There's no doubt that the biggest hurdle to owning a home is the down payment. However, many "should-be" homeowners are still renting because they simply aren't aware of their options. With the average rent in DC hoovering above $2,200 per month, DC renters are shelling out more than $26,000 a year...and walking away at lease-end with nothing. You're investing in your landlord, not yourself. It's time to stop renting and start owning! You don't need a 20% down payment and a perfect credit score to buy a home these days. Here are five secret sources of down payment money that can make home ownership a reality. Click here
The First-Time Homebuyer Reduced Recordation Tax officially goes into effect on October 1, 2017. It significantly reduces the recordation tax for qualified DC homebuyers, from 1.45% to 0.725%. This will save those looking to plant their roots in the District thousands of dollars at the time of purchase.
- The buyers must either be DC residents or intend to become DC residents with the prospective purchase.
- The buyers must not earn more than 180% of the Area Median Income (AMI).
- The home must not have a purchase price exceeding $625,000, adjusted annually for inflation.
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DC's TOPA law has done a lot of good when it comes to helping families stay in their homes. However, the law has also been abused over the years, making it harder and harder for homeowners to sell their property...at least without paying a hefty fee to tenants that refuse to leave. The city council recently held a hearing to discuss possible changes to the TOPA law. Check out this recap of the day's events...
Consider comparable homes, local prices per square foot, and city development plans when buying a home.
When you’re purchasing a production or tract home, determining how much you should pay is fairly straightforward. It can be as simple as looking at the recently sold homes in the neighborhood and considering how your specific lot stacks up. But if the home you want doesn’t compare so easily with its neighbors — say, it’s bigger or custom-built — figuring out how much to pay can be trickier. Here are six things to do before deciding if it’s worth it.
By Laura Agadoni | Apr 27, 2017 4:45AM
1. You can deduct the interest you pay on your mortgage.
2. You may be able to deduct points.
3. Depending on the year and your income level, you may be able to deduct PMI.
4. Real estate taxes are deductible.
5. Your other tax deductions may matter more.
6. You’ll get capital gains tax relief down the road.
By Kelly Phillips Erb | Sep 01, 2017 6:30AM