| |
| |
|
Real Estate Information |
|
|
|
What to Look for in a Home
Searching for just the right home can be very exciting. You may plan ahead for the number of bedrooms and bathrooms that you want. Or imagine preparing for dinner parties in a sun-filled kitchen. Although these things are important, there is more to a good home purchase than the rooms it contains. Following are just a few suggestions to consider. Take some time to make a list and determine which additional priorities are important to you. Survey the neighborhood during many different times of the day and days of the week. Are you comfortable with the noise, activity levels, traffic volume, etc.? If you have, or plan to have children, check with the local school board about the neighborhood schools. What is the student/teacher ratio? How are the test scores? How involved are the parents? What programs are available for students? What credentials and how much experience do teachers bring to the task? Is the foundation of your new home sound? Is it well built? Are the existing appliances sound or will they need to be replaced? Are the home's major systems such as electricity, plumbing, heating/air, and roofing in good condition? Is the home energy efficient? How much major and/or cosmetic work will be required? What will your commute look like? If possible, do a trial run during rush hour. What is the crime rate? What permits have been issued for new projects and/or construction in your new neighborhood? Will you be expected to pay homeowner association fees? Are you comfortable with the covenants set forth? Does the neighborhood provide sufficient recreational opportunities? Will you be moving into a home or joining a community? Is the local grocer clean and well-stocked? Enlist the help of a good real estate agent, reputable home inspectors and others to help find a home with more than just a pretty face. Beyond Mortgage Payments Owning a home involves far more than keeping current with your mortgage payments. There are a number of costs associated with home ownership that extend far beyond the basics (i.e. principal, interest, taxes and insurance). Assuming responsibility for these costs can be a big financial adjustment. This is particularly true if, as a renter, you are accustomed to responding only to fixed expenses (i.e. rent) without much concern for variable expenses (i.e. broken pipes and new water heaters). Well, now you are the landlord and it is up to you to handle the mortgage, in addition to all of the variable expenses of home ownership. Routine and emergency maintenance issues are an inevitable part of homeownership. The dishwasher will need to be replaced, the roof may begin to leak, or the furnace will give out. You can minimize the financial fallout by planning ahead and budgeting in anticipation of these expenses. Recommendations vary, but you would do well to save an amount equal to at least 2% of the cost of your home for annual upkeep and maintenance. Set aside funds toward this amount each month. In this way you will eliminate the scramble and panic of getting the funds together to get that tree off of your roof. In addition to maintenance and upkeep, there may be other costs you will need to absorb. These include water, sewer and sanitation expense; homeowner's insurance, and property taxes. It is important to understand the full cost of home ownership before you sign on the dotted line. You can build confidence in your ability to handle these new expenses by making a trial run. Do your best to estimate the total cost of home ownership. Use that information to make a budget. Before you sign on the dotted line, live within that new budget and see how well you manage. You may find that you have adequate financial resources, that's great. If you find that you are a bit short, you may need to make some adjustments. Being proactive now may help you avoid foreclosure in the future. Nicole Soltau is the President and Founder of CreditUnionRate.com
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
Flipping Fixers: Using Transformation Psychology for Top Dollar Satisfying and lucrative real estate investment depends upon your correct assessment of profit potential, of course, but your ultimate success depends on your ability to transform a fixer into a dollhouse. The renovation process involves physical work and choosing the best supplies, in order to create maximum positive emotional effect and profits. What is a Predatory Lender? Several months ago, the 3,000-member California Association of Mortgage Brokers (CAMB) created the first real definition to describe the abusive lending practices of predatory lenders. According to the CAMB, predatory lending was described as "placing consumers in loan products with significantly worse terms and/or higher costs than loans offered to similarly qualified consumers in the region for the primary purpose of enriching the originator and with little or no regard for the costs to the consumer. Questions To Ask The Landlord Before Renting His Apartment Apartment hunting is not the easiest thing around. You may find places not suited to your tastes or those which do are not to your budget. 