tag:blogger.com,1999:blog-44463063407500198062024-03-13T16:54:37.132-07:00Bob Gifford's State of Your AddressBob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.comBlogger111125tag:blogger.com,1999:blog-4446306340750019806.post-48325062806961569462019-11-14T08:16:00.001-08:002019-11-14T08:18:50.806-08:00<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="-webkit-text-stroke-width: 0px; border-spacing: 0px; color: black; font-family: "Times New Roman"; font-size: medium; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; width: 100%px; word-spacing: 0px;"><tbody>
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Renting vs. buying: Where do you land?</div>
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You’ve always been told that owning a home is the ultimate American dream. </div>
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Imagine renovating your master bath into a mini spa or choosing your favorite appliances for your dream kitchen. Or just getting to repaint whatever room you want. Plus, there’s the potential for financial gain when you own.</div>
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But renting has its own advantages: flexibility, a smaller financial commitment and the chance to try before you buy.</div>
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So when do you know it’s time to take the plunge on a purchase? Answer these questions to see which side of the rent vs. buy debate you might land on:</div>
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<b>Why do you want to buy?</b>Sure, owning a home might be the great American dream — but is it your dream?</div>
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For some, the idea of a home where you can raise a family, be close to schools and build a community is enticing. For others, buying is a great investment. But for many, <a href="https://www.forbes.com/sites/forbesfinancecouncil/2019/04/22/to-rent-or-buy-rethinking-the-american-dream" rel="noopener" style="color: #6ba7c9; text-decoration: none;" target="_blank">it’s about freedom</a>: the ability to keep pets, renovate and be independent.</div>
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<b>Will you stay in the area?</b>No one has a crystal ball — but knowing how long you plan to live in an area can help as you <a href="https://www.npr.org/2019/04/10/711929383/rent-or-buy-6-ways-to-consider-the-pros-and-cons" rel="noopener" style="color: #6ba7c9; text-decoration: none;" target="_blank">consider the pros and cons</a> of buying. Generally, longer stays align with purchasing. </div>
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If the thought of travel fills you with more passion than the idea of settling down in your dream property, you may not be ready for your forever home. But there’s always the possibility of turning your house into an investment property. </div>
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<b>What can you afford?</b>While renting usually costs less in the short term than purchasing property, owning a home can build long-term net worth. A <a href="https://www.nerdwallet.com/mortgages/rent-vs-buy-calculator" rel="noopener" style="color: #6ba7c9; text-decoration: none;" target="_blank">rent vs. buy calculator</a> can help you understand the costs of each option.</div>
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Don’t have the deposit for your dream home now? That doesn’t mean you can’t buy. We can work together to find affordable homes, and there are plenty of low or no down payment mortgage options.</div>
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Have questions about buying or financing your purchase? Let’s discuss your next steps. </div>
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Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-14757429635092738702019-08-19T13:35:00.001-07:002019-08-19T13:37:38.479-07:00<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
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Invest in Equity Build-up</h3>
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Equity build-up could be one of the biggest advantages to buying a home. There are two distinct dynamics that take place to make this happen: each house payment applies an amount to reduce the mortgage owed and appreciation causes the value of the home to go up.</div>
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It is easy to make a projection based on the type of mortgage you get and your estimation of appreciation over the time you expect to own the home. Even conservative estimates can produce impressive results.</div>
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Let's look at an example of a home with a $270,000 mortgage at 4.5% for 30 years and a total payment of $2,047.55 payment including principal, interest, taxes and insurance. The average monthly principal reduction for the first year is $362.98. If you assume a 3% appreciation on the $300,000 home, the average monthly appreciation is $750 a month.</div>
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The total payment of $2,047.55 less $1,112.98 for principal reduction and appreciation makes the net monthly cost of housing, excluding tax benefits, $934.57. If this hypothetical person was paying $2,500 in rent, it would cost them $1,565.43 more to rent than to own. In the first year, it would cost them over $18,000 more to rent.</div>
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Together, the items in this example contribute over $1,100 to the equity in the home . This is one of the reasons a home is considered forced savings. By making your house payments and enjoying increases in value, the equity grows and the net cost of housing decreases by the same amount. </div>
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In this same example, the $30,000 down payment grows to $133,991 in equity in seven years. While this is equity build-up, the extraordinary growth is attributed to leverage. Leverage is an investment principle involving the use of borrowed funds to control an asset.</div>
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To see what your net cost of housing and the effect of leverage will have on a home in your price range, see the <a class="m_957805406372141390FinApp.RentvsOwn" data-saferedirecturl="https://www.google.com/url?q=https://www.BetterHomeowners.com/FinancialApps/RentvsOwn.aspx?AccountId%3DCge2olVwJkmyaTOwLwKEKQ%26Auth%3D1&source=gmail&ust=1566331633339000&usg=AFQjCNEphoQN_fO-jsG3aIiWaGu6AH1NbA" href="https://www.betterhomeowners.com/FinancialApps/RentvsOwn.aspx?AccountId=Cge2olVwJkmyaTOwLwKEKQ&Auth=1" style="color: #1155cc;" target="_blank">Rent vs. Own</a>. If you have questions or need assistance, contact me at (256) 705-0733.</div>
Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-73336674632720756632019-08-12T13:49:00.001-07:002019-08-12T13:50:42.045-07:00<h3 style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
America Still Considers Real Estate the Best</h3>
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35% of respondents, in a recent annual Gallup poll that dates back to 2002, identified real estate as the best long-term investment option compared to 27% who identified stocks.</div>
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The top choices included real estate, stocks, savings accounts and gold. Even with the remarkable prices of the different U.S. stock indices recorded in 2019 through April and May, homes have the highest confidence in the minds of the respondents.</div>
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This seems to be based on the stability of the housing market and the expectation that home prices will continue to rise. Homeowners build equity from both appreciation as well as reducing principal with each payment made. These same factors exist for investors of rental homes in predominantly owner-occupied neighborhoods.</div>
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Real estate has another dynamic working to produce favorable investment results due to leverage. Leverage occurs when borrowed funds are used to control an asset. When the borrowed funds are at a lower rate than the overall investment results, positive leverage occurs which can increase the yield from an all cash investment.</div>
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Gold and savings accounts must be funded with cash. The maximum borrowed funds allowed for stocks is 50% and generally, at a rate higher than typical mortgage rates.</div>
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Homes are a particularly attractive investment because you can enjoy them personally by living in them. The interest and property taxes are deductible and gains on the profit are excluded up $250,000 for single taxpayers and $500,000 for married taxpayers filing jointly. </div>
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Many people consider an investment in a home for a rental property an IDEAL investment: Income, Depreciation, Equity Build-up & Leverage.</div>
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If you have questions or are curious about the process, contact me at <a class="m_1448757032200219635Profile.EmailAddress" href="mailto:Bob@BobGifford.com" style="color: #1155cc;" target="_blank">Bob@BobGifford.com</a> or (256) 705-0733.</div>
Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-3421500322865959602019-07-01T07:42:00.001-07:002019-07-01T07:46:24.954-07:00<h3 style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
Building Equity</h3>
<img class="CToWUd a6T" height="336" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEiz2pkfgG8m6IsEJh8uYz3NMMlTxCW9sxo8_5K3GPSLybAKY_ys6yZiCigXXruLfm9GsAK9V3UtxWQE5lVkEv7Yg_FOB5jisHDzoJkjmmF14uf7UBEomGXNMYVrsW3TD6Qyv2oOTcZwDNSD6tC1VDjPO7ACGIXejf4v5EEKcpg=s0-d-e1-ft" style="background-color: white; border: 0px none; color: #222222; font-family: "arial", "helvetica", sans-serif; font-size: small; font-style: normal; font-weight: 400; letter-spacing: normal; outline: currentcolor none 0px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" tabindex="0" width="640" /><br />
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Owning a home is the first step to building equity. Tenants build equity but not for themselves; they build it for the owners.</div>
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Equity is the difference in the value of the home and what is owed on the home. There are two dynamics that cause this to grow: appreciation and principal reduction.</div>
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As the home increases in value, it is said to appreciate. Various authorities will annualize an appreciation rate based on average sales prices from one year to the next. Since appreciation is based on supply and demand as well as economic conditions, it will not be the same year after year. </div>
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If you looked at a ten to twelve-year period, some would be higher than others and there may even be some individual years that it is flat or even declined. For the most part, values tend to appreciate over time.</div>
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Most mortgages are amortized which means that a portion of the payment each month is applied to the principal in order to pay off the loan by the end of the term. A $300,000 mortgage at 4.5% for 30 years has $395.06 applied to the principal with the first payment. A slightly larger amount is applied to the principal each following month until the loan is paid with the 360<sup>th</sup> payment.</div>
