Home Sale Profits? Watch Your Taxes!

In today's housing market, with prices still strong in parts of the country, people continue to search for fixer-uppers to buy. There are two reasons to buy a house that's in less than perfect shape: Either to fix it up and move in, or to fix it up and sell it for as big a profit as possible.

There are plenty of lenders who will help you get the mortgage to both buy this type of house and to fix it up. Before you do, however, make sure that you understand the income tax rules and regulations that will apply if and when you sell the property.

If this will be your only home and you will live in it during the rehab, you can get a normal mortgage. In fact, the FHA offers special “fixer-upper” or rehabilitation mortgages. Often referred to as 203(k) loans, they will let you finance both the cost of the home and the cost of fixing it up. You can even use a 203(k) loan to convert a single-family home into a duplex, triplex or four-plex.

With a 203(k) mortgage, you can either hire a contractor to do the work, or do it yourself. In fact, many people see the phrases “some work required,” “needs refurbishing,” or “home handyman special” as an opportunity to add tens of thousands of dollars to the value of the home through “sweat equity” — meaning they do the work themselves.  

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Home Starts Up - Inflation Not Helping

Consumer prices resurged a bit and builders broke ground on more new homes in December, but the activity did little to change economists' view that inflation is cooling and that the housing slump has yet to hit bottom.

A bump up in energy prices caused consumer prices to rise 0.5% in December from a month earlier after remaining flat or falling in the three previous months, the Labor Department reported yesterday. Excluding food and energy, so-called core prices — a measure officials at the Federal Reserve watch closely — rose 0.2%, in line with economists' expectations, as apparel retailers ratcheted back holiday discounts. Compared with a year earlier, overall prices rose 2.5% and core prices were up 2.6%.

Meanwhile, unusually warm weather prompted new-home construction to rise for the second consecutive month, the Commerce Department reported. At a seasonally adjusted annual rate of 1.64 million in December, housing starts were up 4.5% from November, but still down 18% for the year. All of the gain came in multi-unit structures such as apartment buildings. Construction of new single-family homes, which account for about three-fourths of total activity, fell 4.1% in December from the previous month despite the warm weather. Single-family housing starts were down 25% from a year earlier.

Economists saw the reports as well within the game plan of Fed policy makers, who expect persistent weakness in housing to help cool the economy, gradually bringing core inflation back down to a more acceptable annual level of 1% to 2%. In the fourth quarter, core prices rose at an annualized rate of 1.4%.  

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Heating Expenses Down Again This Winter

Falling energy prices are helping lower household heating expenses this winter even more than originally forecast.  

According to the Energy Department, the average U.S. household will pay $873 in heating bills this winter, down from $938 forecast a month ago and the $948 average last winter. If so, consumers this winter will have the lowest heating tab in two years and the first year-over-year decline in five years.  

A sharp drop in oil and natural gas prices is the main reason for the lowered estimate. Mild weather is also allowing consumers to conserve energy.  

How has the lower energy prices affected your household budget this winter?  Leave us your comment on that below. 

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Selling a Home During a Slumping Market

Selling a home during a slumping market can be a grueling process for owners. Going it alone can be especially tough — and now a smaller proportion of sellers does that.

For-sale-by-owner deals increased steadily for two decades into the late 1990s. They accounted for 18% of sales in 1997, but that has fallen to 12%, says the National Association of Realtors.

Many homeowners feel that in a difficult market a real estate agent can sell a property more quickly and fetch more money than can an owner alone, says NAR spokesman Walter Molony.

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Are you in the process of selling your home?  If yes, share with us your experience.  What does it mean to sell a house during a slumping market?  We'd love to hear from you.