home-loans Archives

Is It Better To Buy Property in 2022 or Wait for 2023?

It doesn’t matter where you live, how old you are, and how long you’ve waited for this moment – buying a home is one of the most exciting things you’re ever going to do in your life! This is true for all properties, regardless of their size, price, and location, and this marks the beginning of a new era in your life. However, with the fluctuation of prices that are currently everywhere around us, lots of people are uncertain whether this is the right time for such a big move or not. In case you’re having these doubts as well, here are a few facts that might help you decide whether to buy a property now or wait until next year.

Define your budget

When buying a house, wherever you are and whatever you’re doing, making sure you have enough money is the first thing you need to do. Without defining your budget, you won’t be able to do anything other than buy the house of your dreams in your dreams and nowhere else. That’s why making sure you’re financially stable and in a position to buy a property in the first place might take a while and require you to invest quite a lot of time, energy, and patience. This is especially true if you’re buying your first house and have absolutely no experience in this area, but even if that’s the case, you shouldn’t be afraid to make your move – as long as you can finance it, of course. When it comes to waiting, it all comes down to a simple thing: if you have enough money, go for it, but if you don’t, it’s better to wait for 2023 to arrive than to spend all the money you have on a property that won’t work for you.

Define your location

It doesn’t matter if you’re in Australia, Canada, or anywhere in the middle – you need to define your preferred location before you start the process of hunting for a home. Some areas might not work for you, and others might suit you perfectly but you won’t be able to afford them or they won’t suit other people in your family. That’s why you have to pinpoint the location and stick to it as much as you can. So if you are looking for real estate in Florida, you should decide what part of the state you are interested in. You shouldn’t be too exclusive, though, and if you can’t seem to find a home that suits you to the fullest, but you find one that’s almost perfect, pick the latter. You can always fix everything that needs to be fixed, and if you end up finding a home at your dream location, don’t wait and just buy it as soon as you can!

Get some professional help

Buying a property on your own might seem like the simplest thing in the world, but, in real life, this is as far from being simple as you can imagine. The reason for that is quite simple: if you have no experience in this field, the chances are you’re going to make a mistake or two – unknowingly and unwillingly, of course – and jeopardize your transaction. This is why contacting real estate agents and lawyers might help you quite a lot. This is especially true if you live in places like Australia, for instance, and a property lawyer from Sydney will keep you protected and help you find the best deal you can. These people will take care of your needs and provide you with the best advice you can get.

Don’t follow the trends

In the end, this is a major factor lots of people stick to when deciding whether they should buy a new home or not – if people around them are buying houses left and right, they’re more likely to buy a home as well. You may feel this pressure as well, but that doesn’t mean that you should give into it. On the contrary, buying a property is one of the most personal things in the world, and there’s nobody who should be telling you what you should and shouldn’t do.

Though this sounds like the hardest decision in the world, things are quite simple: if you have enough money to buy a home and know exactly what you want, there’s no reason to wait, but if you don’t know where you’d like to buy a property and how you’ll pay for it, be patient and wait a bit longer.

How to Know When it’s Time to Move to a Larger Home

Few of us are lucky enough to have the funds to move into our first home and have that be big enough or in the right location to serve as our “forever home.” Still, as your circumstances change or you seek to make the most of market opportunities, you may feel an increasing desire to move to a larger home. As you’ll know, though, bigger homes come with larger expenses, so it can be difficult to know when it’s the right time to move.

Much of this will come down to your situation and your gut instinct, but here are a few tips to help you better understand what you should be considering when making this decision.

Signs that a move is on the horizon

Perhaps the first and most irrefutable feeling that you’ll get when it’s time to move is that of being cramped. Whether it’s due to the number of people, the need for more of a workspace, or accessibility needs, you know when there’s not enough space for everyone to be comfortable. Sometimes, this will be as obvious as bumping into things or needing to step over stuff, or more subtle, like hearing activity from all over the house.

Aspects like this can help you to know if you need to move to a bigger house, which USA Today Money expands on by saying that the need for additional storage or bedrooms can also factor in as key reasons. Your work situation can also play into this sense of needing to move. Perhaps you’re now able to work at home, or in a hybrid role, or live too far away from work, or live too close to work where the cost of living is very high. In all of these situations, a house move may very well help to alleviate some of your problems.

How to know if a move is right for you

The first aspects to address once you know that you’re ready to move mainly pertain to your finances. A good sign that you can move to a bigger home is if your debt-to-income ratio is low, according to Business Insider. It’s said that to get a mortgage, you need a debt-to-income ratio at or below 43 percent. To find your ratio, divide your monthly debts by your gross monthly income and then multiply by 100 to see the percentage.