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If additional principal payments are made, it will save interest, build equity faster and shorten the term of the mortgage. Using the previous example, if an additional $250.00 principal contribution was made with each payment, it would only take 270 payments to retire the loan instead of 360. It would save $69,305 in interest and shorten the mortgage by 7.5 years.</div>
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To see the dynamics of equity due to appreciation and principal reduction, look at the <a class="m_5486549536604617509FinApp.RentvsOwn" data-saferedirecturl="https://www.google.com/url?q=https://www.BetterHomeowners.com/FinancialApps/RentvsOwn.aspx?AccountId%3DCge2olVwJkmyaTOwLwKEKQ%26Auth%3D1&source=gmail&ust=1562077531745000&usg=AFQjCNHzMSX9GztK-jNGkKeUzSSC7uy2JA" href="https://www.betterhomeowners.com/FinancialApps/RentvsOwn.aspx?AccountId=Cge2olVwJkmyaTOwLwKEKQ&Auth=1" style="color: #1155cc;" target="_blank">Rent vs. Own</a>. To see the effect of making additional principal contributions on your equity, look at the <a class="m_5486549536604617509FinApp.EquityAccelerator" data-saferedirecturl="https://www.google.com/url?q=https://www.BetterHomeowners.com/FinancialApps/EquityAccelerator.aspx?AccountId%3DCge2olVwJkmyaTOwLwKEKQ%26Auth%3D1&source=gmail&ust=1562077531745000&usg=AFQjCNHPqB0q9UyTOORxqMpxgofMBXzxIw" href="https://www.betterhomeowners.com/FinancialApps/EquityAccelerator.aspx?AccountId=Cge2olVwJkmyaTOwLwKEKQ&Auth=1" style="color: #1155cc;" target="_blank">Equity Accelerator.</a> </div>
Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-48574590499084734052019-06-24T13:47:00.001-07:002019-07-01T07:46:07.509-07:00<br />
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Taxes and the Homeowner</h3>
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Whether you're an owner now or expect to be one in the future, it is important to be familiar with the federal tax laws that affect homeownership. Since personal income tax was enacted in 1913 with the 16<sup>th</sup> amendment, homes have had preferential treatment.</div>
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The mortgage interest deduction is based on up to $750,000 of acquisition debt used to buy, build or improve a principal residence. In addition to the interest, the property taxes are deductible, limited to the new $10,000 limit on the aggregate of state and local taxes (SALT). The taxpayer may also deduct interest and property taxes subject to limits on a second home.</div>
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Homeowners can decide each year whether to take itemized personal deductions or the allowable standard deduction which was significantly increased under the Tax Cuts and Jobs Act of 2017.</div>
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Single taxpayers may exclude up to $250,000 of capital gain on the sale of their home and up to $500,000 if married filing jointly. They must have owned and lived in the home for at least two of the last five years. For gains more than these amounts, a lower, long-term capital gains rate is paid rather than one's ordinary income tax rate.</div>
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Capital improvements made to a home will increase the basis and lower the gain. Homeowners are probably familiar that large dollar expenses like roofs, appliances or major remodeling are capital improvements. However, many lower dollar items may also be considered improvements if they materially add value or extend the life of the property or adapts a portion of the home to a new use. </div>
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Homeowners are urged to keep records of money they spend on the home that they own over the years so that their tax professional can decide at the time of sale what they must report to IRS.</div>
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You can download a helpful <a class="m_-1965107245731964090Guide.Vqn2ztsUJE-EcypkTjk25Q" data-saferedirecturl="https://www.google.com/url?q=https://www.BetterHomeowners.com/BobGifford/guide/Vqn2ztsUJE-EcypkTjk25Q&source=gmail&ust=1561485751735000&usg=AFQjCNFuqErWBP0RL1kKOU6wBn2v2uoXOQ" href="https://www.betterhomeowners.com/BobGifford/guide/Vqn2ztsUJE-EcypkTjk25Q" style="color: #1155cc;" target="_blank">Homeowners Tax Guide</a> that explains in more detail and includes a worksheet to keep track of the basis of your home and capital improvements.<br />
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Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-486770715423555592019-05-13T07:46:00.004-07:002019-05-13T07:46:59.214-07:00<h3 style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
Comfort Systems</h3>
<img class="CToWUd a6T" height="336" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEjjHY3Go1JboWg6k0P8VRbwWUtK-IXPgs2Vh1MqDUDYGk_0KjeZEP-CJla33io3LloHL6xvbmuHMZwia0WMEuMwW6Vf-8v8PmeMJ4psyWW4Nnotsyc924C-BgPRUXFhOhFOQzaq5r_sQ-B2E8rxRGT33MODetogmKkLNfqeZZo=s0-d-e1-ft" style="-webkit-text-stroke-width: 0px; background-color: white; border: 0px none; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; outline: currentcolor none 0px; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" tabindex="0" width="640" /><div style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<span>Heating and air-conditioning are frequently referred to as the "comfort systems."<span> <span> </span></span>If one has gone out in the dead of winter or the heat of summer, lack of comfort becomes a primary concern.<span> <span> </span></span>Regular maintenance with a HVAC checklist is something that homeowners can do themselves to ensure that the units operate properly.</span></div>
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<span><span><span style="text-decoration: underline;">Periodically</span><span></span></span></span></div>
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<li style="margin-left: 15px;"><span><span>Change your filter every 90 days; every 30<span> </span><span>days</span><span> </span>if you have shedding pets.<span> </span></span></span></li>
<li style="background: white; margin-left: 15px;"><span style="color: black;"><span>Maintain at least two feet of clearance around outdoor air conditioning units and heat pumps.</span></span></li>
<li style="background: white; margin-left: 15px;"><span style="color: black;"><span>Don't allow leaves, grass clippings, lint or other things to block circulation of coils.</span></span></li>
<li style="background: white; margin-left: 15px;"><span style="color: black;"><span>Inspect insulation on refrigerant lines leading into house monthly and replace if missing or damaged.</span></span></li>
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<span style="text-decoration: underline;"><span style="color: black;"><span>Annually, in spring</span></span></span></div>
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<li style="background: white; margin-left: 15px;"><span style="color: black;"><span>Confirm that outdoor air conditioning units and heat pumps are on level pads.</span></span></li>
<li style="background: white; margin-left: 15px;"><span style="color: black;"><span>Pour bleach in the air conditioner's condensation drain to clear mold and algae which can cause a clog.</span></span></li>
<li style="background: white; margin-left: 15px;"><span style="color: black;"><span>Avoid closing more than 20% of a home's registers to keep from overworking the system.</span></span></li>
<li style="background: white; margin-left: 15px;"><span style="color: black;"><span>Replace the battery in the home's carbon monoxide detector.</span></span></li>
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<span style="color: black; font-size: 7.5pt;"><span><br /></span></span><span>While using this list will provide some things that may impede the comfort system's proper performance, it is recommended that you have your units serviced annually by a licensed contractor.<span> <span> </span></span>Furnaces should also be inspected for carbon monoxide leaks.<span> </span><span></span>Preventative maintenance may help avoid costly repairs.</span></div>
Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-87994905801011139392019-04-24T07:30:00.003-07:002019-04-24T07:30:21.660-07:00One Loan for Purchase & Renovations<img class="CToWUd a6T" height="auto" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEjkoxHRMlCSncaLgzBYmmiaqF4Fg2-ygfohaUnBk8cW_JCJZN_5g9HxtH09KQQuJ2hfBlOQWBESX_478BJsgVj3s7dx99NXAkNjLlMZr2sOjJCdvROiPpGFlMP8KY709sBE5mbU6tpeAd7_2w0T7OJR7M-NyS7DMy4T6BDGXCY=s0-d-e1-ft" style="cursor: pointer; height: auto; max-width: 100%; outline: 0px; width: 592px;" tabindex="0" width="100%" /><br />The FNMA Home Style conventional mortgage allows a buyer to purchase a home that needs renovations and include them in the financing. This facilitates the purchase of the home and the renovations in one loan rather than getting a separate second mortgage or home equity line of credit.Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com1tag:blogger.com,1999:blog-4446306340750019806.post-10502786708826516352019-04-15T15:16:00.002-07:002019-05-13T07:47:47.035-07:00<h3 style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
Get Rid of Things You Don't Need</h3>
<img class="CToWUd a6T" height="210" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEjZ5sVGwjJHXDydJ4UxJB-OtrIBFJcgMgf9u0L6CF5QqU_LblR-VKwv1ZewncLTxTOBXoq8e3BrBy5SASYljLu7pCa8r-5PKDmV8kgxPBUmz1oQUf7kznm9GJeJrBqV6IEkKqE3Bv8uvlBOSjlxpPAhtyVG-zW9OFukIVLZvhc=s0-d-e1-ft" style="background-color: white; border: 0px none; color: #222222; font-family: "arial", "helvetica", sans-serif; font-size: small; font-style: normal; font-weight: 400; letter-spacing: normal; outline: currentcolor none 0px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" tabindex="0" width="400" /><br />
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Periodically, you need to rid yourself of things that are taking up you time and space to make room for more of what you like and want.</div>
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There's a frequently quoted suggestion that if you haven't used something for two years, maybe it isn't essential in your life. </div>
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If you have books you'll never read again, give them to someone who will. If you have a deviled egg plate that hasn't been used since the year your Aunt Phoebe gave it to you, it's out of there. Periodically, go through every closet, drawer, cabinet, room and storage area to get rid of the things that are just taking up space in your home and your life.</div>
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Every item receives the decision to keep or get rid of. Consider these questions as you judge each item:</div>
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<li style="margin-left: 15px;">When was the last time you used it?</li>
<li style="margin-left: 15px;">Do you believe you'll use it again?</li>
<li style="margin-left: 15px;">Is there a sentimental reason to keep it?</li>
</ul>
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You have four options for the things that you're not going to keep. </div>
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<li style="margin-left: 15px;">Give it to someone who needs it or will appreciate it</li>
<li style="margin-left: 15px;">Sell it in a garage sale or on Craig's List.</li>
