Computer vision is not a mere option, but it has turned into a necessity now! The real estate industry is yielding add-on benefits with technology. The computer vision has given rise to the usage of artificial intelligence, virtual reality, and augmented reality. The traditional method of renting, buying, and selling are being replaced by the power of computer vision today. Are you looking to gain knowledge of how computer vision plays a vital role in the real estate industry?
More than 4.5 billion people are using the internet and the easiest way to address them is by using computer vision. Users at the present pace are prone to realistic images and they seek good home buying experience. With the outburst of COVID-19, people welcome computer vision services rather than taking a physical visit to the location. Creating a responsive computer vision has increased real estate sales even amid the pandemic outbreak.
With the “pixels per metric” ratio, the size of an object can be measured. Thinking about how it can relate to the real estate industry? Yes, it can relate better. The 3D layout of any property is designed initially and measurement for each room happens with this ratio. With this advanced technology, there is no need of implementing the traditional way of measurements. Mapping a complete property and measuring the dimensions of rooms have become easy with the help of computer vision.
Automated Valuation Models (AVM)
The listings of home price estimates are turning out bad and it upsets a customer who wants to check the price and availability of the property. To overcome this, AVM has been introduced. It gives comparable data of properties, historical house price movements, property improvements, and other necessary ideas that users need. This AI helps users to take strong decisions and even comes up with equity options. It uses two types of evaluation to generate suggestions in microseconds.
Guess what? With the help of computer vision, people can easily list their property details from room-wise. Thinking how can it happen? Property search websites and realtors who are uploading their property images will classify their pictures under several categories. Based on the variety of search queries given by the user they can generate the list of properties they want to see. For example, John wants to see “Residential 1 family” houses in Collin cad. The agents who have uploaded on the category of the same search query will pop up on the search results. Users of the current age are more attracted to pictures and high-resolution website pictures will get through the pooling.
Computer vision with AI has created a potential resource for buyers and sellers to rely on it. The computer vision has transformed the real estate industry with a photo-centered buying experience. With this fast pace of development, the global computer vision market is expecting to make $48.32 billion during 2017-2023. This COVID-19 situation has also helped computer vision to grow rather than flattening the curve. Using virtual tours are helping investors to see properties with more details than before. This advantage has increased investors to come back to virtual tours rather than physical visits. Many investors are utilizing virtual tours offered by property listing companies which yield financial benefits for the parties involved. This is how computer vision techniques are helping the revolution of the real estate industry!
Commercial property owners, here is an eye opener for you. Reduce your federal income taxes with a cost segregation study. Have you recently purchased a building or spent dollars on appliances or furnitures? Cost Segregation helps you shorten the useful life of assets using the accelerated depreciation method which in turn reduces your tax liability resulting in an increased cash flow. It is truly a hidden gem for taxpayers, continue reading this article and you will know why.
Cost Segregation – Tax strategy used by commercial property owners
Cost segregation helps you identify personal property assets, say a building's non-structural elements, indirect construction costs or exterior land improvements and lessens the depreciation time for taxation purposes which in turn reduces tax obligations. It is a proven IRS defined method for depreciating commercial properties and is also considered the most accurate method for any asset acquired or constructed after 1986. Cost segregation helps in increasing the cash flow, reduces the current tax liability, deferral of federal income taxes and has the ability to recapture past years.
Does your property qualify for cost segregation?
There must be this big question popping in your mind right now, many have the false idea that cost segregation can be conducted only on newly constructed buildings, but this is not the case. A cost segregation study can be conducted on any real property
Let’s imagine that you own a commercial building for the past forty years and you have been getting 1/40th of the building's value as a tax deduction every year. This might prove useful for you during the tax time but there is another smart way to do it and this is where cost segregation comes into play.
Many aspects in a building like carpenting, plumbing fixtures, lighting, etc. do not last for long and these components can be segregated from the building for tax purposes. Yes, you heard it right. A cost segregation study can help you reduce your tax liability by detailing all the available short-term depreciable assets.
Common myths about cost segregation
Is cost segregation worth your effort?
Yes, as mentioned above it is truly a gem for property owners. It is the best tax strategy where accelerating depreciation results in lowering your tax due. It helps in increasing the cash flow and decreasing the current tax liability.
If you ask most homeowners about their property taxes, they will probably reveal to you they pay too much. Property taxes are real estate taxes, that are calculated by local governments and paid by homeowners.
For homeowners who have assessed their property’s value excessively, there are ways to appeal and potentially win a lower assessment, which may save enough dollars annually in future taxes. Here's what you can do to start saving up to thousands of dollars this year.
Understand Your Tax Bill
Many homeowners pay property taxes, yet never entirely see how they are calculated. It tends to be confusing and challenging, especially because there may be a disconnect between how two neighboring towns calculate their property taxes.
Property taxes are calculated using two important processes—the tax rate and the current market value of your property.
Check the Data
You’ll see instructions telling you who to contact if you disagree with the assessment, how to make an appeal, and other details on your assessment notice. You will likewise be given a particular time span in which to make your case.Ensure the information about your home is correct and check the data of your property.
Pay attention to procedures.
There's probably a form to fill out with explicit guidelines for supporting proof. The length of the review process relies upon you, however be set up to hold a few months (or sometimes even longer) for a final decision to happen. Hope to get a choice recorded as a hard copy.
