With the fears of COVID-19 and the restrictions on travel, many owners of short-term rental properties are finding their short-term rentals empty for the peak tourism season. This can be struggle for those that use short-term rentals as their sole or primary income, but many owners are looking into new ways to adapt. Today we’re going to talk about a few ways that short-term rental owners in Maine are redirecting their short-term rental strategy.

Traveling Professionals

For short-term rentals in/near large metropolitan areas or near hospitals, there is an opportunity to advertise/rent to traveling medical professionals who may need a place to stay on a month-to-month basis. A couple of sites that geared towards medical professionals are Travel Nurse Housing (https://www.travelnursehousing.com/ ) and Furnished Finder (https://www.furnishedfinder.com/ ). Most mandates that are currently in place regarding short-term rentals allow these properties to still be used for traveling medical professionals, so this is a great way to utilize your short-term property during this crisis.

Local Vacationers

With the 14-day mandated quarantine in Maine for people traveling in or out of the state, most people are staying at home or looking for local places to vacation. Plus, people are going to look at vacation places that are within driving distance to avoid using air travel or otherwise. Many short-term renters are capitalizing on this by offering discounted rates to Maine residents. While this might lower the typical income stream, this is a way to hopefully help increase the number of bookings while there are travel restrictions. Make sure to keep up with the state-wide guidelines (https://www.maine.gov/covid19/sites/maine.gov.covid19/files/inline-files/Restarting_Maines_Economy_Book.pdf ) as well your local municipalities guidelines for when/how to operate as a short-term rental.

Medium-Term/Month-to-Month Conversion

Other traveling essential workers, much like medical professionals, may be looking for a place to stay on a month-to-month basis as they work on projects in different cities/locations. People who were in the middle of a moving process before the pandemic came to the US may also need month-to-month housing as they can quarantine for the 14-days and then start to look for more housing. Some non-traveling medical professionals may also be looking for medium-term housing as they self-quarantine from family members while working in hospitals. These are a great ways to convert a short-term property to a medium or month-to-month lease during this crisis and allow you to re-open back up to short-term once things return back to normal. Even at discounted or lower rates, these kind of opportunities can at least provide a steady stream of income for the coming months.

Long-Term Rentals

For out-of-state renters requiring self-quarantine for 14 days, a longer term rental might be appealing. There may be ways to help facilitate this like getting their groceries brought to the property before they arrive. Generally, during quarantine you are still allowed to go outside for essential supplies and exercise as long as you maintain social distancing and mask wearing.

Adapting to these uncertain times can be difficult for those who rely on short-term rentals as their sole or primary source of income. We hope that these tips and ideas can help you adapt your business to a sustainable model to use during this crisis, while still giving you flexibility to return back to a short-term rental once things go back to normal.

You can always reach out to your local experts at the Real Estate Store for more information on real estate!

Want to keep updated on local real estate listings, stories, and tips?  Follow us on Facebook or Instagram!

Memorial Day is traditionally a holiday of remembrance and coming together. The weekend also marks an opening to warmer temperatures and summer time for students and families. While COVID-19 has affected the typical social events that would happen this weekend, there are still ways to enjoy this weekend and honor the people who have died while serving the U.S.

Honoring Fallen Soldiers

VA National Cemeteries will not be holding memorial services open to the general public to protect people. Visitors will still be allowed to place flowers and American flags at veteran gravesites throughout the weekend, but are being asked to consider visiting on Friday, Saturday, or Sunday to avoid possible crowds on Memorial Day itself. These cemeteries are also requesting that visitors still follow safe, physical distancing practices and mandates for being out in public.

As an alternative, you could consider sending a donation to the Maine Veterans Home in Scarborough, which was sadly hit by several cases of Covid-19 in April/May. In addition, you can also donate to the Southern Maine Veterans’ Memorial Cemetery Association. Donations go towards the beautification of the cemetery and are a great way to remember soldiers while staying safe.

Other national events that would normally occur will be having televised versions that can be enjoyed safely at home. The National Memorial Day Parade has been replaced with a televised event, The National Memorial Day Parade: America Stand Tall, occurring on May 25^th at 2:00. The National Memorial Day Concert is planning to be broadcast on PBS, May 24^th at 8:00 P.M. (EST).

