Business Finance Articles

Your First Financial Choice....

Denis Woods

Do You Get Tax Deductions When You Donate a Car in Utah?

Last Updated:

Utah is well known for its enticing national parks, the Sundance film festival, and is an excellent place for practicing paleontology. Also, the people of Utah are known as one of the most generous people in the United States. They all strive for fundraising initiatives, such as charity, through car donations.

People donate a car in Utah for a variety of noble causes and charitable purposes, including relief to patients who can’t afford costly treatments. It’s not wrong to say that people who offer charity should be entitled to the benefits of these donations.

For instance, one can get the benefits of tax deductions by donating their car to a charitable organization. Utah has many such reputed philanthropic trusts, where one can give cars for various noble causes. These trusts make it possible even for people from rural areas, like Bicknell in Utah, to avail tax deductions from car donations.

This article will go through some of the critical aspects related to tax deductions while donating a car.

Itemize Your Return

It’s necessary to itemize the deductions if you wish to claim your car donation for reducing your taxes.

If the donation is the only deduction, standard deductions are likely to save you more money. You can achieve the benefit to the fullest when you have many deductions, including the car donation claim, and their total exceeds the standard deduction. However, the IRS limits the amount you can claim on your tax returns.

Impact of Tax Bill

One wishing to claim tax benefits from car donations must check the latest Tax bill. The Tax Cuts and Jobs Act lowers the tax rates and alters the income brackets. In Utah, the latest tax reform has enabled higher take-home, increased employee bonuses and incentives, and increased charitable donations.

You must check the applicable income bracket to decide the amount that you’re permitted to claim. The tax benefits from such contributions are perhaps more or less advantageous.

Document Tax Receipts

Maintain a record of all transactions related to the car donation. Furnish these documents at the time filing your taxes. The IRS gives a six-month extension to submit the returns in case of a delay in the car sale.

Otherwise, file the returns without claim. Use 1040X to claim the deductions, once charity sends you sale notification.

Identify a Qualified Charitable Organization

Donate your car to an IRS recognized, qualified 501c3 charity to claim your tax deduction. If you wish to donate cars in Utah, you can search online for genuine charitable organizations. From the list of organizations you select, IRS can confirm which ones are qualified and official.

Significance of Fair Market Value

The fair market value is the price a buyer will pay and a seller will accept. Under the IRS rules, you can deduct the vehicle’s fair market value under specific conditions. One such condition is when you sell your car to an underprivileged person at a rate significantly below fair market value.

To summarize, when you donate a car for charity in Utah, you can undoubtedly gain tax deductions. Keep in mind the aspects mentioned above, before proceeding with the claim.

Four Ways to Cut Your Carbon Footprint in Albuquerque, New Mexico

Last Updated:

Like the rest of New Mexico, Albuquerque is pretty laid back and perfect for those who like to savor what life has to offer. Similar to all other areas in New Mexico, Albuquerque enjoys 300 days of sunshine, and sunscreen is a necessity. The cost of living in Albuquerque is also quite affordable.

But just because life in Albuquerque is great doesn’t mean you ignore the environmental crisis the world is currently facing. You, too, should take steps to cut your carbon footprint. Do you have no idea where to start? Begin by contacting experts to help you with solar panel installation in Albuquerque NM, so you can make a switch to clean, renewable energy. Below are other ways to live sustainably, and more details on why switching to solar is ideal.

1. Walk, Ride a Bike, or Use Public Means of Transport

Every time you drive to work, you increase the amount of greenhouse gases making their way to our atmosphere. Therefore, to live sustainably and cut your carbon footprint in New Mexico, you have to reduce your car use. If you don’t live far from work, then take a walk instead of taking your car. If you have a bicycle or love riding bikes, get one. If none of these options work for you, then use public commute instead of driving.

Are you wondering what difference that will make?

If yes, note that going carless for 12 months will help you prevent a great amount of carbon from being released into the environment. If everyone in your household drives to work, consider bundling into one car instead of taking separate vehicles.

