Questions tagged [home-ownership]

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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61 views

buyout siblings [closed]

buyout siblings on house in an irrevocable trust with little credit history and job history. My last job was done off the books; taking care of our mother before she passed. What are my options? Can ...
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2answers
229 views

Should I live in someone else's property for free or should I house hack?

I'm in my mid twenties and my financial goal is to be able to retire early with probably an average workers' income as passive income. I have an opportunity to manage a property, including renting out ...
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1answer
129 views

How to use savings to buy security

I am a 28 year old single male and I have about 30k USD in my retirement account and 100k USD in my savings and checking accounts. I'm on track to save another 30-40k through the rest of the year as a ...
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2answers
266 views

Can you gain access to the equity in your house by selling it to yourself?

I am sure many people are in a situation like this: I've owned my house for a while and now there's a decent amount of equity in it which I would like to tap into. One option is to get a Loan or HELOC....
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1answer
226 views

Paying the rent with profit of private investment company: What what would be the best construct?

My partner and I have rented a home in a small village and would like to stay there for many decades to come. However, I feel uncomfortable being a tenant. So, we have saved enough money to buy a ...
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2answers
109 views

Shared ownership with sibling

Here is my current situation: I am looking to purchase a property with my sibling that we will both live in. They are a graduate student, so their current income isn't great ($25,000/year) but they ...
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1answer
80 views

Can ownership percentage go down if the home value goes down?

Husband and wife together with mother buy a house $452,855 purchase price in 2005. Mother puts down $152,000 downpayment H&W hold mortgage of $300,855.Mother has 33.6% ownership and H&W have ...
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3answers
143 views

How does equity work if you use equity to for a down payment on a second house?

If home equity is used as a down payment on a second home, how much initial equity does the second home have? is it equal to the equity-down-payment as in a cash down payment for a home? Say you have ...
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0answers
20 views

Master condo insurance - Replacement costc vs insurance coverage limit

What's the difference between the replacement cost and the insurance coverage limit for a master condo insurance policy? Are they the same quantity? If not, how should I think about their difference?
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1answer
154 views

Does purchasing a second home qualify for 401K hardship withdrawal?

I just asked Vanguard and they checked my withdrawal availability: Either Hardship withdrawal may only be taken for the following purposes: Purchase of a primary residence. Prevention ...
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1answer
222 views

Am I causing any problems for myself by having no records of owning or leasing a residence?

Nothing prompted this question other than wandering curiosity. We know that it is possible to suffer a poor credit score due to a thin credit history and lack of variety of credit. Is it ...
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1answer
174 views

Financing a house

So I'm in an odd situation. My mom, who has cancer, was about to be foreclosed on by defaulting on her HELOC. Not wanting to lose my childhood home and seeing an opportunity to get into property ...
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2answers
203 views

Should I invest in house? [duplicate]

I'm a 26 year old guy living in Croatia (Europe) in a coastal town known for tourism. Average salary in Croatia is around 700€, while I have a steady job and earn 1700€ (after tax) as a software ...
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3answers
2k views

Why is 5 years the 'magic number' for how long one should live in a home? [duplicate]

It seems common knowledge that it is good to buy a home if you plan to own it for 5+ years as seen in this answer as that is the point at which you will make up for losses(e.g. realtor fee) ...
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1answer
77 views

Getting an FHA with less than 1 year of self-employment income

My wife and I (in our 20's) are looking to purchase a home in September after our lease is up, but won't quite have enough for 20% down by then (most likely 10-15%. I've currently switched from W2 ...
2
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1answer
215 views

How can I hedge against local home value?

I'd like to hedge against my neighborhood home value. I'm not terribly concerned if the overall housing market fluctuates, since if I move and sell my home for less, I can buy a new home for less. I'...
1
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2answers
133 views

Should relocation to more expensive area affect home-ownership decision?

