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Montana Real Estate
COURTNEY KING, REAL ESTATE ADVISOR SINCE 1994
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Bozeman's Newest Listings
- 1/76 76
Open 11/20 11AM-3PM$ 1,490,000
5 Beds3 Baths2,583 SqFt1014 S 6th ST, Bozeman, MT 59715
Single Family Home
Listed by Engel & Volkers - Bozeman
- 1/26 26
Pending$ 995,000
3 Beds3 Baths2,692 SqFt1107 S 5th, Bozeman, MT 59715
Single Family Home
Listed by Engel & Volkers - Bozeman
- 1/60 60
Open Fri 3:30AM-5:30PM$ 725,000
4 Beds3 Baths2,330 SqFt797 Cottonwood, Bozeman, MT 59718
Single Family Home
Listed by Realty One Group Peak
- 1/46 46
Open Sun 1PM-3PM$ 849,900
3 Beds2 Baths2,172 SqFt2402 Blue Silos WAY, Bozeman, MT 59715
Single Family Home
Listed by ERA Landmark Real Estate
- 1/18 18
Open Sun 1PM-3PM$ 725,000
3 Beds2 Baths1,634 SqFt52 Blaze Peak CT, Bozeman, MT 59718
Single Family Home
Listed by ERA Landmark Real Estate
- 1/23 23
Pending$ 637,900
4 Beds3 Baths2,299 SqFt1750 Dayspring AVE, Bozeman, MT 59718
Single Family Home
Listed by Williams Homes Inc
Client Love
"We met with Buzz & Courtney as a team to list our property and asked for recommendations on what we needed to do to help them sell our property. They were full of suggestions and we did what they asked and they had it sold in 3 weeks! It is important not to get offensive and work with your realtor on their recommendations...Buzz and Courtney know what they are doing and are very professional to work with. The process went extremely smooth, they were on top of everything though the entire process. We would highly recommend both Buzz and Courtney, whether you are using them as a team or individually I don't think you will be disappointed. Thank you Buzz and Courtney for a job well done!"
Kevin and Shelly B, |Toston, MT
Discover The Best Of Montana
Courtney King
Real Estate Advisor | Engel & Völkers Montana
406.581.4078 | courtney.king@engelvoelkers.com
Licensed since 1994, Courtney loves finding clients the properties of their dreams and being your advisor for all things real estate or Montana.
Courtney finds ways to help educate clients on topics of value to them as well as connections to resources that aid in everyday life whether it's a job, a rental while looking for a property, networking or finding a contractor for projects.
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RECENTLY SOLD
- 1/97 97
closed
$938,500
5 Beds5 Baths1,738 SqFt502 Table Mountain DR, Gallatin Gateway, MT 59730
Single Family Home
Listed by Small Dog Realty
- 1/29 29
closed
$664,000
3 Beds3 Baths2,272 SqFt334 Coulee DR, Bozeman, MT 59718
Single Family Home
Listed by Engel & Volkers - Bozeman
- 1/27 27
closed
$661,000
2 Beds3 Baths1,616 SqFt550 Enterprise BLVD #20, Bozeman, MT 59718
Condo
Listed by Engel & Volkers - Bozeman
MY BLOGS
Turning Your Home Into A Rental? It Can Be A Super Tax Break
Turning Your Home Into A Rental? It Can Be A Super Tax Break
Personal Residence to Rental - The Super Tax Break Did you know that you can avoid paying tax on more than $500,000 of gain on your home? Many people are aware of the advantages of Internal Revenue Code Section 121, which allows a married couple to exclude up to $500,000 of gain on the sale of their personal residence ($250,000 for a single taxpayer). Although this amount of gain is generous in most areas of the country, in some states homeowners receive more than $500,000 of profit when they sell their home. That additional profit is subject to federal and state capital gains tax and net investment income tax (Medicare tax). What is much less understood in the real estate world is that a homeowner can avoid paying all of the tax on their home by converting it to a rental. Once the home is converted to a rental, the owners can sell it and use both the Section 121 exclusion of gain and the Section 1031 deferral of gain provisions to exclude some of the gain and defer paying tax on the rest. Most tax advisors recommend renting the home for at least two years to establish it as a rental, but if you rent it for too long, you could lose the ability to benefit from the Section 121 exclusion, since that provision requires that you have lived in the home as your primary residence at least two of the past five years. For example: John and Mary Smith have lived in their home for twenty years. They acquired it for $100,000 and it is now worth $1 million, so if sold, they would have $900,000 of gain. If they sell it without converting it to a rental, they would be able to exclude $500,000 of gain but would have to pay capital gains tax on the additional $400,000 of gain. John and Mary decide, however, to convert their property to a rental. After renting it for two years, they sell it for $1 million. Since they used the home as their primary residence at least two of the past five years, they are able to exclude $500,000 of the gain. They can then use the remaining funds to acquire replacement investment property in a 1031 exchange and defer