If you are an investor looking to purchase Northern Virginia real estate, the timing and benefits of purchasing a single-family home as a rental couldn’t be better than in this current market. Single-family homes used for rental property have particular advantages over other types of investments.
All owners of Northern Virginia real estate are interested in knowing the actual value of their home. What your home is worth depends on what you intend to do with the information. There may be one value based on a purchase or sale, and a completely different value determined for insurance purposes.
Do you own Northern Virginia real estate as a principal residence, and also own a second home at the beach or in the mountains that you use for vacations?
It’s important to know that although principal and second homes have some very similar tax benefits, there are also some differences that you should consider.
In the future, it may be clear that this was the best buyer’s market ever. The prices are down nationwide 35-40% from four years ago, mortgage rates have never been this low and rents are rising. Few homes have been built in recent years to keep up with a growing population. Now may be the best time to buy real estate.
You may be considering transferring the title of your Northern Virginia real estate to an adult child or another person as a gift. Or you may have made stipulations for its transfer in your will. The two situations may be treated differently by the IRS and can have significant tax implications.
Whether you are looking to buy Northern Virginia real estate, or are refinancing, it is worth it to consider entering a 15 year mortgage over a 30 year one. If you can handle payments, which will be a bit higher, you’ll enjoy the lower interest rate and faster equity accumulation. Take the example in the […]
Here is another easy way we can save money as homeowners of northern Virginia real estate: automatic thermostats.
Owners of northern Virginia real estate, please be aware: The IRS currently has a $1.1 million limit on mortgage interest deduction. A recent U.S. Tax Court ruling upholds the IRS’ position that this deduction applies per residence and not per taxpayer.
This month’s issue of ‘Healthy Wealthy and Wise’ is now available. My Free Consumer Newsletter is loaded with useful Consumer & Health Tips, Wild Trivia, Funny Jokes, Entertainment, Quotes, and a bit of Money Saving ‘Insider’ advice from my Real Estate Radio Show!
The extra costly weekend call to the repairman to fix an item that really wasn’t “broken”; it has probably happened to most of us owners of northern Virginia real estate. The feelings of relief that it wasn’t a serious problem are overshadowed by the frustration that we have to pay for the service call.