Converse with your nearby assessor:
Set aside the effort to become more acquainted with your local property tax assessor and instruct yourself about your property. Understand the types of properties you’re talking about and know the locations of your properties as well as their purchase prices and date of acquisition.
Reach us today. Our expert property tax consultants have the time to get you the best tax returns on your valuable investments.
Are you a savvy investor who is looking out for a better asset to invest? Then office investing is the best place! It has a couple of high advantages where it belongs to the cadre of commercial real estate and good rental can come from office investing. The US commercial real estate covers about 20% of office spaces and that is why you need to cleverly invest there!
The COVID-19 is creating so many uncharted environments that make people shift to much more spacious office environments. Investing to create socially distanced office spaces can be one way of earning money during COVID-19.
Office spaces are a safer bet!
Rather than investing your money in risky stock markets and other dangerous profit yielding incomes, it is always safer to invest in real estate. Office spaces do have a good capital appreciation which makes them better than other real estates. The outcome that you are about to make from office spaces purely depend on certain strategies which include
· Investing capital
· Timing of investment
· State of the economy
Many more factors play a vital role in office spaces. But there is one powerful advantage. You can earn several times higher than a residential home when it comes to office investing. If you are planning for mid to long term investments, then the office could be one better option.
Infrastructure as big-ticket
When you want better clients for your office space then infrastructure plays a major role. Be sure you are purchasing a property that has a well-built infrastructure. Do not invest in poor buildings and keep spending on maintaining the building for gaining a good sale value. Investing in poor buildings can cause a financial drain. Sticking onto timeless design can be good because classy never goes out of fashion.
Buildings fall from class A to C. Make sure you are investing in class A buildings because they will be good at infrastructure and other features that you are expecting. Class A buildings are usually modern and well-maintained. If you are planning for a better one-time investment, then going for class A buildings would be one terrific idea. Class A buildings are stable, and they have good resale value too.
A grade tenants
That’s the kind of people you need to rent your property for! Because they will pay you both in good times and bad times. For example, let us take this pandemic scenario and only “A” grade tenants can pay you. Approach tenants, you have multiple sources of income and trust-worthy players. You can pick tenants who are into:
· Service-related businesses
· Research and development
· Government-related process
These are some of the top priority choices that you need to be saved in your memory box.
Leases that you need to know!
Leases are also good when compared to rental options. There are three main lease options that you need to focus on. They are:
· Gross lease
· Triple net lease
· Modified gross lease
The gross lease usually benefits the tenant. If you are willing to be a landlord who supports tenants, then the gross lease can be one picky option to go on! If you are looking out for greater profit than the capital investment, then Triple net lease could suit your color. Modified gross is on the neutral line which will benefit both the landlord and tenant. If you need help with a lease, you can hire a professional who can be supportive in negotiating terms on your behalf!
These are just a few reasons that make office spaces a better place to invest. If you are looking out for finding any grade of office space Enriched Realestate will give an end to your search hunt with the best options!
Are you working in a company or are you planning to get retired? then you might have known about the 401k retirement plan. This plan helps any employee of the company to save and invest great things for his/her retirement plan based on a different tax-deferred basis. Employers can only sponsor a 401k plan for their employees. IRS has certain rules that both employers and employees are bound to follow. The rules give a brief idea about how much dollars can be deducted directly from your paycheck and much more.
How does 401k work?
Are you the one who is searching for how does 401k works? Then here is an easy example for you to understand the 401k plan. You are earning about $750 for a day. You prefer to deduct 5 dollars from your daily pay which is exactly $37 that is added to your 401k retirement plan. $37 that has been deducted from your daily paycheck based on a pre-tax basis. A pre-tax basis is something that helps you to only tax for $713. The rest $37 directly get into your 401k retirement plan.
Types of 401k
The 401k contribution has three types in it. Do you remember that I mentioned the only employer can sponsor employees with this retirement benefit plan? What if you are an entrepreneur? Everybody works hard and deserves a much better retirement plan and 401k is adaptable for such persons also. To help out public in a better way, three types of plans are in to act:
· Solo 401k
· Simple 401k
· Small business 401
To open up a solo plan, you must give a written declaration of your business or what work which you are into including the 401k contribution limits. In the solo plan, there are two types which includes
Both of them are different and have different tax benefits. The traditional has pre-tax benefits while Roth's plan has after-tax dollars. To fund your money, you need to create a trust which can be anything ranging from an insurance company or an online investment firm that can funnel your dollars in a streamlined way.
Savings Incentive Match PLan for Employees can be useful for both entrepreneurs and small business groups. It has no discrimination testing and 401k loans are allowed in this scheme. It demands 100% immediate vesting for the one who is opting for the plan who can also be an employee. In terms of the employer, mandatory contributions are needed. It must be enrolled between the 1st of January till the 1st of October.
How 401k benefits when you retire?
The retirement age of one’s company can differ from another. So, plans are based on your employer’s retirement age criteria. The money distribution will be based on types of plans such as traditional or Roth. Make sure you are utilizing the 401k plan for reducing tax bites!
Tax reduction is what we look up for even during our retirement days. This 401k plan is highly suggested for 38 billion workers who are working in the U.S.A. If you are ready to reduce tax, then consider such intelligent options too!