<li style="margin-left: 15px;">Donate it to a charity and receive a tax deduction</li>
<li style="margin-left: 15px;">Discard it to the trash.</li>
</ol>
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Start with your closet. If you haven't worn something in five years, get rid of it. Then, go through the things again and if you haven't worn it in two years, ask yourself the real probability that you'll wear it again.</div>
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Another way to do it is to move it from your active closet to another closet. If a year goes by in the other closet, the next time you go through this exercise, those clothes are on their way out.</div>
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If the items taking up space are financial records and receipts, the solution may be to scan them and store them in the cloud. There are plenty of sites that will offer you several gigabytes of free space and it may cost as little as $10 a month for 100 GB at <a data-saferedirecturl="https://www.google.com/url?q=https://www.dropbox.com/&source=gmail&ust=1555450444096000&usg=AFQjCNHtgImJ0mAPCVl9zIwr868X32ZzTg" href="https://www.dropbox.com/" style="color: #1155cc;" target="_blank"><span style="text-decoration: underline;">Dropbox</span></a>, to get the additional space you need. It will certainly be cheaper than the mini-storage building.</div>
Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-1269273114531042472019-04-10T12:38:00.000-07:002019-04-10T12:39:53.006-07:00<h3 style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
Qualified Charitable Contribution</h3>
<img alt="" class="CToWUd a6T" height="210" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEhjRlXUuM8lDAsXXQGWpvLC7H8ydENyvEwak3OAuf2x-qMscFwRBDQVcDSbtOptrZGkQU-Ohi3Nx93mtEZmojyb8fTiK2A6p7CwGW5GK1kdMfEzPWA_hbU8UQnQ_Max1nNqjByv2Dx7zSWbdYcyjCAsKPs5VI2NCv9yJQ-OFHQ=s0-d-e1-ft" style="background-color: white; border: 0px none; color: #222222; font-family: "arial", "helvetica", sans-serif; font-size: small; font-style: normal; font-weight: 400; letter-spacing: normal; outline: currentcolor none 0px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" tabindex="0" title="" width="400" /><br />
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If you're at an age where you need to be taking Required Minimum Distributions (age 70.5) from your IRA, a qualified charitable contribution and some planning may allow you to lower your overall tax liability.</div>
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Let's say that a couple's 2019 itemized deductions include $8,000 in property taxes, $4,400 in interest and $20,000 in charitable contributions. That would total $32,400 which exceeds the 2019 $25,300 standard deduction for married couples, 65 years of age or older, filing jointly. </div>
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Their required minimum distribution from their IRA is $40,000 which will be taxed at ordinary income. If this couple is in the 24% tax bracket, the tax liability would be $9,600.</div>
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Alternatively, if they made the $20,000 in charitable contributions from their IRA as a Qualified Charitable Contribution, it would not be taxable in the withdrawal. The balance of the RMD of $20,000 would be taxable at 24% which would have a tax liability of $4,800.</div>
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Their $32,400 worth of itemized deductions would be reduced by the $20,000 because it was paid from the IRA which makes their itemized deductions $12,400. The $25,300 standard deduction would benefit them more by an amount of $12,900 increased deductions. At 24%, this would reduce their liability by $3,096.</div>
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In the first instance, they would owe $9,600 in taxes due to the $40,000 RMD from their IRA. In the second example, because of the increased amount by taking the standard deduction, the net tax liability would be $1,704 ($9,600 - $4,800 - $3,096 = $1,704).</div>
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This example shows how shifting contributions to a Qualified Charitable Contribution will get the same amount to the charity but lower the Required Minimum Distribution that must be recognized as ordinary income. The shifting also gives the taxpayers the advantage of a higher amount of the standard deduction than the itemized deduction.</div>
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As always, before taking action, you should get advice from your tax professional on how this strategy may impact you. There is information available on <a data-saferedirecturl="https://www.google.com/url?q=http://www.irs.com/&source=gmail&ust=1554993904196000&usg=AFQjCNGS3JY5wYtBbZAfDuV7TzH9lpMqhA" href="http://www.irs.com/" style="color: #1155cc;" target="_blank"><span style="text-decoration: underline;">www.IRS.com</span></a> for <a data-saferedirecturl="https://www.google.com/url?q=https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-required-minimum-distributions&source=gmail&ust=1554993904196000&usg=AFQjCNGMHcKHqrAc4F0kUS78at6ynrPowA" href="https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-required-minimum-distributions" style="color: #1155cc;" target="_blank"><span style="text-decoration: underline;">IRS Required Minimum Distribution FAQs</span></a> and <a data-saferedirecturl="https://www.google.com/url?q=https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras-distributions-withdrawals&source=gmail&ust=1554993904196000&usg=AFQjCNG7ouFYpiAFjipRaodCYKHSK6eMFw" href="https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras-distributions-withdrawals" style="color: #1155cc;" target="_blank"><span style="text-decoration: underline;">Qualified Charitable Distributions</span></a>.</div>
Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-57812937397615215682019-03-25T11:51:00.003-07:002019-03-25T11:53:12.103-07:00<hr style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;" />
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To-Do List for Better Homeowners</h3>
<img class="CToWUd a6T" height="210" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEhregDfaKt8aZok5you4fPJNTOe4XhwZK3IS-JbPzyO5MeYwD7PkrnKkRPWCNoCqtW9HatdwVesI9894coKVUiuNwSvGWbSufF-_wK_1w4eowGtFUTp4B50bOVfTGafnM3pZ1_QaV-VMsM6_PIZ4q99ZrPGttDujXJfsZ_-pw=s0-d-e1-ft" style="background-color: white; border: 0px none; color: #222222; font-family: "arial", "helvetica", sans-serif; font-size: small; font-style: normal; font-weight: 400; letter-spacing: normal; outline: currentcolor none 0px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" tabindex="0" width="400" /><br />
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Checklists work because they contain the important things that need to be done. They provide a reminder about things we know and realize but may have slipped our minds as well as inform us about things we didn't consider. Periodic attention to these areas can protect the investment in your home.</div>
<ol style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<li style="margin-left: 15px;">Change HVAC filters regularly. Consider purchasing a supply of the correct sizes needed <a data-saferedirecturl="https://www.google.com/url?q=https://www.filtersfast.com/?utm_source%3Dbing%26utm_medium%3Dcpc%26utm_term%3Dfiltersfast.com%257C441%257C78622%26utm_content%3D77172015330365%26utm_campaign%3D1%2520-%2520Branded_4%26msclkid%3D781d5cb79611132de3d2009852f774b8&source=gmail&ust=1553620964236000&usg=AFQjCNEvon8WA-xNpnfxX-wgr47OCA9TNw" href="https://www.filtersfast.com/?utm_source=bing&utm_medium=cpc&utm_term=filtersfast.com%7C441%7C78622&utm_content=77172015330365&utm_campaign=1%20-%20Branded_4&msclkid=781d5cb79611132de3d2009852f774b8" style="color: #1155cc;" target="_blank">online</a> and they'll even remind you when it's time to order them again.</li>
<li style="margin-left: 15px;">Change batteries in smoke and carbon monoxide detectors annually.</li>
<li style="margin-left: 15px;">Create and regularly update a <a class="m_7258307415667119029Guide.LR6tWOpVT0WXvwd0qenMdg" data-saferedirecturl="https://www.google.com/url?q=https://www.BetterHomeowners.com/BobGifford/guide/LR6tWOpVT0WXvwd0qenMdg&source=gmail&ust=1553620964236000&usg=AFQjCNHhpDI0oNJ0pUez5tJDCMSg1EOCRw" href="https://www.betterhomeowners.com/BobGifford/guide/LR6tWOpVT0WXvwd0qenMdg" style="color: #1155cc;" target="_blank">Home Inventory</a> to keep track of personal belongings in case of burglary or casualty loss.</li>
<li style="margin-left: 15px;">Keep track of capital improvements, with a <a class="m_7258307415667119029Guide.Vqn2ztsUJE-EcypkTjk25Q" data-saferedirecturl="https://www.google.com/url?q=https://www.BetterHomeowners.com/BobGifford/guide/Vqn2ztsUJE-EcypkTjk25Q&source=gmail&ust=1553620964236000&usg=AFQjCNGk0pCnwp8Q6kVQgmr2pUvyLxkVXQ" href="https://www.betterhomeowners.com/BobGifford/guide/Vqn2ztsUJE-EcypkTjk25Q" style="color: #1155cc;" target="_blank">Homeowners Tax Guide</a>, made to your home throughout the year that increases your basis and lowers gain.</li>
<li style="margin-left: 15px;">Order free credit reports from all three bureaus once a year at <a data-saferedirecturl="https://www.google.com/url?q=https://www.annualcreditreport.com/index.action&source=gmail&ust=1553620964236000&usg=AFQjCNHeH1Y9eW62T3lphPFqp-mCoax7ag" href="https://www.annualcreditreport.com/index.action" style="color: #1155cc;" target="_blank">www.AnnualCreditReport.com</a>.</li>
<li style="margin-left: 15px;">Challenge your property tax assessment when you receive that year's assessment when you feel that the value is too high. We can supply the comparable sales and you can handle the rest.</li>
<li style="margin-left: 15px;">Establish a family emergency plan identifying the best escape routes and where family members should meet after leaving the home.</li>
<li style="margin-left: 15px;">If you have a mortgage, verify the unpaid balance and if additional principal payments were applied properly. Use a <a class="m_7258307415667119029FinApp.EquityAccelerator" data-saferedirecturl="https://www.google.com/url?q=https://www.BetterHomeowners.com/FinancialApps/EquityAccelerator.aspx?AccountId%3DCge2olVwJkmyaTOwLwKEKQ%26Auth%3D1&source=gmail&ust=1553620964236000&usg=AFQjCNFTReJ-KRzJCDtAZ7leEZmUeV9JRw" href="https://www.betterhomeowners.com/FinancialApps/EquityAccelerator.aspx?AccountId=Cge2olVwJkmyaTOwLwKEKQ&Auth=1" style="color: #1155cc;" target="_blank">Equity Accelerator</a> to estimate how long it will take to retire your mortgage.</li>
<li style="margin-left: 15px;">Keep trees pruned and shrubs trimmed away from house to enhance visual appeal, increase security and prevent damage.</li>
<li style="margin-left: 15px;">Have heating and cooling professionally serviced annually.</li>
<li style="margin-left: 15px;">Check toilets periodically to see if they're leaking water and repair if necessary.</li>
<li style="margin-left: 15px;">Clean gutters twice a year to control rainwater away from your home to protect roof, siding and foundation.</li>
<li style="margin-left: 15px;">To identify indications of foundation issues, periodically, check around perimeter of home for cracks in walls or concrete. Do doors and windows open properly? </li>
<li style="margin-left: 15px;">Peeling or chipping paint can lead to wood and interior damage. Small areas can be touched-up but multiple areas may indicate that the whole exterior needs painting.</li>
