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Home Inspection and Radon Testing  I strongly recommend a complete home inspection for both new and resale homes. The inspection is a buyer’s expense but is well worth the money! While my office will provide access for the inspector, it is a good idea for the buyer to attend the inspection and hear the verbal report. You can point out your concerns to the inspector while he is on the premises. Normally, you will receive a written report either on-site or by email that evening. While I cannot guarantee your satisfaction with any of the professionals on my affiliates list, I have had other buyers who have been please with the service they provided. Please
click here for a listing of home inspectors and engineers. In addition to the home inspection, I encourage all buyers to conduct a short-term radon test during the inspection period. The EPA says that radon is the second leading cause of lung cancer, and Middle Tennessee is considered a radon “hot spot”. I have seen estimates that as many as 25% of our homes could measure excessive levels of this gas. If high radon levels are found, mitigation is easy, though not inexpensive. Generally, the seller will pay for the installation of the radon mitigation system, at a cost of around $900-$1400. Don’t wait until you are the seller of the property to confront the radon issue! For more information about radon, please click here to visit the EPA’s website. In some cases, buyers may require well, pool, septic, soils, lead paint, EIFS (synthetic stucco), mold and mildew, or structural engineering reports before finalizing the purchase of a home. Usually, the home inspector will recommend the need for further reports due to findings in the inspection (structural defects, moisture problems, etc.). My office will assist you in scheduling these specialized inspections if necessary. Once we have completed the desired inspections, I will prepare an Inspection Contingency Release, conditional upon the Seller’s agreement to make the repairs (if any) that you have requested. In most re-sale home contracts, if you and the Seller cannot agree upon the necessary repairs, then you may cancel the contract. With a new home, the seller will usually not allow cancellation of the contract, but the builder must correct reasonable defects that are covered under current building codes and the one-year builder’s warranty.
Have additional questions about the home inspection process or real estate in general?
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Tax Considerations >Taxable Profits
If you are thinking of selling your home and your house has risen in value since you purchased it, or you have accumulated a lot of deferred profit from previous sales, the Taxpayer Relief Act passed in 1997 could be of tremendous value.
Prior to this law, when a homeowner moved to a smaller home, relocated to a less costly area, or made a decision to rent, they were left with unfavorable tax consequences. The old tax law allowed people who sold their homes to defer tax on any profit by buying a replacement home of at least equal value within two years. At age 55, they could permanently escape tax on up to $125,000 of profit, but any profit in excess of that amount was taxable unless a new home was bought.
The good news is that with homes sold after May 6, 1997, homeowners can make as much as $500,000 tax-free profits on the sale of a principal residence for joint filers or $250,000 for single filers. The $500,000 capital gains exclusion removed taxes as a consideration for most home sellers by giving them flexibility to trade up or down. It has also allowed homeowners to preserve the savings value of a home when they sell, provided they use the property as their principal residence for two of the prior five years prior to the sale.
Consult your tax advisor for your particular circumstance.
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| Q |
What makes the structure of the Hoover Dam unusual?
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| A |
The Hoover Dam was built to last 2,000 years, and is constructed of concrete that will not be fully cured for another 500 years. |
 See More Real Estate Trivia > |
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Photos courtesy of Neil
Brake/Vanderbilt University
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All rights reserved. All information deemed reliable but not guaranteed. |
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