Homeowner's Associations - most people either love them or hate them. They exist primarily to make sure that neighborhoods look presentable and that people enjoy living there. They do come with restrictions - covenants that you have to follow. In fact if you don't follow them, the HOA can actually put a lien on your property. They also come with fees as well, which range depending on what you get...
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One of the silver linings to filing your income tax return is finding out that you are going to receive a refund that could literally open the door to owning a home. If you happen to be one of these fortunate taxpayers, your next decision is what to do with it. With the average tax refund near $3,000, it could be the ticket to buying a home sooner rather than later. Regardless of the size of your...
Sometimes, as people approach the inevitable, they start trying to get their things "in order". They may even have a will, but they decide to transfer title to real estate prior to their death which could be an unnecessary expense for the would-be heir. Generally, when property is passed through direction of a will, the heir will receive a stepped-up basis which means that the fair market value of the...
Mortgage insurance benefits the lender if a borrower with less than a 20% down payment defaults on their loan. Most conventional mortgages greater than 80% and all FHA loans require the borrower to have this coverage. Private mortgage insurance on conventional loans can range from 0.5% to 2.25% based on the loan-to-value and the credit worthiness of the borrower. A $350,000 mortgage would have a monthly...
This strategy is not about trying to negotiate the best price; it is about beating out the competition and buying the home. It may be difficult to understand until you have lost a few homes to better offers but when the reality of the situation is that there are not that many homes on the market, the competition heats up and different tactics are necessary. Sales in December were annualized at 6.76...
Many homeowners with mortgages pay for both types of insurance but only one of them protects the owner. Homeowner's insurance covers damage to your property and losses from fire, burglary, vandalism, and other named natural disasters. When an insured has a loss, they file a claim with the insurance carrier which would be subject to the deductible mentioned in the policy. If the homeowner has a mortgage...
Staying at home in 2020 caused of lot of owners to think about how nice it would be to have a larger home to accommodate the additional activities that come along with isolating. Particularly for people with children at home or possibly, the potential of either adult children or parents coming to live with them. There are other owners who are trying to weigh the pros and cons of selling their larger...
Rental homes whether they be single-family detached properties, condos, two, three or four-unit properties share many of the same benefits. Most people instinctively understand many of the working parts because they are the same as their home. They have a basic understanding of value and how to maintain the property. The service providers for a home would be the same for a rental home. These properties...
Imagine what happens when there is not a pre-listing inspection. The buyer contracts for the home with a provision for professional home inspection. When it is made, there could be things that the buyer didn't expect or even, anticipate. If it doesn't trigger an action to terminate the contract, the buyer will inevitably, ask the seller to make all the repairs. When presented with the buyer's request,...
A much-repeated investment strategy is to buy low and sell high. Some people who purchased around the financial crisis of 2010-2012 are poised to make considerable profits. The median home price in America is now $295,300 up from $155,600 in February 2012 which calculates close to an 8% annual increase. The median equity that homeowners have earned during the same period is $140,000. Inventory is in...