house: Defining Your Principal Residence
- 08/06/16 10:23 AM
There are now only two real tax benefits available to the American homeowner -- interest and real estate tax deductions, and the capital gains exclusion for your principal residence.
In order to qualify for these tax benefits, the home in which you live must be your legal, principal residence. And although interest and tax deductions are also available for investment properties, this column will address only your personal home.
There is no statutory definition for principal residence in the Tax Code. If you ask an IRS agent for a definition, she will have to admit that "whether or not property is used by … (1 comments)
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house: What If Your Home Appraisal Is Too Low?
- 08/06/16 10:10 AM
You have signed a contract to purchase a house. Your potential lender has qualified you for the mortgage loan, on the condition that the house will appraise high enough to support the loan. Now you have learned that the appraisal has come in too low, and the lender is not prepared to commit the loan.
You have a number of options.
Let's take this example. Your contract price is $500,000, and you are seeking a loan which will be 80 percent of the purchase price -- or $400,000. Such a loan will help you avoid paying private mortgage insurance (PMI) premiums. However, the … (1 comments)
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house: A Few Things Home Sellers Should Never Do
- 08/06/16 03:27 AM
When you prepare to put your home on the market, you hope that everything will go the way you imagine and that is your home will sell for over listing price the very first day it goes on the market.
The reality isn't so rosy. The market may slow down. Your home may get few showings or no offers. You may have to lower your list price. Or, your home may not sell at all because you made a big mistake.
So if you're thinking of doing any of the following five no-no's, stop yourself right now.
Don't hire the first REALTOR® you meet. … (1 comments)
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house: When It Comes To Real Estate, Is It Ever OK To Overpay?
- 08/06/16 03:24 AM
A story broke this week about how Zillow CEO Spencer Rascoff overpaid for his $20 million home. The New York Times called it "ironic" that he paid "over $1 million above its Zestimate" for his 12,732-square-foot Brentwood, CA mansion. Everyone who's had an issue with Zillow's farcical Zestimates calls it "payback."
"The next time you're surfing popular real estate listings site Zillow for a new home and stumble across a "Zestimate" - the company's estimate for a property's value - you might want to take it with a grain of salt," they said.
Frankly, we could sit here all day and debate the … (0 comments)
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house: Time to Remodel or Buy? Consider Insurance in Your Decision
- 07/21/16 08:11 AM
Desirable location: check. Good infrastructure: check. Quality school districts: check. Neighbors you can stand: check. What if you have all this but your house is no longer the perfect fit? Maybe the bathroom's too small, you'd like to finish that room over the garage or perhaps you have another child on the way and you're going to need lots more room. What do you do?
Is it time to remodel, or is it time to buy a new home and move?
There are a lot of economic factors to consider in your decision, and insurance should be included in that list. Knowing how … (0 comments)
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house: Why Get Involved In Your Community Association?
- 07/20/16 11:49 PM
Question. I have lived in my community association for a number of years. Unlike the horror stories we occasionally read about regarding bad Boards or illogical enforcement of covenants, our community seems to be working fine. We have a good board of directors and a competent manager. One of our long time board members plans to resign for personal reasons, and a number of residents have encouraged me to "throw my hat into the ring." I am seriously considering this possibility, but seek your guidance.
Answer. You have lived in your community for a long time, and are pleased with the way … (2 comments)
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house: 9 Reasons To Visit A Home At Night Before Buying
- 06/26/16 12:35 PM
Everyone knows someone who knows someone who moved into what seemed like a perfectly great house on a perfectly nice street only to have a complete nightmare unfold. But the truth is that your neighbor doesn't have to be practicing Santeria on the front lawn for you to hate where you live. So many things can turn what seems like your dream home into a disaster. You may not be able to avoid every one of them, but doing your due diligence can help.
Step #1: Visit the homes you are considering at night. You may get a completely different perspective on … (1 comments)
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house: DIY or Expert Edition: 4 Home Reno Projects and Who Should Handle Them
- 06/26/16 11:28 AM
As summer rolls around and the days grow longer and hotter, the kids are finally out of school and the pool water should be approaching an ideal temperature. Right now, home improvement projects are probably the last thing on your mind. But as it turns out, the warmest months are actually the perfect time to take a good look around your property and get to tackling some of those plans you have been putting off.
Many projects are even less costly in the summer, considering that labor is more readily available and many folks won't schedule renovations with children home from school, … (0 comments)
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house: 5 Steps to Find Perfect Furniture for Your New Home
- 06/20/16 02:33 AM
Congratulations on your new home! This is an opportunity to think holistically about the interior design and decoration of your home. Have you ever been in a house where nothing seems to go with anything else? A house with stylistic clashes in its furniture and decor can feel like a conversation in which no one is listening to anyone else. Follow these steps for a smooth decorating transition to your new home.
1. Planning
The first step is to survey the territory. Start by listing any furniture or decorative element (a rug or framed art) you are keeping from your prior home. Also … (1 comments)
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house: 7 Smart Renovations Under $500
- 06/20/16 02:26 AM
If you're thinking about selling your home, you may be stressed out about all the things you need to do to get it market ready, and all the costs associated with those updates. Renovations don't have to cost you a fortune. By thinking smart about some of the updates that will have the greatest impact, you can minimize your spend and maximize your investment.
1. Give your kitchen some attention
If there's one spot that can make or break your home sale, it's this. You could spend thousands on new countertops and cabinets - and your agent may advise you to do some … (0 comments)
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house: 4 Tips to Maintain Your New Home's Value
- 06/16/16 04:24 AM
Unfortunately, you can't just expect to buy a home and have its value automatically rise along with inflation and the home market as a whole - Unless you live in downtown Manhattan!
