Spring Home Improvement Seasons 2024 - Edition Six

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183 Main St. (25A) Setauket, NY • Ph: 631-751-1213 www.setauketkitchens.com • setauketkitchens@gmail.com C USTOM C ABINETRY • Q UARTZ & G RANITE C OUNTERTOPS M ARBLE • C USTOM I NSTALLATIONS “Design to Completion” 183 Main Street Setauket, NY 11733 Setauketkitchens.com We guarantee top quality products & craftmanship for the perfect blend of form and function. Call today! 418064AS031324 See Page 5 For More Details We Are Your Home Renovation Experts! Kitchens & Baths Are Our Specialty! MARCH 2024 P U B L I S H E D B Y L O N G I S L A N D M E D I A G R O U P EDITION SIX: SERVING PORT JEFFERSON & STONY BROOK
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The birds are chirping, the sun is shining and people are starting to have a spring in their step again, that's why we've themed this issue for Spring Home & Garden. However, as always, you will find local news throughout. This time of year, many of us are thinking about sprucing up our homes in time for the warmer weather and dreaming of those lazy summer days. We have you covered with informative editorial and messages from your favorite local merchants. Looking to advertise? Seasons® Magazine is published ten times a year in print and online. Contact us for more information today.

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issue highlights: Published By Long Island Media Group • 565 Broadhollow Road, Suite 3, Farmingdale, NY 11735 631.226.2636 • www.longislandmediagroup.com • info@longislandmediagroup.com Copyright © 2024 by Long Island Media Group, LLC. All rights reserved. Reproduction in whole or in part without permission is prohibited. The publisher will not be responsible for errors in advertising beyond the cost of the space occupied by the error, and such responsibility, if any, shall be limited to the first use of advertising, in the case of repeated use. The publisher reserves the right to edit or reject any advertising at its sole discretion. The advertiser shall represent that all artwork and copy provided by the advertiser is owned by the advertiser, and it has the right to utilize such in this publication. Publisher: Jeff Lambert • Production Manager: Josh Marlowe • Marketing Manager: Noelle Lambert Managing Editor: Felicia Edwards • Editorial Assistant: Natalie Raccuglia Owner’s Suite Renovation Ideas For Luxury Spaces 8 Prepare A Garden For Spring Planting 14 The Basics Of Flipping Homes 28 20 Options To Finance Home Improvements
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Owner’s Suite Renovation Ideas For Luxury Spaces

Anowner’s suite is a sanctuary for homeowners. It’s a place where adults can retreat, relax, and unwind after a busy day. A bed and some other furniture are expected to take up residence in a standard bedroom, but certain elements can help homeowners create stunning spaces. While the largest bedroom in the home is typically dubbed the “owner’s suite,” it cannot be classified as a suite unless there is an adjoining bathroom. An owner’s suite also may have many more unique features that individuals may want to incorporate into a remodel. Here are some ideas to consider.

Upgraded Closet

Those who will be overhauling the walls and layout of the bedroom can configure the space to make room for a serious closet overhaul. A spacious, walk-in closet with built-in shelves, drawers, and rods can improve the functionality of the bedroom. Draw dividers and other components also can optimize space.

Sitting Area

In large suites, homeowners may have the potential to set up a sitting area in one portion of the room away from the bed.

This area can have a sofa, chairs, chaise, or other furniture and make for an ideal spot to read and lounge. Some people also enjoy having a television adjacent to the sitting area, so they can watch a show in the privacy of the bedroom.

Fireplace

Fireplaces add a unique ambiance to bedrooms and make for cozy spaces in which to cuddle up. While a traditional, roaring wood fire is one option, there is much less mess and fuss with a gas fireplace. Some gas fireplaces may not even have to be vented, and they can be turned on with the flip of a switch.

Private Patio Or Balcony

Owners who want to go the extra mile in owner’s suite renovations can incorporate outdoor spaces into the plans. Many homes are now being built with owner’s suites on the first floor, facilitating the possibility of aging in place at home. With this layout, the bedroom can be opened up to the outdoors by way of a sliding door or French doors. Decking or a patio can be outside of the room or even a covered space similar to a Florida room. Those with second-floor suites may want to consider a small deck or balcony where bistro seating can be placed.

