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Frequently Asked Real Estate Questions
Main advantages are: some financial security, solid investment, opportunity to build equity and pay off over time, flexibility to decorate and renovate, stability, cheaper than renting over time, some tax advantages and greater privacy.
Main disadvantages are: long term financial commitment, high up-front costs, maintenance and repair cost, insurance cost, property taxes, more responsibility, less flexibility and difficult to move.
Main disadvantages are: long term financial commitment, high up-front costs, maintenance and repair cost, insurance cost, property taxes, more responsibility, less flexibility and difficult to move.
A mortgage is a security for a loan on the property you own. It is repaid in regular mortgage payments, which are usually blended payments of principal (amount borrowed) plus the interest (the charge for borrowing money). The payments may also include a portion of the property taxes. Find out more about mortgage...
Buying a house is not a quick process, there is time, energy and patience that is required to buy a property. Compare your housing needs with your housing wants and keep in mind that buying a home always involves compromises; the perfect home does not exist. It is good to know what compromises your family can accept before you start house hunting. Read more...
Before approving you for mortgage, lenders will want to see how well you have paid your debts and bills in the past. To do this, they get a copy of your credit report and look at your credit history and credit score to determine your creditworthiness. Credit report includes info about your ability to handle your debt obligations and your current outstanding obligations. Find out more...
A home inspection prior to purchasing a home is very good idea. A home inspection accomplishes two important goals. First, it gives you a chance to determine the condition of the house, its structural soundness, and the condition of its mechanical systems. Second, it brings any problems to the seller's attention at a time when they can be resolved before closing a sale. Knowing what to expect both inside and out will help you make an informed decision about the value of the home and the future upkeep. Read more...
There are many variables involved in this classic real estate question and there is no universal correct answer. It basically comes down to your specific circumstances. Find out more...
When someone offers you a mortgage insurance, don't be afraid to ask what kind of mortgage insurance they offer, because sometimes even people in the industry use different terminology. In other words, mortgage insurance can refer to mortgage loan insurance, mortgage life insurance, mortgage protection insurance, depends who is talking. Learn more about mortgage insurance...
Here are some things to keep in mind when planning a renovation:
Updating the bathrooms and kitchens in an older home can increase its resale value. You can make personalized changes with paint because it is inexpensive and can easily be changed, but things like flooring, cabinets and countertops are more expensive and you should make choices that will be appealing to others.
Installing new roofing and resurfacing your driveway and walkways will make your home more appealing. Also don't underestimate the importance of good landscaping and front yard planting.
Remember that the value of your house is closely related to the other houses in your area, so don't go with changes that will make your house worth much more than the other houses around you.
Updating the bathrooms and kitchens in an older home can increase its resale value. You can make personalized changes with paint because it is inexpensive and can easily be changed, but things like flooring, cabinets and countertops are more expensive and you should make choices that will be appealing to others.
Installing new roofing and resurfacing your driveway and walkways will make your home more appealing. Also don't underestimate the importance of good landscaping and front yard planting.
Remember that the value of your house is closely related to the other houses in your area, so don't go with changes that will make your house worth much more than the other houses around you.
Did You Know?
Most real estate agents identify the kitchen as the room that is most important to home buyers, followed by the living room, master bedroom and bathroom.The kind of the return you can expect from your renovation investment depends on several factors, including the quality of the materials used, quality of the work as well where in the home renovation is done.
Over time, some renovations can practically pay for themselves, especially if they result in savings on utility bills, years of greater comfort or enjoyment, and higher selling price.
Renovations and home improvements are good but be careful not to go overboard unless you plan to stay in your home for many years.
Mortgage pre-approvals are one of the easiest ways for home buyers to start off on the right foot. A pre-approval takes little time and helps buyers establish a maximum spending limit. With that information they can shop with confidence and don't have to use the whole pre-approved amount. Most lenders guarantee the interest rate on the pre-approval for specific number of days (usually for 90 to 120 days).
"Buy land, they’re not making it anymore." ~ Mark Twain
