Whether you are thinking of buying an apartment or condominium as an investment property or as your primary residence, you are going to have to pay more than just your monthly mortgage and living expenses. Unique to the apartment/condo market are the monthly maintenance fees. These fees can range in amount and can mean the difference between owning and renting.
Consider this: your monthly maintenance fee can be as cheap as $50 a month or as much as $1,000 a month. It all depends on the size of the apartment and the location. With location being everything, buy in a sought-after neighborhood and you’ll be paying more in maintenance fees than if you purchased a condo in a rural area.
Monthly maintenance fees can impact more than just your bank account; they can change the property value. That’s because an apartment or condo with low maintenance fees is going to sell quicker than one with high monthly maintenance. What’s more, the ones with low monthly charges can often sell for more than the apartments that command high fees each month. After all, cash strapped real estate buyers/investors
Buying your first home can be exciting and amazing, and scary. But knowing the common mistakes of first-time buyers will ensure you don’t make the same ones, and can help make the transition to “New Home Owner!” that much smoother.
1) Spending Too Much
It’s important to be realistic about what you can afford. The final sale price isn’t the only cost to take into account when owning a home. Houses come with plenty of bills like heating and property taxes, future renovations and occasional unforeseen costs like burst pipes or city trees needing to be trimmed.
What you can do about it: Take a close look at your finances. Be aware of your current fixed costs and always leave some breathing room. Ask the homeowners what they spend in a year on their bills so there aren’t any surprises. Canada Mortgage and Housing Corporation has plenty of useful online budget calculators to help. As a general rule your monthly housing costs (mortgage, property tax and heating expenses) should be no more than 32% of your gross monthly income.
If you’re 62 or older and you want to buy a house, you have three options: Get a traditional forward mortgage, use your savings to pay for the house in full, or get a special type of reverse mortgage called a Home Equity Conversion Mortgage for Purchase (HECM for Purchase, or “reverse for purchase”). You might choose this third option if you don’t have enough income to qualify for a forward mortgage or enough savings to pay in full. Here’s what you need to know about using an HECM for Purchase to buy a home.
HECM for Purchase: Overview
While lenders can count your retirement savings, investment income and Social Security income to help you qualify for a forward mortgage, the formula they are required to use isn’t generous. Even with $1 million in retirement assets, if you aren’t working, your income might be too low to qualify for a forward mortgage. That’s where a reverse for purchase comes in. (Learn about the differences in Comparing Reverse Mortgages vs. Forward Mortgages.)
The rules for eligibility and repayment are almost identical for an HECM for Purchase and
If you are motivated seller, someone who wants to sell home fast, you can go the traditional route by hiring an agent or you can put it on the market AS-IS. Remodeling companies, such as Whitestone Acquisitions, buy homes in any condition to renovate and resell. We offer opportunities to people who might need to sell an inherited home in Denver or want cash for houses in Houston or Dallas. Before you go either route, you might want to do some preliminary research to determine your home’s value. You can start with these tips.
- Look online or in print for houses in your neighborhood. Many real estate websites will allow you to search for homes. You can put in your address and see what pops up near your house. This will give you an idea of the range of housing prices available.
- Ask an agent. You don’t have an obligation to contract services with an agent. You can have an agent you trust to come to your home to evaluate. He or she will let you know what they think the market will accept.
Get an appraisal. If you want to sell house fast Dallas, you might want to hire an appraisal company
Are you supposed to take retirement from your work shortly? We understand that after a hectic professional life you need a peaceful retired life. Therefore, it is best if you could find a retirement village that will be perfectly attuned with your taste and preferences.
However, as the concept of Retirement Villages is completely new so you might find it difficult to streamline the pointers that will help you in selecting the ideal Retirement Villages Surrey, Canberra or the destination that you prefer. Here are some tips for you that will come in handy. Watch them out.
Make a list of things you would like to do
The most important factor that determines the choice of your ideal retirement site happens to be the list of things you plan to do after your retirements. For instance, you might love to reinvest your time in fishing after your retirement. A well equipped library in the nearby vicinity might serve as your favorite activity from retirement onwards. Therefore, in case you do not make this list you might land into a place which neither has a good library nor has any option for fishing. Similarly, some
A Place that is located in the vicinity of Noida earlier known as Greater Noida Extension.It was popularly known as Noida Extension and is adjacent to the shores of Noida.It is a part of Greater Noida in Gautam Budh Nagar district and emerged as a major destination for realty business. It has seen a tremendous infrastructural development in last few years. Major commercial establishments like Night Safari, Buddha Circuit and Formula one track has marked it presence worldwide. Why is it getting two much attention and hype? As per the experts it is said to be a destined place for people in forthcoming days as there is a acute crunch of infrastructural space available in congested places. Sanction of Metro line in the vicinity of Greater Noida will also augur well for the business settlement.
There is great news for cricket enthusiast too; construction of world class cricket stadium has already started. It won’t be too fascinating to say that in coming years. It’ll attract tourist not only from city or across the country but also foreigners. New residential Projects in Greater Noida West is a gem of a deal in recent years in the city, not
Real estate rates in Pune: Recently real estate rates in Pune are sky-rocketing which is causing the investors to stay away from the city. Property rates here even in the outskirts like flats in Moshi and Kharadi flats have risen dramatically forcing people to rethink their decision to buy a house here. If property rates in Pune do not come down soon then realty sector may face stagnancy. Oversupply of properties: Since the real estate rates in this city are very high people are unable to buy residential property. This has resulted in piling of inventory and over supply of property for sale in Pune. Even Pune properties resale are not witnessing any movement.
Lack of trust: Lack of builders accountability has affected the consumer trust in the real estate market. Late delivery of property for sale in Pune has affected the consumer trust. People are now unwilling to buy property for sale in here in under-construction projects and properties in ready to move in projects prove to be very expensive. Uncertainty in Government policies: Since a very long time there is uncertainty that the government
Are you at that point in life when you are considering buying a home? It is a tough decision to make and the whole process can seem daunting initially. But if you keep in mind certain suggestions, it will be easy for you to take the plunge. Here are some tips that will help you make the right choice:
Get in touch with your own needs
First, you need to understand your needs. Ask yourself why you are buying a house. Are you buying a house for investment or to move in? Also, you would need to understand what your lifestyle and budget are. Would you prefer a cosmopolitan locality or would you prefer a locality that you have always grown up in? How big should your home be? What is your priority – schools in the vicinity? Office a stone’s throw away? Ask all these questions and jot down your answers honestly. Once you get the answers to all these above questions, you should zero in on the locality, the BHK requirement and the budget.
Budgeting is important
Have an adequate buffer after allocating funds for a down-payment. Banks offer between 80 and