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- EST 26 November 2015
You can depreciate the home, since it, in theory, has a value that gets used up over time, but you can’t take depreciation on the value of the land (since even if the house crumbles, the land will still be there). Determining value can be done a number of different ways.
An older home may be just as valuable as a new home if these features are up to date and concern for maintenance costs is minimal. The quality of initial construction also affects value. Some would argue, due to increased regulation of building codes, that new homes are built better than older homes.
A real estate broker, real estate agent or realtor is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and agents are licensed to negotiate sales agreements and manage the documentation required for closing real estate transactions.
The entire mortgage process has several parts, including getting pre-approved, getting the home appraised, and getting the actual loan. In a normal market, this process takes about 30 days on average. During high-volume months, it can take longer—an average of 45 to 60 days, depending on the lender.
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