Conor Loughran's (conor) Blog

St. Mary's County: Why Rent When You Can Buy For LESS???

Conor Loughran (Century 21 New Millennium) — Mon, 07 Jun 2010 02:32:23 -0700

With interest rates near record lows I thought it could be beneficial to explain reasons for buying a home rather than renting a home. This a huge step for any who decides they want a home, but it is the right thing to do if your situation allows you. Here are five quick reasons to explain why buying is a better investment than renting a home. 1. Pride of ownership. Do you ever notice that people rent a car they tend to drive it like they stole it? People in general do not treat something that is rented or borrowed as well you they treat their own property. When you own a home you have the ability to make it yours. You can do what you want how you want, want to paint the wall bright pink with sparkles you can. Turn the A/C on with the windows open? Fell free you're the one who pays the bills. The home is your freedom. 2. Appreciation. Real estate is a living breathing creature and like every market it goes up and down. While the market has gone down in the short term overall real estate is the soundest long term investment you can make. Tends show that ultimately real estate appreciates in value over time. 3. Mortgage interest deductions. Tired of uncle sam getting all your dinero on April 15th every year? Buy a home! Did you know that you maybe able to write of the interest paid on your monthly mortgage? (consult a CPA). On all loans you pay interest fir than towards the principle of the loan. so for the first 15 years of a 30 yr loan a majority of your payment goes towards the interest. Write that Bad Boy off! 4. Property tax deductions. Check out IRS Publication 530. It says that all property taxes paid on a first home are completely deductable. Cha Ching$$$ 5. Captial Gains. Do you know of may homes that have appreciated $200k or more in the last 5 years? if your single and have lived in your homes for 3 of the last 5 years than you could be exempt for capital gains taxes. I hope that these five reasons or buying a home have informed you and helped you make the right decision for your specific situation. Please rememeber to always consult a CPA regarding all tax questions.

St. Mary's County Maryland Rentals

Conor Loughran (Century 21 New Millennium) — Wed, 16 Dec 2009 01:01:17 -0800

Many people who have just moved to St. Mary's County Maryland don't know where or what they want to buy when they first move here. Renting is a great option, it will get you into a home temporarily so that you can become familiar with the area and make an educated decision as to where you would like to live in beautiful St. Mary's County Maryland. Rentals in St. Mary's County range from apartments in Lexington Park to an expansive 200+ year old manor house an an 500+ acre farm in Chaptico. There is a rental to fit all of your needs. Building a home and need something short term? St. Mary's has them. Only going to be in the area for a couple years St. Mary's county offers various long term rentals also! While some markets have been hit during this downturn in the economy, St. Mary's County has not been hit as hard. Because of our connection with the Federal Government through the multiple defense contractors and Patuxent River Naval Air Station St. Mary's County has been able to weather the storm better than other counties through out the United States. Being that St. Mary's County relies so much on the the Patuxent River Naval Air Station there are people who are always coming and going. With home prices declining over the last few years renting a home has become an option. For homeowners renting their home allows more financial flexibility when they move or get relocated to a new area of the country. It also assist in preventing addition short sale or foreclosures coming onto the market. St. Mary's County rentals are a great way to learn what the community has to offer. Come see what a great place St. Mary's County Maryland is! To begin your search of rentals in St. Mary's County Maryland contact me today!

Beautiful Waterfront Home in St. Mary's City

Conor Loughran (Century 21 New Millennium) — Thu, 19 Nov 2009 00:44:08 -0800

Hey Folks, your Top Producing Realtor Conor Loughran here just wanted to spread the word of a Beautiful Waterfront home in St. Mary's City. This home is truly a one of a kind find. Originally a sportsman's retreat this beautiful waterfront home sits on its own private point on one of the St. Mary's River. In my opinion the St. Mary's River is by far the most beautiful river in all of Southern Maryland. This beautiful waterfront home in St. Mary's City has four cozy bedrooms and 2.5 baths perfect for the whole family or just to invite guests down of the weekend to enjoy all the Southern Maryland has to offer. Located just minutes from Historic St. Mary's City and St. Mary's College from this beautiful waterfront home you can take a short walk of bike ride to a jump back into colonial times to see how Maryland came to be the state that we all love. Enjoy picking crabs? Imagine eating crabs in the gazebo on the pier that you caught fresh at this beautiful waterfront home in St. Mary's City. Boater? This home not only has a deep water slip suitable for sailboats but also has a boat lift that will protect your boat and could even decrease boat maintenance costs. This beautiful waterfront home in St. Mary's City also has it's own personal boat ramp so you can back your boat in off the trailer, hop in it and go. This home is waterfront living at it's best! Cooling coast are not an issue with this beautiful waterfront home in St. Mary's City. It faces the southwest, allowing not only favorable winds for cooling your home but natural light which penetrates the home to keep it warm. The living room is focused on the huge fireplace a great place to come in out of the cold and warm up. This is just one of the multiple fireplaces in this beautiful waterfront home in St. Mary's City. This beautiful waterfront home in St. Mary's City has so much to offer a homeowner. From its four bedrooms, to its entertaining possibilities, it's protected waterfront, and its beautifully landscaping, this waterfront home in St. Mary's City boasts the best of what Southern Maryland's waterfront homes has to offer. If you would like to schedule a private viewing of this home do not hesitate to contact me.

