Eagle's Nest Realty: Real Estate Agent Sunrise Beach MO

Are you new to homeownership? If you aren't aware yet, there are many tax benefits of buying a home at the Lake of the Ozarks. Since it is that time of year, you may be curious about the tax breaks you are about to receive. As your trusted real estate agents in Sunrise Beach, MO, we want to be sure you are aware of the tax benefits of owning a home. Take a look below to learn more!

Property Taxes

The taxes you pay each year for the property you own can be deducted from your taxes in 2017. The taxes are typically built into your monthly payment, so you may not even realize you are paying it. It's a nice surprise to be able to reduce this from your taxes at the end of the year.

Home Mortgage Interest

If you have a mortgage loan, you pay interest on your property each month. This total adds up throughout the year. A portion of that interest you pay can be a tax benefit come tax time. It's a great way to take advantage of the interest you pay & use it for a tax break.

Energy-Efficient Upgrades

There are tax incentives for energy-efficient upgrades made to your home. A credit may be added to your tax total if you make these type of updates to your home. Solar electricity upgrades and energy efficient appliances are a few ways to take advantage of this tax break.

Interest on Home Equity Line of Credit

If you take out a home equity line of credit, the interest you pay on that credit line is available for tax deductions. A portion of the interest you pay on this can be deducted from your taxes at the end of the year.

Age In Place Improvements

If you have a medical reason, updates to your home to better suit an older homeowner can be tax deductible. Grab bars in the bathroom, a wheelchair ramp, as well as widening doorways for easy access are all examples of tax breaks you can receive to make your home more accessible.

A Home Office

If you work from home, your office equipment can be deducted on your taxes. Computers, office furniture, and home equipment needed for your job are just a few examples of what can be of tax benefit for you, the homeowner.

Now that you know about all of these potential tax breaks for homeowners, you are ready to take advantage. If you don't own a home yet, now's the time to find the perfect property for your family. Give Eagle's Nest Realty a call today to start your home search at the Lake of the Ozarks! We look forward to helping you find the ideal space for you and your family!

Call (573) 374-0769 to schedule a showing today!

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If you aren't involved in the Lake of the Ozarks real estate market on a daily basis, you may hear some terms you are not familiar with. Whether you're a first time home buyer at the Lake of the Ozarks or you've purchased many properties throughout your life, it's important to know what these terms refer to. Your expert real estate agents in Sunrise Beach, MO are here to help! Take a look below for terms and definitions of common real estate terms.

Pre-Approval Letter:

Before you apply for a home loan or start your real estate search, it's a good idea to meet with your mortgage lender. They will check out your credit and financial situation to see how much you can be pre-approved for. This can give you AND your real estate agent a good idea of what price range in which you should be looking for a home.

Listing Agent:

The real estate agent who is assisting the home seller is known as the listing agent. This is the person or company who actually lists the home for sale and helps to promote the property in order to find a buyer.

Buying Agent:

The agent who helps the home buyer through the real estate transaction is the buying or buyers agent. From showing different properties to helping with negotiations, a buying agent works for the home buyers, during the transaction.

Contingency:

Any condition or requirement of the home stated during the offer is known as a contingency. The sale of many homes is contingent on the home inspection. Sometimes a home can even be contingent of the buyer selling their previous home. There are a number of contingencies, or required happenings for a home sale to go through.

Appraisal:

A mortgage lender will likely require an appraisal of the home you intend to purchase. This is when an appraiser will visit the home and take a look at similar homes in the area to decide upon an estimated home value. It can give your mortgage company a good idea of the worth of the home that they will be lending money toward.

Closing Cost:

Any fees that go into processing your home sale is known as closing costs. This represents the amount of money required to complete the transaction and is often due the day of closing. Tax, loan-processing fees, and title insurance are often wrapped into closing costs.

Mortgage Rate:

A mortgage rate is the rate of interest charged by your lender. The rate can come in different forms - fixed or adjustable. A fixed rate is decided at the beginning of a home loan and will stay consistent throughout the time of homeownership. An adjustable rate has variable interest rate time periods, usually 5, 7, or 10 years. At the point of adjustment, your rate can change - depending on a number of factors.

Escrow:

Escrow is a monetary account created at the beginning of your real estate transaction and held with a third party until the fulfillment of a condition. Many times taxes and insurance premiums are paid with this money you put down. An escrow account can also help you appear to be a more serious buyer to your real estate agent, mortgage lender, and home sellers.

Home Inspection:

During a home inspection a professional will come to the property involved in the transaction and look around the home. The interior and exterior of a home will be closely inspected to ensure the property is in safe condition for purchase.

Amortization Schedule:

A chart that shows how much of each payment is applied toward the principal and interest, over the lifetime of the loan. This also gives you a good idea of the decrease of the loan balance over time.

Home Warranty:

An optional insurance policy that is often purchased by home buyers that will cover repairs of home systems, such as the HVAC, water heater, and/or other appliances. Many times a home buyer will propose that a home seller pays for a year's worth of home warranty.

Title Insurance:

Insurance that protects the lender or the buyer is known as title insurance. This can help protect either party from a loss that arises from disputes over ownership of the property being sold.

Deed:

A legal document that conveys the title to the property being bought is known as a deed. This is proof of ownership, when a home transfers names.

Now that you've hopefully learned a little more about these common real estate terms, you are better prepared to jump in! If you're looking to buy property or sell your home at the Lake of the Ozarks, our team can help. Eagle's Nest Realty has a wide range of experience to help you meet your real estate goals. Give us a call today at 573-374-0769 to schedule a consultation with one of our real estate agents at the Lake of the Ozarks.

Call (573) 374-0769 to schedule a showing today!