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Philadelphia Real Estate Blog

You want to grow your family, but are you sure you should adopt?

Many people choose to expand their family unit through various means. And as nontraditional families become more common, you might find yourself faced with the option to adopt a child.

In some cases, you might consider adopting a blood relative whose biological parents, for whatever reason, cannot raise them. Or in cases of infertility, you may opt for an open adoption with a birth mother in your community. Whatever the reason or type of adoption you consider, there are some questions you would be wise to ask yourself before moving forward with the process.

Turning real estate into wealth

Some people in Pennsylvania may argue that real estate is already wealth. This is not necessarily true. Wealth requires proper debt management to increase net worth. The property itself will also need to be properly managed or an investor may find themselves paying a monthly mortgage with no return on that investment.

A common piece of advice is that it is important to have a lot of money saved to create return on investment. Buying real estate with as little debt as possible certainly helps with turning a profit, but it is possible to make a profit with very little money. Here are some tips.

Can I buy an investment property with an FHA?

Investing in real estate can be an extremely profitable alternative to stock markets. However, the barriers to entry in this market can be much higher.

But this is not always the case. Utilizing finance tools can help you purchase an investment property without a huge down payment or a high credit score. One financing option that is popular for many first-time investors is an Federal Housing Administration (FHA) loan.

Do I need an inspection before selling my home?

Most people associate home inspections with buying a home. However, it's recommended that people selling their homes have an inspection conducted before listing the property. U.S. News & World Report offers a few reasons why you should have an inspection before trying to sell your home. 

Those small problems plaguing your home probably aren't a huge deal to you. To a buyer, they could be a dealbreaker, so it's best to have a good understanding of everything wrong. An inspection may also uncover issues you're unaware of, which must be addressed before you try to sell your home. Keep in mind, you will need to make decisions about any problems discovered during an inspection. For instance, you can choose to make repairs on your own if you believe it will improve your chances of selling. 

What can you do if your Philadelphia zoning permit is denied?

Finding success in the real estate business is often about recognizing potential. Nearly anyone can see what already exists, but it takes vision to recognize when you can transform an existing building or plot of land into something far more valuable.

Vision isn’t enough, however. You also need zoning and use permits to realize your vision. And the potential troubles with these permits were recently highlighted by the controversy surrounding the approval of a storage building just north of Philadelphia’s City Hall.

How the government and gas companies abuse eminent domain

As natural gas production only continues to increase in Philadelphia, many residents have worried about losing their land to natural gas companies via eminent domain. According to Forbes, eminent domain is typically reserved for governmental use. This allows the government to build roads or other infrastructure that serves the public interest. In these instances, people receive payment for allowing the use of their property.

However, under the Natural Gas Act, even privately owned natural-gas companies may now use eminent domain to seize land for running pipelines. What is worse is that some natural-gas companies are exploiting the law to take land immediately. In some instances, they may even lapse on paying the families affected by the land grab. In this instance, homeowners may file a claim against the company regarding the abuse of eminent domain.

House flipping is still hot in Philadelphia

When you look at an older house with weathered paint and woodwork, do you see potential? If you’re not scared of the work it takes to strip a house of its defects and build it up stronger, brighter and ready to sell, then you might just be ready to join the nation’s booming crowd of house flippers.

House flipping continues to trend strong. The practice has recently eclipsed its 2006 levels, and Philadelphia has proven to be one of the nation’s hotspots. But while the city has often offered some of the country’s best returns, it’s important to remember that there are risks to flipping a home, as well.

Differences between spousal support and alimony

A divorce is an emotional and financial parting of the ways. While soon-to-be former spouses work through the family dissolution and emotional fallout, the division of assets and other financial issues often weigh on spouses' minds. Alimony can be a very contentious and high-conflict portion of a divorce proceeding. In such a situation, you may be concerned with the cost of supporting your former spouse.

Under Pennsylvania law, spousal support, alimony pendente lite, and alimony are three distinct and different types of support. Pennsylvania often requires a higher-earning or solely-employed spouse to provide financial support for the stay-at-home parent.

Determining the risk of your commercial property

Some entrepreneurs may look at a successful apartment complex operating in a Philadelphia neighborhood and think that operating a similar piece of property will turn out just as well. However, a comparison of similar commercial real estate properties may not be as informative as you believe. If you plan to purchase a piece of commercial real estate, you will have to dig deeper into the property to figure out whether you are making a wise investment.

Forbes explains that property comparisons work differently when it comes to commercial and residential real estate. Usually, two successful residential properties of a similar type will enjoy success for the same reasons. However, commercial properties, though alike, can perform very differently. This is because there are a variety of factors that can drag down the performance of commercial real estate.

Marital dissatisfaction and the decision to divorce

When it comes to marriages, every couple is different. Some married couples are able to happily live together for the rest of their lives, while others may find that things are not working out several months after they tied the knot. There are so many reasons why marriages fall apart, from spousal abuse and financial hardships to difficulties associated with raising children, an affair or even just incompatibility. When someone is dissatisfied in their marriage, they may try to work things out through counseling. Others may have no desire in trying to repair their marriage, or these attempts may prove unfruitful.

Whether you are dissatisfied in your current marriage or your spouse wants to split up because they are not happy, we know that this can be an incredibly overwhelming position to find yourself in. Sometimes, people feel a sense of hopelessness when these challenges arise, but it is crucial to stay focused and positive, especially since there may be a great deal at stake. For example, the way in which custody is awarded and the financial effects of the divorce process could have a huge impact on your future.

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Whether you need help with a divorce, a real estate transaction or starting a small business — our lawyers are prepared to address your unique legal needs. For a free initial consultation, contact us online or call us directly at 215-253-3855.

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