*** Do you have enough Home Insurance coverage??? ***

[itsbob]

I was told by my addition builder: If you move to NY...DO NOT SELL your Lusby home...rent it. It will appreciate at 5-8% per year and the rental will cover mort & insurance. Pretty good advice but I was listening to a financial program on the AM dial and they cautioned that after 2 years...the Fed taxes jump in...got to watch that hidden stuff that pops out of the IRS. So...If you add the risk of a renter who doesn't maintain very well...then it could end up a disaster.

Better to own land with access to bay, river, mountains...and put in a few three room cabins-rented by the week to a limited number of behaving renters. ($1,500/week in summer? or hunting season? Yeah...that is good money!)....rental 8 weeks out of the 52 week year?: $12,000.

A rental property you get to take depreciation from every year.. HUGE tax savings..

Rent counts towards income, but the deprecition more then makes up for it.

 

[kom526]

My neighbor's house is valued @ $506,000 according to zillow.com. They put it on the market on Thursday for $998,000. Think they'll get it? I think I better start looking into our homeowner's policy, zillow has our rebuild costs @ 480. Of course we would have to be living in the house.

 

[czygvtwkr]

I wouldnt exactly trust zillow.com. It lists my house at 265, but just two weeks ago it had it at 235 and two years ago it had it at 450. It bounces around way too much. It also shows my moms house on the wrong end and side of the street.