February 5, 2011
September 25, 2010
First Time Home Buyer Tips – Tax Benefits of Owning Your First Home
Carrie Reeder asked:
Owning a home has many benefits, especially in the world of taxes. From points, to interest, to real estate tax breaks, the government finds a multitude of ways to make owning a home an advantage during tax time.
Property Tax Advantage
Property taxes, otherwise known as real estate taxes, are fully deductible.
Mortgage advantage
The most notable tax break is that all mortgage interest, up to a maximum of $1 million dollars, can be deducted on your taxes. If you are married taxpayers filing jointly, make that $500,000.
Interest Advantage
Your total home equity debt is limited to the smaller of $100,000 (or $50,000 for each member of a married couple if they file separately), or the total of your home’s fair market value, less certain other outstanding debts against it.
Point Advantage
You can fully deduct points associated with a home purchase mortgage. A point equals 1% of the loan principal. One to three points are common on home loans, which in the end, turns out to be thousands of dollars. Refinanced mortgage points are also deductible, provided they are amortized over the life of the loan. Homeowners who refinance can write off the balance of the old points and start to pay off the new.
Home Equity Advantage
If you take out a loan to make considerable home improvements, you can deduct the interest on this loan. There is no dollar limit on this deduction; nonetheless, the work must improve the value of your home, such as a new driveway, an extra room or a pool, and not simply be minor cosmetic improvements, such as painting, fixing broken windows or wallpapering.
There are also many tax advantages after the initial purchase of your home, such as using a room for a home business, capital gains, selling, capital improvements, moving costs, and other home owning tax advantages. Consult a professional to educate yourself further and learn in-depth about your specific tax situation. If you own your home, there are many tax advantages that can be afforded to you.
Corey
Owning a home has many benefits, especially in the world of taxes. From points, to interest, to real estate tax breaks, the government finds a multitude of ways to make owning a home an advantage during tax time.
Property Tax Advantage
Property taxes, otherwise known as real estate taxes, are fully deductible.
Mortgage advantage
The most notable tax break is that all mortgage interest, up to a maximum of $1 million dollars, can be deducted on your taxes. If you are married taxpayers filing jointly, make that $500,000.
Interest Advantage
Your total home equity debt is limited to the smaller of $100,000 (or $50,000 for each member of a married couple if they file separately), or the total of your home’s fair market value, less certain other outstanding debts against it.
Point Advantage
You can fully deduct points associated with a home purchase mortgage. A point equals 1% of the loan principal. One to three points are common on home loans, which in the end, turns out to be thousands of dollars. Refinanced mortgage points are also deductible, provided they are amortized over the life of the loan. Homeowners who refinance can write off the balance of the old points and start to pay off the new.
Home Equity Advantage
If you take out a loan to make considerable home improvements, you can deduct the interest on this loan. There is no dollar limit on this deduction; nonetheless, the work must improve the value of your home, such as a new driveway, an extra room or a pool, and not simply be minor cosmetic improvements, such as painting, fixing broken windows or wallpapering.
There are also many tax advantages after the initial purchase of your home, such as using a room for a home business, capital gains, selling, capital improvements, moving costs, and other home owning tax advantages. Consult a professional to educate yourself further and learn in-depth about your specific tax situation. If you own your home, there are many tax advantages that can be afforded to you.
Corey
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September 14, 2010
Real Estate: First-time Home Buyer Tips
ResidentialNYC asked:
Tips for First-Time Home Buyers given by veteran real estate broker John Wollberg of Halstead Property, LLC in NYC. Your first stop when looking for a home to buy or rent is ResidentialNYC.com
Gordon
June 19, 2010
First Time Home Buyer Tips – The Neighborhood
Ryan Coisson asked:
If you are a first time home buyer, you undoubtedly have lists of amenities and ideal features you would like in your new house. You’ve probably been thinking about it for years. But have you put the same thought and attention into the type of neighborhood you want to live in? A bad neighborhood can make a great house seem mediocre. So before you put an offer on a great piece of real estate, make sure you know what the neighborhood is like first.