Going Outdoors

With Friday temperatures predicted to finally peak above 70 degrees and the whole weekend looking to be partly cloudy to sunny, people are going to be looking to be outside and enjoy the weather. When going out in public, remember 6ft physical distancing and wearing masks while avoiding gatherings of 10 or more people. The Maine.Gov website provides more in-depth guidelines to keep in mind when going out.

Trails are open for walking and you can check out some of the many trails in Scarborough on the town website. Maine Public Land Beaches are also open for people walking, but keep in mind that people are still not allowed to lounge. Beaches and walking trails are expected to by very popular this weekend, which can complicate maintaining social distancing. Getting out early is probably the best way to beat the crowds! Remote camping is permissible but once again, people being urged to stay cautious and prepare appropriately since not all the typical services and public buildings may not be available. Consider back-yard camping described below as an alternative.

Boating and kayaking are another popular warmer weather activity that can be conducive to social distancing. However, the water is still very cold so this is probably best left to the very experienced. It can be life threatening very quickly to fall in to water at the current temperatures. Bringing some extra layers would be wise despite the heat because the cold water might make for some cold breezes.

Drive-In Theaters will also be open during this time, which is a great way to enjoy the semi-outdoors while keeping physical distancing. Near Scarborough, the Saco Drive-In will open on Friday, May 22^nd and Pride’s Corner Drive-In in Westbrook already opened this past weekend. Slightly further north, the Bridgeton Twin Drive-In also opened last weekend.

Staying At Home

You can always plan some at-home activities to enjoy! With a little research and creativity, there is plenty of things to do from home to keep safe but have fun! Backyard camping is a fun family activity that gives you all the conveniences of having your home only a few steps away while still being outdoors. Plus, cookouts and picnics are still great ways for your household to enjoy the warmer weather while physical distancing with your family. It’s probably a good idea to get your propane/charcoal and other grill supplies during the week instead of waiting until the weekend.

You can support local restaurants by ordering curbside pick-up or delivery over the weekend, but keep in mind that many people will be taking advantage of these services during the holiday, so plan ahead and be patient!

This weekend is also a common time to start home-improvement/summer projects. Home-improvement stores are also offering delivery and curbside pick-up to make ordering supplies for projects even more convenient. It takes a few days generally to get the curbside orders filled at bigger stores so plan ahead and get your order in now. With the predicted last days of frost having past for the Southern Maine region, this is a great time to sow seeds directly in the garden or planting sprouts that have been started indoors.

Memorial Day is a reminder to take the time honor those who have fallen, which is ever more important as we face this crisis. As we put winter behind us to embrace the warmer weather, we recognize that the sacrifices of those who gave for this country and continue to give. We hope that everyone has a safe and fulfilling Memorial Day weekend!

You can always reach out to your local experts at the Real Estate Store for more information on real estate!

Want to keep updated on local real estate listings, stories, and tips?  Follow us on Facebook or Instagram!

In the face of an enormous crisis, it is easy to feel overwhelmed by all the hardship going on around us. The multi-phase reopening of Maine is designed to help keep people as safe as possible during these unpredictable times, but these steps also mean that many local businesses may not be able to go back to businesses as usual. While everyday people may feel like they cannot affect change on a global level, supporting our local businesses as they adapt to these changing times is one way you can reach out and help your neighbors during this crisis.

Scarborough Buy Local

We are proud members of the Scarborough Buy Local organization, which includes a business directory where you can find local goods and serves in Scarborough Maine. If you are resident of Scarborough, we highly recommend checking out their website in the link above to find out about local businesses offering delivery and curbside pick up options for goods and services. If you are a business in Scarborough that is offering these kinds of services, you can sign up on the website for free to have your business included.

You can also follow this organization on Facebook and/or follow #scarboroughbuylocal on Instagram to keep up to date on local businesses in the Scarborough neighborhood. Supporting these businesses not only helps your neighbors, but also helps support Scarborough as a whole.

Not a Resident of Scarborough?

