Archive for the ‘Buying’ Category

When you first think of buying a flat and putting that first foot on the UK property ladder you can be rendered almost speechless from excitement. You’ll fly through the flat viewing process keen on buying something as soon as possible and when you feel you have found the perfect pad you’ll only notice the airy rooms and magnificent views and casually ignore a ceiling that is bent on imminent collapse and the encroaching mildew in the bathroom. This is exactly why it’s vital that you are pedantic to the point of neurosis about the flat buying process, which is best done with a guide or checklist for buying a flat clutched firmly in your hands.

Before you even start thinking of what sort of flat you’ll be buying, you need to sit down with your partner and work out a long-term payment plan. You need to consider whether buying a flat at that particular stage in your life and that moment in the property market makes both long-term financial sense as well as short-term ‘real life sense’. If your mortgage repayments will allow for very little other expenditure you may have to put off buying a flat for or a while, at least  until you can also afford a tin of paint and some furniture with which to fill up that exquisite 19th century lounge. Luckily, one advantage of the banks being so cautious about lending out money is that you’ll be given a good indication of what you can afford when you apply for a mortgage.    

The next step is the fun part: you can start thinking about whether your flat buying aspirations extend to a ‘period piece’ flat, a fixer-upper or if you want to be the first in a brand new complex. You should also consider what area you would like to live in and what amenities the area has, such as transport networks and schools. Then you need to imagine the area in 20 and 40 years time before you seriously consider buying a flat there. Ask yourself if there is a lot of rapid development taking place and if businesses are likely to cause residential properties to depreciate in value in the future. Other considerations include the crime rate and distance to your job.

Once you’re seriously considering buying a particular flat you need to look at every nook and cranny critically and if you’re unable to do this, take along your most pedantic accountant-type friend for advice. Buying a flat is the one time in your life where negativity will work in your favour: take a list of questions along to ask the owner and consider any potentially big problems that may arise out of existing small problems and what they will cost to fix.

However, your reserve should end once you have completed the flat buying process and chosen the perfect flat because now you are ready to throw yourself into making it your home and enjoy the advantages of owning property.

Timespared is a website which will supply you with a choice of customized flat buying checklists to ensure that all the i’s are dotted and t’s crossed and that your plans run smoothly.

Author: Frances Van Den Berg
Article Source: EzineArticles.com
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Buying a home is one of the most exciting times in a person’s life. Not only is it a huge financial investment but it can also turn out to be one of the best assets later in life. When buying a home, it is viewed as a long-term decision it typically tends to pay off and be a smart investment. The proper way to go about making this type of monumental decision is to define your goals and how you plan on achieving them. This, of course, relates to all parts of life not just buying a home.

Setting Goals

As you examine your goal on buying a home there are several things that need to be taken into consideration. The most obvious is how much home you can afford. This is a very important question because you may be paying on your home for the next 30 years. You don’t want to be strapped month-after-month just trying to make your mortgage payment or worse, losing your home because you get behind on your mortgage payments.

The length of time you plan on owning your home should also be evaluated as you develop your goal to buy a home. You may be buying your very first starter home or planning on building your dream home. It is important to know because it will affect many of your decisions later down the road.

Pre-Approved for a Home Loan

Getting pre-approved for a home loan is a critical step in the home buying process. It tells real estate agents and home sellers that you are serious about buying and know what you can and cannot obtain. Nobody likes to have his or her time wasted or works for free so be courteous and prepared when you start the home buying process. Getting pre-approved for a home loan accomplishes several critical items. First off, you find out what a bank is willing to lend you and secondly, you can find out if there are any problems areas that need to be fixed within your credit history.

Down Payment

There are several types of programs available for first-time homebuyers to get into a home without having to save 20% of the purchase price as a down payment. However, many lending institutions like to see at least 5% saved for a down payment. There are advantages to being able to put 20% down on your new home purchase. Maybe the most important, you won’t have to borrow as much money and save in the long run. Also, most lending institutions require private mortgage insurance if the 20% is not met. This just adds cost to your overall home loan and increases your monthly mortgage payment. Plan on saving as much money as you can before buying. Put together a monthly budget that allows you to save, save, save.

Schools, Neighborhoods, and Time

Price is usually the motivating factor when buying a home and often times dictates the neighborhood you live in. In all honesty, this should not be the case unless it fits with your long-term goals.

If you have children you may want to check out the schools in several neighborhoods to find one that will suit your children best, ones that have easy access, and transportation.

