Tax Breaks That You May Have From Owning A Home

Owning a home is enjoyable for reasons beyond enhanced privacy and additional space.  Some people buy a home to take advantage of the many tax breaks provided to homeowners.  However, plenty of those who rent an apartment or live with their parents are unaware these tax breaks exist.  Once you know about the many different tax breaks available for homeowners, owning your own place seems that much more financially feasible.  Without further adieu, let’s take a look at the tax breaks available for homeowners.

 

 

Property Taxes are Deductible

Homeowners are legally permitted to deduct the property tax the lender pays on their behalf.  Though tax reforms have limited the amount of local and state taxes that can be deducted, most tax filers can deduct upwards of $10,000 worth of property tax on their tax returns.  If the property taxes are paid by way of an escrow account with the lender, meaning they are tacked onto the monthly mortgage payment and subsequently paid by the lending institution, the aggregate tax paid will be displayed on the IRS Form 1098.  This deduction can be directly deducted from your end-of-year taxes.  Those who pay taxes to their local municipality must keep a record of the money paid for end-of-year tax purposes.  Finally, it is even possible to deduct taxes reimbursed to the seller if that party prepaid while owning the property.

 

 

Deduct the Interest on the Home Loan

The interest paid to the lending bank or other financial institution can also be deducted from your end-of-year taxes.  Count every penny you paid in interest throughout the year, deduct it from your taxes and you will find owning a home is not as expensive as initially assumed.

 

 

Deduct Private Mortgage Insurance Premiums

Private mortgage insurance or PMI for short, is the insurance coverage lending institutions often require home buyers to purchase if putting 20% or less down when buying the property.  The purpose of this insurance is to protect the lender against default.  Those who itemize and have an insurance contract that started after 2006 will be able to deduct their PMI.

 

 

Deduct the Closing Costs and Points

Closing costs are an inevitability when purchasing a home.  Such costs are those borne when processing the home’s sale.  There are also fees required to check the property’s title.  The lender charges points to boot.  There are even some fees to for property appraisal, drafting the contract and recording the sale.  Unfortunately, plenty of homeowners are unaware of these fees.  Some fees are attributable to the new home’s cost basis yet some can be deducted in full while others are eligible for partial deductions. 

 

In regard to the fore-mentioned lender origination points, a single point is equivalent to one percent of the mortgage.  Deducting points has the potential to be somewhat complicated.  When in doubt, consult with your tax specialist to ensure all of the proper deductions are accounted for.

 

 

Tax Incentives for Energy-efficient Upgrades

Though many of the tax breaks for making your living space energy-efficient are no longer available, a few still remain.  Homeowners who add solar panels for electricity and/or water can claim tax deductions all the way through 2021.  However, these tax breaks gradually decrease as time progresses.  The law states 30 percent of such expenditures qualify for the credit if installed before the first day of 2020.  This percentage decreases to 26 for those who have the installation performed in 2020. 

 

 

Tax Deductions for Aging in Place

SeniorLiving.org states aging in place is defined as an individual who makes the conscious decision to remain in his or her home for as long as possible.  The addition of supplementary services to enhance living conditions and ensure a high quality of life qualify can be deducted from taxes.  In a nutshell, any aspect of your home that you spend money on to help with the aging process is tax deductible. 

 

As an example, the money you spend to add grip bars to your bathtub or install a wheelchair ramp to ameliorate home access are tax deductible.  Even the money you spend to lower the height of cabinets for easier access can be deducted.  If you have any questions as to which home improvements are tax deductible, discuss the nuances of tax laws with your accountant or another tax professional. 

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How Much Do Septic Systems Really Cost To Install In A Home?

If your home is not attached to a municipal sewer plant, then you likely have a septic system to handle your homes wastewater collection, treatment, and disposal. Septic systems lay underground and through filters slowly disperse the newly clean water back into the soil. Septic systems come in many different price ranges due to various external factors such as soil, tank material, tank size, and installation. These reasons make estimating the price difficult so let’s lay out some ways you can get a close guess on the price.

 

Anaerobic System

The anaerobic system is a reasonably simple system that consists of a pipe leading from the house to the tank, and a branched pipe leading from the tank into the drain field. These systems depend on anaerobic bacteria to break down waste in the tank. Anaerobic systems are typically much cheaper to install than the more complex aerobic system. They will typically cost between $2,000 and $5,000 to install.

 

 

Aerobic System

The aerobic system is a wastewater system that depends upon aerobic bacteria to break down waste in the tank. Because oxygen is not naturally present in a septic tank, this system requires an air pump to aerate the tank and promote the breakdown of waste. It will need more than one tank to complete the water treatment process. Aerobic systems are much more complicated than anaerobic systems and can cost between $10,000 and $20,000 to install.

 

Tank Size Guide

To get more specific on what rates you could get depending on the size we created a graph to support you.

 

Tank Gallon Size	House Size	Tank Cost
1,000gal	3 bedroom	$600 – $1,000
1,200gal	5-6 bedroom	$1,200 – $1,600
2,000gal	Small building (14ish occupants)	$1,800 – $2,300
3,000gal	Larger building	$2,900 – $3,900

 

 

Preparation

Unfortunately, the costs don’t end there. To prepare for the tank you’re going to have to prepare the ground. It’s going to take a considerable amount of groundwork to install the tank so be sure to add in that potential cost. The price range can be $1,200 to $4,500, but septic tank installers will wrap these costs into the total price of installation and therefore may offer the excavation at a lower rate.

