As you file your 2008 taxes, remember these 5 tax breaks that could help earn you some extra cash.
Deduct your mortgage interest - The first many years on your mortgage loan are heavily comprised of interest, which means that almost all of it is deductible.
Get a new property tax assessment - If the appraised value of your home as decreased since you bought it, give your local Warner Robins tax assessor’s office the proof of your home’s current market value and a list of comparable sales in your neighborhood.
Research new laws - Check out the new laws that may allow short sellers to escape penalty for forgiven debt or to argue property taxes.
Home repairs count towards capital gains taxes - Capital gains taxes are calculated when you sell your home. They take into consideration the any profit you have made over $250,000 if you are single and $500,000 if you are married. However, the government will take into account any improvements you made on the home.
Analyze your tax liability - Figure out what your net tax liability is and reduce your payroll withholdings to be inline with them.
Getting a Design Consultation Could Help Sell Your Warner Robins Home
Selling a home in today’s market is difficult, but not impossible. It only takes one buyer to walk through your Warner Robins home to fall in love with it. That being said, it is supremely important to stage your home to provide the best first impression possible.
If your home is one of the only ones for sale in your neighborhood, you might be okay but then you have to think about homes in other neighborhoods that buyers will be comparing to your Warner Robins home as well. Ask your Warner Robins Realtor if they have a decorator they work with. He or she will be able to give you advice on how to rearrange your furniture in a way that shows off your home’s assets and provides smooth transitions from room to room. They will also be able to advise on whether or not you need to paint, make any minor repairs or updates and if they need to bring in any extra furniture or art.
Hiring an interior decorator could be the best thing you do for the sale of your home. The upfront cost is not that expensive, maybe somewhere between $30 - $100 per hour, depending on experience. It would definitely be worth your time and investment for the sale of your Warner Robins home.
3 Things to Re-evaluate if Your Warner Robins Home Hasn’t Sold
The year of 2008 was a difficult time for many who are trying to sell their Warner Robins home. If it didn’t sell last year, remain positive and re-evaluate what you could do to make it more marketable.
Top Things Items to Consider
Does your asking price need to be re-evaluated? Discuss the 2008 home sales in your neighborhood with your Warner Robins Realtor. You may need to adjust the price accordingly.
Are you offering any buyer incentives? If not, talk with your Warner Robins Realtor about possible incentives you could offer to entice buyers.
Does your home need any freshening up? Invite your Warner Robins Realtor to help you evaluate the inside and outside for any ideas on how to create a more inviting atmosphere for potential buyers.
Think Concessions, When Buying a Warner Robins Home
Everyone is aware of what’s going on in the market these days. Buyers have the advantage of being picking when looking for a Warner Robins Home. This means that seller’s must also be aware of the fact that concessions are being thrown into negotiations to close the deal.
What does that mean for you as a buyer? Well, it could mean that you might be able to have the seller fix or replace items in the home that may need a little attention or repair. Also, don’t hesitate to ask for help with closing costs either. It’s typical for seller’s to help with closing costs anyway, so go ahead and state your requests. If the seller is motivated, they will seriously consider your requests. If not, then you can either choose to take less for that particular Warner Robins home or buy another home.
If you are struggling with your mortgage payments on your Warner Robins home, you may qualify for a loan modification. Loan modification is different from loan refinancing in that it is a change to the terms of the existing loan, whereas with loan refinancing, you obtain a brand new loan.
With loan modification, the loan is restructured so that the payments can fit comfortably within your budget. This may involve a lower interest rate for a certain period of time or they may be modified to have a longer amortization period - 30 or 40 years. In some cases, although not often, the bank will actually write-off some of the principal amount.
If you are endanger of falling behind on your Warner Robins home mortgage payments or are already facing foreclosure, talk to your local Warner Robins lender or bank today!
For many of us, we are not able to purchase a Warner Robins home out right with cash. Perhaps it’s something you can do in the future. However, if you are able to purchase a home right now with all cash, here are some additional incentives for doing so:
It will put you in a stronger position as an offer since there are no loan contingencies that the seller has to consider
You won’t have to bother with mortgage payments or the accumulated interest you will be paying over the life of the loan
You will be in a better position to borrow money against your home because you won’t have to wait until you have built equity
If you are trying to sell your Warner Robins home and someone brings you an all cash offer, it would be wise to seriously consider it. In addition to not having a loan contingency, all cash offers tend to go much smoother and they tend to close more quickly.
If you are looking to buy a home now, or even in the near future, then you should carefully review your credit report. Correcting the errors can be a daunting task, so that’s why it’s important to review them before shopping for a Warner Robins home.
Get a copy of your credit report from all three credit reporting agencies (Equifax, Trans Union and Experian). Review your credit report with your Warner Robins lender, just to make sure that you don’t miss anything important. Verify that all the information is accurate and up-to-date. Some companies only report when you pay late, not when you pay on time. It might be worthwhile to have the company send the most recent payment activity to the credit agencies so that how you currently handle your finances is reflected accurately. Also, if you have closed any accounts, make sure the close date is accurately reflected.
When you find inaccurate information, you can submit a certified letter to the credit agency which shows the error. There should be instructions on the bottom of each credit report telling you how to submit disputes. If the credit agency doesn’t find an error but you still believe it to be wrong, you can contact the creditor directly and try to get them to rectify it. If you are successful, make sure the company reports the change to the credit bureau.
