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I heard there is such a program in NC that helps seniors with property taxes if you qualify with a lower income (around $27000 a year). Has anyone here taken advantage of this program? I know it exists in Durham Co, but don't know if its the whole state or just certain counties.
The realtor I contacted in Durham never heard of it. Then, after doing some research, he said, yes it does exist and sent me the brochure for Durham Co.
I am qualified by income and age. Can I get this reduction immediately after buying a house? Anyone know?
I heard there is such a program in NC that helps seniors with property taxes if you qualify with a lower income (around $27000 a year). Has anyone here taken advantage of this program? I know it exists in Durham Co, but don't know if its the whole state or just certain counties.
The realtor I contacted in Durham never heard of it. Then, after doing some research, he said, yes it does exist and sent me the brochure for Durham Co.
I am qualified by income and age. Can I get this reduction immediately after buying a house? Anyone know?
If you are married, it's the household income, regardless of who's name is on the deed.
Don't give up looking for a home rather than an apartment. There are lots of reasonably priced homes around Wake County, especially if you are interested in a smaller home. Or even a townhouse or condo. Why pay someone else's mortgage if you can afford a home for less than you'd be paying for a rental? Even including the home owner's insurance and property taxes, you may be paying less than you would for a rental.
best,
toodie
Don't give up looking for a home rather than an apartment. There are lots of reasonably priced homes around Wake County, especially if you are interested in a smaller home. Or even a townhouse or condo. Why pay someone else's mortgage if you can afford a home for less than you'd be paying for a rental? Even including the home owner's insurance and property taxes, you may be paying less than you would for a rental.
best,
toodie
Not if you wind up needing a roof or HVAC unit down the road.
Not if you wind up needing a roof or HVAC unit down the road.
What do you mean "if you wind up needing..."?
Of course you'll eventually need all of those things. Every structure will eventually need
a new everything from roof shingles down to the sump pump.
But you know what? So will rental houses and apartment buildings.
The issue as a responsible homeowner is to understand this reality and to budget for these expenses...
exactly the same as a responsible landlord will do.
What do you mean "if you wind up needing..."?
Of course you'll eventually need all of those things. Every structure will eventually need
a new everything from roof shingles down to the sump pump.
But you know what? So will rental houses and apartment buildings.
The issue as a responsible homeowner is to understand this reality and to budget for these expenses...
exactly the same as a responsible landlord will do.
hth
I'm retired and can't afford to budget for unexpected big bills.
Renting fills that need since my landlord takes care of all repairs with no change in rent during the term of the lease.
Things like broken water lines, water heaters, etc tend to pop up at the worst times. When you're no longer receiving a paycheck, these can really be budget busters.
Also, if you are in a lower tax bracket, deductions from home ownership may be a whole lot less useful.
I'm retired and can't afford... Renting fills that need...
All depends on your specific financial status.
Exactly. This thread was discussing options for people who have a financial status that gives them some choice in the matter. Specifically someone at retirement age who has some equity in another property in another location that they would like to shift to a property in this location.
But to finish the illustration... do you really think that your LL isn't using a portion of your rent to budget for the inevitable and unexpected repairs and updating costs? Of course they are.
Exactly. This thread was discussing options for people who have a financial status that gives them some choice in the matter. Specifically someone at retirement age who has some equity in another property in another location that they would like to shift to a property in this location.
But to finish the illustration... do you really think that your LL isn't using a portion of your rent to budget for the inevitable and unexpected repairs and updating costs? Of course they are.
I agree, they surely are.
However, no need for me to be able to deal with unexpected high dollar issues.
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Then, after doing some research, he said, yes it does exist and sent me the brochure for Durham Co.
