| 6 Creative Ways to Afford a Home |
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If your income and
savings are making homebuying a challenge, consider these options. 1. Investigate local, state, and national downpayment assistance programs. These programs give loans or grants to cover all or part of your required downpayment. National programs include the Nehemiah program, http://www.getdownpayment.com, and the American Dream downpayment fund from the Department of Housing and Urban Development. http://www.hud.gov/news/release.cfm?content=pr02-014.cfm 2. Get the seller to provide financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you do with a mortgage. 3. Consider a shared-appreciation, or shared equity, arrangement. Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and thus share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and maintenance costs, but all the investors' names are usually on the mortgage. There are companies that can help you find such an investor if your family can't participate. http://www.hsh.com/whysam.html or http://www.bankrate.com/brm/news/mtg/20000907.asp 4. Get help from your family. Perhaps a family member will loan you money for the downpayment and/or act as a cosigner for the mortgage. Lenders often like to have a cosigner if you have little credit history. 5. Lease with the option to buy. Renting the home for a year or more will give you the chance to save more toward your downpayment. And in many cases, owners will apply some of the rental amount toward the purchase price. You usually have to pay a small, nonrefundable option fee to the owner. 6. See if you can qualify for a short-term second mortgage to give you the money to make a higher downpayment. This may be possible if you have a good income and little other debt. |
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1. Raise your deductible.
If you can afford to pay more toward a loss that
occurs, your premiums will be lower. 2. Buy your homeowners and auto policies from the same company and you'll usually qualify for a discount. But make sure that the savings really yields the lowest price. 3. Make your home less susceptible to damage. Keep roofs and drains in good repair. Retrofit your house to protect against natural disasters common to our area, such as hurricane shutters. 4. Keep your home safer. Install smoke detectors, burglar alarms, and dead-bolt locks. All of these will usually qualify for a discount. 5. Be sure you insure your house for the correct amount. Remember, you're covering replacement cost, not market value. 6. Ask about other discounts. For example, retirees who are home more than working people may qualify for a discount on theft insurance. 7. Stay with the same insurer. Especially in today's tight insurance market, your current vendor is more likely to give you a good price. 8. See if you belong to any groups—associations, alumni groups—seniors--that offer lower insurance rates. 9. Review your policy limits and the value of your home and possessions annually. Some items depreciate and may not need as much coverage. 10. See if there's a government-backed insurance plan. In some high-risk areas, such as coasts, federal or state government may back plans to lower rates. Ask your agent. |
| 1. A real estate transaction
is complicated. In most cases, buying or selling a home requires
disclosure forms, inspection reports, mortgage documents, insurance
policies, deeds, surveys, elevation certificates and multi-page government-mandated settlement statements.
A knowledgeable guide through this complexity can help you avoid delays or
costly mistakes. 2. Selling or buying a home is time consuming. Even in a strong market, homes in our area stay on the market for an average of 120 days. And it usually takes another 60 days or so for the transaction to close after an offer is accepted. 3. Real estate has its own language. If you don't know a CMA from a PUD, you can understand why it's important to work with someone who speaks that language. 4. REALTORS® have done it before. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. And even if you've done it before, laws and regulations change frequently. That's why having an expert like Ken Baran on your side is critical. 5. REALTORS® provide objectivity. Since a home often symbolizes family, rest, and security, not just four walls and roof, home selling or buying is often a very emotional undertaking. And for most people, a home is the biggest purchase they'll every make. Having a concerned, but objective, third party helps you keep focused on both the business and emotional issues most important to you. One of the most stressful parts of any
transaction is the negotiating. We can help you through this process and
help make your purchase a pleasant experience. |
| 1. What are your
qualifications? Are you a member of the American Society of Home
Inspectors or National Association of Certified Home Inspectors? 2. Do you have a current license? Inspectors are not required to be licensed in every state. 3. How many inspections of properties such as this do you do each year? 4. Do you have a list of past clients I can contact? 5. Do you carry professional errors and omission insurance? May I have a copy of the policy? 6. Do you provide any guarantees of your work? 7. What specifically will the inspection cover? 8. What type of report will I receive after the inspection? 9. How long will the inspection take and how long will it take to receive the report? 10. How much will the inspection cost?