<li style="margin-left: 15px;">If there is a chimney and fires are burned in the fireplace, it will need to be inspected and possibly cleaned.</li>
<li style="margin-left: 15px;">If the home has a sprinkler system, manually turn the sprinklers on, one station at a time to determine if they are working and aimed properly. Evaluate if the timers are set properly. Look for pooling water that could indicate a leak underground.</li>
<li style="margin-left: 15px;">Have your home inspected for termites.</li>
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Instead of remembering when you need to do these different things, use your calendar to create a system. As an example, make a new appointment with "change the HVAC filters" in the subject line. Select the recurring event button and decide the pattern. For instance, set this one for monthly, every two months with no end date. You can schedule a time or just an all-day event will show at the top of your calendar that day.</div>
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By scheduling as many of these items as you can, you won't forget that they need to be done. If you don't delete them from the calendar, you'll continue to be "nagged" until you finally do them.</div>
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If you have questions or need a recommendation of a service provider, give us a call at (256) 705-0733. We deal with issues like this regularly and have experience with workers who are reputable and reasonable.</div>
Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-29884799587673703652019-01-07T15:14:00.000-08:002019-01-07T15:14:12.858-08:00<h3 style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
Eliminate FHA Mortgage Insurance</h3>
<img class="CToWUd a6T" height="210" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEieh-u_U0uVUG65KqMRTRK4I9OtiA8dDU_Rr5CkvEY66Ksam9lGuumIyV2lKVC4o9aG3lHqwhxx9sWxVgMFR3Ow3ZPdBx4axOV52HqAxFwvmoD71NS_bA5BXqyn_wE7cRvTJwGDmIDNc6choHl35mm4cF2bJBzIYd_DA-tM6w=s0-d-e1-ft" style="-webkit-text-stroke-width: 0px; background-color: white; border: 0px none; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; outline: currentcolor none 0px; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" tabindex="0" width="400" /><div style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<span>Mortgage insurance premium can add almost $200 to the payment on a $265,000 FHA mortgage.<span> <span> </span></span>The decision to get an FHA loan may have been the lower down payment requirement or the lower credit score levels, but now that you have the loan, is it possible to eliminate it?</span></div>
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<span><span>Mortgage Insurance Premium protects lenders in case of a borrower's default and is required on FHA loans.<span> <span> </span></span>The Up-Front MIP is currently 1.75% of the base loan amount and paid at the time of closing.<span> <span> </span></span>Annual MIP for loans with greater than 95% loan-to-value is .85% per year.<span> </span></span></span></div>
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<span>For loans with FHA case numbers assigned before June 3, 2013, when the loan is paid down to 78% of the original loan amount, the MIP can be cancelled.<span> <span> </span></span>The borrower may need to contact the current servicer.</span></div>
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<span>However, for loans greater than 90% with FHA case numbers assigned on or after that date, the MIP is required for the term of the loan.</span></div>
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<span>Most homeowners with FHA mortgages are not eligible to cancel the MIP because they either originated their loan after June 3, 2013, put less than 10% down payment and/or got a 30-year loan.<span> <span> </span></span>If they have at least 20% equity in the home, they can refinance the home with an 80% conventional loan which in most cases, does not require mortgage insurance.</span></div>
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<span>With normal amortization on a 30-year loan, it takes approximately 11-years to reduce the original loan to the 78-80% requirement based on normal amortization.<span> <span> </span></span>There is another dynamic involved which is the appreciation on the home.<span> <span> </span></span>As the home goes up in value and the unpaid balance goes down, the equity increases.</span></div>
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<span>If the homeowners believe that they have enough equity that would eliminate the need for mortgage insurance, they can investigate refinancing with a conventional loan.<span> <span> </span></span>Borrowers refinancing will incur expenses in starting a new mortgage and the interest rate may be higher than the existing rate.<span> <span> </span><a class="m_8063292605053831691FinApp.Refi" data-saferedirecturl="https://www.google.com/url?q=https://www.BetterHomeowners.com/FinancialApps/RefinanceAnalysis.aspx?AccountId%3DCge2olVwJkmyaTOwLwKEKQ%26Auth%3D1&source=gmail&ust=1546971134532000&usg=AFQjCNHgMvKW4kXwIZgjj9NscnEZukdRrQ" href="https://www.betterhomeowners.com/FinancialApps/RefinanceAnalysis.aspx?AccountId=Cge2olVwJkmyaTOwLwKEKQ&Auth=1" style="color: #1155cc;" target="_blank"><span></span>Analysis<span> </span></a></span>will determine how long it will take to recapture the cost of refinancing.</span></div>
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<span>Call me as (256) 705-0733 for a recommendation of a trusted mortgage professional.</span></div>
Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-55314471078618299692018-12-31T07:20:00.001-08:002018-12-31T07:23:04.555-08:00<br />
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<h3>
Year End Tax Newsletter</h3>
<span style="font-family: "calibri";">One of the first steps in a good outcome is knowing a little bit about what you're about to undertake. By being aware of some of the areas regarding homes that may not come up every year in a tax return, you'll be able to point them out to your tax professional or seek more information from IRS.gov.</span><br />
<span style="font-family: "calibri";">Look through this list of items for things that could affect your tax return. Even if you have relied on the same tax professional for years to look out for your best interests, they need to be aware that there could be something different in this year's return.</span><br />
<span style="font-family: "calibri";">If you bought a home for a principal residence last year, check your closing statement and identify any points or pre-paid interest that you or the seller paid based on the mortgage you received. These can be deducted on your Schedule A as qualified home interest if you itemize your deductions. See <strong>Home Mortgage Interest Deduction</strong> | <a data-saferedirecturl="https://www.google.com/url?q=http://www.irs.gov/pub/irs-pdf/p936.pdf&source=gmail&ust=1546355239535000&usg=AFQjCNHOANEFA19-XBtfFnDCVUyQKa0PVQ" href="http://www.irs.gov/pub/irs-pdf/p936.pdf" style="color: #1155cc;" target="_blank">IRS Publication 936</a> <span style="font-size: 14px;">(2018 version not released as of this newsletter)</span>.</span><br />
<span style="font-family: "calibri";">Keep track of all money you spend on your home that might be considered a capital improvement. Get in the habit of putting receipts for money spent on your home that is not the house payment or utility bills. Repairs are not tax deductible but improvements, even small ones, can be added to the basis of your home which can lower the gain when the home is sold. Years from now, your tax preparer can sift through them and determine whether they're capital improvements or maintenance. See Increases to Basis | <a data-saferedirecturl="https://www.google.com/url?q=https://www.irs.gov/pub/irs-pdf/p523.pdf&source=gmail&ust=1546355239535000&usg=AFQjCNHVEmBx6QDIw-0WyRbXDFTlMG8gnA" href="https://www.irs.gov/pub/irs-pdf/p523.pdf" style="color: #1155cc;" target="_blank" title="">IRS Publication 523 Selling Your Home</a> <span style="background-color: transparent; color: black; font-size: 14px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">(2018 version not released as of this newsletter)</span><span style="background-color: transparent; color: black; display: inline; float: none; font-size: 16px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">.</span></span><br />
<span style="font-family: "calibri";">By making additional principal contributions with your mortgage payment, you'll save interest, build equity and shorten the term of a fixed-rate mortgage. See <a class="m_-509718513412316394FinApp.EquityAccelerator" data-saferedirecturl="https://www.google.com/url?q=https://www.BetterHomeowners.com/FinancialApps/EquityAccelerator.aspx?AccountId%3DCge2olVwJkmyaTOwLwKEKQ%26Auth%3D1&source=gmail&ust=1546355239535000&usg=AFQjCNEZeyV8QhKQprQri5nBYv_uixeVlQ" href="https://www.betterhomeowners.com/FinancialApps/EquityAccelerator.aspx?AccountId=Cge2olVwJkmyaTOwLwKEKQ&Auth=1" style="color: #1155cc;" target="_blank">Equity Accelerator</a>.</span><br />
<span style="font-family: "calibri";">If you sold a home last year, the payoff on your old mortgage included interest from the last payment you made to the date of the payoff. That interest is tax deductible. You may need a breakdown of the payoff to the mortgage company; you should be able to get that from your closing officer.</span><br />
<span style="font-family: "calibri";">If you refinanced your home, unlike a home purchase, points paid to refinance are not deductible as interest in the year paid; they must spread ratably over the life of the mortgage. See Home Mortgage Interest Deduction | <a data-saferedirecturl="https://www.google.com/url?q=http://www.irs.gov/pub/irs-pdf/p936.pdf&source=gmail&ust=1546355239535000&usg=AFQjCNHOANEFA19-XBtfFnDCVUyQKa0PVQ" href="http://www.irs.gov/pub/irs-pdf/p936.pdf" style="color: blue;" target="_blank">IRS Publication 936</a><span style="background-color: transparent; color: black; font-size: 16px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"> <span style="font-size: 14px;">(2018 version not released as of this newsletter).</span></span></span><br />
<span style="font-family: "calibri";">For homeowners who have lost a spouse, there is an exception regarding the exclusion on the sale of a principal residence. If the surviving spouse concludes a sale of the home within two years of the death of their spouse, they may exclude up to $500,000, instead of $250,000 for single taxpayers, of gain provided ownership and use tests are met prior to death.</span><br />
<span style="font-family: "calibri";">The two-year period begins on the date of death and ends two years after that date. See Sale of Main Home by Surviving Spouse | <a data-saferedirecturl="https://www.google.com/url?q=https://www.irs.gov/pub/irs-pdf/p523.pdf&source=gmail&ust=1546355239535000&usg=AFQjCNHVEmBx6QDIw-0WyRbXDFTlMG8gnA" href="https://www.irs.gov/pub/irs-pdf/p523.pdf" style="background-color: transparent; color: blue; font-size: 16px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-decoration: underline; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" target="_blank" title="">IRS Publication 523 Selling Your Home</a><span style="background-color: transparent; color: black; display: inline; float: none; font-size: 16px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"> </span><span style="background-color: transparent; color: black; font-size: 14px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">(2018 version not released as of this newsletter).</span></span><br />
