As the New Year is fast approaching, most people are rushing around trying to meet deadlines for work before leaving for the holidays or to wrap those last few presents. But if you are a homeowner, you should add to your holiday to do list. There are a few things you should consider to get done by the end of the year other than the baking of the cookies or figuring out where to party for New Year’s Eve.
Prepay mortgage interest. If you have the cash handy, you should try and pay your January mortgage payment before the end of December. The interest portion of that payment will actually be accrued to your mortgage in 2012, so if you pay your January 2013 mortgage payment in December 2012 you will increase the mortgage interest deduction you’ll be able to take as soon as you file you 2012 taxes.
Close on your refi. If you are a home buyer, it is almost too late to start and close an escrow this year. If you’re a homeowner in the process or considering refinancing your home, there might still be time to hurry and close the deal. Discount points or other prepaid mortgage interest you shell out to close a refinance home loan may be considered fully tax deductible on your 2012 tax return. to read more…
Friday, December 28, 2012
Thursday, December 27, 2012
The 2012 Review of Zoning in Philadelphia
This blog post is a review of the most popular stories of the zoning, policy and development of 2012 in Philadelphia real estate. Since the new zoning code took effect in august after a four year reform effort, it didn’t prohibit the City Council from changing its rules, which what policy actually could. As the zoning reform was coming to a close last year around this time the City Council asked for a clause to be added to the code for various city agencies to issue a report on the one year anniversary of the enactment. This would let the city assess how its various provisions are working. With the Council making changes to the zoning code, we will never know if some of the new codes provisions would have worked. To read more…
Thursday, October 18, 2012
Get a Home Inspection When Buying a Home
[youtube=http://youtu.be/6qW82fcLUEw]
Get a Home Inspection When Buying a Home
Hire a professional home inspector before you buy a home. The time to discover expensive defects is before you buy the home. Even brand new homes often have major construction flaws. The $350-$500 is worth the money, especially if they find a $1,000+ defect.
Typically, a home inspector is contacted immediately after the contract or purchase agreement has been signed. Before you sign, be sure there is an inspection clause in the sales contract, making your final purchase obligation contingent on the findings of a professional home inspection. This clause should specify the terms and conditions to which both the buyer and seller are obligated.
The home inspection report will cover the condition of the home’s heating system; central air conditioning system; interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement and structural components. Included with your home inspection report are usually digital pictures, a cost range guide, and general report summary of major defects.
Get a Home Inspection When Buying a Home
Hire a professional home inspector before you buy a home. The time to discover expensive defects is before you buy the home. Even brand new homes often have major construction flaws. The $350-$500 is worth the money, especially if they find a $1,000+ defect.
Typically, a home inspector is contacted immediately after the contract or purchase agreement has been signed. Before you sign, be sure there is an inspection clause in the sales contract, making your final purchase obligation contingent on the findings of a professional home inspection. This clause should specify the terms and conditions to which both the buyer and seller are obligated.
The home inspection report will cover the condition of the home’s heating system; central air conditioning system; interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement and structural components. Included with your home inspection report are usually digital pictures, a cost range guide, and general report summary of major defects.
Tuesday, October 16, 2012
Central Bucks School District Attempts Appeals Again
For three years, Central Bucks School District has not been able to collect the tax revenue because of the property assessments being too low. Throughout the county in 2009, thousands of assessment appeals were filed by property owners who were successful in their appeals. 46 percent of the 5,200 filed, were granted a total of $4 million in tax relief, which the schools no longer receive.
The school district has spent $20,000 the past years trying to reclaim some of that revenue; the effort was a complete failure. In 2011, the appeals didn’t even make it to the board because of a technical problem. Trying again, this year the school district is hoping to get an additional $772,000 in taxes by challenging the assessments of 37 homes and eight commercial properties.
At Thursday night’s assessment appeal hearings, it’s not looking good for Central Bucks School Distrcit. Attorneys, real estate agents, appraisers and residents all spoke at the hearings, pointing out all the problems with the appeals. Representing 25 of the 37 property owners, an attorney said the school district had failed to meet its burden of proof in every single appraisal he looked at. Is Central Bucks looking at failure again?
To read more…
The school district has spent $20,000 the past years trying to reclaim some of that revenue; the effort was a complete failure. In 2011, the appeals didn’t even make it to the board because of a technical problem. Trying again, this year the school district is hoping to get an additional $772,000 in taxes by challenging the assessments of 37 homes and eight commercial properties.
At Thursday night’s assessment appeal hearings, it’s not looking good for Central Bucks School Distrcit. Attorneys, real estate agents, appraisers and residents all spoke at the hearings, pointing out all the problems with the appeals. Representing 25 of the 37 property owners, an attorney said the school district had failed to meet its burden of proof in every single appraisal he looked at. Is Central Bucks looking at failure again?
To read more…
Thursday, October 11, 2012
Four Questions to ask before Buying a Home
I’m sure you have heard that it’s a good time to buy a home right now. Interest rates are at historic lows and the prices of homes in many areas of the U.S. are low and some major metropolitan areas are seeing an increase. Although buyers are eager to buy, don’t make the mistake of buying now just because everyone else is. Before even considering looking, ask yourself these questions.
Am I prepared for the responsibilities and risks of homeownership? Can I afford to buy a home with amenities I need in a location where I want to live? Am I willing to compromise? Am I willing to take the time and make the effort to carry out due diligence investigations in order to ensure that you make a wise purchase decision?
To read more…
Am I prepared for the responsibilities and risks of homeownership? Can I afford to buy a home with amenities I need in a location where I want to live? Am I willing to compromise? Am I willing to take the time and make the effort to carry out due diligence investigations in order to ensure that you make a wise purchase decision?
To read more…
Wednesday, October 10, 2012
Warrington Residents to Vote on Open Space Spending
Does it seem that every time you drive down a street you see a new development of houses being built? This is why Warrington, Located in Bucks County, PA, is looking to borrow up to $3 million to preserve open space, improve township parks and link community trails. Township officials think that with the current real estate prices and interest rates at historic lows, it’s the right time for residents to support an open-space referendum.
Voters will see the question in the Nov. 6th ballot, asking if they want to spend not only to buy and protect open space but also to improve the parking at Barness Park and “facelifts” for lesser known parks. Also, with the township growing, athletic fields for a wide variety of sports are in demand. This bond money could help pay for more space. In 1995, Warrington borrowed $2.1 million for open space preservation and has about 700 acres already protected from development. To read more…
Voters will see the question in the Nov. 6th ballot, asking if they want to spend not only to buy and protect open space but also to improve the parking at Barness Park and “facelifts” for lesser known parks. Also, with the township growing, athletic fields for a wide variety of sports are in demand. This bond money could help pay for more space. In 1995, Warrington borrowed $2.1 million for open space preservation and has about 700 acres already protected from development. To read more…
Tuesday, October 9, 2012
Electrical Wiring When Renovating Your House
[youtube=http://www.youtube.com/watch?v=dEpU6yObCRs&feature=share&list=UUGdzcze2n5ho3OIYfF4XSXg]
Have you ever asked we when estimating your rehab costs on a home: How much does it cost to rewire an entire house? What is knob and tube wiring? How do I properly wire (new electrical) my house up to code?
Watch this video for electrical wiring tips and installation
Have you ever asked we when estimating your rehab costs on a home: How much does it cost to rewire an entire house? What is knob and tube wiring? How do I properly wire (new electrical) my house up to code?
Watch this video for electrical wiring tips and installation
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