Home Property » home property prices

What do I need to change my investment property to Owner occupied home?

admin — Tue, 24 Jan 2012 03:12:38 +0000

I have an owner occupied home (high priced appx. 400k) and investment property (low priced appx. 170k). I stayed in my current home for 5 years and the loan is 30 year fixed at 4% now. My stay in the present home is mainly for school district and all my kids completed schooling(Jun 2011) and ready to go out putting this property into rental.There is an appreciation 5% so far in years. Hence, I may not be interested in tax free capital gain, but prefer to rent and take advantage of depreciation and rental income for my retirement coming soon in 5 years.

If move to my rental property and it becomes owner occupied. I am going to move in physically and live in further as I do not need good school district. When can I eligible to state – for loan purpose – that I am owner occupied? When can I get it refinance for 30 year fixed and what is the proof that I need to furnish bank or lender. This property was in rental on my tax statement for the past 3 years.

Thank you all in advance.
Jovovich, Just wanted to inform you. I do not pretend for the sake of refinancing.I am 55 years old and very likely to plan for retirement at 65. Having that age, my pay may come down soon when I reach 60. I really think that I landed up in such situation with my limited knowledge of real estate.

When I purchased the home, it was a foreclosed property 25 miles away from current home, with same lot size and 200 sqft less home area and the idea is to move it after my second kid moves to college so that my current home will provide rental – for ever – after retirement.

I know lender will not trust me immediately. If I stayed in the home for 6 months, 1 year or 2 year, they will see the fact.

This is a complex issue involving both tax and financing issues. Long story short, if you have been taking depreciation and other deductions for your rental home and now want to make it your regular home, you will have to convert it from income property to personal property. You will also need to understand your adjusted cost basis of both properties because eventually you will want to sell one or both, and the cost basis will have a huge impact on potentially paying taxes on the eventual sale of your home.

You should talk to your tax adviser before doing this – there are lots of things at play here. You may want to set up a limited liability partnership and sell your $400k rental property to this partnership to both limit any liability from having renters in a property you own as well as pass through income to yourself.

As far as financing goes, you could simply take a loan against your $170k home (a regular or refinanced mortgage or a home equity line of credit) while you are still living in your current house as long as you plan to live in the $170k home. It’s no different than someone renting to take a mortgage out in anticipation of buying a home and moving.

pl. give me a full details in lowest price home/property in city delhi.?

admin — Mon, 07 Nov 2011 02:05:33 +0000

It depends upon location and specification. Better enquire from local Real Estate Brokers.

Buying a home in L.A., average home insurance and property tax?

admin — Tue, 09 Aug 2011 01:07:44 +0000

We are looking to buy a home in the L.A. area and are just wondering if there is an average, or a median for property taxes (is it 1% of the home price in CA?) and insurance. We are trying to calculate total monthly payment and how much we could afford. Looking at $350-500k range.

Taxes are 1.25% of Purchase Price and Insurance is .35 % of loan amount.

How much down?

$2500-$3800 Ball Park with 6.75% rate
Give me some solid numbers and I can figure it out for you.

why the big decrease in home prices?

admin — Tue, 24 May 2011 02:08:38 +0000

In my area in Columbus Ohio homes were going for 90K-110K a few years ago.
Now they are going for 65K-80K. Do you think property values are going down or
is it the housing market is bad and people are willing to let their homes go at far below
market value?

I’m sorry, but where have you been for the last 4 years?

No one ~wants~ their property value to decrease. The market still sucks, but the economy is starting to come back – unemployment is down, stocks are up, interest rates are staying low.

There isn’t a "do you think" about this. Property values in most places have decreased significantly in the last 4 years. In some places, the numbers are 50%-60% below peak.

Why when black people move into the neighbor the home prices go down.?

admin — Sun, 02 Jan 2011 10:20:53 +0000

I am not trying to be racist but when people come to see my property, they see them hanging outside every hour of the night and day and say that they don’t like the area.
The area is great near highway, transit (two bus lines at door steps), schools, a major park etc.
sorry if i offended anyone, i didn’t mean to be racist. but some people do stay out all day and play dice and smell like they have been smoking weed

That’s ridiculous. Every race has good people and trash. Sounds like you have trash for neighbors. That sucks, but there isn’t anything you can do.

Is there a place, other than a realtor, to get comparable property prices online, e.g. county records?

admin — Fri, 31 Dec 2010 10:28:07 +0000

I would like to get sale prices for a pieces of property in my neighborhood in order to do comparisons. The property to be compared to is not a home but a parking space. Is there a place, other than a realtor, to look up comparable property that sold in my area? I was hoping that there was a government department that kept that info in its records, e.g., the county. Thanks for any advice you can give.

http://www.zillow.com

Does anyone know of a website that compares prices for home insurance for thatched properties ?

admin — Wed, 08 Dec 2010 15:54:24 +0000

Any help will be appreciated.

There are several website where you can compare quotes, I found this one very useful

usinsurancequote.org

Is a property tax valuation on a home equal to an appraisal of the home’s worth?

admin — Thu, 02 Dec 2010 11:59:57 +0000

When the county assesses property taxes for a home, is their estimate of what the home is worth actually a "free" appraisal of what the selling price should be?

Absolutely not. Tax assessed value has NOTHING to do with real market value. I have a listing that is priced $100,000 under tax assessed value and it is still a bit overpriced.

Is property tax assessed by price paid for the home?

admin — Thu, 28 Oct 2010 20:28:53 +0000

Just bought a home that was in foreclosure and we got it for less then half the previous owners bought it for. Do I pay property tax on what I paid or on what it was for the last owner

You pay based on the value of the home at that time… Not what’s paid for it, by anyone…

It does NOT matter how much you pay, it just goes by what the value is in that area, at the time of your taxes due…

It could be higher, or lower based on the value assessed by the tax auditor…

Average Home Price in Vancouver to Reach $1 Million?

admin — Sat, 17 Apr 2010 21:46:41 +0000

Ozzie Jurock and others discuss the possibility of the average home price in Vancouver, British Columbia reaching $1 million. See more videos on real estate at Jurock.com

Duration : 0:5:6

[youtube gBGbo8zmfHQ]