Tag Archives: Buying

What Is The Real COST Of Buying A Home?

Since, owning a home, of one’s own, is, often considered an essential component of the American Dream, and, for most people, the financial value of their house, represents, their single – largest, financial/ economic asset, wouldn’t it make, far more sense, if serious, potential homeowners, proceeded, with their eyes – wide – open, and began, their process, as well – prepared, as possible? Although, most people, realize, preserving/ protecting their credit, accumulating the necessary funds, for all the down – payment, and other closing – costs, are needed, they often, overlook the real COST of buying a home! With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, using the mnemonic approach, what this means and represents, and why it is an important, relevant consideration.

1. Credit; closing; choice; create; coordinate: Before one begins the search, he should carefully examine, and review, his Credit Report, correcting any errors, and addressing areas of weakness! You can, either do this, yourself, or hire a consultant, but, don’t proceed, until, you’ve done this! Not only is securing a mortgage, a necessary aspect of the buying process, and one needs, the credit, to secure this loan, often, the difference between obtaining the lowest rates, and, higher ones, depends on the overall rating! Examine your choice of a house, and why, it will serve your needs and requirements! If you create a positive, mindset, you will prepare to effectively, coordinate your efforts, towards a far more, stress – free, closing!

2. Options; open – mind; opportunities: Buying a house, is a meaningful, relevant process, and it is wise, to carefully consider the options, including the specific choice, the potential opportunities, etc, and proceeding with a well – considered, open – mind, in order to better understand all related costs, expenses, etc.

3. Systems; serving; solutions; strengths: Before committing to a specific property, hire a professional engineer, and/ or, home inspector, to provide, a thorough, review of the overall condition, including strengths, and weaknesses! Differentiate between major and minor issues, and understand, whether the so – called, bones of the house, are strong, etc! Only buy some place, which effectively, serves, your needs, both, present, and, into the foreseeable future, and consider, whether the particular house, provides relevant, sustainable solutions, to your needs, and priorities!

4. Trends; taxes; time – tested; timely: Recognize relevant trends, both, in terms of the particular property, as well as financing options, and proceed wisely! Use the time – tested ways, to evaluate, including, a financial review, of all the related, real estate taxes/ fees, etc, as well as potential, unforeseen expenses, etc. Once you’ve made a wise decision, proceed in a well – considered, timely manner, and be prepared!

Don’t ignore the true COST of home ownership! Will you be a wise buyer?

8 Essential Considerations Before Buying A Specific House

Since, for most Americans, their home, represents, their single – biggest, financial asset, wouldn’t it make sense, for these individuals, especially, first – time, homeowners, to proceed, in the finest, well – considered, manner, in order, to find, what they need, can afford, meets their objectives, etc. With that in mind, this article will attempt to briefly consider, review, examine and discuss, 8 essential considerations, which should be thought about, and pondered, before purchasing their new home.

1. Property required: Fully consider, the overall size of the property, you need, and require! Remember, the larger the property, the more expensive and involved, it will be, to maintain, etc! It’s not merely the size of the property, but, also the usability, of it, which means, is it a cleared lot, as well as whether it is level, and will meet your personal needs, and requirements. Are you ready to perform, all the necessary maintenance, and up – keep, or can you afford, to pay someone else, to do it for you?

2. Overall size of the house: What size house do you need? How big, is too large, and how little, might be, too small? Is there any correlation between what you aspire for, versus, what you can actually afford, and really, need? It’s important for potential homeowners, to arrive at the ideal balance, for their particular situation!

3. What can you afford? Don’t make the mistake of becoming house – rich, and otherwise, poor! Consider your present and future earnings, what you can afford and qualify for, up – front, as well as on a regular, monthly basis! Are you prepared for contingencies, in order to achieve happiness, from living there?

4. Comfort level: Consider your personal comfort zone, and what that level, means and represents, to you! What do you seek, and will it meet the combination of your physical and emotional needs, and requirements?

5. Bedrooms needed: How many bedrooms, do you presently require? What do you believe, your future needs and requirements, might be? Do you anticipate having overnight guests, and thus, need extra space, for those requirements? A house will not serve you, if it doesn’t meet your needs!

6. Kitchen: Consider the size, shape, design, potential, cabinets, and appliances, as well as what you can afford, versus your needs. For most, they spend much of their time, in, and around, their kitchen!

7. Living areas: Look at the house’s flow, and whether the living areas (actual, as they exist, as well as its potential), meet your present, as well as perceived, future needs. The living and socializing areas of your house, often make a huge difference, in whether you are truly satisfied, living there!

8. Bathrooms: How many bathrooms, do you need, and how many, might you like? Describe them, in your head, and consider, the possibilities and potential, as well as costs.

Before one buys a home, of his own, it is important to evaluate and consider, whether living there, will meet, and exceed their needs, and expectations. When buyers take the time to do so, they generally are happier with their decision and selection!

5 Tips for Buying a House

Buying a home can be nerve wrecking and thrilling at the same time. This is especially for a first time home buyer. It is also difficult to know what exactly one should expect. The learning curve is obviously steep but the issues can be resolved by simply doing some homework on it. Some important tips have been explained as below.

