Home buyers and sellers will hear the term closing costs bandied about constantly. They may not know exactly what they are and what they cover, but they know there's a bit of a power struggle going on with who's going to pay for them. It's a general rule that they're covered by the buyer, but the seller may choose to pay for them in an effort to sweeten the deal. But before accepting or negotiating an offer, it helps to know exactly what closing costs are first.
Closing costs are paid to the lender and affiliated professionals for any and all work that must be completed before the loan is officially processed and closed. Buyers are required to receive paperwork that states both the estimate of the loan and disclosure of all fees. When it comes to the lump sum of money a buyer pays, it typically amounts to between 2 and 5% of the total purchase price of the home. While a 3% range may not sound like a lot, it could be thousands of dollars worth of additional costs on top of what a home buyer is already paying.
How Costs Are Totaled
Closing costs vary based on the work done to the home as well as the circumstances behind the home loan. Part of budgeting for closing costs is picking a loan that will subvert at least some of the additional fees. Closing costs vary based on whether or not buyers choose an adjustable-rate or a fixed mortgage, so research is pivotal when it comes to picking a lender for your Market Common...
After making an offer on a home, home buyers applying for a mortgage must get a homeowner's insurance policy. When that happens, it's helpful to know exactly what homeowners insurance is, about how much it costs, and whether or not it's a requirement of purchasing the home. For a new home buyer, this guide can help.
What Is Homeowner's Insurance?
Homeowners insurance is a type of insurance that insures a dwelling and belongings in the event of a covered disaster. Homeowners insurance usually comes as a package that includes a variety of other protections, like liability insurance to protect homeowners from legal action in the event that someone is injured on the property.
Is Homeowner's Insurance A Requirement?
Homeowners insurance is usually a requirement if the homeowner gets a mortgage. Lenders require buyers to get insurance to protect the property. Insurance coverage must be in place when the home is bought or the financing will not go through.
The mortgage lender will continue to require proof of insurance throughout the life of the loan. In the event that the insurance coverage lapses, the lender will purchase a policy for the buyer and add the payment for the policy to the monthly bill. Typically, these insurance policies are much more expensive than the policies that homeowners would get on...
Outdoor living space is all the rage! Whether you're a homeowner just converting a small patio, or you're a home buyer working on the design for your new house, installing an outdoor living space can boost your home's value and improve your quality of life in the process. A good outdoor living space will include the comforts of home, a place to make food, privacy, and electricity. When you're working on your plans for your Litchfield by the Sea outdoor living space, these tips will help.
Make the Space Comfortable
Today's homeowners like to buy sophisticated furniture for their outdoor spaces. In fact, a lot of outdoor furniture is nearly as comfortable as indoor furniture! In addition to cushioned outdoor patio furniture, buy some extra blankets and throw pillows to keep on hand while you're lounging in comfort outside. To the side, install a water proof outdoor storage bin where you can keep your blankets and pillows safe when they're not in use. These comforts are especially useful when hosting outdoor parties in chilly weather.
Turn On The Heat
Every living space needs a heat source, and your outdoor living space is no different. If you're on a budget, a simple fire pit will do. If you have a bigger budget, an outdoor gas fireplace could be even better. Talk to a licensed contractor if you're thinking...
Moving can be a chaotic time. Between packing every last thing into a box and making sure it gets onto the moving truck and then unpacking at the new home, it can be a wonder that anyone is able to keep track of it all. Here are six strategies homeowners can use while moving into a new home to stay as organized as possible.
1. Start Early
Packing an entire home’s worth of possessions is going to take a long time, and there’s no way it can be done in the two days before the move date. Starting early can help prevent the rush right before the deadline where everything gets thrown into the nearest box, and it can also allow the homeowner to take inventory of everything they have so nothing gets lost or overlooked.
2. Get Rid of Excess
Packing to move can be an excellent time to really sort through possessions and weed out things that are old, broken, or never used. Space is limited on the moving truck, so it’s important for homeowners to get rid of the things they no longer want or need. This can making packing much more efficient because homeowners don’t have to worry about as many boxes making it from point A to point B.
3. Pack One Room at a Time
When packing to move to a new home, it’s easy to get disorganized. However, homeowners can help keep everything...