Kathy Foran - REALTY EXECUTIVES Boston West

Posted by Kathy Foran on 10/18/2020

Photo by Dave Frisch from Pexels

If you've inherited a house you'd rather not live in, here are some things to consider—before you accept it. Before we get to the selling or renting part, calculate the cost of:

  • Repairs and renovations.
  • Any debt that would pass to you with the home.
  • Annual property taxes.
  • Yes, you may decline your inheritance if it's too burdensome to accept, as long as you're not already named on the deed, and as long as you meet applicable deadlines for submitting a notarized disclaimer of interest form. 

    Now let's look at selling or renting.

    1. Selling an Inherited Home Can Produce High Tax Savings. 

    The federal tax treatment of an inherited home, when sold, can be highly supportive of a deceased homeowner's loved one or family. 

    Under IRS stepped-up cost basis rules, you may sell without paying tax on the gains that accrued since the deceased homeowner first bought the house. You'll pay capital gains tax only on any increase in the property's value between the time you inherited and the time you sold. These savings alone can be a great gift to you. 

    Inheritance taxes are not a major factor for most homes, and that factor is easily checked.

    2. Working Out a Shared Inheritance Commonly Means Selling.

    Are you one of several beneficiaries? Does everyone agree on what to do? One sibling may wish to sell. Another might want the house. These factors typically mean someone will sell their inherited interest.

    Selling after a loved one has passed away is quite often the best decision for all concerned. It relieves family or other loved ones of the costs of repairs and upkeep, utilities, taxes and insurance. It also ensures that everyone receives an equal share of the gift.

    3. You Could Have a Choice of Which House to Sell or Rent. 

    If you inherit a free and clear title, you can move into your inherited home, and enjoy it without debt, while selling your current home. Be sure to use the time when the home is in probate to speak with your real estate agent about preparing the home for sale.

    Renting out the house for investment income is another option. Your real estate agent can check for any zoning restrictions and offer you further pointers.

    Tip: If you rent out the home it won't be a primary residence, so it won't get the capital gains tax benefit when you ultimately sell the home. Yet certain rental property spending is tax-deductible, and rent-related income has a low tax rate.

    Need Advice to Fit Your Situation and Today's Market? We're Here to Help.

    Inheriting real estate can put a lot on your plate. Your real estate agent can advise you step by step, offering indispensable knowledge when you need it most. 

    Posted by Kathy Foran on 10/16/2020

    Lovely bright & open, 4 brm, 2.5 bath sprawling ranch w/2 car att garage on acre+ lot in wonderful cul de sac neighborhood! Move right in & enjoy this beautifully updated home w/wide open fl plan w/Engineered hardwdood flrs throughout! Lovely Living rm w/Bay window, recessed lts & crown molding opens to gorgeous kitchen w/Quartz counters, quiet close cabinets, Lg center island, stainless steel appliances, glass tile backsplash, crown molding, 3 pendant lts & recessed lts! Lg dining rm w/crown molding & recessed lts! Huge family rm w/recessed lts, fireplace w/wood stove, built ins & oversized slider to new paver patio overlooking gorgeous private level back yard! 4 Lg bedrms, all w/double closets & overhead lighting! Gorgeous master bath w/tiled flr, vanity w/Quartz counter & oversized shower w/subway tile & glass door! Updated main bth w/Quartz counter! Convenient mudroom/laundry rm w/updated half bth! Wonderful location on the Sudbury line & close to all major rts, schools & shopping!