 

Permits

Depending on how intricate the project is you may need a permit to start construction. Building permits usually come in the range of $400 to $2,500. For a septic tank, a standard permit price should be around $1,000 or less. You can find out if you require to get a building permit by speaking to a local contractor.

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Should I Consider Installing A Whole House Humidifier

Did you know the temperature might not always be to blame for how your home feels? We all like to blame the temperature when the home feels uncomfortable, but what about the humidity? Humidity levels have a lot to do with the comfort of your home, and that’s why many people choose to install a whole-house humidifier.

 

Whole house humidifiers work as part of your home heating system. Unlike a portable humidifier which you plug into your wall and use in individual rooms, a whole house humidifier makes a big difference throughout your entire home. Is this device right for you? Here’s whether you should consider installing a whole house humidifier in your own home.

 

 

How Does a Whole House Humidifier Work?

As said above, a whole house humidifier is a lot different than the portable humidifiers you might be familiar with. Whole house humidifiers are installed in your home ductwork, usually near the furnace. The unit is connected to your home’s water supply.

 

The humidifier works by exposing your home’s air to the moisture in the tank. This increases the humidity levels in your home. Unlike a small, portable humidifier, you’ll have consistent moisture levels throughout your entire house. However, like any other part of your heating or duct system, you’ll need to do some regular maintenance. Luckily, it’s much less maintenance than a portable humidifier.

 

 

Benefits of a Whole House Humidifier

So why should you consider a whole house humidifier when you could just use a portable humidifier? Depending on where you live, your home might be prone to dryness, particularly in the winter months. If the air in your home is too dry, your home is at risk of damage. For instance, gaps form between floorboards and wood furniture can even crack if there’s not enough moisture in the air.

 

There’s also a level of comfort that comes with increasing the moisture level. Many people struggle with dry skin, and this can improve with a humidifier. Higher humidity also does wonders for preventing illness and reducing allergy symptoms.

 

Ultimately a humidifier helps protect your valuables and your body. It’s also a lot more cost-effective compared to a portable humidifier which won’t get the job done as efficiently. Depending on the weather where you live, it can be a lifesaver.

 

 

Is a Whole House Humidifier Right for You?

To answer whether you should consider installing a whole house humidifier, you’ll need to consider a few different things. First, what’s the humidity like where you live? If you live in a warmer, humid climate prone to regular rain, you likely don’t need to install a humidifier for your entire house since a portable one will get the job done.

 

On the other hand, if you live in a dry climate and your home is prone to low moisture, a whole house humidifier can do wonders for your health and the protection of your property. However, before you install a whole house humidifier, check whether your home is properly sealed from the outside. If warm air is naturally escaping and dry air is getting in, this could be a sign you need to update your home’s insulation.

 

If you do decide to install a whole house humidifier, it can be a great way to add more comfort to your home. We all long for some moisture during those colder, dry months. If you use an efficient, modern whole house humidifier, you’ll notice the benefits in your home right away.

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What to Do If You Find Asbestos Your House

Asbestos is a homeowner’s nightmare. Unless you’ve come in close contact with asbestos yourself, you might have a lot of confusion about what exactly asbestos is and what to do if you find it in your home. While asbestos is a naturally occurring mineral, it can sometimes be found in insulation in your home as well as in your floors, shingles, and siding.

 

While occasional, brief exposure to asbestos is relatively harmless, if exposed for a long period of time there are severe potential health risks. Lung cancer, mesothelioma, and asbestosis are all possible after prolonged exposure to asbestos. Keep reading this guide to learn what to do if you find asbestos in your own house.

 

 

 

What is Asbestos?

First, let’s take a closer look at what asbestos is exactly. Asbestos is a naturally occurring mineral substance. The fibers of asbestos are flexible, soft, and resistant to heat and chemical corrosion. Because it’s an effective natural insulator, asbestos was commonly used in paper, cloth, cement, and home insulation.

 

Why was asbestos used so frequently in construction and production? Frankly, it was cheap and durable. It was a great insulator but it also was resistant for fire. The use of asbestos peaked during World War II when builders were looking for cheap, practical materials. This became the ideal building material until the 1970s.

 

Finally, in the 1970s, scientific evidence demonstrated just how dangerous this mineral could be when the fibers are exposed to the air. In 1977, the U.S. Consumer Product Safety Commission banned the use of these compounds in patching product. It wasn’t until 1989 that the Environmental Protection Agency finally banned most asbestos products, though this was overturned soon after.

 

Today, the EPA bans asbestos in flooring felts and certain papers. Products can still be created with these fibers as long as they account for under 1% of the total product.

 

 

 

Asbestos In Your Home

It’s difficult to know whether a material has asbestos just by looking at it. This makes it hard for homeowners to identify any dangerous materials in their home that might be causing health problems. The best way to find asbestos in your home is to use a professional. An asbestos professional can take samples to confirm whether you have a dangerous amount of asbestos in your home and whether you need to take action.

 

The good news is that if you do discover you have asbestos in your home, there is no reason to be immediately alarmed. These materials become dangerous only when they’re damaged and release asbestos fibers into the air which can be breathed in. If you plan to leave these asbestos materials alone and they’re in good condition, they’re not likely to pose any health risk.

