Everyone wants to get a good deal when they are in the market to buy or lease a property. But if a deal sounds too good to be true, it could very well be a real estate scam. So how do you differentiate between a bargain and a scam? U.S. News & World Report offers five helpful tips that could save you from signing a deal you will regret down the road. One obvious, but often overlooked, tip is to vet the people you are working with. The article details a scam in Monroe County, NY where 14 … [Read more...]
Shrink Your Tax Bill with These Smart Home Deductions
March 25, 2015 by
If you purchased or refinanced a home in 2014 and plan to itemize your deductions this year there are 12 smart home deductions that may be able to shrink your tax bill. A new Trulia article offers a convenient break down of each deduction. While most homeowners are aware they can deduct mortgage interest and paid property tax from their tax bill, many new homebuyers may not know they can also deduct origination fees on their loan–even if they were paid by the seller. Homeowners who refinanced … [Read more...]
Chicago Home Sales Post First Positive Gain in 8 Months
March 24, 2015 by
February was a good month for existing home sales in Chicago. According to the Chicago Tribune, existing home sales in the city increased 3.9 percent last month, which is the first monthly year-over-year gain since June 2014. In addition to the boost in sales, home prices were also up in February. The median price for homes sold last month was $212,000—a 20 percent increase over the $174,990 median price one year ago. Chicago’s improved numbers last month are significantly higher than the … [Read more...]
IRS Hosts Payment Options Webinar on March 25
March 23, 2015 by
If you owe taxes but do not have enough money to pay them in full by the April 15th deadline, a new IRS webinar can explain your options for resolving your tax obligation. The one-hour webinar, entitled 2015 Payment Alternatives When You Owe the IRS, will take place on Wednesday, March 25 at 1 p.m. Central Time. A variety of payment agreement options, including IRS Direct Pay, will be discussed for both individuals and businesses. In addition to educating tax payers about their payment options, … [Read more...]
New Apartments and a Hotel Coming to River North
March 20, 2015 by
Alby Gallun of Chicago Real Estate Daily reports that “business has never been better for downtown apartment landlords and hoteliers.” With rents and prices at record highs, the demand for more units is increasing. Chicago real-estate developer, Christopher Carley, and a New York firm, Symmetry Property Development, are partnering up to meet some of these demands by building new luxury apartments and hotel rooms in Chicago’s River North. The team plans to construct a 36-story tower that will … [Read more...]
Be Careful when Investing in a Condo as a Rental Unit
March 19, 2015 by
Condo rentals are on the rise in the Chicago area. Many believe that the lower prices of condominiums coupled with their expected rent revenue make them a sound investment. However, Ian Spula of Chicago Magazine cautions would-be landlords of potential pitfalls. “In recent years, some condo associations have imposed restrictions that make renting out units much tougher,” he warns. He recommends that if you want to make this sort of investment, that you purchase a condo in a building with at … [Read more...]
Couple Aims to Breathe New Life into Old Hotel
March 19, 2015 by
Elmhurt couple Jim and Tely Nagle have completed renovations on the old Drake Oak Brook Hotel and plan to reopen it to the public this Friday, March 20. The couple purchased the shuttered hotel for $6.5 million in December of 2013, and since then has invested millions of dollars into its renovation. Many area residents are happy to see this hotel, which has hosted such varied guests as Rock Hudson, Prince Charles and the king of Italy, return to its former state of grandeur. The four-story hotel … [Read more...]
@HomeIllinois Program Launches for Home Owners and Buyers
March 16, 2015 by
After shutting down several of its most popular mortgage assistance programs, the Illinois Housing Development Authority (IHDA) is finally launching a new consolidated program that benefits both first-time home buyers and existing homeowners who are looking to refinance their current mortgage or move to a different home. The income-based program will offer 30-year fixed rate mortgages along with a host of other buyer-friendly incentives such as down payment assistance of up to $5,000, attractive … [Read more...]
Congress Considers Bankruptcy Relief for Student Loan Debt
March 13, 2015 by
Acting on a suggestion earlier this week from President Barack Obama to ease the student loan debt burden for some borrowers, 12 U.S. Senators have introduced a new bill designed to do just that. If approved, the proposed Fairness for Struggling Students Act of 2015 would put private student loans in the same category as other dischargeable private unsecured debt. Currently, student loan debt can only be discharged in the rarest cases thanks to changes made to federal bankruptcy code in 2005. … [Read more...]
How to File a Tax Return When You Can’t Afford to Pay
March 12, 2015 by
Even if you don’t have the money to pay the taxes you owe, filing your tax return by April 15 is still in your best interest. Although this may seem counterintuitive to some taxpayers, a new CNN Money article breaks down exactly why filing on time is the smartest choice. One of the biggest incentives to file by the deadline is to avoid the failure-to-file penalty, which adds 5 percent of the taxes you owe to your tax bill for each month you delay filing. The penalty caps out at an exorbitant 25 … [Read more...]
