My partner and i own our home, and our mortgage is up for renewal in feb 2011. I have the chance of being given a second house, with no mortgage on it, i would own it out right.
Would this affect my current mortgage or tax amount? Can a house just be signed over, or does it incur extra taxes?
you would have to pay property taxes, home insurance, maintenance and or vandalism repairs and parts, applied violations, etc… and this could put a hardship on what you are already dishing out unless you are sure you have the funds. on the other hand this could also make the perfect rental income property if attended to properly. Income properties are great for adding to retirement portfolios.
If i am given a second home, mortgage free, would it affect my current mortgage?
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NO there is no impact to that part of your financial situation. It really is more of a positive to your net worth.
References :
you would have to pay property taxes, home insurance, maintenance and or vandalism repairs and parts, applied violations, etc… and this could put a hardship on what you are already dishing out unless you are sure you have the funds. on the other hand this could also make the perfect rental income property if attended to properly. Income properties are great for adding to retirement portfolios.
References :