Amy Yzaguirre and her husband bought a home in Oregon with a 2.5% interest rate in 2023.
The lower mortgage rate, attained via an assumable mortgage, saves them $40,000 over 28 years.
Yzaguirre and her husbandhave used their savings to pay off medical debt and purchase a new car.
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This as-told-to essay is based on a conversation with Amy Yzaguirre, 40, a student and barista. She and her husband purchased a home with an assumable mortgage in Tigard, Oregon, in March 2023. An assumable mortgage allows qualifying buyers to acquire the interest rate, current principal balance, and other conditions of a seller’s existing loan. Not all loans can be assumed. The essay has been edited for length and clarity.
I grew up in the Portland, Oregon, area but moved to Boise, Idaho, in 2017. In 2022, my husband and I decided to move back to Oregon.
My husband had applied for some jobs in Portland and got a position, but we had just refinanced our Boise home. Since we had signed a no-flip clause, we couldn’t sell it until April 2022.
We planned that he would move to Portland and live with a friend while our son and I stayed back and got the house ready to be sold in April. Then, we would join him and buy a house.
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But in January 2022, I was diagnosed with stage 4 non-Hodgkin’s lymphoma. I didn’t want to undergo half of my chemo treatment in Boise and the other half in Portland, so we had to figure out a way to be together as a family while I underwent chemotherapy.
We had to keep the house until April, but we couldn’t afford to pay two mortgages or pay rent and a mortgage. A family friend gave us the idea to buy an RV and live on my parents’ land in Oregon. We lived there for eight months. It was pretty rough, but we made it work.
In March of 2022, we started looking at houses through our real-estate agent. I was in the middle of chemo, but on the days that I would feel good, we would meet up with brokers.
One suggested, “To get the type of mortgage loan that you want, you need to wait until you’re back to work.” So, we decided to pause our home search until then. While waiting, we got our credit in a good spot. When August came around and I got a job, we started seriously looking at houses.
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Finding an affordable home to buy was difficult
We wanted to live in the suburb that my parents lived in, called Tigard, but the area was too expensive for us, and the real-estate market was fairly competitive.
It’s funny how an area can be a nice, family-friendly, affordable place to live, and then all of a sudden, it becomes overpopulated and it’s not nearly as reasonable as it used to be.
We eventually decided to look in the Sherwood area instead. At this point, I had beaten cancer and was in remission. My husband and I were excited that we could take the next step and buy a new house.
We qualified for a substantial loan through our mortgage company, but we didn’t want our monthly payments to be too high. We set our budget for a home at no more than $450,000 — but even that was a bit of a stretch.
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As we looked, we really couldn’t find many homes that checked all the boxes for that amount.
But in September 2022, we found a townhouse that was on the market for $416,000. On a flyer for the home, its seller had written that if we wanted to assume her loan, she was locked in at 2.5%.
That didn’t necessarily draw us in because we didn’t quite know what that meant.
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I was more interested in the fact that it was a 1,500-square-foot townhouse that had everything we wanted, like a backyard, a big garage, and an open floor plan with hardwood floors.
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At the time, I believe mortgage rates were close to 6%. If we had a traditional mortgage, our monthly payment would have been about $3,000 a month. I remember being like, “OK, that’s pretty high, but I think we can make it work. We’re just going to have to be really careful.”
An assumable mortgage was too irresistible to pass up
We told our real-estate agent about the home and asked her what an assumable mortgage was. She said, “You’ll have to talk to our mortgage broker. I don’t really have any experience with that and don’t know what it entails.”
I asked the mortgage broker, and he admitted, “Well, we haven’t dealt with this in probably about 30 years, so I’m not entirely familiar with the process. But essentially, when you assume a loan, you’re taking over the seller’s mortgage. If you qualify, you can adopt their locked-in rate, and you don’t have to pay current mortgage rates.”
He warned us that the seller’s mortgage company was not going to hold our hand through the process. But if we were willing to put in a rigorous amount of work and do a lot of bugging, we should definitely try it because it would save us a lot of money.
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I did the math. The seller was locked in at 2.5%, so if we qualified to assume the loan, our mortgage would be a little over $2,100 a month versus the over $3,000 we would be paying with a traditional mortgage at current market rates. It would save us over $40,000 in the long run. That would give us wiggle room and allow us to continue our lifestyle instead of having to scale back.
It sounded amazing, so my husband and I decided to pursue the loan assumption.
It’s not easy assuming a loan — and it took forever
In March 2023, we purchased our home for $418,900 and made a down payment of $48,000. The home had a 30-year fixed-rate mortgage, with 28 years left on a $383,000 Federal Housing Administration loan.
We worked with Flagstar to assume the mortgage, and they assigned us an advocate. He was really nice and helped us through the process.
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In the end, we ended up submitting over 200 documents, and the process took three full months.
At a certain point, my husband was over it and just wanted to go with a normal mortgage. I had to assure him I could take care of it and that it would all be worth it — we just had to be patient.
The mortgage broker we originally spoke to was right — as the company processing the assumable mortgage isn’t making any money, you really have to advocate for yourself, jump in there, and ask questions.
I tell anybody who has asked me about assuming loans that it’s going to take a long time and it will be grueling. The process will humble you in some ways, too, because you start doubting yourself, like, “Am I a horrible financial person? Why did they need so much information? Am I not doing this right? Is there something that I’ve done wrong?”
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But once you get through the process, you should be able to get it.
It just takes time.
The hard work getting the assumable mortgage was worth it
After living in a tiny 21-foot RV, buying a home gave us freedom and a new beginning. It also helped me not feel boxed in anymore.
Even though I was fortunate to have good insurance during chemotherapy — once I hit a certain deductible, insurance covered the rest — and have excellent insurance through my current job, I still had quite a few medical bills to pay off.
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With the extra money we have saved on our mortgage payment, I’ve been able to pay them down.
We also used the extra money to pay off other debt and purchase a Toyota Tacoma with cash — we don’t have a car payment at all.
We’re not living grand or extravagantly, but at least we’re not having to eat ramen every night. Knowing that we worked so hard for this lifestyle and achieved it ourselves, I feel like we’re truly living life to the fullest.
The Summit Club is undoubtedly the epicenter of luxury living in Las Vegas.
Located just 15 minutes from the Strip, this exclusive neighborhood and golf community is spread across more than 600 acres of stunning desert landscape and features a Tom Fazio-designed golf course, unique wellness and recreation programs, and 260 luxurious residences.
Celine Dion sold a house here for $30 million last year, setting a new local real estate record and making a killer profit in the process.
The singer reportedly paid $9.2 million for her then-freshly-built Las Vegas manse back in 2017, heavily renovated the place in the years since, then tripled her initial investment by selling it in an off-market transaction for $30 million.
Actor Mark Wahlberg bought himself a $14.5 million bungalow in The Summit Club (which he has since sold) while waiting for his mansion to be built on a separate 2.5-acre lot in the same community, which he purchased for $15.6 million.
Now, a recently built property that landed on the market in mid-2023 just scored a nearly $20 million sale — and it’s as impressive as you’d expect.
The modern, minimalist abode at 11051 Witchcraft Court was designed and built by renowned luxury homebuilder, Blue Heron, and is nestled on a premium corner homesite with unparalleled views of the golf course, mountains, and the world-famous Las Vegas Strip.