Luxury Bath

Owners can turn the en suite bathroom into something out of a spa. A steam shower; heated floors; separate area for the toilet, closed off from the rest of the bathroom and dual vanities and sinks can make this a place that screams luxury and comfort. Do not forget dimmer switches for lighting, and even the inclusion of some new aromatherapy technology for increasing the potential for relaxation.

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TheHow To Prepare A Garden For Spring Planting

final weeks of winter, and even the first few weeks of spring, are still chilly in many parts of the world. Despite those last vestiges of winter chills, late winter is a great time to begin preparing gardens for the coming planting season. Gardens may have to withstand months of harsh weather each winter, and such conditions can take a toll. Gardeners can consider the following tips as they try to restore their gardens and get them ready for spring planting.

• Disinfect your tools. It’s common to clean tools in late fall or whenever they’re typically placed in storage for the winter. But cleaning and disinfecting are not necessarily the same thing. If tools were not disinfected at the end of the previous gardening season, disinfect them before doing any work on the garden. Doing so can ensure any lingering bacteria

Neighborhood News: Pet Food Drive For Baxter’s Pet Pantry

Suffolk County Legislator Tom Donnelly (D-Deer Park) is pleased to again join Long Island Cares and help it “rain food for cats and dogs” by hosting a pet food drive now through the end of May.

or fungi on tool surfaces are killed prior to the beginning of gardening season. According to the University of Minnesota Extension, plant pathogens, including bacteria and viruses, can be transferred to and infect plants through bits of soil and plant debris left on shovels and pruner blades. Thoroughly disinfecting such tools prior to using them in the spring is a great way to reduce the risk of disease in your garden.

• Clear debris from garden beds. Leaves, twigs, sticks, and other debris may have gathered in the garden over the winter. Such debris can inhibit the growth of plants and vegetables, so make sure all of it is removed prior to planting. Weeds might even begin to sprout up in late winter and early spring, so remove them before they go to seed.

• Test the soil. Testing the soil prior to planting can help gardeners determine what their gardens will need to thrive in the coming months. Garden centers and home improvement stores sell home testing kits that are effective and easy to use. Once the results are in, speak with a professional at your local garden center about the best time to amend the soil.

• Loosen compacted soil. Soil can become compacted over winter. If compacted soil is not loosened prior to planting, plants will have a hard time getting the water and nutrients they need to thrive. Loosening the soil also provides another opportunity to inspect the garden for any underlying issues, such as fungi or weed growth, that you may have missed when clearing debris or testing the soil.

Legislator Donnelly’s district office is serving as a drop-off location for the 13th Legislative Pet Food Drive where much-needed pet food and supplies will be collected to benefit Baxter’s Pet Pantry of Long Island Cares (www.licares.org). In previous years, constituents of the 17th Legislative District have generously donated to this annual drive.

All donations go directly to Baxter’s Pantry. While 5 and 10 pound bags of dog and cat food, canned food, kitty litter and new pet toys are most needed, all pet nourishments are welcome including food for hamsters, fish, birds and ferrets. Items may be dropped off at Legislator Donnelly’s District Office, located at 130 West Jericho Turnpike in Huntington Station, Monday through Thursday between the hours of 9 am and 4 pm until May 31. As per health code requirements, all pet food must be unopened and in original packaging. For more information or to make an appointment to donate outside of these hours, call (631) 854-4433.

“Hard times impact all members of the family, including our animal companions,” said Legislator Donnelly. “Families shouldn’t have to decide between feeding themselves and feeding their beloved pets. I am happy to partner with Long Island cares again on this important and much needed cause.”

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Neighborhood News: National Grid Foundation Milestone $500,000 Grant

Ina landmark moment marking the 25th anniversary of National Grid Foundation, United Way of Long Island announced and celebrated the foundation's extraordinary commitment to setting a new standard for philanthropic contributions.

According to United Way’s latest ALICE (Asset Limited, Income Constrained, Employed) Report, there are more than 285,179 hardworking Long Islanders struggling to afford life’s basic needs. One out of three families don't earn enough to make ends meet or heat their homes during the bitter winter months.

