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Real Estate Buyer Blog  Buyers ... Stay Informed on the Local Market
Ask Questions..Get Answers
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Get the Most Out of a Katy Texas Property Inspection by Asking These 5 Questions, by Real Estate Expert Sanford & Seretha Sellers |
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Now that youíve found a house youíre interested in purchasing, the next step is to make sure that everything is in order both inside and outside the house. In this article, weíll go over a series of questions you should ask your home inspector during the inspection. These questions will help you get a good idea of what condition your property is in.
Remember that youíre paying for a service when you have a home inspector come by. Donít be shy about asking questions. Most home inspectors expect their customers to ask a lot of questions.
Question #1 ñ Have the Foundations Checked
Most buyers know to ask the inspector about the foundations. While this is an important question to ask, do keep in mind that the inspector can only tell you about what he sees.
He cannot tell you if there are termites in the wood without a proper termite inspection. Rotting wood or water damage thatís hidden is difficult to spot as well. The inspector can tell you what he thinks based on whatís visible, but usually not much more.
Question #2 ñ Electrical
What condition is the electrical system in? Are there any panels or wiring thatís done unprofessionally? Is there any knob and tube wiring or any aluminum wiring in the house?
Question #3 ñ The Heating System
The heating system should always be inspected. Itís important to ask about what kind of equipment you have, how old it is, how much longer you can expect it to last, etc.
Question #4 ñ The Plumbing System
Make sure your inspector checks the plumbing system and tells you how old the system is. Check for signs of recent issues, such as a new sewer cap.
Question #5 ñ Are there any potential fire hazards?
Safety is a prime concern when buying a home. With older electrical or heating systems, there may be potential fire hazards that you should be aware of. Make sure with older homes to ask your home inspector about these.
These are some of the more important questions to ask a home inspector during a home inspection. Again, remember that youíre hiring this person for a paid service, so donít hesitate to make full use of their expertise.
There is a lot of free information available to you about buying, selling or investing in Katy Texas real estate. For complete information about the Katy Texas real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Katy Texas real estate at The Sellers Team Katy. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at (832) 814-8715 or email me at Sanford@KatyDreamHomes.com. |
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What is an impound account? |
What is an impound account?
An impound account is a trust account established by the lender to hold money to pay for real estate taxes, and mortgage and homeowners insurance premiums as they are received each month.
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Last Updated ( Tuesday, 29 July 2008 )
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appealing your property taxes |
Where can I learn more about appealing my Katy - West Houston -West Houston property taxes?Contact your local Katy - West Houston -West Houston tax assessor's office to see what procedures to follow to appeal your property tax assessment. This is depended on the county in which the property is located. You may be able to appeal your assessment informally. Mostly likely, however, you will have to go through a formal tax-appeal processes, which begin with an appeal filed with the appropriate assessment appeals board.
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Last Updated ( Wednesday, 11 November 2009 )
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Are property taxes deductible? |
Are Katy - West Houston property taxes deductible?
Property taxes on all Katy - West Houston real estate, including those levied by state and local governments and school districts, are fully deductible against current income taxes.
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Last Updated ( Thursday, 04 September 2008 )
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Tax benefits to homeowners |
What tax benefits are there toKaty - West Houston area homeowners?
Homeowners benefit from several generous tax advantages. The most important benefit is the mortgage interest deduction. People may deduct interest paid on mortgage loans totaling up to $1 million used to buy, build or improve a principal residence plus a second home. The IRS calls such loans acquisition debt.
Points paid by the buyer or seller on a new mortgage loan for the purchase or improvement of a principal residence are deductible for the year in which the home was purchased.
Any points paid on a refinance mortgage, a loan to purchase a second home or a mortgage on income property must be spread over the life of the loan, according to Edith Lank and Miriam S. Geisman, authors of "Your Home as a Tax Shelter," Dearborn Financial Publishing, Chicago; 1993.
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Last Updated ( Thursday, 04 September 2008 )
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Are points deductible?
If you are a Katy - West Houston buyer, and you or the seller pays points, they are deductible for the year in which they are paid only. You also can deduct any points you pay when you refinance your Katy - West Houston area home, but you must do so ratably over the life of the loan. Consult your tax or financial advisor.
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Last Updated ( Thursday, 04 September 2008 )
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loss from selling your home |
Can I deduct the loss I suffered when I sold my Katy - West Houston area home?
