Tax Benefits Of Buying A Home Before The New Year

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Tax Benefits Of Buying A Home Before The New Year – If you are interested or in the process of purchasing a home before the end of the year, know that there are several tax benefits you may want to take advantage of. Check out the tax benefits below of buying a home before the New Year.

Here are some ways in which the tax benefits break down:

 

1. Deductions in closing cost: A long list of deductions on your tax return is always a plus. If you close now, you may claim origination fees from your new loan.

 

2. Mortgage deductions: You may be able to deduct the interest from your mortgage, which might mean more money back to you, once taxes are filed. It works through a point system, equating one point to 1% of the principal of the loan. These fees can be fully deducted and included on the income tax deductions list you give.

 

3. Property tax deductions: Property taxes can be fully deducted too! This is one more reason to close now and take advantage of this annual deduction, so you don’t have to wait a whole year to do so. This can be done on your 1040 form.

 

4. Moving Costs: If you are going to be moving more than 50 miles away to a new home, you may be eligible to deduct a portion of your moving costs. However, there is also a commitment requirement, that makes sure you work a certain number of weeks in the new job, following your move, so talk to you tax accountant before considering this option.

 

5. Lock in Mortgage Rates: You may want to lock in 2015 mortgage rates now, in case 2016 rates go off the charts. By locking them in now, you will not be stuck forever with a higher rate. If the rates do drop, you can refinance. If you wait and rates increase, refinancing to lower your rate will not be an option. Smart financing will benefit your tax return for many reasons.

 

6. Get the Best Lending Option now: Lending rules are subject to change in a new year, which could resultant in less options for borrowing. It is up to you if you want to take the risk of waiting. These lending rules affect your financing options in addition to your tax deductions, so if there is one that meets your needs, lock in in now!

 

Owning a home before the New Year allows you to become eligible for many tax benefits. To maximize the benefits, consider talking to the experts; a finance advisor, tax accountant, or even your real estate agent. Make sure you get the most out of your purchase in order to ensure smart financial ownership of your home for the future.

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How To Win A Bidding War

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How To Win A Bidding War – If the real estate market is situated so that there are more buyers than sellers, it’s easy to find yourself in the middle of a bidding war. With the real estate market heating up for buyers, it’s very possible that you might have to outbid someone else for your dream home. If you find yourself in a bidding war, here are 4 great tips to keep in mind that can help you come out on top.

  1. Be organized. Organization is key when buying or selling a home in a high demand real estate market. Sellers want any incoming offers to be easy to read and concise. Make sure you know the answers to several important questions – Is there a deadline to submit offers? Is there a specific offer format the seller wants to see? Are there any other factors that might be important to the seller?
  2. Make an offer that will stand out. If you’re buying a home in a fast-paced real estate market, make sure your offer won’t be seen as too low to the sellers. Make sure your offer is strong and is going to stand out among other offers.
  3. Sweeten the pot. When you’re competing with multiple offers, it’s key to be prepared. If you’re able to pay with cash, that’s a major plus in the eyes of the seller. Not everyone is able to do this, so show the seller you’re serious by getting a pre-approved loan.
  4. Don’t delay closing. Sellers are interested in closing quickly. When handling multiple offers, it’s advantageous to make an offer with few contingencies. Make sure you don’t skip the inspection contingency, however.

If you find yourself in a bidding war, remember these 4 tips to help you come out on top. Did we miss any great tips? Let us know in the comments!

What is Fair Housing and How Does It Affect Me?

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What is Fair Housing and How Does It Affect Me? There are a number of things you need to be aware of as a homeowner or new home buyer. Buying or selling your home is one of the most significant events in your lifetime, and many people do it more than once. It’s a significant process that requires a lot of thought and consideration, as well as an immense amount of responsibility for the buyer and the seller. There are some laws that you need to be aware of in the process of buying and selling your home – one of them is the fair housing act.

What Is It? The fair housing act is a national policy, declaring housing to be equal for everyone in the United States. It makes discrimination, under any circumstance (age, race, gender, etc.), illegal when considering the purchase of a home. It states that each person in the country should have equal access to any home of their choosing.

