TSC Staff
Editor's note: As a bonus to TheStreet.com's special 20-part series on real estate, TheStreet.com University is pleased to publish reviews of each set of stories in the series. This review covers the second set in the series, parts 6 to 10.
Part 6. Home StudyIn real estate, information rules. The more you know about every aspect of a property, the better your position will be when it's time to negotiate. Having a good grasp of a property's physical integrity will play a big role in helping you decide whether or not the property is worth your time and money. Key Points:
- A professional home inspection report can reveal property flaws that can help you estimate short- and long-term repair costs that you can use to inform your offer price.
- If a realtor only recommends one inspector, beware. An inspector that works too closely with a realtor might under-report potential problems, so carefully screen a few inspectors before you hire one.
- Your primary home inspector may need to subcontract follow-up inspection reports that look at specific areas, such as the insect situation and water treatment equipment.
During the recent housing boom, the increase in property taxes significantly outpaced the rate of income growth. However, even though the housing market is now softening, property taxes don't seem to be going down. The result: Many confused homeowners demanding a solution. Key Points:
- Local governments look to property taxes as a predictable income stream.
- With the consistent rise in property taxes, many homeowners find their once affordable homes now having a negative impact on their lifestyles and finances.
- There are a few federal and grassroots property tax reform initiatives that are starting to gain momentum.
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