We’re certainly happy if you would like to support businesses in Scarborough and the rest of Maine as a whole, as this still contributes to the health of our state’s economy and neighbors’ businesses; however, there are many opportunities out there to support your town or municipality as well! You can do a little research through your town’s website to find directories of local businesses to support. Along with delivery and curbside pick ups, many businesses are utilizing online websites to facilitate both goods and services while protecting their employees and customers. You can also see if gift cards are available to purchase so that you can use their services once they reopen!

You can also reach out to your friends and neighbors through social media. Do they know of local business owners who are offering their goods and services in alternative ways during these times? Or are there local artisans, bakers, shop keepers, or other smaller businesses that could be impacted by the effect that the pandemic will have on summer tourism? Many of these craftspeople are utilizing sites like Etsy or their own websites to promote their smaller businesses to a bigger audience, but could still use the support of their local neighbors. If you love their products and want to support them, you can offer to signal boost their business through social media or by recommending to your friends.

As smaller, local businesses begin to adapt to these uncertain times, they hugely appreciate the support that their fellow neighbors can give. If you were planning to buy certain good/services anyway, such as groceries, take-out, home improvement supplies, and many more, take the time to research what local businesses you can support by shopping there if you are able!

You can always reach out to your local experts at the Real Estate Store for more information on real estate!

Want to keep updated on local real estate listings, stories, and tips?  Follow us on Facebook or Instagram!

Restarting Main’s Economy: https://www.maine.gov/covid19/sites/maine.gov.covid19/files/inline-files/Restarting_Maines_Economy_Book.pdf

Governor Mills recently released the multi-phase reopening for Maine as they continue to monitor the spread of COVID-19 in our state (link above to find out more). While Real Estate is still considered an essential business, we are keeping these updated phases in mind as we progress through the next steps in restarting Maine.

Remote Features for Home Buyers

As we have mentioned in this blog, we are utilizing more and more tools for home buyers to continue to look at homes remotely. Video/Virtual Tours have especially been useful in this time to reduce contact for all parties involved, while still giving buyers the ability to have the feel of an in-person walk through. We have also created questions that help you and your real estate agent address concerns that might be hard to address while taking a virtual tour.

Safety While Home Selling

We have listed out a number of the ways that businesses in the Real Estate world are adapting to help home sellers as well. In addition, there is a COVID-19 addendum being utilized for the home purchasing process that help protect both buyers and sellers in case one or the other party becomes ill and/or must be in quarantine. The homes we have sold in the last month went from on-the-market to closing day with little to no outside visitors, keeping our sellers safe and less interrupted.

Future Plans for Real Estate

As of now, we are still not hosting open houses for the safety of both our sellers, buyers, and real estate agents. We are recommending that people utilize our remote features as much as possible when shopping for a home. As we continue to monitor the progress of restarting Maine’s economy and the pandemic, we will continue to change and adapt in the best way that matches the safety of our clients and agents.

While the way we do business has drastically changed, we continue to work for our Maine clients during this crisis.

You can always reach out to the experts at the Real Estate Store for more information on how real estate is adapting!

Want to keep updated on local real estate listings, stories, and tips?  Follow us on Facebook or Instagram!

During these times as we utilize more remote features while physical distancing for home buying, video and virtual tours/open houses are becoming more popular. As we rely more on pictures and videos, there can be a few pieces of important information that we forget to address without actually being on the property physically. These questions are great to consider even when physical distancing mandates have been lifted. Today we’ve compiled a few questions that you can ask your real estate agent during a virtual tour to help get a better idea of the property you are viewing.

Starting with the Neighborhood

Some of this research you might be able to do on your own using Google Maps and drive-bys, but ask your agent to help you paint a picture of the neighborhood as part of your tour. Here are some example questions of information you want to look for:

• How close are the neighbors?
• Are there sidewalks?
• How much privacy is there?
• What is the noise level outside?
• Any strange odors (ie paper mills, sewage, etc)?
• Is there access/views to mountains, forest, lakes, ocean, or other natural features?
• What is the general amount of traffic during the tour?
• Are there any local businesses nearby?
• Any public parks or other recreational places?
• How far are the schools, hospitals, and other places of interest?

