Mar 17

Your home is likely your largest expense. Buying an affordable home is a top priority for many people, but choosing an affordable home should be a key concern. Too many people overspend in this area and get into heavy debt. At the same time, fear of a mortgage should not keep you from ownership. Home ownership can help stabilize your finances by giving you an asset. It provides you with a great place to live for years to come. It also frees you from the hassle of renting.

If you are applying for immigration or citizen status by filling out USCIS forms (formerly INS forms), buying a home can help you show the USCIS that you are serious about staying in the US and becoming a part of the US. In fact, if you have a green card, you may want to start home shopping before you have to apply for green card renewal. A home can prove that you are serious about establishing permanent residency here.

If you are on a budget, the good news is that there are many ways to buy a home for less:

1) Foreclosure homes. Foreclosures are homes which have been repossessed because a pervious homeowner has defaulted on their mortgage. Several government agencies and most banks sell foreclosures and this can be a great way to buy a first home for less. Some government agencies selling foreclosures even have special programs to make foreclosures even more affordable for buyers.

2) Fixer uppers. Fixer uppers are homes that need a little work. Some homes require extensive repairs, and you will generally want to avoid these unless you are very good at renovations, since hiring contractors will add to the cost of the property. However, other fixer uppers require just some care – some fresh paint and good cleaning. These homes are often nicely discounted but many of the repairs can be done yourself.

3) Homes in rebuilding neighborhoods. Homes in neighborhoods that are just being revitalized often cost less than homes in highly desirable areas. Even buying a home just outside of a very desirable area can often save you significant amounts of money.

4) FSBO homes. For Sale by Owner (FSBO) homes are homes being sold by the owner. Often, the owner does not charge commission or some of the extra fees that real estate agents charge. In some cases, owners need to sell quickly because they are moving or need money quickly and in these cases, they are willing to offer an attractive price. If you consider FSBO homes, you will need the help of an attorney for the buying process and a good inspector and assessor to determine the value of the home.

Aug 19

There are many good and bad things about buying a home you might consider if you are looking for a place to live. You might not be able to decide if you should rent or buy but there are a few things to consider before you make your decision.

The great thing about buying a home is that you can design it the way that you want to. You get to pick out the bathroom vanities and all of the fixtures in the home. You don’t have to worry about a landlord telling you that you are not allowed to paint the walls a certain color and more. You can design the home any way you want to. When you own your own home it is yours. The sense of ownership is fantastic and you don’t have anyone telling you how to live in your home. You can do whatever you want to the home and the land.

One of the biggest benefits of buying a home is that you get to build equity after paying on the home for a period of time. The balance of the loan on the home decreases and you owe less. You can refinance the loan and get cheaper payments over time also. The value of the home doesn’t even have to increase for you to gain equity in your home. There are also many tax advantages that you can take advantage of when you purchase a home. Most of the interest payments can be written off. You can get a larger return every year when you buy a home.

There are negative sides to everything, even buying a home. If you need to qualify for the home, you might have difficulty getting a loan if you don’t have your green card yet. Some people are able to buy a home when they are waiting on citizenship but it primarily depends on the amount of income you are making, your credit score, length of time at employment, and how far you are in the process of becoming a citizen. If you already are a citizen you will not have a problem getting a home loan.

Another disadvantage to owning a home is that when things need to be fixed around the home you will have to pay for them to be done. This means that if a pipe breaks you will need to pay for the plumber. You don’t have the advantage of a landlord covering all of the maintenance costs of the home. When you own it any problems are your responsibility.

There are many pros and cons to buying a home. You might consider all of these before you make a decision. Buying a home is one of the biggest decisions some people make in their lives. This takes careful planning. You should be sure you are ready to buy a home when you take the step. You will be happier as a homeowner because it will be yours. Be sure you can afford the home and to pay for things that go wrong when they break.

Article source: http://www.housingtutor.com/blog/buying-a-home-%e2%80%93-yes-or-no/