Here are some things to look for. If you are a first-time home buyer, chances are that you will either be starting a family soon or you already have a young family. Check out the nearby schools in the area of your potential home. Are they the kind of schools you want your kids to attend? And how close are the schools to your home? Will your kids need to ride the bus? If a quiet neighborhood is your ideal location, check out the future city plans for expansion. Even if the neighborhood is quiet today, that might change in a few years if the city has plans for development or road expansion.
Also, find out the statistics of the neighborhood. Your real estate agent can be a good source of knowledge to find out about crime rates in the area or average school test scores of local students. Another fact to consider is the proximity of local amenities. How close is the nearest grocery store, hardware store, or main airport? Public transportation is another factor to consider. By putting in a little research you should be able to find out if your potential home is in a neighborhood that is right for you.
Elsie
If you are a first time home buyer, you undoubtedly have lists of amenities and ideal features you would like in your new house. You’ve probably been thinking about it for years. But have you put the same thought and attention into the type of neighborhood you want to live in? A bad neighborhood can make a great house seem mediocre. So before you put an offer on a great piece of real estate, make sure you know what the neighborhood is like first.
Here are some things to look for. If you are a first-time home buyer, chances are that you will either be starting a family soon or you already have a young family. Check out the nearby schools in the area of your potential home. Are they the kind of schools you want your kids to attend? And how close are the schools to your home? Will your kids need to ride the bus? If a quiet neighborhood is your ideal location, check out the future city plans for expansion. Even if the neighborhood is quiet today, that might change in a few years if the city has plans for development or road expansion.
Also, find out the statistics of the neighborhood. Your real estate agent can be a good source of knowledge to find out about crime rates in the area or average school test scores of local students. Another fact to consider is the proximity of local amenities. How close is the nearest grocery store, hardware store, or main airport? Public transportation is another factor to consider. By putting in a little research you should be able to find out if your potential home is in a neighborhood that is right for you.
Elsie
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October 14, 2009
First Time Home Buyer Tips: Finding a Home
Mark Goedert asked:
There really is no great secret to finding a home. Though there are countless theories and techniques, finding a house comes down to perseverance and luck. You must be willing to work at putting yourself in the right place at the right time to find your dream home.
Consider your needs and your desired criteria for a home; number of bedrooms, basement or crawl, garage or shed, lot size, neighborhood, etc… Just look; do not call the number listed in the ad! When you are ready to see homes you will want to work with a real estate agent who will represent you to see that you are getting the best deal possible.
There are several reasons you should work with a realtor, including saving time and having a professional handle the paperwork. An agent who is familiar with the area you are looking in will be most helpful in finding a home that meets your desired criteria and fits your budget.
Some people feel that the most cost-effective method is to do it themselves. There are data bases containing real estate listings with public records data, area information, interactive maps and other details. Most of these data bases require a license and a membership fee to access the listings. Some are available to the public for no charge, but you must supply your personal contact information and email address for access.
There are specialized services to accommodate the do-it-yourself home buyer, but this is only recommended for experienced buyers. A first-time home buyer should work with a realtor.
Ella
There really is no great secret to finding a home. Though there are countless theories and techniques, finding a house comes down to perseverance and luck. You must be willing to work at putting yourself in the right place at the right time to find your dream home.
Consider your needs and your desired criteria for a home; number of bedrooms, basement or crawl, garage or shed, lot size, neighborhood, etc… Just look; do not call the number listed in the ad! When you are ready to see homes you will want to work with a real estate agent who will represent you to see that you are getting the best deal possible.
There are several reasons you should work with a realtor, including saving time and having a professional handle the paperwork. An agent who is familiar with the area you are looking in will be most helpful in finding a home that meets your desired criteria and fits your budget.
Some people feel that the most cost-effective method is to do it themselves. There are data bases containing real estate listings with public records data, area information, interactive maps and other details. Most of these data bases require a license and a membership fee to access the listings. Some are available to the public for no charge, but you must supply your personal contact information and email address for access.
There are specialized services to accommodate the do-it-yourself home buyer, but this is only recommended for experienced buyers. A first-time home buyer should work with a realtor.
Ella
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