I am about to relocate (from outside the US to Massachusetts) for a limited time period (~4 years). Compared to my current job and expenses, both prices and wages should be approximately X1.5 times ...
18
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6answers
4k views

Previous owner of my home wants to buy it back but the property's value is less than my loan… what to do?

I've owned my home for close to 5 years and it's value is currently around $100k below my loan amount (according to zillow). I hate living here, and I've wanted to sell it for a long time. Today, ...
2
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2answers
202 views

Add joint owner to title of a fully paid house in the United States

While married, I bought a property, in my name only, nine years ago. It has been fully paid off for six years. I want to add my spouse of 20 years as a joint owner on the title. What is the process ...
12
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8answers
6k views

How much income am I getting by renting my house?

I am moving from Portland, OR to SF Bay area and therefore contemplating whether to sell or rent the house. I am not planning to move back to this house. Property details: Bought for : $267,000 Paid ...
18
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5answers
5k 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 ...
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2answers
490 views

Is it more financially sound to own 100% of one property or 50% of two properties?

Property A: 3-bed flat in a decent location, say, worth $100k Property B: 2-bed flat in a marginally worse (but still decent) location, say, worth $75-80k Person X and person Y both inherited 50% of ...
2
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2answers
174 views

How do I calculate what percentage I will own of my parents vacation home?

My parents own a vacation cabin that I would like to invest in. The cabin is worth $330,000 and they have a mortgage on it with a balance of $125,000. They took out $40,000 of their primary ...
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1answer
59 views

Which option to invest savings on home ownership? [closed]

I have savings of ksh 1m to invest in a residential plot(1/8th of an acre) - not built - in the suburbs of Nairobi city - say 30km from the city (Kitegela). the plots cost from 2m-3m, is this a good ...
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9answers
12k views

Do I care if the housing market has gone up or down, if I'm moving from one house to another?

I can see several cases in which it obviously IS important if the market is high or low. e.g: if I'm buying my first house if I'm retired and selling my last house if I'm moving to a very different ...
2
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1answer
229 views

How do we guarantee my live in girlfriend’s interests when we share expenses?

I am buying a house because my credit is better than my girlfriend. How do we go about after the purchase if we share expenses and how do her rights get protected?
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1answer
41 views

How much is paid in taxes if the Homeowners Tax Deduction equals a person's Income Tax amount (USA, FL)

I was wondering how much of a yearly tax payment could be deducted using the homeowners tax deduction. I know that the policy allows for a deduction of the interest payments amount for up to $750,000. ...
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3answers
211 views

Able to pool funds for a downpayment and co-ownership of a home?

I want to buy a house but I do not have quite enough for the 20% down payment I'd ideally like to post for the mortgage. My wife and I are thinking of chatting with our family and getting together ...
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2answers
192 views

Buying strategies for foreclosure condos

I saw a foreclosure condo which seems upgraded by the bank. I really liked the place, but the price can be cheaper. Can we negotiate with the bank on such foreclosure houses? What are some ...
2
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1answer
46 views

Switching homeowners insurance - are there any considerations to take into account during the transition period?

My current homeowner's insurance has bungled a recent repair and I'm ready to move to a new company. I have done the research and found a firm that I feel very comfortable with. I'm planning to switch ...
28
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7answers
12k views

Why would a rational buyer offer to buy with no conditions precedent?

Assume that the Canadian Reddit commenter beneath is rational. I corrected typos. As an investor, I have a tactic where I only buy houses via the listing realtor, and do not use my own. Why? ...
3
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1answer
191 views

What does 'raise money on the security of the house' mean?

I am reading about a personal finance situation in which "A 78 year old widow wanted to help her nephew raise money on the security of her house, provided she can remain there for life. I'd like to ...
16
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10answers
4k views

Recent college grad. Down payment on a house or car?

So here's the situation I'm facing. I've recently graduated college but have been working for a while now. I've managed to save up around $10,000 aside for my "money to live" stash. And like most ...
6
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4answers
11k views

How do I determine the amount of a buy out between common law partners in a home owned together?

