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Lexington Park Real Estate FactsLexington Park Home InspectionThe purpose of a thorough home inspection is to ensure that Lexington Park home buyers know exactly what a home’s condition is prior to completing the transaction. A good Lexington Park home inspection should include an evaluation of the foundation, framing, roofing, site drainage, attic, plumbing, heating, electrical system, fireplaces, chimneys, pavement, fences, stairs, decks, patios, doors, windows, walls, ceilings, floors and built-in appliances. All significant or pertinent findings should be reported in writing to the prospective Lexington Park homebuyer. The home inspection report gives the Lexington Park homebuyer the information he or she needs to determine whether to buy the property as is or to ask the seller to make repairs. In most cases, when an Lexington Park homebuyer makes repair requests, sellers usually agree to some if not all of the conditions. Lexington Park Disclosure RuleIf you are contemplating the purchase of an existing home or any Lexington Park, I strongly recommend that you utilize the services of a trusted home inspector. The final purchase of any home should be based on obtaining a favorable home inspection. Lexington Park is no exception to this rule. What if the home inspector discovers a problem? That happens and as long as it happens before the sale is final the seller can fix the problem or the buyer who agrees to take the property as is can negotiate the price. Any questions regarding Lexington Park, just give me a call. Buying a Lexington Park Fixer-UpperFinding the right Lexington Park fixer upper often involves finding a seller who is in financial difficulty and wants to sell in order to protect their credit or to avoid foreclosure. Various government agencies such as VA, HUD, IRS and others offer homes in foreclosure for sale and these homes can make excellent fixer-uppers. Bank owned properties known as REOs, real estate owned, offer good opportunities since financial institutions want to eliminate their real estate holdings by selling foreclosures quickly. Join my network of Lexington Park buyers looking for specific types of properties. Call or Email me today. Green Remodeling Your Lexington ParkIf you are planning to remodel your Lexington Park, keep home resale in mind and consider going green. Green remodeling is becoming more popular as homeowners consider health issues, skyrocketing energy costs and Earth’s natural resources. And, when it comes time to sell your home, your energy efficient and Earth saving remodeling may help you sell your Lexington Park quickly and for top dollar. Rent or Buy Lexington ParkIn the early years of your Lexington Park mortgage, nearly all of every monthly payment is interest. This means you are only paying off a tiny bit of the loan principal, but it is good news in terms of tax savings. The monthly payment for a $100,000, 30-year, 8% mortgage on your Lexington Park would be about $734. In the first year of your mortgage, $7,970 of your $8,805 payment or 91% would be deductible as mortgage interest. Even in the tenth year, almost 81% of your payments would be deductible. What this is worth to you depends on your tax bracket but this tax savings built into the home-buying equation is why you can afford to make higher mortgage payments than your current rent payments without squeezing your budget. There is no similar tax subsidy for renters. Lexington Park DEDUCTIONSOne of the advantages of home ownership is that while most other types of interest are not tax deductible, the interest you pay on your Lexington Park loan is deductible on your Federal and State income tax. This fact alone gives homeowners a distinct advantage over renters. |
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