“This architectural gem spans an impressive 9,827 square feet which includes the attached five-bedroom casita with private entrance,” said Lillie Shines of Coldwell Banker Premier Realty Global Luxury with whom the property was exclusively listed.
“We are ecstatic to confirm the sale of this remarkable property, which has truly set a new standard for luxury living in Las Vegas,” Shines adds.
“This sale marks a significant milestone in 2024, showcasing the enduring allure of premium properties within golf and lifestyle communities like The Summit Club.“
Originally listed at $23.5 million, the 2022-built luxury residence offers 9 bedrooms and 9 baths, and is lined with expansive pocket sliders to create an indoor-outdoor living experience.
“The sophisticated, single-story design of the main house features retractable glass walls which open to create a seamless indoor/outdoor living experience that beautifully incorporates the home’s captivating exteriors and natural surroundings,” Shines added.
The gourmet chef’s kitchen, equipped with top-of-line appliances, an oversized quartz island with waterfall edges, and custom white cabinetry, is the hub of the home and makes it easy to access all the other areas, including the flex room, secondary bedrooms, pool area, elevator to the deck, gym, or even the attached casita.
“The temperature-controlled wine wall is a centerpiece of the designer kitchen promising to elevate every celebration to new heights,” said Shines. “There’s also an elevator to easily serve your guests on the rooftop deck.”
The primary bedroom features a private sitting area with direct access to its own spa. The primary bathroom too comes with a luxury spa vibe, boasting an “outdoor oasis with dual showers”, per the listing.
Not to be outdone, the casita on the property stands as a private two-story retreat, complete with 5 bedrooms, 4 bathrooms, and a separate 2-car garage.
The first floor of the casita features a gathering room with a kitchen and a primary suite, while the second floor offers 4 bedrooms and 2 bathrooms.
Originally intended to be a multi-generational space, there are endless possibilities on how to maximize this unique area.
Heading outside, we find a resort-style backyard with not one, but TWO zero-edge pools, and plenty of outdoor amenities that add to its appeal. This includes a spa, an outdoor kitchen equipped with a pizza oven, and a bar.
And just in case the future owners need even more space for entertaining, they can take the party to the roof, where a stylish rooftop deck with a bar offers jaw-dropping views of the Las Vegas strip and city lights.
Listing agent Lillie Shines has witnessed the complete transformation of this property as she has been working with the home’s sellers since 2019 when they first selected this parcel of land at The Summit Club.
From its inception, Shines was integral in both the transaction and coordinating the design of the custom build as her sellers had to communicate with her from overseas while international travel was halted during the pandemic.
And we’re happy to see that her efforts were rewarded with a successful sale closed at the beginning of March. The final sale price was $19.7 million.
“The sale of 11051 Witchcraft Court underscores the timeless appeal of luxury properties that offer both opulence and functionality,” remarked Bob Hamrick, Chairman and CEO of Coldwell Banker Premier Realty.
“We are proud to have facilitated the transaction of such an extraordinary property, setting a new benchmark for excellence in Las Vegas real estate.”
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Everything’s bigger in Texas, luxury homes included. And the latest example of opulent real estate to hit the Dallas market is the former mega-mansion of six-time NBA All-Star Jermaine O’Neal, which recently resurfaced on the market for $12.4 million in the suburb of Southlake.
A former Indiana Pacers center and power forward, O’Neal played for an additional six teams throughout his athletic tenure — none of which were in Texas- before retiring in 2016.
Still, O’Neal chose to settle in Southlake for its prestige, allure, and vicinity to vibrant Dallas, which happens to be the home of his favorite football team, the Cowboys.
And while he parted ways with the house some while back, for us, the retired NBA star’s home at 940 W Dove Rd. scores as many points as its previous owner racked up over his career.
Designed by the esteemed local builder Michael Kindred and sitting on nearly 5 landscaped acres, the Southlake, Texas house is anything but humble.
The elegant and modern Mediterranean-style mansion has everything you could ask for in a property and more, with 8 bedrooms, 10 full baths, and 3 half baths spanning over an impressive 16,000 square feet of living space.
Curated details like the natural limestone and custom wood flooring elevate the mansion while offering a homey feel despite its massive size.
A two-story open living space stuns with statement chandeliers, glossy marble finishes, and colossal windows overlooking the grounds beyond.
Meanwhile, the upscale kitchen boasts all the bells and whistles of a multi-million dollar home, including double sinks and dishwashers, state-of-the-art Wolf Brand appliances, and a spacious walk-in pantry.
The dining areas and additional living room all feature large windows that provide ample natural lighting while offering views of the surrounding scenery — a common theme throughout the property.
Whichever couple or bachelor(ette) snatches the sizable mansion can truly spoil themselves in the master suite featuring a spacious shower and soaking tub, his and her closets, and a cozy bedroom with intricate crown molding for an extra dose of opulence.
In addition to the closets, a pair of exclusive his and her home offices mean the next owners can get down to business without distractions before unwinding lavishly in the home’s entertainment areas.
The future homeowner of 940 W Dove Rd. can get the party started in the posh game room, complete with a billiard table, bowling alley, wet bar, and private theater.
Outside, a resort-style oasis boasts an outdoor kitchen and two covered seating areas- including a cabana with a fireplace- to wine and dine al fresco in unparalleled comfort.
What steals the show, though, is the mega pool featuring a slide, mood lighting, and a spa corner for ultimate relaxation.
Moving back indoors, you’ll find a home gym that’s anything but average, offering lockers, a full bath, and a sauna for an elevated workout worthy of a pro athlete.
What’s more? You guessed it — an indoor basketball court totaling 8,300 square feet, almost like a tribute to the home’s former basketball star owner.
Anyone who values privacy or throwing lavish parties will appreciate all 4.828 acres of this sprawling compound. Thanks to its six-car garage and motor court in the back of the grounds and charming grand circle entry to the front, a lengthy list of guests can be easily accommodated.
We think the now-retired Pacers player’s home is just as outstanding as his athletic record. And while O’Neal parted ways with the property in 2022, he left the mark of his basketball legacy behind. Sherri Murphy of Coldwell Banker Realty Dallas is now listing the buff all-star home in the Lone Star state for $12.4 million.
Featured image credit: True Homes Photography, insert Noah Salzman, CC BY-SA 3.0, via Wikimedia Commons
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Are you wondering where to sell jewelry that you don’t need? Here are the best places to sell jewelry online and near you to make extra money. If you want to sell your stuff and make money, you can sell engagement rings, necklaces, rings, bracelets, and whatever else you have. Selling jewelry can help you…
Are you wondering where to sell jewelry that you don’t need? Here are the best places to sell jewelry online and near you to make extra money.
If you want to sell your stuff and make money, you can sell engagement rings, necklaces, rings, bracelets, and whatever else you have.
Selling jewelry can help you make money when you have items that you don’t need anymore. There are different ways to do it, both online and in your local area.
You can use websites like eBay or Facebook Marketplace for a broad audience. If you have expensive jewelry, sites like Worthy or TheRealReal might be a good fit. You can also sell directly to local places like jewelry stores, pawn shops, or at craft fairs, if you need cash right away. They all have their advantages and disadvantages, and I will be going over each below.
