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.

Filter by
Sorted by
Tagged with
4
votes
1answer
179 views

IRS ramifications of renting to a family member who also entitled to 1/3 of home (informally)

My mother quit claimed her mortgage-free home to me many years ago. It was understood that she would retain financial control the remainder of her life, although never formalized as a living trust. ...
0
votes
1answer
78 views

Paying off a Line of Credit and buying a house

I have an offer from a friend. They currently have a Loan with a house that they own(no mortage,etc) as collateral. They would like me to take over the Loan in exchange for the property, i.e. I pay ...
2
votes
2answers
134 views

Help required on equity share setting up a cohabitation agreement (UK)

My partner and I are in the process of setting up a cohabitation agreement but struggling to come to an agreement of equity split. At the point I moved in with my partner he had equity in the ...
0
votes
1answer
97 views

What does the FHA insurance schema actually mean?

Because of my low savings, but high-income/high-credit-score scenario, I'm only able to get my first house by using an FHA loan (as far as I can tell.) I want to do a 3.5% down, 30-year loan for a ...
0
votes
2answers
1k views

Is there a standard way to calculate property joint ownership percentage when one party has put in zero deposit? [duplicate]

Is there a standard formula/convention to calculate the % of ownership on a property based on the following situation I am buying property together with my partner and her mother. Lets assume for now ...
3
votes
1answer
170 views

Is it possible to get a big personal loan for foreign investment?

I'm from the UK, working as a contractor for a US company, earning $30k+ annually, and I want to buy a house costing around $100k in a non-EU country. I need an investment visa to do this. A ...
0
votes
2answers
123 views

What are my options for tax deductions if buying a house for my sister (complicated)

I am looking at buying a home for my sister to live in and I am trying to figure out if I can deduct any of the interest/payments. This is a pretty special case from what I can tell - I can't tell if ...
7
votes
4answers
524 views

How much can I trust Zillow's “Zestimate” of my home's value?

My wife and I purchased a townhouse almost two years ago. I've signed up at Zillow to receive occasional (monthly?) "Home Report" emails which includes a "Zestimate" of my current home's value, as ...
0
votes
2answers
442 views

How much house can a retired person afford

Consider a single person with a net worth of N where N is between one and ten million dollars. He is retired and has no source of income other than his investments. He wants to buy a home which means ...
3
votes
1answer
273 views

Mortgage Company Holding insurance premium payment til repairs made

I am 70 years old and not in good health and do not know what to do to get my problem solved. My home was damaged by Hurricane Irma Damage estimate: $7500 My deductible was high: $13,200 So I ...
2
votes
0answers
69 views

Who is responsible for verifying seller of property has authority to sell?

I recently purchased a condominium and am now in a situation where my ownership of the condominium is being questioned. The sale was a probate sale where the previous owner passed away and the sale ...
1
vote
1answer
98 views

Claiming more deductions in paycheck to pay house downpayment?

I am in my 20's and single with no dependents and I am saving hard for a home. My goal is buying a place by late 2018. Currently I claimed very few deductions on my regular paycheck so a ...
21
votes
7answers
9k views

Can an unmarried couple buy a home together with only one person on the mortgage?

Suppose there is a couple, Clayton and Emma. Clayton is 26 and has a good job making over $75k a year, Emma is 20 and still in college (she doesn't have any student loans but she has no job and no ...
1
vote
2answers
617 views

What is fair between 10 owners of an estate? [closed]

My father passed away in 2014, and my mother in 2012. They left a will 30 years old. They had my 2 sisters as executors. We were never told anything and they had me and my sister pay rent. I paid for ...
36
votes
6answers
10k views

Buy home and leverage roommates, or split rent?

Currently, I live in a 3 bedroom apartment with 4 other people (5 total), and we are looking to switch apartments because we don't like the place anymore. I started looking around for new places, and ...
-1
votes
1answer
647 views

Is it a wise investment to buy a second home and rent out the first?

I currently live in a house that I own with my parents. 2 years ago I got a job which lets me work remotely,and since then I wanted to move out of state because this house is in an state with killer ...
4
votes
1answer
172 views

Do I have to replace the roof immediately after insurance payout?

I have a $8500 bid to replace the roof after hail damage. Obviously, insurance isn't going to pay out all of it. After the deductible and depreciation, I'm looking at $3700 payout. Are they going ...
-1
votes
2answers
252 views

How to buy a second home while keeping the first and not paying for two mortgages?

I currently live in my parents' house for which I am making the mortgage payments (as a kind of rent). But I would like to buy my own house and move out, and my parents don't want to sell their house. ...
3
votes
4answers
2k views

How do Inspection Contingencies work if the seller offers to fix the problem?

