Go Back   DIY Chatroom Home Improvement Forum > DIY Repair > General DIY Discussions

CLICK HERE AND JOIN OUR COMMUNITY TODAY...IT'S FREE!

Reply
 
Thread Tools Search this Thread Display Modes
Old 08-12-2012, 03:23 PM   #16
Member
 
biggles's Avatar
 
Join Date: Jan 2008
Location: Long Island
Posts: 3,630
Rewards Points: 2,000
Default

Opinions on potential first home project


a driveway to define the grass up front,and walkway to the front off it. then to the 2 car garage in the back

biggles is offline   Reply With Quote
Old 08-12-2012, 05:09 PM   #17
Member
 
Join Date: Aug 2012
Posts: 35
Rewards Points: 25
Default

Opinions on potential first home project


havalife asks some good questions. The old maxim in real estate is Location, Location, Location. A beautiful home in a sketchy neighborhood is a poor investment. Starter homes don't appreciate much, and improvements don't get you much. Our first house had very little appreciation, despite a lot of improvements. Our next house, in a prime neighborhood, went up a LOT, until the bubble burst. Still, if it has nice property, and the surrounding homes don't hold it back, you can do a lot with a basic little house like that. You need to do your own research about the house and neighborhood. Don't expect your friendly realtor to tell you the whole story.
MushCreek is offline   Reply With Quote
Old 08-12-2012, 05:17 PM   #18
Member
 
Join Date: Mar 2011
Location: As always..beside myself.
Posts: 4,226
Rewards Points: 2,000
Default

Opinions on potential first home project


Or you can just ask your friendly Realtor about the property values of other recently sold homes. Like I said don't buy a fixer upper if its already at the higher end of neighbourhood values
creeper is offline   Reply With Quote
Old 08-12-2012, 07:31 PM   #19
Member
 
BabsHoney's Avatar
 
Join Date: Jul 2012
Location: Seneca, MO
Posts: 165
Rewards Points: 150
Default

Opinions on potential first home project


Quote:
Originally Posted by creeper

...

To clarify for me being a non American...and correct me if I'm wrong... interest paid on mortgage payments is tax exempt, but rent is not. Or is that property tax ?? confused ? Up here, occupancy costs, either way is an allowable income tax claim.

...
To make it just as clear as mud:

On an itemized schedule every item is subject to it's own rules, caps, and some are based on percentages of your total income. You get a standard deduction automatically and you should only itemize if all your stuff adds up to more than the standard. For most people it is the "mortgage interest" deduction that is the majority of it. You get to deduct the interest you paid in the year from your taxable income. This lowers your tax but it is far from dollar-for-dollar. Property taxes are also an item on this itemized schedule.

Some states give various credits/rebates for rent paid but the rules are stringent (usually over a certain age) and varies by state.

I know this wasn't what the OP asked, but I still wanted to answer. I am still learning about DIY but taxes I know. :D
BabsHoney is offline   Reply With Quote
The Following User Says Thank You to BabsHoney For This Useful Post:
creeper (08-12-2012)
Old 08-12-2012, 08:27 PM   #20
Member
 
Join Date: Mar 2011
Location: As always..beside myself.
Posts: 4,226
Rewards Points: 2,000
Default

Opinions on potential first home project


Here the allowable deductions go by income earned rather than age. Regardless only a small percentage ( i think 20 %) is allowable

creeper is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Oh! 1st home! Closing in two weeks! 30 Pics! Firefighter3244 General DIY Discussions 29 07-02-2014 09:03 PM
~ My first home, my first project. buenrostrox Project Showcase 47 02-18-2010 03:30 PM
Home Addition - Unique Work Arounds, Any Opinions? stubits Building & Construction 1 09-12-2009 11:47 AM
New project: removal of old fireplace-replace with a new fireplace! MrShadetree0222 Building & Construction 14 10-16-2008 07:12 PM
A facelift for your home Grumpy Remodeling 0 07-07-2004 08:43 PM




Top of Page | View New Posts

Copyright © 2003-2014 Escalate Media. All Rights Reserved.