Archive for the ‘rent home’ Category
Renting A Home Instead Of Buying
With the wave of foreclosures past and future, renting in today’s economy can be a much better choice for you. The benefits of renting a home can far outweigh buying a home.
Here is a list of the top 5 reasons renting a home can be better than buying a home:
1. When renting a home, you have no maintenance or repair expenses. When you buy a house, all these costs are the responsibility of the buyer. Just because you can afford your monthly house payment, doesn’t mean you have anything leftover to fix any problems that occur. When you rent, these expenses are incurred by the landlord or rental company.
2. The ability to move if you had to. If you get transferred, or lose your job, your not locked in to a monthly mortgage payment. In today’s real estate market, trying to sell you home could prove very costly. Even if you have to break your lease, it’s much better than defaulting on your mortgage. If the neighborhood or schools start to go downhill, you can move to a better place easier. Renting gives great flexibility until you find a place you want to spend the rest of your life.
3. Mortgages have become increasingly harder to get. With the foreclosure mess, requirements for mortgages are much higher. Stellar credit and down payments of +10% are standard. Why not rent for a few years, and build up your nest egg, so when you do purchase, you will immediately have some equity in your investment.
4. Renting can cost you much less. With the greater availablilty of rental properties, rents have fallen. You will be able to rent a much higher end home then you would be able to if you purchased. You have much higher debt to income ratios when renting, as opposed to buying.
5. Home ownership is not for everyone. People have had it ingrained in them, that the American dream is home ownership. For many people, this should not be the case. Buying a home brings many new challenges and headaches, renting is much simpler.
Owning your own home has many benefits, but renting has just as many. You have to decide for yourself, based on your situation. For people with transient or unstable jobs, finanical concerns, or limited resources, renting is a good decision. Home ownership is a big decision, and should not be entered into lightly.
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Tags: Why Now is a Good Time to Buy a New Home
In most locations around the country, developers are in the process of reducing their supply of unsold new homes and recognizing that 2008 will not be as vibrant a year as in the recent past. Most developers will be setting their goals far more conservatively than in previous years. As a result, they will buy fewer lots and start fewer homes in order to avoid having a standing inventory. What does this mean for the person looking to buy a new home? New and used home prices have stabilized, interest rates have fallen, real estate has historically been one of the best investments, and this next year might present a good buying opportunity, especially for those planning for a long term investment in their own home.
The resale market was active in 2007 with more than 400,000 homes sold in California alone. There is no reason to believe that 2008 will not provide more of the same resulting in the opportunity for existing home owners to trade up into a new home, for renters to buy their first home or for investors to continue to purchase, rehab and sell or rent homes.
No one knows what interest rates will be in the future, but as of the end of 2007 they were once again nearing an all-time low. As of January 4, 2008, the average rate for a 30 year FRM was 6.42%; for a 15 year FRM 5.95% and a 1 year ARM was 6.08%. With the myriad of different loan types available for each buyer’s needs, interest rates will vary, so shop around. WDH Nationwide Mortgages, a national lender in all 50 states that uses over 350 FDIC banks to ensure the best loans for their clients, provides information on their web page for prospective home buyers to learn more about the types of loans available for potential buyers.
As an investment opportunity, Looking at the long-term history of stocks and bonds and real estate, it can be said without refute that owning a home is the most certain way one can accumulate long-term wealth. It’s amazingly dependable compared to other investing opportunities. And, better yet, you get to enjoy the benefits of living in this investment. Prices have stabilized and this next year might present a good buying opportunity.
There really is no reason to wait to buy a new home. WDH Nationwide Mortgages believes that nothing will change so dramatically in the economy in the next year that would dictate a “wait and see” attitude.” Waiting may only result in rising prices and rising interest rates. If one of your resolutions this year is to buy a new home, refinance your home, or consolidate your debt, 2008 could be among the best times to do any of these. Use the Mortgage Calculator and get pre-qualified at http://www.wdhnationwidemortgages.com
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9 Steps to Buying a Florida Home
Nine steps to buying a Florida home Figure out how much you can afford Know your Florida rights Shop for a Florida mortgage Learn about Florida home buying programs Shop for a home at Florida MLS Hub.com Make an offer Get a home inspection Shop for homeowners insurance Sign papers Step 1: Figure out how much you can afford for a Florida home?
