The time has come. You’re tired of paying rent and ready to take the big step of buying a home of your own. You may be wondering what the best type of home for a first-time buyer is. It’s impossible for us to know whether you should go for the sleek modern city condo or opt for the cute suburban bungalow. What’s best will depend on an individual’s region, tastes, income, lifestyle, and more.
Preparing to sell a home can be expensive: Preparing a home to go on the market comes with the cost of repairs, updates, cleaning and staging. And of course buying one is a huge investment, too; buyers not only need to come up with a downpayment, but have to think about the cost of loan application fees and inspections.
People in search of real estate bargains may find themselves considering foreclosures. Foreclosed homes have been seized by a lending bank after a homeowner has defaulted on their mortgage. Although not as common as during the real estate crisis of 2008, foreclosures still happen all over the country.
It’s not news that buying a house is a big financial investment. But many first-time buyers wonder if buying a home is worth it. They wonder how long it will take before breaking even compared to renting. The St. Louis region actually has one of the shortest break-even times in the country.
While homebuyers can’t always relocate to enjoy the best market advantages, if you’re looking to buy in a new locale, the financial site WalletHub.com published a list of communities where new homebuyers might want to consider as their newest “home town.”
It’s best to be completely sure about selling before taking the plunge to put a house on the market—obviously. And while it doesn’t happen often, a seller sometimes wants out of an agreement. Deciding to keep a home is not a decision that should be taken lightly.
(TNS)—The Fed lowered rates by a quarter of a percentage point Wednesday, for the third time this year, in an 8-2 vote. Citing “global developments for the economic outlook as well as muted inflation pressures” in a statement released by the Federal Reserve, policymakers dropped the target range for the federal funds rate to 1-1/2 to 1-3/4 percent.
Taking on a mortgage, especially as a first-time homebuyer, can be intimidating. Finding out that it can lower your credit score can be downright stressful. It’s a bit of a “Catch 22”: You need good credit to buy a house, but buying a house lowers your credit.
It is also vital not to confuse a down payment with an earnest money deposit. A house down payment and earnest money are not the same things. The resource at Maximum Real Estate Exposure does an excellent job explaining what earnest money is, how it works, and how it differs from down payment funds.
If you live in an older home (and there are many of them in St. Louis) it might have knob and tube wiring. Knob and tube (or K&T) was the standard method of electrical wiring when electricity was first used in homes in the 1880s. New innovations in cable and wire came along in the 1920s, but K&T was still common up until the 1950s when more modern methods took over.