Any questions related to Home Ownership. There is a related specific tag for Mortgages. It is recommend you include a country, state tag, or location in your question.

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10
votes
4answers
2k views

Interest rates dropped significant immediately after purchasing a home

Imagine that: One buys a home at an interest rate, for example 3.625% Several days after closing, interest rates have dropped to 3.4% The timing is rather unfortunate here. Is there any way to ...
17
votes
6answers
5k views

Was this a good deal on a mortgage?

I just graduated college last year, and was looking to buy a house. Clearly I wouldn't be able to buy it outright, so I was thinking of getting a mortgage. I have a steady job (~$55,000 annual before ...
0
votes
6answers
219 views

Is buying a home a good idea?

My husband and I have disagreed on this subject for a long time. He thinks buying a home is more of a burden than a good thing. We rent a nice house, and if something breaks we call property ...
4
votes
4answers
137 views

Income tax effects of 401(k) hardship withdrawal to purchase home?

I am in the process of building my first home. My good friend is a CPA and he mentioned to me taking a hardship withdrawal from my 401k when I close on my house after it is built. He tells me that ...
1
vote
1answer
72 views

Selling house at a profit to buy another house out of state

I am selling my primary at at approximately $170k profit after fees. I'm already under contract for a new primary in another state. However, the new house will close a month or more before my primary ...
23
votes
5answers
9k views

Owning house for 3 years. 15 or 30 year mortgage?

I'm about to move to a new area and will be living there for 3-4 years and then moving to another area (I'm in the military and move every 3-4 years) and I'm thinking that buying a house there is my ...
0
votes
1answer
66 views

Capital Gains tax when moving for school

My wife and I purchased our home in August of 2014, but now she has been accepted into a doctoral degree program 200 miles away, so we need to sell the house and move. Unfortunately, we might be ...
1
vote
1answer
48 views

Home sale capital gains tax under two years

I have lived in my townhouse (primary residence) since July 2015 and have considered selling my house due to the crime in the area picking up. I have considered purchasing a new house in a better area ...
1
vote
1answer
81 views

To sell or to rent the house?

My wife and I currently have a mortgage on one house with a little over $4k left on the loan with 6 or 7 payments left. We are buying a new house (with a mortgage, 80% LTV financed at 2.875%, 15 year ...
0
votes
1answer
198 views

Should I buy a 2nd home for approx. $400-450K at age 63, if I can put down 35-40 percent?

I own and lived in a condo apt. and have no mortgage on it and moved (out of state) and rent it out. I am supported by the rental income as well as still earning a modest income. I want to retire in a ...
5
votes
2answers
77 views

Price to rent ratio outside of major cities

I'm interested in US price/rent ratios, such the list here: https://smartasset.com/mortgage/price-to-rent-ratio-in-us-cities However, it seems like such statistics are always compiled by major city. ...
1
vote
2answers
44 views

How to budget for home maintenance

Does anyone have any good ideas/estimates/sources for how my wife and I should budget for upkeep of the flat we've just bought and moved into. Most of the "hidden costs of home ownership" articles ...
3
votes
2answers
77 views

How do I evaluate reasonability of home improvement projects?

Assuming that I could afford to make improvements to my home, how do I evaluate whether a project is worth undertaking and not too expensive for the value of my home? I'm not running my household as ...
4
votes
1answer
183 views

Co-signing a loan with girlfriend. How do I protect myself?

I live with my girlfriend. We are in a committed relationship and we both see things progressing toward marriage. We recently found out that the house we live in needs a new roof. She owns the house; ...
1
vote
3answers
100 views

How to calculate ownership for property with a partner

Property value : £484,950 My deposit: £20,000 ( plus additional fees for stamp duty of £11,000 payment from myself) Her deposit: £4,247 Help to buy government 40% gov loan interest free for 5 ...
2
votes
1answer
162 views

What happens to an Earnest Money Deposit if underwriting falls through?

I paid an Earnest Money Deposit (EMD) on a home purchase to an escrow account setup by real estate agents and later paid the full down payment amount to the title insurance company. If underwriting ...
11
votes
3answers
7k views

In the donut hole of assistance, Should I buy a home?