We made an offer on a house and the seller accepted it. Now we did a Home Inspection of the house, and we found that it had unacceptably high Radon levels. The seller has offered to install a Radon ...
1
vote
2answers
224 views

I co-own a house with my Mom. Should I move it under my name 100%?

I purchased a house as a non-occupant buyer with Mom a year ago. It is her home. Good decision at the time for a few reasons and I put down the full down payment (20%). I am thinking that long term ...
0
votes
1answer
73 views

Manufactured home joint ownership

If my sister and I own a manufactured home that I live in and pay everything including taxes for, what are my rights to sell or to remove her from the title? Does she forfeit her rights after so long ...
12
votes
6answers
4k views

Should I invest in my house, when it's in my wife's name?

I loaned my wife about £50k in order to do work on the property she owns. I did this with a documented loan agreement, and she was not my wife at the time. Now we are married, I moved in, and sold ...
0
votes
2answers
101 views

How do I figure out the next step in deciding to sell my home to the market or to a uniquely interested buyer?

I am going to be selling my house soon. It just so happens that the owners of a rental property next door once expressed interest in our home. (In case it's valuable info: They used to live in the ...
3
votes
2answers
497 views

Second house: buy & sell, or make rental income as landlord

I'm looking into purchasing one or two modest houses (I have the budget for this), both on a mortgage, but renting out one of them. One of these would be a primary residence, and the second an "...
-1
votes
2answers
137 views

Rent Personal Residence from Personal REIT

I can't find anyone who's done this, so I assume it doesn't work, but don't know why not. Let's say I'm going to buy a home. Instead, I create an REIT, the REIT buys the home, and I pay rent to the ...
5
votes
1answer
173 views

What home insurance policy riders does the average person buy?

While researching home insurance policies I found myself wondering how often other home owners purchase certain policy riders, such as water backup and sump overflow protection. Are there any ...
4
votes
3answers
258 views

Can a first home's equity be used to bring down the interest rate on a second home mortgage?

Supposing you have a home worth around $500k which you have completely paid off. Now you want to buy a second home, but don't want to sell the first because it brings good rental income. Can you put ...
23
votes
8answers
9k views

Boyfriend is coowner of a house with his sister, he wants to sell but she doesn't

My boyfriend's parents passed away and he and his sister were left with his father's house and the land around it. He's been living there ever since, but in horrible conditions. He can afford the ...
4
votes
3answers
171 views

Confusion about PMI payment on FHA

I have been thinking to buy a house but I always thought that I would go for a conventional loan and put 20% down since my credit score is good and also I do not want to pay PMI for life. Now, a ...
5
votes
3answers
407 views

Unmarried couple buying home, what are the options in our case?

Background My partner and I (not married, but together for years and in it for the long-term) both share many of the same goals and all of the same criteria for wanting to own a home. It's worth ...
3
votes
1answer
441 views

How much should I pay monthly on a mortgage compared to rent?

I'm getting near the time when I might start considering buying a property instead of renting soon, and I'm keenly aware of one major fact about this - it's a huge commitment. Not just in the ...
1
vote
3answers
194 views

Renting a home, but want to own instead

I rent my current home in an ever growing expensive portion of the city. I plan to permanently move to this part of the city (as the commute is very reasonable), however I found that the prices of ...
1
vote
1answer
137 views

Should I put money into 401k when I am saving up for a new home?

I am in my 20's and I am aggressively saving up to buy a new home. I also have the opportunity to invest in my company's 401k. My company matches $0.35 to the dollar and up to 10% of my compensation ...
3
votes
2answers
375 views

Best return on investment for new home purchase

My fiancé and I are considering buying a house. We're in our late 20s and plan on moving from our low rent apartment in a relatively upscale area to the house we'll potentially buy. Now we have two ...
1
vote
3answers
861 views

How should my brother and I structure our real estate purchase?

Currently, my wife and I are renting a home from my brother at a discounted (just over his mortgage) rate of $1000 per month. He wanted to buy the home across the street but didn't end up getting the ...
1
vote
3answers
401 views

Borrowing from my 401(k) for a home purchase downpayment?

I have money in my 401(k) I am investing to federal limits for both myself and my wife and I am primarily planning to use this money for my first house downpayment and my thought process is as below: ...
1
vote
1answer
743 views

Dad paid cash for house and we want to put it in my name

My dad bought a house from my aunt for 75,000 a few years back but they never changed the name in the tittle so it's still under their name. My parents have a house together right now and plan to give ...
10
votes
4answers
3k 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 ...
18
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 ...
1
vote
6answers
942 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
437 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
115 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 ...
29
votes
5answers
24k 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
188 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
113 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
488 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
253 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 ...
4
votes
2answers
369 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. ...
2
votes
2answers
132 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
128 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 ...