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Monday, December 3, 2007

Owning in the Market

Depending on your disposition, what you've been lead to believe, and how anxious you are to move into a new residence, buying a home now in such trying market times is either completely out of the question or one that you're on the fence about and are still debating whether or not you wish to dive in.  If you're currently mulling such a decision, you'll be happy to know there are some tempting benefits involved that could assist you in making your final choice.

Turn your house into a home.  Besides your nine to five cubicle, the other place where you spend the majority of your existence is within the precincts of your property.  If you don't actually own this property and are renting, you might be dealing with someone or several people who have stringent stipulations on how you can go about giving your place your own princely visual panache.  As a homeowner, your liberties are limited only to those set by the city, granting you tremendous leeway in terms of being able to convert that house into a beautiful home that reflects your personality.

Streamline your spending and saving.  The privilege of fixed mortgage payments is one relegated to homeowners while renters usually have to concern themselves with a payment that may suddenly increase one day or someone other than yourself moving into your place come lease end.  Services exist that may assist you in turning mortgage interest into some kind of tax deduction, perfect if you're trying to make the most use of where your money goes.

Punctuality pays off.  Equity can theoretically become your best friend and raise your financial status if you've been scrupulous when it comes to making those payments every month.  The more responsible you are the more equity you stand to generate.  You can then choose to apply this unexpected source of income for any lofty transactions you've been striving towards or use it as additional money to put towards your long term savings.

Happy renter, prospective buyer, regardless of which category you fall under opportunities blatantly abound if you're entertaining the thought of some kind of home investment.  Make your decision based on your needs and take any advice or criticism you receive with a grain of salt.  Your long term contentment and financial security are what's important apart from whether or not you buy now or hold out.

 
Posted at 11:57:59 AM
 
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Updated: Saturday, October 31, 2020


The Home Improvement Decisions that You will Never Regret

What to Avoid

While some home remodeling options may look trendy on the surface, they may not be ideal for a long term engagement.nbsp; For instance, one of the trends you would not want to get involved in is specialty finishes on hardware. While most homeowners find specialty finishes on the bathroom or kitchen trendy, their >

In most cases, homeowners would try to do all they can to improve the overall outlook of their bathroom. However, some of these additions may be unnecessary. For instance, while adding a veined marble wall to your bathroom is a beautiful endeavor, going overboard can prove overwhelming since, in a few years, it will look outdated. The same applies to graphic tiling that seems trendy at the moment. At this age, Pinterest and Instagram, soon everybody will be going for it, and it will not be desirable in a few years to come.

What to Focus on in Home Remodeling

So you have everything figured out and are set up to make your investment in home renovation. Before starting your renovation project, make sure to budget all your expenses. With a detailed budget, you will know, whether is it better to consider a personal loan for home improvement or to use your savings and pay with cash.nbsp;

Where do you start? With funds ready, you ought to go for priority aspects of your home remodeling. The following are some of the notable areas to lay your emphasis.

Storage

Come to think of it; a building is essentially meant for storage apart from being home. This fact explains why one will go to great lengths to create several rooms of various storage purposes.nbsp; Over time, we accumulate a lot of stuff, and it only makes sense to create enough space for the same. Consider both your current and future storage needs when creating these spaces. This applies to both the interior and exterior storage.

Infrastructure

Apart from location, the homes infrastructure can become a make or break point for your home remodeling design. By building a custom home, you have the autonomy to decide where each of the main features will be located. This is in addition to the assurance that whatever is used under the floor and behind the walls is high quality. Some of the notable infrastructural considerations in home remodeling include electrical systems, cooling systems, siding, plumbing, insulation, and windows. Work hand in hand with your architect or designer to ensure each of these works to improve the overall performance

The Kitchen

Kitchen remodeling is a worthy endeavor, but this comes at a price. However, there are changes you can make that will not only cost you less but also stand the test of time. For instance, you may see the need to stick to white in your kitchen. Apart from reflecting light, white makes small kitchen spaces seem larger. For flooring, hardwood takes the day. This is because hardwood can blend well with any kitchen >

Lighting

Lighting is often overlooked when it comes to home renovation in place of other design aspects. It shouldnt be the case as lighting makes a strong statement about the overall look of your property. This is especially so for interior design, as it affects every detail in the room. In this case, take your time to study each room in terms of its components and how best to accentuate them. Use accent lighting to highlight some of the aesthetically pleasing fixtures in the room. While at it, consider the need to have sufficient sources of natural light into space.

Home remodeling doesnt have to be a complicated process; the simpler, the better. The rule of thumb, in this case, is to go for options that stand the test of time. You do not want to incorporate features that will lose value or appeal in a few years.

