Kiplinger's Buying and Selling a Home: Make the Right Choice in Any Market / Edition 8

Kiplinger's Buying and Selling a Home: Make the Right Choice in Any Market / Edition 8

by Kiplinger's Personal Finance Magazine Editors
     
 

ISBN-10: 1419535781

ISBN-13: 9781419535789

Pub. Date: 04/01/2006

Publisher: Kaplan Publishing


Investing in a home is likely the single biggest expenditure most individuals will make. It’s a decision that involves the head, the heart, the pocketbook, and possibly the retirement nest egg. That’s why it’s crucial to make the right choice when buying a home and to exercise financially savvy when selling one.

This comprehensive update to

Overview


Investing in a home is likely the single biggest expenditure most individuals will make. It’s a decision that involves the head, the heart, the pocketbook, and possibly the retirement nest egg. That’s why it’s crucial to make the right choice when buying a home and to exercise financially savvy when selling one.

This comprehensive update to Kiplinger’s Buying and Selling a Home provides all the information readers need to protect the investment in their homes. The editors of Kiplinger’s Personal Finance have completely revised this popular guide to reflect the realities of today’s real estate marketplace. Tax shelters, mortgage types, and home insurance policies are discussed and evaluated in detail. Buyers will learn how to choose the best housing for their budget, work effectively with brokers, find financing deals, and negotiate the best price. Sellers will discover how to polish their home for sale, select an agent, analyze alternatives to selling, and move the property fast, no matter what the market is like.

Whether a reader is seeking a starter home, a step-up, a vacation retreat, or a retirement haven, this practical guide explains how to make all the right moves.

Product Details

ISBN-13:
9781419535789
Publisher:
Kaplan Publishing
Publication date:
04/01/2006
Series:
Buying and Selling a Home Series
Pages:
384
Product dimensions:
7.25(w) x 9.00(h) x 0.77(d)

Table of Contents

Introductionvii
Part IFor Buyers
Chapter 1To Buy or Not to Buy3
The Intangibles
Financial Benefits
The Risks and Hard Work of Homeownership
Rent Versus Buy
Buying a House with Others
Chapter 2Assessing Your Resources11
Figure Your Net Worth
The Down Payment
How Big a Loan?
Prepare Yourself
How Much Down, How Much Borrowed?
Clean Up Your Credit Report
Your Credit Score
Obtaining Preapproval with a Lender
Kinds of Loans
Get Your Earnest Money Ready
Chapter 3Home Sweet Tax Shelter29
Deductibility of Mortgage Interest
Adjust Your Withholding
Record Keeping
Deductibility of Mortgage Points
Deductibility of Closing Costs
Other Tax Angles of Owning
Deductibility of Interest on Debt Secured by a Home
Refinancing
Chapter 4Define Your Needs, Pick a Neighborhood45
Make a List of Needs and Wants
Make a "Don't Want" List, Too
Choosing a Neighborhood
Tips for Relocation
Weigh the Negatives
How is the Neighborhood Organized?
Examine the Lot
Chapter 5Many Kinds of Homes61
Single-Family Detached Houses
Condominium Ownership
Cooperative Apartments
Manufactured Homes
Chapter 6House-Hunting Strategies87
The Buyer's Market
The Seller's Market
Searching on Your Own
Shopping with a Real Estate Agent
Using a Buyer's Broker
Perusing the Ads
Handling the "Sale by Owner"
Touring the House
Scope Out the Sellers
If Your Encounter Discrimination
Chapter 7Making an Offer111
How Much Is the House Worth?
Finding an Appraiser
Establish Your Priorities
Need Seller Financing?
Hire Your Own Representative
Hone Negotiating Skills
Put It in Writing
The Opening Bid
The Purchase Contract
Presentation and Counteroffer
Relocation Loans
Guaranteed Sale
Bidding on a For-Sale-by-Owner House
Chapter 8Have the Home Inspected131
Finding a Good Inspector
The Cost
The Inspection
The Report
Back to the Seller?
Special Situations: New Homes, Condos, and Co-ops
New-Home Warranties
Help from the FHA or VA
Chapter 9Pick the Right Mortgage147
The Basics
Fixed or Adjustable Rate?
Fixed-Rate Loans
Adjustable-Rate Mortgages
No-Down, No Kidding
Making a Mortgage Choice
Go for Equity?
The Vanishing Point
Chapter 10Find a Lender, Get a Loan171
The Secondary Market's Role
Sources of Mortgage Money
Other Types of Financing
Using a Reporting Service
Fine-Tuning Your Choice
The Loan-Application Process
Private Mortgage Insurance
Credit Life Insurance-Something Your Can Do Without
The Wait and the Tension
Chapter 11Get a Good Title197
How the Process Works
Hazards of a Clouded Title
Less Than Best
Buying Title Insurance
Title Documents You May See at Closing
Chapter 12Get Ready for Settlement207
How to Take Title
Insurance on Your New Home
Flood Insurance
Earthquake Insurance
Insurance on Your Life
On to Settlement
What to Bring to Closing
The Final Inspection
Prepare a File for Your Taxes
When Your Mortgage Is Sold
Chapter 13Buying a Vacation Home231
Study Before You Buy
Vacation-Home Strategies
Buying with Partners
Taxes Take No Holiday
Part IIFor Sellers
Chapter 14Alternatives to Selling249
Tapping Your Home Equity
Second Mortgages
FHA Loans
Full Refinancing
Special Help for Senior Citizens
Chapter 15Tax Angles of Selling a Home273
Keeping Uncle Sam's Hands Off Your Profit
A Tax-Free Vacation Home?
A Home-Office Trap
Record Keeping
No News Is No News
Owner Financing
What If You Can't Sell?
Permanent Rental
Selling for a Loss
Moving Expenses
Chapter 16Polishing the Merchandise289
First Impressions Count
Get the Place in Shape
Do Your Homework
Are Disclosures Needed?
Chapter 17Sell Through an Agent or Go It Alone?297
An Agent's Strengths
Going It Alone
Steps to Success for the Fizzbo
Getting Help
Chapter 18Picking a Broker, Listing Your Home313
Selecting the Firm
Finding the Best Agent
Interviewing the Agents
Kinds of Listings
Elements of the Listing Contract
Get Ready to Sell
Chapter 19Setting the Right Price325
The Dangers of Overpricing
Study the Comparables
Seller Financing?
Get an Appraisal?
Special Advice for Fizzbos
Faster Ways to Sell
Offer Help with Financing
Chapter 20Negotiating with Buyers341
Negotiating Through an Agent
Considering the Contract
Take Back a Mortgage?
Forging an Agreement
Selling on Your Own
Chapter 21Preparing for Settlement355
Keep Yourself Informed
The Papers You'll Need
Index359

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