    More Info on this Property | New Listing Alerts

    Posted by Kathy Foran on 10/15/2020

    Lovely 10 rm, 4 brm, 2.5 bath Saltbox Garrison Colonial w/almost 3,000sf of living space & 2 car garage in Woodcrest Acres! Large elegant living rm w/gas fireplace, custom wood built ins, recessed lts, picture window & hardwood flr opens to formal dining rm w/chair rail & hardwood flr! Huge eat in kitchen w/stainless steel appliances, gas cook top, 2 double ovens & wine/beer refrigerator! Lg family rm w/built in cabinets, chair railing, beamed ceiling & hardwood flr! Convenient 1st flr laundry rm/half bath w/new wood look vinyl plank flr & new vanity w/marble counter! Lovely 4 season sun rm w/loads of windows & door to beautiful private bluestone patio! 2nd level has 4 Lg bedrms all w/hardwood flrs! Huge front to back master suite w/walk in closet, 2nd closet & updated full bath w/tile flr, tile shower & new vanity w/marble counter! Updated main full bath w/tile flr, subway tile tub/shower & marble top vanity! Gorgeous private half acre lot! Wonderful location & mins to everything!

    More Info on this Property | New Listing Alerts

    Posted by Kathy Foran on 10/11/2020


    Are you looking for some new and unique flooring options for your home? Check out this list of artistic, eye-catching and unique flooring options from around the globe.

    Roman Tile Floor

    The most luxurious homes during the Golden Age of Rome boasted floors that were a fantastic work of art. Tiny colored tiles were created with meticulous care to make beautiful mosaics. Animal motifs were common, but so were geometric patterns. Some Romans also enjoyed heated floors. In this present day, you can have a mosaic floor just as the Romans, and have it heated for some extra cash, too.

    Bamboo Cane Floor

    Over the years, bamboo has become popular as an eco-friendly choice to hardwood. Bamboo has the same shiny, grainy and smooth appearance of a typical wooden floor and the same durability, too. However, bamboo grows faster than regular trees, which makes it a renewable source. Bamboo is easy to clean and can last for many years.

    Log End Floor

    Log end floor is a different twist on the standard hardwood floor. With an amazingly rustic yet sophisticated appearance, the log-end floor is made of well-crafted log pieces to bring the feeling of a traditional log cabin and a splash of high-class.A log-end floor has a very flexible design and is superbly comfortable to walk on.

    Rubber Floor

    If you want to think out of the ordinary in regard to floors for your kitchen, a rubber floor is a beautiful, unique flooring choice. Typically, used in playroom and gyms, rubber is springy underfoot and soft, so it is excellent for standing for an extended period, such as when cooking or washing the dishes. A rubber floor is durable and requires low maintenance. It will provide a fresh and unique look for homeowners who want something different.

    Penny Floor

    A fresh and exciting trend is known as a penny floor aka copper floor. Penny floor is just as the name implies: a layer of pennies makes up this unique floor, held firmly into place with a sealant. Even though it takes a considerable amount of time to lay down all the pennies, it is surprisingly affordable. If you want stylish flooring for your home without spending too much, the penny floor is a great choice.

    When renovating your home, you should consider choosing a unique flooring option as it can boost the value and appeal of your home. Not sure what to pick? Ask your real estate agent what flooring types are the best return on investment in your market.

    Posted by Kathy Foran on 10/9/2020

    Lovely, bright & open 3 brm full basement ranch w/1 car attached garage in wonderful neighborhood location! Open floor plan w/fireplaced living rm w/lg picture window, recessed lights, crown molding & hardwood fl! Formal dining rm w/Bay window, crown molding & hardwood floor opens to eat in kit area w/brand new picture window(Sept 2020) & recessed lights! Kitchen w/tile fl, newer stainless steel appliances, tile backsplash & door to lovely 18x12 three season porch! Master brm w/updated half bath, hardwood flr, double closet & recessed lts! 2 additional bedrooms w/hardwood flrs, double closets & recessed lts! Future expansion potential in huge basement, to almost double the living space! Amazing, level, private half acre lot with irrigation system w/separate meter! Gas heat & Central air! Updates include new gas water heater in July 2020, architectural roof in 2009, updated windows & more! Wonderful location, walk to Callahan State Park & minutes to all major routes, schools & shopping!

    More Info on this Property | New Listing Alerts