Using a home equity loan to remodel can be a good decision, especially if you might need cash for future living expenses. Q: I have bought and sold many homes in the past. I made money on all but the last one, on which I lost money big time. I recently bought a little house [...]
When hiring a home improvement contractor, don't forget about the permits and inspections that are required by your city. Q: I read your article on how to hire a contractor and thought it was very good, but two items that were not brought up were permits and inspections. Often, the homeowner doesn't factor in the [...]
Removing someone from a home deed can be tricky and expensive. Find a real estate attorney to discuss your options. Q: When mom paid off her home years ago, she put the deed to her home in my sister’s and my names, so there wouldn't be red tape if something happened to her. Years later, my sister [...]
Transferring trust property with a 1031 tax exchange must be done carefully, or the beneficiaries could lose their inheritance. Q: My father recently passed away. He had a trust and in that trust he listed a property for me and my brothers to inherit. The property was a commercial building in Southern California. Two years ago, he [...]
If you are trying to refinance by using a quit claim deed, you should consider whether inheriting the property would be a better option. Q: We prepared and filed a quitclaim deed transferring my father’s house to me so we could refinance to get some cash for my father from the equity of the home. [...]
Discussing financial New Year's resolutions for 2013 and the impact of the fiscal cliff on job advice and the ability to save money. Also a bit on the tragedy in Newtown and the Sandy Hook Elementary School. And as usual, providing personal finance advice, real estate advice and consumer advice on the Ilyce Glink Show [...]
When retiring with a mortgage, you should really think about whether downsizing would make more financial sense. Q: I currently have 10 years left on my home mortgage of about $200,000 and I am 64 years old. I plan to work past 70, but I am concerned that my job might disappear or that I [...]
Short sales are the only options for many homeowners, but its tax implications continue to affect the housing market. There is very little that makes short sellers happy these days. But we recently heard from one who finally at least made peace with his problem. It took two years, but our correspondent finally closed on [...]
Adding children's names to house title and deed. How it can affect your property taxes, income taxes and real estate taxes. Q: I currently own a home that is paid in full, with no mortgage. I want to add the name of my daughter to the house deed. Would you be able to tell me [...]
Gifting a house to a relative will affect your income tax and real estate property tax. Know the consequences of gifting vs. inheriting. Q: I thought you might have said on your radio show that you didn't advise giving a home away. My uncle is thinking of giving me an old house, but I didn't [...]
