As homes evolve over the years incorporating new technology and innovation into them, current and future home owners have to be sure to keep up on what's coming next. Think smart. Homes are getting faster and more environmentally friendly all over the world and consumers expect them to be in prime locations. People are willing to have a more compact living space in order to be in a prime area featuring restaurants, bars, grocery stores they can walk to instead of using their car.
The first taste of living by your own rules can feel pretty liberating, but can feel burdening if your future plans keep haunting you in your sleep.
January 1, 2018, President Donald Trump’s new 7 year tax reform law became effective.
Owning a home is one of the greatest investments you’ll make in your lifetime. Owning that home for a long period of time, however, may just ensure that you get the most out of your prior investment. According to a recent study by Urban Institute, leveraging the equity of your home at an older age can significantly grow your retirement funding, as retirees can then sell their homes for a profit or use their home equity line of credit to increase personal funds. After all, the housing market is one of the nation’s greatest investment arenas, making older American homes highly valuable assets in today’s market.
More first-time buyers are motivated by emotional factors rather than financial factors when making the decision to buy a home, a report found.
The Federal Housing Administration (FHA) 203k loans are immensely popular renovation loan products available to well-qualified borrowers looking to purchase either a fixer-upper or a home that just needs one or two additions to be “perfect”.
In your house hunting journey, you’ve likely encountered a property that’s perfect in every way — except for that one thing. Maybe it’s a slightly (or really) outdated kitchen, one too few bedrooms, or some minor to moderate termite-induced damage to the sill plate. Here in central Louisiana, wet basements are quite common and a home inspector will likely discover black mold and other allergens as a result.
Payments on your renovation loans really aren’t fundamentally different from a conventional mortgage payment. Each month, a portion of the monies allocated will go to paying down the principal amount borrowed, another portion will go to paying interest over the lifetime of the loan. A portion of the original borrowed amount will be held in escrow to pay the various contractors and vendors who are working on your renovation and construction project.
Buying a home is a major financial decision. There’s no doubt about it. You have to carefully consider your financial readiness, mitigate any potential loss in value if the housing market takes a turn, prepare for unexpected expenses (houses need care and feeding, too!) and, even after all that planning and preparation, homebuyers wake up in the middle of the night fearful they’ve made the wrong decision.