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Still Renting?
Each person has to ask the question, “Should I buy a home or rent one?” If you don’t have a mortgage or aren’t familiar with the process, it can be daunting to owning a home. Many renters believe they cannot afford to buy a home due to not having the right kind of job or the funds. No matter what your thoughts about owning a house or renting, we can help you to overcome any doubts and false assumptions.
It is easy to own a home. If you are planning to live in your home for at least 2 or 3 years, it is a smart financial move to purchase instead of renting.
Most people realize the financial benefit of owning a home after they have lived there for between 3-5 years. This depends on the price of the house.
You have so many advantages to being a homeowner
- You are in control of the style and design aspects of your home.
- Fido and Fifi, Tigger, or any other pet, are allowed to stay with you. No pets allowed in your home. Pet deposits are not required.
- No deposit. You don’t have to worry about paying 3 months rent or whether your landlord will retain your deposit when you move out.
- If you take care of your home, you don’t have to worry. You are the owner of your home. This means you have total control of how your home looks. There’s no need to wait for approved maintenance men to come by at unfavorable hours or at all.
- Avoid sudden rent and utility expense increases. Renters who have ever rented know that they can be notified by the landlord that additional charges will appear on their next rent/utility bill. You may find yourself in a difficult situation when your yearly lease is due to expire. You may also find that your monthly bill comes with “additional” fees.
- There is no reason to be concerned that your rental home may be sold. This is a real possibility. It can be frustrating to finally feel at home in a place and to then discover that the owner has decided it is time to move on.
- You can build an asset that can help your financial goals over the long-term by planning and buying smartly.
- Renting is a great way to generate additional income. Consider adding your home to a larger retirement plan once you have lived in the house for some time. Your home can be used to earn rental income, long-term or short-term. Passive income can be a very exciting possibility that I would love for you to explore.
Most people aren’t able to become homeowners because of these excuses.
You don’t need any money to pay down a mortgage payment. If you have at least $1000 in savings, two years of work history, and are either a first-time home buyer or have never owned a home for three years, you may be eligible to receive down payment assistance. For low- and middle-income households who wish to be homeowners, there are many programs.
Bad credit. You can get help from a caring, knowledgeable loan originator to repair your credit. You can raise your credit score by as little as 2-6 months and qualify for a mortgage. It takes only a few months to get your credit score up to 640 and qualify for a mortgage.
Locked into lease agreements The realtor or loan originator can help you pick a closing day that allows you to live in your new home for two months without paying a mortgage. Save the money to pay off your lease. You should also consider the time required to close on a house. It is possible that you will have to wait between when you submit your offer and when it is time to make your first payment on your mortgage. The monthly mortgage payment will likely be lower than the rent. Plus, you can stay in the house for up to two months without having to make any payments.
You haven’t been at your current job for a while or you are self-employed.
The key is two years.If you’ve been working in the same type of job for at least two consecutive years, you may apply for a loan. It is not necessary to live in the same company or location, but you must have worked in the exact same job field for at least two consecutive years.
Self-employed must have at least two years of tax returns showing enough income. You may need to take some deductions depending on your circumstances so you can show the right income.
I hope you found this helpful and that it has shown you how easy it can be to become a homeowner. A little preparation and planning can make it possible to buy a house in two months to two year.
When your ready to buy a your home give Preferred Properties of Texas a call. We Love To Help!
Making Your Garage Desirable
Garages now serve different functions, therefore it is ideal to put in a few updates to raise your garage’s performance, in addition to attractiveness.
Put in an automatic overhead door. When talking updates, it is ideal to concentrate on both beauty and functionality. In case you have plans aside from keeping your car or lawn gear, a garage door update is a smart investment. Having an automated door, you are able to readily get into your own garage when moving your vehicle or earning supplies. While most automatic doors have been fitted with remote control buttons, some include sensors that are customized. Prior to picking a garage door, speak with your contractor to the smartest choice for your garage door.
Update the light system. Traditionally, garages have been created for minimalistic functions. This being the situation, most homeowners seldom dwell on its light system. Garages are often fitted with an overhead garage door lighting and other bulbs. But to boost a garage’s performance and attractiveness, you need to invest in a contemporary lighting system. LED strips along the sides of your garage provides better ambient lighting and may be amazing highlights to your vehicle. Better lighting may also help enhance the disposition of the garage area, particularly if you’re seeking to utilize it like an art studio or workout area.
Update the door. There are various updates and ideas which may be used to your own garage flooring. Rather than concrete, you may add just a small beauty by employing ceramic floors vinyl sheets or laminate floors. A few of those flooring choices also function as great techniques to jumpstart your own garage. One thing that you must always bear in mind when selecting a flooring update is the performance of this garage. For example, it would not make sense to match a rug covering the whole floor once you use the garage to store your vehicle. Insert beauty when remembering that the usage.
Make the garage more comfy. The garage area has morphed to execute several purposes, such as being a fitness center, an art studio or perhaps a gaming area. If you would like to use your garage for these functions, you want to set up an update that will allow it to be even more comfy regardless of outdoor temperatures. To produce your garage usable for all these tasks, you are going to need to devote a bit extra on insulating material with proper heating and AC systems.