2. Switch to Solar

One of the easiest ways to become sustainable, as mentioned earlier, is to switch to solar. Studies show that an average solar panel system offsets approximately 100,000 pounds of carbon. This is mainly a good idea in Albuquerque because it enjoys 300 days of sunshine. But besides being good for the environment, switching to solar will see you reap immense personal benefits.

For instance, you can drastically reduce, or even completely cut down your electric bills. Therefore, take advantage of the tax credits offered by New Mexico by seeking solar panel installation in Albuquerque, NM, as soon as possible.

3. Get Reusable Stuff

Every day, tons of plastic make their way to our environment and oceans. Not only does this increase carbon emissions, but it also puts land and marine wildlife in danger. You can make a difference by getting reusable stuff.

For instance, instead of buying plastic bottled water, get a reusable bottle to carry water from home. Buy and bring a reusable bag for shopping instead of getting your stuff packaged in a plastic paper bag, which will only end up in the trash and, consequently, the environment. Replace paper towels with cloth napkins and spread awareness on the impact of plastic on the environment.

4. Plant a Garden

By now, you already know that plants absorb carbon. Creating a garden, even if it is a small hanging one on your balcony in Albuquerque, will help reduce carbon emissions directly.

It’ll also help you reduce your carbon footprint. How? Well, if you plant something you can use in your kitchen, for instance, vegetables, you no longer have to buy plastic-packaged ones. This means less plastic from your home, which is good for Mother Nature.

Additionally, note that each packet of veggies that reaches your table has not only undergone a rigorous packaging process but was also transported using trucks, which further increases carbon emissions. Having your small vegetable garden means fewer vehicles on the road.

It is the responsibility of each person to take care of the planet. Your efforts might seem insignificant at first, but they’ll motivate others to follow in your footsteps.

In other words, your efforts to live sustainably will have a ripple effect on your community. Start today by calling in the experts to help you with solar panel installation in Albuquerque, NM.

What You Need to Know About Contractor Income Protection

Last Updated:

Contractors play an important role in construction projects. More often than not, they coordinate with companies and people looking to build an estate and connect them with the material, labor, and other essentials required for the successful building of construction projects. Whether it is a retail store, home, or an interior overhaul, contractors are the unsung heroes in the industry of modern establishments.

However, contracting jobs are project-based. As a contractor, it is not very easy to get jobs one after another, as schedules may overlap, and unideal weather conditions may turn clients away. While you may be used to making your per-project income stretch, you can never predict when months without work may completely stop your flow of income for an extended period. It is pertinent to look into Contractor Income Protection, which is essentially an insurance plan designed for the contracting line of work.

It Protects Your Income

As its name suggests, a Contractor Income Protection plan is the most fool-proof way in which you can protect yourself against months without a source of income. Primarily, you can cover about 70% of your contract income on a short or long-term basis, depending on the policy that you choose.

Whereas independent contractors will have to pay the premium themselves, company-tied ones are often given a percentage match by their employers. If you are with a company and unaware of whether or not insurance are part of your benefits package, then, by all means, find out. It will substantially help you in the future, even if you have to pay the premium yourself.

What to Look Out For

Like most other insurance policies, Contractor Income Protection can be tricky to work around, especially if you are unfamiliar with how it works. There are a couple of things that you have to look out for, as they can substantially reduce the value that you receive when your insurance company does not cover them. For instance, your income may consist of dividends, which some companies do not cover.

Generally, only the gross project income that you receive is a part of your income protection claim. The dividends make up the adjusted gross income, which may or may not equate to your gross income. Therefore, do check with your company to determine if you can benefit from its value.

Additionally, read the fine print of your income protection policy and negotiate a better deal with your financial advisor. Some plans will only grant you the money if you can no longer carry out any work – not just contracting work. That can be a bit tricky because you will be in a position where your only option is to try out other lines of work. As a result, choose a policy that is specific to the contracting industry.

