Posts from January 2013
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29
7 Steps to Simplify House Hunting
House hunting is a complicated process. From finding the right home, to locking down a mortgage rate you can afford, it is a process that requires an attention to detail and a well-thought-out plan. Below are seven steps to take as you begin house hunting to ensure you stay focused and on budget. 1. Establish your goal. Searching for your dream house? Upgrading your current digs or looking to downsize? Whatever the goal is behind your impending home purchase, be sure you understand it clearly before beginning your house hunt. This will eliminate wasted time spent viewing homes that don't meet your top priority. 2. Create a wish list. Once your primary objective is in place, it's time to list all of the additional features and amenities you expect from the property you eventually buy. Do you want a swimming pool in the backyard, a balcony off of your master bedroom or crown molding throughout? Brainstorming must-haves and also-nice-to-haves helps to further narrow down your search fiel...
17
Your Home, Your Taxes: What Is Deductable?
With the New Year underway, many are already thinking about the upcoming tax season. For new homeowners or those who have recently sold a home for the first time, you may be wondering how this tax season will differ from the previous years. Below, Michael Litzner, Broker of Century 21 American Homes walks us through what you can and cannot deduct. Capital gains: "If you sold your primary residence, you're in luck," says Litzner. "You may be able to exclude up to $250,000 of gain, and $500,000 for married couples, from your federal tax return." What is your gain? Your gain is defined as your home's selling price, minus deductible closing costs, minus your basis-the original purchase price of the home, plus improvements, less any depreciation. However, there are a few rules: your home must have been owned by you and used as your main home for a period of at least two out of the five years prior to its sale. You also must not have excluded gain on another home sold during...
8
Should You Purchase a Short Sale Property?
Buyers looking to score a great real estate deal often consider purchasing a short sale-a property that sells for less than the balance owed on its mortgage. There are many different types of short sale properties, from upside down homes to vacant land. While purchasing a short sale can be financially beneficial to the buyer, it can also be good for the seller and lender, as it keeps the property from facing foreclosure. "If you think purchasing a short sale property may be right for you, seek an agent specializing in short sales, as the process is often more complex than a traditional real estate transaction," says Michael Litzner, Broker of Century 21 American Homes. There are some extra steps that buyers need to take when entering into a short sale, which can require doing some additional homework and assembling the right paperwork-this is why having a short sale specialist on your team is crucial. You need to assemble an arduous proposal that includes a specific short sale reque...