Best Places To Sell Jewelry Online and In Person
Below are the best places to sell jewelry online through selling apps and online marketplaces, as well as in person near you.
1. Worthy
I think that one of the best places to sell jewelry online is Worthy.
Selling jewelry like diamond engagement rings or fancy watches can be a way to make money on jewelry that you do not need anymore.
Worthy uses an auction setup, which means many people will see your jewelry, with a good chance of getting a higher price than at your local pawn shop or other online marketplaces.
You can sell items like the below on Worthy:
Earrings
Wedding or engagement rings
Necklaces, pearls, and more
Bracelets
Loose diamonds and gemstones
Watches
You start by telling Worthy what you’ve got (necklace, ring, etc.). They give you free shipping (insurance included) to send it to them. Once your jewelry is in their hands, they clean it up, have it evaluated, take some quality photos, and even get an appraisal.
You get to set a minimum price you’re okay with – called a reserve price – before your jewelry hits the online auction stage.
The whole process typically takes around 2 weeks from shipping to getting paid.
2. Local jewelry stores
When you decide to sell your jewelry, one way is with local jewelry stores. These shops tend to have personalized service and can give you immediate payment for your jewelry pieces. So, if you want to sell your jewelry in person, then this may be the best option for you.
You’ll want to start by researching local jewelry stores near you with good reputations, such as by looking for reviews online or asking people you know for recommendations.
Prior to visiting, understand the value of your jewelry. Some stores might do appraisals, but getting an independent one is often better for comparison so that you know how much money you should be asking for.
And, don’t hesitate to negotiate the price offered. Store owners expect it, and you might be able to get more money for your jewelry.
Some local stores offer trade-in options too. You might receive a higher value if you choose store credit instead of cash.
Make sure to bring your ID with you, as most jewelry stores will require it to process the transaction.
By choosing to sell your jewelry locally, you can typically make money a lot faster than if you sold your jewelry online, which is a huge benefit.
3. Pawn shops
If you want to know where to sell jewelry near you for cash, then pawn shops are typically the first choice.
Pawn shops are local businesses that give cash right away for items, such as fine jewelry, high-end collectibles, and electronics. Pawn shops operate by providing you with a loan based on the collateral value of your item or by purchasing it from you outright.
At a pawn shop, you’ll find a process that’s usually quick and straightforward. Whether you decide to pawn or sell, the staff will assess your jewelry’s value. This value depends on current market prices, the item’s condition, and more. Gold, silver, platinum, diamonds, and gemstones are typically accepted, regardless of their condition.
Before you visit, clean your jewelry to make sure it looks its best, and gather any certifications or paperwork that verifies its authenticity or value. This preparation can help you get a better offer.
Selling vs. pawning:
Selling: You receive cash immediately for your item without any obligation to repay.
Pawning: You get a loan based on the value of your jewelry, with the chance to reclaim your item once you repay the loan plus interest.
4. Selling at auctions
If you want to know where to sell your jewelry to get the most amount of money, then an auction may be it because there is usually a wide audience to bid on your pieces.
You will want to find an auction house and contact a jewelry specialist. It’s important to understand that your jewelry will be sold to the highest bidder once the auctioneer concludes the bidding.
Fees vary, so it’s important to ask about buyer’s premiums and seller’s commissions, as these will impact your final take-home amount. Also, carefully read the terms and conditions before you agree to auction your jewelry, as you need to be aware of payment procedures and timing.
5. eBay
If you’re thinking about selling your jewelry, eBay can be a good place to sell it. It’s an online marketplace (I’m sure you’ve heard of it) with lots of people looking for all different kinds of things around the world.
I have personally sold many items on eBay over the years, including jewelry (nothing too expensive, as I’ve never had expensive jewelry, but there is more expensive jewelry listed on eBay as well). It’s an easy way to list your jewelry online and see if people around the world are interested in buying it.
When you want to sell, take clear pictures of your jewelry from all sides and focus on any logos, textures, or stones. You can also show how the jewelry looks on real people or mannequins to help buyers see how it fits.
To price your pieces competitively, research what similar items are selling for. This may include looking at sold listings to understand how other sellers title and describe their items.
eBay charges a final value fee when your jewelry sells, so factor this into your pricing. With the right approach, eBay can be the perfect place to earn money while clearing out your jewelry box.
6. Consignment shops
Consignment shops are another popular place to sell jewelry.
Consignment means the shop will sell your jewelry for you and take a percentage of the sale price as their fee. This fee can range from 10% to 70%, so it’s important to ask about the commission rates before agreeing to sell your items.
When choosing a consignment shop, remember to:
Check their reputation and reviews.
Understand their commission rates and payment methods.
Ask about their process for valuing jewelry.
Ask about how they secure and insure your items while in their possession, just in case a customer walks away with it.
What makes consignment shops different from the others is that you will not receive any money until someone actually buys the jewelry. So, if it’s an in-person consignment shop, that could be weeks or even months.
7. Yard sales
When you’re looking to sell your costume or lower-value jewelry, you may want to set up a yard sale.
These local events are perfect for selling items that range from playful dress-up accessories to the everyday pieces you no longer wear.
I recommend putting a mirror near where you have your jewelry for sale at your garage sale so that people can see how they look with your jewelry. This can help on-the-spot decisions and give individuals a “try before you buy” experience.
Now, jewelry at a yard sale typically does not sell for much. You may get just a few dollars for your jewelry pieces. But, if you have a lot of jewelry that is not worth a lot, this is an option to sell it fast and earn at least a little bit of money.
8. Facebook Marketplace
Facebook Marketplace can be a convenient online platform if you want to sell your jewelry. With local and nationwide reach, it allows you to list your jewelry easily.
All you have to do is take some pictures of your jewelry from different angles and write a title with a quick description. You will also want to include the type of jewelry, the brand, condition, and mention any certificates or appraisals that it has.
Start by taking clear photos of your jewelry from different angles, and make sure to include close-up shots to highlight details and any craftsmanship.
Because Facebook Marketplace typically means that you will be meeting buyers in person, I highly recommend meeting in well-lit public places for local transactions or using secured payment and shipping methods for long-distance sales.
9. Local craft fairs or markets
If you have a lot of handmade jewelry to sell, then you may want to try setting up a stand at a local craft fair or market. These events give you a chance to present your handmade pieces to a community that appreciates more unique and artisanal items.
To find the right venue, research local fairs and markets that attract buyers interested in jewelry. Look for events that have a history of successful artisan sales. Remember, not all fairs are created equal, so pick ones that match your style and audience.
10. TheRealReal
If you have luxury jewelry you’re ready to part with, you can try selling through TheRealReal.
The RealReal is a high-end consignment online store that sells luxury items, such as designer clothing, shoes, and jewelry. You can earn up to 85% of the selling price for your items.
This marketplace specializes in consignment sales of high-end items. If brands like Chanel, Cartier, Van Cleef & Arpels, Tiffany & Co., and Rolex are in your collection, you’re in luck, as TheRealReal is known for these luxury names.
11. Sotheby’s
If you want to sell your valuable jewelry, Sotheby’s is a respected auction house known for selling fine art, jewels, watches, and wine. They are well-known globally, with offices in cities like Geneva, New York, Los Angeles, and Hong Kong.
