Buying a home advertised as needing a little TLC shouldn’t be taken lightly. Although TLC is more of a slang word than legal description, real estate brokers typically don’t add the definition to houses that need only a bit of freshening up. They know that buyers search for “TLC” when they are looking for great real estate deals, so they save that definition for properties that require a bit more courage—and cash—to buy and fix up.
In competitive markets, you’ll often walk into an open house that has been deep-cleaned, upgraded, and staged with stylish furniture. That’s nice, but if you’re not careful, you may miss a multitude of problems. You shouldn’t be overly impressed by the fact that a house looks and smells nice. (You may, however, be rightly appalled by a home that looks and smells atrocious.)
If you’re a first-time home buyer looking for a starter home, or if you just need to find a house you can afford, it’s especially easy to make a mistake in the home-buying process.
No matter how hot the market is or how rushed you feel to get a deal before someone else buys the property you have your eye on, be sure you like the neighborhood and aren’t getting into a fixer you may regret.
If you’re selling your home, you might wonder if there are common repairs needed after a home inspection. Most buyers, after all, won’t commit to purchasing a place until there’s been a thorough inspection by a home inspector—and rest assured, if there are problems, this professional will find them!
So if your home inspection turns up flaws that your home buyer wants fixed, what then? To be sure, repair requests after an inspection are a hassle, and liable to cut into your profits. So for starters, make sure to read your inspection contract carefully to make sure you don’t get locked into mending something you don’t want to fix.
Millennial veterans and military members are helping fuel the resurgence of the historic VA loan program. Last year’s 700,000-plus loans were more than double the agency’s total from five years ago.
Younger buyers in particular have flocked to these government-backed mortgages during a time of tight credit and flatlining wage growth. The VA says millennials accounted for about a third of all VA loans last year.
These low-interest loans offer qualified buyers a wealth of benefits. That’s especially true for millennial borrowers, who often have dented credit or minimal savings. This $0 down payment loan program was created to help level the playing field for those who serve our country, and it’s still doing so today.
“VA loans offer an extraordinary opportunity for veterans because of lower interest rates, lower monthly payments, no or low down payments, and no private mortgage insurance,” said Jeff London, director of the VA home loan program.
While it’s tempting to waive contingencies to make your offer more compelling, it can leave you unprotected from a bad investment.
Amid those dynamics, the median price of an existing home reached $356,700 in August—a nearly 15% uptick compared to a year earlier, according to the National Association of REALTORS®.
To feel more prepared, creating a budget and considering all the costs of homeownership are essential, financial experts say.
Buying a property is a complex transaction. And getting the money from the buyer’s bank to yours involves a multitude of steps that safeguard both parties.
So just how does that sweet offer turn into your cold, hard cash? Follow the money from offer to closing.
Many of today’s homebuyers are suffering from sticker shock—and not just over astronomical home prices.
Nearly half of homeowners, 44%, report they weren’t aware of the costs associated with buying a home, according to a Realtor.com® survey in July of nearly 3,000 adults, including 1,800 homeowners. (About 400 of the respondents were buyers who purchased a home within the past 15 months.) This includes paying for things like a home inspection, document fees, property taxes, home insurance, and title fees. About 11% weren’t even factoring in moving expenses.
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You remember the décor challenges your dorm room presented: particleboard furniture, bleak cinder-block walls and a roommate’s unsavory decorating decisions.