As Long Island’s only non-governmental, island-wide emergency fuel fund, Project Warmth provides a one-time grant for oil, gas, and fuel-related electric. Payments are made directly to oil and utility companies on behalf of eligible residents who are struggling financially and have exhausted other options. For the thousands of families United Way helps each year, assistance

with an oil delivery or utility arrears means they have room in their budgets to cover essentials like food or medication.

Long Islanders seeking help to keep the heat on in their homes were bundled in winter coats and hats to apply for assistance during United Way of Long Island’s “A Day of Warm Hearts & Warm Homes” at the offices of their community partner agency, the Wyandanch Village. Eligible applicants included residents who are behind in their utility payments, have a low or empty oil tank, received a disconnection notice, and/or demonstrate financial hardship.

"This contribution helps celebrate the Foundation's 25 years of service in our communities and highlights our core principle: Giving people the tools they need to build hope is an essential ingredient in the development of individuals, families and building stronger communities," said Eileen Cohen, Chair, National Grid Foundation. Cohen continued, "We have a long history of serving as a community partner, understand the critical need in our communities, and want our neighbors to know we are here for them. We are so grateful to organizations like United Way of Long Island as they help deliver so many much-needed services during these trying economic times."

Long Islanders like Gladys of Brentwood received a one-time grant to help pay for her home heating costs. Gladys, 53, is a mother of four and home health care aide who lost her

continued on page 19

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Neighborhood News: National Grid Foundation Milestone $500,000 Grant

continued from page 18

job. When the house burned and the fire damage restoration costs were too high, the family moved into a trailer. Two of her children are still in school and one of her sons is enlisted in the U.S. Marine Corp. Gladys fell far behind in her energy bills and couldn’t receive the assistance she needed. Thankfully, Project Warmth was there to help.

“Because of National Grid Foundation, I was able to pay my gas and electric bills and now have peace of mind,” said Gladys Martinez, a Project Warmth grant recipient. “The emergency assistance has gotten me through a very difficult time in my life and allowed me to keep a roof over my family’s heads this winter.”

“The National Grid Foundation has not only reached a significant milestone in its own journey but will also help us keep over 1,000 families safe and warm,” said Theresa A. Regnante, President & CEO, United Way of Long Island. “The foundation's visionary approach to philanthropy continues to inspire and set a precedent for others to follow.”

Since 1994, Project Warmth has provided more than $13 million to assist over 31,000 families. It is one of the country’s oldest non-government fuel funds, serving as a model across the United States. Project Warmth is available during the winter months and remains open until the funds are exhausted.

Project Warmth works with 18 local agencies and more than 90 parish outreach centers that provide intake and case management services. The case management process ensures needed services are provided to the client to resolve existing problems and reduce the need for future assistance. The process is so successful that 80% of previous years clients did not request further assistance.

Assistance is available through United Way’s 211 call center 24 hours a day, 7 days a week by dialing 2-1-1, or outside Nassau and Suffolk Counties 1-888-774-7633; text 898-211; visit 211li.org; unitedwayli.org/projectwarmth

Home

renovations can improve a home in many different ways. Modifications to kitchens and bathrooms have long been popular projects, but are they the most popular renovations? According to data from Realm, which analyzed the top 10 most popular projects from roughly 2.8 million listings and permit filings in the United States, certain projects are more popular than others. Nationally, the most common home renovations include interior painting, exterior painting, finishing a basement, installing or replacing windows, and bathroom remodeling. Houzz polls have unveiled that renovating kitchens and bathrooms, new windows and porches, balcony and deck projects are among the most popular.

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Options To Finance Home Improvements

Renovating

a home is a great way to impart personality indoors and out. Improvements can make spaces more livable and address safety issues. Home renovations often take residents’ lifestyles into account, and changes can be customized to accommodate a growing family or an empty nest. No matter the job, home improvements tend to be costly. According to the financial resource SoFi, on average, the cost to renovate or remodel a whole house runs between $10 and $60 per square foot. Certain rooms demand a higher cost, with a kitchen, or a bathroom remodel costing around $100 to $250 per square foot due to electrical and plumbing needs. Figuring out how to pay for the improvement project is as essential to the planning process as picking out materials and contractors. The following are some financial considerations and financing options for homeowners looking to renovate their properties.