paying tax on the balance of the gain. In order to accomplish this, they must set up the 1031 exchange prior to closing on the sale of the property. In order to completely defer the remaining gain, the traditional rule is that the investor must acquire replacement property with a fair market value equal to or greater than the relinquished property, and must invest all of the equity from the relinquished property into the replacement property. When gain has been excluded under Section 121, however, the amount of value and equity required to invest in the replacement property is reduced by the amount of gain that was excluded under Section 121. Homeowners who decide to combine a sale of their primary residence with a 1031 exchange need to comply with all of the rules of Sections 121 and 1031 in order for this to work. Revenue Procedure 2005-14 explains how the two statutes may be combined for one property. This ruling includes not only the situation mentioned above, but also a sale of a personal residence with a home office or separate guest house that is rented. Some of the requirements to keep in mind are: To take advantage of the $500,000 exclusion ($250,000 for single Taxpayers), you must own and live in your home as your primary residence at least two of the past five years; You can only take advantage of the Section 121 exclusion once every two years; Section 121 doesn't allow you to exclude any gain attributable to depreciation deductions taken since May 6, 1997, but that gain can be deferred under Section 1031; and To take advantage of the deferral of gain under Section 1031, the property you sell and the property you acquire must at the time of the exchange be used in connection with your business or held for investment. This article discusses some general concepts, but you should consult with your tax advisor and contact First American Exchange Company to set up your tax deferred exchange. I received this email from First American Exchange Company and thought it was great information to share. Let me know if you would like more information if this would be a good fit for you, or if you have a property that is a rental that you are interested in selling.
MOREAre Tiny Houses Worth The Hype?
Are Tiny Houses Worth The Hype?
In recent years, the tiny house movement has captured the imagination of many aspiring homeowners. With their charming aesthetics and promises of financial freedom, tiny houses have become a buzzword in real estate circles. But are they truly worth the hype? Let's delve into the key considerations for buyers, mortgage options, and current real estate news to find out. **Buyers: A New Breed of Homeowners** Tiny houses typically range from 100 to 400 square feet, making them significantly smaller than traditional homes. This compact living appeals to a diverse group of buyers, including millennials seeking affordable housing, retirees looking to downsize, and minimalists wanting to reduce their environmental footprint. One of the most compelling reasons buyers are drawn to tiny houses is their affordability. These homes are generally less expensive than conventional properties, allowing individuals to own a home without incurring massive debt. **Mortgage: Navigating Financial Waters** When it comes to financing a tiny house, there are some important factors to consider. Traditional mortgages are often not available for homes under 600 square feet. However, if your tiny house exceeds this threshold and is built on a permanent foundation, you may qualify for a conventional mortgage. For those with smaller homes or those built on trailers, alternative financing options such as personal loans or RV loans might be viable choices. Adding a foundation can also increase your chances of securing a mortgage and can make your tiny house more stable and durable. While this may add to the initial cost, it could be worth it in the long run if you plan on staying in one place for an extended period. **Real Estate News: The Market's Pulse** The real estate market has seen a growing interest in tiny houses over the past few years. This trend is partly driven by rising property prices and increasing living costs in urban areas. Tiny houses offer an affordable alternative without sacrificing the dream of homeownership. Moreover, many municipalities are revising zoning laws to accommodate these small dwellings, making it easier for prospective buyers to find land where they can legally place their tiny homes. However, it's essential to stay updated with local regulations as they can vary widely from one area to another. Some communities embrace tiny houses as a solution to housing shortages, while others impose strict rules that can complicate your plans. I usually look for areas that allow a manufactured home. **The Allure: Cute and Affordable** One cannot overlook the sheer charm of tiny houses. Their compact design often results in incredibly cute and cozy spaces that maximize every inch of available room. From lofted