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Related Flashcards
Related Topics
Cards In This Set
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Condo - what do you own?
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Own the studs in of single. Has shared / common areas.
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Co-op
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Do not actually own the unit. Own an Interest / Stock in the unit.
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PUD
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Planned-Unit Developements i.e. Retirement Community
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MUD
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Mixed-Use Development i.e. High rise with stores / cinema in it / combo of things
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Converted-Use Properties
Manufactured Housing Modular Homes Time-Shares |
1) Something thats been converted into residential i.e. Warehouse, School, Factory etc
2) = Mobile Home 3) Pre-fabricated. Each room made separate and dropped onto foundation by crane 4) Own time |
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Basic costs of owning a home: PITI
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Mortgage Principle and Interest, Taxes, Insurance.
Remember 28% - Housing allowable 36% - Housing and other Debts allowable |
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Tax Benefits oh home ownwership:
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$500,000 excluded from capital gains tax on proftis of sale by Married taxpayers filing jointly
$250,000 Single filing |
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Equity is:
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Increasing ownership interest and Represents the paid-off share of a property, not mortgaged. i.e. difference between Current Market Value (what you paid) and Property Debt (what you still owe)
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Homeowners Insurance:
Basic Form Broad Form Flood |
Basic: Fire, Riots, Smoke etc
Broad: Frozen Pipes, Ice, Snow Flood: Separate Insurance required by bank based on town maps of flood zones. |