Not all of the questions might be relevant for your needs/wants, but think about the kinds of things you would normally be on the lookout for while driving towards a property.

Looking at the Exterior

Sometimes it is hard to see the details of an exterior from a picture or video, but you can rely on your agent to help you see if there are any specific issues that pop out at them.

• Do the siding and roof look worn or damaged?
• Are the gutters in good condition? If there are no gutters, are there areas where gutters would have been useful?
• Is there any exterior damage to the casing on the windows?
• How is the landscaping? Are there any patches of dead grass and other plants that can be explained?
• If there is a deck or porch, do the boards squeak? Does the structure feel stable? What is the condition of the steps and railing?
• If there is fencing, does it look like it is in good condition? Do any boards or panels need to be replaced?
• If there is a private septic system, where is the tank and leach field located?
• If there is an outside HVAC or Generator unit, how long ago were they installed? Where are they located? Do they look like they are in good shape?

You can also apply similar questions to any outdoor sheds or garages on the property.

Stepping Inside

Pictures and video can help us with spatial understanding of a space, but once again there are specific features we might miss just from general images.

• What is the interior noise level? Is there a major difference between the outdoor and indoor noise level?
• Any strange interior odors (musty/mold odors, etc.)?
• Do the listing photos and video accurately depict the interior features?
• Are there any water marks on the ceiling?
• Are there any concerning water damage, cracks, or chips in the walls or molding?
• Do any floorboards creak as you walk around?
• What are the carpets, tiles, or linoleum if present?
• Is any mold or mildew present in the kitchen or bathroom? Are there features to help mitigate mold from forming such as extraction fans and air flow?
• What is the age and condition of the household appliances? Beyond the kitchen, this can include washers & dryers, boilers, well tank, sump pumps, etc.
• What are the conditions of any oil tanks? Any visible cracks or leaks?
• What is the condition and location of the breaker box?
• Are there any chimneys? Do they look like they are in good, clean condition?
• Any damage to doors or windows on the interior? Do they open and close easily?
• What do the views look like outside the windows?

You can also refer to the property disclosures to answer some of these questions as far as age and condition of utility related features as well as any major issues. If a property disclosure mentions a concern, make sure that part of your agents tour includes a look at the issue if possible.

While negative responses to any of these questions should not be an immediate deterrent from considering a property, having as much information as possible gives you a better, more informed picture. Plus, you may be able to negotiate a better deal if any major issues were not already outlined in the listing photos or property disclosures. Remember that your real estate agents understand that buying a new home is a major commitment, and their goal is to find the best match for you and your family so don’t be afraid to ask questions!

You can always each out to the experts at the Real Estate Store to find out more about purchasing a new home!

Want to keep updated on local real estate listings, stories, and tips?  Follow us on Facebook or Instagram!

During these times, we highly recommend people wait on moving until government mandates have been lifted if possible. However, perhaps you went under contract in late February or early March, and you are already in the middle of a closing process locked into a move date. Perhaps you have other reasons where you may need to move during these times such as a new job assignment or moving as part of the military. Even after mandates have been lifted, there are still basic safety precautions that you should follow in these uncertain times.

Plan Ahead, But Be Flexible

Even with regular moving, it is always a good idea to plan ahead and take your time packing. During these times where you won’t be able to recruit friends to help you pack and unpack, start with boxing and organizing items that you won’t need to access for a month or more. Save enough for one of each kind of dish for each person in your household and pack the rest. Start packing room by room, as this can help from feeling overwhelmed while packing. Plus you can label each box by room and contents so that it is easy to organize once you are in the new space. Save the daily essentials for the week you plan to move, but you can organize them in a way to make them easier to move. If you live in an apartment, reach out to your landlord and neighbors to let them know what day you are planning to move to help avoid social contact.

If you have not signed a home contract yet, you can make a request for an addendum of flexibility in case either party must be quarantined or become unable to complete the transaction. If you or any of your family start to experience COVID-19 symptoms, you should postpone moving. The health and safety of you, your family, and your community should come first, and you should follow your local and state guidelines as far as quarantine procedures.

