Real Estate Buyer Blog  Buyers ... Stay Informed on the Local Market
Ask Questions..Get Answers
|
|
Top 5 Things to Consider when Looking at a House in Ocean Springs Mississippi, by Ocean Springs Mississippi Real Estate Expert Rain Residential |
During the home buying process after seeing mujltiple homes every day, the houses can sometimes seem to blend together. What exactly should you be looking for in a home? In this article, I will go over the top 5 things you should look for based on my experience with Ocean Springs Mississippi real estate.
Factor #1 Location
The most important factor in considering a home purchase is its location. You can always remodel the kitchen or improve the lighting, but the location can never be changed.
Factor #2 The View
For many, the view is a key factor when purchasing a home. Does your home overlook a beautiful view of the Gulf or bayou or does it face a busy, dusty road?
Factor #3 Overall Feel of the House
How does the house feel overall? Does it feel bright? Homely? Lively? Remember that how your house feels right now,
Factor #4 Kitchens & Bathrooms The kitchens and the bathrooms are often important considerations for buyers. If you want a beautiful kitchen with dazzling countertops and a bathroom to match, then don't settle for anything less when you're looking at houses. If you do, it may turn into somthing you regret later on. Also keep in mind these can be your most expensive remodel projects. So if your plans are to do that understand the cost involved and take that into consideration when purchasing the home. Factor #5 The Neighborhood This is another very important factor. What are your neighbors like? Are there community centers, parks or schools nearby? How near or far are the closest restaurants and grocery stores? Before you make your purchase decision, make sure you know your neighborhood. Mybe even consider driving back through the neighborhood at night. Having your criteria in mind can certainly help, but in the end you want to go with the house that you really fall in love with. There is a lot of free information available to you about buying, selling or investing in Ocean Springs Mississippi real estate. For complete information about the Ocean Springs Mississippi real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Ocean Springs Mississippi real estate at raindev.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at (850)699.4290 or email me at info@raindev.com. |
|
Buying a home that needs repairs - financing options |
If you have a situation where repairs are needed, but the seller is not able to complete the repairs prior to closing, there are two ways of getting financed:
Minor Repairs – repairs totaling less than $3,300 can be escrowed on a conventional loan or an FHA loan. Essentially, the lender holds in escrow the amount of the repairs as well as a 1.5% contingency reserve (the total escrowed amount cannot exceed $5,000). In addition to the escrowed money, the borrower would need funds for the down payment, any closing cost requirements as well as the actual cost of the repairs. The borrower has 10 days from the date of closing to complete the repairs. After the repairs are completed, the escrowed amount is released back to the borrower. This route does require the borrower to have sufficient funds, but it is a way for the borrower to purchase a home with minor repairs.
Major Repairs – The FHA 203k is a way for borrowers to purchase a home that has repairs in excess of $5,000 and less than $33,000. This loan does NOT require a repair escrow. The repairs can be financed into the loan above and beyond the sales price. An attached flyer will provide more information on this loan program. The ultimate situation would not require either of these two loans to be used; however, in today’s market having this knowledge may be useful.
Courtesy of : Kevin Meador, Branch Manager/Loan Originator America's Mortgage Resource
For additional information on buying a home in Ocean Springs contact us at 228-875-4499.
|
|
|
What is an impound account? |
What is an impound account?
An impound account is a trust account established by the lender to hold money to pay for real estate taxes, and mortgage and homeowners insurance premiums as they are received each month.
|
|
Last Updated ( Tuesday, 29 July 2008 )
|
|
Read more...
|
|
|
appealing your property taxes |
Where can I learn more about appealing my property taxes?
Contact your local tax assessor's office to see what procedures to follow to appeal your property tax assessment. You may be able to appeal your assessment informally. Mostly likely, however, you will have to go through a formal tax-appeal processes, which begin with an appeal filed with the appropriate assessment appeals board.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
|
Are property taxes deductible? |
Are property taxes deductible?
Property taxes on all real estate, including those levied by state and local governments and school districts, are fully deductible against current income taxes.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
|
Tax benefits to homeowners |
What tax benefits are there to area homeowners?
Homeowners benefit from several generous tax advantages. The most important benefit is the mortgage interest deduction. People may deduct interest paid on mortgage loans totaling up to $1 million used to buy, build or improve a principal residence plus a second home. The IRS calls such loans acquisition debt.