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My name is Lidia Staron.nbsp;Im a passionate creative writer and marketing manager atnbsp;OpenLoans.com.nbsp;As a financial advisor and certified financial planner, I know that life is full of major events and crossroads. Im enjoying to help people navigate through important financial decisions while avoiding common mistakes.nbsp;nbsp;nbsp;


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October Real Estate Roundup

Freddie Macs results of its Primary Mortgage Market Survey shows that "The record low mortgage rate environment is providing tangible support to the economy at a critical time, as housing continues to propel growth. Strong purchase demand is helping to lift the construction, manufacturing and transportation industries that build new homes and it is also leading to more consumer spending for owners, who are selling or improving their homes. On the refinance front, many consumers are smartly taking advantage of the ability to lower their monthly payment, which means they can spend, save or pay down debt more so than they have in the past."

30-year fixed-rate mortgage FRM averaged 2.81 percent with an average 0.7 points for the week ending October 29, 2020, down from last month when it averaged 2.90 percent. A year ago, at this time, the 30-year FRM averaged 3.78 percent.

15-year FRM this week averaged 2.32 percent with an average 0.6 points, down from last month when it averaged 2.40 percent. A year ago, at this time, the 15-year FRM averaged 3.19 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage ARM averaged 2.88 percent this week with an average 0.3 points, down from last month when it averaged 2.90 percent. A year ago, at this time, the 5-year ARM averaged 3.43 percent.


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What’s the Process to Buy a Foreclosure?

Some analysts are predicting the number of foreclosures will go up as we near the end of 2020. While the housing market is strong, coronavirus shutdowns have significantly impacted the economy, and unemployment remains high.

If youre waiting to see if you can find a deal in the form of a foreclosure, its important to be prepared for the process. Many of the elements of buying a foreclosure are similar to buying any other home, but if youre clear on what to expect, you can streamline the process.

Types of Foreclosures

There are two general types of foreclosed homes. There are bank-owned homes and real estate-owned properties REO. The lender owns the homes in both scenarios. The primary difference between the two is the stage of the foreclosure.

Bank-owned homes are in the midst of foreclosure, so the homeowner has quit making payments, and their lender is taking steps to remove them from the home. Foreclosed homes are bank-owned properties that go to auction. If the home doesnt sell at auction, its still owned by the bank, but its an REO. REO properties have been in an auction and still arent sold. The lender will often try to sell through them REO agents.

Foreclosures tend to be cheaper and sometimes significantly less expensive than similar properties in the area. Many foreclosures are sold well below market value. You might also get other benefits of buying a foreclosed home, such as lower interest rates, reduced down payments, and you may avoid appraisal fees and some closing costs.

There are situations where you can find a deal on a distressed property, but its not bank-owned.

For example, theres the pre-foreclosure phase. This means the lender has let the borrower know they are in default, but if the homeowner can sell the property, they might avoid foreclosure proceedings. Short sales are when a lender takes less for a property than whats owed on a mortgage. You dont have to be in default for a lender to approve a short sale.

There are also government-owned properties. When a property bought with a government-backed loan goes into default, the federal government owns it.

Buying a Foreclosed Home

If you want to buy a foreclosure, the following are the steps to expect:

Mortgage Preapproval

Its a good idea to have a preapproval for a mortgage from a lender before you start looking for foreclosed properties. Preapprovals will show youre serious about buying, and it will guide your search.

Find an Agent Experienced in Foreclosures

Its important to have an agent on your side whos experienced in dealing with foreclosures. If you dont have a specific property in mind, they can help you find options in your area.

Make a Competitive Offer

Just because youve found a property in foreclosure doesnt necessarily mean you dont have to be competitive in your offer. Youre probably already going to be getting a substantial deal, but if you make an offer too low it can be rejected.

Get an Inspection

You buy foreclosed homes as-is. Whoever is on the seller side isnt going to make any repairs. Whatever is needed becomes your responsibility if you buy the property. That means you need to know what youre heading into when you make an offer. If you do an inspection and the problems are too much for you, you should pass on the property. The inspection is only to help you make a decisionwhatevers found isnt going to be much in the way of a negotiation tool.

If you buy a home at auction, you dont have the opportunity to do an inspection.

Usually, if you buy a home at an auction, you cant even go inside beforehand.

The Risk for Buyers

There are a lot of risks that come with buying a foreclosed home. There are often problems and hidden costs that you may not even discover in inspection. Its also a slow process.

Theres a lot of paperwork when buying a foreclosure. Banks tend to be slow on their response times with these properties, and if a bank has a backlog of foreclosures, it can take months for them to respond to an offer.

None of this automatically means buying a foreclosure isnt a good option for you. It just means that you need to prepare yourself for these hurdles.


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