 |
New Year's Resolutions
For The Home
Whether
you're a new homeowner or you've been in
your house for years, why not resolve to
make 2007 "the year" you whip your house
and household finances in top shape? It
could prevent you from encountering
costly problems down the road - and
assist you in getting top dollar when it
comes time to sell.
The first thing you should do is
develop and then implement a maintenance
plan.
"A homeowner who makes the
necessary yearly investment will end up
saving in the long run because routine
maintenance can help avoid larger, more
expensive repairs that can add up to the
tens of thousands of dollars or more,"
said Mike Kuhn, director of technical
services for Housemaster, a New Jersey-
|
|
Metro Atlanta's Real
Estate Update for November 2006
A lot of
negative news will be reported this
period. However, after I report on the
downers, I will share some encouraging
numbers.
|
|
|
Mortgage Insurance Slated
For Tax Deduction
Years
in the making, a federal tax deduction for
mortgage insurance is all but assured after
bills which include the provision were passed
last month by both the House of Representatives
and the U.S. Senate.
Only borrowers who close loans during and
after 2007 and make less than $100,000 a year
will be eligible to deduct all the private or
government mortgage insurance paid for the year.
A tax deduction reduces taxable income,
leaving less income to tax. The new break with
result in an average tax savings of between $300
and $350, according to Howard Glaser, a
Washington lobbyist and former senior official
in the Department of Housing and Urban
Development.
During the past five years, about one in
five new loans have included mortgage insurance,
according to Jeff Lubar, a spokesman for the
Mortgage Insurance Companies of America, a trade
group for private insurers, but the number of
new policies has fallen.
|
|
|
|
The Art of House Hunting: 8 Tips to Help in
Your Search
Armed
with your down payment and your pre-approved
mortgage loan, the next step is finding the
house that will best meet your family's needs.
With realistic expectations, patience, and
plenty of research, you'll be well on your way.
Once you narrow it down to the
neighborhoods you like, you'll want to determine
the maximum house price you can afford. Even
though you're pre-approved for a set loan
amount, it doesn't mean you can afford it.
You'll want to factor in other expenses,
including retirement and college savings,
vacations, and home maintenance and repairs,
when you calculate how much you can afford for a
monthly payment. And don't forget to budget for
homeowners insurance and property taxes.
Next, differentiate your needs versus your
wants. You need three bedrooms, but a fourth
room would be nice for a play room or guest
room. You need a two-car garage, but a larger
one would be nice for storage. You need a
functional kitchen but want hardwood floor. You
need two bathrooms but want a luxurious master
suite. You get the picture.
As you begin on your house-hunting
venture, you may want to prepare a checklist,
perhaps in a table form on your
|
|
|
|
|
Putting Condo
Myths to Bed
What
do you think of when you hear the word "condominium?" If
you're like most people, you'll visualize either a
high-rise apartment or a row of low-slung, garden-style
walk-ups. And you'll be wrong. Of the nation's nearly 6
million condominiums, only 28 percent are in buildings
with five or more units, according to a profile of the
nation's nearly 6 million condominiums by the Mortgage
Bankers Association. The profile is based on data from
the Census Bureau's 2005 American Housing Survey.
Truth be told, the condo market is as varied as it is
large, the study found. And because the term condominium
refers to a type of ownership rather than a type of
dwelling unit, a condo can have any number of
characteristics, including tenure, type of structure and
location.
Daily News and Advice
Read about the events shaping the
Real Estate market today, find current interest
rates, or browse the extensive library of advice
and how-to articles written by some of the top
experts in Real Estate. Updated each weekday.
|
More
Articles
|
|