• Consider if the investment is worth it. Remodeling magazine routinely assesses common improvements and how much homeowners can expect to recoup on the investment in its annual “Cost v. Value” report. A homeowner spending $4,000 on a garage door replacement recouped 93.3 percent of the investment, whereas adding a midrange bathroom at $63,000 would only offer a 51.8 percent return. Homeowners must decide if they want to go forward with the project if they’re likely to get just a $33,000 return when they choose to sell the home later on.

• Refinance the home mortgage. Homeowners can use a cash-out mortgage refinance as a way to access thousands of dollars for a remodel. This taps into a home’s equity. Keep in mind that the mortgage will then be a new mortgage at the current interest rate and an outstanding balance higher than what was the current one. Typically 20 percent equity in the home is needed to refinance.

• Take out a personal loan. For those who do not want to refinance, a personal loan or home improvement loan can be good for midsized projects, according to American Express. Personal loans for home renovations typically require no collateral and one’s credit score determines the interest rate.

• Utilize a home equity line of credit. A HELOC is a form of revolving credit, like a credit card. Homeowners borrow against the credit line granted with the home being the collateral. As a person pays down what is owed, he or she can borrow more. This is a good idea for recurring or longterm home improvements.

• Try a home equity loan. Home equity loans use the home as collateral like a HELOC. The home equity loan is an installment loan for a fixed amount on a fixed monthly schedule for a set term. These are sometimes called second mortgages.

• No- or low-interest credit card. Smaller projects can be financed using credit cards. Many will offer introductory rates with no interest for a few months. This is generally only preferable if a person can pay off the balance before interest is charged.

These are the primary ways to finance home improvement projects when costs exceed available cash on hand.

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21 SEASONS® MAGAZINE March 2024 For More Information, Call 631.226.2636 www.longislandmediagroup.com EDITION SIX DON’T WAIT, INSULATE! TripleHContracting.com 631-265-4870 Any Attic or Crawl Space Project $250 OFF Not to be combined with any other offer. Not valid for prior work. Must be redeemed and presented at time of appointment. Jill, Owner IF YOUR ATTIC LOOKS LIKE THIS... NASTY CRAWL SPACE? It’s wasting your money and making your home uncomforable. Did you know it affects your family upstairs! Warmer in Winter Cooler in Summer Save on Utilities More Energy Efficient     Prevents Mold Mildew Musty Oders Bugs & Critters     IT’S NOT RIGHT THIS IS RIGHT UNHEALTHY HEALTHY Roof Replacements too! KlausRoo ngbyTripleH.com 631-652-3166 ACT NOW and receive a free ASPEN AIR PURIFIER OR SANIDRY SEDONA DEHUMIDIFIER Must meet project requirements 418023S031324
22 SEASONS® MAGAZINE March 2024 For More Information, Call 631.226.2636 www.longislandmediagroup.com EDITION SIX 421045S031324 May All Have A Blessed Easter! Christ Episcopal Church 127 Barnum Avenue, Port Jefferson, NY 11777 631-473-0273 Sunday, March 24th Palm Sunday - 8am and 10am Thursday, March 28th Maundy (Holy) Thursday Eucharist - Service at 7pm Friday, March 29th Good Friday Drama - 7pm - Fr. DiLorenzo will be doing a dramatic presentation of “The Passion” Sunday, March 31st Easter Day - 9am
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Benefits Of Working With An Interior Designer

Homes require an investment of time, energy and money. The payoff of those investments is substantial, and the benefits of home ownership are more profound than even longtime homeowners may recognize. A report from the National Association of Realtors indicated that home ownership boosts kids’ performance in the classroom, leads to greater participation in civic and volunteer activities and improves health care outcomes, among other benefits. With so much to gain from home ownership, it’s no wonder so many people across the globe are willing to commit the time, energy and financial resources necessary to own their own homes.

