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Ed and Terri Smith Broker/Owners RE/MAX Coastal Properties Destin, Florida 32541 (850)837-5500 smith@realtor.com Q: I want to take out a 2nd mortgage on my home to pay off some debts. Will my interest be deductible? A: Yes, according to IRS Publication 936. That is assuming that you itemize your deductions. You can read the details online at http://www.irs.gov/publications/p936/ar02.html For more information about real estate related issues, visit our web-site at www.Ed-Terri.com March 06, 2006 Ed and Terri Smith Broker/Owners RE/MAX Coastal Properties Destin, Florida 32541 (850)837-5500 smith@realtor.com Q: I have a contract to purchase a home. The home inspector noticed that the lawn pump doesn’t work. The listing agent says that it’s not warranted because the MLS print-out doesn’t say that the home even has a lawn pump included. Is this right? A: Your sales contract dictates the terms of the transaction, not the MLS print-out. If your contract says that all systems (mechanical, electrical, plumbing, etc.) are to be in normal working condition and the lawn pump is not specifically excluded, the seller should fix it prior to closing. For more information about real estate related issues, visit our web-site at www.Ed-Terri.com ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ February 06, 2006 Ed and Terri Smith Broker/Owners RE/MAX Coastal Properties Destin, Florida 32541 (850)837-5500 smith@realtor.com Q: I was thinking of selling my condo on Okaloosa Island since the appreciation has slowed down but it seems like things are moving slow. Should I sell now or wait? A: If you have owned your condo for a couple of years or more, the profit on the sale (based on today’s prices) would likely be enormous. If you purchased for investment, you are taking a depreciation write-off each year, plus a deduction for expenses and mortgage interest. If the rate of appreciation is only 3% per year, keeping your condo is still an excellent wealth building investment. Base your decision on your personal needs or goals. If you could use the cash now, sell now. If you plan on simply reinvesting your proceeds, you may be better off not selling at all. Consult your tax advisor and make sure that you consider all of your options before deciding. For more information about real estate related issues, visit our web-site at www.Ed-Terri.com ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ January 23, 2006 Ed and Terri Smith Broker/Owners RE/MAX Coastal Properties Destin, Florida 32541 (850)837-5500 smith@realtor.com Q: My husband and I need to move to a bigger house. Is now the best time to buy? A: Although asking prices (not necessarily selling prices) have dropped somewhat over the past six months, they now appear to be leveling off. There is a lot of inventory out there, so you have lots of great choices today. 30 year fixed rate mortgages are still available at less than 6% and sales activity has been on the rise since the beginning of the year. Interest rates may go up a little more this year and housing prices may not ever be much lower. Now may very well be the best time to buy! For more information about real estate related issues, visit our web-site at www.Ed-Terri.com |
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