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What are the most common mistakes that home buyers make?
Buying a house is a type of investing, so the common mistakes of investing also apply to real estate.But in this answer, I’ll talk about mistakes specifically pertaining to residential real estate, based on a) my home buying experiences, b) studying others, and c) reading.And these mistakes typically fall into four categories:Financing & FinancesOverpaying based on irrational reasonsTaking out unnecessary mortgageBuying a home that you can’t afford, especially without job securityOver-allocation of assets into real estateNot taking transaction costs into account when considering affordabilityLiquidity / ResaleNot buying a home with a view / low crime / good school district for a premiumBuying a home with extremely wacky / unconventional architectureBuying a home with a terrible layoutBuying something in an up & coming area that will take 10 years to gentrifyDue Diligence on the Property & the AgentNot checking comparable valuations with extreme anal-retentive-nessSkipping inspection for single family homesNot checking for pending assessments for condosNot reading HOA documents in full detail for condosNot getting a lawyer to read over title agreements & HOA, etcWorking with an agent who has too many clientsWorking with an agent with no track recordWorking with an agent who is overly pushyLegal & TaxBuying an investment property before primary residenceMistakenly assuming you can deduct mortgage interest no matter what+ Financing & Finances - RelatedOverpaying Based On Irrational Reasons:In real estate, it is very easy to fall in love for trivial reasons.I have seen people pay $50,000 premium for a remodeled kitchen that probably cost $9,000 to do.That’s why savvy real estate investors typically wait to remodel / refurbish right before sale.They want to get you to pay extra for emotional reasons.The stuff that typically get redone are a) kitchen, b) carpet, c) bathroom, d) counter-tops, etc. None of these are extremely hard to do it yourself. Most of the times, they are not worth paying extra $30,000 for.Of course, it is okay to pay extra for nicer finishes, etc, but only within reason.In any investing, most of the money is made at the time of purchase.In other words, the price you pay for the house will directly dictate how much you make / lose on the house.Taking out unnecessary mortgage when you can afford to put down a bigger down paymentIt blows many people’s minds, but it is not always favorable to take out a mortgage.Mortgage is not free money! (to state the obvious)The interest rate % on your mortgage is the interest you will have to earn / do better than.For example, if you take out a 15 year mortgage at 3% and do absolutely nothing with the money (and even worse, lose it in the stock market), you are worse off by taking out the loan.On the other hand, if you paid in cash, you are effectively earning the full imputed yield on your investment.Buying a home that you can’t afford, especially without job securityRemember, affordability is not decided by your mortgage officer.Only you can decide whether you can afford a place or not.Even if you have a job & income, you may be uncomfortable about your future prospects.If so, don’t take out a big loan when there are layoff rumors at your company / during recessions.Over-allocation of assets into real estateIf your net worth is $300,000 - let’s say - it doesn’t make sense to use all of it as a downpayment to a $500,000 home.In the above example, your allocation to real estate will be 166%!Think about what your nest egg’s allocation will be post-purchase prior to doing anything crazy.Not taking transaction costs into account when considering affordabilityA lot of homes look like great investment opportunities.. until you take into account the transaction costs.Big transaction cost items that people forget about are: a) resale commissions b) title transfer fees c) mortgage fees d) extra insurance e) potential future assessments / charges / maintenance costs f) vacancy costs+ Liquidity & Re-sale -RelatedNot buying a home with a view / low crime / good school district for a premiumYou should always think of re-sale value prior to purchase.Good attributes like higher floors, low crime, good school, etc, can make it much, much easier for you to sell the place.For example, it can take much longer to move an unit with no view versus one with a view.If that ocean view comes at a reasonable premium, take it.Buying a home with extremely wacky / old / unconventional architectureThinking of buying a condo in that turn of the century building?Thinking of buying a rainbow colored townhouse?Remember, not everyone shares your tastes.Buyers beware.Buying a home with a terrible layoutDoes your dream condo have a living room split into two small dens?Is your condo shaped like an S?Is your bedroom in between your kitchen and the living room?Terrible layouts obviously come at a discount and are harder to sell.Buyers beware.Buying something in an up & coming area that will take 10 years to gentrifyIn the Bay Area, people often tout Oakland as a great real estate investment opportunity.But here’s the problem: you may not enjoy living there.Gentrification takes time.People have been saying Harlem as the next great opportunity since the 80’s.Thirty years later, Harlem’s price appreciation has nothing on that of better areas in Manhattan.