Maintaining the value of your home is all about making sensible improvements and getting into the habit of smart maintenance.
We've put together 4 simple tips and points of consideration to make sure you don't overlook the key areas of your new home that may have a serious implication on its overall value.
1. Regular Maintenance
It's essential to perform regular maintenance around the house if you want to maintain the value. Two … (0 comments)
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house: Flash! Landlords Not Liable For Everything
- 06/16/16 04:19 AM
Residential landlords are all too used to learning of new laws or court decisions that expand their liabilities and/or make life more difficult. It is a pleasure, then, to report on a California appellate decision that affirms a limit on landlord liability and rejects a claim as to landlord duty. (Garcia v. Holt, Fourth Appellate District, Oct. 27, 2015)
In October of 2005, the Mamertos (Michelle Mamerto was Michel Holt at the time the complaint was filed) leased their Escondido property to George Jakubec. The lease was for one year. At the end of the year, the lease became a month-to-month rental.
In … (0 comments)
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house: Ditch The Makeup-Free Selfie When It Comes To Selling Your Home
- 06/14/16 07:56 AM
Makeup-free selfies are all the rage, with celebrities and starlets snapping shots of their fresh, cosmetic-free faces. It's a bold move for many whose fame (and bank accounts) depend on putting forth a perfect image, and it's a trend that has garnered a lot of attention in an age when extreme photoshopping is the norm and body images issues are affecting younger and younger kids.
Everyone from Cameron Diaz to Sharon Stone to Sofia Vergara to Beyonce, and, most recently, Gwen Stefani, have shown their stuff - their real stuff - without any help from concealer and contour, and have been embraced … (1 comments)
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house: Do You Allow Renters Into Your Vacation Rental w/o A Background Check?
- 06/14/16 07:53 AM
Vacation home owners: You have a vacation home that you rent out to many leisurely guests in a year, many of them by way of peer to peer (P2P) websites like Airbnb, VRBO and HomeAway.
Because most of your guests are respectful and are simply looking for a place to relax, shower, dress and sleep at the end of the day, you may have a history of little to no incidents. On the other hand, you may have experience of coming back home to stolen or broken items as a result of a house party, for example. Have you stopped to think … (1 comments)
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house: 5 Front Yard Landscaping Tips That Will Wow Buyers
- 06/10/16 11:56 AM
Your front yard is the red carpet inviting buyers into the beauty that is your home. If it's rugged, messy and unkempt, buyers will take one look and then keep on driving to the next property on their list. Don't let that happen by making your front yard luscious and as amazing as the inside of your home.
What areas should you focus on in your front yard? Where do you start? To help you break down the revitalization of your front yard, here are the steps you should take:
1. Cut the grass.
Buyers don't want to trudge through high grass as though … (1 comments)
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house: Three Important Responsibilities Home Buyers Have
- 06/10/16 11:52 AM
The American dream of owning a home is something everyone should have if they want it. You should be able to live where you want and enjoy the features of your environment that help you relax, entertain, play, and do more of the things you enjoy without the restrictions imposed by a landlord.
You can own a pet, build a treehouse, paint the walls your favorite color, and play music and videos as loud as you like without disturbing your neighbors. That's the essence of the dream -- independence.
For most first-time buyers, it's better to accept that for dreams to come true, … (1 comments)
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house: How Safe Is Your Bathroom? A Guide to Bath Safety
- 06/07/16 01:55 AM
The bathroom is one of the most-used rooms in the house. Not only is it essential to modern living, it is also wide open when it comes to design choices. But did you know it's also an opportunity to make your home safer?
When it comes to designing a bathroom, there is a lot more than just color schemes and sink models to consider. Did you know there are almost 200,000 bathroom accidents per year in the United States, and many of them are preventable?
For instance, glass doors can be dangerous for older individuals if they try to use them for support … (2 comments)
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house: The Power of Investing in What You Know
- 06/07/16 01:41 AM
Perhaps the greatest error a real estate buyer can make is to purchase a property in a city or state where he has no contacts or no history of any kind. This situation, which is easily avoidable, too often becomes an unavoidable problem -- a financial albatross -- because of ignorance by one party and possible indifference by another.
Put another way, when you invest in commercial or residential real estate -- when you become the new owner of a rental building or a house in an otherwise strange (to you) locale -- expect more problems than prosperity.
I offer this advice not … (1 comments)
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house: Five Smart Homebuyer Strategies
- 05/25/16 09:49 PM
The National Association of REALTORS® has announced that there's a housing supply shortage. Homes are selling quickly and home prices are starting to inch up again. It's becoming a seller's market in many areas.
Any time the market changes, it's time to change strategies. During a buyer's market, buyers have the upper hand and can make more demands to sellers over their homes' price and condition. During a sellers' market, buyers concede the upper hand to sellers and are more willing to accept higher prices and terms.
When homes are in short supply, buyers don't have the luxury of taking their time, teasing … (1 comments)
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house: 5 Basement Renovations That Pay Off
- 05/23/16 12:58 AM
With homeowners using their basements for laundry, exercise and storage, aesthetics are usually a secondary concern. How can you update the looks of your basement? Here are a few ideas worth exploring:
#1 Enhance the Floor
Floors in busy areas eventually end up in bad shape. A new floor will tremendously enhance the appeal of your basement. The costs of a new floor are less expensive than most homeowners assume. Vinyl floors are affordable, tough and require little upkeep. Apply an epoxy coating for an even cheaper flooring option. Several coats of epoxy make even the roughest floors look new.
#2 Add Shelves
Clutter undermines … (0 comments)
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There are now only two real tax benefits available to the American homeowner -- interest and real estate tax deductions, and the capital gains exclusion for your principal residence.
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