Posts from June 2015
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29
6 Ways to Finance a Renovation
(BPT) - If you're planning to take on a home improvement project, you're in good company. A recent report by the Joint Center of Housing Studies at Harvard University predicts that the home improvement industry is expected to post record-level spending this year. As you prepare for your renovation, it's important to review your financing options based on the size of the project, your intended repayment plan and whether you plan to use a contractor or do it yourself. Some financing options to consider:
Home Equity Line of Credit (HELOC) - A HELOC can provide ongoing access to funds using the equity in your home, which typically results in lower interest rates than unsecured credit. This type of credit may also provide you potential tax benefits. Consult your tax advisor regarding the deductibility o...
26
A Guide to Mortgages, HELOCs and More
(BPT) - Whether you're looking to make a first-time purchase, refresh an existing home or simply leverage built-up equity for other reasons, it's important to figure out which path is right for you and understand the lending options available.
First-time buyers must start with determining what is affordable. In addition to the mortgage payment, housing costs will include property taxes, homeowners insurance and fees, such as homeowner association dues. Altogether, costs should be no more than 28 percent of monthly gross income and should leave room to continue servicing other debt, such as student loans, credit cards or auto loans.
When preparing to buy a home, work through credit pre-approval to be ready with a strong offer when the opportunity arises. In addition to reviewing credit history, a loan origi...
18
How Much Should New Homeowners Set Aside for Repairs?
Owning a home comes with its fair share of expenses, including mortgage and insurance payments and maintenance costs, but how much can a new homeowner reasonably expect to spend on unexpected repairs?
"My recommendation for homeowners is to take a few simple precautions before moving into their home," says Marianne Cusato, HomeAdvisor.com. "Complete a sewer inspection, check that the insurance policy covers water damage, and set money aside for home emergency projects. Homeowners should plan on spending 1 percent of their home's purchase price on repairs and emergencies each year."
According to HomeAdvisor.com data, more than half of homeowners encountered unexpected home projects within the first year of owning a home. More than half also spent more time on projects than originally anticipated, and less t...
14
7 Ways to Wow Buyers with Outdoor Staging
As one of the busier times of year for real estate activity, summertime is ideal for sellers hoping to unload their homes for top dollar. If your home is on the market this summer, stand out from the pack with these outdoor staging tips, courtesy of the experts at Point2.com.
10
Housing's Looking Up, Americans Say
With more Americans preferring to buy instead of rent and others believing now is a good time to sell, housing is right on track with forecasted improvements this year, a Fannie Mae survey recently reported.
Based on the survey, a growing number of Americans say now is a good time to buy a house, climbing back up to 66 percent. The amount of Americans who believe it is a good time to sell also increased, surpassing a survey record.
"Things are looking up for housing," says Fannie Mae Senior Vice President and Chief Economist Doug Duncan. "Those saying it is a good time to sell a house hit a survey high of 49 percent. Also, the percentage of consumers telling us their household income is significantly higher than 12 months ago grew six percentage points to 28 percent over the past two months."
Additionally,...