Florida Real Estate

 

“Florida is where the sun shines”- you must have heard this several times. Moderate/warm climate, famous beaches and entertainment venues really make Florida real estate very attractive. So that means Florida real estate or buying a house in Florida is really good for someone who wants to escape the vagaries of weather elsewhere in America and also add to his/her enjoyment through the Miami beach and Orlando theme parks.
However, Florida real estate is also attractive for real estate investors i.e. people who would like to treat Florida real estate as an investment avenue for making profits. With the property prices rising as much as 25%, Florida real estate makes investment sense too. That is one reason why Florida real estate is so sought after. If you wanted to look for a really good deal in Florida real estate, you should start with looking for places that are still in their development phase i.e. places where the real estate prices are not so high but are expected to go up in the years to come. This is generally a good option for people who are looking to pick up Florida real estate as an investment option. This is also good for people who are looking for Florida real estate or a house in Florida to live in by themselves but don’t mind a bit of inconvenience that is generally associated with a newly developed (rather developing) area. As far as looking for Florida real estate listings is concerned, you first need to decide on what location in Florida is suitable for you. Again, this will depend on your reason behind going for Florida real estate. If you are going for Florida real estate purely for investment purposes (i.e. you don’t actually want to live in there), then you should really be looking for places where the prices are significantly low but are rising or expected to rise in near future. One indication for expected price rise is the influx of a lot of businesses in the area. Industry/business generally propels development in the area and hence causes the real estate prices to go up (and that would be true for Florida real estate too). Of course, distress sales, public auctions, bank foreclosures are like evergreen opportunities that are available in any place at any time and you should always explore them. If you are going for Florida real estate for personal use, then you would be looking at a number of different factors which would basically be related to your convenience and quality of life.
So Florida is where the sun shines and that is also making Florida real estate shine.

 

Get Pre-Approved

Before you even start shopping for a home, you’ll want to be sure you have financing in place to make your next purchase.
Getting a “pre-approval” from a reputable lender is one of the first steps in your home shopping process.
Watch this video for more details:

7 Tax Benefits Of Owning Real Estate

There are so many advantages to purchasing your own home. For instance, it offers the pride of ownership, provides an overall sense of accomplishment, and is a place where you and your family will build many lasting memories. Among others, real estate opens the door to many tax benefits as well. Let’s discover some of the following ways that owning a home/s can help to create a tax shelter.

  • Mortgage Interest & Points: If mortgage debt is $1,000,000 or less, married couples filing jointly can deduct the full amount of their interest. Otherwise, those filing separately can write off up to $500,000 worth. This also includes second homes or adjacent land to your main residence. Points on either a home purchase or refinance can also be deducted, but these must be amortized for the latter.
  • Property Tax Deductions: All state and local taxes regardless of how many properties you own can be deducted, up to the alternative minimum tax required by law. Funds that are held in escrow accounts can only be written off once the taxes are paid.
  • Private Mortgage Insurance (PMI): A portion of PMI can also be deducted if household income is less than $109,000 per year or $54,500 for those filing separately.
  • Interest On Home Equity Loans: As long as you have the necessary equity in your home to secure the required debt, you can write off the interest on a loan of up to $100,000 for those who are married filing jointly, or $50,000 when submitted separately.
  • Working From Home: That’s right! Even those who use a portion of their home for work purposes are able to deduct a percentage of the home’s depreciation, utility/maintenance costs and insurance. This is one you definitely want to review with your tax professional to make sure you are getting the maximum available to you.
  • Home Maintenance Interest: This is a tricky one, as you can write off the interest on any capital improvements made to your home, which will increase value and/or prolong the life of your home. This includes certain types of restorations or additions made to the home with no cap on the investment. However, you will not be able to deduct minor patching or cosmetics made to the home.
  • Capital Gains/Selling Costs: As long as you have lived in your primary residence for at least 2 of the last 5 years, you are permitted to sell your property for up to $500,000 of profit for married couples filing jointly, or $250,000 for singles with absolutely no tax penalties. However, if you end up selling for an amount above either threshold, you can subtract the amount of closing/selling costs that you incurred from your total gain. Those who fall outside of the 2 out of 5 year limitation may be granted an exception given certain unique circumstances such as health problems, relocating for work or other such occurrences.

Therefore, it pays to consider the benefits of homeownership and to discuss with your tax professional what you may qualify for. Especially for those who are entertaining the thought of buying instead of renting, it is very important to consider the long-term impact that owning real estate can have on your overall financial future. There are advantages whether you are buying for yourself or investing in properties for additional income. Contact us today using our information above to start exploring what options may be available for you!

What to Consider If You Want to Purchase Home Foreclosures

When you purchase of home foreclosures you can be saddled with tasks you know nothing about. From securing financing, to finding the ideal property, to closing the deal and all the little steps in between, this exercise should not be undertaken without proper information and preparation.

Distressed properties are not only about great discounts, there are also a lot of risks involved. But these risks can all be minimized if not completely eliminated if you purchase home foreclosures with caution and diligence.