Choose a Company That Understands Your Job

Not all insurance companies understand your job as a contractor. As a result, they may make things difficult for you, as opposed to being helpful. Choose a company that understands the nuances of the contracting industry.

For instance, they should know about how project-based contracts work, about how multiple projects can or cannot overlap, and how long you have to be jobless before it is viable to release your premium. By choosing an insurance company that understands your job, you are less likely to run into complications or complicated claiming processes.

Being a contractor is tough, especially in a competitively-dense market. However, the hard work pays off when you see skyscrapers that stand as a result of your planning and organization. In a quickly modernizing world, your skills are necessary, so protect your income with the right insurance policy.

How to Successfully Start and Manage Your Short-term Rentals Business

Last Updated:

Are you an owner of a spacious home, and you want to rent it out for travelers and tourists for additional income? Do you own vacation homes near tourist spots and urban areas, and do you want to establish short-term rentals business using them as a start? You can earn a lucrative income from your properties if you know how to manage them.

Based on statistics, the short term rentals market is booming. In 2019, the market was driven by factors like high hotel prices, demographics, investment opportunities, and the higher desire by homeowners to earn from their properties. The success of the online rental marketplace Airbnb also adds to the market boom.

Questions You Should Ask Before Starting an Airbnb-like Business

Without a doubt, short-term rentals are a profitable business. You can earn a considerable amount of money if you decide to venture into it. However, you can ask yourself these questions first before committing.

  • Are you willing to share your home with strangers and lose your privacy?
  • Do you have the time to manage your business?
  • Are you prepared to do activities like booking management, responding to queries from prospective renters, handling maintenance issues, and a 24/7 presence to resolve the problems that may arise?
  • Do you plan to make the business a steady source of income, or are you only looking for a new source of money?
  • Does your neighborhood association or local authorities allow your business model?

Useful Tips in Managing Your Property Rental Business

Although you may have initially planned your business as a sideline, you may soon find that it can take a lot of your time to manage it. However, there are several strategies that you can use to make it as easy as possible while earning a lot of money from it. Here are some of them:

  • Learn the ins and outs of the market – Conduct comprehensive research on how the business model works. You can also seek advice or attend the training and seminars conducted by industry experts.
  • Know your federal and local laws – Make sure you are up to date on all laws and regulations covering your business and properties. You may also communicate with your homeowners’ insurance provider regarding short-term rentals or other things like water damage insurance etc.
  • Determine your target market – Identify your target market and position your properties to meet their needs.
  • Create a website or list your property in the popular marketplace – Make your business accessible to your target market by creating a website or listing your properties in well-known home-sharing sites like Airbnb.
  • Set fair rates –Offer affordable prices and embrace a dynamic pricing model to become profitable.
  • Maintain a master schedule to avoid double-booking – Integrate your calendar in your listing sites to prevent double-booking.
  • Hire a team of maintenance staff and housekeepers – To keep your properties in good condition, employ dependable housekeeping staff and maintenance experts to maintain them.
  • Invest in technology to protect your property and guests – Install new technologies like smart smoke and carbon monoxide detectors, noise detectors, security cameras, and motion-activated lights to ensure your guests are safe and comfortable. However, avoid positioning security cameras inside your home.

Your short-term rentals business can provide you with the income you may have earned only in your dreams. With smart planning, dedication, and determination, you can grow your business to greater heights.

4 Reasons Why Managers Should Invest in Standing Desks

Last Updated:

Office employees are seen almost always at their desks, 8 to 9 hours a day, for 5 to 6 days a week. That has always been the norm since the time that office work became the usual. These days, however, there are alternatives.

For instance, as a manager, you could think about trying something new and investing in a manual standing desk for your office and your workers. It’s normal for people to get up and walk around once a while in the office. Why not allow them also to stand up to and work at the same time? That would work wonders for your productivity.

