Good home buying tips

Welcome to the home buying market! This is an exciting time to be purchasing a home, with an array of new homes coming onto the market these is some excellent value to be found. All it takes is a little time and effort in looking and you can find your dream home for a dream price. But you should always be a smart buyer. There are those out there that will take advantage of someone who is eager to buy so, if you do your homework; the deals will follow. The first thing you should do is get your finances in order. This involves finding out your credit score, fixing any outstanding issues affecting your credit, ensuring that these are properly released from your report, and finally securing your mortgage before you start looking. When I say secure your finances I do mean being pre-approved fully, this is different from a pre-qualification in that a pre-qualification does not "secure" you any amount of money, it is simply a judgment of whether or not you qualify to receive a mortgage. Next, start working with a realtor that knows the area you are looking to buy in. This is a huge step so be prepared to move from merely wanting a home, to actively looking for one. Sit down with your realtor and make a list of things you require in a home. This is a list of those things that you can absolutely not be without. Once this is compiled, then list the things that you would like. With these lists ready, its time to start looking at homes. Your realtor should be able to provide you with a complete list of homes that fit your criteria, and some that come close. Also, they will be able to guide you to properties that fit your pre-approved mortgage amount. After finding a home or homes that suit you make sure to have a certified inspector take a thorough look through the home. Have them check all questionable areas of the home. Don't forget to have the inspector check for mold as this is something that is often overlooked. If the home passes the inspection than carry on with the offer if you are so inclined. If it doesn't then either continue shopping, or utilize the necessary repairs as a bargaining point. Usually you should be able to have the cost of these repairs deducted from the cost of the home. Its a good idea to bring in your own contractor or expert to get these estimates. By doing this you know that everything is above board. Buying a home is a huge process and one that you must be careful to handle with all due care and attention. Such an important investment can benefit you financially for years to come as well as providing safety and financial security. Don't sell yourself short on what you buy as your home. After all, your family deserves the best don't they?

Money saving tool available for real estate investors

The recent housing market boom has resulted in a substantial rise in the number of new property investors. What new investors might not know is that investment property depreciation is the second most frequently missed deduction on federal income tax forms. But there's help. A new service created by three real estate experts enables property investors to quickly identify and track personal property, or "chattels," to accelerate their depreciation deductions. Chattel Appraisals - an easy-to-use online valuation tool provided by Dolf de Roos, a real estate investor and author of the New York Times best-seller "Real Estate Riches"; Thomas Wheelwright, a real estate tax expert; and Marshall & Swift, a leading real estate cost data provider - allows property investors to quickly improve their bottom line by maximizing tax depreciation benefits. Before the release of Chattel Appraisals, cost segregation studies were typically expensive and reserved for commercial investors. Now, residential property investors have the ability to log on to chattelappraisals and prepare summarized reports of personal property values at a fraction of the cost of a typical study. "We are thrilled to provide our clients and other real estate investors with this powerful tax tool," said Wheelwright, who is managing partner of DK Advisors, a financial consulting firm. "Our experience over many years shows that a strong chattel appraisal can often triple or quadruple the depreciation deductions on an investment property in the early years. And the IRS specifically recommends Marshall & Swift data in their audit guide for chattel appraisals." At a price of $199.95, Chattel Appraisals can save a user thousands of dollars on taxes each year. The service is available for owners of single-family rental properties and multi-unit rental properties of up to 10 units. "Chattel Appraisals will enable thousands of investors to get cash flow from investments through tax benefits that, in many cases, can turn a losing property into a cash-flowing property," Wheelwright said. - NU