 

However, make sure to keep a close eye on these materials. If they’re worn, damaged, cut, or scraped, they’re likely to release dangerous fibers. Check them regularly for any signs of distress.

 

If you find damaged asbestos or are planning a remodeling project that will disturb current asbestos-containing materials, you need a professional. The repair process usually involves either sealing the material with a binding coating so the fibers cannot be released or covering the material with safe insulation. Removing the material will be a complex process that can only be handled by a trained professional who will reduce the home’s exposure.

 

 

 

 

Protect Your Home From Asbestos

The danger around asbestos is often misunderstood. While finding asbestos-containing materials in the home is not uncommon, it doesn’t mean you need to be immediately concerned. As long as the asbestos is in good condition and unlikely to be messed with, it’s safe to leave it untouched.

 

However, if you do need professional intervention, act quickly. You don’t want to risk the health of your family. The health problems associated with asbestos sometimes take years to appear, so it’s always better to be safe than sorry. If you’re not sure about the state of asbestos in your own home, contact a professional today who can take a closer look.

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How To Know Where Your Property Lines Are When Owning A Home

Property lines are the lines on your property that define where your land ends and your neighbor’s property begins.

 

Knowing exactly where your home’s property lines begin and end can help avoid many disputes with your neighbors. If you plan to put in a pool, new fencing, or other structures and expansions, it’s important to know where your property lines are as to not overlap with your neighbor’s property. Similarly. If your neighbors make any new additions to their home, you can be sure that they are not taking up any of your space.

 

Fortunately, finding out where your home’s property lines are is fairly easy.

 

 

Review Your Deed

First and foremost, you should be sure to review your deed. Your deed will likely detail where your property lines based on certain landmarks, like a tree or something similar. You can use this information to measure your property lines for yourself.

 

In some cases, you’ll find that your deed may refer you to an earlier deed for details regarding your property lines. So, be prepared to do some digging

 

 

Check With Your Local Zoning Department

If you don’t already have the plat for your home, check with your local zoning department as they keep records of all plats for homes in your area. Plats are maps that are drawn to scale and show exactly where your property lines are. You might also be able to find this information online.

 

If you weren’t able to determine where your property lines are based on your deed, this map will make it clear exactly how your land is divided.

 

 

Consult a Surveyor

If you aren’t able to access a plat, your deed wasn’t clear when defining property lines, or you weren’t able to find the deed with information regarding your property lines, you can still find where your property ends by hiring a professional surveyor. A surveyor will measure your property, map your property, and can mark the corners of your property with stakes to show you exactly where the property lines are.

 

Professional surveyors can be somewhat expensive, depending on your location and the size of your property. You should consult with multiple professional surveyors to discuss the details of what you need to be done, receive a quote, and choose which surveyor best fits your needs.

 

Additionally, you should check to ensure that the surveyor you choose holds all the required licenses and insurance required by your state. Ensuring that your surveyor is licensed and insured will protect you in case he or she makes any mistakes when measuring your property.

 

A professional surveyor is a great option if you aren’t able to access the records that define your property lines.

Whether you plan on making expansions and additions to your home or your neighbors are currently doing the same to their home, understanding where your property lines are located is a great way to avoid conflicts and make sure that nobody is taking over land that the other owns.

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Can Missing One Mortgage Payment Affect Your Credit?

Missing a single mortgage payment really can damage your credit score.  Though you already own a home, you still need a solid credit score to qualify for an auto loan, snag a job that requires handling cash and qualify for additional lines of credit.  Let’s take a closer look at why it is so important to pay your mortgage on time.

 

 

The Basics of Missed Mortgage Payments

Miss a home mortgage payment and you run the risk of your lender reporting the delinquency to credit bureaus.  However, if you miss a mortgage payment by merely a day or two, there is a chance the lender might not report this minor lapse. As is often said, life happens.  You might get into a car accident, have a family emergency or simply forget to make the monthly mortgage payment.  If you miss your mortgage payment, reach out to your lender as soon as possible to explain what happened.  Ask the lender to refrain from reporting the lapse. 

 

 

The Ramifications of Missing a Mortgage Payment

Miss one or several monthly mortgage payments and your credit score will drop in due time.  Missing a single payment has the potential to result in a credit score decrease of 90-110 points for those with a credit score in the range of 780 on up.  Unfortunately, this credit blemish will remain on your credit report for seven years. 

 

 

Is there any Leeway for Missed Payments?

In general, the majority of home loan lenders will not report a missed payment unless the account is more than 15 calendar days past due.  However, there is no guarantee your lender will wait until 15 days have passed to take action.  If you are more than 15 days late on your payment, the servicer will likely charge a late fee.  The late fee is applicable each month a payment is missed.  This late fee is significant, typically tacking on an additional 5% to the overdue balance.

 

If you are 30 days late on your mortgage payment, the lender is likely to report your delinquency to the credit bureaus.  This is significant as your credit rating will decrease.  If you are 36 days late on your mortgage payment, federal law mandates the servicer attempt to contact you.  If you do not respond, the servicer might transmit a Notice of Default that provides 30 days notice to provide payment for the original balance due along with accumulated interest.  Be sure to check your state’s specific laws to determine if you have additional time to make payment arrangements prior to foreclosure.  When in doubt, over-communicate with your lender!  The majority of mortgage lenders are willing to work with those who miss mortgage payments to get the payments current.