<span style="font-family: "calibri";">There could be significant tax consequences to a person selling a home that was received as a gift as compared to receiving the home through inheritance. With a gift, the basis of the donor becomes the basis of the donee. With inheritance, the heir usually gets a stepped-up basis and avoids potential unrecognized gain. See Home Received as Inheritance | <a data-saferedirecturl="https://www.google.com/url?q=https://www.irs.gov/pub/irs-pdf/p523.pdf&source=gmail&ust=1546355239535000&usg=AFQjCNHVEmBx6QDIw-0WyRbXDFTlMG8gnA" href="https://www.irs.gov/pub/irs-pdf/p523.pdf" style="background-color: transparent; color: blue; font-size: 16px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-decoration: underline; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" target="_blank" title="">IRS Publication 523 Selling Your Home</a><span style="background-color: transparent; color: black; display: inline; float: none; font-size: 16px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;"> </span><span style="background-color: transparent; color: black; font-size: 14px; font-style: normal; font-variant: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-decoration: none; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">(2018 version not released as of this newsletter).</span></span><br />
<span style="font-family: "calibri";"><span style="font-size: 16px;">Click here to download a <a class="m_-509718513412316394Guide.Vqn2ztsUJE-EcypkTjk25Q" data-saferedirecturl="https://www.google.com/url?q=https://www.BetterHomeowners.com/BobGifford/guide/Vqn2ztsUJE-EcypkTjk25Q&source=gmail&ust=1546355239535000&usg=AFQjCNElx1b0oWJiMe7-eJCWqHZQwymc4Q" href="https://www.betterhomeowners.com/BobGifford/guide/Vqn2ztsUJE-EcypkTjk25Q" style="color: #1155cc;" target="_blank">Homeowners Tax Guide</a>. This is meant for information purposes only and advice from a qualified tax professional should be sought to find out about your individual situation.<table align="right" style="float: right;"><tbody>
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Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-890049068774832762018-11-05T12:09:00.002-08:002018-11-05T12:09:15.456-08:00<h3 style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: arial, sans-serif; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
Getting the "Right" Home</h3>
<img class="CToWUd a6T" height="210" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEgISMM2G2SM9efXYJiOQqZq35ndAicF6BI1LFkbh7yWdtVUQ6UcbEjDgsWQbvE-LMc2n6cCo5M5bcye_9bvBPzVJ-469GBTpugKKSG-0Mtup0ZDOJ4Vmjt-u0AS8MrCXuS1jVbVni2J4OP8oWhExOTMzmhGbipDRjbE1JArKA=s0-d-e1-ft" style="-webkit-text-stroke-width: 0px; background-color: white; border: 0px none; color: #222222; font-family: arial, sans-serif; font-size: 16px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; outline: currentcolor none 0px; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" tabindex="0" width="400" /><div style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 16px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<span style="font-family: Calibri;"><span style="font-size: 14px;">Finding the right home is still the biggest challenge buyers are faced with in today's market as is shown in the latest Confidence Index Survey.<span> <span> </span></span>Assuming the buyers find the "right" home with determination, perseverance and the help of a real estate professional, 88% of all transactions last year required financing to get the buyer's address on the home.<span> <span> </span></span>93% of first-time buyers needed financing.</span></span></div>
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<span style="font-family: Calibri; font-size: 14px;">Pre-approval is an essential step that needs to be handled before buyers begin searching for a home.<span> <span> </span></span>The benefits to the buyer fall into the category of confidence.</span></div>
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<span style="font-family: Calibri; font-size: 14px;">PRE-APPROVAL GIVES YOU CONFIDENCE</span></div>
<ul style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 16px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<li style="margin-left: 15px;"><span style="font-family: Calibri; font-size: 14px;">Knowing the amount you can borrow<span> <span> </span></span><br /><em><span style="color: #c00000;">the mortgage amount decreases as interest rates rise</span></em></span></li>
<li style="margin-left: 15px;"><span style="font-family: Calibri; font-size: 14px;">Looking at the right priced homes<br /><em><span style="color: #c00000;">price, size, amenities, location</span></em></span></li>
<li style="margin-left: 15px;"><span style="font-family: Calibri; font-size: 14px;">Comparing and identifying the best loan<br /><em><span style="color: #c00000;">rate, term, type</span></em></span></li>
<li style="margin-left: 15px;"><span style="font-family: Calibri; font-size: 14px;">Uncover issues early that could affect the most favorable loan terms<br /><em><span style="color: #c00000;">time to cure possible problems</span></em></span></li>
<li style="margin-left: 15px;"><span style="font-family: Calibri; font-size: 14px;">Bargaining power to negotiate with the seller and possibly, competing buyers<br /><em><span style="color: #c00000;">price, terms, & timing</span></em></span><span style="font-family: Calibri; font-size: 14px;"></span></li>
<li style="margin-left: 15px;"><span style="font-size: 14px;"><span style="font-family: Calibri; font-size: 14px;"><span>Settlement can occur sooner after contact is accepted</span><em><span style="color: #c00000;">verifications have already been made</span></em></span></span></li>
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<span style="font-size: 14px;"><span style="font-family: Calibri; font-size: 14px;"><strong><span>Items Needed for Pre-Approval</span></strong></span></span></div>
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<li style="margin-left: 15px;"><span style="font-family: Calibri; font-size: 14px;">Photo ID</span></li>
<li style="margin-left: 15px;"><span style="font-family: Calibri; font-size: 14px;">Two months current pay stubs</span></li>
<li style="margin-left: 15px;"><span style="font-family: Calibri; font-size: 14px;">Last two year's W2s</span></li>
<li style="margin-left: 15px;"><span style="font-family: Calibri; font-size: 14px;">Complete copies of checking and savings statements for last three months</span></li>
<li style="margin-left: 15px;"><span style="font-family: Calibri; font-size: 14px;">Copies of statements for IRAs, 401k, savings, CDs, money market funds, etc.</span></li>
<li style="margin-left: 15px;"><span style="font-family: Calibri; font-size: 14px;">Employment history for last two years with addresses and contacts</span></li>
<li style="margin-left: 15px;"><span style="font-family: Calibri; font-size: 14px;">Proof of commissioned or bonus income</span></li>
<li style="margin-left: 15px;"><span style="font-family: Calibri; font-size: 14px;">Residency history for last two years with addresses and contacts</span></li>
<li style="margin-left: 15px;"><span style="font-family: Calibri; font-size: 14px;">Assets for down payment, closing costs, and reserves; must provide paper trail</span></li>
<li style="margin-left: 15px;"><span style="font-family: Calibri; font-size: 14px;">If self-employed, last two years tax returns, current profit and loss statement and balance sheet; copy of partnership/corporate tax returns for last two years if owning more than 25% of company</span></li>
<li style="margin-left: 15px;"><span style="font-family: Calibri; font-size: 14px;">FHA requires driver's license and social security card</span></li>
<li style="margin-left: 15px;"><span style="font-family: Calibri; font-size: 14px;">VA requires original certificate of eligibility and DD214</span></li>
<li style="margin-left: 15px;"><span style="font-size: 14px;"><span style="font-family: Calibri; font-size: 14px;">Other things may be required such as previous bankruptcy, divorce decree</span></span></li>
</ul>
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<span style="font-family: Calibri; font-size: 14px;">Contact us at (256) 705-0733 or<span> </span><a class="m_8455044646006814526Profile.EmailAddress" href="mailto:Bob@BobGifford.com" style="color: #1155cc;" target="_blank">Bob@BobGifford.com</a> if you'd like a recommendation of a trusted mortgage professional.</span></div>
Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-77267532171911433012018-10-29T13:33:00.002-07:002018-10-29T13:35:30.309-07:00<h3 style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: arial, sans-serif; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
Start Early and Live Happily Ever-after</h3>
<img class="CToWUd a6T" height="168" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEjVWy4qpXpe9nFmRquyOgPLDBfxxk0wELP9WdcQ3UJWmNhyphenhyphenOyvRwVuxRhUfk2bWzPQQ5ERXVW9CGKzvywQ1QsfEGr2cNZK6bgQIzc50y9ILwTH_M_JnczhYVJxGdvVoA1TItBgjeudx4DTjc1852EaVuRPNX2D5hft8ynbkyA=s0-d-e1-ft" style="background-color: white; border: 0px none; color: #222222; font-family: "arial", sans-serif; font-size: 16px; font-style: normal; font-weight: 400; letter-spacing: normal; outline: currentcolor none 0px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;" tabindex="0" width="320" /><br />
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As storybooks go, the character is introduced, they meet their love interest, a villain thwarts their intentions, true love overcomes, they marry and live happily ever-after. It's a very familiar formula.</div>
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Similarly, there is a formula that couples follow in real life. They go to college, get a good job, rent a home, fall in love, get married and buy a starter home. They start a family, move into a larger home, save for their children's education, start planning for their retirement and if they live within their means, they invest their surplus funds.</div>
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<img alt="Financial Timeline.png" class="CToWUd a6T" height="177" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEhi8IRO7YHnTPnH8mhOmOjiXuw-C7piPFLOTCiuSw1WXSjpNF5C47AGLX1bV8Z4cALjhyaf2BeJtJ_-4xf6SU0ah2mQoYnfYDEGaXWKWdVvsEfz3iQGHby4m1E8aN5jHkYmI_Zn_2kYfW4rsdNwrwpsHD1MsLYgpGIxrXQ-gnOAcDQ=s0-d-e1-ft" style="cursor: pointer; height: 177px; outline: 0px; width: 500px;" tabindex="0" width="500" /></div>
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An alternative to this might be to start investing in rental homes early in their adult life before their standard of living becomes so expensive that they don't feel like they have the money to purchase rentals. There are infinite possibilities but let's say a single person, after getting a good job, buys a small three or four-bedroom home with an owner-occupied, minimum down payment. They move into the home and possibly, rent out the bedrooms to other singles who need a place to live.</div>
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At some point, they decide to buy another home to live in with a minimum down payment and either rent out their bedroom in the first home or rent the whole home to a tenant. And they repeat the process again with the second home.</div>
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This could continue until they acquired several homes. Let's say, that in the meantime, they have met their love interest, decide to get married and together, they buy a starter home for them to live in.</div>
