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CategoriesLatest in BlogASIC Resources
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Real Estate Buyer Blog  Buyers ... Stay Informed on the Local Market
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How to Use a Palm Springs California Home Inspector Report |
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Looking for Real Estate in Palm Springs? Need a Local, Caring Realtor? Visit www.RichardMartinRealtor.com or call 760-416-7777
So you have decided to hire a Palm Springs California home inspector to examine your potential home. Smart decision. And you have also gone through the walk-through with him, asking him all the necessary questions, and making your own notes of what should or shouldn’t be replaced or repaired. Now, you’re just waiting for his written report to arrive shortly. And when you get it, now what?
A Palm Springs California home inspector’s report is a long document that a summary of every observation that he made. It can be intimidating, if not overwhelming, especially if you’re worried about whatever repair costs you might have to consider after the Palm Springs California home inspector lists them down.
But you don’t need to be alarmed. This is just another reason why you must be present during the inspection. You see, it is one thing to hear about various small problems while you are walking around the property with the Palm Springs California home inspector. As your Palm Springs California home inspector gives you all the run-down of what the problem areas are and other safety issues, the real context might probably be modified with reassurances that “this is just a maintenance issue” or “it would be good to fix when you get around to it.” You feel relieved when you hear these words, and you should be, because they are designed to make you feel exactly that way.
However, the situation can be entirely different once you read a long list of problems that would make your home less like a dream home and more like a dump. How on earth are you ever going to pay for all this?
Relax. Don’t panic. After you read your Palm Springs California home inspector’s report for the first time, take a deep breath and drink if you must. Then, sit down and read it again, this time with a pen and paper at hand.
Okay, now take it one step at a time. Look at each “problem” item on the Palm Springs California home inspector’s report first, then ask yourself the following questions:
Looking for Real Estate in Palm Springs? Need a Local, Caring Realtor? Visit www.RichardMartinRealtor.com or call 760-416-7777
Is this a minor maintenance problem or a major repair?
Is this an issue related to the age of the house? Because if it is, then it might just be part of the “charm” of the home, especially if your house is an old one. You might include floors that slope a bit from settlement or door and windows that are slightly out of plumb on the list of your home’s old charm.
Is this a problem that must be dealt with immediately? Or is it just something that should be done eventually?
Give what you know about house prices in your locality, might this problem have already been taken into consideration in pricing the house?
Does this problem merit further investigation?
Are you wiling to walk away from the house because of any or all of these problems?
If you find any minor items in your Palm Springs California home inspector’s report, suck it up and forget about it. You should know by now that no house is perfect. It is enough that you take care of the really bad ones, or walk away when the cost is just too steep.
There is a lot of free information available to you about buying, selling or investing in Palm Springs California real estate. For complete information about the Palm Springs California real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Palm Springs California real estate. So please feel free to contact me with any of your mortgage questions and I will me more than glad to answer your queries. Call me on my cell at 7605788472 or email me at rickymartinrealtor@gmail.com.
Looking for Real Estate in Palm Springs? Need a Local, Caring Realtor? Visit www.RichardMartinRealtor.com or call 760-416-7777 |
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What is an impound account? |
What is an impound account?
An impound account is a trust account established by the lender to hold money to pay for real estate taxes, and mortgage and homeowners insurance premiums as they are received each month.
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Last Updated ( Wednesday, 30 July 2008 )
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appealing your property taxes |
Where can I learn more about appealing my Palm Springs, California property taxes?
Contact your local Palm Springs, California tax assessor's office to see what procedures to follow to appeal your property tax assessment. You may be able to appeal your assessment informally. Mostly likely, however, you will have to go through a formal tax-appeal processes, which begin with an appeal filed with the appropriate assessment appeals board.
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Last Updated ( Thursday, 04 September 2008 )
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Are property taxes deductible? |
Are Palm Springs, California property taxes deductible?
Property taxes on all Palm Springs, California real estate, including those levied by state and local governments and school districts, are fully deductible against current income taxes.
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Last Updated ( Thursday, 04 September 2008 )
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Tax benefits to homeowners |
What tax benefits are there toPalm Springs, California area homeowners?
Homeowners benefit from several generous tax advantages. The most important benefit is the mortgage interest deduction. People may deduct interest paid on mortgage loans totaling up to $1 million used to buy, build or improve a principal residence plus a second home. The IRS calls such loans acquisition debt.
Points paid by the buyer or seller on a new mortgage loan for the purchase or improvement of a principal residence are deductible for the year in which the home was purchased.
Any points paid on a refinance mortgage, a loan to purchase a second home or a mortgage on income property must be spread over the life of the loan, according to Edith Lank and Miriam S. Geisman, authors of "Your Home as a Tax Shelter," Dearborn Financial Publishing, Chicago; 1993.