10 Easy but Essential Steps for Home Selling Success They say that the whole process of selling up, buying new and moving on is one of the most stressful series of events any of us goes through in a lifetime: and yet with careful planning, attention to detail and a clear focus, the whole process can be relatively stress free.While there will always be factors outside the control of any home seller, those factors that fall within their control sphere can proceed fluidly and smoothly when they take the time to plan and think one step ahead. Real Estate Investing - The First House Purchase Real estate investing usually begins with the purchase of a house, rather than raw land or commercial property. The purchase of a relatively inexpensive house for rental or fix-up purpose is usually lower risk than any other type of real estate investment. Home Sellers Warning for Young Families If you're thinking about selling your home and moving up, do your homework before offering your home for sale. Read the following story to see what can happen to home sellers who don't do their math. Real Estate Investing with No Cash and No Credit Lots of folks think it can't be done.How in the world can you buy a piece of real estate property without cash or credit? How is it possible to buy a $50,000 house or a $1 million dollar house if I don't have an abundance of cash or an excellent credit rating?Nothing stops a would-be investor cold in his tracks like "no cash or credit. Real Estate Investing Skill Acquisition Real estate investing is not in any list of high school electives. You can't get an accredited degree in real estate investing. 10 Top Considerations For Those Buying Property Abroad Are you one of a growing number of people considering buying a second home in the sun, an idyllic home from home abroad or a lucrative investment property overseas? If so you're not alone! Statistics show that globally we're all on the move with a recent survey by YouGov revealing that 55% of adult Britons were "seriously considering settling in another country" and the British Centre for Future Studies predicting that by 2020 one tenth of the current British population will be living or working abroad!Add to this the fact that there was a 250% increase between 2000 and 2004 in the number of Britons buying property abroad solely for investment purposes, that over one and a quarter million Brits own second homes in Spain and France already and that the Office for National Statistics in the UK recently revealed that 200,000 Britons go overseas yearly with the intention of remaining for at least twelve months, and you can see that the passion for buying that dream home abroad is universal.But what's fuelling this ever growing interest in the overseas property market?Well, despite reports to the contrary the UK housing market is seemingly ever on the up and those Britons who're acquiring massive levels of equity through their residential property are considering selling up, buying abroad and establishing a pension fund simply on the back of what they have left over from their house sale. How to Sell Your Home Without a Real Estate Agent Considering the rapid rise in home prices over the past several years, home sellers are taking a hard look at the commission they have to pay to a real estate brokerage to market and sell their home. Real estate commissions vary across the country; they average in the four to seven percent range. Negotiating the Real Estate Contract Negotiation is the process of communication back and forth in order to reach a joint agreement. There is no "one size fits all" strategy of negotiating a real estate contract. Notify Them When Youre Moving One of your first steps, when you're getting ready to move, is to pick up a stack of change-of-address cards from the post office. Yes, old-fashioned go-by-snail post cards! You'll want to notify everyone in your address book and also. What to Look Out For When Buying Off Plan Buying Off PlanIt can be difficult to decide when every deal seems to be not to be missed!There are some key things I look for when buying off plan, whether it's in the UK or abroad it makes no difference.The property must be good value now ie it compares favourably with similar properties today, and is not based on properties going up in value 10% each of next 2-3 years. Selling Your Home on Your Own - Examples of Problems and Solutions What can go wrong? About a gazillion things, but this is true if you're working with a broker, too. A broker is probably more experienced than you, and may well have confronted and solved your problem on a previous home sale. Should You Buy a House or a Condo? A big debate these days is whether or not to buy a house, or buy a condo. Most of this debate comes from a lack of understanding about condos, and what they are. Are You Profiting From O.P.P.? Are you profiting from O.P. Homebuyer Heaven Can't Possibly Last With interest rates at record lows over the past year, there's really only one way for them to go, the only question is when. Most experts agree that rates will remain fairly stable in the short term, at least until the end of the year, and some believe they will even decrease slightly. European Second Home Prices Wilt in Drought Spain and Portugal have suffered one of their worst droughts on record this summer, with consequences from empty swimming pools for the tourist to economic disaster for farmers losing their crops and livestock.Roger Munns, Managing Director of Tribune Properties, predicts that property prices in the two European countries could drop as much as fifteen per cent in some areas as more owners decide to put their villas and apartments on the market. Boston Real Estate - You Still Have Considerable Control Over the Sale of Your Boston Home Boston real estate is a hot topic. Daily newspaper articles comment on whether or not a bubble exists in the Boston real estate market, when and if it will pop, how interest rates affect the market, why Boston residents are snapping up interest-only loans, and how foreign investors in our treasuries keep interest rates low. Is 100% Annual Return On Investments Possible With Low Risk Land Investments? In last week's article, we discussed how substantial profits could be made by investing where baby boomers may want to relocate or buy a second home. This seemed to confuse readers since they were thinking that our web site is about preconstruction and preconstruction to them means buying condos?? In this article, I hope to broaden your horizons considerably.
|
| home | site map |
| © 2006 |