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This concept advances the investment in rental homes from the latter part of their lives to the early part of their life. The early investment gives them more time for appreciation and wealth accumulation. A simple principle of investing is that sooner is better than later. By delaying gratification to own your "dream home" early, a person may be able to accumulate more net worth in the same period of time.</div>
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Buying a property initially as owner-occupied permits a lower down payment of 3.5% compared to a typical down payment for non-owner-occupied properties is 20%. By using more borrowed funds, leverage can increase the yield on the investment.</div>
<span style="background-color: white; color: #222222; font-family: "arial" , sans-serif; font-size: 11pt; font-style: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">It may be too late for some people reading this article to adopt this strategy but if they have kids in college, it may be something for them to consider.</span>Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-85049807310847291532018-10-22T14:59:00.003-07:002018-10-22T14:59:28.273-07:00<h3 style="background-color: white; color: #222222; font-family: arial, sans-serif;">
It's Not Just the Tax Benefits</h3>
<img class="CToWUd a6T" height="auto" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEjoTiH-ouSvIxfYcKydgTYwKmT2vY06hKQQ6F-Ph5a2leOsug0f0xb1o-dsZBD7yb2N9sgt28hncSnBsc9RRQbFnTN5rZz5CDz5idOBt1bvqsc3FBrmS71wlxHPPVrgiSYVRABXRFoOkiiRP0NqYePE9d5PyzUk5RCtWo78mQ=s0-d-e1-ft" style="background-color: white; border: 0px; color: #222222; cursor: pointer; font-family: arial, sans-serif; font-size: 16px; height: auto; outline: 0px; width: 1136.93px;" tabindex="0" width="100%" /><br />
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<span style="font-family: Calibri;">When the standard deduction for married couples filing jointly was increased from $12,700 to $24,000 for 2018, there was some speculation that the bloom was off the rose of homeownership. The thought was that if the tax benefits from being able to deduct the property taxes and interest was less than the standard deduction, that maybe, the buyer would be better off continuing to rent.</span></div>
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<span style="font-family: Calibri;">With mortgage rates as low as they have been for the past eight years, payments have been lower and so has the amount interest that was paid. This and the fact that sales and local taxes, which include property taxes, are limited to $10,000 a year on the Itemized Deduction form have made it harder to reach the increased standard deduction.</span></div>
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<span style="font-family: Calibri;">The reality of the situation is tax benefits are only one of the components that make a home an excellent investment and it probably contributes the least of the top three benefits. Principal reduction and appreciation build an owner's equity in an automatic way that is like a forced savings account.</span></div>
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<span style="font-family: Calibri;">In today's market, it is common for the total house payment to be lower than the rent a first-time home buyer is currently paying. As a homeowner, the buyer would have additional expenses like maintenance and possibly, a HOA. </span></div>
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<span style="font-family: Calibri;">To illustrate the net effect, let's look at a purchase price of $275,000 with 3.5% down payment on a 4.75% 30-year FHA loan. We'll assume the home appreciates at 3% annually and the buyer is currently paying $2,000 a month rent.</span></div>
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<span style="color: #212529; font-family: Calibri;"><img alt="newsletter 102218.png" class="CToWUd a6T" height="177" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEjN_X8Y1NJv8g3noCanz4ANJ8ck_QuB3IaFWPWFtn4LEN-Nn3uFwqZ5dQ2y_YP-6EtEugo3YH4bl0TVVShWDt8FxhzjqBDJ_ruNmqpStLBq3pklnAFA_diqenwGoazavhrZkqsdkqRoczFjMY1nPXwT7u8cQBK6BeFUt7wCEQ33upk=s0-d-e1-ft" style="cursor: pointer; height: 177px; outline: 0px; width: 452px;" tabindex="0" width="452" /></span></div>
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<span style="color: #212529; font-family: Calibri;">The total payment is $2,115 including principal, interest, property taxes, property and mortgage insurance. However, when you consider the monthly principal reduction, appreciation, maintenance and HOA, the net cost of housing is $1,181. It costs $819 more a month to rent than to own. In a year's time, it would cost $9,831 more to rent than to own which is more than the down payment required to buy the home.</span></div>
<span style="background-color: white; color: #222222; font-family: Calibri; font-size: 16px;"><span style="font-size: 11pt;">In seven-years, the $9,625 down payment would grow to over $58,000 in equity. The equity build-up far exceeds the tax benefits which some people would have as an additional incentive. Use this <a class="m_-7004792666430406143FinApp.RentvsOwn" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://www.BetterHomeowners.com/FinancialApps/RentvsOwn.aspx?AccountId%3DCge2olVwJkmyaTOwLwKEKQ%26Auth%3D1&source=gmail&ust=1540331302630000&usg=AFQjCNEnIJcfjZ6h5c7J29NEF49iEfE1RA" href="http://www.betterhomeowners.com/FinancialApps/RentvsOwn.aspx?AccountId=Cge2olVwJkmyaTOwLwKEKQ&Auth=1" style="color: #1155cc;" target="_blank">Rent vs. Own</a> to see what the net cost of housing would be using a home in your price range or call me at (256) 705-0733 and I'll do it for you.</span></span>Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-68855940552544008152018-09-24T08:44:00.002-07:002018-09-24T08:44:46.324-07:00<h3 style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<br class="Apple-interchange-newline" />How to Clean Gutters</h3>
<img class="CToWUd a6T" height="auto" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEgQzU_LpX4TOtbh_IDInJsU9DwtjZ7OEf7GUoiSNb-q0Db6RS_o01UsZl8WrtBwLV2K0DQ6ZQ0JQhKKOQNstFjIZZmyuqouyu5gmsyzmhlS370902iTX3UDtP0voDFa5jjoLqJI_AignWuv2E-3bUQ4nkMu8m6PBtIEFXaraQ=s0-d-e1-ft" style="-webkit-text-stroke-width: 0px; background-color: white; border: 0px; color: #222222; cursor: pointer; font-family: Arial, Helvetica, sans-serif; font-size: small; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; height: auto; letter-spacing: normal; orphans: 2; outline: 0px; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; width: 1046.39px; word-spacing: 0px;" tabindex="0" width="100%" /><div style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: small; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<span><span>The gutters and downspouts on your home are intended to channel rainwater away from your home and its foundation.<span> <span> </span></span>When they're blocked and not functioning properly they can lead to the gutters coming loose, wood rot and mildew, staining of painted surfaces, and even worse, foundation issues or water penetration into the interior of the home.<span></span></span></span></div>
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<span>Most experts recommend cleaning the gutters at least once a year.<span> <span> </span></span>More often might be necessary depending on the proximity of leaves and other debris that could collect.</span></div>
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<span>If this is a task that you feel comfortable about tackling yourself, there are few things to consider.<span> <span> </span></span>If the debris is dry, it will be easier to clean the gutters.<span> <span> </span></span>Safety is important, and precautions should be taken such as using a sturdy ladder and possibly, having someone hold it while you're on the ladder.</span></div>
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<span>Other useful tools will be a five-gallon plastic bucket to hook on the ladder to hold the debris; work gloves to protect your hands from sharp edges of the gutters; a trowel or scoop and a garden hose with a nozzle.</span></div>
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<span><span><span>?<span style="font-size: 7pt;"> <span> </span></span></span></span><span>Start by placing the ladder near a downspout for the section of gutter to be cleaned.</span></span></div>
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<span><span><span>?<span style="font-size: 7pt;"> <span> </span></span></span></span><span>Remove large debris and put it into the empty bucket. Work away from the downspout toward the other end.</span></span></div>
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<span><span><span>?<span style="font-size: 7pt;"> <span> </span></span></span></span><span>When you're at the end of the gutter, using the water hose and nozzle, spray out the gutter so it will drain to the downspout.</span></span></div>
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<span><span><span>?<span style="font-size: 7pt;"> <span> </span></span></span></span><span>If the water doesn't drain easily, the downspout could be blocked.<span> <span> </span></span>Accessing the spout from the bottom with either the hose with nozzle or a plumber's snake, try to dislodge the blockage.</span></span></div>
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<span><span><span>?<span style="font-size: 7pt;"> <span> </span></span></span></span><span>Reattach or tighten any pieces that were removed or loosened while working on the downspout.</span></span></div>
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<span><span><span>?<span style="font-size: 7pt;"> <span> </span></span></span></span><span>Flush the gutters a final time, working from the opposite end, as before, toward the downspout.</span></span></div>
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<span><span>There are specialized tools at the home improvement stores like<span> </span></span><span><a data-saferedirecturl="https://www.google.com/url?q=https://www.lowes.com/search?searchTerm%3Dgutter%2Bcleaning&source=gmail&ust=1537885389157000&usg=AFQjCNGRy-7Ilbqw5wqHM5ZwljT0Z77clw" href="https://www.lowes.com/search?searchTerm=gutter+cleaning" style="color: #1155cc;" target="_blank"><span style="text-decoration: underline;"><span>Lowes<span> </span></span></span></a></span><span>and<span> </span></span><span><a data-saferedirecturl="https://www.google.com/url?q=https://www.homedepot.com/b/Building-Materials-Roofing-Gutters-Gutters-Accessories-Gutter-Cleaning-Tools/N-5yc1vZc933/Ntk-Extended/Ntt-gutter%2Bcleaning?Ntx%3Dmode%2Bmatchpartialmax%26NCNI-5&source=gmail&ust=1537885389157000&usg=AFQjCNGd5fABhv8zTp5j87dG66gYIOzLcQ" href="https://www.homedepot.com/b/Building-Materials-Roofing-Gutters-Gutters-Accessories-Gutter-Cleaning-Tools/N-5yc1vZc933/Ntk-Extended/Ntt-gutter+cleaning?Ntx=mode+matchpartialmax&NCNI-5" style="color: #1155cc;" target="_blank"><span style="text-decoration: underline;"><span>Home Depot</span></span></a></span></span><span><span> </span>that can make this job easier.<span> <span> </span></span>Check out their websites and search for "gutter cleaning".</span></div>
Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-91741939757723867812018-09-04T07:44:00.000-07:002018-09-04T07:44:06.560-07:00<h3 style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: arial, sans-serif; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