There are four benefits that you can reap from purchasing standing desks for your office. The health website Healthline points out the following benefits to a person’s health when they use standing desks:

1. It Stretches the Back and Prevents Pain

Sitting for extended periods can cause pain in the back muscles. The pain is caused mostly by bad sitting posture, which strains the spine and waist. The muscles, when unused or stuck in the same position for a long time, could also cramp.

When people say they’re getting up to get a good stretch, they mean that they’re stretching the muscles and realigning the bones in the spinal column. With a manual standing desk, your employees can adjust the desk to standing height. They can get up, stretch, and continue working.

2. Getting Up for a Stretch Can Improve Your Employees’ Moods

There is a scientific study published at PubMed that links anxiety, depression, and other emotional disorders in general with a sedentary lifestyle. Human Psychology has direct link with business.

In other words, keeping your people in a sitting position the entire day can make them feel irritable, anxious, and exhausted. When you get up and stretch, however, the body releases hormones as if in preparation for a physical exercise. Stretching, after all, is a warm-up to physical activity.

Your employees can enjoy the benefits of stretching to the fullest if they’re able to continue working with a manual standing desk. They don’t have to bother about taking too much time away from their desks.

3. Sitting Too Long Can Cause Heart Disease

Did you know that there is scientific evidence pointing to a sedentary lifestyle as a significant risk factor for heart disease?

In the context of an office, the amount of time spent sitting down is thought to be proportional to the employee’s productivity and efficiency. However, scientific studies found that spending 80% of your time in the office sitting down gives you more than a hundred percent chance of developing heart disease.

The blood will not flow throughout the body as fluidly as it is supposed to supply oxygen to the millions of cells that make up the human being. This affects other organs as well.

4. Sitting Can Lead to Obesity in the Long Term

Sitting down is considered an “at rest” position, which means the body consumes fewer calories than it would when the body is doing physical activities. Unfortunately, we don’t automatically adjust our calorie consumption according to our level of activity.

As a result, over time, the body converts more unused calories into fats, and then, you gain a lot of weight.

So, to summarize, investing in many standing desks for your employees and even yourself can have benefits to your health, your team’s productivity, and your business’ profitability in the long run.

Different Types of Digital Signage Solutions For Fool-Proof Advertising

Last Updated:

Businesses, both big and small, rely on digital signage for a lot of reasons. They use it as a part of their marketing strategy to stand out against their competition. But do you know that there are different types of digital signage to use for various purposes?

Your business can benefit from consulting with digital signage experts to know which signage solutions will work well for your business. If you have no idea about the kind of digital signage to install for your company, here are some of the most common forms of digital signs and their uses

Indoor Digital Signage

For businesses that need to provide a list of services, products, and notices to their customers, installing indoor digital signage can give them a lot of advantages. This type of digital display can allow owners to inform their patrons about the latest offerings from their company.

They can showcase this type of display through live TV, video walls, social media streams, and RSS feeds. Digital signage experts believe that businesses like restaurants, hotels, cinemas, and fashion boutiques can benefit from using this type of digital signboards. 

Digital Posters

This type of digital signage is known as the simplest and most common digital signage display. Most of the time, digital posters come in the form of LCD screens installed against a wall.

They often use a simple yet exciting LCD enclosure that also contains a small area for a separate media player. Businesses also use digital posters because they are easy to install and take up as little space as possible. They can also present it in either portrait or landscape orientations, or both.

Smaller versions of digital posters are also used as digital menu boards by several restaurants as well as point of sale advertisements by businesses that have regular promos and offerings. You can consider renting a LED screen from SAN Diego company to boost your branding.

Free-standing Digital Advertisement Displays

Most digital signage experts would encourage businesses to try this method of displaying digital signage. It uses a floor-mounted display enclosure to attract the attention of passing customers.

It is usually bolted from the ground up to make it an attractive centerpiece. Some free-standing digital displays also use touch screens instead of the usual LCD TVs to make them more interactive.

