Does It Make Sense to Buy?
Top Reasons to Buy
If you’re currently renting and have dreams of owning your own home, it may be a good time to think about your next move. With rent costs rising annually and Zero or low down loan programs homeownership may be closer than you realize.
According to the 2018 Bank of America Homebuyer Insights Report, 74% of renters plan on buying within the next 5 years, and 38% are planning to buy within the next 2 years.
When those same renters were asked why they disliked renting, 52% said rising rental costs were their top reason. The results of the...
Home Appraisals Defined
If you are getting financing to buy a home, an appraisal will be required by the lender. The appraiser is there to give an independent opinion of the home's value. When a buyer and seller agree on a sales price, it can be frustrating to hear that the appraisal came in with a value too low. It’s not enough for the principals to agree to the price, the appraisal is the lender’s way to ensure they are not loaning money over the actual market value of the property.
How is the value reached?
Appraisals are not 100% science. There is a human involved so the condition of the home and upgrades are adjusted and that can vary...
What Happens to my Mortgage?
Divorce and Your Mortgage
If you have a mortgage and you are facing a divorce you might wonder what your options are to deal with the situation. There are several ways to resolve the debt on the home and it is important to consider what is best for your situation.
Options to Deal with the Obligation
1. The most obvious is to sell the home which will allow the mortgage to be paid off. It is one of the easiest way to get a fresh start. Depending on your divorce settlement, the equity will be split.
2. If one of the parties is retaining the home, the home can be refinanced by the person keeping the home. This will allow a fresh break for both parties as the prior mortgage will be paid off and the obligaton to pay...
Is It Time for a Luxury Home?
The luxury real estate market across most places in the US have transitioned to a buyer's market. That is true in Palm Beach County too. Homes priced at the top 25% of the price range for a particular area of the country are considered “luxury homes.” In today’s real estate market, there are deals to be had at the higher end! You will find many opportunities. This is great news for homeowners wanting to upgrade from their current house.
Much of the demand for housing over the past couple of years has come from first-time buyers looking for their starter home. With growing inventory in the highter price ranges, buyers are enjoying more options and less demand.
According to ILHM’s ...
Questions to Ask When Flipping a House
There are a wide variety of ways to invest in real estate; To be successful in real estate investing, it’s critical that you identify what skills you have and your tolerance for risk. Flipping homes is one of these ways, but not every investor is prepared for what house flipping involves. Understanding the model can help you determine if this is the right investment strategy for you. Investors can make great profits by both flipping properties.
What kind of income are you seeking, active or passive?
Actively buying, fixing and flipping properties is quick cash that requires careful timing and effort. Rental properties,...
What to Tell the Kids about Selling
What do You Tell the Children?
If you are selling your home, you might be wondering what to tell the children. This is one of the most challenging steps when you decide to sell. It can be scary if this is the first time they are experiencing a move or love their home and neighborhood. How you handle the conversation depends on what is causing the sale of the home.
Is it a relocation, divorce or are you buying your dream home? The reason for the move will likely have a big impact on how it is received.
Tips to help make the move easier:
1. Get the children involved early with the decision to move. Let them know the plan and the steps along the way. If you don't communicate with them, the story in their head might...
Should Sellers Offer Home Warranties?
Many buyers are concerned about home repair expenses and a home warranty would offer peace of mind. A home warranty is an inexpensive way to deal with minor issues that can become an issue during the inspection. Some agents suggest that the seller purchase a listing warranty as well as part of the sales process. Understanding the benefits of a home warranty is the first step in deciding if it’s worth the cost to you, the seller.
What is a Home Warranty?
A home warranty is a policy that covers the cost of repairs to a number of critical systems in the home. While coverage varies, most cover electrical, plumbing, heating, air conditioning, and appliances. Some optional coverage could include pool and spa, roofing and code protection among others. In the event that a home buyer has a problem with any of the covered...
Benefits to Owning a Home
When does Buying make sense?
There are many reasons that someone should consider buying instead of renting. In Palm Beach County alone, there are over 100,000 renters that would be better off if they purchased their home. Some of the reasons renters don't buy are not based upon fact and it can cost them thousands of dollars longer term.
Top Reasons to Purchase a Home
- Owning your own home vs. renting may lead to some great options, such as locking in your monthly housing expenses. You would be able to benefit from lower taxes since you can file for Homestead Exemption and have the Save our Homes savings.
- Are you tired of white walls or decorator choices that you don't like? If you are a tenant that is just the way it is as you don't have the right to make changes. When you own, you can make it yours and...
What I Need to Apply for a Loan
Getting a loan is part of the process for many buyers. It can seem a bit confusing however the right team can make you it easier. Before you start searching for your new home, the first step is to speak with the right lender and determine your budget. Once you find the right home, then your lender will order an appraisal of the property and complete your financing. If this is your first home purchase, or if it’s been a while since you’ve purchased, understanding how to prepare for the qualifying process is the first step to success.
What do I need to qualify for a home loan?
When preparing for your meeting with the lender gather all the pertinent documentation and bring them with you. The lender will want to see 2 months of employment pay stubs and bank records as well the past 2 years of tax returns....
What Should I do with the House?
One of the most important decisions when getting a divorce is what to do with your house. This is a hard decision for many divorcing couples. There are many reasons that the house becomes a big issue for many couples as it represents so much more than just real estate. Divorce and real estate can be a very stressful and emotional time. Figuring out what to do with your home while dealing with disolving your marriage adds to the complexity of the situation.
Check on the “Whys”
Checking on why you want to keep the home is helpful. Few people realize that they are mourning three things all at once. Those that hold on so hard to the property usually do so because of fear of losing the memories, the changes that face them today, and even the loss of the...