| In
This Issue |
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| Monthly
Quote |
“In all things of nature,
there is something of the marvelous.”
Aristotle, Greek philosopher (384 B.C.
– 322 B.C.),Parts of Animals
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| Tip
Of The Month |
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Are you thinking of selling
your home but can’t stop listing all of the major improvements
to be made before it goes on market? The roof, new tile in the
bathrooms, new carpet, paint… Before you whip out the tools
(or the phone), you should be aware that it may be a smarter idea
to do the bare minimum to get the house presentable. According
to House Selling for Dummies, it is actually wiser to offer buyers
a credit in escrow to cover the repair cost of major items like
the roof. To prepare for this, you should get several competitive
bids for the work from local contractors that are reputable. You
can base your credit offer on the lowest, but still realistic,
bid.
(Source: House Selling for Dummies, by Eric Tyson and Ray Brown,
Wiley Publishing, Inc., 2002)
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| Seasonal
Suggestion |
Have you ever found yourself on vacation during
these summer months looking at the local real estate, thinking
“Wouldn’t it be great to have our own place here?
Wouldn’t it be lovely to escape here?” Plus, you have
probably seen yourself that homes in popular vacation spots are
good investments.
Buying a vacation home, however, may not always
be a trip to the beach, so to speak. There are many hidden costs
you must watch for. Remember that a second home means a second
set of bills: another mortgage, another electric bill, another
set of furniture and so on. Even if you manage to rent it out
for part of the year, you will still have to pay for these items
and the home may not be full of paying visitors year-round. If
you plan on renting or leasing, you may also have to hire a property
manager and pay for such necessities as lawn care or snow removal.
Another thing to remember is that your property
taxes may be higher if your second home is in an area that experiences
hurricanes or floods. You should also know that although a vacation
home might be a bit of a tax write-off, you can only deduct mortgage
interest on your primary residence and one other residence up
to a principal loan amount of $1 million, or $100,000 for a home
equity loan.
(Source: USA Weekend)
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