Great Charity Discount Coupons

Conor Loughran (Century 21 New Millennium) — Mon, 16 Nov 2009 00:32:06 -0800

Please use this coupon any MONDAY between 11/16/09 and 12/14/2009 at Damon's Clubhouse in Lexington Park to help support the Shop with a Cop program. The program’s goal is to bring Christmas to children that may not have one otherwise, and to have police officers interact with them in a positive way. It is sponsored by the Optimist Clubs of St. Mary’s County and many other groups, including corporate donations from Wal-Mart. After the shopping was done, officers from the St. Mary Sheriff’s Office, State Police and many others, traveled to the county fairgrounds to help the children wrap the presents. By using this coupon Damon's Clubhouse will donate 15% of your bill to SHOP WITH A COP!

Join Century 21 New Millennium in thanking our veterans at the Leonardtown Veteran's Day Parade

Conor Loughran (Century 21 New Millennium) — Tue, 10 Nov 2009 00:15:58 -0800

Tomorrow, November 11th 2009 Century 21 Millennium, First County Mortgage, and New Home Connector will be participating in Maryland's biggest Veteran's Day Parade! This year we decided to build a float show our thanks to the veterans who fight to keep us safe at home. Rumor has it that this is the first ever float in the parade! We invite you to join us in giving thanks. Below is a picture of our flost building project. Hope to see you there!!

Join Century 21 New Millennium in thanking our veterans at the Leonardtown Veteran's Day Parade

Conor Loughran (Century 21 New Millennium) — Tue, 10 Nov 2009 00:15:42 -0800

Homebuyer Tax Credit Update!

Conor Loughran (Century 21 New Millennium) — Mon, 09 Nov 2009 00:10:56 -0800

Homebuyer Tax Credit Update! On November 6, 2009, President Obama signed a bill to extend the tax credit for first-time homebuyers (FTHBs) through June 30, 2010. The bill also opens up opportunities for others who are not buying a home for the first time. To learn what the new tax credit means to you and your clients, take a look at the concise overview below. In addition, we’ve put together a script featuring wording you can cut and paste as needed to beat out your competition by connecting with clients who may be able to benefit from the new plan details! TAX CREDIT OVERVIEW Who Gets What? First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000 Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount. Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount. What are the New Deadlines? In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010. What are the Income Caps? The amount of income someone can earn and qualify for the full amount of the credit has been increased. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible. What is the Maximum Purchase Price? Qualifying buyers may purchase a property with a maximum sale price of $800,000. What is a Tax Credit? A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual’s primary residence. How Much are First-Time Homebuyers (FTHB) Eligible to Receive? An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000. Who is Eligible fort FTHB Tax Credit? Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible. As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500. How Much are Current Home Owners Eligible to Receive? The tax credit program includes a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. Can Homebuyers Claim the Tax Credit in Advance of Purchasing a Property? No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place. Can a Taxpayer Claim a Credit if the Property is Purchased from a Seller with Seller Financing and the Seller Retains Title to the Property? Yes. In situations where the buyer purchases the property, even though the seller retains legal title, the taxpayer may file for the credit. Some examples of this would include a land contract or a contract for deed. According to the IRS, factors that would demonstrate the ownership of the property would include: 1. Right of possession, 2. Right to obtain legal title upon full payment of the purchase price, 3. Right to construct improvements, 4. Obligation to pay property taxes, 5. Risk of loss, 6. Responsibility to insure the property, 7. Duty to maintain the property. Are There Other Restrictions to Taking the FTHB Credit? Yes. According to the IRS, if any of the following describe a homebuyer’s situation, a credit would not be due: • They buy the home from a close relative. This includes a spouse, parent, grandparent, child or grandchild. (Please see the question below for details regarding purchases from “step-relatives.”) • They do not use the home as your principal residence. • They sell their home before the end of the year. • They are a nonresident alien. • They are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. (This does not apply for a home purchased in 2009.) • Their home financing comes from tax-exempt mortgage revenue bonds. (This does not apply for a home purchased in 2009.) • They owned a principal residence at any time during the three years prior to the date of purchase of your new home. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008. Can Homebuyers Purchase a Home from a Step-Relative and Still be Eligible for the Credit? Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed. If a Parent (Who Will Not Live In The Property) Cosigns for a Mortgage, Will Their Child Still be Eligible for the Credit? Yes, provided that the child meets the other requirements for the tax credit.

Join us in assiting Southern Maryland's less fortunate

Conor Loughran (Century 21 New Millennium) — Wed, 04 Nov 2009 00:38:12 -0800

Like many of you, Century 21 New Millennium and our sponsors recognize the need of many in the community we serve. That’s why we are working in conjunction with the Southern Maryland Food Bank and End Hunger in Calvert County to raise awareness and collect basic food items during our Fall 2009 food drive. For information regarding how you can help us help others please check out the Help St. Marys website.

Leonardtown Veterans Day Parade November 11, 2009

Conor Loughran (Century 21 New Millennium) — Tue, 03 Nov 2009 05:45:11 -0800

Come out and join Century 21 New Millennium in celebrating Leonardtown Maryland's Veteran's Day Parade in Historic Leonardtown on Wednesday November 11, 2009. We've been working on our float for some time and are eager to present it to the community. Help us thank our Veterans!