Sotheby’s is known for handling the sale of expensive jewelry, and they have made headlines with the auction of the Royal Jewels from the Bourbon Parma Family, which fetched millions of dollars.
They have specialists who are experts who can help you understand the value of your jewelry and guide you through the consignment process. They’re always ready to view pieces in person, and you can schedule an appointment or ask about a visit.
12. Cash for Gold USA
Cash for Gold USA is a company that buys gold jewelry, such as gold necklaces. They also buy silver jewelry and diamond jewelry.
Cash for Gold USA gives out free appraisal kits, and these kits are the first step to figuring out how much your items are worth. It doesn’t matter if your jewelry is in excellent condition or a bit damaged; they are interested in buying a lot of gold and silver jewelry.
The mail-in system they have makes sure that you can send your gold without worry that it will be lost. They prioritize making it an easy and secure process for you. Here is what you need to do:
Request an appraisal kit or download the shipping form from their website.
Mail your gold or silver jewelry safely.
Wait for an offer.
Get paid.
If you decide to accept their offer, you will receive payment for your jewelry. Keep in mind that the current market price and the condition of your jewelry will affect the offer you get.
It’s important to note that Cash for Gold USA also buys other forms of gold, not just jewelry. They accept coins, watches, and even scrap gold. They claim to offer competitive prices and a 10% bonus on your quote when you obtain a certified appraisal from the Gemological Institute of America (GIA). This can potentially give you more cash compared to other competitors.
Tips for Selling Your Jewelry
Before you sell your jewelry, it’s important to know its value, make it look its best, and showcase it well with good photos. Skipping these steps might put you at a disadvantage when selling.
How to find out how much your jewelry is worth
Knowing how much your jewelry is worth is important because it affects where and how you sell it.
If your jewelry is valuable, you might get better offers at places like Sotheby’s auction house or specialized services for fine jewelry.
On the other hand, if your jewelry has a lower market value, then local options or online marketplaces could be faster and easier for selling.
To find out how much your jewelry is worth, try getting an appraisal from a certified professional. They look at things like quality, gold content, and whether there are diamonds or other precious metals to figure out the value.
You can find a good appraiser through groups like the American Gem Society.
Preparing jewelry for sale
After you find out the value, make sure your jewelry is ready to sell.
Cleaning is important; you could even think about professional services to make it shine, especially for valuable items like diamond pieces. Check if any repairs are needed, and keep records of the jewelry’s quality and materials.
These details will help convince potential buyers of its value.
Photographing your jewelry for listings
Take photos that show off the sparkle and details of your jewelry, making them really appealing to buyers.
Use a high-quality camera, and take pictures in natural light when you can get the most accurate representation of your jewelry.
If you’re selling online, make sure your pictures are sharp, clear, and show the true condition and quality of the piece.
Frequently Asked Questions
Below are answers to common questions about where to sell jewelry.
What is the best way to sell jewelry?
The best way to sell jewelry depends on what you have. If you have an engagement ring to sell, then I recommend trying to sell it on Worthy. If you need cash right away (such as the same day), then finding a local jewelry shop or a pawn shop near you may be good options. If you have a lot of cheap jewelry, such as costume jewelry, then Craigslist or Facebook may be good options.
Where can I get the most money for selling jewelry?
To get the most amount of money for your jewelry, think about selling your jewelry directly to consumers on online platforms. This skips the middleman and lets you set competitive prices.
How can I sell my jewelry without getting ripped off?
To avoid being ripped off, research the current market for similar jewelry, set a fair price, and always use secure payment methods and platforms with protections for sellers. If you’re selling high-value items, getting an appraisal from a certified gemologist or a trusted jeweler can also provide proof of your jewelry’s value.
Is it better to sell jewelry to a pawn shop or jewelry store?
Selling to a jewelry store might get you a better amount of money if the store is interested in the resale value of your pieces. However, pawn shops usually pay you faster. If you need quick cash and are willing to accept a potentially lower price, pawn shops can be an option.
Do local jewelers buy jewelry?
Many local jewelers buy jewelry, especially if it’s a piece they can resell or use for parts. It’s always a good idea to have a few consultations with different jewelers in your area to compare offers.
What is the best place to sell jewelry near me?
The best place to sell your jewelry near you depends on the type of jewelry you have. If it’s modern or in high demand, local jewelers or consignment shops might give you good prices. But if it’s unique or antique, you might get better results from specialized markets or online platforms that target specific audiences.
Best Places Where To Sell Jewelry – Summary
I hope you enjoyed this article on where to sell jewelry online and in person.
As you can see, there are many places to sell your jewelry. Whether you have sterling silver, an engagement ring, a diamond necklace, sapphires, rubies, or even historical or estate jewelry for sale, there are many jewelry buyers who may be interested in the jewelry pieces that you no longer want.
Have you sold jewelry before? Where is your favorite place to sell jewelry?
Ben Affleck and Jennifer Lopez, aka Bennifer, have finally found their perfect love nest — one that’s modeled after a famous queen’s lavish chateau.
It may have taken them two years and three failed escrows but the wait paid off because this mansion is the ultimate luxury home for the power couple.
Many were confused over the stars’ indecision to commit to buying a property. With an unlimited budget at their disposal, it was a little out of the ordinary that these A-listers kept changing their minds.
According to reports, the two looked at mansions in the range of $35 to as high as $85 million in the most exclusive neighborhoods. But none of them quite passed the mark, leading people to believe that there was trouble in paradise. Or are they just really picky?
All doubts were cast aside when the lovebirds set their eyes on this mansion. They instantly fell in love with the property! They paid $61 million in cold cash and the deal took just one week to close, per TMZ.
What’s not to love? This stunning mansion is inspired by one of the most iconic chateaus in history.
The mansion was modeled after Marie Antoinette’s chateau, Le Petit Trianon
Dubbed the Wallingford Estate, the Beverly Hills abode features French-style architecture that was originally modeled after Marie Antoinette’s private chateau, Le Petit Trianon.
The queen’s manor, located on the grounds of the Palace of Versailles, was a gift from her husband, King Louis XVI.
Known for her love for all things opulent, Marie Antoinette adored her private estate. It served as a place of refuge, where the queen staged operas, productions, and lavish parties.
See also: 24 celebrities who live in Beverly Hills & their million-dollar homes
The Wallingford’s exterior features stately columns, large windows, and a rectangular shape that echoes the iconic design of Le Petit Trianon.
While the interiors have been modernized with state-of-the-art technology and contemporary furniture, it still retains its French Neoclassic ambiance.
Ben and J.Lo’s house has 12 bedrooms and 24 bathrooms
Situated on a 5.2-acre lot, the megamansion boasts a total of 12 bedrooms and 24 bathrooms across an impressive 38,000 square feet of indoor living space — providing plenty of living space for Ben and Jen’s blended family.
You can take a closer look inside Ben Affleck and Jennifer Lopez’s new mansion here (swipe to see the revamped interiors):
The couple are co-parenting peacefully with their exes (Jennifer Gardner and Marc Anthony) and share five children between them.
There won’t be any shortage of space for their big family in this huge mansion!
Like its sprawling grounds, everything about this house is grand. The double-door entryway opens to an expansive living room with double-height ceilings and large skylights that make the space even more massive.
