April 15 is only about a month away, but there’s still time for homeowners to reap tax savings on their 2015 returns.
Here are some tips from tax advisers to help maximize home-related deductions. Be sure to consult a tax expert for specifics on your home and mortgage. Read more
If you find a house that seems like it has possibilities, do your own initial home inspection, inside and out, before making an offer. Your intention now is to be alert for obvious deficiencies. Assuming you’re not looking for a fixer-upper, too many of these may be a reason to eliminate this house from further consideration.
Note: This is not meant to replace a professional home inspection. Once you make an offer on a house, you’ll want a licensed home inspector to go over it with a magnifying glass.
Here are some things to look for in your initial inspection:
After years of getting help from mom and dad, some adult children are returning the favor and buying their parents a house.
Not all lenders will allow adult children to co-sign for their parents on jumbo loans-those that exceed $417,000 in most areas and $625,500 in some high-priced places, says John Walsh, CEO of Milford, Conn.-based Total Mortgage. However, enough lenders allow it that most children who want to help home-buying parents, whether working or retired, should be able to co-borrow, Mr. Walsh says.
Exercise has had a Goldilocks problem, with experts debating just how much exercise is too little, too much or just the right amount to improve health and longevity.
New, impressively large-scale studies provide some clarity, suggesting that the ideal dose of exercise for a long life is a bit more than many of us currently believe we should get, but less than many of us might expect. The studies also found that prolonged or intense exercise is unlikely to be harmful and could add years to people’s lives.
These new studies, both of which were published last week in JAMA Internal Medicine, helpfully tackle those questions. Read more
You can safely enjoy your new fireplace for years to come if you follow some basic safety rules. The following fireplace safety information will help you understand what’s involved in keep your home and loved ones safe:
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Cracks inside the walls and floors of your home can allow radioactive radon gas to creep inside and affect your air quality and health.
Radon – an odorless, colorless, naturally occurring radioactive gas – is inhaled into the lungs, where it can damage the DNA, potentially increasing cancer risk, says Douglas Arenberg, MD, associate professor of medicine in the pulmonary and critical care department at the University of Michigan Health System.
Exposure to radon gas, which can seep through cracks in the walls and floors of your home, increases the risk of developing lung cancer.
Student debt is exploding, burdening some 40 million borrowers with an often crippling obligation that can take decades to pay off.
“The reality of student debt is honestly just now starting to sink in. We see the percentage of home ownership by the age of 30 dropping from 33 percent to 23 percent among individuals with student debt,” said Daniel Haitz of the college planning website eduSquared. “That’s a startling trend that has only occurred in the last 10 years. What’s crazier is that student debt in America grew at 7 percent last year and isn’t showing signs of stopping.”
From 2008 to 2014, student loan debt surged by 84 percent, according to a study by Experian. The $1.2 trillion in student debt now surpasses home equity loans and lines of credit, credit card and automotive debt.
“Once in debt, interest is your companion every minute of the day and night; you cannot shun it or slip away from it; you cannot dismiss it; it yields neither to entreaties, demands, or orders; and whenever you get in its way or cross its course or fail to meet its demands, it crushes you.” J. Reuben Clark (in Conference Report, Apr. 1938, 103)
For those considering financial aid, there are ways to tame student debt. Some of the best solutions are the most simple.
Video tape the contents of your home every few years for insurance purposes.
No one wants to think about being in a situation where their home is destroyed, but being prepared is important. Would you be able to give the insurance company a list of items you have in your home if something happened tomorrow? Chances are you would forget many items if you were listing them from memory.
It takes two to make a marriage work, the saying goes. But sometimes it’s better when only one of them applies for a jumbo mortgage.
There are a number of reasons why one spouse stays off a home loan, says John Walsh, CEO of Milford, Conn.-based Total Mortgage. That person’s high debts, low income or poor credit history could be deal-killers or trigger a higher interest rate.