If you spend a lot of time at work, which most of us do, you may want to drive the commute during the rush hours to see what you will be dealing with. This goes for any other important places that you will be frequenting. The key is to determine if you can live with the time it takes and possibly the lack of convenience of getting to your destination. Many times this most likely is not an issue but don’t you want to know that you will be sending an hour and a half each day on the freeway?

Must Haves

When buying a home we all have our wish list. On this list we have things that we must have and things that would be nice to have. This list comes in handy when the cost of having everything on the list outweighs what you can afford. Typically, the more things you require the higher the price of the home. Know what you can do without in order to control those costs.

Tips for Buying a Home

• Shop and compare home loan products
• Know your needs and wants in a home
• Take your time – don’t rush
• Be persistent and check the market daily
• Don’t make hasty decisions
• Don’t spend more than you can afford
• Get a home inspection

Boise Real Estate is a fast growing, quickly changing environment. BoiseRealEstateInfo.net provides resources, statistics, and information for individuals and families looking at moving to Boise Idaho.

Author: Jason Deines
Article Source: EzineArticles.com
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For most potential buyers there are many options when looking at what sort of home to buy in any given area. Most areas have a variety of new construction, previously owned homes, and older character homes. It can be tempting to buy an older “fixer-upper” or pre-owned home that needs renovations in order to save some money, but buyers should look at new growth in their preferred area as well.

Buying into a new development can be a bigger money-saving investment than many potential buyers think. When you consider time and money that could be saved if you didn’t have to renovate or replace decorating details that might not have been updated since the Age of Aquarius, buying a newly constructed home makes a lot of sense. Most new homes come with a warranty which can also save you money if any issues come to light during the first few years after construction is complete.

When you buy into a new neighborhood development under construction there are a number of pros and cons to consider depending on what stage of construction the company is at when you buy in.

Before the company actually starts the building is one particularly good time to buy in; the pricing may be significantly cheaper because they need to pre-sell a certain percent to get their financing for the development. The drawbacks to buying in before construction starts, however, are that it will take longer to actually get your house and the developer may increase the price of your house before it’s completed because there is no set-in-stone contract that early in the process. You do have more say in any customisations that you’d like to see in a home if you buy in early though.

If you buy into the project when the homes are being built there are still many opportunities to have your say about the final result. If you buy a home that isn’t finished you can choose upgrades and colos for the finishing. When the construction is underway is a good time to look at the quality of building going on in the neighborhood as well; ask if you can have a tour through a partially built home to see what the inside of your walls are going to look like.

Buying into a project when it’s complete will still give you the benefit of moving into a brand new home but you will not be able to make any decisions about finishing that you might have had otherwise. Many of the homes that are built without being pre-bought will have just the default basic flooring and appliances which can make them a little cheaper to purchase. You may want to take the money you saved in this way and invest it into better flooring or a nicer fridge. If there are only a few units or homes left when you’re looking at buying into a development you might be able to talk them into taking less than asking price because the company will be looking at moving on to their next project.

All in all, there are many reasons to buy any particular kind of property, but if you’re looking for a clean, new living space that you get to help pick out the finishing details, then pre-construction and new developments might just be what you’re looking for. Make sure that you deal with a reputable builder and do your homework before you make your decision.

Begin your search for Washington DC real estate at LaurenKlineRealEstate.com. Her team will help you find the perfect Washington or Montgomery County home.

Author: Lauren Kline
Article Source: EzineArticles.com
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Yes, it’s your money of course you can.

   The 401(k) is simply a section in a bill passed by Congress in 1978 to encourage Americans to save money for retirement. Congress wanted a way for people to save money free of State and Federal taxes. The Tax Reform Act was passed and declared in it was Section 401 paragraph k declaring a tax-deferred savings plan for employees. The 401k plan offers:

• Free money matched by your employer
• decreased taxable income
• automatic deposits from your paycheck
• peace of mind when you retire and need money

   Today, the 401k retirement plan is the most popular. People are becoming creative with the ways they want to spend it. I get a lot of people asking me, “Can I use my 401k to buy a house?” and my response is always yes.

Can I use my 401k to buy a house? Absolutely, it’s your money. You were the one with the job, you were the one who pulled the money out of your paycheck and you were the one who specified what to invest in. It’s your money like any other investment. But I wouldn’t recommend you spending it on a house. I would be more creative in finding alternative ways of making money to buy a house.