Homes are undoubtedly a point of pride for millions of

homeowners, and that sense of fulfillment is even greater when interiors are up-to-date and welcoming. Home trends come and go, and busy homeowners can be forgiven if they’re not able to keep up with the latest interior design styles. That’s the job of a skilled interior designer. Working with such professionals when redoing a home’s interior can make all the difference and increase the already profound sense of pride many homeowners have in their homes.

• Interior designers can help narrow down the possibilities. A simple internet search prior to beginning a home renovation project will turn up millions of results. That can leave homeowners’ heads spinning as they try to identify their own style and plan a project that coordinates with their preferences. Experienced interior designers can help homeowners identify their style and offer practical insight as they work with clients to choose elements to incorporate into spaces they aspire to renovate.

• Interior designers can ensure a room doesn’t stick out like a sore thumb. Just because a design looks good on the internet does not mean it will work well in every home, particularly if only one room is being renovated. Interior designers recognize that and can steer homeowners in the direction of designs that will fit the larger theme of the home while still offering a fresh look and feel.

• Interior designers can save homeowners money and headaches. Renovation projects can be pricey, and that price tag only goes up when mistakes are made. Interior designers advise clients on furnishings and other design components, and that advice can save homeowners money in the long run. Furnishings may be returnable, but such returns typically come with sizable fees. By directing clients toward furnishings and other components that fit the overall design scheme, interior designers are saving homeowners the cost and headaches associated with fixable yet expensive mistakes.

• Interior designs are up-to-date on the latest trends. Real estate and design trends come and go, and dated designs can adversely affect what homeowners recoup at resale. Homeowners who want to update their home interiors with the ultimate goal of selling their homes can work with experienced interior designers who know which trends are in, and which are out. That knowledge can make it easier and more lucrative to sell a home.

Homes are a significant investment, and investing in the services of an experienced interior designer can ensure homeowners maximize the value of their homes.

24 SEASONS® MAGAZINE March 2024 For More Information, Call 631.226.2636 www.longislandmediagroup.com EDITION SIX
25 For More Information, Call 631.226.2636 www.longislandmediagroup.com EDITION SIX SALE PRICES VALID MARCH 1- MARCH 31, 2024 $99900 As Low As Features: •8 Coat Paint Finish •Adjustable Saddle •Double Insulated Glass •Door Knob/Dead Bolt •Many Styles, Colors and Finishes to Choose From CUSTOM PAINTED AND STAINED STEEL AND FIBERGLASS DOORS PATIO DOORS REG. ON SALE $249900 189900 LOW E GLASS / ARGON GAS TOP QUALITY STEEL REINFORCED & FULLY INSTALLED 5FT. $ $ GARAGE DOOR 8'x 7 ' Includes cart away of your old door! RAISED PANEL ONLY WHITE ONLY REG. ON SALE $199900 129900 • 2 Inch Thick Steel Door • New Tracks and Hardware WESTCHESTER 757 Central Park Ave. PATCHOGUE 298 Medford Ave. HUNTINGTON 373 West Jericho Tpke. BROOKLYN 1859 Cropsey Ave. BALDWIN 795 Merrick Rd. BBB Member Metro NY Long Island •A $99.00 fuel surcharge will apply to each contract. • Nassau#1761650000 • Suffolk#19279 • NYConsumer Affairs#0856560 • Westchester Lic#WC-25660-H13 • Yonkers Lic#5208 • Conn. H.I. #HIC.0629286. ! REPAIR SERVICE ! WE REPAIR OTHER COMPANIES PRODUCTS! STORM DOORS REG. ON SALE $99900 $64900 36” x 80” •Tempered Glass •Screen Included •Black/White Hardware •Fluted Frame •White Finish REG. ON SALE $49900 BASEMENT WINDOWS CUSTOM MADE UP TO 31” x 22” HOPPERS $23900 Starting at STEEL SECURITY DOOR Custom sizes and 10 colors available •3 Standard Sizes •Real Steel Construction •Dead Bolt and Door Knob •Black Powder Coat Finish •Glass and Screen 99900 $ 42” x 36” 6' x 4' AWNINGS, CARPORTS & DOOR HOODS REG. ON SALE $69900 $44900 $69900 REG. ON SALE $99900 Ask About $2000 Federal Tax Credit For Our Energy Star 0% Interest Financing 5 YEAR INTEREST FREE FINANCING OR 30% OFF YOUR SIDING, ROOFING,& MASONRY PROJECT! WINDOWS • DOORS • SIDING • ROOFING • MASONRY • & MORE CLEAR GLASS DOUBLE HUNG WINDOWS LOW E GLASS ARGON GAS $ $799 REG. ON SALE 35900 INCLUDES GLASS BREAKAGE WARRANTY INCLUDES INSTALLATION, CAULKING, DEBRIS REMOVAL AND LIFETIME WARRANTY Starting at WHOLE HOUSE ROOFING Starting at $99 Month WHOLE HOUSE ROOFING $99 Month Starting at WHOLE HOUSE SIDING Starting $79 Month WHOLE HOUSE SIDING $79 Month 418564S031324
26 SEASONS® MAGAZINE March 2024 For More Information, Call 631.226.2636 www.longislandmediagroup.com EDITION SIX 418561S031324

