How long should you live in a house you buy?
How long should you live in a house you buy?
Ideally, you should stay in a home for at least three to five years to break even on your mortgage. Your mortgage payment should be 25% or less of your pre-tax income. Get a thorough home inspection before you buy so there aren’t any surprises.
Where is the cost of living in Michigan?
Click to see the cost of living for these major U.S. cities. Michigan consists of two peninsulas that lie between 82°30′ to about 90°30′ west longitude, and are separated by the Straits of Mackinac.
What happens if you live with your boyfriend for 5 years?
Mary moves in to his property (which he owns) unaware that as a cohabitant, in a few years (over five), Mary could acquire rights against his property. After living together for over five years, Mary and John break up. Mary could file in court for a Property Adjustment Order in which the court could order John to pay a settlement (cash) to Mary.
How long have my parents lived in the House?
I lived in the house for more than 25 years and paid the property taxes. My parents paid off the home loan before they died, which was 10 years ago. Does this give me any claim to the ownership of the property?
How long can you live in a house before selling it?
This gives you time to (hopefully) gain some equity to offset your closing expenses. And by living in your home for at least two years, you can exclude up to $250,000 (or $500,000 if you’re married) of the profits made on your sale from your taxes — more on that later.
How did my girlfriend and I buy a house?
Bought a house with my long-term girlfriend. I put down the down payment from a previous house sale and cash. When the relationship ended a few years later, we had to sell the house (because no one could afford the payments on our own).
This gives you time to (hopefully) gain some equity to offset your closing expenses. And by living in your home for at least two years, you can exclude up to $250,000 (or $500,000 if you’re married) of the profits made on your sale from your taxes — more on that later.
How is marital property divided in the state of Michigan?
Well, in most states, including Michigan, marital property is divided based on the concept of equitable distribution. What Is Martial Property? Marital property generally refers to all property acquired after a couple gets married.