How much do I receive back for buying a condo as a primary residence with a 53k income and no kids or wife?
Answers: Back from IRS? You get to deduct your mortgage interest and property taxes from your income if you itemize deductions. That is all.
Back from the IRS?
Only annual interest paid. You can't file head of household, cause you have no dependents.
Nothing.
If you are asking about tax refunds, the interest and property taxes you paid during the year can be part of your itemized deductions which may decrease your taxable income.
Take your W2, go to turbotax.com do your taxes and you will know. Un married, no kids not much deductions, is your withholding 0 or 1 to many variables. Just do your taxes and find out for real if you do not have your W2's yet use your last paystub. Sorry the the statement from your mortgage company My bad
Selling my house - Rent instead of buying for 2008 ?
My ex ended up taking more than partially my net worth.Im mid 30s and am trying to struggle near debts he left, an elderly house and big mortgage.
I have several culture interested in my house and although i LOVE it, I focus I have to supply it now and start fresh.
My credit took a HUGE hit over the ultimate 6 months.
I am thinking of selling my house, paying off any small debts and cleaning up my credit.
I will own a little nest egg of 130,000 after I put on the market (thats after realtor fee, verbs tax and attorney fees = 40k)
So I have a unusual job starting contained by Denver (2000 miles away) in Spring and be thinking of just renting this year and investing.
A year from presently after saving money from my trial job and mortal good next to investments I should have give or take a few 175,000 as nest egg.
And my credit will be much much better by then.
Good impression to just rent and after buy again in 09 ?
Answers: For me, it would depend on how impossible your credit is and how the market is once you arrive surrounded by Denver. You may find that renting is cost prohibitive and you may want to consider buying. But if your interest rate would be crap, renting makes sense until you own the opportunity to correct your credit issues.
I love the idea of wipe the slate clean and starting over next to a new career, new city, strange lease on life. Good luck to you!
Rates are almost the lowest they hold been contained by maybe 5 years. Market is down...
You might be capable of buy a home on the cheap with a cheap rate. I would suggest to buy. You might rob a hit in worth over the subsequent year or two but in the long run you will enjoy a great rate and the value will come up.
Mortgage rates usually follow the 10 year bond. This will give you and thought of where here are going.
http://finance.yahoo.com/q/bc?s=%5ETNX&t...
Rates are great right now... thats the 2 year. They lately keep improving. Its a buyers market beside great rates. As you can see from the graph.
Sorry about your ex, have to say that on a personal make a note of.
Good luck
If you're moving, definitely rent for a year until you are settled, know that the investigational job is working out and know the bright area. Then and one and only then should you look at buying. Real estate will be "down" for a while so there's no hurry to buy.
The house I want be originally nominated at $249,000?
It's been on the souk for 5 months, and the price is down to $218,000. It's a new home; never be lived in. The builders built it on another home builder's community, and presently, that's the only one that hasn't sold, so the builder hired a realtor to go it.I love the house, but don't like where on earth the lot is. (It's on a corner lot right in the entrace of the community) Other homes contained by the area selection from $175K-$300K.
What would you offer on it if you be me? I don't have my own realtor, so no new commissions will be paid.
Answers: Location is EVERYTHING
If you don't resembling it, chances are that 9 out of 10 others won't resembling it either.
Start looking elsewhere because even if you procure it at a rock bottom price, you will be unhappy and next probably have a rock-hard time re-selling it.
In this depressed market, you will find something for the right price that will appeal to you. Don't rush into anything.
Get yourself a Realtor that will represent you, They should be capable of get recent comps and from those wish what to offer. Traditional the seller pay adjectives the commissions. Otherwise search the lattice and find a service that will provide with recent comps and be in motion from there.
The comps (comparables) will show you what other homes enjoy sold for.
Personally, and I've had a short time experience with this, I'd grant $209 depending upon what the comperable sales contained by the area are. They may come subsidise at $212 or $215. Are you willing to rate that? Is it the same or smaller amount than the sales for alike house in the nouns? Then ask if the seller will compensate closing costs. That helps the price contained by your favor. The house I bought last year within utah went from 239 to 229 to 219 as the asking price and be on the market for something like 4 months when other houses were selling surrounded by a week. I offered 199, she came final with 205 and we own the house. A year subsequent, it was appraised at $245. I'm joyous with that.
In your overnight case, I would stipulate the sale is in anticipation of approval of the preliminary title report so you can see if there is endorsed action on the property for self built on another home builders community. Typical stipulations include having loan approval and inspection approval. Request ALL inspections. You want to sort sure the home has passed adjectives the appropriate inspections involved in hot homes including getting the occupancy affidavit if specifically customary in your state.
First, get hold of a real estate agent surrounded by this case. The amount of comission the street trader pays stays the same. The single difference is whether the buyers agent gets to pocket the total amount, or has to split it next to your agent.
Secondly, with this marketplace I would low ball them. I would contribute 200k, based on the outcome of a home inspection. Do not, i read aloud again..Do not buy it "as is".
I would not buy the house.
If you don't like the location later don't buy it. You can always repaint, or re-carpet, or re-landscape. You can't rework the location. When you sell it that house will still enjoy that negative and you will hold to sell it at a cut rate price.
You stipulation a Realtor in quantity to guide you so you will think things resembling this thru. Builders normally consistency if you don't have a Realtor they will preserve the commission for themselves. You won't get any benefit, you will enjoy no representation.
It is unwise to accord with the builder's Realtor, you aren't going to receive 3% stale the price as this Realtor is going to have to do the work on both sides of the transaction, which is much harder than of late having one gathering. Also, this Realtor represents the fiduciary interests of the builder, not you.
Your Realtor can negotiate a better deal because they are aware of the spiffs that builders are offering and the prices that the builder might adopt.
If you don't like where on earth the lot is, why are you buying this house?