I heard that there are a ton of credits and assistance for my county/state for first time home buyers, so I started to casually look at the assistance programs. Unfortunately, because I would be ...
4
votes
1answer
97 views

Advice on helping younger relatives to buy a house in the UK

Younger relatives of ours would like to move to our area but it's quite expensive - they can only really afford half of a house deposit. We've just come into enough money to make that up to a full ...
0
votes
4answers
153 views

How to take advantage of home appreciation

Lets say my home's value appreciates considerably. How can I take advantage of this? I'm unwilling to downgrade (all the other houses in my area has also appreciated, so if I sell and re-buy, I would ...
1
vote
3answers
226 views

Purchasing a condo vs renting when monthly payment is very similar

Basically my mother wants to move closer to us and rents range from $1900-$2000/month for a 2br place. Condo's similar size with mortgage, insurance, taxes, hoe, etc come out to be $2k-$2.2k/month. ...
7
votes
1answer
164 views

At what damage amount should I pursue a homeowner's insurance claim?

We have a recently built house (2008). This past year, a roof leak materialized. I am out of pocket $3250 for several contractor visits that tore out interior drywall, recaulked flashing and siding, ...
0
votes
2answers
108 views

Home ownership or renting

I grew up an orphan...even though, I've been able to save up around 40K..not enough for a down payment for a house where I live now, but kind of close. I am 35, and made the crazy decision of being ...
6
votes
1answer
119 views

Is it possible to deduct mortgage interest if you aren't named on the mortgage?

In the US, if I obtain a mortgage in my name, can my wife (who contributes to the downpayment/mortgage payment) claim the interest deduction on her taxes? A lot of sources I'm finding online say '...
4
votes
5answers
688 views

How come the government can value a home more than was paid for the house?

If you buy a house at a foreclosure for $100,000... how is the government allowed to value that house at $180,000 for tax reasons. How is what the house cost not exactly the value of it.
1
vote
2answers
74 views

Supplemental Property Tax Assessment (Article 13A) California

We have had the joy of receiving two property tax bills this year. One in the amount of about $7,000, which is the one we expected for the property. We purchased a new house from a builder in May 2015....
-6
votes
2answers
124 views

Can you buy a certain section of a house?

For example, if the owner is willing to sell the roof of their house (which has a flat roof that allows for building an extra floor)? Which type of deed would be required for such a purchase? If ...
1
vote
1answer
117 views

Home warranty policy is not in effect

I bought my current house in dec-2014 and during the buying process I got the home owner's warranty which was paid by the escrow account ($550.00). This warranty should be good for an year and renewed ...
0
votes
1answer
317 views

Paid appraisal by credit card but found out at closing it was just a portion?

I recently did a home refinance and I paid (what I thought) was the entire appraisal fee on my credit card early on in the process. I put the $360 appraisal fee on my Amex. At closing, the appraisal ...
13
votes
3answers
2k views

Why is it good to borrow money to buy a house?

In most cases of purchases the general advice is to save the money and then make the purchase. Paying cash for a car is recommended over paying credit for example. For a house, getting a mortgage is ...
4
votes
3answers
2k views

3 car garage vs. 2 car garage home ?

I am choosing between buying a brand new house. I have two options. Both houses are exactly the same, but one has a 3 car garage, and the other one has a two car garage. The 3 car garage house is $...
12
votes
4answers
3k views

What percent of the profit do you get from selling a home with a mortgage?

This is a very simple question, but I've had a hard time finding a simple answer. Suppose Bob has a home that's worth $100k, with a mortgage, with $50k of the principal paid off (so he still owes the ...
0
votes
0answers
57 views

Pros and cons accepting partial ownership of company as opposed to inheriting

My father owns property (buy to rent) and manages this through a small business in the UK. He probably has assets worth in the region of 750,000 GBP but is also still paying down the mortgages on each ...
0
votes
4answers
333 views

How can we force one of the joint owners of a shared property to sell it?

I live in CA. I co-own a house with my sisters. The older sister is living in the house in Texas and won't speak to us, so cooperation is not a solution. How do we get her out of the house so we can ...
0
votes
2answers
333 views

Is there any reason to add my spouse to home title?

