Posts in category 'Homeownership'
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26
Tips for Preparing for Homeownership
Realtor.com recently shared '5 Habits to Start Now if you Hope to Buy a Home in 2017.' Below are the top three from their list with a brief description.
#1 - Automate Your Down Payment Savings
One way to jump start your down payment savings is to automate your checking account to automatically save a small amount of your paycheck into a separate savings account or 'house fund'. "Amassing enough for a down payment takes discipline & perseverance, but setting up automatic savings can make it easier. If you never see the cash, you won't spend it."
21
5 Reasons Homeownership is a Good Financial Investment
According to a report by Trulia, "buying is cheaper than renting in 100 of the largest metro areas by an average of 33.1%." That may have some thinking about buying a home instead of signing another lease extension, but does that make sense from a financial perspective?
In the report, Ralph McLaughlin, Trulia's Chief Economist explains:
"Owning a home is one of the most common ways households build long-term wealth, as it acts like a forced savings account. Instead of paying your landlord, you can pay yourself in the long run through paying down a mortgage on a house."
The report listed 5 reasons why owning a home makes financial sense:
1. Mortgage payments can be fixed while rents go up.
2. Equity in your home can be a financial resour...
1
Don't Let the Cold Get you – Winterize your Vacant Home
31
Don't Let the Cold Get you – Winterize your Vacant Home
If you have a house that is going to be vacant this winter it is important to winterize the property. Failure to do so can cause dramatic and costly damage. Don't get caught by surprise; here is a checklist of what needs to be done to protect your vacant home.
- Turn down the thermostat so the house will stay at 50 – 60 degrees Fahrenheit.
- Seal small cracks around windows and doors to keep the warm air in and the cold air out.
- Remove all outside hoses from water spouts
- Make sure smoke detectors are working on every floor.
- Place mothballs in the house to prevent rodents and insects.
- Post signs in appropriate places saying, "Winterized – Do Not Use!"
- Make arrangements for snow and ice removal. Contact your
21
Thinking about Renting Out Your Home?
Homeowners who want or need to move don't necessarily have to sell their house. It might make sense to rent it. Renting your home can sometimes lessen the financial burden, and you might be able to turn a small profit. If you're thinking about renting – Ruhl&Ruhl has the answers and we are here to help you with the process. By renting your home you can keep the property to sell later while covering mortgage, taxes and insurance with rental income. Consider the tax breaks you can get from renting out your home. You can deduct pretty much any out-of-pocket expenses related to owning and managing your property while the property is being rented. This could include deducting your mortga...