DIY Moving

If possible, we recommend moving on your own. This is the safest way to minimize contact with other people. If you need to rent a moving box truck or van, ask the company what their sanitation procedures are between vehicle uses and what their safety procedure is for picking up and dropping off the vehicle. Make sure your hand soap is the last thing you move so that you can wash your hands frequently while you are moving in and out, and if you can, make some available at the new place immediately as well.

Since you have saved your daily essentials to pack together, keep those in the most available tote or box that you can access after your move. Since you should not invite friends over to help you unpack, you want to make sure to take your time and not worry yourself with hunting for your essential items. Also make sure to pack some cleaning supplies with your essential items so that you can perform a deep clean to high-contact surfaces in your new home. The CDC provides some tips on how to best clean and sanitize your new home. Careful planning will help you avoid a great deal of anxiety and stress, but if you start to feel overwhelmed, remember to step away and take a breather. Remind yourself of all the positive reasons why you are moving and drink plenty of water to stay hydrated!

Hiring a Moving Company

In some cases, there may be too much to move on your own or you may be in some way restricted from lifting boxes and furniture. Currently moving companies are still considered essential businesses, but they may have reduced hours and employees. You may need to be more flexible with timelines during these unique times; however, you should absolutely check to see what their safety procedures are during these times. Look for features such as:

• Virtual surveys to provide price estimates (as opposed to an in-home walk-throughs)
• Health screening procedures for their employees
• Availability of hand sanitizer, gloves, and masks for movers and drivers
• Cleaning procedures in place for trucks, equipment, and high-contact surfaces in your home.

Always keep some hand soap available for the movers to be able to wash their hands frequently. While you should expect the moving company to provide gloves and non-medical masks for their employees, it never hurts to keep extra on hand just in case (as well as extra for you and your family). You still want to keep in mind the six foot physical distance rule and wearing masks yourself when interacting with movers. Communicate through phone and email as much as possible to reduce contact. Masks and gloves are not substitutions for keeping 6 feet apart as much as possible and frequent hand washing.

Moving Long Distance

If you are moving to a new state, many local guidelines ask that newcomers self-quarantine for at least 14 days once moved. Check with both your new state, county, and city/town guidelines to make sure you are following the proper mandates. Make sure as you are driving to a new place to wear masks and glove when filling up gas and avoid entering convenience stores unless absolutely necessary.

Bringing along some non-perishable foods supplies such as dry or canned goods can help while you wait to be able to go to the grocery store. With some careful planning ahead, you may be able to utilize grocery delivery websites and phone apps to have groceries delivered to your home. Many of these services have been overwhelmed with use, so plan for groceries to possibly take up to a week to be delivered. Some restaurants are even offering touchless delivery to help minimize contact, which gives you another option. You can also plan ahead by calling your utility companies to have essentials such as power, water, heating, and internet turned on by the time you arrive.

Hopefully if you have to move during these times, these tips can help you stay safe and avoid stress. Remember to stay flexible in case things change, and plan ahead for ease of moving and anticipating possible contingencies.

You can always each out to the experts at the Real Estate Store to find out more about real estate!

Want to keep updated on local real estate listings, stories, and tips?  Follow us on Facebook or Instagram!

One of the more intimidating aspects of home buying and selling is price negotiation. Counteroffers can occur before the home goes under contract and after inspections and appraisals. Being prepared to make or deal with counteroffers can give you a step in right direction to help the entire process go smoothly as possible. As always, you should rely on the expertise of your real estate agents to help you navigate the negotiations.

Selling a Home?

If you are in a buyer’s market, you may find yourself running into counteroffers more often. Take time to read through the counteroffer and discuss the possibilities with your real estate agent. They can take the time to reach out on your behalf to find out more information and see if there are any other concerns that buyer might have so that you can anticipate their needs in your counteroffer. Keep in mind that price isn’t the only negotiation tool you have.

Some buyers may be looking to move in as quickly as possible, so bumping up the closing date could be more valuable to the buyer than price point. If appliances were or were not a part of your original deal, you can add or leave them out of your counteroffer to make up the difference in price point. If you set a lowest possible price point that you are willing to sell your home for, try to still keep your counter offers above that. You’ll want keep in mind that after your home’s inspection or appraisal, negotiations may open up again, and you may have to negotiate further.