White walls with frame molding display sophistication, while large windows allow plenty of natural light to brighten up every corner of the open floor space.
JLo previously shared a glimpse of the mansion’s downstairs area on Instagram while celebrating the success of Mother with her friends. Walking from the stairs to the bar, fans got a view of the gorgeous interiors of the ground floor.
Another highlight of this property is its secured grounds — a top requirement among high-profile celebrities. The mansion is surrounded by tall hedges and comes fully fenced with secured entrance and exit gates from two different private streets.
This design layout safeguards the often-photographed couple from prying eyes and paparazzi. And we know all too well how much Ben Affleck ‘loves’ paparazzi, don’t we?
Recreational amenities include a 155-foot-long infinity pool, a home theater, spa areas, a full-service salon, and a sports complex complete with a basketball court, a pickleball court, a fully equipped gym, and a boxing ring.
Visitors can also enjoy a slice of luxury living in the 5,000-square-foot guest penthouse. This structure also houses the garage area, which is large enough to fit 90 cars!
It’s one of the most luxurious homes in all of Beverly Hills
Fitting for one of Hollywood’s most famous couples, Ben and Jennifer’s new house is one of the city’s most impressive mansions and was once one of L.A.’s priciest listings.
Sitting mere minutes away from the Beverly Hills Hotel in the gated Wallingford Estates community. It had previously been owned by healthcare entrepreneur Jeoung Lee before real estate mogul Gala Asher picked it up for $22 million back in 2016.
What followed was an extensive renovation that brought the sprawling mansion into the 21st century. Asher then sought to capitalize on his big investments in the property by listing it for a whopping $135 million in 2018.
With no takers, a series of price adjustments followed, until the famous couple finally took it off the market in 2023. The final sale price was $60,850,000 — which amounts to $1,601/sqft.
The moral of Ben and Jen’s house-hunting saga? Patience pays off. By holding off on their purchase, they were able to find a perfect palace to call their home. A happily-ever-after ending for a Hollywood royal couple.
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For those who feel liberated by small apartment living but are having trouble strategically organizing in a way that makes your place feel tidy, this article is for you. Whether you just leased a Seattle apartment or are looking at apartments for rent in Naples, Florida, expert organizers offer their best insights to help you keep your belongings in order and readily accessible.
While the task may initially feel tricky, Barbara Metzel with Professional Organizing Plus says a small apartment requires “creativity and smart organization” influenced by a “minimalist approach.” Now, let’s get started.
1. Begin by decluttering
Initiate your organization journey by decluttering. Streamline possessions and keep only what is essential. This foundational step sets the stage for an efficient and visually pleasing living environment.
Founder of Selma Organizer, Mariselma Goncalves, shares how “a great way to achieve serenity, especially in a small apartment where every inch counts, is by organizing and decluttering.”
The act of decluttering, however, isn’t done once and then forgotten about until the stacks pile up. In her blog, Tacoma, Washington’s professional organizer and owner of Clear Spaces Organizing Co., Ashley Nariman, shares how “the most valuable thing you can do is to develop a regular habit of decluttering.” She recommends “adding a purge session to your calendar every 4-6 months to keep clutter in check.”
By decluttering and “reducing the number of items in a space,” Aaron Traub, owner and lead organizer of My Professional Organizer Dallas, shares that a space can be “more functional and serene.”
2. Utilize clear containers
Opt for transparent storage solutions to quickly identify contents. Clear containers provide a visual inventory and lend a sleek and uniform appearance to your storage areas, maintaining a sense of order and simplicity.
Professional organizer Bethany Van Dyke shares how clear containers can be utilized in spaces such as kitchens or bathrooms “to house perishable food or bathroom items” that were previously in bulky packaging that took up unnecessary space.
Mary Beth Bartlett and Megan McDowell with Rooms to Breathe recommend “transferring board games and puzzles into zippered mesh pouches and filing in a large open bin” to save space. Additionally, the duo suggests to those with craft stations “unboxing markers, crayons, glue sticks, and other art supplies and putting them into a divided turntable.”
3. Vertical space
Unlock valuable vertical real estate by installing shelves and organizers on walls. Embracing verticality optimizes space utilization, freeing up floor space and allowing a visually striking display of your belongings.
Creative consultant and designer for Organize Create Design, Tracy Broeckel, shares how “floating shelves and pegboard paired with hooks and baskets can free up valuable floor space.” With Half Full Organizing, Stacy Stevens adds that implementing these items can “offer function and double as décor.”
Sarah Kary, certified professional organizer with From Mess to Blessed, shares how command hooks can be versatile in what they are used for. She adds that they are “renter friendly” and great for “hats, jewelry, kitchen utensils, stringing lights, dog leash, and art and décor.”
When organizing vertically, Taylor Miller, founder of Orderly Interiors, recommends investing in “behind-the-door storage shelves to neatly house laundry supplies, tools, bathroom essentials, or pantry items.” Heather Cocozza, organizing and productivity consultant for Cocozza Organizing and Design, recommends renter-friendly products such as Elfa Back of the Door Solution or iDesign Affixx Adhesive Organizer Bin for back-of-door storage.
4. Fold clothes
Master the art of efficient clothing storage by adopting the KonMari folding method. Neatly folded clothes save space, reduce wrinkles, and create an appealing wardrobe. This technique proves particularly beneficial in confined closets.
Certified professional organizer Katie McAllister with Susquehanna Closet and Garage Design shares how “jeans, athletic clothing, sweaters, scrubs, and t-shirts all do very well folded.” She also adds how the ideal spacing between shelves is 8-10 inches. This allows you to “stack a few items without creating your own Leaning Tower of Pisa.”
5. Under-the-bed storage
Transform the underutilized space beneath your bed into a storage powerhouse. Invest in under-bed storage bins or drawers that can be readily accessible but offer an organized space to stow away underused items.
Deena McNichol, owner of One Thing at a Time Professional Organizing, shares how under-bed storage is great for items such as “shoes, linens, or sweaters.”
6. Integrate multifunctional furniture
Select furniture pieces with dual purposes to make the most of limited space. From ottomans with hidden storage to convertible sofa beds, multifunctional furniture adds versatility without sacrificing style, catering to both form and function in your compact abode.
Designer sales representative for Save Our Space, Cory Viereck, recommends that those limited in closet space add wardrobes that can fit their belongings.
What began as a small side hustle has evolved into one of the more popular online Etsy shops.
Noblesville couple Amie and Chris Knuckles created their online wood wall art and home décor business, Vintage Adventures, in 2015. In 2020, the business became a full-time venture when they launched the shop on Etsy, which – according to the Etsy analytics tool Erank – is in the top 2 percent of the platform’s sellers.
The couple, who have worked out of a garage at 936 Maple Ave. since 2021, created a key to the city for the late pop artist Jimmy Buffett in 2020, and one of their art pieces appeared in the 2022 movie “The Requin.”
“(When we started out) we both had really stressful (full-time) jobs, and going around to auctions and making things, it was fun, so it was like a hobby to start with,” Amie said. “We just enjoyed creating things. I never in a million years would have thought that this is what I would be doing. I was a director of nursing when this started. I never thought I would ever in a million years (run an art business).”