 

Fail to work out a plan with your lender to make your payments current and the government will mandate the servicer assign a company employee to your file.  This individual is forced to provide assistance options and respond to your questions.  One the 60-day mark is reached, your late fees will likely be doubled.  Reach the 90-day mark and the lender will transmit a demand letter stating the mortgage must be made current or it will be foreclosed.  Fail to make payment arrangements with the timeline detailed din the demand letter and your lender will schedule a foreclosure in which your home is sold and you are forced to find a new living space.  It will be challenging to find a decent place to live now that your credit score has taken a hit.

 

 

The Damage to Your Credit Score

Miss a home mortgage payment and your credit might be dinged by about 50-100 points.  This is not a significant decrease as most people have a credit score between 650 and 800.  There is some irony in the fact that those who have good credit will likely suffer a credit ding greater than those with average credit.  As an example, an individual with a credit score of 800 will likely endure a 100 point drop after missing his or her home mortgage payment for a month.  Alternatively, a homeowner with a 680 credit score who misses two monthly mortgage payments will likely endure a 60-70 point decrease.

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How Much Does It Cost to Refinish Hardwood Floors?

Hardwood floors are a classic addition to any home. They add warmth and depth to your space, plus they’re easy to maintain compared to other flooring options. Even better, because hardwood floors are popular, they’re almost guaranteed to increase the value and style appeal of your home.

 

What does it mean to refinish your hardwood? Even the best quality floors need maintenance. While hardwood floors will look great for years, they need to be cared for and refinished. If you take good care of your floors, you’ll only need to refinish them every 10+ years.

 

 

When do you need to refinish your floors? Here are some signs that it’s time:

• Your floors have uneven coloring
• The wood appears dull even after polishing
• There are visible scratches
• It’s been 20+ years since your last refinishing

 

As far as home improvements go, refinishing your hardwood floors is one of the more affordable options. Most homeowners can expect to pay anywhere from $1,072 to $2,374 according to Home Advisor. In this guide, we’ll break down the various costs associated with refinishing your floors so you’ll know if you’re getting the best price for your home improvement.

 

 

The Average Costs

Like all home projects, the price will depend on a number of factors such as the size of your home and whether you use a professional. There might also be some costly variations that might increase the overall expense. For a basic restoration, the price ranges from $970 to $1,250 per 300 square feet.

 

When can you expect to pay more? If your floors are in particularly bad condition, you might need to replace them altogether. This would be the most expensive scenario. Otherwise, it will depend on the quality of finish you plan to use, how many coats are required, and how accessible your floors are.

 

 

Hardwood Floor Refinishing Process

Now that you know the average costs, let’s break down the hardwood refinishing process so you know what to expect. As always, do your research when hiring a professional to work in your home. You want to make sure they know what they’re doing to ensure your floors last as long as possible and look their best.

1. Clear your space. Your first step will be to completely clear each room you plan to refinish. You’ll also want to tape plastic bags over any vents in these rooms since dust can easily clog your filters.
2. Sand the floors. First, use a professional sander with a dust bag to sand down the floors. This is usually the most time-consuming process, and you’ll have a lot of dust and shavings to clean up.
3. Apply any stains. If you plan to use a wood stain, now is the time. The stain will need at least 20 hours to dry, and heat can help speed up this process.
4. Coat the floor – Several coats of polyurethane will need to be applied in order to lock in the stain and give your floors that long-lasting shine. There will be 2-3 coats, and each coat needs a day to dry.
5. Wait 48 hours – Finally, avoid walking on the floors for up to 48 hours to ensure everything is dry. Then, it’s time to move your furniture back.

 

That’s a comprehensive, step-by-step breakdown for what you can expect during the refinishing process. Your hardwood floors should come away looking shiny, healthy, and gorgeous. This process will keep your floors looking their best for the next 10 years or more as long as you maintain them with proper care. Refinishing your hardwood floors is an inexpensive way to bring them back to life and increase the value of your home.

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What To Do If Your Neighbors Are Complicating Your Home Sale

Selling a home can be complicated and difficult as it is, but bad neighbors can make the process even more stressful than it needs to be. Whether your neighbors are loud, inconsiderate, or they just don’t take proper care of their property, they can potentially get in the way of you making a sale.

 

If you’re struggling to sell your home due to bad neighbors, here’s how you can try to remedy the situation.

 

 

What to do About Neighbors with an Ugly House

One of the biggest problems that you might encounter is neighbors with a poorly-kept home and yard. Even if you live in a great area and make sure to stay on top of your home’s appearances, your neighbors can easily damage the curb appeal of your home.

 

Of course, you can’t know for sure why your neighbors don’t maintain their home’s appearance. It might be due to illness or financial problems. As such, the first thing you should do is talk to your neighbors and offer to help them clean up their yard. Be respectful and try to figure out the easiest and most affordable way to spruce up their home so that it is no longer negatively affecting your attempt to sell your home.

 

 

How to Deal with Noisy Neighbors

Another issue you might run into is noisy neighbors. Whether it be loud pets, loud music, or other noises, loud neighbors can turn off potential buyers.

 

However, before you file a noise complaint, you should be sure to talk to your neighbors about the noise and explain how it is affecting your ability to sell your home. Noise complaints can often lead to creating animosity between you and your neighbors, so it’s best to avoid filing one unless necessary.

