Last week I wrote about the problems with getting FHA approval for your condo associations. Today we address the fees that are charged at closing. I am told that the associations get some of them, but I think in most case the fees are accessed and kept by the management companies. One again the offenders are the large three or four management companies in Nashville. They have all kinds of creative names like transfer fees. But the bottom line is that someone's name is added to the roll and someone is taken off. The cost has to be almost nothing. I have seen $500 and more charged. I am sure they correctly believe they can do this and though they may grumble, no one walks away from the closing. These things should be addressed by the associations. That is my thought for the day.
Wednesday, November 28, 2012
Wednesday, November 14, 2012
Do you need or want to move?
Is it proving difficult to sell or are you upside down?
You have to be able to qualify for both payments, but you may be able to rent your present home and then buy a new one. So even if your present home is under water (so to speak) you may be able to get a great buy on a new one. You may be able to rent out the home for more than your total mortgage payment and have an investment that not only pays for itself, but pays you dividends every month for the next 30 years or more.
Your rental property will slowly build equity for you and can probably give you a tax advantage. For more details shoot me an email or call at 777-4663.
You have to be able to qualify for both payments, but you may be able to rent your present home and then buy a new one. So even if your present home is under water (so to speak) you may be able to get a great buy on a new one. You may be able to rent out the home for more than your total mortgage payment and have an investment that not only pays for itself, but pays you dividends every month for the next 30 years or more.
Your rental property will slowly build equity for you and can probably give you a tax advantage. For more details shoot me an email or call at 777-4663.
Wednesday, November 7, 2012
Why should one own a home?
Here are five reasons. Many people across our nation are finding their dream home, but many are still on the sideline in spite of record low interest rates and great prices on the potential new homes.
•Build Equity---You can build equity rather than pay for a home for your landlord. If you rent you are giving him your money to pay his mortgage. If you pay your own mortgage, you gain a little principal each month and in the long run the home should continue to grow in value.
•Predictability--- Other prices will go up over time. But the principal and interest portion of a fixed rate mortgage remains the same over time.
•Tax Breaks---You may deduct the interest and property taxes. Even energy-efficient upgrades may be tax deductible.
•Appreciation---Home prices are again rising. Over our history (though there have been some bumps) the long term trend is definitely up.
•Social Benefits---Homeowners generally rate themselves happier and healthier than their renting counterparts.
•Build Equity---You can build equity rather than pay for a home for your landlord. If you rent you are giving him your money to pay his mortgage. If you pay your own mortgage, you gain a little principal each month and in the long run the home should continue to grow in value.
•Predictability--- Other prices will go up over time. But the principal and interest portion of a fixed rate mortgage remains the same over time.
•Tax Breaks---You may deduct the interest and property taxes. Even energy-efficient upgrades may be tax deductible.
•Appreciation---Home prices are again rising. Over our history (though there have been some bumps) the long term trend is definitely up.
•Social Benefits---Homeowners generally rate themselves happier and healthier than their renting counterparts.
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