Buying a home is a big step for any family or individual. Not only is it difficult to save up a down payment, but it can also be hard to take care of a house for the first time. Proper maintenance and general upkeep is an important part of home ownership. It takes a lot of work, but it is essential to protect your investment.
The new Consumer Financial Protection Bureau just released new rules demanding changes in how delinquent mortgages are serviced by banks. Rules include dedicated representatives for mortgagees who are facing foreclosure and collection stays on accounts seeking loan modifications. Hopefully, this is going to mean better service for troubled mortgages, but it could have lasting ramifications for all mortgagees.
Summer is almost over and many people are wrapping up their home projects. Growing up, my parents made a point to renovate every home that they lived in. They did this for two reasons – to improve the quality of living without breaking the bank on a new or bigger home and two, to increase the value of their home. My dad would put in most of the work himself so that he could safe and make the most money out of the renovations. If you are looking to do a home project, whether it be remodeling the kitchen, a DIY conservatory, or anything else, make sure to consider these tips.
Do you think it’s better to rent? Do you think it’s better to buy a home? While there are many who would suggest that buying a home is always the best option, it isn’t as clear cut as it should be. Buying a home means taking on a lot more risk. The recent drop in the housing market has successfully made it harder for people to buy a home (who shouldn’t be buying homes yet). But, it has also forced people to be more responsible with their finances. I was happy to find an infographic that matches this trend. Below you will find an infographic that shows the comparison of homeowners to renters, in respect to debt and expenses. I was surprised to see some of the results.
I am an aspiring real estate investor. I don’t have direct experience investing in real estate, but several of my closest friends and family members own at least one rental property. I don’t just want to follow the crowd, because most people don’t think highly of investing in real estate. While I don’t have the experience, I am starting to learn the basics of investing in real estate. For those who are wondering how to get started, here are some basic steps.
Over the past few years, things have gotten fairly tricky for first time buyers. Wages are being frozen, the cost of living is going up, and it now seems more expensive than ever to get your foot on the property ladder. On top of that, mortgages are much harder to come by, with some lenders requiring sizeable deposits that are beyond the reach of many people. However, all is not lost. With a little bit of savvy searching, you might just be able to find a suitable candidate for your first home, that won’t stretch your finances to the limit.
If you are like most Americans, you’ll need a good plan for tapping into your home equity in retirement. Most Americans hold a large portion of their savings in equity after retirement. While equity is a nice figure to help boost your net worth, it’s more than a little troublesome to convert to cash. While there are plenty of options for tapping into home equity, there are many costs, benefits and downsides to any potential strategy.
I have been starting to save up some money for a real estate investment that seems promising in the next couple of years. (I would love for it to be sooner, but it will take me a couple years to save up the necessary down payment). Because it will take me a little while to get to the point of financial security where I feel comfortable investing, I have been wondering if there are other areas or investments which might be more lucrative than real estate. I love the long term promise of real estate and the fact that it can be completely passive (with a real estate property manager), but I figured I owed it to myself to make sure that I have the best investment opportunity for passive income.
Owning a home is the dream of most middle-class families. Not only does it offer the ability to be in control of your own housing environment (as opposed to renting), but it offers long term financial security. Yet, it’s not always attainable. As we have mentioned before, buying a house can be difficult with the recent economy.
Does this mean that owning your own home is out the window? Should you give you up your hopes and dreams and resign yourself to a life of renting? Absolutely not! While buying a home may not be an option financially, building your own home may be a great alternative.
A home warranty is a contract that home buyers have the option of purchasing, and it provides discounted repairs and services on the home’s major components such as the heater or furnace, air conditioning, electrical, structural, and plumbing. A home warranty is not homeowners insurance, but it does provide peace of mind because you know that you won’t have to pay for costly repair services for your home.
If there is anything this recession has proven to Americans, it is that unemployment can happen to anyone. The economic turmoil has been particularly brutal for those on unemployment. According to economic reports, the average duration for unemployment has ballooned to over nine months in the last few years. Just because your paychecks have stopped, doesn’t mean that your mortgage payments go into hibernation.