Updated:
Sunday, October 25, 2020
The Differences Between Financing New Construction and an Existing Home
Written By: David Reed
Financing for new construction as well as financing an existing home both involve getting a loan with real estate as the collateral. Theyre both the same in that manner but clearly different in others. Lets look at the differences between financing new construction and financing an existing property.When someone decides to buy an existing home a...
When youre considering buying a home, there are two terms youll hear, both of which are >Understanding these terms is critical because theyre going to help you know what you can afford as you search for a home, and theyre also how youre going to demonstrate youre a serious buyer to a seller.Both are similar in that they are steps along the way t...
"Nuisance" has been defined as "something that causes harm" and "a bit of a bother." Nuisances are a pretty common occurrence in homeowner associations since living in close proximity is bound to create friction from time to time. Most HOA governing documents include language like: "No resident shall engage in offensive activities which are a nu...
Homeownership. It shifts so many things. If youre coming from an apartment, you may experience conveniences like direct-access garages and walls that arent shared for the first time. If youve been renting a home, you will probably feel a new sense of security and peace of mind once the mortgage is in our name. Not to mention the itch to repaint,...
The Federal Housing Administration insures what are called FHA loans. These mortgage loans provide opportunities for buyers with less-than-perfect credit or limited down payments to purchase homes, but they arent without potential pitfalls.FHA loans are available to borrowers with a credit score of at least 580, and you have to make a minimum 3....
Owning real estate overseas is often a lifelong dream. It can look different for everyone. For example, maybe your goal is to retire in Tuscany, or perhaps you want to buy a second home but keep your primary residence in the U.S. You might want to purchase property now where youll live later, or you could want to move overseas full-time.Regardle...
As the pandemic evolves, real estate professionals continue to adapt to changeboth for themselves and their clients.Over the past months, I have been struck by repeated situations in the media and on social media that reminded me that professionals in all fields often overlook opportunities to improve adaptability while in the midst of change.Wi...
If youre in a tough sellers market or just looking to get top dollar for your home, you want to do any little thing you can to make your house stand out in a potential buyers mind. Staging is one of those things that can make the difference between a sold sign and a house that lingers on the market.The National Association of Realtors suggests t...
If youre a homeowner and thinking of maybe refinancing or youre out shopping for a new home, certainly interest rates are part of the picture. Rates determine your monthly mortgage payment as well as determine affordability. In either case, its important to know that any rate you see advertised on the internet or a rate you get from your loan of...
Online dating is a big business; according to eharmony, forty percent of Americans use online dating and twenty percent of all committed >Be smartWhen you create a dating profile, youre trying to capture the essence of your beauty and personality. Apply the same principle to your home for sale. If youre not certain what your homes best features ...
Sometimes we dont focus on distinguishing between a buyers agent and a sellers agent, but understanding the differences is important when youre choosing someone to work with. The terminology can also get a bit confusing.A buyers agent is also called a selling agent because they help buyers find properties. A sellers agent is referred to a listin...
Question: Our By-laws indicate that expenses are shared equally. We have one and two bedroom units that vary significantly in size. Dividing expenses equally seems unfair. Can we simply vote to change it? If so, how many need to vote in favor of it?Answer: Occasionally, developers propose an expense allocation like the one you describe. Its easi...
The real estate market remains hot right now, despite economic headwinds. Many people want to jump in and buy a home or upgrade their current home to a new one for good reason. Interest rates are incredibly low, so now could still be a buying opportunity, despite limited inventory and high prices in some locations.If your credit isnt perfect, yo...
Having trouble sleeping? Or staying awake? Feeling down? Or stressed? Maybe you just need a new paint color.Turns out that the colors you use in your home can impact more than just the way it looks."Home decor is often viewed as simply a matter of aesthetics - what looks attractive. But proponents of color psychology believe that the colors you ...
The idea of purchasing a home at a deeply discounted price is appealing to most people, but these situations can come with strings attached. One way to get a deal on a property is to buy a short sale, but the transactions are complex and risky.Short sales are transactions where a home is sold for a lower price than the debt thats owed. When a ho...
Recently the Arbor Day Foundation, one of the largest conservation foundations in the world, presented its Champion of Trees Award to the City of Toronto.The award recognizes exemplary leadership to develop and implement new policies and practices for municipal tree planting and care, natural area stewardship or arboriculture.Toronto has planted...
One of the more important documents a lender reviews when a loan application is first submitted is the property appraisal. In reality, once a loan application is turned in, there will actually be two separate approvals- one for the applicant and one for the property. The application is documented with a combination of borrower-provided paperwork...
Question: My husband and I own our house free and clear. We purchased it in the l960s for 30,000, and have added approximately 50,000 of improvements over the years. We are at the stage in our life when we can no longer take care of the house, and are planning to give the property to our only son, and then move into a retirement home.We believe ...
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