Buying your first home is a life changing decision and something that needs to be thought out and well planned for, making sure one is only getting what they need and not what they want. Of course, you want to buy a house that you like, but you need to make sure you can afford it and that you can still pay for your needs as well. This decision also includes making sure that you will be able to maintain your purchase after the initial buy. It is a big step in someone’s life and a decision one will never forget. It truly is an American dream and is one of the biggest investments that someone will make in their lives. Unfortunately, I am only 20 years old so I have never bought a house before and have lived in the same house all my life so I have not seen my parents buy a house, which is why I found this discussion to be very interesting this week and one I will definitely learn from. …show more content…
ft. Even though it was built in 1929 the house is well maintained and has had many updates, such as central air, hardwood floors, oversized rooms, and new appliances. It has 2 bedrooms, 1 full bathroom, and 6 rooms in total. The current mortgage interest rate is 3.930% for a 30-year fixed mortgage loan type. The property tax estimate is $499 per month and there is a small cost of upkeep since the house is in really good condition. However, I will save $50 each month in case something needs to be fixed. The insurance is $91 per month and utilities would be about $430 a month with $990 for other costs. Overall, I would be paying about $3,245 a month. With making this decision I would also have to consider the $70,000 down payment (20%) (Williams,
Whether you are a first time home buyer or a seasoned home buyer, it is important to be aware of the requirements, policies and procedures that could potentially assist you with your home buying needs. As frequently evidenced, the housing rules keep changing. The government keeps proposing new funding programs and the stipulations that need to be met by buyers are ever changing. Staying abreast on these details will help ensure you have a smooth and valuable home buying experience.
A single family home located at the corner of Hammond Street and Marengo Avenue. On the Hammond Street side, the house has a wooden fence along the north side of the property.
If you are looking for a new house, you have probably heard the terms PMI mortgage insurance and homeowner tax deductions, among a plethora of other terminology you don 't normally come across unless you are ready to buy a home. So what exactly does it all mean and why should you care? Well, the more educated you are when it comes to the home buying process the more likely you are to make better financial decisions based on your particular situation and the less likely you are to make any devastating mistakes. Real estate is extremely complex and not having at least the basic knowledge of the process could ultimately cost you dearly. Therefore, we are going to explain to you what the term PMI means and why you should care. Then we are going
The average cost of a house is estimated to be around $200.000 in 2013. As such, it’s no wonder people are distracted about such a significant amount and overlook other aspects. Owning a house can be exceedingly expensive. Just for the down-payment on the house, which you have to come up with, you’ll be spending an average of 20-25% of the buying price. That means that the down-payment for a $300.000 house can range from $60.000 to $75.000. Thus, you need to be prepared to put down that kind of money if you’re planning on buying.
A mortgage is a big debt, and it is almost as big as a person’s home. Everyone wishes to shorten the term by prepaying as much of the loan as they can and as quickly as possible. Since the cumulative interest on mortgage loans makes people’s loan balance even bigger. Owning a house without any loan will helps house owner to save money more easily because house owner will not have to pay the monthly payments anymore.
As time goes on, it is becoming increasingly obvious that a key characteristic of the millennial generation is their hesitation to purchase a house. While this likely will not affect the economy, there are specific pros and cons to millennials owning a home, and factors that will increase or decrease their drive to purchase a home that validate their wariness to purchase a home immediately once they are out of college.
As such, people are less optimistic about the future and have chosen to scrimp and save to last through the recession. Therefore, this has resulted in a decline, in demand for houses, (Tapper & Travers, 2009). This has also resulted in a decline in prices. However, the prices can change in the future when the economy picks up, and people become more confident about the economy. To conclude, the point, which affects one’s decision to buy a new home, is never constant, one's financial situation, level of income, and even number of family members changes all the time. For this reason, people will take into consideration different factors when making the crucial decision for or against the purchase of a new house.
For those who are ready to buy your dream home, here are some simple steps to assist...
Nothing can make you feel safer than owning a house, provided that buying a home will not result in financial problems of its own. Every year, a new wave of first time home buyers hits the trail in search of their humble abode. There are pros and cons to home buying. Certainly, there is the matter of timing and related financing programs.
Home is a term that is used throughout the world as the place where one lives. Is this really what home means? In looking deeper at what the word really means, many interpretations become apparent. Another word that sometimes is confused with home is the word house. A house is the actual building where a person lives, whereas a home is more personal. The dictionary defines the word home as the place in which one's domestic affections are centered (Scott, Foresman Advanced Dictionary p.528). A house is made of mud and bricks but a home is made from love. A home is made of love, sorrow, laughter, excitement, hope, care, atmosphere and feelings of everyone. A home reflects your personality. When a guest enters in the house, he/she comes to know what sort of person you are. A home is a place to rest. There's no place except home which seems like heaven to us.
Buying a home can be an exciting experience for anyone. However, in some cases you just might be better off continuing to rent your home. There are many advantages to buying a home. However, it is not for everyone and buying varies from individual to individual. Currently more people are leaning towards renting but this could change in the near future.
Buying a home is something most people do at least once in their lifetime. Many people dream of buying their own home. The amount of new homes has grown tremendously and many people are buying houses. The median price of homes in California is approximately $500,000. The conventional way of buying a home is a procedure that takes a lot of time and patience. There are a few steps and procedures that are included in buying home. It includes getting pre-qualified by a loan agent to determine the maximum dollar amount of mortgage you can truly afford (real important step in the process), seeking a realtor, searching for homes, making offers, hiring a title company, an appraiser, home inspector, termite company and opening and closing escrow and other various services that benefit both buyer and seller. Buying a home is a complex process and most consumers do not know where to start and lack the education in regards to it.
Buying and owning your home is part of the American dream. Although the dream itself has since changed, the home still remains the main focal point. Today owning a home doesn’t necessarily mean a house. People now buy duplexes, cooperative apartments, and condominiums. For some families it could take up to a couple of generations before it’s able to have the capabilities of buying a home. To many people it means a certain achievement that only comes after years of hard work. It is a life altering decision and one of the most important someone can make in their lifetime. The reasons behind the actual purchase could vary. Before anything is done, people must understand that it’s an extraneous process and it is a long term project.
An option for individuals look are looking to buy property have the option to purchase a house. The advantages are: “pride in ownership, privacy, own land, tax benefits, fixed rate, security, and can renovate to their desire. The disadvantages are: less flexibility, mortgage has interest, more stress about money, requires down payments, closing costs, and moving costs, need to have a fixed income/stable income, and bank may take over house if payments are not made” (Zillow, May 12th 2012 ). Pride of ownership is advantage because it gives those individuals accomplishment feeling and shows their hard work paid off and do not have to deal with landlords anymore” (Free Advise Staff, unknown date). Privacy is another advantage because it gives the homeowners the freedom to do whatever they wish and not worrying that they will break the rules. Owning land is an advantage because “every time you pay off your mortgage individuals are gaining equity and increasing your assets” (Chapman’s lecture, unknown date). Another advantage is individuals will get a “tax benefit which will help pay off the interest of the mortgage and increases income” (Kirlew, Unknown date). Security is an advantage because in the “long run if some individuals want to have kids those individuals do not have to worry about moving each year, but instead helps their children grow up in a ...
In like manner, there are some factors out there that can increase or decrease the chances of us buying a home. What can slow us in the decision-making process could be the desire to have a career that travels. Also, some of us live in neglected areas, so there may not even be any houses that are livable, let alone buyable. Most significantly, plenty of us Millennials are low-income and can only rent a cheap and barely-inhabitable shack. Again, that student loan debt would be the major factor in decreasing our chances of purchasing.