You can also get a good idea of the affordability of upscaling by using the fee-free mortgage in principle from Trussle to soft check against many mortgage lenders. This service will allow you to accurately see how much you could borrow. Being a soft check, it won’t impact your credit score, but it does check your credit history and eligibility. This way, you get a reliable figure that you can then work from to find a larger house within your budget.

However, knowing your prospects as a potential mortgage lender is one thing: another is knowing your affordability on the other side. You’ll need to work out the costs of moving and the admin that goes along with getting a new home, as well as a likely increase in monthly costs. When you move to a bigger house, you’re likely to end up spending more on local taxes and utility bills. So, you’ll want to research those elements too.

You’ll likely know when you’re approaching the time when you need to find somewhere more spacious to live, but just before you hit the point when you absolutely need to move, check if it’s financially viable.

Home Buying 101: Things to Ask Yourself When Looking for the Perfect Family Home

Buying a home is a big, if not the biggest, investment many of us will make. It’s also a process that requires careful consideration and a lot of thinking in advance. After all, it’s a place that needs to accommodate your family members and help them learn, grow, and thrive.

Because of that, it’s important to consider some of the most crucial factors before making such a big decision. Below, four things to ask yourself when looking for the perfect family home.

Is the location right for you?

The location of your new house is the one thing you won’t be able to change about it. Because of that, you need to carefully consider whether the location is right for you and your new family. Of course, if you’re moving to a new city, your research process will be a lot different from someone who’s moving just a few doors down the street. Still, it’s important that you do your homework and consider your family’s current and future needs. Here are some of the things to keep in mind when choosing a new location.

· the distance from your new home to work, schools, and city center

· proximity of parks, woodland, and walking trails (especially if you have a family dog)

· proximity of restaurants, bars, shopping centers, and pharmacies

· parking spots

· accessibility and appearance of a neighborhood

· lot location itself (e.g. near a busy road, a commercial property, or a body of water)

Are you looking for a new build or used home?

Depending on their preferences and budget, families may choose to buy a pre-owned home or build a new one. Of course, both options have their pros and cons. New homes come with home warranties and eliminate the “what if” factor that usually comes with pre-owned homes. Building developers may even throw in ‘bonuses’ as an incentive for you to put your name on the dotted line.

On the other hand, pre-owned homes are often in need of repair and may come with cosmetically covered up conditions. And since the house has been used for a while, you may need some help from eco friendly cleaning services to make sure all the stains, and hidden dirt are eliminated and you’re left with a safe, clean environment. That said, used homes are often move-in ready since they come with the appliances and sometimes even furniture. This is perfect if you’re strapped for time and need to relocate as soon as possible.

Does the size of the house fit your family’s needs?

This is certainly one of the biggest considerations homebuyers have when looking for a new family home. Surely, smaller homes may seem more appealing for a couple who’s just had their first child. But if you’re planning on expanding your family or want to be able to accommodate an aging family member, you’ll need to take that into consideration and get a house that’s big enough to accommodate everyone. In contrast, if you have older children, they may be moving out soon, and you won’t need as much space.

Factor in both your current and future needs, and pay special attention to the number of bedrooms and bathrooms. Ideally, each bedroom will be able to fit a double bed, and there’ll be one bathroom per every two bedrooms. Things like these will allow for flexibility while also making everyday living more convenient.

Will your new home fit your lifestyle?

The way you use your living space will also play a vital role when deciding on your potential new home. Not everyone has the same needs, and someone who travels a lot may not prioritize the same things as someone who works from home or someone who entertains a lot. Think about how you and your family will be utilizing the space and how practical it is for everyday living. Here are some of the questions that can help you find your new dream home based on your lifestyle.

· How big of a backyard/outdoor space do you need?

· Are there dedicated spaces for adults and kids?

· Is there enough storage for your family’s belongings?

· What type of floor plan does your family need?

· What do you value the most about the way you and your family live?

Make sure you answer these questions before you begin house-hunting. That way, you’ll work-out your non-negotiables from the get-go and navigate the complex homebuying process with much more ease.

Wrapping up

Different families have different needs and priorities, both of which play a vital role in the homebuying process. After all, the home you choose now will be central to your family life. Therefore, take your time to consider your needs and ask yourself the right questions. That’s the only way to make sure you’re making the right decision.

