Category: Home Owning
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Five tips to protect your home from chipmunk damage
Reader Question: We own a townhome, and our paver patio is collapsing due to chipmunk damage. We have seen the chipmunks and their tunnels, so we know that is the issue. We installed the patio with homeowner association (HOA) approval. We don’t wish to do any repairs until we are aware who is liable for…
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Ten pros and cons of a reverse mortgage
Reader Question: Reverse mortgages, good or bad. What to look for and avoid. I’m 81; it’s our primary residence, no mortgage – free and clear. We have a $1,000,000 second home that will go to our kids who all are well off. We just want to use some of our equity for travel. Your thoughts?…
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Refinancing homeowner hobbled by appraisal issues
Reader Question: I have appraisal issues. I applied to an online lender a year ago to refinance my mortgage. The loan was approved. The only remaining step being the appraisal. The appraisal came in with a value that was woefully inadequate. The appraiser did not use fair comparables and neglected to perform due diligence in…
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Four ways to attain relief from Private Mortgage Insurance (PMI)
Reader Question: We want to pay down our mortgage loan to eliminate Private Mortgage Insurance. We have the funds to get under the 80% threshold. We have heard some lenders are very uncooperative. Is the lender required to remove it under these circumstances? Chris and Kate D. Monty’s Answer: There is confusion in the…
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Seven helpful tips for home improvements
Reader Question: I am worried that my home improvements are not going to pay off at all when I sell my house. Do all home improvements make financial sense? Jason C. Monty’s Answer: Not all home improvements make financial sense. Some homeowners make improvements because they want a particular feature or “feel, ” without…
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Fair Housing Act and the non-payment of rent
Reader Question: I have a minority tenant living in my duplex who is behind over two months rent. I had given them extra time when they first missed the payment because I fear being sued or reported and because they take good care of the apartment. They have twice since broken a promise to pay.…
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Four simple tax considerations for new homeowners
Reader Question: Having bought our first home last year we are getting all our home documents in order. What are the home ownership tax considerations we should know? Jared and Annie C. Monty’s Answer: One of the most appealing advantages of being a homeowner is the tax incentive offered by the tax code. Here…
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Tree trimming thorny issue between neighbors
Reader Question: Our neighbor has a tree with branches that encroach on our property and pollutes our swimming pool. Our neighbor says we cannot touch their tree, as it will ruin its shape. Can we rid ourselves of this nuisance? Monty’s Answer: Many property owners see trees as a valuable resource that adds value to…
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Six tips on when to restore, or replace vintage home components
Reader Question: I have a mid-century, brick, two bedrooms, and two-bath vintage home in a nice older neighborhood. Paid $215K for it and did some remodeling. The last appraisal was $236K. The soffit is very wide (4′ or so) and is part of the architectural design of the house. I have four spots that need repair…
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Fallen tree concerns next-door neighbor
Reader Question: If a fallen tree from my neighbor’s yard, or a huge branch damages the fence or wall between our houses or my pool or pool equipment is he liable? My insurance agent gave me a very vague response about the insurance adjuster determining liability. How can I be liable for his tree, or…
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Staging a successful real estate proposal
Reader Question: I want to create a successful real estate proposal for a property owner. These are modest houses in a decent neighborhood where we own other rentals. One is vacant. We have a rental right next to the homes I would like to purchase. I have become somewhat of a friend of the homeowner to…
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Five tips to evaluate income property
Reader Question: We want to make our first real estate investment purchase. We have decided on investing in older 2-4 family apartments. It appears there are different ways to decide what a property is worth. How do you evaluate an old three family? Julie and Rob P. Monty’s Answer: There are many theories regarding…
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Does a gaggle of hobos affect property values?
Reader Question: I just purchased a home and, after spending my first few nights there; realize that a gaggle of hobos are living in the driveway of the house next door. The Realtor had told me the heirs of the prior owners inherited the house, and it would quickly be renovated and sold. As…