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Rental Property: Smart Investment or Money Pit?

When you purchase a rental property, you are taking a chance on whether there is anything wrong with it or whether you can make money off of the investment. If you can find something that is affordable, then you can do some renovations and rent it on a regular basis. There are some homes that are in perfect condition and only need minor repairs such as new paint or new carpet. These homes are great if you don’t want to spend a lot of money on a property. However, Read the rest of this entry »

What Is a Home Warranty Worth?

To buy or not to buy? A home warranty typically covers the large appliances in your home such as your washer, dryer, refrigerator, stove, and more. Your contract will specify exactly which appliances are covered.

If you regularly have a few hundred stashed away for hard times then you may not need a warranty, but if not, a warranty can save you a lot of money and stress.

Unexpected expenses can drain your bank account. The average cost of replacing a water heater is around 500. Other damage like damaged floors Read the rest of this entry »

How To Negotiate For the Best Bottom Line Cost

If you are in the market for a new home, you may be looking for ways to get the best possible price for the property. Although many areas of the country are still suffering from the effects of the last recession and resulting housing crash, the real estate market in many other areas has bounced back nicely.

If the home you are interested in is located in a part of the country where the housing market has not yet regained its full strength, you will probably be able to negotiate a good price by dealing directly with the Read the rest of this entry »

Don’t Get in Over Your Head

Smart investors do their research, and dot every “i” and cross every “t” when it comes to the housing market. There’s a clear difference between buying a home that is in need of a little work (what some people in the industry call a “fixer-upper”) and going into a home that is nothing short of a home insurance nightmare. The trick is recognizing the signs of the latter without getting too far into the process.

Knowing a little something about the factors that contribute to insurance rates can help as well as knowing what discounts can be attained. Are the problems that need fixing more superficial or do they present a real threat to the structural integrity of the home?

There are plenty of home insurance sites out there that can explain this better, but I’ve included a handy little infographic to break it down a little easier for the uninitiated.

Home Insurance Buyers Guide
Compiled by HomeInsurance.com

Investing in a home is not like investing in a new bike or a pair of shoes. There are far reaching consequences involved in this investment and you can’t afford to get in over your head. In short, a house is an investment of a lifetime so make sure you know what you’re looking for and don’t be afraid to consult a professional.

Choosing a Realtor You Can Trust

When you decide to buy a house, there are some things you can look for in a realtor. Research the background of the realtor. How long have they been in business? How many houses have they sold? Find out if they have sold houses in a struggling housing market, or if they have not sold anything recently. You can also check to see how much the realtor has sold houses for, and if they are able to work with the people who they are finding houses for. I was looking for more information and found it here. Ask others who have bought houses using the realtor if they went out of their way to help in finding the home they wanted. If the realtor tries to push someone into buying a home just to make a sale, then they probably are not someone you want to work with.
When you find a relator that you would like to work with, talk to them about the kind of home you are looking for. If the realtor does not offer any input, then it may be hard getting them to find a house for you. Get them to take you on a tour of some of the houses they have listed. Listen to the description they give of the house to see if they have a positive or negative attitude about selling.

How To Shop For a Mortgage

If you have found your dream home, the next step is obtaining a mortgage. Shopping for a mortgage can seem like an impossible task, but once you break down the process it is quite easy to accomplish.

To begin shopping for a mortgage, you should perform some basic steps to self-assess your financial prospects. Obtain your free credit score by contacting one of the three major credit rating agencies. See that it is accurate and investigate Read the rest of this entry »

Understanding and Protecting Your Credit Rating

If you are in the process of obtaining a loan, or are looking to do so in the future, it is important that you understand and protect your credit rating and history so that you can obtain a loan without punitive interest rates attached to it.

Your credit history is a determination made by a credit company regarding your likelihood to repay amounts advanced. Three major credit companies process and record your credit history, and you are able to obtain a credit report from each of these for Read the rest of this entry »