Your Home Inspector Matters
Congratulations on getting your offer accepted. The home inspector is an important part of the home buying process. A good inspector will share with you deficiencies as well as maintenance items to take care of to insure that you protect your investment.
Most contracts are written As-Is with the right to inspect. This contingency allows you to renegotiate the price you paid for the home, ask the sellers to cover repairs, or in some cases, to walk away. Your agent can advise you on the best course of action once the report is filed.
How to Choose an Inspector
Your agent will most likely have a short list of inspectors that they have worked with in the past that they can recommend to you. HGTV ...
Vacation Rental Ownership – Is It For You?
Investment properties used to be homes and multi-family properties used for full-time rentals. Over the past decade, we’ve seen a new crop of investment properties emerge, the short term rentals. But what’s involved in owning a vacation rental? Is it worth the work?
Is it a Good Investment?
A short term rental is a great investment for a number of reasons. In addition to creating annual income for the investor, the property could also appreciate in value during the time of ownership. Although the short term rental is still a rental property, it often pencils out too much higher income than a traditional...
When Should You Buy After a Divorce?
When Can I Buy a Home?
The desire is to move on and return things back to the new normal. It is understandable and makes complete sense. Doing the steps in the right order will make it easier in the long run.
Matt Weaver with Cross Country Mortgage shares his advice on the topic of when it is best to buy your home after a separation or divorce.
When we're thinking about getting a divorce or if we're walking down that path and thinking about purchasing a home, really our highest and best recommendation is to finalize a divorce prior to making any large real estate purchases.
Why do you need to finalize the divorce first?
What ends up happening is, you may find the home that you love and get it under...
What HGTV Won't Tell You
Real Estate and Reality Shows
If you're like most of the US, you have been watching reality shows causing us to dream of a fixer upper. It is so easy to fall in love with designing homes with shows like “Property Brothers,” “Fixer Upper,” and “Love It or List It,” all in one sitting from the comfort of our couches.
When you’re in the middle of your real estate-themed TV show marathon, you might start to think everything you see on the screen must be how it works in real life. However, you may need a reality check.
Reality TV Show Myths vs. Real Life:
Myth #1: Buyers look at 3 homes and decide to purchase one of them.
Truth: There may be buyers who fall in...
How to Save on a Down Payment for your New Home
Are you thinking about buying a new home? Gone are the days of 100% financing with zero down payment. So if you are not sitting on a pile of cash, the idea of finding the money to pay the down payment might feel daunting. But there are simple ways to raise the cash needed to get into a new home.
Assess Your Current Assets
The first step is to determine what cash you might have available right now. Do you have a savings account or perhaps a 401k*? Are you nursing a pet project, like a vintage car or motorcycle, which could be sold for additional cash?
Explore Loan Options
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 survey can be...
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 depending on perspective...
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 will be over too. This can...
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, on the other hand, offer...