According to a new report by RentCafe, an online rental marketplace, rental prices are up 7% and the spaces are 8% smaller! With developers paying more in construction costs and the demand in large cities being higher, they are forced to fit more units in a smaller space. New studio apartments may be the smallest in size, having been downsized nearly 18% since 2006. The average size is now 504 sq. ft. One-bedroom apartments have shrunk by 5%, from 794 sq. ft. 10 years ago to 752 sq. ft. today. Two-bedroom apartments, however, have mostly … (2 comments)
FIRPTA, the Foriegn Investment in Real Estate Property Tax Act was created by Congress in 1980 to avoid foreign home sellers from making a profit on their U.S. home without paying U.S. taxes. According to FIRPTA, 10% of the sale price would be held for taxes. Usually, the settlement agent is the party that withholds and remits the funds to the IRS, but the buyer is legally responsible. Here are the new rules according to the National Association of Realtors: $300,000: Foreign sellers currently pay no FIRPTA tax, and this … (2 comments)
Renters, Buying May Be A Better Option!
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