+ Due Diligence - RelatedNot checking comparable valuations with extreme anal-retentive-nessUnderstand all the comparables in the neighborhood.Ask your agent to pull up all sales within the past 6 months and hand it over to you.Analyze them on a per-sqft basis, per building basis, block-basis, etc.Reduce it to a number.Skipping inspection for single family homesThere’s simply no excuse for waiving inspections, especially on single family homes.Don’t get surprised by a septic problem 3 months into the move.If you skipped inspection, you deserve to pay the $50K to fix that problem.Not checking for pending assessments for condosMake sure it’s crystal clear that there are no pending assessments for condos, and if there are, that the seller is paying for them.Not reading HOA documents in full detail for condosDoes your HOA have less than $100K left in the bank?Does your HOA strictly forbid renting?Does your HOA forbid you from having guests?Don’t find out after purchase.Not getting a lawyer to read over title agreements & HOA, etcHOA docs can be 200+ pages long.You won’t have the time to read through everything.Just pay a little extra for a trained eye to sign off on it.Working with an agent who has too many clientsAn agent who has 100+ clients won’t have the time for you.To him, you’re just a number.Don’t make him your buyer’s agent.Working with an agent with no track recordOn the other spectrum, don’t work with an agent who got his license 8 months ago.He simply is too green to help you maneuver around the jungle.Working with an agent who is overly pushyPushy agents are the worst, because they can amplify all your emotional weaknesses that cause stupid financial decisions.It’s like having a financial advisor that always pushes you into the latest growth stocks that you have no business investing in.If your agent is constantly pushing a lemon, it’s time to chuck him/her.+ Legal & Tax RelatedBuying an investment property before primary residencePrimary residence has additional tax benefits that investment properties don’t.Don’t rush into buying a home if you don’t plan to live in it.Mistakenly assuming you can deduct mortgage interest no matter whatIf your standard deduction is larger than your deductible portion of mortgage payments, there’s less tax benefit of mortgage loans.+ EpilogueThese about sum up the biggest mistakes you can make when purchasing homes.Remember, buyers beware.
How common is it for parents to offer a down payment on their children's houses in the US? Does it come as a gift or loan?
It is common for well-to-do families but is not a common theme in US.As for the treatment of the funds, it all depends on the parents' choice.If a parent wants to have a tax benefit, they can process this as a gift, if they want their money back, it becomes a loan.There are rules on how this is reported to tax authorities but it all depends on where the money ends up: being irrevocably given to the kids or a temporary loan with a set payoff schedule.
If you want to buy a property for roughly $100,000 as an investment to rent out, how much money should you put down for down payment?
The short answer is: it depends.The (much) longer answer is: There are many variables that go into this, but here are a few things that may help you get a better idea.If you’re buying a property for purposes of investment, most lenders will want you to put a higher percentage down than you would if you were buying the home to live in.20% down is common, but it will vary considerably based on what loan programs the lender has.The actual minimum down payment will vary based on the lender and loan program.So find a good local lender and see what loans they have available.Lenders, like real estate agents, vary widely in quality and service.So interview several lenders to find out how knowledgeable they are, what loans they can offer, and how easy they are to work with.The higher your down payment, the lower your monthly mortgage payments will be.Ideally you’ll want to make sure that the amount you can receive in rent fully covers the mortgage and all other expenses (insurance, taxes, maintenance costs, etc.).So if you’re in an area where rents are relatively low, you may want to pay a higher down-payment.A higher down payment may be needed to lower your monthly mortgage payments enough for the rent to fully cover your expenses.Remember that you’ll also need to pay closing costs, so make sure to budget for both the down payment and the closing costs.Ask your lender for an eof closing costs.But recognize that through no fault of theirs, your lender can’t always give good estimates, so you may want to budget a little extra just in case.As a very (very) general idea, you can often e2–4% of the purchase price for closing costs.But your lender’s ewill be more accurate than this.You may also ask the seller to credit you some amount toward closing costs.A good realtor can negotiate this for you to reduce your up-front costs.You may need to offer a higher purchase price to offset any credit the seller gives you towards closing costs.If you’re purchasing the property with the intent to rent it, you may be able to purchase a higher priced property than you would otherwise.Many loans will allow you to count some portion of the rent towards your income for purposes of qualifying for the loan - allowing you to qualify for a larger loan.Lenders that allow this have different requirements for what counts as rent, so ask your lender if this is allowed, and if so, what portion of the rent would count, and what documentation you would need for the rent to qualify.
How much should you really have for a down payment for a home?
