Renting your space is the best way to generate some passive income; nonetheless, some things need your attention. Since you are allowing someone into your personal space, you must know the rights and obligations of the landlord and tenant. Generally, landlords are careful about their tenant’s rights, and things go smoothly for landlords and tenants. …
With heavy rain, there is a chance to occur some personal property damage. Favorably, if you have homeowner’s insurance, all of the damage might get covered. In fact, one of the common reasons for claiming home insurance is water damage. People often ask what type of water damage is covered by homeowner’s insurance. Unfortunately, not …
There is nothing wrong with a tenant’s guest coming in and going out of the rental property at different times throughout the lease tenure. As per the covenant of the quiet enjoyment section, tenants have the right to bring people to their rental place, be it a family member, friend, or a significant other. However, …
How Many Days can a Tenant’s Guest Visit The Home? Information
The private mortgage interest (PMI) paid on loan for the second residence is usually deductible if the residence is used personally. The condition for deducting the interest is that the mortgage should satisfy all the requirements on the primary residence. Generally, the deductible interests include the local real property taxes and state property taxes. The …
Can you Deduct Mortgage Interest on a Second Home? Information
If you inherited something from your parents or grandparents, it is an emotional experience but not free from legal formalities. There are a lot associated with it. If it’s real estate, such as a house, it can be one of the most valuable assets for you. But you have to meet all the legal formalities …
I Inherited a House • How do I Put it in my Name? Information
If you are not happy with your tenant and want him/her to vacate your property, you need to write a notice letter to your tenant to leave your property. The rent agreement between the renter and the owner, bound owners to provide advance notice before vacating the property from the tenant. If you don’t send …
Notice to Vacate from Landlord to Tenant • Sample Letter Information
Living in America generally corresponds to paying ample amounts of money, especially when you own your personal property. But the relief comes in when you choose Virginia as your living space. Homeowners settled in Virginia benefit from the relief of low property taxes that are below the national average tax ratio of the state that …
Homeowners pay plenty of taxes on their property. Governed by the state and country tax levies, tax liability on every property depends on its location and value. It can be as low as your mortgage payment in some areas, while in others, it can be thrice times higher than the mortgage payment. Instead of just …
In the real estate market, selling a house isn’t just about posting pictures online and expecting a buyer. Sellers have a lot to worry about. It involves considerable time and effort on realtors, fees, repairs, appraisals, and showings. Sometimes, you got anxious over the selling process taking so long and the cost expenditure. Still, you …
If you are planning to buy a new home, you must be wondering if any tax break is available or not. In 2008, President Obama created a tax credit worth $7500 for a first-time homebuyer. In 2009, the credit increased to $8000 to encourage more people to buy houses. But the bad news is that …
How does the First-time Homebuyer Tax Credit Works? Information
