Davidbrown
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Location: 191 Paseo Vista Circle
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| owning real estate |
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What fees are involved with owning real estate?
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Fri Jul 10, 2009 5:06 am |
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Jeremymetz
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| Re: owning real estate |
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quote:
Originally posted by Davidbrown
What fees are involved with owning real estate?
On top of the purchase amount, all real property is lawfully required to pay property taxes. Property tax amounts are dependent on geographical location. Some properties within communities will have monthly homeowner’s association (HOA) dues, which can range from $50-$900/month, depending on the community and amenities included. Mello Roos, or special property tax/assessment, in addition to the normal taxes, can be imposed on those within certain community facilities districts.
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Thu Jul 16, 2009 6:52 am |
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topseed66
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Fees in the investment.. well they are negligible. You are required to pay taxes and stamp duties. But the actual risk is in the fluctuation of the prices.
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Fri Aug 07, 2009 12:38 pm |
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shubh
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Stamp duties, transfer and registration fees are statutory fees that must be paid. Land Tax is payable on the unimproved value of land, where the property is not the principal place of residence. Additionally, some States charge higher stamp duty for investment properties. If a solicitor or licensed agent does the conveyancing there will usually be two components to the conveyancing fee charged. The legal fee charged for the time involved in providing the professional service, and the disbursements fee for out-of-pocket expenses incurred in enquiries, searches etc.
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Sun Aug 16, 2009 11:47 am |
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JoeDuggins
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| Land Investing |
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Buying a chunk of land and hoping it goes up in value is SPECULATING. Buying a property to collect high income in the form of rent is INVESTING. When you compare investors who speculated in Nasdaq stocks in 2000 (and lost it all) to those who invested in bonds and smartly collected income, the difference in risk between speculating and investing is obvious. Investing is a much safer (and smarter) way to go.
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Sun Aug 30, 2009 7:08 pm |
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lilac_co
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Location: Colorado
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If you own an apartment building, some states also charge a tax on personal property (appliances).
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Mon Aug 31, 2009 10:28 pm |
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awp354
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Property tax, maintenance fees, stamp duty, hassle.
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Fri Sep 04, 2009 11:47 am |
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Nick Brian
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quote:
Originally posted by shubh
Stamp duties, transfer and registration fees are statutory fees that must be paid. Land Tax is payable on the unimproved value of land, where the property is not the principal place of residence. Additionally, some States charge higher stamp duty for investment properties. If a solicitor or licensed agent does the conveyancing there will usually be two components to the conveyancing fee charged. The legal fee charged for the time involved in providing the professional service, and the disbursements fee for out-of-pocket expenses incurred in enquiries, searches etc.
That's a lot of payment to make. Big hassle for Realtors. And all day long paperwork.
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Tue Sep 08, 2009 12:00 pm |
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webreal01
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Realtors are quick to point out that home ownership allows a lot of tax advantages not available to someone who merely pays rent. A homeowner can deduct points used to obtain a mortgage when buying a home, mortgage interest paid during the year, and property taxes.
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Thu Jun 24, 2010 1:47 am |
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danielhenry31
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When comparing the investors who speculated on the Nasdaq in 2000 (and lost) that have invested in bonds and intelligence gathered on income, the risk difference between speculation and investment is clear. The investment is much safer (and smarter) to go.
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Fri Jul 09, 2010 7:24 am |
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amonialogin
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Location: India
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If you own Arizona investment real estate in your name, rather than through an entity such as an limited liability company, corporation or limited partnership, all of your assets and life savings are at risk and could be lost to a creditor if a problem occurs with the property. Because the LLC is the entity of choice today for holding title to real estate, the corporation and the limited partnership are infrequently used in Arizona to hold title to real estate.
Owning real estate for investment, especially residential and commercial real estate is inherently risky. Accidents happen. People can get hurt on the property. When people are injured or killed on property that does not belong to them, the injured victims and family members of deceased victims frequently sue the property owner for damages.
Insurance is the first line of defense to protect against claims arising from the property, but judgments can exceed the amount of insurance coverage and sometimes insurance coverage is denied. For example, if you have a $2,000,000 general liability policy and an injured tenant obtains a judgment against you for $3,000,000, you have a $1,000,000 problem that could have been avoided if your property were owned by an LLC rather than by you in your name.
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Fri Aug 06, 2010 6:27 am |
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trinacolon00
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| Tax |
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It really depends on the state and the city your in, though some might differ
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Sun Aug 08, 2010 3:54 pm |
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moonraker1
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The costs involved is depends on kind of property you choose and state rules for real estate.
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Sat Sep 18, 2010 10:16 am |
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wystanfi
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| Re:owning real estate |
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Hey, I think it depends on your city and state. It also depends on your Property tax, maintenance fees etc.
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Fri Jan 28, 2011 12:52 pm |
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savana
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Risk is always there in real estate whether market is good or not but, still people are getting good returns.
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Tue Feb 15, 2011 1:00 pm |
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