Ceiling Mounted Digital Signage

For businesses with lesser floor space or vacant walls, ceiling-mounted digital signage could be the method of choice for their digital displays. However, it is not as eye-catching as the other types of digital signage.

This is because of the location where the screen can be seen in an area where the eyes rarely wander. If you choose to use this type of digital signage, you need to be creative in presenting it to your target customers. 

Outdoor Digital Signage

Several businesses install outdoor digital signage and place it in a location where a lot of people will notice it quickly for a wider reach. This type of digital signage is ideal for any business promoting its brand name and services to people who have no idea about its existence.

It is generally presented in an LCD enclosure that protects the signage from vandalism and theft. It is also placed in a waterproof area to avoid destruction from the rain and snow. 

These are just the most common types of digital signage that businesses can use to advertise their products and services. By using these digital advertising tools, the company can encourage more customers to try out their brands. You can consult with your trusted digital signage experts to provide you with valuable advice if you plan to have one installed for your company.

Using Architectural Rendering to Help with Marketing

Last Updated:

When it comes to creating buildings, whether for commercial or residential use, this takes skill, precision, creativity, and passion. As an architect, you already possess these qualities, and you probably have some amazing renderings to show to clients. However, if you want to take your designs to a higher level, you should consider incorporating 3D architectural rendering.

Not only can using this technique vastly improve your skills and ability, but it can help with your marketing efforts. If you wish to attract new customers or to wow the ones you already have, then exactly 3D architectural rendering may be what you’re looking for. Here are some reasons why:

It Brings Clarity to Designs

Designing a building is challenging. There are many things to consider, and it requires using math, geometry, physics, and other disciplines to make the structure work. You have the skills and ability to include all of these into your design, but you are still human, and there is the possibility that you can make mistakes. When using 2D blueprints, you may not notice these issues until it’s too late.

By using 3D architectural rendering tools, you’ll have access to software and programs that are incredibly precise and can take your data and bring clarity to your designs. If there are issues with your calculations, you’ll be able to see those with the 3D model—before you start construction on your project. Catching these issues beforehand will save you and your clients time and money, and that will make everyone happy.

It Encourages Creativity

You already have a lot of amazing ideas for buildings, but you can push yourself to the limits when you use 3D architectural software. It will open up a whole new perspective on building function and how to use space and colors within a structure. The buildings you can create will be innovative and appealing, and you’ll have the opportunity to expand your skills and knowledge.

It Connects You to Clients and Investors

Just because you design and propose a building, that doesn’t mean it’s going to get built. There are multiple elements to consider before construction can begin, including whether or not the client and/or investors like the building. They aren’t as versed in design as you are, and it may be hard for them to picture the finished project when looking at 2D renderings. Thus, it’s beneficial to create a 3D model to help them visualize what the finished product will look like.

If there is anything to change in the project design, these can be done quickly and easily, and people to see what those changes will look like within minutes. Bringing your project to life and giving people a visual image of what they can expect the final structure to look like might lead to more project approval. This is great for your marketing plan and for your business.

Many industries have seen technological advancements that have made them more competitive and appealing to clients. When it comes to architecture, being able to see a 3D model of a building not only helps with your creativity, but it also acts in favor of your marketing efforts.

When clients can see what you have envisioned for their home or office building, they will be excited and ready to invest in the final product. It may be just what you need to take your business to new heights.

Different Agile Methods to Help Lessen Heavy Workload

Last Updated:

When it comes to getting things done, the mindset and movement of the worker need to align. However, if the tasks come in big chunks, it can drain the life out of anyone. Projects pile up, with nothing getting done, or if it gets finished, it is full of mistakes. When it happens, it is time to change your gears.

Companies are now employing agile training to upgrade their systems and increase the efficiency of their teams when it comes to project management through different software. Here are some reasons why.

What is the Agile Method?

