By Craig Venezia
Every little thing you want to understand whilst trying to find a moment domestic! you do not have to be wealthy to shop for a moment domestic -- yet you do must be shrewdpermanent. deciding to buy a moment domestic supplies the smarts, exhibiting tips on how to make the acquisition of your moment domestic successful! you will methods to determine a reasonable funds, pick out an exceptional place, get reasonably cheap financing, reduce taxes and extra. discover subject matters you will not locate in different home-buying books, together with: leading edge financing thoughts, how one can lease your private home profitably, how one can determine the funding power of a fixer-upper, selecting the right loan for you, taking advantage of a second-home sale, purchasing a house in foreclosures and lots more and plenty extra! The CD-ROM is chockful of convenient checklists and customized worksheets that assist you make experience of the whole technique. if you are contemplating what may be the greatest funding you will make on your lifetime, be clever approximately it with deciding to buy a moment domestic.
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Extra info for Buying a Second Home: Income, Getaway or Retirement
State, and within which local jurisdiction. For example, in California, property taxes increase at a snail’s pace, while in Massachusetts, the sky seems to be the limit. future retiree High property taxes can take a big bite out of a retiree’s income. Since most retirees are on a fixed income, many look to retire in states and towns that offer lower property taxes. Refer to Chapter 4 to learn more about how property taxes and overall cost of living can impact where you choose to retire. 32 | buying a second home tip Before you buy a property, pay a visit to the town hall.
18 | buying a second home • Assumption fee (Line 807): In certain situations, a buyer can take over or assume the seller’s mortgage with no change in such terms as the interest rate and remaining loan period. To assume a mortgage can be particularly beneficial to the buyer during periods of rising interest rates. If you go this route, you’ll probably be charged an assumption fee by the seller’s lender. The cost can vary greatly, from a few hundred dollars to 1% of the outstanding balance of the loan.
For example, you may be charged $75 for an administration fee that includes nothing more than having an assistant spend a whopping two minutes putting all the pages in your file right-side up. We’ll let you know which lines below make the best junk fee hiding places. Sales/Broker’s Commission (HUD-1 Line 700) Most home sales are conducted with the help of a real estate agent, and often separate agents representing both buyer and seller. Line 700 displays the amount of commission they’ll be paid (usually a percentage of the selling price).