About Collin County, TX

I'm a big fan of the new HGTV Show Income Property. Host Scott McGillivray takes a rental property from un-leasable to the most sought after on the block all in a span of the 1/2 hour show. Much work is put into these properties and the icing on cake is the reveal in the end where Scott and his team use Staging as the final marketing tool to showcase their mini masterpieces. I am so thrilled to see their use of staging for these income properties and am hopeful that prospective landlords around the country will see this and understand why staging is also a necessary part of getting their properties leased.

Leased properties are a hot commodity on the real estate market in many areas.

For many people leasing is the only option they have currently for a variety of reasons:

Financial:

• many people in need of a home cannot qualify for a mortgage currently
• many don't have sufficient funds for a down payment
• many need to build up their bank account before heading back out to the home buyer's arena.

Geographical:

• many people and their families are in need of housing while on a temporary or long term job assignment in another area
• many people are from out of the country on work assignment for a year or more in the US

Personal:

• Some folks like to get a lay of the land in a new area before putting down roots
• Some folks prefer a lease to buy option to get a feel for the house before purchasing
• Some folks just like to change vistas every few years and enjoy moving into a new home without the ties of having to sell first
• Some folks are in transition through life changes like divorce, death or other family related crisis or changes

Many of these folks are in a great position to lease and have a lot of properties to choose from. Many home sellers are also offering the option to lease or buy in this market too. As with any property for sale(and a leased property is essentially "for sale" for a time and is making income for the owner) it is imperative to showcase that property for prospective tenants to see themselves in.

Home Staging for income properties is a must do in today's market.

Utilizing the services of a home stager to showcase these rental properties is a smart move.

Even leasing furniture for the property from a national rental company and making it a selling point,(when working with a national rental furniture company the furniture can stay with these properties for as long as the tenant needs it. The lease will just be transferred in the new tenants name after the terms of the original agreement are met) is a wise move. It will assist the prospective tenant to see that their furniture will fit and gives them ideas of what to do with the space. It is the same principal that applies while stage to sell.

I've worked with a few leased properties over the course of the last couple of years and with much success. In the case of one lease &/or buy option, the house sat on the market over 90 days with no offers either way, once staged, after 3 days a Canadian couple on a temporary work assignment in the US saw the property staged and leased it for a 3 year term.

Home staging is a valuable marketing tool for income properties.

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Home Sellers, Realtors, Investors and Landlords, for expert advice on preparing a home for sale or lease contact Home Star Staging, a Plano,TX based Real Estate Staging and Consulting company.

Home Star Staging is here for you North Texas!

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Purchase by a Dependent

There was no age limitation on the original bill and amended for the November Tax Credit. Taxpayer must be at least 18 years old to qualify for the credit. For married taxpayers, the taxpayer shall be treated as meeting the age requirement if the taxpayer or spouse meets the age requirement.

Repeat Buyers

There is no criteria that home buyers must "move up" in house. Only that they lived in the house for the past 5 out of 8 years as a primary residence. The new purchase price must not exceed $800,000.

Date of Enactment = November 6 2009.

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Contact:

Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com

Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.

Copyright © 2009 by Loreena Yeo (3:16 team REALTY)
Originally Posted on First Time Home Buyer Tax Credit Extension & Expansion

The 2009 Tax Rates for Collin County, Texas have been released. Here are tax rates for four of my favorite Collin County cities.

Plano, TX 2.14%

Frisco, TX 2.18%

Allen, TX 2.42%

McKinney, TX 2.45%

There are several exemptions that can be filed to reduce your residential annual real estate tax bill. If you live in your home versus have a tenant you are qualified to get your property taxes reduced by simply filing a homestead exemption with the county where you live. This deduction is called a General Homestead Exemption. There are a couple of other exemptions available that you may qualify for to get your property tax bill reduced. These other exemptions are for disabled persons or for home owners over the age of 65. Texas is a Homestead State, so take advantage of being a Texan and file a homestead exemption. You only have to file it once for help filing your homestead exemption please call me at 972-989-9849. It will be valid for the whole time you occupy your property.

The residential tax rates above are shown at the higher rates, by filing a homestead exemption in Collin County you will qualify for a lower tax bill on your house. Plano, Frisco, Allen and McKinney are all cities that offer this exemption. If you have questions about your property and need help, please call on me on my cell 972-989-9849.

Authored by Coleen Donovan of Keller Williams Realty and The Donovan Group