AIF Estate Court

According to demographers, Baby Boomers (people born between 1946 and 1964) and 18-30 year-olds are the largest groups that will be moving homes in the next two decades. The reasoning behind this shift is due to domestic migration and immigration, especially with 18-30 year-olds. This shift, said to be the biggest in our country’s history, will create a major boom in real estate.

But where will they move? One of the deciding factors for locations for these two groups, as well as many others, will be affordability. Let’s look at a few examples.

Bill and Mary are two married Baby Boomers who live in California near Laguna beach where there is also a video game design training school. Even though the weather is beautiful, they want to retire to a more affordable area. Mary and Bill each have an IRA as well as a small pension plan. They have a little money saved and, fortunately for them, they’ve paid off their house in Woodland Hills. It’s now worth $800,000.

They sell their house and, after commissions and fees, walk away with $750,000. Because the basis price of the house including improvements was $250,000, they make a $500,000 tax-free profit. Since Bill and Mary used the house as their primary residence for two out of the last five years, they are entitled to a tax exemption from the capital gains. Mary and Bill now have $750,000 and do not have to give the government a penny in taxes.

If Mary and Bill decide to move to Arizona or Nevada, they can buy a newer home for roughly the same square footage or bigger, let’s say for $200-$250,000. Now they have $500,000 dollars or more to help fund their retirement and pay for a lot of nice cruises, trips, theatre, dinners out, money for charitable contributions, etc.

Repairing your credit is not an easy process, and one thing that might be necessary during the process is writing a sample letter for credit repair. There are several things that you must think about before you get started in the process. First, think about where you might be sending the sample letter is - (you also might find some useful pointers here for sample letter to creditors)

Keep in mind that there are several different kinds of places that might be able to help you out with your credit repair problems, so identifying which places need letters, and which places will need other forms of legal request documents is essential before you start the letter writing process. Once you have identified which places need a sample letter for credit repair to ensure that you can get your life back on track, you are ready to start the writing process itself.

Keep in mind that the first letter you will probably write will be to a credit bureau itself. Your sample letter for credit repair to the credit bureau should go something like this.

Many people don’t think about shopping for a second home in these cold winter months, especially if they are looking to buy waterfront. BUT if you are looking to get a little more of a bargain, then “Tis the Season” to be shopping.

Typically denver real estate slows down as the months get colder. This is especially true at the beginning of the year, after the holidays have passed and many peoples budgets are a little tighter. During this time many sellers will be more flexible on their price, knowing that it’s not the prime season to sell.

With second homes, many owners don’t like the idea of having to pay for the high cost of heating during these cold months, if the house isn’t occupied. This is even more true with the higher cost of fuel. Often owners will get the property winterized to save money while others will often leave their homes (or cottages) lightly heated to prevent drywall from cracking or to keep other things from shrinking or expanding from the change in temperature.

Also, with today’s job market (especially here in Michigan, with the auto industry being in trouble), many people are looking to get out from under the extra payment of a second home. If a second home owner experiences a job lose or cut in pay, they often can’t they afford to keep their second home mortgage. When this occurs, sellers can sometimes find themselves in a major financial pinch. In some cases they may need to unload that second home in a hurry to prevent foreclosure. Therefore, they are more willing to take a cut on the fair market value price to move the property more quickly.