Do you have a real office?
Can you deduct the space in your home as a Home Office? There are a lot of Realtors that don’t have a Brick and Mortar office. Most have an office location, but when you are meeting with them, they are meeting with you in a “conference room” of sorts.
Who’s should I ask?
The Question of the day has to do with the Tax incentives when adding a “committed” home office. The rule of thumb that I live by when it comes to Tax Breaks, is to speak with your Tax Professional Explain to them what you are attempting to do and they will be the best source as to whether you can get a “legal” deduction or not.
Think twice before adding that home office. A recent study demonstrates that a home office is not where you will recoup your money. Of course, the reason for adding your home office may be strictly for your own personal welfare and have nothing to do with home improvement, in which case if you have the money to build the home office you’ve always wanted you should go right ahead and do so.
A recent article from Financially Fit places the home office as the worst bang for your buck as far as remodeling your home, recouping less than 50% of its investment when you sell your home. What makes a home office such a financial drain? Apparently it is too one dimensional. A room that can serve as an office, den, and media room is much more attractive to a potential home buyer.
As an overall rule for remodeling it is best to stay on the simple side of things. Anything too grand, ornate, or simply over the top, is never going to recoup its value in today’s market. If the bottom line is in sight, simply remember that less is more in the long run.
How do I find out how much my home is worth?
We have several resources for you to do this very thing. The first is by using one of our “hands off” property value systems.
By clicking on the Aforementioned link – you will be taken to a page where you can enter specific criteria about your Southern California home and get the results in about 30 minutes.
The Second way is to shoot us an email at email@example.com, include your address and anything about your home that adds to or takes away from it’s value. Be Safe and we will speak with you soon.