One thing to note is that most lenders use and automatic underwriting system to approve you for a loan. This means that the responsibility is on you, now more than ever, to protect your credit. The best thing to do is to pay your bills on time. Creating a budget and sticking to it and finding ways to trim down expenses if you are paying out more than you are bringing in are additional ways to safeguard your financial status. Bottom-line, if you are trying to buy a home, work with your Warner Robins lender on reviewing and repairing any errors prior to going through the underwriting process.
4 Strategies to Consider When Trading Up to a Larger Warner Robins Home
You’ve owned your first home and now you’re ready to buy a larger home in Warner Robins. If you remember how your first transaction went when you bought the first home, then dealing with two transactions at or around the same time can be twice the headache. To avoid making the mistake of having two mortgages because you couldn’t sell your current home before closing on the second home or having no place to live because you sold your current home before closing on the new one, follow these 4 steps.
Get New Listing Notifications - Ask your Warner Robins agent to set you up on a listing alert with their MLS system so that you receive notices of homes in the area that fit your exact criteria. Quite often, buyers will drive around looking at neighborhoods and find the “house of their dreams”, only to later find out that they can’t afford it.
Current Home Improvements - Make the necessary improvements to your existing home now, before you put your house on the market. You will want to get the best price for your house, so invest the time and money to fix it up.
Sell Your New Home First - Plan to sell your current Warner Robins home before you buy a new one. Doing this will help you to buy your next home with no strings attached. However, if you do get a serious offer on your current home, and you haven’t found the one you want to buy next, you can talk with your Warner Robins Realtor about putting a contingency in the contract that will allow a reasonable time for you to find that next home.
Coordinate the Two Closings - With two homes, there will be double the amount of paperwork and people to deal with prior to closing. Make sure you stay in contact with your Warner Robins Realtor.
5 Little Known Facts to Help You Buy Your First Warner Robins Home
Many of us have dreamt of owning our own home and today, it seems more possible than ever. Still, some people feel like that can’t buy a home because of some financial limiting factors. Look into these 5 options before writing off the possibility.
Less Down Payment - Check into the local Warner Robins programs and federal programs available. Some programs, like first time home buyers, will allow you to qualify for a loan even if your spouse has owned a home before, as long as your name was not on the loan.
Lender Down Payment Assistance - Sometimes, if you are debt-free and own an asset free and clear, your Warner Robins lender will loan you the money for your down payment.
Seller Financing - Some sellers are willing to finance a portion of the purchase price - like having a second mortgage with a lending institution.
Cash Down Payment Without the Debt - You may be able to borrow a certain amount against investments. Talk with your Warner Robins lender about your options.
Buy Even With Bad Credit - Some institutions will consider you for a mortgage if you can come up with more than the minimum down-payment or secure the loan with other equity.
If you think you may be able to qualify for a loan, then take the time to talk with a Warner Robins lender that specializes in mortgages. Talking with them won’t cost you anything. You could be pleasantly surprised!
As you get ready to shop for a new home in Warner Robins, you will notice that there are more resale homes on the market than new homes. Both resales and new homes offer their own advantages. New homes offer better energy efficiency, a choice of upgrades and everything is new. Resales are often in established neighborhoods and the homes have already settled. If you are thinking buying a new home in Warner Robins, first consider these 10 points before visiting your first model home.
Talk to your Warner Robins Realtor - Determine what price range you will be comfortable paying for a new home versus a larger resale home.
Sellers’ Agent vs. Buyers’ Agent - Realize that the agent sitting in the model home represents the builder, not you. In order to protect yourself and your investment, hire a Warner Robins Buyer’s Agent that is knowledgeable about construction, warranties, financing, quality and lot selection, so that you get the best value.
Builder Specialties - Builders specialize in different things. Some specialize in craftsmanship, innovative use of space, low financing, customer attention during construction and after closing. Identify what is important to you.
Know Your Builder - Check out the financial strength and reputation of the builder before making a financial decision.
Check Out the Neighborhood - Explore what amenities the community has to offer, what financial reserves have been set aside to repair major amenities, review the homeowner’s association rules and consider how the commute to work will affect you.
Options/Upgrades - When buying a new home, consider any free options or upgrades that the builder might be offering. Then consider adding items that will add value to the home, such as a sunroom, powder room, upgraded kitchen cabinets, counter-tops, appliances and carpeting.
Negotiating -Builders typically have room for negotiating on price, options and upgrades. Inquire about homes that haven’t sold yet and “premium” lots.
Protect Yourself in the Contract - When writing the contract for the purchase of your home, be sure that it clearly states the details about the upgrades, allows you access to the construction site during the building process and that you receive an explanation of what the fine print means in the builder’s and manufacturer’s warranties.
Financing - Builder’s can typically offer special financing packages. However, lenders can be quite competitive. Make sure you shop around and ask about appraisal and survey prices, attorney and closing fees.
Get an Independent Inspection - Just because it’s new and being built by a builder you have researched and trust, doesn’t mean that you should forgo an independent inspection. Hire a reputable Warner Robins Inspector to walk through the property and help you build a punch list of items that need to be corrected prior to closing.