I currently own a home with my common law partner. We have lived there for 2 years and are now splitting up. Both our names are on the house, and we have paid 50/50 for everything from down payment / ...
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4answers
851 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 ...
3
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3answers
277 views

What (and how hard) can I REALLY bargain when buying a new home through a builder?

I am about to buy a brand new home in the state of Texas. It should be ready in about 12 months. The home is being bought through a builder and therefore I have a few floor plan options (I can add or ...
0
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1answer
99 views

Should I pay off my home mortgage due to TCJA cutting SALT deductions?

Definition Under prior law, in addition to being allowed to deduct 100% of state and local income (or sales) taxes, homeowners could deduct 100% of their state and local personal property taxes. ...
0
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1answer
198 views

401(k) losing money, considering withdrawal to pay off mortgage

I left my job 13 years ago with $80,000 in a 401(k) plan and $500 a month pension. Two years ago the company told me that I had to get money for pension. I had already lost $45,000 of my 401(k) due ...
62
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8answers
20k views

Should I deplete my saving and buy a house with cash, or should I rent?

My wife and I are very frugal. We've been living abroad for several years and saved a decent amount of our salaries. We've decided to move back to the US this year. We've found a modest home that ...
2
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2answers
430 views

Strategies on buying a house for a first-timer

I'm 29, and I live in Chicago NW suburbs. I pay a lot for rent, so I am planning to buy my first house. I have no prior experience on this. What are some tips and strategies to buy a home? More ...
2
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2answers
157 views

When buying a house in California, what inspections should you do?

I am in the process of buying a house in Indio, California In the event my offer is accepted, what type of inspections do I need to do. I am actually living in the UK (the property will be a short ...
2
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2answers
269 views

how to divide ownership of a house with family member who stopped contributing 8 years ago?

My brother and I bought a house together back in 2006 for $270k. We both contributed 50% to the mortgage between 2006 and 2011. My brother moved out in 2011 and stopped contributing to the mortgage, ...
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1answer
61 views

Real Estate Agent Exclusive Agreement - Geographic Restriction

I am searching for homes in two different geographic locations in NJ. I was refereed to an agent who is local to one area I am looking at buying. I told him I may want to look further south and ...
18
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3answers
1k views

What are the most important things to ask a real estate agent before hiring them?

I've been researching the best ways to search for a home, and questions have come up about real estate agents. Getting a good real estate agent could potentially save you thousands of dollars, but I'...
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3answers
421 views

Running the numbers on buying a house for 3 years instead of renting

My SO and I moved out to a new city while she's in med school. We're currently in an apartment paying ~$1,300/mo (after utilities, etc...). However, the other day I realized 2-3 bed houses here cost ...
2
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4answers
491 views

European banks, low interest rates and “free money” for home owners?

Where I live in Scandinavia and across Europe, interest rates are very low. More and more people are using the rising value of their home to draw out money. I would almost call it "free" money when ...
0
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1answer
287 views

To make a Gift Deed or Sale Deed

I live in a house that have a share of my brother. I want to pay my brother share in cash by taking a Home loan. The house is in name of my father. Now I am confused & blank about thinking that ...
2
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2answers
219 views

What are the unknown costs of getting out of a housing purchase?

I just got the appraisal back on a house I am under contract to buy, and the appraisal is "passing" but not impressive. I'll admit I screwed up doing my due diligence. I can easily not qualify for ...
8
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4answers
2k views

Am I really house poor?

This is my financial situation and I hope that someone can guide me. I have been in the market for a house to buy. There is a house that I like and I wanted to know if I could afford it. I have ...
0
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3answers
222 views

How can I offer a price lower than the listing price, without angering the vendor?

Dan Barnabic, Post Graduate Engineering (Naval Academy Rijeka). The Condo Bible for Canadians (2013). p. 25. Notwithstanding market conditions, always start with a low offer — say, 75% of the asking ...

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