Act Decisively</h3>
<img class="CToWUd a6T" height="auto" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEhI8_LumRD6sXpMFthtW_m3LYZcn7pjdCASjEV8WSl-LLPkkuPvim3Dp9UOJkJ4sruG0oIfZqhJSjFqPvVsDl90Bq3AD9fYMSjaZzdQA2ymwFSOX9HKw03AfIL_ecoof5cqrmmkqZKZCdczydwL_e84ENhIRcozE-130hZXRw=s0-d-e1-ft" style="-webkit-text-stroke-width: 0px; background-color: white; border: 0px; color: #222222; cursor: pointer; font-family: arial, sans-serif; font-size: 16px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; height: auto; letter-spacing: normal; orphans: 2; outline: 0px; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; width: 1154.93px; word-spacing: 0px;" tabindex="0" width="100%" /><div style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: arial, sans-serif; font-size: 16px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<span><span>Whether it is hesitation or procrastination due to uncertainty, it can cost buyers by having to pay more for both the house and the financing.<span> <span> </span></span>This is one of those markets where most of the experts expect interest rates and prices will continue to rise through 2019.<span></span></span></span></div>
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<span>The National Association of REALTORS? reports there is currently a 4.2-month supply of homes for sale which is close to the same as last year's inventory.<span> <span> </span></span>Normal inventory is considered to be a 6-month supply.</span></div>
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<span>If during the period you're waiting to buy, the price of the home goes up by 5% and the mortgage rate increases by 1%, the payment on a $275,000 home with a 95% mortgage could be $233.80 more each and every month.<span> <span> </span></span>Over a seven-year period, the delay to purchase would total close to $20,000.</span></div>
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<span>To act decisively, you need good information; a confused mind will not generally make a decision.<span> <span> </span></span>In today's market, you need to know exactly what price home you can qualify for and you need to know what kind of home you can expect for that price.<span> </span></span></div>
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<span>You'll want a housing and a mortgage professional you can trust to give you the information you need to make good decisions for yourself and your family.<span> <span> </span></span>We'd like to be your real estate professional and can recommend a trusted mortgage professional.</span></div>
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<span><span>To get a better idea about what it may cost you for a home in your price range, use the<span> </span><a class="m_2537415413674283970FinApp.CostofWaiting" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://www.BetterHomeowners.com/FinancialApps/CostofWaiting.aspx?AccountId%3DCge2olVwJkmyaTOwLwKEKQ%26Auth%3D1&source=gmail&ust=1536156766034000&usg=AFQjCNEeU51I-kx9g5SCTk7_-8IEW2PxJw" href="http://www.betterhomeowners.com/FinancialApps/CostofWaiting.aspx?AccountId=Cge2olVwJkmyaTOwLwKEKQ&Auth=1" style="color: #1155cc;" target="_blank">Cost of Waiting to Buy</a><span> </span>calculator.</span><span> <span> </span></span>If you have any questions, call me at (256) 705-0733.</span></div>
Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-49055471950970526102018-08-20T11:23:00.002-07:002018-08-20T11:23:22.378-07:00<div class="adn ads" data-legacy-message-id="1655850b0abee1eb" data-message-id="1655850b0abee1eb" style="-webkit-text-stroke-width: 0px; background-color: white; border-left: 1px solid transparent; color: #222222; font-family: arial, sans-serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; orphans: 2; padding-bottom: 20px; padding-left: 4px; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
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<h3>
Moisture & Mold</h3>
<img class="CToWUd a6T" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEhFgtlO2JAu21YKln88gGxTCGbCUB3Ggba7Il11KDIqbXXmnonV2Xp7Fa1KoMkPLdFs2Daq6MHBzCZpj-3MOemrCpRdbLX3eHAbUWYSm16mF_T0VG99LY3E5HmZxxf7Z3miMh_-yM5AhyWptPjbyVNpTqgrOjEKp5dkDf2whQ=s0-d-e1-ft" style="border: 0px; cursor: pointer; height: auto; outline: 0px; width: 1154.93px;" tabindex="0" />Moisture is mold's best friend and it thrives between 40 and 100 degrees Fahrenheit which is why it is commonly found in homes.<span> <span> </span></span>Mold spores float in the air and can grow on virtually any substance with moisture including tile, wood, drywall, paper, carpet, and food.<span></span><br />
Moisture control and eliminating water problems are key to preventing mold. Common sources of moisture can be roof leaks, indoor plumbing leaks, outdoor drainage problems, damp basements or crawl spaces, steam from bathrooms or kitchen, condensation on cool surfaces, humidifiers, wet clothes drying inside, or improper ventilation of heating and cooking appliances.<br />
<ul style="list-style-type: disc;">
<li style="margin-left: 15px;">Control the moisture problem</li>
<li style="margin-left: 15px;">Scrub mold off hard surfaces using soap and water or other cleanser; dry completely</li>
<li style="margin-left: 15px;">Do not paint or caulk moldy surfaces</li>
<li style="margin-left: 15px;">Discard porous materials with extensive mold growth</li>
<li style="margin-left: 15px;">Avoid exposing yourself or others to mold</li>
<li style="margin-left: 15px;">Periodically, inspect the area for signs of moisture and new mold growth</li>
</ul>
The EPA suggests that if the moldy area is less than ten square feet, you can probably handle the cleanup yourself.<span> <span> </span></span>If the affected area is larger than that, find a contractor or professional service provider.<span> </span><br />
Increasing ventilation in a bathroom by running a fan for at least 30 minutes or opening a window can help remove moisture and control mold growth.<span> <span> </span></span>After showering, squeegee the walls and doors. Wipe wet areas with dry towels.<span> <span> </span></span>Cleaning more frequently will also prevent mold from recurring or keep it to a minimum.<br />
A simple solution to clean most mold is a 1:8 bleach/water mixture.<span> </span><span> </span>Since homes have thermostatically controlled temperatures and water is used all day long in the kitchen and bathrooms, the environment is conducive to mold.<span> </span><br />
See<span> </span><span><a data-saferedirecturl="https://www.google.com/url?hl=en&q=https://www.epa.gov/mold/ten-things-you-should-know-about-mold&source=gmail&ust=1534875424182000&usg=AFQjCNF99iVw-WG_5auWSEfRupUHrARNUQ" href="https://www.epa.gov/mold/ten-things-you-should-know-about-mold" style="color: #1155cc;" target="_blank">Ten things you should know about mold</a></span><span> </span>written by the EPA.</div>
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Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-19628185501024004282018-08-13T14:28:00.001-07:002018-08-13T14:28:50.239-07:00<div class="adn ads" data-legacy-message-id="165344438138633d" data-message-id="165344438138633d" style="-webkit-text-stroke-width: 0px; background-color: white; border-left: 1px solid transparent; color: #222222; font-family: arial, sans-serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; orphans: 2; padding-bottom: 20px; padding-left: 4px; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
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<h3>
What to Avoid Before Closing Your New Home</h3>
<img class="CToWUd a6T" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEi8NB-rgKtIGIcZ0TO08ZjyKVM7LMZnWEnCYbl8PqsDfi8pOk5yBM1zUndej0muoyjkgh-4nFwWzBv845cV4PuUcVDSroAMeV_KEvhJ20iINf4DzP5bD5DtHJuLgmC0RGcbfAFstgzXt3AO1UILJsfqWEzZ8K1rkV173bnxbw=s0-d-e1-ft" style="border: 0px; cursor: pointer; height: auto; outline: 0px; width: 1154.93px;" tabindex="0" /><span>It’s understandable; you’re excited; you’ve found the right home, negotiated a contract, made a loan application and inspections.<span> <span> </span></span>Closing is not that far away, and you are making plans to move and put personal touches on your new home.</span><br />
<span>Even if you have an initial approval on your mortgage, little things can derail the process which isn’t over until the papers are signed at settlement and funds distributed to the seller.<span> <span> </span></span>The verifications are usually done again just prior to the closing to determine if there have been any material changes to the borrower’s credit or income that might disqualify them.</span><br />
<span>Most lending and real estate professionals recommend<span> </span><span style="text-decoration: underline;">NOT</span><span> </span>to:</span><br />
<ul>
<li style="margin-left: 15px;"><span>Make any new major purchases that could affect your debt-to-income ratio</span></li>
<li style="margin-left: 15px;"><span>Buy things for your new home until after you close</span></li>
<li style="margin-left: 15px;"><span>Apply, co-sign or add any new credit</span></li>
<li style="margin-left: 15px;"><span>Close or consolidate credit card accounts without advice from your lender</span></li>
<li style="margin-left: 15px;"><span>Quit your job or change jobs</span></li>
<li style="margin-left: 15px;"><span>Change banks</span></li>
<li style="margin-left: 15px;"><span>Talk to the seller without your agent</span></li>
</ul>
<span>Your real estate professional and lender are working together to get you into your new home.<span> <span> </span></span>It’s understandable to be excited and feel you need to be getting ready for the move.</span><br />
<span>Planning is fine but don’t do anything that would affect your credit or income while you’re waiting to sign the final papers at settlement.</span></div>
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Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-12856494986021974872018-08-06T11:25:00.001-07:002018-08-06T11:26:07.467-07:00<div class="separator" style="clear: both; text-align: center;">
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Rising Rates Affect the Cost Too</h3>
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Mortgage rates have risen 0.5% in 2018 on 30-year and 15-year fixed rate mortgages and experts expect them to continue to increase. Buyers paying attention to the market understand the relationship that inventory has on pricing; when the supply is low, the price usually goes up. Rising interest rates can affect the cost of homes also.</div>
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When interest rates go up, fewer people can afford homes. Lower numbers of buyers can affect the demand, which could cause prices of homes to come down. The question is how much do the interest rates have to go up to affect demand?</div>
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As the rates gradually go up, the affect may not be noticeable at all except for the fact that the payments for the buyer have increased.</div>
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A ½% change in interest is approximately equal to a 5% change in price. A $300,000 mortgage at 4.5% for a 30-year term will have a $1,520.06 principal and interest payment. If the mortgage rate goes up 0.5%, it would affect the payment the same as if the price had gone up 5%. The difference in payments for the full term of the loan would be $32,547.</div>
