Tag Archives: buying

Face it! We are up to our eyeballs in the digital age.

Face it! We are up to our eyeballs in the digital age, and your house needs to be become part of the adventure. Everyone is looking for “Hey Google” this, “Alexa” that “Cortana” help, or “Siri” that. This trend is one that will not go away. It is here to stay.

google nest mini 2
google nest mini 2

Many older homes are not fully wired for internet or any other digital gadget that the world of communication is throwing our way. Sure, some of them come with the alarm system, wired smoke alarm, or internet accessibility in every room, but for today’s buyer that may no longer be enough.

 

Rewiring the home properly for internet could be an expensive and time-consuming undertaking and the price will vary depending on how large your home is, such as a two story and the type of foundation. That is why many of the internet providers just string your internet/TV service wire on the outside of the house and not through the walls, ceiling, or crawlspace/basement. It would be better to have someone do it properly for you prior to scheduling your cable and/or internet service.

We chose to have our house rewired properly. If the cable provider wants to make any cable upgrades, they must come down the wall like all the others. We only have one main entry point from the outside of the house and on the inside the wiring will remain the same. That means if the interior wiring also needs upgraded, the installers will have to make a trip into the attic.

Smart OutletAlso, changing out some of your electrical outlets for outlets with USB charging connectors is a low-cost way to add to your device charging stations.

 

Another reasonably priced gadget to install is the keyless entry door locks. These upgrades are convenient and will also prevent you from being locked out of you home. The lower priced units do not have wify access, but the more expensive one do. When you would like to open your house remotely you would have to get the internet enabled keyless entry units and the price will vary depending on the brand and features you are looking for.

keyless entry lock
keyless entry lock

In this day and age you have all kinds of toys you can add to your home that are Wi-Fi enabled and fun to play with. Lights, heating/cooling, ceiling fans, vacuum cleaners, appliances, faucets. They sky is the limit.

 

The bottom line is you might have to be prepared that today’s buyer is at least looking for some smart-home tech that is included in the deal: smart thermostats, smart smoke/carbon monoxide detectors, smart home security cameras, and smart locks.

Stop trying to buy a home you can’t afford!

Just because your best friend just bought a home does not mean that you are financially ready to purchase one yourself. 

You do not know their full true financial situation and unless you have set down and written down all your own expenses and income, you do not know if you can afford buying a home yourself. Just because you think you can make a certain house payment does not mean you can.  

Moving Day
So, before you start looking for your dream home you need to look at your personal financial information.

Yes, I understand you want to move out of your apartment or parents’ house and finally have your own house, but you first need to look at your own financial plan before purchasing your brick and mortar home. So, before you start looking for your dream home you need to look at your personal financial information. 

What are my bills? This includes your monthly expenses like utilities, rent, insurance, credit cards, food, gas, clothing, automotive repair and maintenance expenses, and any other monthly expense you have. When you need to pay child support or have judgments you are paying on, you need to include them. Garnishments will show up on your paycheck as deductions. 

What is my income? Pull up at the minimum 3 months of current and consecutive paychecks. This will give you a good average of your income situation. 

Have you looked at your current credit report? I don’t mean looking at your credit score. I mean looking at the things that are listed in your credit report. Every time you are late with any form of payment it is being reported to the credit reporting agencies.  

Financial Situation
After looking at your entire financial situation, you can then determine if you can afford a mortgage payment of no more than 25% of your monthly take home pay.

After looking at your entire financial situation, you can then determine if you can afford a mortgage payment of no more than 25% of your monthly take home pay. That mortgage payment needs to include the insurance and taxes on the home you are planning on purchasing. If the proposed payment of a house you are considering causes you to need a 30 Year mortgage, you may need to consider the size of  home you will purchase, or you need to pay off some of the current expenses you may have. 

Why should anyone try to acquire a 15-year mortgage for your home purchase? Very simple. You should be able to own your home free and clear and not have a mortgage payment for the rest of your life. 

A forbearance will not forgive a loan

I have daily headlines coming over my news subscription feed about more and more consumers asking their mortgage companies for a forbearance. 

First, what is a forbearance? In simple terms, and per “The American Heritage® Dictionary of the English Language, 5th Edition”, a forbearance is “The act of giving a debtor more time to pay rather than immediately enforcing a debt that is due.”. 

In short, you’re asking to postpone paying the monthly debt you owe your mortgage company. You still owe that money and you’re just asking the mortgage company for more time to make that payment.  

What I am finding is that many confuse forbearance with debt forgiveness, or loan modification

Debt forgiveness is a cancelation of all or part your debt. Your creditor, in this case the mortgage company, relieves a debtor from a debt obligation. 

A loan modification in simple terms is when a change (modification) is made to your current loan. This change could be temporary or permanent. It could be a reduction of the interest rate, longer repayment plan, or even a different type of loan.  

To find out what options you have, you need to contact your lien holder directly. The one thing not to do is nothing, especially when you cannot make your debt payment in time. 

Potential Meth Lab Homes now complicate the buying process even more

Buying a home sometimes can be a roller coaster ride. You now have to watch out for meth labs when buying any home. Not only the production, but also casual smoking of tenants or seller will contaminate the house, Continue reading Potential Meth Lab Homes now complicate the buying process even more

Buying homes through a tax sale

There are many different ways to invest in real estate. The more common known due to some of the DYI shows on TV are the rehabbers/flippers and the income/rental properties.

Another way to invest in real estate is tax sales. Continue reading Buying homes through a tax sale

Paying for your investment properties

Since the mortgage meltdown, it has become harder and harder for Real Estate investors to receive financing through a traditional lending company and many of them have to find additional means to finance their investment properties. Continue reading Paying for your investment properties

Things to consider before you jump into buying your house.

You are graduating from college, you have your first real job in your field of expertise, and you are ready to purchase a home and get out of the apartment you are currently in.

Before you consider looking at homes on the internet, or with a REALTOR, there are several things you should do first. Continue reading Things to consider before you jump into buying your house.

Settles Report for 9/1/2014 to 9/8/2014

Last week we did not publish the Settles Report. We questioned some of the reported numbers that where subsequently corrected, but too late for us to publish the report during that week.

Continue reading Settles Report for 9/1/2014 to 9/8/2014