The Internal Revenue Service currently does not allow deductions for losses on the sale of your own home. In fact there's no way to use a loss on the sale of your principal residence to your advantage on your income tax return.
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Last Updated ( Thursday, 04 September 2008 )
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What are the rules on capital gains when inheriting a house?
When children inherit a home, the Internal Revenue Service determines their basis in the property on the date of the owner's death. The cost basis is not the amount the owner originally paid for the house, but the property's fair-market value on the date of the parent's death.
Cost basis is a tax term for the dollar amount assigned to a property at the time it is acquired, for the purpose of determining gain or loss when it is sold.
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Last Updated ( Thursday, 04 September 2008 )
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How do I save on taxes?
Here are some ways to save money on taxes:
* Mortgage interest on loans up to $1 million is completely deductible for the year in which you pay it to buy, build or improve your principal residence plus a second home.
* Points, or loan origination fees, also are deductible no matter who pays them, the buyer or the seller.
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Last Updated ( Thursday, 04 September 2008 )
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Are taxes on second Katy homes deductible?
Mortgage interest and property taxes are deductible on a second home if you itemize. Check with your accountant or tax advisor for specifics.
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Last Updated ( Thursday, 04 September 2008 )
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who gets a sold homes furnishings? |
Who gets the furnishings when a home is sold?
It depends. Fixtures, any kind of personal property that is permanently attached to a house (such as drapery rods, built-in bookcases, tacked-down carpeting or a furnace) automatically stay with the house unless specified otherwise in the sales contract. But anything that is not nailed down is negotiable. This most often involves appliances that are not built in (washer, dryer, refrigerator, for example), although some sellers will be interested in negotiating for other items, such as a piano.
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Last Updated ( Tuesday, 29 July 2008 )
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sellers disclosing other offers |
Do sellers have to disclose the terms of other offers?
Sellers are not legally obligated to disclose the terms of other offers to prospective buyers.
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Last Updated ( Thursday, 04 September 2008 )
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considerations before buying |
What are some pre purchase considerations to think about?
When you buy a resale home, you can find out a lot more about the Katy - West Houston area property and the neighborhood before you buy than when you buy a new home.
Land to support new-home developments usually is located on the outskirts of town. Potential buyers should ask the developer about future access to public transit, entertainment activities, shopping centers, churches and schools. Find out how far it is to the nearest library, for example.
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Last Updated ( Thursday, 04 September 2008 )
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Do Katy - West Houston area builders offer financing?
Builders often include financing programs to help move more buyers into a project early on. If it's a buyer's market in the Katy - West Houston area, you can be sure that developers will offer incentives such as low-down-payment financing.
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Last Updated ( Thursday, 04 September 2008 )
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are vacation homes an investment? |
What do you think of a Katy - West Houston area vacation home as an investment?
You can buy a vacation home today for investment purposes as well as enjoyment. And yes, there are tax benefits.
Some people buy a vacation home in the Katy - West Houston area to use as a permanent retirement home later, which allows them to get ahead on their payments. Another benefit is that the interest and property taxes on a vacation home are tax-deductible.
Some real estate experts predict that vacation homes will appreciate in value due to rising demand from the aging Baby Boom generation.
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Last Updated ( Thursday, 04 September 2008 )
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Should I buy a vacation home? |
Should I buy a vacation home in Katy - West Houston ?
Today a vacation home can be purchased for investment purposes as well as enjoyment. And yes, there are tax benefits.
Some people buy a vacation home in the Katy - West Houston area with the idea of turning it into a permanent retirement home down the road, which puts them ahead on their payments. Another benefit is that the interest and property taxes are tax deductible, which helps to offset the cost of paying for a second home. A vacation home also can be depreciated if you live in it fewer than 14 days a year, or 10 percent of the rented days - whichever is greater.
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Last Updated ( Thursday, 04 September 2008 )
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What is the best time to sell your Katy - West Houston house?There is no "best" time to sell per se. Selling a house in the Katy - West Houston area depends on supply, demand and other economic factors. But the time of year in which you choose to sell can make a difference both in the amount of time it takes to sell your home and in the ultimate selling price.
Weather conditions are less of a consideration in more temperate climates, but most of the time, the real estate market picks up as early as February, with the strongest selling season usually lasting through May and June.
With the onset of summer, the market slows.
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Last Updated ( Wednesday, 24 June 2009 )
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