What you can afford depends on your income, credit rating, current monthly expenses, down payment and the interest rate. The calculators below can help, but it is best to visit a lender to find out for sure. Visit FHAmortgageprograms. Com to learn about FHA mortgage program to purchase your next Florida home.
FHA loans were created to help increase home ownership. For the Florida home buyer the FHA program can simplify the purchase of a home, making financing easier and less expensive than a conventional mortgage loan product. Some highlights of the Florida FHA loan program include:
Minimal Down Payment and Closing costs.
Down payment less than 3.5% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.
Easier Credit Qualifying Guidelines such as:
No minimum FICO score or credit score requirements. FHA will allow a home purchase 2 year after a Bankruptcy. FHA will allow a home purchase 3 years after a Foreclosure.
To take advantage of the FHA program in Florida, give us a call 1-800-570-0448
STEP 1: How much home can you afford?
Buying vs. Renting
Home Economics
Step 2: Know your rights
Fair Housing: Equal Opportunity for All – brochure
Real Estate Settlement Procedures Act (RESPA)
Borrower’s rights
Predatory lending
Step 3: Get pre quaffed for your Florida home first
Save money and time by doing your homework. Contact a FHA mortgage Programas.com to determine how much you can afford on your next Florida home. Looking for the best mortgage: shop, compare, negotiate – brochure
Let FHA help you
Why Ask for an FHA Loan?
Learn about interest only loans
Step 4: Learn about Florida home buying programs
FHA mortgage loan programs offer Florida homebuyers lower down payments and are a good option for Florida first-time homebuyers.
Let FHA help you
HUD’s special Florida homebuying programs
Good Neighbor Next Door (formerly known as Teacher/Officer/Firefighter Next Door)
Hurricane Evacuees discounted sales
Homeownership for public housing residents
Indian Home Loan Guarantee Program (Section 184)
Step 5: Shop for a Florida home
Choose a Florida real estate agent
Wish list – what features do you want?
Home-shopping checklist – take this list with you when comparing homes
Homes for sale (including HUD homes)
“Fixer-uppers” – home purchase and repair programs
Manufactured (mobile) homes
Build a home
Step 6: Make an offer
Discuss the process with your real estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale.
Step 7: Get a home inspection
Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs.
Ten Important Questions to Ask Your Home Inspector
What does your inspection cover? The inspector should ensure that their inspection and inspection report will meet all Florida requirements and will comply with a well-recognized standard of practice and code of ethics. You should be able to request and see a copy of these items ahead of time and ask any questions you may have. If there are any areas you want to make sure are inspected, be sure to identify them upfront. How long have you been practicing in the home inspection profession and how many inspections have you completed? The inspector should be able to provide his or her history in the profession and perhaps even a few names as referrals. Newer inspectors can be very qualified, and many work with a partner or have access to more experienced inspectors to assist them in the inspection. Are you specifically experienced in residential inspection? Related experience in construction or engineering is helpful, but is no substitute for training and experience in the unique discipline of Florida home inspection. If the inspection is for a commercial property, then this should be asked about as well. Do you offer to do repairs or improvements based on the inspection? Some inspector associations and state regulations allow the inspector to perform repair work on problems uncovered in the inspection. Other associations and regulations strictly forbid this as a conflict of interest. How long will the inspection take? The average on-site inspection time for a single inspector is two to three hours for a typical single-family house; anything significantly less may not be enough time to perform a thorough inspection. Additional inspectors may be brought in for very large properties and buildings. How much will it cost? Costs vary dramatically, depending on the region, size and age of the house, scope of services and other factors. A typical range might be $300-$500, but consider the value of the home inspection in terms of the investment being made. Cost does not necessarily reflect quality. HUD Does not regulate home inspection fees. What type of inspection report do you provide and how long will it take to receive the report? Ask to see samples and determine whether or not you can understand the inspector’s reporting style and if the time parameters fulfill your needs. Most inspectors provide their full report within 24 hours of the inspection. Will I be able to attend the inspection? This is a valuable educational opportunity, and an inspector’s refusal to allow this should raise a red flag. Never pass up this opportunity to see your prospective home through the eyes of an expert. Do you maintain membership in a professional home inspector association? There are many state and national associations for home inspectors. Request to see their membership ID, and perform whatever due diligence you deem appropriate. Do you participate in continuing education programs to keep your expertise up to date? One can never know it all, and the inspector’s commitment to continuing education is a good measure of his or her professionalism and service to the consumer. This is especially important in cases where the home is much older or includes unique elements requiring additional or updated training.