I am about to move to Texas and am under contract to purchase a house with 100% cash. I went on the house hunting trip alone so my wife is not listed in the contract. My realtor suggested that I ...
1
vote
1answer
94 views

Cost comparison of cities

I'll graduate very soon with a computer engineering degree. I'm lucky enough to be in a field where there's a lot of openings in the city I live in right now (population: 100 000) but it requires a ...
0
votes
0answers
53 views

real estate property that spans across multiple jurisdictions

Hopefully this isn't off topic, it's about real estate and this is the best SE site I can find. I'm looking at starting a business on a fairly large parcel of land. Once I looked at the assessor's ...
0
votes
1answer
61 views

Home Ownership Entitlement [closed]

I need some advise please. Me and my girlfriend bought a house together. The cost of the property was R720 000.00. I gave R500 000 cash and she got a bond registred in her name for the remaining R220 ...
5
votes
5answers
2k views

How do I calculate ownership percentage for shared home ownership?

I am having trouble coming up with the ownership percentage I should allocate to each co-borrower. Here are the details: My husband and I are one co-borrower and my sister is the other. We are ...
-2
votes
2answers
138 views

Is UK house price spiral connected to debt based monetary system? [closed]

Is the monetary system's debt basis* driving government policy on housing and property, and how could this ultimately affect personal housing affordability? The UK has an ongoing 'situation' with ...
4
votes
1answer
230 views

Capital gains when selling in the US and buying in another country

I have owned my home for over 10 years. I would like to sell it and buy a new house, and I understand that if I do so, I can avoid paying capital gains. My question is, if I'm buying the new house ...
2
votes
1answer
3k views

Basic bookkeeping account entries for a house purchase and mortgage?

I borrow 200,000 to purchase a house worth 250,000, putting down 50,000 of my own. The borrowing is at 5% over 30 years. What are the basic double-entry bookkeeping entries I must make to record this ...
2
votes
0answers
176 views

Maintenance costs for home geothermal heating & cooling / ground source heat pump systems?

My realtor showed me a brand new house that has a geothermal cooling and heating system built in. I did some online research and here is the link to that builder's geothermal system explanation. ...
6
votes
2answers
4k views

Can my mortgage company force me to buy condo hazard insurance?

I live in the United States and have a mortgage for my condominium. After 10 years under my current policy, I suddenly received a letter from the lender, saying "A review of our records indicates we ...
3
votes
4answers
790 views

United Kingdom: Where to save money for a property deposit

I'm currently 22, and I would like to buy a property at some point in 5-10 years, once I can afford the down payment (deposit). I live and work in London England, so for this example, assume my ...
2
votes
2answers
658 views

Whats tips do you have for someone beginning to invest in property?

For a first time investor interested in investing in property, what are the options? Would they be better off buying their own home and holding it for capital growth, or a buy-to-let property they ...
0
votes
1answer
69 views

Loan Application in South Dakota

A co-worker of mine is going in to apply for a loan and start the closing documents for their home, and from the sounds of it they are not going through a Realtor because they are already living in ...
1
vote
1answer
87 views

Selling a home with rules test question

My overall question may require some background so I will detail some items. They may or may not apply. I owned a home in Pa. from Dec 2007 until Aug 29, 2011 in my name only, even though I was ...
8
votes
1answer
612 views

Can't sell my house because of HOA delinquency rate

Just found out a few days before settlement on the sale of my house that most lenders will not lend funds to a buyer if the property they are purchasing is part of an HOA community where more than 15% ...
3
votes
2answers
93 views

Can I rely on my home equity to finance large home repairs?

There are certain "big ticket" home repair items with long expected lifetimes, such as your furnace or your roof, that could fail suddenly before that lifetime is up and need immediate replacement. ...
2
votes
1answer
441 views

US tax Implications on (sort of) buying a house in India

I live in the US (a student on an F1 visa) and my dad, who lives in India, is buying a house in India. He wants to register the house in my name, just as a gesture. I am NOT investing any money in the ...