The Top Property Management Newsletter and Events for April 2023
APRIL IN INDIANA
IT’S SPRING-TIME
March Madness is over, spring break is done and it’s tax time (sorry)!
Our wish is that this Spring of 2023 brings you Showers of Happiness, health and new opportunities.
Bringing you a round up of the latest news, ideas and tips to maximize your experience as a landlord or REALTOR®.
You should never be surprised when someone treats you with respect, you should expect it.
Why Spring is a Good Time for Homebuyers
Sometimes, you can’t choose when you move. If you’re starting a new job in a new state soon, for instance, you don’t have the luxury of waiting around. However, if you have some flexibility, timing your house hunt for the right season can make the whole process easier. Some times of the year are better for inventory while others are better if you’re looking more closely at price.
Spring is a great time to search for a house for many reasons. We’ll take a closer look at these reasons below.
Why spring is a good time for homebuyers
With the days getting longer and the weather getting warmer, people are more motivated to get out and about — and that includes starting their house hunt. There are plenty of good reasons to begin looking for a home in the spring. Here are the big ones.
Warm weather makes house hunting (and moving) easier
Trekking through the snow and ice to attend open houses and showings can be a pain. It’s also harder to see what landscaping and other exterior features are like when a home is covered in snowdrifts. If you wait until things thaw, house hunting will be less of a hassle — and so will moving.
Inventory is high
Sellers are just as eager to avoid moving in the winter, plus they know their homes show better when the grass and flowers are on full display. As a result, more houses hit the market when spring rolls around. For example, according to a Redfin U.S. Housing Market report, the number of homes for sale in 2022 rose from about 1.1 million in February to about 1.6 million in May. More inventory means you have a wider variety of homes to choose from, giving you a better chance of finding one that checks off your must-haves. We can expect the same thing to happen this year.
That said, demand is also higher in spring, which means there’s more competition. This can lead to higher listing prices and bidding wars that drive the price up further. Be prepared for these possibilities and factor them into your budget when looking for a house in the spring.
You can settle in before the new school year
If you have kids, you know the start of the school year is a hectic time. Adding a move to an already-busy schedule can multiply the stress exponentially. It takes an average of about 50 days for a home to close, so if you start looking in the spring, you should be able to move in early to mid-summer if there aren’t any hiccups. This gives you plenty of time to unpack and get settled before your kids start school.
You might have extra money to spend
Some times of the year are more financially demanding than others. The holidays can be expensive, for instance, and fall brings a slew of back-to-school costs. In the spring, however, many people start getting tax returns, which can add some money to your homebuying budget.
Just don’t let some extra money tempt you to spend more on a home than you otherwise would. You’re better off using spare cash to boost your down payment, which can lower your mortgage amount and interest rate.
The bottom line
No matter what time of year you start your home search, there are some basic tips to remember: set your budget ahead of time, save up a healthy down payment and shop around for mortgage options. That way, you’ll ensure you get the best house at the best price possible.
Feeling Over-Assessed? Here’s What You Can Do About It
Property taxes are an essential source of revenue for the government. They are used to fund public schools, build roads, and maintain other public infrastructure, among other things. But as a homeowner, you may feel that you are paying too much in property taxes. The main reason for this feeling may be an over-assessment of your property. This article will discuss what assessment is, how to deal with over-assessment, and tips for successfully appealing your property taxation.
Starting at the Beginning: Understanding What an Assessment Really Is
An assessment is the process of estimating the value of a property for tax purposes. The assessment is usually done by a local government assessor, who considers several factors to determine your property’s value, including location, size, age, and improvements. Once your property’s value is determined, the local government will use that value to calculate your property taxes.
Assessments are essential to ensure equity in property taxes. If assessments are not done correctly, some people will pay too much, while others will pay too little. Property values can also change over time, so it’s essential to reassess periodically to ensure that assessments remain accurate.
Feeling Like You’re Not Getting Your Money’s Worth? Dealing with Over-Assessment in Your Property Taxes
If you feel like you’re paying more in property taxes than you should, it’s possible that you’re over-assessed. An over-assessment means that the value of your property is higher than it should be, resulting in higher property taxes. Fortunately, there are several things you can do if you suspect that you’re over-assessed:
- Understand your assessment notice: When you receive your assessment notice, take the time to understand it fully. Look at the assessed value of your property, and compare it to the values of similar properties in your area. If you think your property’s assessed value is too high, contact your local government assessor to discuss it.
- Request a reassessment: If you believe that your property’s assessed value is too high, you can request a reassessment. This will involve the local government assessor re-evaluating your property’s value. You may need to provide evidence, such as an independent appraisal, to support your claim.
- Consider hiring a professional: If you’re not confident in your ability to assess your property’s value, consider hiring a professional appraiser. An appraiser will use a variety of methods to determine your property’s value and can provide a professional opinion if you decide to appeal your assessment.