 

Also, try to time your open houses strategically. Try to schedule your open house around when you know your neighbors will be away from home.

 

 

Abandoned House Next Door

Vacant homes can also negatively impact the curbside appeal of your home. If the issue you’re having is that your neighboring home is abandoned and unkempt, you can consider a few options.

 

First, the financial institution that owns the property will often be willing to perform basic maintenance as they have a vested interest in selling the property. In this case, you might just need to make a few calls to get the process moving.

 

Additionally, you can perform basic chores yourself such as mowing the lawn and making sure to pick up things like newspapers from the driveway. This might not be ideal, but it’s a small price to pay if it helps you sell your home more quickly and for a fair price.

 

Selling a home is already a difficult process, and bad neighbors can make the process infinitely more stressful. Whether your neighbors are loud, messy, or not there at all, there are steps you can take to improve the situation and get your property off the market as quickly as possible.

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The Best Seven Mortgage Lenders That You Can Borrow From

Are you thinking of getting a loan to buy your real estate property? Do you find it hard to get someone that can lend you? Getting a mortgage lender might be challenging, but it is essential to get the best lender for your project. You might not get your choice property if your money is delayed. You could also have issues paying back the advance if your lenders’ terms are unfavorable.

 

Do not be tempted by a lender with the best interest rate. Always consider the terms you’d agree upon before getting money from a lender. You may lose your home, be charged more interest, declared bankrupt, lose your collateral and get your credit scored battered if you fail to return the money you lent. This article will give you detailed information about the different types of mortgage lender you can qualify to get money for your home.

 

 

Retail Banks

If you are planning to get a loan, the first place that comes to your mind is a bank. The reason for this is because many banks offer some loan products which include mortgage loans and at some point or the other, they might have contacted you in respect of these loans. You might want to consider retail banks as your first choice if you are planning to get a loan for your home. Most of the time, you might need to work with a loan officer in the bank to get the loan and probably leave some collateral as security.

 

 

Mortgage Banks

While retail banks offer general loan products, mortgage banks specialize in providing and servicing mortgage loans. Though mortgage bank varies in size, they are capable of financing your project to your taste. However, this type of bank unlike the regular banks is not regulated and do not take in deposits. Their sources of incomes include loan servicing and origination fees.

 

 

Mortgage Brokers

You can contact a mortgage broker who serves as a middleman between the lender and the borrower. The broker works independently to obtain the best mortgage loan that suits  your needs. They also ensure that your application is acceptable to the lender in addition to the financial advice they would offer. They will also help you to negotiate in your favor when they find a lender.  The only disadvantage is that you need to pay them a fee before they could perform this obligation.

 

 

Mortgage Originator

Mortgage originator is the original mortgage lender who can either serve as the mortgage broker or banker. It is permitted to offer mortgage credit to borrowers and is part of the primary mortgage market. Based on practice, this set of people work with loan processors and underwriters from the beginning to the approval stage. They also work with the borrower to ensure the full execution of the mortgage transaction.

 

 

Credit Unions

Many people often overlook credit unions, but these organizations are one of the good places to obtain a mortgage loan. A credit union, unlike the traditional banks, is a form of cooperatives which provides a lower rate to borrowers. They offer excellent customer support and advice to first time home buyers. Credit unions are usually owned and run by the participants for no profit.

 

 

Mortgage Lenders

What differentiated a mortgage lender from credit unions and the retail bank is that the former is solely established to provide real estate loans. One advantage of getting a loan from a mortgage lender is that they take care of all the necessary processes that are required for obtaining a mortgage. With their help, you will be able to buy your mortgage as quickly as possible.

 

 

Building Societies

Building Societies bear several similarities with credit unions which include low interest, ownership by members among others. In addition to the financial service they provide, they offer the best customer support to help the borrowers achieve their goal. In addition to this, they are flexible to cater to the needs of the first-time buyer.

 

Requesting for a mortgage loan can seem like a huge step, but finding the right lender can be daunting. It is important for you to research and educate yourself before you try to lend from anyone. Once you have done this, you will be capable of lending without fear or bad aftermath.

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Does the Home You’re Buying Have a Notorious Past?

You want to learn as much as you can about your home before you buy, and you always ask the “right” questions. Were there any recent improvements? What major repairs were done in the past few years? How’s the neighborhood? These are the expected questions.

 

What about the less common questions? While it might not seem obvious to ask, you should take the time to learn as much about your home’s past before your closing date. Recently, the New York Post shared the story of a family who purchased their dream home outside of Manhattan only to discover it was actually a past gang crime scene.

 

Believe it or not, it isn’t always required for real estate agents to disclose these gritty details about a property. It’s often up to the buyer to do some digging to discover the notorious past of their home. Here’s why you should look into the past of the next home you buy.

 

 

Why Be Concerned About the Past

You might be wondering why it matters in the first place. If the past is in the past, why does it matter what happened in the home before it went on the market? It’s common sense to think that the house itself is benign. The previous owners or tenants moved on, and so did the crime, right? Well, that’s not always the case.

 

First, if the home used to be filled with illegal activity, it could be unsafe to reside there even now. A Tulsa, Oklahoma couple moved into an apartment a few years ago only to grow increasingly ill. They soon discovered a meth lab was under the apartment left over from previous tenants. They had no idea when they chose to live there.