What Does It Mean? The fair housing act means that no one, under any circumstance, can be refused a home because of any type of discrimination if he or she is qualified to rent or purchase the home. It is a way to protect individuals from being evicted or turned away from a home, due to another person’s bias.

How Does It Affect You? This can affect you as a home buyer and seller, but it will help you to know your rights.

As a home seller, you have a responsibility to not discriminate against the person or persons purchasing your home. You cannot refuse someone based on their age, gender, race, disabilities, etc. You can also not convey to your agent any type of guidelines or limitations for individuals in the selling/buying process.

As a home buyer, you have the right to expect to receive equal opportunities when it comes to the home buying process. This right includes the opportunity to consider a broad range of housing choices, equal professional services, among others.

The Fair Housing Act, all in all, is a way to protect home sellers and homebuyers from any type of discrimination. To learn more about fair housing and what it means for you, please visit here. Were you familiar with the Fair Housing Act? Comment to share with us!

5 Tips For Buying Luxury Properties in Toledo, OH

5 Tips For Buying Luxury Properties in Toledo, OH - Pam Strassner1

5 Tips For Buying Luxury Properties in Toledo, OH – There are a plethora of luxury properties in Toledo. No matter what your taste in homes is, you will have no trouble finding the right one for you. From a glorious French chateau to a Tuscan-style Italian home, the right home is out there, you just need to know where – and how – to look. Although there are some similarities between buying a home and buying a luxury home, there are also some major differences in the process of buying a luxury home. Here are five tips for buying a luxury home in Toledo:

  1. Do your research

This is important when you’re buying any home, but especially when you’re purchasing a luxury home. You are planning to spend a large sum on this property, so it will be important to know everything you need to know about the process. Check the market to get an idea of what you want in the home, as well as the things you don’t want in the home.

  1. Work locally

Work with a local expert to determine the right home choice for you. It might be tempting to find a big-name real estate company who specializes in luxury home sales; however, it might work to your advantage to work with a local realtor. He/she will have a different type of knowledge about the home and the market that someone might not be familiar with if they don’t spend most of their time there.

  1. Be open, and be ready

Be prepared to give more details about yourself than you would when you buy a home. You may be asked what you do for a living, or what assets you have that qualify you to buy a luxury home. Some sellers even require a note from an accountant or an actual bank statement to prove your worth and qualification for buying the new home.

  1. Don’t rush

Luxury homes come with different amenities and overall designs than the homes that are in the lower price range. As such, you should not rush the purchase process and be prepared to have home inspectors with special services. A luxury home inspection could take hours, and require a team of people, not just one person.

  1. Know how to negotiate

You can still negotiate the price of a luxury home, just like you can with homes in lower price ranges. Have your agent look into comparable properties to see what price they have been sold. Luxury homes are prices a certain way because they are often one-of-a-kind. However, if you can find something comparable, it will give you a better idea of what to offer.

For more tips on buying luxury properties, visit here. Keep these tips in mind when shopping for luxury real estate in Toledo! What do you think of these tips? Are you currently searching for a luxury home? Comment to share with us!

New Price – 7456 Timbers Blvd, Home For Sale in Waterville, Ohio!

New Price – 7456 Timbers Blvd, Home For Sale in Waterville, Ohio!

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This 4 bedroom Waterville home has a new price!

Have you seen its stainless steel appliances and master suite?

7456 Timbers Blvd

New Price – 737 Mulberry Street, Perrysburg, OH!

New Price – 737 Mulberry Street, Perrysburg, OH!

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This 3 bedroom ranch home in Perrysburg has a new price!

Have you seen its fireplace and stunning kitchen?

737 Mulberry Street, Perrysburg, OH

2825 Oak Grove Pl, Home For Sale In Toledo!

2825 Oak Grove Pl, Home For Sale In Toledo! 

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4 Bedrooms

2 Bathrooms

Interior: 1,570 sqft

Lot: 0.13 acre(s)

Finished basement with bar

Beautiful gardens and landscaping

Spacious living room

Hardwood floors in bedrooms and much more!

2825 Oak Grove Pl