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There are some things beyond buyers’ control, but indecision isn’t one of them. If they haven’t found the “right” home yet, it is understandable. However, when that home does present itself, the buyer needs to be ready to make a decision. If they are preapproved and have done their due diligence in the market, they should be able to contract before significant changes occur in the mortgage rates.</div>
Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-8071884559618463862018-07-16T11:38:00.000-07:002018-07-16T11:38:03.254-07:00<h3 style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: arial, sans-serif; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
Owning Makes More Sense</h3>
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When comparing the cost of owning a home to renting, there is more than the difference in house payment against the rent currently being paid. It very well could be lower than the rent but when you consider the other benefits, owning could be much lower than renting.</div>
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Each mortgage payment has an amount that is used to pay down the principal which is building equity for the owner. Similarly, the home appreciates over time which also benefits the owner by increasing their equity.</div>
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There are additional expenses for owning a home that renters don't have like repairs and possibly, a homeowner's association. To get a clear picture, look at the following example of a $300,000 home with a 3.5% down payment on a 4.5%, 30-year mortgage.</div>
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<img alt="net cost of housing.jpg" class="CToWUd a6T" height="167" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEivvEMSDJGCEyxCt9sPx_ZhCs0mAtpGdVX5cyyu-192tOR-8Sc2KXcLuQQad2unDkmcC8BouQ1yRRlMM_h-E_nRJomZdBW-GsYsrUJKepfUu1XomdKe71qivYxA02oXIeU5ZeuozAn8hBwaMdLgj6btnA5EoIja1pmsbJbY3_b3Mcg=s0-d-e1-ft" style="cursor: pointer; height: 167px; outline: 0px; width: 520px;" tabindex="0" width="520" /></div>
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The total payment is $2,264 including principal, interest, property taxes, property and mortgage insurance. However, when you consider the monthly principal reduction, appreciation, maintenance and HOA, the net cost of housing is $1,218. It costs $1,282 more to rent at $2,500 a month than to own. In a year's time, it would cost $15,000 more to rent than to own which is more than the down payment and closing costs to buy the home.</div>
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With normal amortization and 3% annual appreciation, the $10,500 down payment in this example turns into $112,00 in equity<span> </span><span class="aBn" data-term="goog_1016085082" style="border-bottom: 1px dashed rgb(204, 204, 204); position: relative; top: -2px; z-index: 0;" tabindex="0"><span class="aQJ" style="position: relative; top: 2px; z-index: -1;">in seven years</span></span>. Check out your own numbers using the<span> </span><a class="m_4394032988806250441FinApp.RentvsOwn" data-saferedirecturl="https://www.google.com/url?hl=en&q=http://www.BetterHomeowners.com/FinancialApps/RentvsOwn.aspx?AccountId%3DCge2olVwJkmyaTOwLwKEKQ%26Auth%3D1&source=gmail&ust=1531838478491000&usg=AFQjCNHZAfT0_KFhZ9mD7aVPPsb1epmZvQ" href="http://www.betterhomeowners.com/FinancialApps/RentvsOwn.aspx?AccountId=Cge2olVwJkmyaTOwLwKEKQ&Auth=1" style="color: #1155cc;" target="_blank">Rent vs. Own<span> </span></a>or call me at (256) 705-0733. Owning a home makes sense and can be one of the best investments a person will ever make.</div>
<br />Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-76990576869651952372018-07-09T09:23:00.001-07:002018-07-09T09:23:23.365-07:00<div class="adn ads" data-legacy-message-id="1647f7af93eeeb94" data-message-id="1647f7af93eeeb94" style="-webkit-text-stroke-width: 0px; background-color: white; border-left: 1px solid transparent; color: #222222; font-family: arial, sans-serif; font-size: medium; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; orphans: 2; padding-bottom: 20px; padding-left: 4px; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
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<h3>
A Word Homeowners Need to Understand</h3>
Acquisition Debt is the amount of money borrowed used to buy, build or improve a principal residence or second home. Under the new tax law, mortgages taken after 12/14/17 are limited to a combination of $750,000 on the first and second homes. The mortgage interest on this debt is tax deductible when itemizing deductions.<br />
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It is a dynamic number that is reduced with each payment as the unpaid balance goes down. The only way to increase acquisition debt is to borrow money to make capital improvements.<br />
Prior to the new law, homeowners could additionally borrow up to $100,000 of home equity debt for any purpose and deduct the interest when itemizing deductions. Mortgage interest on home equity debt is no longer deductible unless it is for capital improvements.<br />
Acquisition debt cannot be increased by refinancing. Some confusion occurs because mortgage lenders are concerned in making home loans that will be repaid according the terms of the note and using the home as collateral. That does not include making a tax-deductible mortgage.<br />
Another thing that adds confusion to the issue is that the lenders will annually report how much interest was paid in a year but only the amount that is attributable to acquisition debt is deductible.<br />
Even if the interest on the cash-out refinance is not deductible, it may be advantageous to pay off higher interest debt such as credit card debt and replacing it with lower mortgage debt.<br />
It is the responsibility of the taxpayer to know what part of their mortgage debt is deductible. The challenge becomes more difficult after a cash-out refinance. Homeowners should keep records of all financing and capital improvements and consult with their tax professional.<br />
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Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-20994707843755803612018-07-02T07:41:00.001-07:002018-07-02T07:41:15.168-07:00<h3 style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: arial, sans-serif; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
Unexpected Expenses</h3>
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It's common for Sellers to consider offering a home warranty or protection plan to make their home more marketable. A growing number of homeowners are now purchasing this type of protection for themselves to limit the unexpected expenses of repairs and replacements.</div>
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A home protection plan is a renewable service contract that covers the repair or replacement of many of the components in a home. Some homeowners especially like the convenience that it organizes a qualified service provider as well as the cost of the repairs or replacements.</div>
Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-31138061894294214962018-06-11T08:13:00.002-07:002018-06-11T08:13:11.316-07:00<h3 style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: arial, sans-serif; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
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The Tax Difference in Second Homes</h3>
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A principal residence and a second home have some similar benefits, but they have some key tax differences. A principal residence is the primary home where you live and a second home is used mainly for personal enjoyment while limiting possible rental activity to a maximum of 14 days per year.</div>
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Under the 2017 Tax Cuts and Jobs Act, the Mortgage Interest Deduction allows a taxpayer to deduct the qualified interest on a principal residence and a second home. The interest is reduced from a maximum of $1,000,000 combined acquisition debt to a maximum of $750,000 combined acquisition debt for both the first and second homes.</div>
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Property taxes on first and second homes are deductible but limited to a combined maximum of $10,000 together with other state and local taxes paid.</div>
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The gain on a principal residence retained the exclusion of $250,000/$500,000 for single/married taxpayers meeting the requirements. Unchanged by the new tax law, the gains on second homes must be recognized when sold or disposed.</div>
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Tax-deferred exchanges are not allowed for property used for personal purposes such as second homes. Gain on second homes owned for more than 12 months is taxed at the lower long-term capital gains rate.</div>
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This article is intended for informational purposes. Advice from a tax professional for your specific situation should be obtained prior to making a decision that can have tax implications.</div>
Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0tag:blogger.com,1999:blog-4446306340750019806.post-33259546426205816382018-06-04T12:03:00.001-07:002018-06-04T12:03:01.411-07:00<h3 style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; font-family: arial, sans-serif; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; letter-spacing: normal; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
When Neighbors Don't Seem to Care</h3>
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A home that isn't being maintained like others in the neighborhood can negatively affect your visual sense of appeal and in some extreme cases, even affect property values. It might be an overgrown yard, a fence in need of repair, excessive noise, unruly pets, paint peeling on the home or even a car or boat parked in front of the home that hasn't moved in weeks.</div>
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Most people want to be good neighbors and may be willing to correct an issue once it is brought to their attention. A practical but possibly, confrontational solution is to contact the responsible person and describe your perception of the issue. However, they may not always agree with the same urgency and it might be necessary to seek other remedies.</div>
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An owner-occupant may be more sympathetic to the neighbors and willing to correct the issue. If you think the home might a rental property, check with the county tax records to identify the owner. They may be unaware of the situation and welcome the notification to protect their investment.</div>
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Another alternative might be to notify the homeowner's association, if there is one. One of the benefits of a HOA is to enforce community appearance standards as set in the covenants or bylaws that specify how properties must be maintained. This could be a less personal method of reaching a beneficial outcome.</div>
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If the source of the problem is a code or housing violation, the city may be the ultimate authority. Most cities have a separate code and neighborhood services division and some cities have 311 for non-emergency assistance.</div>
Bob Giffordhttp://www.blogger.com/profile/02433828405806361424noreply@blogger.com0