Initially, the Knuckles sold vintage furniture in a booth at the antique mall and eventually the Logan Village Mall. They started making and selling wall art after they decided to make art for their own walls in their booth space, which they thought were too bare. They started selling on Etsy after Chris lost his full-time IT job as a project manager during the COVID-19 pandemic.
“(Amie) came in the room, she’s like, ‘Let’s start an Etsy shop, it’ll be fun,’” Chris said. “And I always say that because every time we’re in here and we’re sweaty and we’re tired and exhausted, I’m like, ‘Let’s start an Etsy shop, it’ll be fun.’”
Although Amie devotes most of her time to the art business, she still works part time in a hospital.
Besides their Etsy shop, the Knuckles also have a website where they sell their art.
The Knuckles said their favorite part of their business is traveling, attending festivals, meeting people and the adventure of it all. They were invited to be a part of the Orange Beach Festival of Art in Orange Beach, Ala., March 9-10 and plan to attend more festivals this year.
“We’ve had a lot of great things happen to us over time,” Amie said. “When we get to the point where we start to doubt it, something really cool will happen that gets us to that next step and then we’re like, ‘Yeah, yeah, maybe this is what we’re supposed to do.’”
Amie and Chris said owning and operating Vintage Adventures is the highlight of their lives. They both take pride in their work.
“I look back on my (old full-time) career and think, ‘I did all that stuff but I didn’t do (anything). All I did was make some corporation more money or whatever, right?’” Chris said. “So, now, when I look at the stuff that we do (with our art business), it’s going to sound cheesy, but I feel like I’m leaving some sort of legacy, some part of me is still going to be around.”
THE KNUCKLES’ ART METHOD
Vintage Adventures owners Amie and Chris Knuckles create their wood art with lasers. They usually create a digital design and then use a CNC machine where a laser cuts a slab of wood into different pieces, according to the design.
Amie paints the pieces of wood, then the couple glues the pieces together and frame it.
Eventually, the couple plans make prints of the art that will be sold at a reduced price from the original pieces.
To find Vintage Adventures on Etsy, visit etsy.com/shop/VintageAdventuresLLC?ref=shop-header-name&listing_id=1027666500&from_page=listing.
For more on Vintage Adventures vintageadventureshomedecor.com.
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Embarking on a home renovation to transform your living space is an exciting endeavor. Home improvements are also an investment that can significantly increase the value of your property, so it’s important to track expenses to be prepared for capital gains tax when you sell your home. Tracking home improvement costs can also help homeowners stick to a budget and ensure a greater return on investment.
Let’s take a closer look at how to track home improvement costs, which upgrades qualify for tax purposes, and options for financing a home renovation.
First-time homebuyers can prequalify for a SoFi mortgage loan, with as little as 3% down.
Why Track Home Improvement Costs?
Amid all the work and logistics that goes into renovations, tracking home improvement costs might not feel like a high priority. However, having documented home improvement costs can help reduce potential capital gains tax when it’s time to sell your home.
The IRS allows qualifying home improvement costs to be added to the original purchase price of the property, known as the cost basis, when calculating capital gains on a home sale. The basis is subtracted from the home sale price to determine if you’ve realized a gain and subsequently owe tax. But by adding home improvement expenses to your cost basis, the profit from the sale that’s subject to taxes decreases — lowering or even potentially exempting you from property gains tax.
Besides home improvements, other factors that affect property value, like location and the current housing market, could make a property sale subject to capital gains tax.
Here’s an example of how capital gains tax on a home sale works: A married couple that purchased a home for $200,000 in 2001 and sold it for $750,000 in 2024 would have a $550,000 realized gain. Assuming that the sellers made this home their main residence for two of the last five years, they’d be able to exclude $500,000 of the gain from taxes. The remaining $50,000 would be taxed at 0%, 15%, or 20% based on the sellers’ income and how long they owned the property.
However, the sellers spent $70,000 on home improvements during their 23 years of homeownership, so the capital gains calculation would be revised to: $750,000 – ($200,000 + $70,000) = $480,000. Tracking home improvement costs in this example exempted the sellers from needing to pay capital gains taxes.
Note that single filers may exclude only the first $250,000 of realized gains from the sale of their home. Eligibility for the exclusion also requires living in the home for at least two years out of the last five years leading up to the date of sale. Those who own vacation homes should note that the IRS has very specific rules about what constitutes a main residence. 💡 Quick Tip: A Home Equity Line of Credit (HELOC) brokered by SoFi lets you access up to $500,000 of your home’s equity (up to 90%) to pay for, well, just about anything. It could be a smart way to consolidate debts or find the funds for a big home project.
Qualifying vs Nonqualifying Improvements
The IRS sets guidelines that determine what home improvements can be added to your cost basis for calculating capital gains tax. Thus, not every dollar spent on sprucing up your home’s curb appeal or living space needs to be tracked for tax purposes. Generally, tracking costs is a good idea for any home improvements that increase your home’s value and fall outside general repair and upkeep to maintain the property’s condition.
Qualifying Improvements
According to the IRS, improvements that add value to the home, prolong its useful life, or adapt it to new uses can qualify. This includes the following categories and home improvements:
• Home additions: Bedroom, bathroom, deck, garage, porch, or patio
• Home systems: HVAC systems, central humidifier, central vacuum, air/water filtration systems, wiring, security systems, law and sprinkler systems.
• Insulation: Attic, walls, floors, pipes, and ductwork
• Plumbing: Septic system, water heater, soft water system, filtration system
It’s also important to track any tax credits or subsidies received for energy-related home improvements, such as solar panels or a heat pump system, since these incentives must be subtracted from the cost basis.
Recommended: How to Find a Contractor for Home Renovations and Remodeling
Nonqualifying Expenses
Owning a home requires routine maintenance and occasional repairs — think fixing a leaky pipe or mowing the lawn. And the longer you own your home, the greater the chance you reapproach past home improvements with a fresh design or modern technologies. The IRS considers regular maintenance and any home improvement that’s been later replaced as nonqualifying costs.
For instance, a homeowner could have installed wall-to-wall carpet and later swapped it out for hardwood floors. In this case, the hardwood floors would qualify, but not the carpeting.
Recommended: The Costs of Owning a Home
How to Track Your Costs
Developing a system for tracking home improvement costs depends in part on where you are in the process. Here’s how to get track home improvement costs before, during, and after a renovation project.
Before You Renovate
The average cost to renovate a house can vary from $20,000 to $80,000 based on the size of the home and type of improvements. Given this range in cost expectations, it’s helpful to create an itemized budget that estimates the cost for each improvement. It’s hardly uncommon for renovations to take more time and money than expected, so consider budgeting an extra 10-20% for the unexpected.
Your itemized budget can be leveraged for tracking home improvement costs once the project starts. Simply plug in the completion date, cost, and description for each improvement, and keep receipts, to itemize the expense as it’s incurred.
Recommended: How to Make a Budget in 5 Steps
Keep Detailed Records
Tracking home improvement costs goes beyond crunching the numbers. The IRS requires documentation to adjust the cost basis on a property. As improvements are made, catalog contractor and store receipts and take pictures before and after the work is done to document the improvements for your records. Store these records digitally in a secure and accessible location; the IRS recommends keeping records for three years after the tax return for the year in which you sell your home.