Painting Vinyl Siding?

Vinyl siding is not something that many homeowners consider painting, but it can be done. However, some contractors may not recommend it as the best option to overhaul a home. Painting siding means it will only be as durable as the paint used. It’s also essential to determine if painting vinyl will void warranties. Wood or engineered wood or fiber cement siding tend to be better options than vinyl should you want to switch colors down the line. Vinyl siding can be painted if it is done right, and it can be an affordable way to change the look of a home without investing in new siding. According to Benjamin Moore Paints, vinyl siding

that will be painted will need to be cleaned thoroughly, including the removal of any mildew, chalk or dirt, to enhance paint adhesion. Pitted or porous vinyl siding always must be primed, but others may not require priming. Choose an exterior paint designed for painting on vinyl. Two coats of paint are recommended. According to BobVila.com, paint for vinyl has acrylic and urethane resins that accommodate the expansion and contraction of vinyl and help the paint stick. Also, for the best results, the home improvement experts on the site advise painting when temperatures are mild and there is low relative humidity and an overcast sky.

27 SEASONS® MAGAZINE March 2024 For More Information, Call 631.226.2636 www.longislandmediagroup.com EDITION SIX Quality Craftsmanship & Service For Over 25 Years Nassau #H1BA0030000 Suffolk #14278-H ALL PHASES OF CONSTRUCTION - Roofing - Vinyl Siding - Windows - Doors - Kitchens - Baths - Custom Renovations - Interior / Exterior - Same Week Repairs - Certified Installer 631-363-8833 www.tomgenslerhr.com GENSLER HOME REMODELING, LLC. OWNER OPERATED 418244S031324 There’s No Better Time to Sell! LORAINE BURKE Licensed Real Estate Salesperson C: 516.635.1573 Lburke@signaturepremier.com As an agent at Signature Premier Properties, the fastest growing brokerage on Long Island, with 22 offices located throughout the North and South Shores, I bring my 17 years of experience and over 400 homes sold to continue to provide an exceptional real estate experience. Thank you for your continued support as referrals are the cornerstone of my business. 126 W. Main Street, Babylon, NY 11702 I look forward to helping you reach your goals in 2020. Please do not hesitate to give me a call! Your satisfaction is and always will be my first priority! *If your property is currently listed with another broker, please disregard. It is not our intention to solicit the listings of other brokers. MIKE MCLEAN There’s No Better Time to Sell! As an agent at Signature Premier Properties, fastest growing brokerage on Long NOT JUST SELLING HOMES... DEVELOPING RELATIONSHIPS! CALL ME TODAY! MIKE MCLEAN “YOUR NEIGHBORHOOD REALTOR” Ask For Your No Cost, No Obligation Home Market Evaluation DIRECT: 631.375.3667There’s No Better Time to Sell! LORAINE BURKE Licensed Real Estate Salesperson C: 516.635.1573 Lburke@signaturepremier.com As an agent at Signature Premier Properties, the fastest growing brokerage on Long Island, with 22 offices located throughout the North and South Shores, I bring my 17 years of experience and over 400 homes sold to continue to provide an exceptional real estate experience. Thank you for your continued support as referrals are the cornerstone of my business. I look forward to helping you reach your goals do not hesitate to give me a call! 421044S031324 4949 EXPRESSWAY DRIVE NORTH RONKONKOMA, NY 11779 I Can Be Your Lucky Charm! Call Me To Find Your Dream Home!

