When needing your properties to be sold, finding the right real estate agent is very important. This will determine the success of the over-all transaction. You sure want to make the most out of the deal, right?
Smart home devices are the future of household automation. The Internet of Things – as people have been calling it – is a massive industry that analysts predict will reach nearly 30 billion household units by 2020.
The future is in home automation, but is it worth investing in these devices now? We would argue that you should.
One of the main reasons people invest in smart home technology is because it makes their lives easier. Instead of searching for the remote, you can turn on your TV with your voice. When you want to know what the weather is going to be like, you can ask your virtual assistant, and they’ll have it for you.
With a smart device, you can even keep your schedule together and have the assistant read it back whenever you need a reminder. These devices make life easier, which is one reason they boost the property value of homes.
Although it will cost some initial money to get the devices set up in your property, you could find that you save money once you install them. Nest – a smart thermostat company – completed a study that showed their customers saves 10%-12% on their heating bills and up to 15% on cooling once they added the smart thermostat to their home.
With this in mind, the smart thermostat will pay for itself in two years or less. These thermostats are relatively cheap, but if you want to add to your savings, you could purchase a smart washing machine or smart lighting setup.
Both of these systems have more initial cost, but once you have them in your home, you’ll start seeing the savings every month.
Keeping You Safe
Smart home devices also help make your or your tenants safer, which can translate into more savings on insurance premiums as well. Devices like smart smoke detectors can save you money on your premiums every month, as well as make sure your property is safe from fire, carbon monoxide, radon, and other threats.
Additionally, smart security systems will keep your property safe from burglars, alerting the police as soon as someone nefarious enters the property. Top-of-the-line homes require the best security systems, and these smart home devices don’t cost as much as you might think.
Selling a Smart Home
Smart technology adds value to a property. 64% of millennials think that this technology makes homes safer and more enjoyable, and they’re willing to pay.
Smart technology is the future, and you can outfit your home with these devices for relatively cheap. Once they’re in there, they’ll boost your property value and make it easier for you to sell the home when the time comes.
Adding Smart Home Devices to Your Home
Whether you’re living in the home or renting it to someone else, smart devices make the property more valuable, safer, and more cost-effective. Smart technology is the future, so invest in it now and make it that much easier to sell the property when the time comes.
Real estate taxes can be a major strain on households all across the country. Although there are no states without property tax at all, you can get pretty close.
Living in a state that only takes a small percentage of your home’s value as taxes can save you money on a yearly basis.
So what states should you consider if you’re looking to save some money on your property taxes? Keep reading to find out.
If you’re looking for states without property tax, you can’t do any better than Hawaii. Their tax rate is 0.28% of the average home value. Since the average home in Hawaii costs $500,000 that makes the annual taxes about $1,389.
However, Hawaii also has the second-highest income tax in the nation. This gives it a relatively high overall tax burden. This leads to high prices on consumer goods and a harsh environment for new businesses.
Alabama’s property tax sits at 0.43% of the average home value. In Alabama, the median home value is only $122,700. That means that their property taxes come out to just $532 a year.
Alabama is truly a state that makes due with little taxation. They back up their low property taxes with a sales tax that is two percent less than the national average and a personal income tax that varies between 2 and 5%.
At 0.51%, Louisiana’s property taxes are the third-lowest in the nation. The median home value is $140,300 and property taxes annually on that home come out to just $714.
Louisiana also currently has programs in place offering tax breaks to landowners who are completing renovations on properties that have fallen into disrepair after not being maintained annually.
Their income tax is between 2 and 6% and many of the programs in the state are subsidized by the federal government. This gives Louisiana the opportunity to offer a lower tax burden overall.
Delaware’s property tax rate is only .04% higher than Louisiana, sitting at 0.55% of the average home value. In Delaware, the median sale price for a house is $226,200 which means the annual property taxes would be about $1,240.
Unfortunately, Delaware is currently facing budget constraints. They plan on raising property taxes as a way to supply new revenue to the state. Homes in Delaware are also subject to county, school district, and vocational school district taxes.
Washington D.C. has a property tax of 0.57% of the average home value. The median home sells for $470,500 and the property taxes on that home would be $2,693.
Federal taxes in D.C. more than make up for this low property tax rate. Their tax rate ends up being one of the highest in the nation once everything is taken into account.
Other States Without Property Tax
Trying to find states without property tax is like looking for a unicorn. But by looking for the one with the lowest percentage of total home value, you can save a lot of money annually.
But no matter how low the property tax, you still need to take into consideration the other taxes that will need to be paid if you live in that state.
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