Renting a home can be easier than owning a home, but it requires its own special set of circumstances. Whether you’re the renter or the landlord, look at the articles, columns, blog posts, radio shows and videos for more information about renting a home.
Rent-To-Own Agreements Not For Everyone
First-time buyers who can't quite afford to own a home often look for rent-to-own properties, also known as lease/options. You just want to make sure you're not getting scammed if you opt in to a rent-to-own agreement. There are also owners that take advantage of their tenants in a rent-to-own agreement.
Tax Deduction On Sale Of Primary Residence
A homeowner is going to rent her house, but plans to sell it within the next two years. She should not have to pay any capital gains taxes, because when a person sells his or her home, and the person has used the property as their primary residence for at least 2 out of the last 5 years, he or she doesn't have to pay any tax to the federal government on the first $250,000 of profit (up to $500,000 if the owners are married).
Tenant Wants To Break Lease
To be a successful landlord, you must have the temperament and financial wherewithal to handle the problems associated with renting property. Unfortunately in a slow real estate market, many homeowners are forced to rent their homes when they cannot sell. Make it a goal to sell your property as quickly as possible, but prepare yourself for becoming a landlord by reading books or consulting an attorney.
Helping Parents With Financial Difficulties
A son bought a home for his financially-troubled father 10 years ago because the father wouldn't qualify for a mortgage. His father now wants him to quit claim the property to him but the son wants to sell to get out of the mortgage mess. The son has limited options for getting his name off the mortgage and still taking care of his father.
A Move Is A Move, No Matter How Far Away The New House Is
Moving across the street isn't any easier than moving across the country. Hiring movers might seem like an extra expense, but moving on your own isn't an easy task. Whether you're moving down the street or across the country, spending a few minutes preparing for your move will save you time and money.
Tax Hints For Selling Rental Property
Homeowners lived in a home for 2 years and then rented it out for the past two years. They want to continue renting it out, but they will sell now if that's the only way to avoid capital gains tax. The IRS website is a good place to check for the tax implications before making any real estate decisions.
Offering Rent-To-Buy On Fixer Upper
Selling your house on a "rent to own" basis may seem like an easy way to get out of your house, but there are risks involved in selling a home on contract. You might not want to take those risks. You might be able to sell it to someone else and get your cash up front.