I recommend saving a few dollars and investing it for a short period of time then using it to buy a house. Learn how to double your money [http://www.squidoo.com/forex-auto-system-robot-strategy] every month.

What are the Pros to using my 401k to buy a house?

If you’ve been investing for a long time then you may have enough to put a 20% down payment on your house.

   In today’s economy it’s becoming very hard to get a great home loan. You probably won’t get as much as you would have a year ago. If you want the best load possible then you should really consider putting 20% down as a down payment. That can be a lot of cash and considering the economy this may not be possible. A lot of people are considering using their 401k to buy a house. While I may not recommend it, it’s certainly possible. I What are the Cons to using my 401k to buy a house It’s your retirement money, what are you going to use for retirement? I think you should think twice before deplteting your retirement fund. Double your cash investments month over month so you can buy a housewithout using your 401k.

What are the alternatives to using my 401k to buy a house?

Look into quicker investments for making money while keeping your 401k safe.

A few months back, I too asked the question, “Can I use my 401k to buy a house?”. I quickly realized doing so was a desperate measure. I would be risking my retirement money I spent years saving. I needed a way to take what little money I had and make lots of money from it. I didn’t want to wait years for a standard stock market investment. I want results now. One weekend I decided I wouldn’t go out for drinks with my friends. Instead I would invest in this plan to double my money month over month. It was the greatest thing I have ever done besides investing in my 401k. It’s basically a tool which does 24/7 live trading on the Foreign Exchange market. I liked it because I could invest as little as $50 to see if it worked before risking a lot of money. Check it out [http://www.squidoo.com/forex-auto-system-robot-strategy]

Author: Chris Yawman
Article Source: EzineArticles.com
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It’s a well known industry fact that those who buy a new build, tend to stick with new builds, but why do some people only buy a property that’s just been built, especially when you are likely to have to pay a premium!

However, with gas, electricity and water bills getting higher and higher and the pressure to become more ‘sustainable’, more people are turning to new builds instead of buying a second hand home.

1. It’s nice to think this is YOUR home and YOURS only!

Wouldn’t it be great to live in a home that no-one else has ever been in? Make your own mark? Be the first to use the kitchen and bathroom? For some people, the only home they can buy is one that has never before been used.

2. Sustainability

New homes have to be built to certain standards which reach strict government guidelines to ensure that they are energy efficient. This includes well insulated walls and floors; double glazing; energy efficient heating; draught proofing and energy efficient appliances and light bulbs. As a result, new homes are better for the environment.

3. Lower utility and maintenance bills

It’s estimated that new homes are six and half more times efficient than second hand homes, potentially saving you hundreds of pounds on your running costs every year. Annual maintenance on new appliances, such as boilers and painting costs etc should be lower too, depending on how well the property has been built.

4. Short chains and part exchange

The average number of homes in a chain to buy and sell is seven. Buying a new build can cut that chain down dramatically, reducing the stress of moving. It is also possible to buy a new build and sell your own property at the same time via a part exchange scheme where you buy the new build and the developer buys your property and sells it on.

5. Fit it out to your own spec

If you buy off plan, it is possible to make sure that some of the property is built in a way you want it to be. For example, you might be buying a five bed house, but only want four and one of the rooms bigger. You may prefer a better spec kitchen or bathroom.

For more information on buying a new build home, take a look at our property types section and check out our eBook and factsheets.  Do you have a property question you want an unbiased and independent answer to?  Call us on 0845 838 1763.

I have been a consultant to the property sector for a number of years and been renovating properties for over 20 years. I have also written a number of books, including four for Which? – Buy, Sell, Move House, Renting and Letting, Develop your Property and the Property Investment Handbook.

I am currently one of the top property experts in the UK and regularly quoted in the press including the Telegraph, Independent, Times, Daily Mail and Express as well as featured on a number of local BBC Radio stations.

Contact me at Designs on Property on 0845 838 1763 or visit our website and my blog using the links below:-

http://www.designsonproperty.co.uk/

Author: Kate Faulkner
Article Source: EzineArticles.com
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The housing market is in crisis, estate agencies are closing hand over fist and unemployment’s rising. To top things off, hikes in the cost of living are making life very difficult for homeowners who stretched their finances too far when house prices were high.

But there’s a bright side to every story. The positive slant on this terrible situation is that there are an increasing number of opportunities for buying a repossessed home. If buying a home of your own has been an unreachable dream for the past decade, it might soon be a reality. Interest rates are at an all time low and mortgage rates should eventually follow. If you’re a first time buyer without a property to sell, the world’s your oyster… provided you can borrow the money.