Step 8: Shop for homeowners insurance
Lenders require that you have homeowners insurance. Be sure to shop around.
Shop around Raise your deductible Don’t confuse what you paid for your house with rebuilding. The land under your house isn’t at risk from theft, windstorm, fire and the other perils covered in your homeowners policy. So don’t include its value in deciding how much homeowners insurance to buy. If you do, you will pay a higher premium than you should. Buy your homeowners from the same company that insures your car. Some companies that sell homeowners, auto and liability coverage will take 5 to 15 percent off your premium if you buy two or more policies from them. But make certain this combined price is lower than buying the different coverage’s from different companies. Make your home disaster resistant. Find out from your insurance agent or company representative what steps you can take to make your home more resistant to windstorms and other natural disasters. You may be able to save on your premiums by adding storm shutters, reinforcing your roof or buying stronger roofing materials. Improve your home security. You can usually get discounts of at least 5 percent for a smoke detector, burglar alarm or dead-bolt locks. Some companies offer to cut your premium by as much as 15 or 20 percent if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at the police, fire or other monitoring stations Seek out other discounts, Retired people also have more time for maintaining their homes. If you’re at least 55 years old and retired, you may qualify for a discount of up to 10 percent at some companies. Some employers and professional associations administer group insurance programs that may offer a better deal than you can get elsewhere Maintain good credit If you’ve kept your coverage with a company for several years, you may receive a special discount for being a long-term policyholder. Some insurers will reduce their premiums by 5 percent if you stay with them for three to five years and by 10 percent if you remain a policyholder for six years or more. Stay with the same insurer, If you’ve kept your coverage with a company for several years, you may receive a special discount for being a long-term policyholder. Some insurers will reduce their premiums by 5 percent if you stay with them for three to five years and by 10 percent if you remain a policyholder for six years or more. Review the limits in your policy and value, You want your policy to cover any major purchases or additions to your home. But you don’t want to spend money for coverage you don’t need. If your five-year-old fur coat is no longer worth the $5,000 you paid for it, you’ll want to reduce or cancel your floater (extra insurance for items whose full value is not covered by standard homeowners policies such as expensive jewelry, high-end computers and valuable art work) and pocket the difference. Look for private insurance if you’re on a Govt plan. If you live in a high-risk area — say, one that is especially vulnerable to coastal storms, fires, or crime — and have been buying your homeowners insurance through a government plan, you should check with an insurance agent or company representative or contact your state department of insurance for the names of companies that might be interested in your business When buying a home Consider the cost of homeowners insurance, It may also be cheaper if your home’s electrical, heating and plumbing systems are less than 10 years old. If you live in the East, consider a brick home because it’s more wind resistant. If you live in an earthquake-prone area, look for a wooden frame house because it is more likely to withstand this type of disaster. Choosing wisely could cut your premiums by 5 to 15 percent. Step 9: Sign papers
You’re finally ready to go to “settlement” or “closing.”
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Are you Ready for a Home?
Have you spent years renting homes or apartments and have grown tired of paying all that rent money to someone else? If so, then it might be your time to consider purchasing a home, and keeping that cash for yourself. However, you do need to ensure that you are prepared on more than one level before jumping into the equity market. There are many financial considerations to make note of before you start looking for a home. But, if you can arrange your finances into a sensible plan and secure a mortgage then this can ultimately be the most rewarding purchase you have ever made or will make.
Finance plays a huge role in the decision to purchase your first home. This is to be expected as if you are purchasing your first home you will not likely have a few hundred thousand dollars sitting around and will have to find a mortgage of some sort. You should really make sure that you are prepared for the application for a mortgage as it will involve a thorough investigation of your past credit history. If there are any issues that you know of with your credit then you should take care of them before you apply for the mortgage. Sometimes this is a simple case of oversight, some things have been taken care of and not recorded as such, and sometimes there can be some debts that you will need to see to. Once these are taken care of, be sure to get a letter of release that you can show to the mortgage broker or company if necessary. If there are no issues with your credit then that will only make the process easier.
