Should anybody saving with the Riester-Rente Riester-Rente (the German contributory pension scheme) intend to have a house built, or to buy a new property, he may soon be able to invest state pension subsidies and savings to finance this. Indeed this may turn out to be a decisive factor on the choice of Riester provider for many Germans.
Under current rules the “property scheme” variant of the Riester-Rente allows house buyers to take a lump sum between 10,000 and 50,000 Euros out of the pension fund without having to pay tax. This sum would have to be paid back in full on a flat rate basis before the first pension payment is made. Apart from the high minimum amount there is an obvious difficulty for savers in paying this back and continuing to make pension contributions.
Moves to address this are still in der Schwebe as the Germans like to say (up in the air) but coalition parties have already drafted proposals that outline some key reforms. The actual legislation should be approved by the middle of this year and will be applied retrospectively to 1 January 2008. The new law touches on the following points:
• At least 75% of capital stored up in the pension fund may be used to invest in property in which the riester-saver will reside.
• Funds so invested must not be paid back. Needless to say this a key point!
• Pension funds will also be permitted to pay off existing housing debt burdening the riester-saver. Again upto 75% of accumulated capital can be used for this purpose provided the riester-saver has occupied the property consistently for 20 years.
• Interest on the sum taken from the fund does need to be paid although the home owner can choose whether to pay this off in one go or over a maximum period of 25 years.
It is anticipated that these rules will only apply to properties within Germany, although the European Commission has already voiced concern that this proposal could contravene European law.
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For the second project of the season, This Old House travels to New Orleans, Louisiana, to help a fourth-generation resident of the Lower 9th ward return home, while following stories of rebuilding and recovery throughout the city. Host Kevin oconnor visits Musicians Village with founder Harry Connick, Jr. to see how he, along with childhood friend Branford Marsalis, are providing new housing for the citys musicians through Habitat for Humanity. In historic Holy Cross, along the banks of the Mississippi River, homeowner Rashida Ferdinand shows Kevin why she loves her c. 1892 flood-damaged shotgun single and artists studio, and how she plans to restore and expand them after a two-year vacancy. Master carpenter Norm Abram meets up with her builder to assess the challenges of building in post-Katrina New Orleans, while homeowner Marna David shows Kevin how she managed to renovate her own shotgun single in Holy Cross, twice once before the storm, and once after.
Help answer the question about home owner
Can a utility Co. come after a new home owner after purchase and title search had no prev leans agnst home?Title search had no leans or judgements against the former owner or the home. New owner got the "All Clear" at purchase time.
I too own 100% and if it helps the age bracket is..well…over the age of 60 if that helps you any.
Added
I totally agree with George G's assessment. People now want 40 year mortgages, nothing down, and even interest only for a few years.
My home has been paid off for many years, I took on a 15 year mortgage with high interest rates and paid it off in 9 years. How? Because I could COMFORTABLY afford the house.
On the section of the bankruptcy petition called "Statement of Financal Affairs" you must list off:
#10. All property sold or transfered within the past 2 years.
#7. All gifts made to individuals > $200 within the past 1 year.
Or as Ricky use to say "Lucy! You've got some esplainin' to do
Go meet with an attorney and find out the practical application of your state's Homeowner's exemption rules.
You'll find that either:
1. The equity your so worried about is exempt (you get to keep).
2. Unexempt, but hardly enough to attempt to liquidate (after realtors, closing costs, etc).
3. You're limited to Ch13 repayment to protect your asset.
Absolutely. The foundation will have to be designed for the neccessary loads ( this may mean deeper, wider footings, additional reinforcement, larger beams and/or larger floor trusses) but the crawlspace foundation can be used for multi-story projects no problem. Its important to remember that with any foundation, the weight of the structure should bear directly on or be transferred to the footings-whether crawlspace or slab.
Thanks.
First and foremost: GET RENTAL INSURANCE!!! I can't suggest this enough. So many things will be covered by it and it is super affordable. Don't hesitate or wait to do this….
I also think it is important to consider the average monthly utility bills…sometimes due to how old or well constructed and maintained the cost to keep the house cool and warm, and generally running can be greatly impacted. Unless money is of no concern, I'd see if you can find this out to make sure you won't extend your budget.
Also..have you determined who is in charge of maintaining the yard/snow removal? If it is you, are they supplying the tools? Do they care if you paint? If so, who pays? Do they prefer you contact them for emergency repairs, or you have discretion to contact a professional and be reimbursed?
These are all things that ended up being issues for me when I was a renter. I am most thankful I got rental insurance above all else though.
Can this type of foundation suppory more than two storey, , ,ground floor,1st floor + another floor , ,ie , ,2nd floor?
What about suing the inspection company for not catching it?
I don't think you will have a case with this one…no facts, just assumption. Can whomever that found the leak inside the wall prove the a/c was filled to pass the inspection?
sooo, kind to share, thank you! ill be watching
Lets say your house sells for 300K(and has a 220K mortgage). Lets say your buyer has 30K for a downpayment.
They get a loan for 240K and get the second loan from you for 30K. The 270K from the buyer is first applied to your mortgage and you would get 50K in cash at closing.
You should have a lawyer draw up and help you with recording the mortgage. The lender for the buyer needs to know the details of your arrangement.
What about a foundation drain? What is the approved drainage system? That is THE MOST IMPORTANT part of the crawlspace!
No, what your lender is saying that you need a home
owners policy or binder on the home that you are going to buy. You obviously have already signed a contract, and doing the process of setting up the closing, you have to furnish them at least a binder, that will tell them that you have coverage once the loan is closed and the house is yours. They will collect the amount for one year, plus about two months to establish your escrow account to ensure that when the insurance policy comes up for renewal that there will be enough funds to cover the renewal cost, which generally will go up a little bit. This is why they charge a full year plus a couple of months. Just give your agent the description of the house or a copy of the appraisal and they can do the rest for you. Your broker/lender will then accept a faxed copy, and the original policy can be furnished at the closing. Your mortgage originator or loan officer should have explained all this to you. If you aren't going to have an escrow, then you will just furnish a paid in full for one year home owners policy at the closing, but again the lender/broker will need at least a binder of proof and the cost prior to sending out the closing package to the attorney for final closing of the transaction.
State Farm. It was the most expensive when I quoted it out, but gave us the broadest coverage.
That means NOTHING. Because not all companies are competitive in all states, and MOST companies don't write in all states.
this is so helpful! my husband and i are in the process of buying a house and i didnt know wat was the difference between a slab and crawlspace!! thank you soo much!!
First, I am going to have to research this about Colorado…to answer your question from my views, no, it is wrong to tell anyone what they can or can't do in their own homes! I bought a half of duplex and we do have homes assoc. but I will never be told what to do in my own house…I am also a taxpayer! The witch hunt on this Smoking Ban has gotten out of hand! Citizens are going to have to stand up and be counted…whether you smoke or not, it is not the real issue..it is the gov't and their under-classmen who have decided to start and approve some of these absolutely wrong laws. What's next? How many kids you are allowed to have? How much you can drive your car? We are allowing all the commercials on TV which endorse all the "call your doctor for a RX" and all of the medical ones that are trying to get people hooked on prescription drugs! I hope everyone wakes up and sees what it is doing to our country. We have gotten away from the greatness that this country was built on…Back to the question…I don't see how they can ban owners from smoking in their own condo…I quess they would be buying mine back for a hefty price…I can't believe that this was ruled admissable in the court system. Isn't Colorado, the same state that is banning smoking but also trying to legalize pot? Go figure…wierd…I'll be anxious to hear all the answers. Great question!