 

This is just one way criminal activity can impact your safety. While it’s less likely that there’s a meth lab anywhere on the property that’s gone unnoticed, it is possible that criminal activity will continue at the location. If your place used to house drug dealers, for instance, it’s normal to find people loitering around the property or knocking on your door looking for someone.

 

You don’t want your personal privacy or safety to be compromised by the past owners. Unfortunately, many real estate agents or past owners keep this information to themselves hoping that it simply won’t cause a problem once new owners take over. This is unsafe, and that why you need to take matters into your own hands.

 

 

How to Research Your Home’s Past

Before making a home purchase, it’s smart to do a bit of digging yourself. As mentioned above, it’s not always the case that the past owner will be upfront about the property’s criminal past. Some states require full disclosure but others don’t. The best place to begin your investigation is with a simple search online. Searching the exact address will pull up any police reports from the property.

 

While you’re searching, don’t be afraid to look up the neighbors as well. You don’t want to position yourself anywhere near risky activity. Look for red flags like past break-ins, drug crimes, or sex offenders. Crime Reports is another great resource for seeing the status of your neighborhood.

 

Remember, if a deal seems too good to be true, it probably is. There might be a reason your prospective home is listed so cheaply for the area. It could be a sign something unfortunate took place recently. Either way, it’s smart to second-guess yourself with some online searching. When in doubt, don’t be afraid to ask the previous owner or current neighbors directly about crime in the area.

 

 

Know the Home You’re Buying

It’s a good idea to learn as much as possible about your new home before you make the final purchase. The last thing you want is to end up in a nightmarish situation where you’ve discovered your home was the scene of a crime. While you likely won’t find yourself with a Hollywood-style haunted house, that doesn’t mean you want crime finding you.

 

It will be up for you to decide if the home is worth the risk. The reality is that if a crime happened recently, it’s not unlikely to happen again. Consider whether your safety and privacy are worth a good deal. At the end of the day, do your research. You deserve to know your home’s past.

The post Does the Home You’re Buying Have a Notorious Past? appeared first on National Cash Offer.

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How To Properly Budget For Relocating To A New Home

Properly budgeting when moving to a new home is extremely important. Small things such as new curtains, blinds, or lights can add up rapidly. Knowing how much you can spend and on what is essential to not going over budget. Now all you need to do is know how to execute creating a budget.

 

Find A Templet That Works

Excel is the perfect tool for creating budgets. If you aren’t sure how to exactly set one up then take one from someone else online. There are a plethora of templates out there designed specifically for what you need. Once you have your template you will then need to know what to account for.

 

 

Moving Company Spending

If you’re not hiring a company to support you with moving then you can forget about this section and move to the next.

• Moving Fee. This is their standard charge for the move that includes labor and fuel. Be sure to reach out to a few moving companies to find the best prices for you.
• Insurance. There may be an extra charge if you have any items you want to take special care of.
• Extra Services. If you want the movers to set up your T.V. or fridge its probably going to cost a bit more so if you desire these services ask for a quote.
• Damage Costs. Just in case add in the budget any items that may be damaged in the move.

 

 

Moving Without A Company Spending

• Truck Rental. If you’re renting the truck the size matters and if you have to take multiple trips.
• Gas. Be sure to calculate how many miles you’ll be traveling to see how much you’ll need to put aside for gas.
• Extra Equipment. This is for anything you may have to rent such as dollies, loading ramp, furniture covers.

 

 

Between Home Costs

If you find yourself having to stay at another location for a few days while moving then here are some costs you need to watch out for.

• Lodging. Where ever you may be staying, be sure to calculate the costs into your budget.
• Meals. Calculate per person. You may not be able to cook super affordable meals while staying at a hotel so eating out might be common for the next few days.
• Child or Petcare. If you can’t bring your pet with you then you might have to have it boarded the next few days.

 

 

Packing/Storing Fees

You might not be able to bring everything all at once to your new home due to downsizing or wanting to get rid of old belongings. Some costs here can include:

• Bubble Wrap
• Boxes
• Mattress Covers
• Storage Fees
• Insurance
• Tape

 

Always give yourself some leeway when you’re budgeting so that if anything goes south that you’re prepared for it. It’s going to be tough but through budgeting, your move should become much easier to handle.

The post How To Properly Budget For Relocating To A New Home appeared first on National Cash Offer.

source https://nationalcashoffer.com/how-to-properly-budget-for-relocating-to-a-new-home/

The Average Cost of Living in Nevada

Living in Nevada is more affordable than most assume.  Life in Nevada’s big cities of Las Vegas and Reno can get somewhat expensive yet most people can afford to live in the Silver State and still have a considerable amount of discretionary income left to spend after housing, food and utilities are accounted for.

 

 

The Cost of Living in Nevada Compared to the Rest of the United States

In general, Nevada is slightly more expensive to live in than the rest of the country.  However, the state’s cost of living is skewed upward partially because the state’s most populous cities are comparably expensive.  The median home cost in the state of Nevada is slightly more than $275,000 as compared to the national average of $216,000.  This is not to say all Nevada homes cost several hundred thousands of dollars.  Rather, homes in wealthy areas like suburban Las Vegas are comparably expensive.  As an example, a nice four-bedroom house in Henderson, Nevada will likely cost $200,000 to $300,000 while the same size home would sell for significantly less in a a less populous, more rural part of the state such as Pahrump.

 

 

What About Nevada’s Cost of Living Beyond Housing?