From the word itself, the agile method is the technique of getting things done as quickly and as correctly as possible. The key is for the company to break the enormous tasks at hand and break them into smaller goals. To achieve these, the company or software developers, in some cases, must divide their people into teams for efficiency and distribute small projects to each one.

Once the goal for each team is clear, they must develop a laser focus and work in increments. It means that they must deliver results regularly. Usually, a cycle takes two to four weeks. Then, once the outcomes are presented, they should undergo a series of tests and gain feedback from test subjects.

Hence, by doing it on a step-by-step basis, developers can see whether they are achieving their goals. In some cases, it is easier to determine where mistakes happen and what needs to change.

What are the Different Types of Agile Methods?

The agile methodology comes from the ‘The Agile Manifesto for Software Development,’ which was curated by 17 software developers. Their aim then was to lessen the heavy load that comes with their job, while ensuring that their products are efficient and useful.

From there, various methodologies stemmed. Some of which are the following:

Lean and Kanban Software Development

The Lean Software Development was developed by Mary and Tom Poppendieck. It adheres to the practices of the Lean Enterprise, and of big companies such as Toyota. This method aims to deliver value to the customer through the ‘Value Stream.’ Its main principles are the following:

  • Waste
    elimination
  • Leaning
    amplification
  • Fast
    delivery
  • Late
    decisions
  • Team
    empowerment
  • Integrity
    building
  • Seeing
    projects as a whole

The Lean Software Development’s practice eliminates ‘waste’ or anything that would disrupt the efficiency and does not give any value to the people.

Then, it focuses on the speed and effectiveness of workflow by relying on fast feedback between the developers and customers, making the latter the primary decision-makers of which products should continue production and which should not. Kanban method, on the other hand, emphasizes continuous product delivery while ensuring team efficiency by not overworking, or not overburdening them.

Extreme Programming (XP)

XP is the most popular, yet most controversial approach of the agile methodologies. It focuses on quick delivery, ensuring that each product is of high quality. At the same time, end-users are very much involved in the development process by continually giving feedback and testing each outcome.

Its process usually goes from the customer, testing each stage and giving them feedback on what needs priority when it comes to alteration and such. Then, the team estimates, plans, and delivers these changes, which again, get tested by the end-users.

There are still a whole lot of other methods out there. And they emphasize the importance of agile training because the agile technique is not only a big chunk of a topic. Instead, it is composed of smaller values and principles which make up each methodology and should be handled with care to succeed.

Warehouse Management: What is it and How Can You Benefit From it?

Last Updated:

The primordial goal of every warehouse management endeavor is to make inventory management and movement seamless. Whether it involves packing, picking, receiving, or shipping, warehouse management takes care of all these operational processes.

The management of a warehouse facility’s day-to-day operations can be challenging to track, most especially if you have plenty of products on pallet racks or shelves. An efficient warehouse inventory system aids in bridging the gap between the warehouse facility and management. In the process, it allows increased visibility among the various business segments.

Warehousing Landscape

In the report released by Oxford Economics, smaller companies put a premium on investing in business management and business analytics software. Working toward operational excellence is not an aspiration limited to MNCs. By leveraging on breakthrough technology, even SMEs can access tools that give prominent corporations a competitive advantage.

Plus, these tools are available at very affordable prices.

In the past, owners of small businesses used to think that warehouse management systems are only necessary when the warehouse is no longer manageable. However, stable and reliable operations and storage strategies are essential even for small businesses. These tools will not only help you cut the expenses, but they can also help you identify the best pallet rack systems you need to set up. Eventually, all these will lead to scaling your business further.

If you do not want your warehouse to end up as the bottleneck for your business, understand inventory control’s importance and invest in a warehouse management app.

Be an Early Starter

There are thousands of small-sized businesses that have already gone through this process. They suffered the repercussions of not having a proper warehouse management tool. They also suffered losses due to insufficient storage systems. And all these losses led them to the path of warehouse management.

