Category: Home Owning
-
Will a geothermal system increase the value of my home?
Reader Question: Would a geothermal system installed at my home increase the value? I don’t want to sell, but before I have this expense, what it will do to the value of my house? Monty’s Answer: There is a considerable amount of information that is required to assess individual property accurately. As with any high-cost…
-
Real estate owners die with no will
Reader Question: My grandparents chose to die with no will. All their children passed except three sisters. My mother and several siblings passed. One of the grandchildren has been paying taxes for years, and another has been paying electricity. Do these three sisters have the right to sell timber and leave the grandchildren out?…
-
Home improvements can create an unintended consequence
Reader Question: I blacktopped my driveway and turnaround area to my garage. My house was for sale, and several people objected to the gravel drive. The house went under contract as soon as the work was completed. It looked great, and the buyers loved it. No issues. A month after closing the new owners contacted…
-
You can’t fight city hall – or can you?
Reader Question: Can we fight city hall? We live in a 75 lot development completed in the early nineties. We do not have an HOA. Our problem is we are on our own for upkeep and repair to communal areas. We have garage sales and take up collections and pitch in when the need arises.…
-
My real estate taxes doubled. Is this legal?
Reader Question: My real estate taxes went up over 100% this year. Is it legal to raise taxes so high in one year? Monty’s Answer: For real estate taxes to double in one year would be extremely rare. One has to wonder if any community in the United States has ever experienced such a…
-
Marital Property Law vs. Common Law: a Financial Factor in Real Estate
Reader Question: My name is not on the deed of our home. My spouse put the house up for sale after 22 years. Am I entitled to half the profits of the deal? Monty’s Answer: Ten states embrace marital property law. During a marriage in these states, all assets and debts acquired are “community property.”…
-
Avoiding bombshells over permits when remodeling, buying, or selling a home
Reader Question: Back in 2001-2002, we remodeled our home without a permit. We didn’t know it was required. Now we want to sell, and the question is on the seller condition report. Is there any way to overcome that issue now? Monty’s Answer: Permits can be a challenge for several reasons; ordinances change over time,…
-
Investing In Blacktopping Can Be Tricky
Reader Question: We are not selling our home anytime in the foreseeable future. We are wondering how much the value of our property will increase if we invest in blacktopping our gravel driveway? Monty’s Answer: Blacktopping your driveway may or may not increase the value of your property. Because certain variables impact the desired outcome,…
-
Three Tips For A Potential Real Estate Investor
Reader Question: I am a young person who inherited money. I’ve been looking at different career options, and I have decided to invest in real estate, but I have little knowledge about it. Where do I find people with money who are looking for attractive real estate deals with a partner? Monty’s Answer: Real estate…
-
Will a zoning change cause our property value to drop?
Reader Question: We own a small, well cared for, older home in a moderate neighborhood in a small midwestern city of about 30,000. We are one block off off of a feeder street near downtown that has both similar single-family homes plus a few apartments and small medical offices. The zoning allows for a medical…
-
Household waste disposal gone wild
Reader Question: I have a neighbor with a house for sale. It’s household waste disposal gone wild. He had another neighbor with a backhoe come into his yard the other day and dig up a portion of the yard to bury a large amount of trash. By trash, I mean lumber, building materials, large metal…
-
Rebuilding A Damaged Historic 18th Century Home
Reader Question: What happens if a tree falls on my neighbor’s 18th century home and destroys it? Who determines the cost of rebuilding an “antique” like that? Monty’s Answer: Let us assume the tree in question is on your property. If the tree were alive and healthy and fell onto your neighbors home the neighbor’s…
-
Who invests in commercial real estate in America?
Reader Question: I am researching commercial real estate. Who invests in commercial real estate in the US? Monty’s Answer: The definition of commercial real estate is buildings owned by an investor or investors to generate income from rent. According to the National Association of Real Estate Investment Trusts (NAREIT), the total size of the commercial…