Points paid by the buyer or seller on a new mortgage loan for the purchase or improvement of a principal residence are deductible for the year in which the home was purchased.
Any points paid on a refinance mortgage, a loan to purchase a second home or a mortgage on income property must be spread over the life of the loan, according to Edith Lank and Miriam S. Geisman, authors of "Your Home as a Tax Shelter," Dearborn Financial Publishing, Chicago; 1993.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
Are points deductible?
If you are a buyer, and you or the seller pays points, they are deductible for the year in which they are paid only. You also can deduct any points you pay when you refinance your area home, but you must do so ratably over the life of the loan. Consult your tax or financial advisor.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
|
loss from selling your home |
Can I deduct the loss I suffered when I sold my area home?
The Internal Revenue Service currently does not allow deductions for losses on the sale of your own home. In fact there's no way to use a loss on the sale of your principal residence to your advantage on your income tax return.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
What are the rules on capital gains when inheriting a house?
When children inherit a home, the Internal Revenue Service determines their basis in the property on the date of the owner's death. The cost basis is not the amount the owner originally paid for the house, but the property's fair-market value on the date of the parent's death.
Cost basis is a tax term for the dollar amount assigned to a property at the time it is acquired, for the purpose of determining gain or loss when it is sold.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
How do I save on taxes?
Here are some ways to save money on taxes:
* Mortgage interest on loans up to $1 million is completely deductible for the year in which you pay it to buy, build or improve your principal residence plus a second home.
* Points, or loan origination fees, also are deductible no matter who pays them, the buyer or the seller.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
Are taxes on second Ocean Springs homes deductible?
Mortgage interest and property taxes are deductible on a second home if you itemize. Check with your accountant or tax advisor for specifics.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
|
who gets a sold homes furnishings? |
Who gets the furnishings when a home is sold?
It depends. Fixtures, any kind of personal property that is permanently attached to a house (such as drapery rods, built-in bookcases, tacked-down carpeting or a furnace) automatically stay with the house unless specified otherwise in the sales contract. But anything that is not nailed down is negotiable. This most often involves appliances that are not built in (washer, dryer, refrigerator, for example), although some sellers will be interested in negotiating for other items, such as a piano.
|
|
Last Updated ( Tuesday, 29 July 2008 )
|
|
Read more...
|
|
|
sellers disclosing other offers |
Do sellers have to disclose the terms of other offers?
Sellers are not legally obligated to disclose the terms of other offers to prospective buyers.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
|
considerations before buying |
What are some pre purchase considerations to think about?
When you buy a resale home, you can find out a lot more about the area property and the neighborhood before you buy than when you buy a new home.
Land to support new-home developments usually is located on the outskirts of town. Potential buyers should ask the developer about future access to public transit, entertainment activities, shopping centers, churches and schools. Find out how far it is to the nearest library, for example.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
Do area builders offer financing?
Builders often include financing programs to help move more buyers into a project early on. If it's a buyer's market in the area, you can be sure that developers will offer incentives such as low-down-payment financing.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
|
are vacation homes an investment? |
What do you think of a area vacation home as an investment?
You can buy a vacation home today for investment purposes as well as enjoyment. And yes, there are tax benefits.
Some people buy a vacation home in the area to use as a permanent retirement home later, which allows them to get ahead on their payments. Another benefit is that the interest and property taxes on a vacation home are tax-deductible.
Some real estate experts predict that vacation homes will appreciate in value due to rising demand from the aging Baby Boom generation.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
|
Should I buy a vacation home? |
Should I buy a vacation home in ?
Today a vacation home can be purchased for investment purposes as well as enjoyment. And yes, there are tax benefits.
Some people buy a vacation home in the area with the idea of turning it into a permanent retirement home down the road, which puts them ahead on their payments. Another benefit is that the interest and property taxes are tax deductible, which helps to offset the cost of paying for a second home. A vacation home also can be depreciated if you live in it fewer than 14 days a year, or 10 percent of the rented days - whichever is greater.
|
|
Last Updated ( Thursday, 04 September 2008 )
|
|
Read more...
|
|
| | << Start < Prev 1 2 3 Next > End >>
| | Results 1 - 27 of 80 |
|