If you're going to finance your home purchase with a mortgage loan like most Americans, you're going to need some sort of upfront down payment to prto your lender. Depending on your situation, you may qualify for some $0 down payment loans such as a Veterans Affairs loan for past military members, a USDA loan for purchases in more rural areas, or a Federal Housing Administration loan as a first time home buyer. If you don't qualify for any of the mentioned programs, you'll likely need at least 3.5% of the home's purchase price specifically for your down payment.Your down payment is going to play a factor into whether or not you get approved for the loan and what rate you get approved for. A higher down payment shows the lender that you're able to make good financial decisions and therefore will be more likely to pay back your loan in the future. Generally a higher down payment results in getting a lower rate. A down payment of 20% of the purchase price will get you the best rate.On the other hand, a down payment of less than 20% will have a higher interest rate. On top of that, you'll have to pay Private Mortgage Insurance, or PMI. PMI is the lender's way of protecting themselves in case you're not able to make payments in the future. It's typically about 1% of the loan amount annually, paid as part of the monthly mortgage. For a $250,000 house with a 4.25% loan, a $50,000 down payment results in a monthly payment of $1,013. If you scale that down payment back to $10,000 and add in PMI, your monthly payment jumps to $1473, $200 of which is going towards your PMI and not your loan.So a higher down payment is better right? You don't have to pay PMI, you get a lower monthly payment, and you pay less interest overall. I thought it was a no-brainer. But while I was writing an article on renting vs. owning, I found some unexpected numbers showing up when it came to the down payment. You have to own your home for a certain period of time before it's cheaper than renting. We'll call this the break-even point. If you're going to stay in a place for fewer years than the break-even point, you're better off renting. If you stay in a place for more years than the break-even point, it's cheaper to own.Turns out if you keep everything else equal, a larger down payment results in a break-even point farther in the future. For a $250,000 house, after accounting for closing costs, maintenance, inflation, and opportunity costs, your break-even point is 4 years with a $10,000 down payment. But if you have a $50,000 down payment instead, it becomes 6 years!The graph assumes a 30 year conventional loan at 4.25% on a $250,000 purchase. PMI applies for down payments less than 20%. See this article for full details of assumptions.So I thought to myself, "why in the world would a larger down payment push out the break-even point?!". I found that the opportunity cost of putting your money into your down payment instead of investing really takes a toll. In our rent-or-own comparison, gains from using $10,000 to invest while renting are greater than the savings from using that same amount as a down payment for a house until about 4 years. But if we instead have $50,000 to invest while renting, the larger initial investment results in gains that remain greater than the savings from owning until about 6 years. When comparing the down payment options, a bigger down payment means a larger opportunity cost to recoup.My wife and I recently put down 20% on a home purchase so I decided to see whether we did in fact make the right financial decision to put down such a large down payment.We paid $253,000 for our house but I like round numbers so we'll continue to use $250,000. I imagined what would happen if we instead put down a $10,000 down payment and invested the other $40,000. If we did that, our mortgage rate likely would have gone up a little (I estimated a 0.05% rate increase for each $10,000 down payment decrease). We would have an initial lump sum to add to our investment portfolio, which we assume will average 9% annually, but my monthly costs would have been $400 higher! With a $50,000 down payment, I don’t have that lump sum for the portfolio bu I can take those $400 I’m saving and put them into an investment account each month. Our investment growth minus our costs over 30 years shows that making a larger down payment and getting the lower monthly payment and rate results in a much higher net worth.So in short a larger down payment makes sense. The savings you get from the lower monthly payment easily make up for the lost opportunity cost of investing the initial down payment.Please upvote if you liked my answer! Check out my other articles on Medium for more thoughts like this!
How do I fill taxes online?
you can file taxes online by using different online platforms. by using this online platform you can easily submit the income tax returns, optimize your taxes easily.Tachotax provides the most secure, easy and fast way of tax filing.
How do I fill out the income tax for online job payment? Are there any special forms to fill it?
I am answering to your question with the UNDERSTANDING that you are liableas per Income Tax Act 1961 of Republic of IndiaIf you have online source of Income as per agreement as an employer -employee, It will be treated SALARY income and you will file ITR 1 for FY 2017–18If you are rendering professional services outside India with an agreement as professional, in that case you need to prepare Financial Statements ie. Profit and loss Account and Balance sheet for FY 2017–18 , finalize your income and pay taxes accordingly, You will file ITR -3 for FY 2017–1831st Dec.2022 is last due date with minimum penalty, grab that opportunity and file income tax return as earliest
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