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About The Author

Taylor Parker is an American based writer and blogger. She is very passionate about family, fashion, health, and lifestyle. Taylor writes mostly lifestyle articles, but also you’ll find her in home improvement and other niches. You can follow her on Facebook and Twitter

Indicators of “We Buy Houses” Rip-Offs Every Seller Has To Know

There are many ways to sell your house besides hiring a real estate agent and listing it on the open market sites like Sundae.com. One is through a real estate investor or cash buyer who is into buying properties that are usually in numerous states of disrepair or any condition. Typically, their goal is to flip it and eventually generate revenue from the sale.

You might find them on some flyers on telephone poles or signs that read “We Buy Houses.” But though they are a legitimate part of the real estate market, many scammers use them to rip off hard-working people out of their money and houses. Nearly anybody can disguise and make an offer on the houses since there’s no license required.

As such, it’s essential to be aware of how this type of buying process should look like so you can detect a fraudulent cash buyer. To ensure a safe home sale transaction, we’ve enumerated below the indicators of “We Buy Houses” rip-offs every seller has to know.

Hefty Processing or Administration Fees

One of the indicators of a “We Buy Houses” rip-off is the movement of financial transactions. The money should always flow in the seller’s direction and never towards the buyer. So, it’s a great warning if the buyer asks you to give them money, whether as a processing fee or administration fee.

Such scammers can often get desperate sellers to pay up in a short period. But once they get the money, they will be gone and onto the next sitting target. Remember that you’re not paying to sell the house unless you’re putting it through a traditional listing.

Eagerness To Buy The House Sight Unseen

Another sign of a scam buyer is their eagerness to buy the house sight unseen. A legitimate real estate investor or cash buyer needs information before making an offer. Even if they buy run-down houses, they still want to see the property and collect the necessary details to make a sound decision.

Only a fake buyer will close a deal without knowing anything about your property. If they’re too eager to get you to sign and accept the offer right away, they are most probably up to something. Keep in mind that a reliable investor or buyer will give you time to think and ask questions before committing to anything.

Unprofessional Behavior

There’s always something off with a scam buyer if you know what to watch out for exactly. Any extreme behavior is a clue you’re talking to a scammer. But one of the common “We Buy Houses” rip-offs is a contract bait and switch. When the buyer tells you to write up the verbal agreement you reached but present a different one, it’s a massive red flag.

A legitimate real investor or cash buyer won’t keep you waiting for too long. They may want to see the house and consider some factors before coming up with an offer, but they won’t delay it. If they’re likely to purchase your home, they might offer you a deposit as a sign of good faith. But if they don’t want the house, they will tell you upfront and move on.

But a scam buyer won’t be frank with you and may lock up your home under contract without putting up any money. They may even trick you into transferring the deed of sale to them while the mortgage remains in your name. If they send some other people to check your house, it’s another unprofessional behavior you should be concerned about.

Questionable and Unverified References

Every response you get from the buyer is an opportunity to determine whether or not they are telling the truth. A reputable “We Buy Houses” company is more than willing to give you the details you need to make you feel assured. The scammers might do the same, but the references they might provide are questionable and unverified.

If you cannot search the company’s name, address, and website, they most likely don’t exist. Never be afraid to get more information that you think is necessary. If they withhold the answers, they are probably hiding something. Note that the more information you can verify, the more you can ensure their credibility.

No State-Regulated Documentation

A legitimate one must have documentation to prove that they are reputable to do this type of business. Most of them also have at least a background in real estate and certification that designates training and knowledge of state and federal regulations.

But a scammer might not have any state-regulated documentation. Bear in mind that if the buyer doesn’t have proof to back up their financial claim, it can be a sign that they are not credible in doing business with you.

Connect With A Reputable Home Buyer

House buying scams are everywhere. But there are still many legitimate “We Buy Houses” companies that can and will buy your house. While you have an idea of what to watch out for in a buyer, remember that scammers are so subtle in what they do that it can be hard to detect them. Always do your research before you make a transaction with anyone.

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About The Author

Belinda is a 42-year-old married mother of three who lives in Naples, Florida. While staying at home to raise her children, she began to write articles and blogs for various outlets. She was raised in a strict, Christian home, but has since found more peace with a more spiritual approach to life and health. A strong believer in natural and alternative medicine, energy healing, and total wellness, she stumbled on the health benefits of orgasm quite by accident. Since then, she has often written pieces that help inform others about the benefits she discovered. Belinda also enjoys taking care of her home and family, and often jokes that she is a bit of a Stepford wife… with a wild side. In her free time, she loves to spend time at the beach with her family, host parties and BBQ’s, and work outside in one of her many flower gardens.