If the decision involved only weighing basic rent against a mortgage payment, the choice of renting or buying might be simple. However, there are a number of other factors, and some costs that you might not have considered when you commit to either a home loan or a year's lease.
While the decision to rent your first apartment may have been a breeze to make, when it's time to weigh the pros and cons of buying a home or condo, continuing to rent that apartment, or signing a long-term lease, there are a host of other considerations, not all of them financial.
Let's look at the pros and cons of each:
There are the immediate costs of applying for a loan, but you must also tally up and find funds for earnest money and down payment, closing costs that include appraisal and inspection fees, title and mortgage insurance, homeowner's insurance, taxes, possible transfer fees and moving costs. It all adds up and the total can range between two and four percent of the total home price.
Then there are the recurring costs. When you own a home, you commit to the following monthly payments:
- Mortgage loan, usually including private mortgage insurance and property taxes;
- Homeowners insurance; sometimes this amount is included in the loan, or it may be paid separately;
- Utilities, including electricity and/or gas or oil for heating...
For some people, a fixer-upper is the ideal home because it allows them to start with something old and turn it into something new that suits their tastes exactly. When looking for a new fixer-upper home, it’s important to know what to look for to avoid buying a home that’s in such poor condition it isn’t even worth renovating, so here are a few things to keep an eye out for when looking at fixer-upper homes.
First: How Much is Too Much?
When considering a fixer-upper, it’s important to take into account how large of a project it’ll be. Not all fixer-upper homes are created equally, and it's important to proceed as you would in any home buying process. Some may just have a couple big jobs that need to be done to make it feel like home, while others may need to be completely gutted and reworked from the inside out. Before committing to a fixer-upper, all buyers should decide just how much work they’re willing to do on a home before beginning their search for one.
How the home is configured can be one of the most difficult things to change when it comes time to start renovating. An example of bad home layout is having bedrooms directly beside the family room or living room. When looking for a fixer-upper home, finding one with an acceptable layout can save the buyer a lot of money and...
The modern marketing landscape can look complex. There are more tools than ever before for reaching the prospects who may do business with your brand. However, no matter how many new apps, platforms and networks come out, the fundamentals remain the same. The best marketing for your brand is an excellent customer experience.
Let Your Customers be Your Ambassadors
In your personal life, are you more likely to be drawn to a brand based on an advertisement or the recommendation of a friend? Most of us are more likely to trust the people around us to guide us toward quality products and services. In a recent study, it was found that 92 percent of shoppers trust online reviews.
The reasons behind this is common sense. First, a third party making a recommendation is thought to have no motivation related to the brand. They're a customer; they are relating their own experience and giving recommendations to other consumers. Second, when the recommendation comes from someone who you know, whether they are personally known to you or familiar through social media, the trust you feel toward them transfers to the brand they are recommending.
To harness this power for your brand, you must make the customer experience excellent. Talk to clients to learn where your process can be improved. Do they want a larger selection of products? Shorter wait times? Within reason,...
The home-buying process can be a stressful and overwhelming one, rife with paperwork and searches, and filled with days and weeks and sometimes months of searching that eventually—hopefully—cumulate in the purchase of a home. If you're one of the many people thinking about buying a new home, here are some steps to prepare yourself.
Preparing in the months before your home purchase can help increase the chances that you get the property you want, be it in Georgetown or elsewhere. Follow these tips to separate yourself from the competition:
Attend Open Houses
Many people do their real estate research by combing through listings online, but seeing homes in person can make a big difference. Open houses are an important reality check for home buyers. These events also present opportunities for home buyers to meet and ask questions of real estate agents and home sellers. Attend open houses before you even fully begin searching to give your home search focus and direction.
After each open house, take time to drive around each neighborhood looking for eateries and conveniences like grocery stores and gas stations. Doing this kind of research will help you zero in on the neighborhoods where you'd like to focus your attention.
Know Your Priorities