themarycoxteam.wordpress.com - Homeownership

Spring Cleaning Checklist

Spring has sprung and we all know what that means...it's time to bust out the cleaning supplies and get cleaning! The Mary Cox Team has compiled a checklist for you to complete as you clean out each room in your home.

Every Room:

• Wash windows
• Vacuum, sweep and mop floors
• Wipe down doors and door knobs
• Wash walls and baseboards
• Dust furniture
• Declutter
• Install screens on windows

Kitchen:

• Clean out fridge and shelves
• Wipe down kitchen appliances
• Organize pantry
• Wipe down cabinets and drawers
• Descale coffee maker

Living Room:

• Spot clean furniture
• Sweep out fireplace
• Wash pillow covers and throw blankets

Bathrooms:

• Wipe down counters and sinks
• Clean mirrors
• Pour drain…

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Depends If You Can Afford It

Affordability, stability and flexibility are the three reasons homebuyers overwhelmingly choose a 30-year term. The payments are lower, easier to qualify for the mortgage and they can always make additional principal contributions.

However, for those who can afford a higher payment and commit to the 15-year term, there are three additional reasons: lower mortgage interest rate, build equity faster and retire the debt sooner.

The 30-year, fixed-rate mortgage is the loan of choice for first-time buyers who are more likely to use a minimum down payment and are concerned with affordable payments. For a more experienced buyer who doesn’t mind and can qualify making larger payments, there are some advantages.

Consider a $200,000 mortgage at 30 year…

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It’s Not Just the Tax Benefits

When the standard deduction for married couples filing jointly was increased from $12,700 to $24,000 for 2018, there was some speculation that the bloom was off the rose of homeownership. The thought was that if the tax benefits from being able to deduct the property taxes and interest was less than the standard deduction, that maybe, the buyer would be better off continuing to rent.

With mortgage rates as low as they have been for the past eight years, payments have been lower and so has the amount of interest that was paid. This and the fact that sales and local taxes, which include property taxes, are limited to $10,000 a year on the Itemized Deduction form have made it harder to reach the increased standard deduction.

The reality of the…

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Convincing Advantages with Standard Deduction

The new tax law doubles the standard deduction and it is estimated that over 90% of taxpayers will elect to use it. However, even without considering tax benefits, homeownership has convincing advantages.

Besides the personal and social reasons for owning a home, one of the most compelling is that it is cheaper. Principal reduction and appreciation are powerful dynamics that reduce the effective cost of housing.

Amortized loans apply a specific amount of each payment to the principal amount owed to retire the loan over the term. Some people consider it a forced savings account; when the payment is made, the unpaid balance is reduced.

The price of homes going up over time is appreciation. While there are lots of variables and it is not guaranteed,…

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Easier to Play the Game

It’s much easier to play a game when you know the rules so you can avoid mistakes that may keep you from winning. Homeownership isn’t a game but there are some rules that will protect your investment and increase your enjoyment.

Most people want a home of their own to raise their family, share with their friends and to feel safe and secure. In most cases, it is also their largest asset. These suggestions can help protect your investment and make homeownership more enjoyable.

• Don’t overpay for your home
• Maintain your home to protect its value
• Minimize your assessed value to lower property taxes
• Make extra contributions to save interest and build equity
• Validate the insured value of improvements and contents
• Be aware of current…

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A Cost to Consider

Homeownership, part of the American Dream: a home of your own where you can feel safe, raise your family, share with your friends and enjoy life. The benefits are easily recognizable but maintenance is just as real and should be considered.

Property taxes and insurance are two of the largest expenses homeowners have aside from their mortgage interest. But, as any homeowner knows, there will be occasional expenses for repairing toilets, faucets, windows and other things. There are also the significantly larger expenses that arise like replacing a water heater or HVAC unit. And don’t overlook the periodic maintenance like painting or floor coverings.

Financial experts suggest that homeowners save one to four percent of the home’s value per year for…

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