Living expenses extend beyond housing costs.  Nevada’s cost of living is higher than the national average in some segments and lower in others.  As an example, the average Nevadan’s monthly utility bill and health costs are slightly less than the national average.  However, Nevadans pay more than most Americans for groceries and transportation.  Part of the reason why Nevadans shell out so much of their paychecks for transportation costs is the fact that the state does not have a public transportation system. 

 

Similar to most other states in the southwest, Nevada is spread out across a large amount of land.  It is cost-prohibitive to establish a subway system, train line, trolley or any other form of public transportation as there is simply too much space to cover.  Furthermore, the state has invested a substantial amount of tax dollars in its highway system.  As a result, the average Nevadan drives an automobile, paying for auto insurance, gasoline and repairs with regularity.

 

 

Nevada’s Cost of Utilities

The common thread amongst all cities and towns in Nevada is the egregiously high utility bill.  Nevadans run their air conditioners 7 to 8 months out of the year.  Expect to pay at least $100 per month to heat a single bedroom apartment.  Those who live in the McMansion style homes will likely pay several hundred dollars per month simply to keep their living space at a tolerable temperature.

 

 

Nevada Counties With the Lowest Cost of Living

Based on access to affordable housing and the consumer price index, Nevada’s Lander County has the lowest cost of living.  However, this county has less than 6,000 residents.  Esmerelda County has the state’s second lowest cost of living.  Unfortunately, a mere 1,102 people live in this county. 

 

Clark, Douglas and Washoe Counties have the highest cost of living in the state.  It is especially costly to live in Clark County as this is where Las Vegas and Henderson are located.  Wealthy professionals tend to buy homes in Clark County, driving up the cost of living for everyone else.  Clark County’s cost of living has elevated to the point that only 53% of county residents own property.

 

 

The Cost of Living in Las Vegas

We would be remiss to detail the cost of living in Nevada without touching on Sin City.  Living in Las Vegas is certainly enjoyable yet it costs a pretty penny.  Home prices in Las Vegas have surpassed the highs reached prior to the great recession of 2008.  However, the cost of living in Las Vegas ultimately depends on the specific location, whether you own or rent and myriad other factors.  Live by the Las Vegas Strip and you will undoubtedly pay more for everything as prices are hiked for free-spending tourists.  Live in North Las Vegas and you will pay less for a home, rent and food compared to those living in Henderson or another Las Vegas suburb. 

The post The Average Cost of Living in Nevada appeared first on National Cash Offer.

source https://nationalcashoffer.com/the-average-cost-of-living-in-nevada/

How to Attract Home Buyers To Sell Your Home

In the current home buying market, it’s harder than ever to find people who are looking to buy a home that actually end in a transaction. When searching for home buyers, it’s not enough to target just anyone interested in buying a home. You want to target motivated buyers who are ready to purchase.

 

 

1. Utilize Community Pages

When it comes to making an impact online, you need to make the most of the community pages already available to you. Every link and exposure your home will help your search engine results. This means your social media will display higher for buyers searching in your area.

 

How do you make the most of community pages? First, make it a priority to build local pages for your neighborhoods and school districts. Produce content on these pages that show you’re an authority in local home sales. Content like virtual video tours, blog posts about the neighborhood, and more will encourage buyers to reach out to you for guidance. Finally, research real estate keywords in your area to learn how to rank higher on search engines to sell your home.

 

 

2. Consider the Buyers’ You Want

If you’re selling to everyone, you’re selling to nobody. You need to consider what type of buyer for your home that you want to have. Let’s face it: you want serious buyers. That means you probably aren’t as interested in hearing from 10+ potential buyers who are undecided if buying a house is right for them. You want the buyers who know what they want, and who are serious about making a purchase.

 

How do you find these individuals? Through targeted marketing. Consider the type of online content these buyers want to be attracted to. Even the popular real estate platform Zillow capitalizes on this trend to attract buyers. What content can you create that speaks to this ready-to-buy audience?

 

 

3. Take Better Photos

Another important aspect of attracting motivated buyers is your photos. Listings with 6+ photos have proven to get more than 3 times the inquiries. Buyers won’t even bother clicking on any listings without photos. That’s why you should take the photographing process seriously.

 

Luckily, you don’t need to be a professional photographer to get the job done well. Just focus on the basics of good photography: natural lighting, the rule-of-thirds, and clear pictures. Don’t be afraid to use editing software to brighten photos.

 

 

4. List Your Home

Prepare your home for great listing results. Post your home on website selling home sites and create a great profile of your home that is as informative as possible. Show excellent photos, focus on the great features about the home and what they will be getting. Lastly, take in propositions and consider your options. 

The post How to Attract Home Buyers To Sell Your Home appeared first on National Cash Offer.

source https://nationalcashoffer.com/how-to-attract-home-buyers-to-sell-your-home/

How To Know If You Are Paying Too Much For Property Taxes

Home ownership is expensive. It is something that often causes sticker shock for first-time homeowners. Between regular maintenance and property taxes, the living costs can get a lot higher than they were expecting. However, do you know for sure if you are paying the right amount in property taxes? This article will help you figure out if you can cut down how much you owe the town or city you live in real estate taxes.

 

 

1. Check your property’s assessing card.

There is very little you can do about the city’s tax rate, but your property’s assessment is something you should check. Property assessment cards are public, so you should easily be able to access the description that the town or city has of your property, either by looking it up online or by visiting the town assessor’s office directly.

