Archive for August 2023

Are taxes on second homes deductible?Mortgage interest and property taxes are deductible on a second home if you itemize. Check with your accountant or tax adviser for specifics. Do all loans require impound accounts?If you are taking out a FHA or VA loan, the lender can require an impound account to pay real estate taxes…

Do I need a home inspection?Yes. Buying a home “as is” is a risky proposition. Major repairs on homes can amount to thousands of dollars. Plumbing, electrical and roof problems represent significant and complex systems that are expensive to fix. How do I find a home inspector?Your realty agent is one source. But keeping them…

Do you have to buy HUD homes through a realty agent? You can only purchase a U.S. Department of Housing and Urban Development property through a licensed real estate broker. HUD will pay the broker’s commission up to 6 percent of the sales price. Are foreclosures an option?A foreclosure property is a home that has…

How can I save on closing costs? Studies show that the closing costs, which can average 2 to 3 percent of a total home purchase price, are often more costly than many buyers expect. But there are some ways to save: Who pays the closing costs?Closing costs are either paid by the home seller or…

Can I use an agent for a new home? Yes, however buyers should be aware of the differences inherent in working with sales agents who are employed by the developer, rather than traditional real estate agents. Builders commonly require that an outside agent be present, and sign in, the first time a prospective purchaser visits…

 Can you buy homes below market?While a typical buyer may look at five to 10 homes before making an offer, an investor who makes bargain buys usually goes through many more. Most experts agree it takes a lot of determination to find a real “bargain.” There are a number of ways to buy a bargain…

What are the pros and cons of adding on or buying new?Before making a choice between adding on to an existing home or buying a larger one, consider these questions:* How much money is available, either from cash reserves or through a home improvement loan, to remodel your current house?* How much additional space is…

What is the return on new versus previously owned homes? Buying into a new-home community may seem riskier than purchasing a house in an established neighborhood, but any increase in home value depends upon the same factors: quality of the neighborhood, growth in the local housing market and the state of the overall economy.  One…