1. Evaluate your credit

Your credit score is extremely important because it can be helpful for you to qualify for the loan. The standards are also higher in terms of what score you actually require and how exactly the cost of the loan is going to affect you.

2. Evaluate your liabilities and assets

This should be done so that you don’t owe a lot of money and all your payments are processed up to date. However the exact manner in which you spend your money must be taken into consideration. Any first time homebuyer should have a very good idea of what is owed and what is exactly coming in. Understanding a little bit about the monthly cash flows can also help you.

3. Organize all your documents

While you are applying for a mortgage, you must document all your taxes and incomes. Buying a home can take a long period of time but exactly knowing what you require and where you have to find it can help you to save time whenever you are ready.

4. Qualify yourself

As any first time homebuyer, you should know how much you can exactly afford to spend before any mortgage lender tells you how much you can qualify for. There is however no ratio of fixed debt to income that the lenders might require, but the old standard can dictate that not more than 28 per cent of the gross income will be devoted to housing costs.

5. Your down payment must be figured out

It takes a lot of effort to scrape together your down payment. There are also a variety of programs that can assist the buyers with qualifying situations and incomes. You can also speak with all the mortgage lenders when you are beginning the process. Check with all co-workers, friends and neighbors to find out the lenders they have enjoy being associated with. Take their advice to how to go about with it as it can help you to simplify the process. It is one of the important things to remember.

Before Buying A House, FIND, What You Want, And Need!

Since, for most people, the value of their house, represents their single – biggest, financial asset, wouldn’t it make sense, for potential buyers, to take the time, and make a concerted effort, to fully consider, what they need, and want, including their finances, etc? Before you should, buy a home, fully consider, and FIND, what you want and need, and, whether, you are making the wisest move, for you! With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, using the mnemonic approach, why this is the smartest, sanest, and most necessary, approach, to proceeding, in your own, best interests.

1. Future; funds; features: It’s your future, so doesn’t it make sense, to proceed, in a wise way, which balances, both, the finest aspects of your logical, and emotional components? Many become emotionally committed to their perceptions of home ownership, and what, they perceive, it means and represents, but, do not pay, enough attention, to the funds, needed, both, initially, as a down – payment, as well as on a regular, monthly basis! In addition, they fail to consider, whether the features of a particular house, are the ones, they need, and can afford!

2. Imagination: The reason, so many houses, which are listed, on the real estate market, are staged, is to create an attractive, inspiring image, to potential buyers. Rather, one must proceed, with the imagination, to look beyond the obvious, and consider, whether, it makes sense for them, and, if they are getting, the most, bang – for – the – buck!

3. Neighborhood; needs; nuances: Ignore what others want, and focus on your personal needs, both, at present, and into the future! Consider, why you are opting, for this particular neighborhood, and if it serves your priorities, etc! How convenient is it, to, things, such as shopping, entertainment, transportation/ commuting, Houses of Worship, etc? Are the specific nuances, of your selection, those, which might, suit your best interests?

4. Deliver; discover; desire: Will the house, you choose, deliver, what you seek, desire, and prioritize? How much time, and effort, might you, expend, so you fully discover, the best personal course of action, both, in the nearer – term, and in the longer – run? Why do you desire, home ownership, at this time, and are you ready, for the responsibilities, etc?

Before you begin your quest, for a home, of your own, take the time, and make the effort, to FIND, what best meets your personal needs, and priorities, etc! Will you be a smart home buyer?

Risk of Buying a House During the Redemption

Financial distress may force a homeowner to sell his property. But there are also times when it is foreclosed by the financial institution to which the property is mortgaged. Yet, the redemption period still gives an opportunity to reown the house. However, there are risks which should be considered in order to take advantage of the stipulated time.

First, the redemption period is time-constrained. This means that the homeowner will be given a short period to reown the house after the buyer or the third-party has filed the necessary paperwork to the court. After such period, the chance to regain ownership of the house will be forfeited.

The second risk is associated with the price to regain ownership. Normally, the price tag isn’t all that should be shouldered as there are also mortgage overdue, taxes, and documentation costs. All of these should be paid within the period allotted.

Third, there are personal risks such as the capacity of the owner to raise huge amount of money to cover the necessary expenses to reown what used to be under his namesake. During the financial distress, there might be other expenses that arose such as unpaid utility bills, credit charges, and school fees. These can come on top of regular costs of daily food and travel.

There can also be associated risks that can pop up from the situation such as when relocation is an option until such time that the house is reowned. If moving out is the top choice, then there can again be expenses that could eat up the amount trying to be earned for the redemption. But there are circumstances when the third party would still allow the owner to dwell until it is redeemed or until the redemption expires.

The redemption period is like a last ticket to a must-see movie. But unlike movies which can possibly be streamed on the internet, reownership of a house is tricky. It concerns effort, time, and money. These three needs to be combined seriously along with the right mixture of perseverance in order for the redemption period to be a fruitful endeavor towards repossession of the property where memories and moments are shared and created.

If you are currently under a redemption period and you’re quite unsure of the steps to take, your friendly local real estate agent is just a call away. He will be more than happy to guide you step-by-step and will even give you advices on the situation.

