I just brought my 1st house in MD. Any advice for a young brother?
2007-02-23 05:16:09 · 22 answers · asked by ILL 1 in Business & Finance ➔ Renting & Real Estate
Try to not let it become a virtual money pit...because if you let it, it will....some things require immediate attention like if your heat goes out or something like that...leaks, that kind of thing, but the curtains and furniture and stuff can wait...buy used when you can, you can get some great deals...don't be afraid of yard sales etc...sometimes you can get some really good stuff, uncle henrys is another good place (the magazine) to get used stuff...it is amazing what a fresh coat of paint can do and that is cheap...
go with light colors you won't tire of...light yellow always works for me...it makes you feel good...it's always sunny at home!!!
Rome wasn't built in a day, best to not get into all kinds of debt with unnecessary things, believe me, the necessary ones will take up more than you think!!!!
Save all your improvement receipts too for resale day!!! good luck....!!!
2007-02-23 05:24:14 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Pay it off quickly by not buying a bunch of other crap you can't afford. A tax deduction for your mortgage interest means you sent the mortgage company $20k to avoid sending the gov't $5k. They aren't doing you any favors w/that. If an accountant tells you differently, you need a new accountant. My sweet old granny never borrowed for anything but a house. It's been paid for since she was 40. Also, make sure you keep the house up - roof, sidewalks, lawn, flooring, insurance, taxes, etc. It will probably go up in value a great deal in MD if it is well taken care of.
Congratulations!
2007-02-23 05:23:16 · answer #2 · answered by Tom's Mom 4 · 0⤊ 0⤋
Seriously? Turn around and list it again right away for a profit that would be worth your while to move again. You never know. Someone may want it. Always list houses and businesses that you own. Also, go see a real CPA. Not a bookkeeper or banker or your aunt Lou's sister who has had a real estate license in the past. A real live CPA. You will save LOTS of money by asking him or her how to save LOTS of money in home ownership. CPA's are quite handy in that.
2007-02-23 05:27:22 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Be sure to get a home warranty insurance. This is separate from homeowners. It covers the appliances and things for a low cost. Trust me, if you should need any of these fixed or replaced, the insurance is a lot cheaper in the long run. Especially if you have a central heat and air unit.
Best of luck to you
2007-02-23 05:19:18 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Set a routine maintenance schedule and stick to it. Keep an eye on caulk and grout (inside and out) and replace when needed. Hidden water damage is very common and can be costly to repair. Oh, and don't forget about the potential tax deductions for mortgage interest, real estate taxes, and points paid at closing.
2007-02-23 05:21:43 · answer #5 · answered by Memo Erdes 3 · 0⤊ 0⤋
sell it to me at half the purchase price.
( no other advice since the deal is already done. )
In the meantime, if it didn't have professional inspection, get one. Then do all the maintenance needed. Keep it well kept.
The equity you will be building will be your single greatest tool for managing a successful future. So whenever it is reasonable to do so. Make early and additional payments on the loan.
(On a typical home loan an extra dollar in the first payment will result in three dollars saved later in interest.)
And again. When in doubt. Sell it to me at half its value.
2007-02-23 05:21:02 · answer #6 · answered by Wind Chime 3 · 0⤊ 0⤋
Should've bought in Texas...houses are cheaper here.
Not sure why type of advice you want. As far as the outside goes...just keep up your yard as pristine as possible. Neighbors like to see other neighbors keep their yards looking beautiful.
Be sure and have flood insurance...remember regular home insurance does not cover flood.
That's all I can think of right now. Congratulations on being a HomeOwner!!!
2007-02-23 05:22:51 · answer #7 · answered by Wanna-be-Dear-Abby 3 · 0⤊ 0⤋
Oh yes be sure that the seller told you everything bout the house, secondly be sure that the house is fully structured, any repairs and where and be sure that there is no liens on this house that was recently owend by someone else
2007-02-23 05:22:53 · answer #8 · answered by jamungii S 1 · 0⤊ 0⤋
Enjoy. Congratulations. You can put a nail in the wall to hang a picture any where you want and not be concerned about what the landlord will say. Good luck with it
2007-02-23 05:19:40 · answer #9 · answered by Kerry 7 · 0⤊ 0⤋
i will have to agree with the no money thing. also, remember to not go all crazy and buy everything that you think that you need for the house - make a list and wait until you have moved in and are all settled to your liking before you go and buy anything. this is also called the "sleep on it" rule....
2007-02-23 05:19:56 · answer #10 · answered by amymrgrt 4 · 0⤊ 0⤋