Catch Up After the Fact
Tracking home improvement costs after the work has been completed is doable, but it requires more effort. If your renovations required any building permits, your municipality should have records on file.
For other projects, start by searching your email for receipts and records can help find a paper trail and track down documentation. Reach out to contractors you worked with for copies of missing receipts or invoices. If you paid with a check or credit card, you can browse through your previous statements or contact the bank for assistance.
Consult a Tax Pro
Taxes are complicated. If you have any doubts about what improvements qualify, consult a tax professional for assistance. Homeowners who used their property as a home office or rented it for any duration could especially benefit from a tax pro. Any property depreciation that was claimed in previous tax years may need to be recaptured if the home sale price exceeds the cost basis.
Home Improvement Financing Options
Renovations and upgrades to your home can be expensive. Many homeowners use a combination of savings and financing to pay for home improvements.
• HELOC: A Home Equity Line Of Credit lets homeowners tap into their existing equity to fund a variety of expenses, such as home improvements. With a HELOC, you can take out what you need as you need it, rather than the full amount you’re approved for, which is often 75%-85% of your home’s value. You only pay interest on the amount you draw.
• Cash-out refinance: Some owners take out a new home loan that allows them to pay off their old mortgage but also provides them with a lump sum of cash that they can use for home repairs (or other expenses). How much cash you might be able to take will depend on the amount of equity you have in your home.
• Personal loan: An unsecured personal loan could be a good option for quick funding that doesn’t require using your home as collateral. The interest rate and whether you qualify are largely based on your credit score.
• Credit card: Financing a home improvement with a credit card can help earn cash back or rewards on your investment. However, these perks should be weighed against the risk of higher interest rates. If using a 0% interest credit card, crunch the numbers to ensure you can pay off the balance before the introductory offer expires. 💡 Quick Tip: You can use money you get with a cash-out refi for any purpose, including home renovations, consolidating other high-interest debts, funding a child’s education, or buying another property.
The Takeaway
Tracking home improvement costs from the start can help stick to your project budget and lead to significant tax savings when it comes time to sell your property. A HELOC is one way to fund home improvements, and may be especially useful to borrowers who aren’t sure how much money they will need for home projects. If you’re unsure whether a home improvement qualifies under the IRS rules around capital gains tax on home sales, consult a tax professional.
SoFi now offers flexible HELOCs. Our HELOC options allow you to access up to 95% of your home’s value, or $500,000, at competitively low rates. And the application process is quick and convenient.
Unlock your home’s value with a home equity line of credit brokered by SoFi.
Photo credit: iStock/Cucurudza
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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All loan terms, fees, and rates may vary based upon individual financial and personal circumstances and state.
You may discuss with your loan officer whether a SoFi Mortgage or a home equity loan from Spring EQ is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit brokered through SoFi. Terms and conditions will apply. Before you apply for a SoFi Mortgage, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and loan amount. Minimum loan amount is $75,000. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria.
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In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Millions of employees work from home at least part time. They’ve carved out dedicated office space and plopped laptops on kitchen counters and in closets. They almost never can declare the home office tax deduction.
Millions of self-employed people have also created workspaces at home. If they use that part of their home exclusively and regularly for conducting business, and the home is the principal place of business, they may be able to deduct office-related business expenses.
Why the difference? The Tax Cuts and Jobs Act nearly doubled the standard deduction and eliminated many itemized deductions, including unreimbursed employee expenses, from 2018 to 2025.
Read on to learn whether or not you may qualify for the home office tax deduction.
What Is a Home Office Tax Deduction?
The home office tax deduction is available to self-employed people — independent contractors, sole proprietors, members of a business partnership, freelancers, and gig workers who require an office — who use part of their home, owned or rented, as a place of work regularly and exclusively.
“Home” can be a house, condo, apartment, mobile home, boat, or similar property, and includes structures on the property like an unattached garage, studio, barn, or greenhouse.
Eligible taxpayers can take a simplified deduction of up to $1,500 or go the detailed route and deduct office furniture, homeowners or renters insurance, internet, utilities needed for the business, repairs, and maintenance that affect the office, home depreciation, rent, mortgage interest, and many other things from taxable income.
After all, reducing taxable income is particularly important for the highly taxed self-employed (viewed by the IRS as both employee and employer.)
An employee who also has a side gig — like driving for Uber or dog walking — can deduct certain expenses from their self-employment income if they run the business out of their home. 💡 Quick Tip: You deserve a more zen mortgage. Look for a mortgage lender who’s dedicated to closing your loan on time.
Am I Eligible for a Home Office Deduction?
People who receive a W-2 form from their employer almost never qualify.
In general, a self-employed person who receives one or more IRS 1099-NEC tax forms may take the home office tax deduction.
Both of these must apply:
• You use the business part of your home exclusively and regularly for business purposes.
• The business part of your home is your main place of business; the place where you deal with patients or customers in the normal course of your business; or a structure not attached to the home that you use in connection with your business.
Regular and Exclusive Use
You must use a portion of the home for business needs on a regular basis. The real trick is to meet the IRS standard for the exclusive use of a home office. An at-home worker may spend nine hours a day, five days a week in a home office, yet is not supposed to take the home office deduction if the space is shared with a spouse or doubles as a gym or a child’s homework spot.
There are two exceptions to the IRS exclusive-use rules for home businesses.
• Daycare providers. Individuals offering daycare from home likely qualify for the home office tax deduction. Part of the home is used as a daycare facility for children, people with physical or mental disabilities, or people who are 65 and older. (If you run a daycare, your business-use percentage must be reduced because the space is available for personal use part of the time.)
• Storage of business products. If a home-based businessperson uses a portion of the home to store inventory or product samples, it’s OK to use that area for personal use as well. The home must be the only fixed location of the business or trade.
Principal Place of Business
Part of your home may qualify as your principal place of business “if you use it for the administrative or management activities of your trade or business and have no other fixed location where you conduct substantial administrative or management activities for that trade or business,” the IRS says.
Can You Qualify for a Home Office Deduction as an Employee?
Employees may only take the deduction if they maintain a home office for the “convenience of their employer,” meaning the home office is a condition of employment, necessary for the employer’s business to function, or needed to allow the employee to perform their duties.
Because your home must be your principal place of business in order to take the home office deduction, most employees who work part-time at home won’t qualify.
Can I Run More Than One Business in the Same Space?
If you have more than one Schedule C business, you can claim the same home office space, but you’ll have to split the expenses between the businesses. You cannot deduct the home office expenses multiple times.
How to Calculate the Home Office Tax Deduction
The deduction is most commonly based on square footage or the percentage of a home used as the home office.
The Simplified Method
If your office is 300 square feet or under, Uncle Sam allows you to deduct $5 per square foot, up to 300 square feet, for a maximum $1,500 tax deduction.
The Real Expense Method
The regular method looks at the percentage of the home used for business purposes. If your home office is 480 square feet and the home has 2,400 square feet, the percentage used for the home office tax deduction is 20%.
You may deduct 20% of indirect business expenses like utilities, cellphone, cable, homeowners or renters insurance, property tax, HOA fees, and cleaning service.
Direct expenses for the home office, such as painting, furniture, office supplies, and repairs, are 100% deductible. 💡 Quick Tip: A major home purchase may mean a jumbo loan, but it doesn’t have to mean a jumbo down payment. Apply for a jumbo mortgage with SoFi, and you could put as little as 10% down.