What You May Not Know

There are some elements that are true of all foreclosures. One is that they are all sold as is and seldom will a seller shoulder the cost of repairs for the property. There are some foreclosures that have outstanding obligations other than the mortgage. Obligations in the form of back taxes, liens and other encumbrances are not part of the seller’s disclosure. Your offer for a foreclosed home will only be considered if you can show proof that you are able to pay for your purchase. For this, you will need to obtain a loan pre-approval from your bank or any other mortgage lender. This will require the submission of some personal documents for the lender to be able to assess your financial situation and gauge your ability to borrow funds and how much.

Reducing Your Risks

Make sure you are indeed financially prepared for a high ticket investment like when you purchase home foreclosures. You should consider several listings of foreclosed properties to find the one you like. Never forgo a professional home inspection of the property as well as a title search. You should also commission an expert to conduct a comparative home value analysis in the area where your home is located. Once you have completed your research base your offer on what you have uncovered and approach the seller or his appointed agent.

Read more: http://www.articlesbase.com/real-estate-articles/what-to-consider-if-you-want-to-purchase-home-foreclosures-3691582.html#ixzz15q9N5wWk
Under Creative Commons License: Attribution

Lessons Learned When Buying Auction Property

I’ve always been interested in property, having completed studies in interior design and have had a few lucky purchases when it comes to houses.

I picked up a bargain with my first house, an ex-local authority end terraced place that I purchased for an absolute snip. After the usual updates eg. new kitchen, bathroom and windows etc, I was able to sell it with a profit margin enough for a decent deposit on a beautiful Victorian property that needed a fair bit more work, albeit cosmetic.

I did become quite attached to this house but due to a nasty divorce, I found myself in the position of having to sell up again. I was sorry to put it on the market but got used to the idea and have been looking at my options.

The one that appeals to me most at the moment is buying an auction property. The house sale has gone through relatively smoothly and I have convinced my parents to let me move in with them. My father keeps stressing at the thought that I might get fleeced with an auction property but I believe I’ve done sufficient research, and that I can be restrained enough, to not go over budget or do anything silly.

I’ve been devouring property papers, I’ve even been to see what goes on at the auction and how to bid. I have to say, it’s very exciting. Watching the professionals bid on auction property is gripping stuff and totally absorbing. I see some of the houses sell for next to nothing and I’m sure I can grab a bargain of my own.

I’ve read enough to know that when I buy an auction property, I will need a 10% deposit on me on the day so I wait until the money comes through from my house and find the excitement is building. I’ve received my listing from the auction house and narrowed my choice down to three houses. I’ve made arrangements to view all of them this weekend and, at my father’s insistence, will be taking a builder with me, just in case there is anything wrong that I don’t pick up.

By the day of the auction I have one house that I have set my heart on. More like setting myself up for a fall, according to my father but he’s always scornful of everything he doesn’t understand.

The builder is concerned about a crack in the wall but it looks old to me so I’m not going to worry. He’s also making noises about something called ‘asbestos’ in the garage roof. Like I’d be concerned about the garage! Anyway, I’m hoping I’ll have enough cash to buy it outright so I don’t have to worry about a mortgage.

The auction gets under way and it takes about an hour to get round to the property I want. Bidding begins and I feel sick with anticipation, and sick with the thought of ‘what if I don’t get it’. I hold back to start to see how the bidding goes but I’m soon waving my hand in the air like I’m trying to guide a plan into landing.

It’s all over so quickly and within minutes, I am the proud owner of my first auction property. If only I had the money I could do this all day – it’s such a buzz! Money exchanges hands and I set off with my keys to show my father the house.

He, also, is concerned about the crack in the wall. To ease his concerns I’m getting in a structural engineer, just to make sure everything is above board and my investment is safe.

Oh dear, he says, scratching his head and sucking in his breath. Don’t you just hate it when they do that, it doesn’t mean anything! However, it turns out that due to a coal mine that used to be active in the area many years ago, the house has suffered some subsidence. It has been left derelict for some so nobody was bothered about it.

Looks like I’ll be staying with my parents for a little longer after all! While the workmen are underpinning the wall against the garage, they dislodge the makeshift roof and find this asbestos stuff. After downing tools, they tell me I have to get this stuff professionally disposed of before they will continue.

So, that’s just under 25,000 pounds for all the structural work before I even think about the cosmetics! I couldn’t get a mortgage on the property because of the structural problems so I’ve had to borrow it from my father. I can’t believe that my bargain auction property has become such a problem and now it looks like, once I’ve done all the hard work on it, I’ll have to sell it on again just to pay my father back.

stack by DynamicWp.net
SEO Powered by Platinum SEO from Techblissonline
  • RSS
  • Facebook
  • Google+
  • LinkedIn
  • NetworkedBlogs
  • MySpace
  • Orkut
  • FriendFeed
  • Twitter
  • Tumblr
  • Flickr
  • Panoramio
  • DeviantArt
  • YouTube
  • Vimeo
  • Last.fm
  • Delicious
  • Pinterest