 

You would be surprised by own many mistakes are commonly made on these reports: some common errors include the square footage of the house, how many bedrooms and bathrooms are included, the condition of the house, etc.

 

Properties assessment are rarely reviewed if they are in adverse condition: for example, you might have purchased your property as a foreclosure or as an estate sale, and the shape of the house is not as good as it was when it was assessed for the last time.

 

 

2.Research the market

The assessed value property taxes are based on is often calculated based on market value. If you recently purchased your property for significantly less money than what it is assessed for, you might be paying too much in property taxes.

 

If you suspect that your property is overvalued, don’t hesitate to research neighboring properties similar to your own in terms of age, condition, size, number of bedrooms and bathrooms, etc. and see what they are assessed for or recently sold for. Find at least 4 or 5 comparable properties to make your argument.

 

If you are confident and if the savings you would make on your property taxes justify the cost, don’t hesitate to hire an independent appraiser whose report would make a strong argument in your favor.

 

 

3. Investigate which tax exemption you might be qualifying for

You might be pleasantly surprised and find out that you qualify for some property tax breaks, whether it is a tax exemption or a tax credit that you may have to pay back eventually.

 

Common property taxes exemptions and credits include:

• Seniors, especially those on a fixed or limited income
• Service members and veteran
• People with a disability

However, you might also qualify for a property tax exemption or credit if you are a first-time homeowner or if your property is located on a large piece of land under the homesteading exemptions.

 

Like all tax related subjects, these exemptions vary by state, localities, and your situation so contact a tax professional, a tax advisor or your local tax authority to find out what you might qualify for.

 

 

4. Appeal for a tax abatement

You can appeal for a tax abatement within specific dates depending on the town your property is located.

 

Before appealing for an abatement, you must be very confident that you will qualify for one. If the tax assessor finds that your property is under-assessed, if you recently made home improvements such as additional square footage or a new deck, for example, you would be at risk to see your property taxes increase instead of going down.

 

Don’t hesitate to walk with the tax assessor to indicate any adverse conditions, like a noisy highway or a nearby factory.

 

Good luck!

The post How To Know If You Are Paying Too Much For Property Taxes appeared first on National Cash Offer.

source https://nationalcashoffer.com/how-to-know-if-you-are-paying-too-much-for-property-taxes/

How To Add A Guesthouse To Your Home

If you have enough space on your property, the thought of adding a guesthouse has likely crossed your mind.  Guesthouses, also known as accessory dwelling units or ADU for short, are distinct housing units often connected to the primary house.  Guesthouses feature their own bathrooms and kitchen, meaning one or several people can live in this space separate from those who reside in the main house.  However, you cannot simply add a guesthouse to your home without the proper precautions and tending to the legal/tax issues of this addition.  Here’s a brief look at what homeowners should know prior to making a financial commitment and commencing guesthouse construction.

 

 

Is the Guesthouse Allowed on the Property?

Some homeowners associations and subdivisions do not permit the construction of guesthouses.  Your town might permit the construction of a guesthouse yet your unique subdivision might have a rule against such an addition.  Be sure to check well ahead of time to ensure you are permitted to add a guesthouse to your property.

 

 

How to Build a Guesthouse: Mind the Building and Zoning Laws

Each municipality has its own unique laws pertaining to zoning and building.  These laws differ quite significantly from the laws in other towns.  Take a close look at your local zoning and building laws before moving forward with a construction project of this magnitude.  It might even be possible to convert a garage, shed or even a barn into a guesthouse, ultimately saving you a bundle of money. 

 

 

Consider the Tax Ramifications of Your Guesthouse

Connect the guesthouse to your home and you will likely pay less in taxes.  Furthermore, there are not as many zoning restrictions when the guesthouse is connected to the home.  Alternatively, building a guesthouse on your property that does not connect to the primary home has the potential to spike your taxes and complicate the project that much ore with zoning restrictions.  Guesthouses also have the potential to hike your property tax bill.  Be sure to speak with a property tax specialist to gain a full understand the tax ramifications resulting from the construction of a guesthouse on your land.

 

 

Zoning Ordinances and Variances

In some situations, it is simply unfeasible to add a guesthouse to the property.  Take a close look at the zoning ordinance.  Examine local government requirements for constructing the building.  There might be specific conditions mandated by local government for guesthouse construction to be permitted in the first place.  It might be necessary to add more on-site parking.  There might be limitations as to where the disconnected guesthouse is located.  In fact, a detached guesthouse might not be legal in your area. 

 

If you are not lawfully permitted to construct a guesthouse, a variance might be necessary.  Variances make this project that much more expensive and complex.  In some situations, the request variance is denied.  Do not rack up a single penny in project expenses until you are absolutely certain constructing  your guesthouse is legal and practical.

 

 

The Moral of the Story: Sweat the Small Stuff

Guesthouses require considerable planning.  If you do not submit the proper plans, obtain the right permits and adhere to all local government regulations, you run the risk of having your community leaders putting the kibosh on the guesthouse you have long-envisioned.  Even subtleties such as standards for sewer connections, water lines and fire safety must also be addressed before work begins.  Sweat the small stuff, take your time and it won’t be long until you have a lovely new guesthouse on your property.

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source https://nationalcashoffer.com/how-to-add-a-guesthouse-to-your-home/