beds and multi-functional furniture to creative storage solutions, these homes are marvels of efficient design. Affordability is another major selling point. The lower price tag means that more people can afford to buy property without years of saving for a down payment or committing to decades-long mortgage payments. Additionally, lower utility bills and reduced maintenance costs make tiny houses even more financially appealing. **Conclusion: Weighing Your Options** So, are tiny houses worth the hype? For many buyers, the answer is a resounding yes. They offer an affordable entry into homeownership and come with unique benefits like lower living costs and adorable designs. However, potential buyers should carefully consider their long-term needs and local regulations before taking the plunge. If you're intrigued by the idea of living small but luxuriously, it might be time to explore what tiny houses have to offer. Just remember that while they come with numerous advantages, it's crucial to do thorough research and planning to ensure that this lifestyle aligns with your personal goals and financial situation. I know of the perfect tiny home lot by the river for $45,000 available in October 2024 (if you're reading this in the future) and you could add a tiny home for the perfect home or vacation getaway. Contact me!
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I'm not ready to buy, but I want to work on it.
I'm not ready to buy, but I want to work on it.
Embarking on the journey to homeownership is an exciting yet daunting endeavor. Even if you're not ready to buy a home just yet, there are several steps you can take now to prepare yourself for that monumental purchase. By focusing on a few key areas—figuring out your price range, determining your monthly mortgage budget, saving for a down payment faster, and creating a wishlist—you can set yourself up for success when the time comes to finally buy. **Figure Out Your Price Range** Understanding what you can afford is the first step in preparing to buy a home. Begin by reviewing your financial situation, including your income, expenses, and any existing debt. Online mortgage calculators can be helpful tools for estimating how much house you can afford based on these factors. Remember that lenders typically recommend that your mortgage payment (including taxes and insurance) should not exceed 28-31% of your gross monthly income. By establishing a realistic price range now, you’ll have a clear target to aim for as you save and plan. **Determine Your Monthly Mortgage Budget** Once you have an idea of your price range, it's crucial to figure out what monthly mortgage payment fits comfortably within your budget. This involves more than just looking at the principal and interest payments; you'll also need to account for property taxes, homeowner's insurance, and possibly private mortgage insurance (PMI) if your down payment is less than 20%. Additionally, factor in maintenance costs and potential homeowners association (HOA) fees. Creating a detailed budget will help ensure that you're financially prepared for all aspects of homeownership. **Save for a Down Payment Faster** The size of your down payment can significantly impact both your monthly mortgage payments and the overall cost of your loan. The more you can put down upfront, the less you'll need to borrow—and the less you'll pay in interest over the life of the loan. To accelerate your savings: 1. **Automate Savings:** Set up automatic transfers from your checking account to a dedicated savings account. 2. **Cut Unnecessary Expenses:** Review your spending habits and identify areas where you can cut back. 3. **Increase Income:** Consider taking on a side job or freelance work. 4. **Windfalls:** Direct bonuses, tax refunds, or other unexpected funds like inheritance straight into your down payment savings. By being disciplined and strategic about saving, you'll reach your goal faster than you might expect. **Create a Wishlist** While financial preparation is critical, it’s equally important to know what you're looking for in a home. Start by making a wishlist of features that matter most to you—whether it's proximity to good schools, having a big backyard, or an open floor plan. Categorize these items into "must-haves" and "nice-to-haves." This list will serve as a valuable guide when you start house hunting and help ensure that you find a home that meets both your needs and wants. In conclusion, even if you're not ready to buy right now, taking these preparatory steps will put you in an excellent position when the time comes. By figuring out your price range, determining your monthly mortgage budget, saving diligently for a down payment, and creating a well-thought-out wishlist, you'll be well on your way to achieving the dream of homeownership with confidence and ease. Happy planning and reach out to me anytime with question or when you're ready to get started!
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