Buying and Selling a Home by The Editors of Kiplinger's Personal Finance Magazine

By The Editors of Kiplinger's Personal Finance Magazine

Thought of a vintage in its box, this complete e-book courses dealers during the array of financing offerings, together with fixed-rate and adjustable mortgages, FHA or VA loans and artistic financing preparations, and indicates dealers how one can enhance estate, display dealers and set the ideal fee. Readers also will how one can benefit from domestic fairness to alleviate monetary matters from home improvement expenditures to school school.

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Extra resources for Buying and Selling a Home

Sample text

Remember, starting to keep track when you purchase will be a lot easier than trying to reconstruct the basis later on. As you begin the running tab on your adjusted basis, add these items to the purchase price. ■ Appraisal and credit-report fees ■ Attorney and notary fees ■ Recording and title-examination fees ■ State and county transfer taxes ■ ■ Property-inspection fees Title-insurance premiums ■ Utility-connection charges ■ Amounts owed by the seller that you agree to pay, such as part of the ■ real estate agent’s commission or back taxes and interest ■ The cost of an option to purchase under a rent-with-option-to-buy arrangement Part of the rent payments made prior to closing, which may be added to the basis if they were applied to the purchase price of the property 33 BUYING & SELLING A HOME A “point” is a fee —equal to 1% of the loan amount — that the mortgage lender charges up front.

Fees for specific services, such as garbage collection, are not deductible and can’t be added to the basis. In general, local assessments for benefits that tend to increase the value of your property— sidewalks, for example — should be added to the basis of your property. Improvements and Repairs Monthly payments are just the beginning of the costs of owning a home. You can count on spending plenty over the years maintaining, repairing and improving your property. Here, too, Uncle Sam gets involved.

Include all the houses and apartments that for one reason or another made a negative impression on you. If they gave you a “I wouldn’t want to live here” feeling, now is the time to identify what prompted that feeling for you. Make a list of the things you didn’t like (see the checklist on the next page). Also consider things that other buyers might object to. Heavy traffic on the street might not bother you, but it could make resale tougher. Other buyers might also balk at buying your house if it’s overimproved.

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