One of the most precious assets that you are likely to possess as you progress through life is your home. Owning their own homes is something that most Americans strive for.
Whether you’re looking at photos on a real-estate website or touring an open house live and in person, here are some bright red flags and some more subtle problems to look for.
It’s tough being a first-time buyer in today’s housing market.
Home prices are hitting record highs in many parts of the country, often selling for more than the asking price, and going from list to contract in a record 37 days, according to Redfin.
“We’ve never seen a faster or more competitive market,” says Redfin spokeswoman Rachel Musiker. “Basically this market isn’t for the faint of heart.”
Don’t make it even harder (or more expensive) for yourself by making these common mistakes:
Q. We have friends who took classes before they bought their first house and said that the experience made all the difference for them. We’d like to buy a home, too, but feel overwhelmed by the process. Where can we get more information on home-buying classes?
Given the large upfront costs associated with purchasing a home, most young people begin renting an apartment which is the first step in independency. As they build careers, save money, and start families, many choose to buy a home and take that next step to building wealth. Homeownership establishes a stable environment for families; especially children and creates community involvement that reduces crime, blithe, and depreciation. Debt Management Credit Counseling (“DMCC”) offers homebuyer education workshops and one on one counseling for future home buyers.
Picking the right money-handling strategy for your family – separate finances, a joint account or something in between? – can make a big difference on how well you function and how well you get along.
You’ve probably dreamed of the day when you finally send in your last mortgage check and own your home free and clear.
Paying a little extra every month on your home loan is a way to make that dream a reality faster than you thought, and with today’s historically low savings rates, it could make more sense than ever.
Scammers are targeting people having trouble paying their mortgages. Some claim to be able to “rescue” homeowners from foreclosures, while others promise to modify your loan – for a fee. The Federal Trade Commission, the nation’s consumer protection agency, wants you to know how to avoid scams that could make your housing situation go from bad to worse.
As with any insurance purchase, it is important to evaluate coverage and research your options to find the best coverage for your dollar. Here are some tips from the National Association of Insurance Commissioners (NAIC) to help you save money on your homeowners insurance.
Interest rates have fallen so much, it may seem like a no brainer to refinance your home mortgage.