Baran Realty always recommends having every
property inspected prior to purchase subject to the terms of the contract. |
| Condominiums and
townhouses offer an affordable option to single-family homes in most
areas. But consider these facts before you buy: Storage. Some condos have storage lockers, but there are no attics, garages or basements to hold extra belongings. Most townhouses have some attic storage available and some have garages. Outdoor space. Yards and outdoor areas are usually smaller in townhouses, and condos have no yard but usually have some balcony space available, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you hate yard work, this may be the perfect option for you. Amenities. Many condo and townhouse properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home. Maintenance. Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you're not home. Security. Many condos have keyed entries and or even doormen. Plus, you'll be closer to other people in case of an emergency. Reserve funds and association fees. Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees agreed to by the condo board, or homeowner's association whether or not you're interested in the amenity. Resale. The ease of selling your unit is more dependent on what else is
for sale in your building, since units are usually fairly similar.
Single-family homes are usually more individual, so even if there are
others for sale in your area, they probably won't be exactly like yours.
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| Credit scores,
along with your overall income and debt, are a big factor in determining
if you'll qualify for a loan and what loan terms you'll be able to qualify
for. 1. Check for and correct errors in your credit report. Mistakes happen, and you could be paying for someone else's poor financial management. 2. Pay down credit card bills. If possible, pay off the entire balance every month. However, transferring credit card debt from one card to another could lower your score. 3. Don't charge your credit cards to the maximum limit. 4. Wait 12 months after credit difficulties to apply for a mortgage. You're penalized less for problems after a year. 5. Don't order items for your new home you'll buy on credit—such as appliances—until after the loan is approved. The amounts will add to your debt. 6. Don't open new credit card accounts before applying for a mortgage. Having too much available credit can lower your score. 7. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time. 8. Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management. |
 Buying a home? |
| Welcome to Southeast Florida Real Estate BaranRealty.com. We specialize in Deerfield Beach Homes For Sale, Lighthouse Point, Boca Raton, Delray Beach, Pompano Beach, Fort Lauderdale, Parkland, Delray Beach, Coconut Creek, Florida. For more info click the "Buyers Button" (top left) |
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Selling
your home? |
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With Baran Realty, Exposure, exposure,
exposure, is what you get!!! For more info click the "Sellers
Button" (top left) Your Property will be showcased online at BaranRealty.com We specialize in Deerfield Beach Real Estate, Deerfield Beach Homes For Sale, Deerfield Beach Waterfront Homes For Sale, Deerfield Beach Luxury Homes, Deerfield Beach Condos, Deerfield Beach Agent, Deerfield Beach Waterfront Properties, Deerfield Beach Waterfront Property, Real Estate in Deerfield Beach, Real Estate For Sale in Deerfield Beach, Luxury Homes in Deerfield Beach, Waterfront Property in Deerfield Beach, Waterfront Real Estate in Deerfield Beach, Deerfield Beach Waterfront Condos, Deerfield Beach Condominiums, Deerfield Beach Residential Real Estate, Deerfield Beach Houses For Sale, Deerfield Beach Deepwater Homes, Deerfield Beach Properties, Deerfield Beach Oceanfront Property, Deerfield Beach Oceanfront Properties, Deerfield Beach Oceanfront Condos, Deerfield Beach Oceanfront Condominiums, Lighthouse Point Real Estate, Deerfield Beach Real Estate, Delray Beach Real Estate, Fort Lauderdale Real Estate, Pompano Beach Real Estate, Parkland Real Estate, Coconut Creek Real Estate |