Obviously there are advantages and disadvantages to buying a repossessed house or flat. The smoother you can make the process and the more pitfalls you can manage to avoid, the more successful your first step onto the property market will be.

Most people think auctions when they think about home repossessions. And that’s a good place to start. The USA has a database of repossessed homes but the UK doesn’t, and many UK home repossessions are sold at auction by lenders.

Household name auction house Allsops is an independent property consulting company with a solid reputation for residential property auctions. Probably the UK’s largest, they sell around a billion pounds’ worth of homes a year at auction, spread across seven massive auctions a year with between 250 and 350 properties at each auction. A good choice if you feel safer dealing with a well known brand name. But there are also local property auctions in most major towns.

Estate Agents also sell repossessions, although they don’t always proclaim the fact. You’ll have to actually go in and ask. Another route into buying a repossessed home is to simply ask around the banks and building societies in the area you want to buy, personally. While they don’t openly advertise repossessions they need to sell the repossessions on their books and they’ll probably be happy to give you details. Another simple way to find repossessed homes for sale is check for announcements in the local papers. Offers are always publicised in case a better offer comes along, to ensure the best possible deal for the seller.

The internet has revolutionised buying repossessed homes. There’s a good choice of specialist online providers who collect together UK house repossession auctions in one place so you can search them effectively from one place, Repossessedhousesforsale.co.uk is one. They hold a database of UK auction properties including details of local auctioneers and auction dates, and provide links to online auction catalogues, property details and guide prices. A great way to save time.

Whichever route you arrive at an auction by, buying a repossessed home at auction can save you a fortune in estate agency fees. But it’ll still cost you money and you need to be prepared.

The same as an ordinary home purchase, buying at auction requires a deposit. You’ll generally need to fork out 10% of the purchase price, which means you need to have a firm grip on exactly what you can bid based on how much cash deposit you can scrape together. You pay the deposit as soon as you’ve bought a property, before you leave the auction house.

After that you have 28 days to pay the balance, no excuses. Buying a repossessed home at auction is a legally binding contract and you can’t back out. Because the wheels of mortgage lenders tend to turn very, very slowly it’s wise to get your loan agreed before you go anywhere near an auction house.

In difficult times, auction mortgages are as rare as ordinary mortgages. There are fewer deals around and – perhaps unsurprisingly – nobody seems to be advertising auction-specific deals. The first port of call should be your bank. Provided you have a good relationship with them, they should be able to give you a very quick decision about whether or not they’d be prepared to lend the money to buy a repossessed house.

Once you know what your bank can or can’t offer, it’s a good idea to let a Mortgage Broker loose on your case. Independent brokers, unlike tied brokers, have access to the entire UK mortgage market and can trawl around to find you the best deal. And they know the lingo, which helps. A tip: remember to tell your broker that you want a mortgage specifically for buying a repossessed home at auction. He or she will co-ordinate your mortgage approval date with your chosen auction date so everything is ready in good time.

But what of the future?

Will we all be knee deep in low cost repossessed homes and flats for the next decade? Are property prices due to keep falling, or will they recover? Predictions are mixed.

Savills is another of the property big boys, a leading name in UK residential estate agency and commercial property. While they don’t auction repossessed homes they do a great deal of research into the housing market and their views are well respected. In an article published in The Times on 14th November 2008 Savill’s Head of Residential Research Yolande Barnes said,

“… the roots of Britain’s downturn lie in the credit crisis and the consequent withdrawal of funding by lenders… The UK housing market really is a different country: in the US as many as one home-owning household in 16 has defaulted on its mortgage or faces repossession, compared with fewer than one in 200 in Britain. To predict that the UK housing market will fall by 40 per cent and remain at these new, corrected levels is to ignore the role of finite supply and the use of equity.” In other words, don’t be fooled by all the doom and gloom.

Sadly Yolande seems to be swimming against a pessimistic tide. Most experts insist that the housing market is broken, and will remain so for the foreseeable future. It appears that things could swing either way. Whoever is right, it doesn’t change the fact that buying a repossessed a repossessed home, in today’s market, can net you an excellent deal. Provided you can find the finance!

Mark Jenkins is a writer for HouseRepossession.co.uk. Independent guidance on all aspects of house repossession, repossessed houses for sale, quick house sale and buying repossessed houses.

Author: Mark R Jenkins
Article Source: EzineArticles.com
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