Do you dream of buying your own home? If you are in the market for a home, there are many considerations that can help you determine the home you...
Do you dream of buying your own home? If you are in the market for a home, there are many considerations that can help you determine the home you...
View Home Buying Guide RSS feedDo you dream of buying your own home? If you are in the market for a home, there are many considerations that can help you determine the home you can afford. This article reviews necessary questions that potential homeowners should ask themselves.
Buying a home is a lifelong dream for many people. There may be a significant difference, however, between dreams and reality. In order to make a home purchase a positive experience rather than a financial burden, you will need to decide how much you can really afford. Here are a few questions to help you do just that.
Your credit can affect the amount lenders are willing to lend you for your mortgage. CNN Money 101, www.money.cnn.com, recommends getting copies of your credit report months before you start house hunting, so you can fix any discrepancies. After you get your credit in order, Our Family Place, www.ourfamilyplace.com, suggests getting pre-approved for a mortgage, which can help you get a clear idea of how much lenders are willing to offer you. With this knowledge, the home buying process may be easier.
Deciding what type of home you need involves evaluating where you see yourself years from now. If you're going to focus on a career rather than a family or a relationship, you may find that purchasing a condominium or apartment will suit you best. If you're going to have a family or already have a family, you may want to look for a townhouse or a single-family home, depending on your budget.
Understanding where your life is moving is useful because part of the expense of purchasing a home involves real estate fees. According to Right On the Money, commissions and other real estate fees are very expensive, so real estate professionals recommend you stay in a home for at least 5 to 7 years to make up for the costs.
The neighborhood can affect the cost of the home. For instance, many newer developments involve tract homes. According to MSN House and Home, houseandhome.msn.com, new construction and new materials of a new home may decrease the maintenance costs, but you may be limited to the type of home and the neighborhood. When considering a previously owned home, MSN House and Home says you may have to spend less on the actual home, but the maintenance costs may be more than a new home. When thinking about a neighborhood, you should also consider the types of facilities are nearby, especially the schools if you have a family or are considering starting one.
While you might be able to afford a $400,000 home right now, consider your future income. Are you planning to have children, or more chidren if you already have a family? Does one partner plan on not working to raise children? When are you retiring? All of these factors affect your overall income and, in turn, influence what you'll be comfortable paying down the line.
Falling prices are eroding the value of U.S. homes. According to a new Fed report, the equity that Americans have in their homes has dropped to the lowest level on record.
A survey commissioned by a national federation of state and local apartment associations shows that most renters will not be jumping into the U.S. housing market anytime soon. Has renting become the smart decision?
Some politicians are in favor of providing assistance to the millions of homeowners who are facing default as a result of poor decision-making and falling home prices. Others are dead set against it. Let's see where the American people stand.
Small banks and big ones alike are on the verge of bankruptcy, due to all of the bad loans that have been approved over the past few years. Although people tend to assume that their money will be safe even if their banks fail, history has shown that this isn't always the case. Find out if your hard-earned cash is at risk.
When it comes to home prices, location matters. Consider this: a $210,000 home in Atlanta, GA would be worth $1.4 million in Beverly Hills. The same home would be worth $509,000 in Washington D.C. and $207,000 in Phoenix. Find out how much homes might be worth in different cities in this home price comparison.
An open letter to all of the lawmakers and taxpayers who think a mortgage bailout is what we need to solve the housing crisis.
A national survey found that Stamford, Connecticut has most expensive rents among other U.S. cities. Residents need a household wage of $31.58 to afford fair market rent on a two-bedroom rental unit. Find out which other metro areas and states have high housing costs.
To get borrowers to leave a house--and leave it in good condition--mortgage lenders around the nation have begun offering cash for keys. Some lenders are paying out upwards of $3,000.
Republicans and Democrats are working on a new measure inappropriately named ''The Foreclosure Prevention Act of 2008''. This legislation is being billed as help for homeowners, but homebuilders and the mortgage industry are the true beneficiaries.