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Last Updated ( Thursday, 04 September 2008 )
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Are points deductible?
If you are a Palm Springs, California buyer, and you or the seller pays points, they are deductible for the year in which they are paid only. You also can deduct any points you pay when you refinance your Palm Springs, California area home, but you must do so ratably over the life of the loan. Consult your tax or financial advisor.
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Last Updated ( Thursday, 04 September 2008 )
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loss from selling your home |
Can I deduct the loss I suffered when I sold my Palm Springs, California area home?
The Internal Revenue Service currently does not allow deductions for losses on the sale of your own home. In fact there's no way to use a loss on the sale of your principal residence to your advantage on your income tax return.
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Last Updated ( Thursday, 04 September 2008 )
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What are the rules on capital gains when inheriting a house?
When children inherit a home, the Internal Revenue Service determines their basis in the property on the date of the owner's death. The cost basis is not the amount the owner originally paid for the house, but the property's fair-market value on the date of the parent's death.
Cost basis is a tax term for the dollar amount assigned to a property at the time it is acquired, for the purpose of determining gain or loss when it is sold.
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Last Updated ( Thursday, 04 September 2008 )
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How do I save on taxes?
Here are some ways to save money on taxes:
* Mortgage interest on loans up to $1 million is completely deductible for the year in which you pay it to buy, build or improve your principal residence plus a second home.
* Points, or loan origination fees, also are deductible no matter who pays them, the buyer or the seller.
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Last Updated ( Thursday, 04 September 2008 )
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Are taxes on second Palm Springs homes deductible?
Mortgage interest and property taxes are deductible on a second home if you itemize. Check with your accountant or tax advisor for specifics.
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Last Updated ( Thursday, 04 September 2008 )
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who gets a sold homes furnishings? |
Who gets the furnishings when a home is sold?
It depends. Fixtures, any kind of personal property that is permanently attached to a house (such as drapery rods, built-in bookcases, tacked-down carpeting or a furnace) automatically stay with the house unless specified otherwise in the sales contract. But anything that is not nailed down is negotiable. This most often involves appliances that are not built in (washer, dryer, refrigerator, for example), although some sellers will be interested in negotiating for other items, such as a piano.
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Last Updated ( Wednesday, 30 July 2008 )
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sellers disclosing other offers |
Do sellers have to disclose the terms of other offers?
Sellers are not legally obligated to disclose the terms of other offers to prospective buyers.
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Last Updated ( Thursday, 04 September 2008 )
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considerations before buying |
What are some pre purchase considerations to think about?
When you buy a resale home, you can find out a lot more about the Palm Springs, California area property and the neighborhood before you buy than when you buy a new home.
Land to support new-home developments usually is located on the outskirts of town. Potential buyers should ask the developer about future access to public transit, entertainment activities, shopping centers, churches and schools. Find out how far it is to the nearest library, for example.
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Last Updated ( Thursday, 04 September 2008 )
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Do Palm Springs, California area builders offer financing?
Builders often include financing programs to help move more buyers into a project early on. If it's a buyer's market in the Palm Springs, California area, you can be sure that developers will offer incentives such as low-down-payment financing.
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Last Updated ( Thursday, 04 September 2008 )
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are vacation homes an investment? |
What do you think of a Palm Springs, California area vacation home as an investment?
You can buy a vacation home today for investment purposes as well as enjoyment. And yes, there are tax benefits.
Some people buy a vacation home in the Palm Springs, California area to use as a permanent retirement home later, which allows them to get ahead on their payments. Another benefit is that the interest and property taxes on a vacation home are tax-deductible.
Some real estate experts predict that vacation homes will appreciate in value due to rising demand from the aging Baby Boom generation.
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Last Updated ( Thursday, 04 September 2008 )
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Should I buy a vacation home? |
Should I buy a vacation home in Palm Springs, California ?
Today a vacation home can be purchased for investment purposes as well as enjoyment. And yes, there are tax benefits.
Some people buy a vacation home in the Palm Springs, California area with the idea of turning it into a permanent retirement home down the road, which puts them ahead on their payments. Another benefit is that the interest and property taxes are tax deductible, which helps to offset the cost of paying for a second home. A vacation home also can be depreciated if you live in it fewer than 14 days a year, or 10 percent of the rented days - whichever is greater.
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Last Updated ( Thursday, 04 September 2008 )
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What is the best time to sell your Palm Springs, California house?
There is no "best" time to sell per se. Selling a house in the Palm Springs, California area depends on supply, demand and other economic factors. But the time of year in which you choose to sell can make a difference both in the amount of time it takes to sell your home and in the ultimate selling price.
Weather conditions are less of a consideration in more temperate climates, but most of the time, the real estate market picks up as early as February, with the strongest selling season usually lasting through May and June.
With the onset of summer, the market slows.
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Last Updated ( Thursday, 04 September 2008 )
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