There is no stronger tool in the home buying process than having all your financing in line before you start shopping. This is a great attraction for sellers as they want their homes to sell quickly and without incident or trouble in the money phase, a buyer with ready-to-go financing’s offers will hold greater favor with almost any seller. If you are mindful of these things then when the time comes to make your offer, the whole affair will go much more smoothly and you will be able to dedicate your time to what is important. How to decorate your new home.
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Buying a Home Guide
Advantages of owning a home:-
Owning a home brings with it many advantages. Some of these advantages are:
* If you own real estate, your financial credibility goes up considerably in society.
* Your own home gives you the freedom to do what you like with it. For example, you can paint walls, keep pets and do many other things that you may not be able or willing to do in a rented apartment/villa/house. Remember, you can carry out any kind of home improvements in your own home, whereas you will not be willing to improve upon a rented home.
* Investment in real estate always appreciates with time. One of the main reasons for the appreciation is that there are far too many people and our world and far too less built space available to accommodate them. The market value of your real estate may bring you windfall gains in case you decide to sell it at a later date. Plus, owning a home will guard you against real-estate inflation.
* Owning a piece of real estate in any form secures you emotionally – Your home-ownership will fill you with pride and satisfaction.
* Over and above all these, you may enjoy some tax advantages because you own a home.
Searching for a home:-
Before you start your search for a home, you must at least make up your mind about the neighborhood you want to live in. If you’re migrating, then you must choose a neighborhood that is close to your workplace or your child/s’ schools. There are so many different factors that can influence your choice and ultimately it all depends upon you. Once you make up your mind where you’d like your real estate to be located, here’s what you must do:
* Always look up real estate online classified listings on real estate portals first. The online classified ads on the Internet cover a vast area and real estate portals such as ours’ – www.GO-Globe.com – cover numerous localities in different countries. You can try out niche neighborhood online classified ads too by running up a search on your favorite search engine. These online classified ads will not only give you an idea of the real market value in an area, they may land you with a super deal. On web portals, you can see the pictures of the property and you can figure out their location in a jiffy because the map will be given – this feature is missing in newspapers.
* Newspaper ads are a good source of information and many newspapers publish property pullouts or supplements, which clue you on to registration fees, taxes, mortgages, etc.
* Plan your finances well in advance. If you’re taking a loan, choose your preferred lender beforehand.
* Next in line are real estate brokers. If you run a scan on the Internet you will most likely find a reputed real estate broker who has published his listings online. Contact him and dig for more information.
* Now make a list about things to ask when you actually establish telephonic or Internet
contact: these would be location, price, pictures, utilities, amenities, taxes and whether the property is mortgaged, the kind of community (schools, shopping), the construction nitty-gritty (electric, plumbing, heating/cooling, etc.).
Home inspection tips:-
Okay, now we assume you have frozen on your neighborhood and you have started looking at some real estate. Here’s what you must check:
* Check the toilets, sinks, tubs, tiles and the plumbing in the bathroom. Look for breakages, ultra-used equipment and leakages. Similarly, check the kitchen’s sink.
* Check the woodwork in the house and look for termite-invasions, excessive use, poor
quality of wood, etc.
* Do a general check on electrical appliances, windows, electrical outlets and the garage.
* Take a close look at the exterior of the house: look for cracks, damaged gutters, water seepages and the ventilation.
* While inspecting the interiors take a hard look at the quality of the flooring, cracks inside the house, loose tiles and water stains. It is important to ensure that your home is well built and in top habitable condition. You may also think of appointing a home inspection specialist who may find more faults than you.
Final paperwork:-
Once you have selected your home and have completed all the inspections needed, you are now ready to buy it. Every country has a different set of property laws and it will be prudent that you see your lawyer for all the paperwork involved for the closure of the deal. A wise man once said, “A house is made of walls and beams; a home is built with love and dreams.” and a wisecrack once remarked, “Home is where you can scratch where it itches”. Both these statements are oh-so-true and so relevant, that their importance cannot be overemphasized. If you’re planning to buy a property, go ahead and follow our guide – it will pay you rich dividends.
This Home Buying Guide is brought to you by www.GO-Globe.com , an international free online classifieds real estate portal, developed in Dubai, Europe, India.
You can save yourself a whole lot of cash when you register your property or when you search for your dream home on our site. We currently have over 4000 properties listed on our site.