Producing your garage desired is a job worth your time, particularly if you’re thinking about selling in the not too distant future. Make care to discuss the several choices at your disposal; seem at comfort, aesthetics and functionality. Check a builder about the most viable updates it’s possible to put in without breaking building codes in your region. As a result, you will soon need a garage that you can really enjoy rather than simply using as a go-to storage area!
2021 Rural Land Market Explosion Brings Record High Prices
“In the aftermath of the COVID-induced economic lockdown, 2021 Texas rural land markets have exploded in a burst of activity,” said Dr. Charles Gilliland, research economist and rural land expert for the Texas Real Estate Research Center at Texas A&M University.
“First quarter 2021 sales of large acreage rural properties grew more than 50 percent in West Texas and 37 percent statewide compared to 2020,” said Gilliland. “First quarter activity exceeded the remarkable levels seen in the third and fourth quarter of 2020 in most areas.
To read more, click on link below:
https://www.recenter.tamu.edu/news/newstalk-texas/?Item=25911
If you’ve been thinking of buying or sellling rural land, now is a great time! Contact our office to speak with a real estate agent today.
We Are Here For All Your Real Estate Needs!
Investing In Vacant Land
Investors looking for relatively secure opportunities should think about devoting some of the money to invest in vacant land. Vacant land investing can supply you with several ways to profit. Some people purchase property, wait for the value to increase and sell the property in a much higher price at a later date. Others that invest in vacant land generate revenue and seek pleasure in the home while they await the property’s worth to rise. There are also many different methods to invest in land. However you choose to invest in vacant land, you should consider the details before you spend money on any property.
The value of vacant land can grow fast. Individuals are moving from urban to suburban areas for generations. As households accumulate more wealth or move into retirement, they often wish to break free from crowded urban areas so they may enjoy the privacy of suburban and, better still, rural houses . As more people move to the cities, the boundaries of suburbs will continue to reach further inducing a requirement for vacant property to build homes on later on near the outskirts of large metropolitan regions. In spite of all the new pandemic there has been an increase in the need for rural residential land and hobby farms.
The COVID-19 pandemic can hasten the trend away from urban lifestyles. Anyone residing in nyc during the pandemic, for instance, has seen the challenges of living in a crowded town. As resources become increasingly scarce and growing quantities of infectious men and women make going outside in public dangerous, an increasing number of people are trying to get from urban centers.
The sudden interest in rural property should increase property values. If you already possess vacant land, you can gain in your growing interest in hobby farms and recreational property .
Not everyone will want to reside in rural regions exclusively. People who can afford to purchase rural retreats are more inclined to do this now that they’ve seen the problem of living in towns throughout a pandemic.
Developing empty land can increase its value. Undeveloped, vacant land becomes an undeniable investment chance when you are willing to devote time and money adding infrastructure, buildings, and other capabilities. By way of example, you can increase the value of vacant property by installing the utilities that the majority of people search for when purchasing homes. A slice of property that nobody wants becomes much more desirable as soon as you add electric lines, water, and sewer.
Other features that may increase the value of vacant land comprise:
Houses and Houses.
Barns and sheds.
Ponds and lakes.
Meadows and trees which attract wildlife.
Tree Stands.
Vacant land can generate revenue before you market.
If vacant land already has some desired characteristics, you can use it to generate revenue while awaiting the house’s value to rise. You could earn a living from property with fertile soil and a water source by leasing or renting your property to farmers. You can also earn money from transitional land by:
Selling wood .
Charging a fee for hunters.
Renting cottages and houses to vacationers.
Selling nutrient rights.
Supplying an Agritourism attraction.
Pay careful attention to a property’s attributes before you buy it. With water, trees, and other desirable characteristics, you probably can not make much money from it while you await the value to increase.
Before you start investing vacant land, contact our office so we can help you focus on finding properties that match your needs. We may already know about a few properties that you can purchase within the next few weeks.
The Cost Of The Home Is More Important Than The Price
Housing inventory is at an all-time lowcost. You will find 39% fewer houses available today than at this time this past year, and buyer demand continues to set records.
Whenever there’s a shortage in supply of an item that is in high demand, the cost of the item increases. That is exactly what’s going on in the real estate market at this time. CoreLogic’s latest Home Price Index reports that values have risen by 5.5% over the last year.
This is great news if you’re planning to sell your house; on the other hand, as either a first-time or repeat buyer, then this might instead look like upsetting news. Nevertheless, buyers should understand that the cost of a house is not quite as vital as the price. Let’s break it down.
There are lots of factors that influence the expense of a home. The two major ones are the cost of this home and the interest at which a buyer can borrow the funds necessary to buy the home.
Last week, Freddie Mac announced that the typical rate of interest to get a 30-year fixed-rate mortgage has been 2.87%. At this time this past year, the speed was 3.73 percent. Let’s use an illustration to see how that gap impacts the true cost of a house.
Assume you bought a house last year and took out a $250,000 mortgage. As mentioned previously, home values have increased by 5.5% during the last year. To purchase that same house this year, you would need to take a mortgage at $263,750.
The difference in monthly payments based on today’s low mortgage rates.
That’s a savings of $61 monthly, which adds up to $732 annually and $21,960 over the life of the loan.
It’s a great time to sell your home cause of low inventory and buyers ready to buy and a great time to buy a home cause mortgage rates are at historic lows.
Contact our office today to get you started on the path to your dream home!
