Can I afford a condo, is a condo right for me? Condos are more affordable than single-family homes, but you have to pay monthly assessments. Comment: Just read your column in today's paper responding to a question for advice whether to buy a home at age 66 or continue renting. I was surprised you didn't make two [...]
There are a million reasons why tenants may choose not to purchase renters insurance, but it’s coverage that is worth considering—even if you don’t own anything that you consider overly expensive or valuable. In many cases, renters insurance will cover more than just the contents of your apartment. Scenario #1: Injuries to a guest in [...]
Thinking about becoming a landlord? Renting out your home with a small VA loan has its benefits, but think hard about becoming a landlord. Q: I am 51 years old and married without kids. Together, we earn around $100,000. I have a Veteran’s Administration (VA) mortgage with about $38,000 left on the loan. We also [...]
Quit claim deed tax implications can come in many forms. Selling a house with multiple owners can be tricky when paying taxes. Q: I own a house with my brother that we bought for $243,000. We now plan to sell it for about $323,000. My brother lived in it until last year and then rented [...]
The housing market crash has left many homeowners stuck in their homes, unable to sell or relocate. Without any equity and an underwater mortgage, these homeowners have been desperately searching for relief. Recently, several companies have been seen advertising what seems like a potential lifesaver for these folks. If you are stuck in your home, but want or [...]
Deciding to rent your home instead of selling it is not an easy decision, particularly if you were not planning on becoming a real estate investor in the first place. Homeowners often make this choice when they have their backs against a wall—they cannot sell, but they also cannot stay. If you find yourself stuck [...]
Is the U.S. shifting from a nation of homeowners (and aspiring homeowners) to a nation of long-term renters? It may depend on your perspective of homeownership. Homeownership has been trending down, while renters are snapping up vacant properties. In fact, according to the U.S. Census Bureau, homeownership may be at its lowest rate since the [...]
Do you have noise issues with rotten neighbors? How to deal with neighbor issues in a homeowner's association. Q: I borrowed your book for first-time home buyers from the library a few years ago. I need to read it again and this time I’ll buy it. But in the meantime, I’m hoping you can answer [...]
Trying to decide if you should buy a new house and rent out your old house? A good idea is to decide whether it will be a short or long term investment. Q: My wife and I have saved about $225,000 and want to buy a bigger home with the cash. We owe about $120,000 [...]
A 1031 exchange is an investment property exchange process that can assist in deferring taxes. We answer a question here. Q: I currently own two rental properties. The first house is paid off. The second property still has 14 years on the mortgage. I am considering selling the first house because it's not earning all [...]
