improvement expenses to the cost basis of your home, and a higher cost basis lowers the total profit or capital gain you’re required to pay taxes on. Of course, most homeowners are exempted from taxes on the first $500,000 in profit for joint filers ($250,000 for single filers). So it doesn’t apply to too many people.

How do I tell the difference between a capital improvement and a repair?
AS: Typically a repair is [done] to allow an item, like a home furnace or air conditioner, to continue. But if you were to replace the heating unit, that’s not a repair.

Does taking any home-related tax benefits, such as the home office deduction, make a taxpayer more likely to be audited?
AS: Only if numbers look out of the ordinary — for instance, if one year you were writing off $20,000 in mortgage interest debt and the next year you’re writing off $100,000 in mortgage interest. Taking the home office deduction in and of itself doesn’t usually generate an audit. However, if you claim nominal income and significantly higher expenses in an effort to create artificial losses, the IRS will see that there’s something else going on there.

Once filing season is over, when should homeowners start thinking about next year’s taxes?
AS: Well, hopefully, when you visit your CPA to give information about or pick up [this year’s] tax return, your CPA has spoken with you about your plans for [next year]:

  • If any major improvements are scheduled
  • If you’re planning on moving
  • How to organize any expenditures for fixing up the home before sale

If you’re planning to do any of those things, talk with your CPA so that you’re prepared with documentation and so that the [tax pro] can help minimize your tax situation.


Rahul and Smitha Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and Home Marketing Experts. Their team specializes in North Central New Jersey including towns such as BoontonChathamChesterConvent StationDenvilleEast HanoverFlorham ParkHanoverHarding Twp.MendhamMontvilleMorristownMorris PlainsMorris Twp.Mountain LakesParsippanyRandolphRockawayWhippany

www.SRRealEstateGroup.com | www.Morris-Homes.com | www.TheTownhouseExpert.com | www.NorthernJerseyRealEstate.com