The Basics Of Flipping Homes

Inrecent years, home sellers have experienced record profits as the value of real estate has risen dramatically. Bankrate indicates the median home price across the United States is around $486,000. According to WOWA, a personal finance resource in Canada, the national average price of a home in Canada was $657,145 CAD in December 2023. Flipping homes gained popularity before the spike in real-estate prices, but that increase has led some novices to consider flipping more closely. Though the chances of turning a large profit are indeed substantial in a market where high prices are the norm, potential flippers may benefit from a rundown of the practice before they decide if it’s something they want to do.

What is flipping?

Flipping works when an investor purchases a property with the intention of selling the home (or business) for profit without actually using it. The basic premise of flipping is to find a property at a low price and sell it at a much higher price, typically after renovating the home. Investopedia says it is important to complete this transaction as quickly as possible to reap the greatest return on investment.

Don’t underestimate the necessary investment of time and money

Many new flippers overestimate their skills and knowledge and lose money in the process. Common mistakes include thinking that a project will cost less or the home will be turned around quickly. It can take months to find the right property, and then there will be time needed to renovate. Costs involved include the initial sale, renovations, holding costs, and capital gains tax when the sale goes through. All of these can eat into profits.

Limited inventory makes things tougher

It can be challenging to find a good deal as everyone seemingly wants to be in real estate these days. With fierce competition in a low-inventory market, flipping can be like finding a needle in a haystack.

Know the tax benefits vs. tax risks

According to Tresa Todd, founder of the Women’s Real Estate Investors Network, flipping may be less tax-efficient in the United States than getting into investment properties. Flippers will be paying short-term capital gains instead of long-term capital gains. According to NerdWallet, capital gains taxes are paid when one sells an asset for profit. The rate at which capital gains is taxed is based on whether you hold an asset for less than a year or longer than a year. Long-term capital gains tax rates are generally lower than short-term capital gains tax rates.

Abide by the “golden rule”

Most home flippers follow the 70 percent rule. This says one should pay no more than 70 percent of what the house’s estimated ARV (after-repair value) will be, minus the cost of the repairs necessary to renovate the home, says Rocket Mortgage. The ARV is calculated by adding the current property value plus the added value of any renovations. The formula boils down to: ARV x .70 - Estimated repair costs = Maximum buying price.

Flipping may seem like a good idea, but prospective flippers should fully understand the process, including the financial commitments it requires, before purchasing a home.

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First renovations completed as early as this spring!

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We are excited to announce floor-to-ceiling room renovations to our Mt. Laurel Suites, as well as our Springbrook rooms!
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31 SEASONS® MAGAZINE March 2024 For More Information, Call 631.226.2636 www.longislandmediagroup.com EDITION SIX Easter Brunch WATERVIEW TH E at Port Jefferson Country Club
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The love. The laughs. It’s every special moment.

When you plan a service with us, we don’t want you to think about just a funeral or cremation. We want to create a priceless memory for your family.

The love. The laughs. It’s every special moment.

When you plan a service with us, we don’t want you to think about just a funeral or cremation. We want to create a priceless memory for your family.

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Serving all of Long Island with locations in: Bohemia, Central Islip, Holbrook, Lake Ronkonkoma,
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Serving all of Long Island with locations in: Bohemia, Central Islip, Holbrook, Lake Ronkonkoma, Center Moriches, Port Jefferson Station, and Hauppauge
Celebrate the memories
(631) 450-3913 MOLONEYFH.COM/PLANNINGTOOLKIT OR MAIL IN COUPON BELOW Request Your FREE Planning Tool Kit Online At Name Phone Address MAIL TO: 132 RONKONKOMA AVENUE · LAKE RONKONKOMA, NEW YORK 11779 FREE PLANNING TOOL KIT. OF COURSE, THERE IS NO COST OR OBLIGATION. 418485AS031324

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