As we’ve talked about in this blog, pre-inspections can help you prepare and even avoid counteroffers after an inspection. A pre-inspection will alert you to any upcoming issues or repairs so that you can either take care of them before putting your home on the market, or allow you to have the cost of these repairs worked into your price. If you plan to sell your home on a strict timeline, a pre-inspection will also give you more solid buyers upfront who are less likely to leave the midway through because of unforeseen issues.

Talk to real estate agent about your counter to their counteroffer to figure out what will work best for you as the seller while still enticing the buyer to accept or continue negotiations. If a counteroffer is just too low or unacceptable, do not be afraid to reject or walk away from the offer.

Buying a Home?

Negotiating a counteroffer can be challenging, especially in a seller’s market. However, you can use many of the same negotiation tools that a seller can use. Check in with your real estate agent to reach out and find out the seller’s concerns and interests. If the seller is using the pending sale of their home to finance their next home, they may be more willing to make a deal.

If the seller has not had a pre-inspection, you should keep in mind that the home could have issues that are pointed out after the inspection that would drive a counteroffer. You can ask to either have the repairs made before the deal is closed, have the cost of the repairs worked in as a credit to the buyer, or accept the flaw as-is assuming it won’t impact appraisal. If an appraisal comes in below the initial sale price, this can affect the amount a mortgage company is willing to give to the buyer which can lead to a counteroffer as well.

As a buyer, you want to keep in mind that the decisions of these negotiations will affect you much more in the long-term than the seller. You will literally be living with these decisions. Always talk with your real estate about the best option for continuing forward with a deal. If you see too many issues that the seller is not willing to negotiate into a new price or otherwise, do not be afraid to walk away from the deal.

Buying In A Seller’s Market

In most popular areas of Maine it is a sellers market right now. This means properties will often receive multiple simultaneous offers and often end up closing above asking price. It’s important to not get caught up in a bidding war mentality and risk paying more then you can comfortably afford. The best advice is to start with your strongest offer. Again, price isn’t the only factor a seller is looking at. Other options that might be appealing to a seller are flexibility on closing date to allow seller to find suitable housing, paying cash instead of getting a mortgage, or even waiving home inspections. If the seller accepts a competing offer, you might want to consider converting your offer into a backup offer. This would put you in second place, so if the first contract ends up being terminated you would be next in line. Another good option might be to include an introduction letter to share with the seller. This puts a face to the offer and gives the seller a chance to get to know you and your family. If multiple offers are very close, this small effort can make a big difference.

Looking for experts that can help you anticipate and navigate counter offers? Reach out to the experts at the Real Estate Store to find out more!

Want to keep updated on local real estate listings, stories, and tips?  Follow us on Facebook or Instagram!

We’ve talked about some of the great remote features that home buyers can use during these times. We want to reassure you that there are also steps that people in the real estate world are taking to help people selling their homes. Today we’re going to talk about how we are working to help you sell your home while practicing safe, social distancing practices.

Virtual Home Viewing

As we’ve talked about in this blog, we can use these same remote features to help sell your home. Aerial photos help explain the exterior and surrounding land for your property. Beyond just photos, 2-D and 3-D floor-plans can help give context for the layout and placement of rooms. Video/Virtual Tours help people have a better spatial understanding of the space by recreating the feel of a walk-through. We can utilize all these benefits and more as we continue to adapt through these unique times to help sell your home.

Remote Document Signing

Using email, most forms that need to be initialed and signed can be sent virtually. For years, people in the real estate world have been using these features as an added convenience for both buyers and sellers . Now we are relying more heavily on these features to keep everyone safe. Title and mortgage companies are also using these features to reduce the in-person contact.

Inspection Process

In previous blogs, we’ve talked about the benefits of pre-inspections for home sellers. Now more than ever, they help the home selling process go more smoothly. Home buyers who are anxious about buying a home sight unseen can feel more reassured with a pre-inspection and help avoid lengthy negotiations later. In addition, due to the Governor mandates, inspectors do not allow anyone else to be present in the home to tour along side them during inspections. Afterwards they can set up a virtual meeting or phone call to go over everything in their report and answer any questions. This helps to limit the number of people in your home as well as speeding up the inspection process.