How to Speak With a Seller When Buying a House

Having a serious conversation with another human being is not necessarily easy, especially if you don’t already know the other person. This can be especially difficult if you’re used to working alone in a closed environment like an office or factory. And the ultimate difficulty comes when you’re not confident about your side of the conversation.

Which leads me to the question at hand: how do you speak with a seller when you’re trying to buy their house?

What’s the “pitch”?, I’ve been asked.

Let me start out by assuring you that you’re not trying to create a sales pitch, at all. In fact, this isn’t about selling anything – it’s really about creating a relationship. It’s about listening. It’s important that you talk honestly with the seller, not about yourself, but about them.

People buy from people they like. People sell to people they like.

Following are some negotiation key points:

1. Speak with the owner. The first thing you want to establish is that the person you are speaking with is the person selling the property. It’s important to be communicating with the ultimate decider. You don’t want to work your way to an agreement with the person who met you at the house only to find out that someone else is actually on the deed (the real seller) and doesn’t agree with the terms that have been created.

2. Find out why the home is being sold. Selling a home is never about the house, it’s about the situation the seller is in. There are as many reasons to sell as there are sellers – downsizing, job loss, transfer, illness, divorce, etc. The house is the result of the situation, not the cause.

3. Create a solution. You won’t be their only solution, of course, but you do offer one. Once you have a relationship established, you talk numbers. What they want/need; what it is actually worth after repairs vs. what they think it will be worth; what repairs will cost.

4. Make the offer. What you can offer and why comes last.

And what you plan to do with the property after you purchase it is totally irrelevant to the seller – they just want to get their property sold – so don’t start explaining why you’re buying it. By the time you show up for your appointment, they should know you’re not going to live in the property and that you intend to make your own profit, but they’re not generally interested in our lives. Your focus needs to be on the seller, on their needs and their situation, so relax and plan to listen – a lot.

The negotiation is not a game. It is not a trick. You’re not trying to “win” anything. You’re helping sellers. You’re having a conversation. Think about how you would want to be approached if you were selling.

And always remember, you’re dealing with a person, not a property.

What have you found helpful when negotiating with a seller?

3 Tips For Buying Land and Building a House to Sell

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As a homeowner, it is never easy to sell a house, a house that you have probably spent considerable amount of time and energy. There are various steps to selling a house by owner the regular way, which includes:

Getting the home repaired and cleaning the house.

Having a complete and thorough maintenance check completed.

Taking care of all the inspection details.

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Listing your house with a realtor. Ugh!

Having multiple buyers visit your home to see it before actually finalizing anything.

Waiting for the prospective buyer to actually buy your house.

Negotiating the market rate, which can fluctuate.

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House Insurance Online Guide: 5 Mistakes You MUST Avoid When Buying Home Insurance

Home insurance is something that most people require. While it is very easy to search for house insurance online, it's not as easy to actually select a policy. There are plenty of mistakes that people make when selecting coverage. Just one mistake can cost you dearly.

Since it's probably one of – if not THE – most valuable asset you own, it's essential that you buy the correct type of insurance for your house.

Here are some huge mistakes you'll want to avoid when purchasing house insurance online:

Mistake # 1: Underinsuring your home

Many people go with the lowest price thinking they will save money every month. They buy only enough insurance to cover the mortgage, or only insure the house for its real estate value, in the gamble that the house won't burn to the ground or get flooded out.

But that shouldn't be a gamble you take. What you should do is buy enough coverage so that you will easily be able to rebuild the home. Building a house usually costs more than what it is worth – especially considering the increase in construction prices.

Mistake # 2: Not buying contents insurance

Don't forget about the actual contents INSIDE the home when shopping around for house insurance. Make sure the policy includes your personal belongings. What are you going to do if your favorite, expensive piece of jewelry is stolen? Or all of the furniture, floors, and appliances on the first floor and basement are destroyed in a flood?

Mistake # 3: Overestimating your amount of coverage

Don't just assume that because the monthly payment is high that it covers everything. You must know all of the details of the policy. You could end up filing a claim for nothing. Before making any agreements with an insurance company, make sure you understand what is covered, what is not covered, when you will be allowed to make a claim, and for how much.

Mistake # 4: Not setting your deductible correctly

Another common mistake many people make when buying house insurance online is setting their deductible either too too low or too high. With too high of a deductible, you could end up with large premium payments. With it too low, you will wind up paying more out of the pocket when something goes wrong.

Mistake # 5: Ignoring certain types of weather coverage

Whether you live at a high elevation and don't think you'll need flood coverage, or live outside of an area prone to earthquakes and don't think you'll need earthquake coverage, you are mistaken. Anything can cause a flood, including a plumbing disaster. Even if it's not your entire property, you'll still have some damages to worry about. As for an earthquake, there are states other than California, HI, and Alaska to worry about. There are Faults in other parts of North America as well.

Keep these factors in mind when searching for house insurance online . The best place to start is with Lemonade. It offers a variety of affordable policies for homeowners and renters, and even covers contents. If you're lucky, you might even be able to find Lemoande sales and coupon offers.