October Home And Finance Tips

Dated: 10/10/2018

Views: 41

Is renting to buy still an option?

Sometimes the desire to own a home is so great that renters just can't wait, even if they don't have a down payment to buy a home. How do they do it? Through a contract with a seller called a lease-to-own agreement.

While it's rare to see in a seller's market when inventory is low, there are times when sellers will offer this arrangement. Basically, this is a delayed agreement to purchase the home in the future at a price that is fixed today.

How it works:

  • The amount of the rent is above the going-market rate.


  • Extra funds above the market rate will count towards the renter's down payment in the future when the home is purchased.
    Lenders typically still allow those above-market funds collected to count towards a down payment as long as everything is documented.


The scariest thing about being a first-time buyer

One of the scariest things about being a first-time buyer is the unknown. It's probably one of the main reasons 90 percent of all buyers do hours of online research before deciding to buy a home.


The entire process can be stressful. It's complicated. It's filled with paperwork. It's most likely the biggest financial decision of your life. And it's peppered with deadlines and boxes that must be checked or the entire deal can fall apart!


Real estate agents are here to uncomplicate the buying process for you. An agent is your matchmaker: he or she will help you define the qualities of your dream house and work hard to turn that dream into a reality. And since they're pros, they'll manage the deadlines and check those countless boxes for you so you can make an offer on your dream house with confidence.



The biggest home-improvement mistake that folks make

Homeowners are expected to spend a near record $317 billion on home improvement this year. The trend is expected to continue, as areas have fewer homes for sale and homeowners have little incentive to move from homes with record low fixed mortgage rates, experts say.


What's the biggest home improvement mistake that most folks make? Over-improving one's home can be the costliest, housing experts say. Remodeling magazine found that only attic insulation netted an immediate return on investment (108%). A new entry door was next best (91%). Even the popular minor kitchen remodel only netted an 80% return.


In time, these improvements will net a return. But sometimes homeowners customize and overspend, thinking they'll sell at a profit in the future, but are unlikely to ever recoup their investments.


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