Appraisal Process

Appraisers are also working to avoid entering homes at all cost. For most programs, they can use photos and video provided by our agents and owners to help determine the value of the property. For certain cases they may still be required enter the home, but may be able to utilize Facetime or Zoom to do a virtual walk-though instead.

Interested in selling your home and want to know more about the social distancing steps we are taking? You can each out to the experts at the Real Estate Store to find out more!

Want to keep updated on local real estate listings, stories, and tips?  Follow us on Facebook or Instagram!

While the due date for taxes has been pushed back to July 15^th, due to the COVID-19 outbreak, many people are working on filing their taxes ahead of the stimulus checks that should be released during April. If you are a homeowner, there are a few deductions you can take advantage of to help you save! Consult a tax preparation professional for advice on these credits and deductions.

Federal Deductions

• Mortgage Deductions: You can deduct any interest you pay on a loan secured by your primary or secondary home. This excludes investment properties.
  • If you took out a mortgage on or after Dec. 15^th 2017, you may be able to take a mortgage interest deduction up to $750,000 on your primary residence.
  • If you took out a mortgage before Dec. 15^th 2017. you may be able to take a mortgage interest deduction up to $1,000,000 on your primary residence.
• Home Equity Loan Deductions: If you used a home equity loan or line of credit to buy, build, or make major improvements, you can deduct the interest paid on said loan or line of credit.
• Other Home Improvement Deductions: There are two specific types of of home improvements that qualify for a tax deduction.
  • Medically-Necessary Improvements: If home improvements were made due to illness or a medical reason such as installing a wheelchair ramp or making adjustments to a bathroom shower, these improvements can be deducted as a medical expense.
  • Home Energy Efficiency: If improvements were made in 2019 to increase your home’s energy efficiency, such as solar panels, you are eligible for a 30% tax credit. Keep in mind that this tax credit will change to 26% for 2020 and 22% for 2021.

Maine-Specific Deductions

• Maine Homestead Exemption: If you have owned your home in Maine for at least 12 months, you can qualify for this exemption. If reduces the home’s value by $20,000 in relation to its tax value. For example, a home with a $300,00 value would have a tax value of $280,000, therefore reducing the overall tax rate.
  • Apply Here to Qualify: https://ptla.org/maine-homestead-exemption-tax-relief-maine-homeowners
• Maine Property Tax Fairness Credit: This credit works for both home owners and renters that helps people who have either high property tax payments or rent payments compared to their income. Your household income must be $53,333 or less, and as a home owner, your property tax for a home in Maine must be more than 6% of your adjusted gross income (AGI). For renters, if your rent is more than 40% of your AGI, you also qualify.
  • To find out more or see if you qualify, you can reach out to Maine Revenue Services at 207-626-8475 or visit this website: https://www.maine.gov/revenue/taxrelief/ptfcsummary.htm

Situational Deductions

• Did you sell your home? You can deduct:
  • Mortgage interest paid at a settlement or closing.
  • Real estate property taxes paid at settlement or closing.
  • Capital Gains Exclusion allows you to exclude up to $250,000 for single filer or up to $500,000 for joint/married filers if you sell your primary residence (and lived there for at least two of the past five years). This is calculated using the total financial investment of the property of the date of sale, including the price paid for the home and any improvements made over the years you owned your home.
• Did you buy a home? You can also deduct:
  • Real estate property taxes paid at settlement or closing.
• Are you self-employed and work from home? You can deduct:
  • Home Office Expenses if your space is used regularly and exclusively for self-employment work and is used to set aside product samples or inventory. The simplified deduction is typically calculated at $5 per square foot used as long as the space is less than 300 square feet. If your home office space is larger than 300 square feet, there are itemized deductions that you can make that include mortgage interest, home depreciation, property taxes, utilities, homeowner’s insurance, and home maintenance deductions that you pay during the year.

You can always each out to the experts at the Real Estate Store to find out more about real estate!

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