Things to Look Out for Before Applying for the Home Office Tax Deduction
If you’re an employee with side gigs or just self-employed, it might be a good idea to consult a tax pro when filing.
To avoid raising red flags, you may want to make sure your business expenses are reasonable, accurate, and well-documented. The IRS uses both automated and manual methods of examining self-employed workers’ tax returns. And in 2020, the agency created a Fraud Enforcement Office, part of its Small Business/Self-Employed Division. Among the filers in its sights are self-employed people.
The IRS conducts audits by mail or in-person to review records. The interview may be at an IRS office or at the tax filer’s home.
A final note: Taking all the deductions you’re entitled to and being informed about the different types of taxes is smart.
If you’re self-employed, you generally must pay a Social Security and Medicare tax of 15.3% of net earnings. Wage-earners pay 7.65% of gross income into Social Security and Medicare via payroll-tax withholding, matched by the employer.
So self-employed people often feel the burn at tax time. It’s smart to look for deductions and write off those home business expenses if you’re able to.
To shelter income and invest for retirement, you might want to set up a SEP IRA if you’re a self-employed professional with no employees.
Recommended: First-Time Homebuyers Guide
The Takeaway
If you’re an employee working remotely, the home office tax deduction is not for you, right now, anyway.
If you’re self-employed, the home office deduction could be helpful at tax time. To qualify for the home office deduction, you must use a portion of your house, apartment, or condominium (or any other type of home) for your business on a regular basis, and it generally must be the principal location of your business. This is something to keep in mind if you’re in the market for a new home, since writing off a portion of your home expenses could help offset some of the costs of homeownership.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
SoFi Mortgages: simple, smart, and so affordable.
FAQ
How much can I get written off for my home office?
Using the simplified method of calculating the home office deduction, you can write off up to $1,500. Using the regular method, you’ll need to determine the percentage of your home being used for business purposes. You may then be able to deduct that percentage of certain indirect expenses (like utilities, cellphone, cable, homeowners or renters insurance, property tax, HOA fees, and cleaning services). Direct expenses for the home office, such as painting, furniture, office supplies, and repairs, are generally 100% deductible.
Can I make a claim for a home office tax deduction without receipts?
The simplified method does not require detailed records of expenses. If using the regular method, you should be prepared to defend your deduction in the event of an IRS audit.
The IRS says the law requires you to keep all records you used to prepare your tax return for at least three years from the date the return was filed.
What qualifies as a home office deduction?
Things like insurance, utilities, repairs, maintenance, equipment, and rent may qualify as tax deductions.
Photo credit: iStock/Marija Zlatkovic
SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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The South by Southwest (SXSW) festival in Austin, Texas, starts this weekend. The annual festival of panels, film screenings, parties and exhibitions across technology, film, media, education, comedy and music runs March 8-16.
According to organizers, over 340,000 people visited the festival in 2023. If you’re planning to attend SXSW in Austin this year, here’s what you need to know to get around efficiently and affordably.
What to expect at SXSW
SXSW has some events reserved for attendees and others are free for anyone to attend. The festival doesn’t have a single venue; all sessions and events (official and unofficial) are located in or around downtown Austin, with most of the larger tech-focused sessions at the Convention Center.
Due to its central location, walking is one of the easiest ways to get between sessions, shows, restaurants, coffee shops and Lady Bird Lake trails.
Heavy traffic and road closures can make navigating SXSW by car — and finding parking — challenging. Austin’s public transportation or the free SXSW shuttle route can help visitors avoid the hassle of driving.
Getting from the airport to downtown Austin
Austin-Bergstrom International Airport (AUS) is 7 miles from downtown Austin, offering SXSW attendees numerous options to get to downtown Austin and most hotels.
Rental car
For longer stays before or after SXSW, a rental car is a good option for exploring more of central Texas. The Austin airport hosts most major rental car companies on site, but Enterprise is an official partner of SXSW, so it offers deals for festival registrants.
Rideshare and taxis
If you’re not renting a car, you can use rideshare services or traditional cab companies to get to the airport. The Austin airport has a designated rideshare and taxi pickup zone across from the terminal, behind the Red Garage.
SXSW attendees can also use a special link to get a discounted shared ride from Carter Transportation Austin, which is part of the SuperShuttle network.
Bus
The MetroAirport Flyer is a convenient public transportation option to get to and from the Austin airport. Austin’s CapMetro Route 20 can get you from AUS to downtown in about 35 minutes. Buses run every 15 minutes from the neon guitar-shaped bus stopand cost $1.25 per ride or $2.50 for a day pass.
SXSW Austin transportation options
From downtown Austin, SXSW attendees without a rental car have plenty of alternate transportation options to venues.
SXSW shuttle
Attendees have access to a free SXSW shuttle service to get from the Convention Center to most venues. The shuttle departs from Trinity Street and runs from 9 a.m. to 2 or 2:30 a.m. most nights.
CapMetro bus and rail
Public transportation is another convenient and affordable option for Austin visitors.
As far as bus routes, CapMetro Rapid routes 801 and 803 will operate with high frequency for the duration of SXSW. Night Owl Routes will run regular service from midnight to 3 a.m. as well to help shuttle people from late-night events. A CapMetro Bus fare is $1.25 for a single ride, $2.50 for a day pass or $11.25 for a seven-day pass.
The CapMetro rail runs to and from downtown Austin, with a stop near the Austin Convention Center on East 4th Street. Rail service during SXSW will run extended hours daily until midnight. On Fridays and Saturdays, rail service will be extended to 2:30 a.m. The cost is $3.50 for a single ride, $7 for a day pass or $27.50 for a seven-day pass.
Rideshare and taxis
Uber, Lyft and taxis offer door-to-door convenience during SXSW. However, anticipate longer wait times and surge pricing throughout the week. If you want to book a taxi, zTrip Austin or ATX Co-op Taxi operate in the city.
🤓Nerdy Tip
Certain American Express cardholders and Chase Sapphire Reserve® cardholders get rideshare benefits that help cut Uber and Lyft costs.
Pedicabs
Licensed pedicabs operate in downtown Austin around 38th Street, Oltorf Street, MoPac and Pleasant Valley Road. They’re easy to hail down during SXSW and offer an eco-friendly way to get around the festival. Pedicab drivers charge a per-block fare or accept tips.
Bikes and electric scooters
Austin’s MetroBike bike-share program is a popular way to get around as well. According to the City of Austin Transportation and Public Works Department, there are currently more than 80 stations and 800 bicycles. About 43% of the bikes are electric, which makes pedaling even easier. There’s a pay-as-you-ride option, as well as a $13 Explorer day pass and a $20 three-day Weekender pass.
Electric scooter use also spikes during SXSW. Ride Report, a company that tracks mobility, reported 14,000 scooter rides in a single day during SXSW last year. The average number of rides per day in the first quarter of 2023 was 6,800.
Austin visitors can use Bird, Lime or Link to rent electric scooters on a pay-as-you-ride basis.
Saving on SXSW transportation
Traveling by car might be the slower and least cost-effective way to get around Austin during SXSW. To save time and money, festival attendees will want to consider taking free shuttles, public transportation or walking.
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