So, do not wait before your business incurs losses. Be an early starter and begin implementing a warehouse management system as soon as possible. Through this, you can scale your business while saving yourself from tedious admin tasks.

Complicated tasks force companies to gravitate toward centralizing knowledge on a single team member. If you have a dedicated warehouse inventory manager, your operations may have been smooth so far. Then again, if you combine the efficiency of your warehouse manager with a robust warehouse management system, you can systematize all your processes. Along the way, you can also get rid of unnecessary risks.

Increased Complexity in Logistics Breeds Challenges

Since SMEs are going operational, with a 35% rise in the percentage of SMEs doing business in more than six countries, it is essential to keep up with the demands. And as the business grows geographically, it is almost sure that the logistics are also bound for complexity.

To optimize your supply chain, you might encounter challenges along the way. These challenges may include an increase in fulfillment costs and the demands of your international customers. So, how do you balance all these?

In this case, you have to make sure that stock level visibility is practiced at all levels in your warehouse. You need to access data and information in real-time for you to come up with an informed business decision.

In terms of optimizing your inventory control strategies, you need to have the right data and intelligence on sales and purchasing information. Through this, you can strategically plan and observe an efficient stock transfer to different locations. Also, you can make the most out of your warehouse inventory.

Managing your warehouse does not only mean overseeing your inventory and processes well. Instead, it also means you have to streamline all the processes involved in your supply chain. And this includes making sure that everything is seamless from production to delivery. To do this, you have to invest in a warehouse management system that segregates your inventory, safely stores it, efficiently facilitates its transfer from the factory to the customer, and ensures that your business is running well.

These may be challenging tasks to perfect, but once done correctly, you will never worry about inventory and logistics ever again.

Ways to Predict the Future Value of Your Home

Last Updated:

Are you curious about what your house will be worth in several years? Or, maybe you are looking at purchasing a property but need to know what it may be worth in the future? Whether a home is an investment or owner-occupied property, being able to predict the possible future price of a property is a valuable skill to acquire. Here we will show you how to predict the future value of your home.

How are Home Values Calculated?

This is the most critical question to ask before trying to figure out a home’s current and future value. Many homeowners are not aware of the process used to determine what a home is worth. Appraisers use recent home sales in the area to ascertain the value of a property.

The properties used in the appraisal process have to be similar in size, bathroom and bedroom count, and alike in practically every way. The houses must be within a distance determined by the state and county of the subject property.

Get a CMA

Before you can predict the future cost of a home, you need to know what the current value of the property is. One way to do this is to have a comparable market analysis (CMA) done by a certified real estate agent. If you are working with a realtor, they will generally conduct this analysis and send you the completed report. There is a lot of information to be gathered from the CMA. This report will give a pretty accurate current pricing of the property.

Consult with an Appraiser

Appraisers are the professionals tasked with the responsibility of determining home prices are at any point in time. Appraisers will conduct a full appraisal for you. If you recently purchased your home, you likely had an assessment done before the purchase was completed. Use the estimate to see the cost factors and current value of the house.

Evaluate Comparable Properties

You can conduct a brief market analysis using the multiple listing service (MLS) to search for comparable homes. This database is used by all realtors to list the properties they are currently selling on the market. Finding properties that have similar profiles in the same neighborhood and focus on the features that have sold within the last nine months. The results of this search will give you a good indication of the current value which we will use to predict the future value of the home.

Use the Compounding Calculator

There are value appreciation calculators available online that will do the calculations for you. You enter the numbers it the requested fields, and the calculator does the rest. These calculators account for the annual appreciation or decline of the property value. Just as there is the home affordability calculator that helps you figure out how much house you can afford, the compounding calculator helps with making future value predictions.

Conclusion

Predicting the future value of your home with these methods is not something that is to be taken too seriously. There is genuinely no way to be sure what direction the market will blow over the busy years. The best thing you can do is use the assistance of industry professionals when you are in doubt.