There’s been a movement the past couple of years to move to a smaller home in order to save money. It’s understandable with the economy the way it is and all. Still, many people look to the time when they can get a bigger home. Sometimes you just need more space. Some just want the bigger place. I still see homes being torn down and re-built into much larger houses. Thing is, when you buy a bigger house you aren’t just paying a bigger mortgage. With a bigger house comes some other expenses and costs that increase.
It’s never too late to make some needed improvements to boost the efficiency of your home’s energy usage. For tax purposes, making a few around-the-house upgrades before the end of the year can contribute to a larger tax refund.
Not only will you be more energy resourceful, but you will save money in the long term, and the IRS will recognize these efforts by rolling out some energy credits to assist you with the costs.
There are two main types of credits available. The most common credit is money that you can get back for conventional home usage improvements, such as energy efficient windows and doors. The second type of credit targets alternative energy investments, such as solar or wind powered additions.
When you are purchasing a new home one of the terms you are going to come to know is mortgage escrow account.
“But what is a mortgage escrow account? What’s the purpose of it when owning a home?,” you may be thinking to yourself.
Before we get into what a mortgage escrow account is let’s look at what escrow, in general, is…
Basic Concept of Escrow
Escrow is widely used in many business transactions where the buyer and seller cannot make a simultaneous exchange of money and goods or services and neither would want to deliver first without the guarantee to receive later (neither party wants to risk being the one left without the dough).
To resolve the trust issue between a buyer and seller, a third party, known as the escrow, can work on behalf both the buyer and the seller to ensure that once a party fulfills its contractual obligation, the escrow will release to the party what it entitles from the transaction.
Such escrow service is also standard practice in real estate transactions where the buyer deposits money with the escrow and the seller delivers title documents to the escrow, and the escrow firm will not release the funds to the seller or convey the title to the buyer until both the funds and the documents are placed with the escrow.
Among the many responsibilities a home-owner can have is a lawn. For us, we’ve been pushing that responsibility on a landscaper who comes by once a week to mow the lawn, trim the edges, and weed the garden. But this will be the last week he comes because next week we’re going DIY – We’re going to do our lawn and garden ourselves!