Better Homeowner

1. Take Advantage of Homeowner Tax Benefits Mortgage Interest Deduction: Deduct interest on up to $750,000 of acquisition debt (for loans after 2017). Property Tax Deduction: Deduct up to $10,000 in combined state and local taxes (SALT). Capital Gains Exclusion: Exclude up to $250,000 ($500,000 for married couples) in profit when selling a primary residence, if ownership and use tests are met. Energy-Efficient Home Credits: Federal tax credits available for solar, heat pumps, insulation, windows, and more. 2. Lower Your Monthly Housing Costs Refinance When Rates Drop: Consider refinancing your mortgage to reduce your interest rate and monthly payment. Appeal Property Tax Assessments: If your home's assessed value is too high, appeal to potentially lower your annual property taxes. Bundle Insurance Policies: Save by combining home and auto insurance with the same provider. Shop for Home Insurance Annually: Rates and coverage vary�review and compare policies regularly. ...

In real estate negotiations, it's not uncommon for both buyers or sellers to include expiration dates on offers and counteroffers. These deadlines serve several important purposes that help keep the process efficient, transparent, and fair to both sides. First and foremost, expiration dates create urgency . They encourage the other party to respond within a specific timeframe rather than leaving the offer open-ended. Without a clear deadline, one side could be left waiting indefinitely, which can cause unnecessary delays or lost opportunities. Expiration dates also prevent stale offers from being accepted later. Real estate markets move quickly, and a buyer or seller's circumstances can change rapidly. A buyer who submits an offer today may no longer be in a position to move forward a week later. The expiration ensures that all terms are current and that both parties are negotiating in real time. From a strategic standpoint, expiration dates help maintain le...

Every home experiences some degree of movement over time, often called settling . It's a natural part of the aging process for any structure, especially in areas with varying soil conditions, temperature swings, or after the first few years of construction. While minor signs of settling are usually no cause for alarm, some changes can hint at serious foundation issues that deserve immediate attention. Knowing the difference between normal settling and foundation trouble can save homeowners and buyers from costly surprises and protect the value of the property. Common Signs of Normal Settling Minor cracks or imperfections often develop as homes adjust to their environment. These signs are usually cosmetic and not indicative of major structural problems: Small, hairline cracks in drywall, particularly around windows, doors, and at the corners of rooms. Doors or interior windows that stick slightly during humid months but operate normally as seasons change. T...

Losing a spouse is a deeply emotional experience and the financial decisions that follow can feel overwhelming. One important area to understand during this time is how the IRS treats the sale of a primary residence after the death of a spouse. Under certain conditions, surviving spouses may qualify for a larger capital gains exclusion, up to $500,000, if the home is sold within a specific time frame. Here's what you need to know. 1. The $500,000 Capital Gains Exclusion: The Two-Year Rule In general, married couples who file jointly can exclude up to $500,000 of capital gains when selling their primary residence. For surviving spouses, this higher exclusion amount can still apply, but only if the home is sold within two years of the spouse's death. This special provision offers some breathing room for surviving spouses, allowing them time to make thoughtful decisions without immediately losing the tax advantage. To qualify, the following conditions must be met...

A temporary buydown is a great tool to help ease into homeownership with lower initial monthly payments , especially helpful in a high-rate environment. It allows you to enjoy reduced payments in the first one to three years of the loan, offering financial flexibility as you settle into your home. With a buydown, the upfront cost is used to offset the difference between your actual mortgage payment (based on the full note rate) and the reduced payment you're allowed to make under the buydown terms . That difference is funded by a lump sum, typically paid by the seller, builder, or sometimes the borrower, and held in an escrow account by the lender or servicer. For example, in a 2-1 buydown , the lender still loans the full amount at the note rate for the entire term of the mortgage. However, for the first year, the borrower makes payments as if the rate were 2% lower , and in the second year, 1% lower . The escrow account makes up the difference between what ...

If you're buying a home�or already own one�home insurance might not be the most exciting part of the process. But it is one of the most important. In many cases, home insurance is required to secure a mortgage , but even if it weren't, having the right coverage in place protects one of your biggest financial investments. It's not just about meeting lender requirements�it's about safeguarding your future. Protection Against the Unexpected Home insurance helps you recover financially if disaster strikes. Whether it's a fire, storm, or burglary, insurance can help you repair, rebuild, or replace your home and belongings. Some policies even provide protection if someone gets hurt on your property or if you're faced with a liability lawsuit. Support During Displacement If your home becomes temporarily unlivable due to a covered event, insurance can help with additional living expenses , like hotel stays and meals, while repairs are being made. That...