- Appeal your assessment: If you believe that your property is over-assessed, you may be able to file an appeal. Different states have different processes for filing an appeal, but typically, you’ll need to submit a notice of appeal to your local government. You may need to provide evidence supporting your appeal, such as an independent appraisal or other documents.
Life After Assessment: Tips and Tricks for Successfully Appealing Your Property Taxation
If you’ve decided to appeal your assessment, there are several tips and tricks you can use to increase your chances of success:
- Provide evidence: The most critical part of your appeal is providing evidence to support your claim. You’ll need to demonstrate that your property’s value is significantly lower than the assessed value provided by the local government. You can do this by providing an independent appraisal or other relevant documents.
- Be prepared to negotiate: If the local government denies your appeal, be prepared to negotiate. You may be able to reach a compromise that reduces your property taxes without going to court.
- Understand the deadlines and procedures: Each state has its appeal process with strict deadlines and procedures. Make sure you understand the deadlines and requirements for your state and follow them carefully.
- Attend the hearing: If your appeal goes to a hearing, attend the hearing and be prepared to present your evidence. You may also be able to present oral arguments or ask questions of witnesses.
- Consider a tax consultant: If you’re unsure about the appeal process or want extra help, you can consider hiring a tax consultant. A tax consultant can assist you with the appeal process, advise you on the best strategies, and provide expert opinions to support your case.
In conclusion, property taxation is an essential part of funding public services, but it’s vital that the assessments used to calculate taxes are accurate. Feeling over-assessed can be frustrating, but there are several things you can do to address the issue. Understanding the assessment process, requesting a reassessment, appealing your assessment, and providing evidence are all steps you can take to ensure that your property taxes are fair and accurate.
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Home Improvement 101: 3 DIY Projects to Ramp Up Your Spring Cleaning in April
Get your hands dirty with these easy DIY projects to boost your Spring Cleaning game!
It’s time to say goodbye to the gloomy winter months and welcome the refreshing Spring season! And, what better way to welcome a new season than with some home improvements to revamp your living space?
Spring cleaning is a tradition that many of us follow to welcome the new season, but sometimes it’s not enough. With warmer days and longer evenings ahead, it’s a great opportunity to roll up your sleeves and try some DIY home improvement projects that won’t only make your home look better, but also increase its value. Here are three DIY projects that will help you ramp up your Spring Cleaning game and transform your living space on a budget.
No need to hire a professional! These home improvement projects can be done by anyone!
Before you start your DIY projects, make sure you have all the necessary tools and equipment. Most of the items you need may already be in your toolbox or garage. However, if you don’t own the required tools, renting or borrowing them can save you money.
The first project in our list is painting. Painting a room or even a single accent wall can completely change the look and feel of your living space. Plus, painting is one of the easiest, most affordable, and quickest home improvements anyone can do. Take some inspiration from the Spring season by using a fresh and bright color palette, such as greens, yellows, and pinks.
The second project is to install new light fixtures. Swapping out outdated, dull light fixtures with modern ones can give your home an instant facelift. You can find a variety of affordable light fixtures online or at your nearest hardware store.
Finally, decluttering and organizing is another simple DIY project that can make a huge difference. Start by going through each room and getting rid of anything you no longer need, use or like. Then, find creative storage solutions to organize the items that you decide to keep. Adding some floating shelves or organizers can also help beautify your space while providing much-needed storage space.
Now, let’s move on to the final and most exciting part of Spring cleaning – decorating your home!
Transform your living space with these budget-friendly DIY ideas for a fresh start this Spring.
Spring decorating is all about bringing the outdoors in.
Think floral patterns, bright accent pillows, and greenery.
If you want to add a pop of color to your living space, adding plants is one of the easiest and most affordable ways to do so. Invest in a few oversized planters and fill them with different types of plants. You can also arrange flowers in vases, place potted plants and succulents on your windowsills, or add a herb garden on your kitchen windowsill.
Another cost-effective way to add some personality and texture to your living space is by changing your curtains, rugs, and throw pillows. Opt for light and airy fabrics like cotton or linen in pastel and Spring colors like sunny yellow, soft green, and baby blue.
If you want to take it one step further, create a Spring-themed vignette on your coffee table, mantle, or bookshelf. Mix and match florals, textures, and patterns to create a layered look. You can even add a candle with a Spring scent like lavender or rosemary to make your living space feel cozy and inviting.
In conclusion, Spring is the perfect time to tackle some DIY home improvements that will not only increase the functionality of your living space but also add a refreshing update to your home. With these easy DIY projects, you can revamp your home in no time without breaking the bank. So, put your gloves on, and get ready for a fun and creative Spring cleaning season!
If you own property, or are thinking about investing, and would like to discuss steps to obtain your own financial independence through property ownership and professional property management, please contact us today: Dan@PolarisManage.com
