Real Estate Daily Digest

When you buy a house to live in, that means you will be moving from where you currently live in to that planned-to-be-bought new house.That also means that there are habits that will be affected which you have to consider so that as little change as possible will take place (unless you really enjoy change, and abrupt ones, for that matter).

1. Your work habit. This is usually everyday or at least 5 days a week. If you’re an employee, you have a regular schedule of going to work and coming back home. Can you handle the distance of the new location? That also means the time factor, depending if you got nearer or farther from your workplace.

2. School habit. If you have children (or you’re still one of the children with parents considering buying a house), how far will be the school from the house? Is there a need to change school? If so, where? Is it safe going home alone? This is also a 5-days-a-week habit, sometimes 6.

3. Marketing/Shopping habit. How often do the wife go out to shop for food and everything else for the house and the need of the family? Where is the nearest shopping mall or grocery store? Can you walk to it? Can you get public transportation? Or will you always need the car (which you may or may not have)? This is usually a twice-a-week or once-a-week habit.

4. Spiritual habit. Do you go to church once a week? Where is the nearest church?

5. Recreation habit. How often do you go out as a family? Once a week? Twice a month? A walk in the park, cycling around, sketeboarding, movie tripping, clubbing…

6. Medical habit. If you know the names of all the nurses in the hospital you frequent, I say that’s more than weekly habit! The distance of the nearest hospital is very important for you then if that’s the case. We may not like it but emergencies occur at times we rarely expect.

7. Hazard habit. How often do you encounter hazards such as fire and assault that you need a firefighter or a police nearby?

8. Anniversary habit. Birthdays, weddings, etc.

9. Visiting habit. How often do you go to extended families to stay connected?

10. Reunion habit. Once a year? Once in 2 years? 5 years?

When is it time to just rent or finally buy a house you can call your own?

Probably for most women, owning a house is one part security for her family. It is more likely that married women would prefer their husbands buying them their own house which she can fix and dress, bring up her family, rear her children, show the grand children around and show framed pictures of their children to her grand children. In short, it’s a house turned into a home….a more permanent home, that is.

Most people hate change though the irony of it is change is the only thing permanent in this world. There are things to consider, though, when you are pressed with a decision whether to rent or to buy your own house.

Consider the following:

Rent if:
- you can’t stay in one place for a long time; you get bored easily
- you don’t have enough money to buy even a small property
- your job takes you everywhere you rarely see your home

Buy if:
- you have the money
- you want your roots to hold
- seeing your neighbors (and probably ‘enemies’) the rest of your life is not a problem

People always think that having your own house is always better than just renting. It has always been a dream to have a house to call your own but when does renting become better than buying???

It is better to just rent when you are not planning to stay in the country for a long time. If you have plans of going elsewhere then buying a property may not be a good idea as you only have short term plans and it takes lot of decision making in buying or selling a property.

It is better to just rent when you do not have enough finances to support buying a house of your own. If buying a house would put you in dire financial strain then you might think twice before doing so.

It is better to just rent when you and your spouse are having marital problems. Having a property would only add to the complications if you do decide to divorce.

Buying a house is an enjoyable experience so it needs thorough planning and financial stability.

Many people wish to have a second home apart from their own for various reasons. It can be used for family vacations or a rental property or maybe an additional investment. Whatever reasons there maybe, consider the following:

• Recognize if buying a second home is okay for your finances. Think carefully if you can afford having a second home. If you have enough money to spare then, it can be a good investment.

• Select a location where the value of the property would not easily depreciate. A location that is accessible to all and has amenities if you intend on renting it out.

• Have knowledge about rental income. You can have the place rented when you are not occupying it. It can help minimizing mortgage payments

• Choose a home that would suit your lifestyle. Would you rather have a condo or a townhouse instead?

Think carefully before venturing into buying a second home. You would not want to go broke because of it. But then, you might enjoy living in your second home and it would not become a second home after all.

Well, that’s what the experts are saying in terms of existing homes and the prices they are getting with today’s low sales. They have bottomed out because they cannot get any lower due to the long standing recession that has eaten a lot of tax-payer dollars that the Federal Bank has released as mandated by the bailout package approved by President Obama. (more…)

Than what they have in the bank that is, which simply means they owe banks more than what their homes are worth which is one of the long running trends of today. The bailout money has started to come through to homeowners but even with the financial aid and tax cuts, it seems it still isn’t enough for these families to get by. Banks have all but stopped letting cash out for home buyers due to their high exposure to the housing crisis that has so crippled the US. (more…)

Some people prefer to build their own home instead of buying an existing one. This way, the home is built to your exact specifications and wants. It will be more demanding and time-consuming, but emotionally it may be more satisfying. It may cost you more than you bargained for, though, especially if you’re not well-prepared. To minimize costs, make sure to plan your budget and determine exactly how much you can afford to spend. Search for the best team who can work with you. Start by asking for referrals from friends who built their own houses. Next, choose the house design that meets your needs and your budget. You may need to hire an architect for this, or choose using stock plans from a catalog. Changes and modifications should be discussed with the builder or designer, as well as the corresponding cost. Lastly, be sure to get a contract from the builder or contractor that will describe the project in detail, the project estimates and bill of materials, and the contractor’s fees and responsibilities.

Image source: www.lastinglegacypartners.com
Your role in the process is an active role, not a passive one. You should avoid the attorney who is content with simply telling you what to do, and then throwing together some documents to accomplish it. That is the attorney’s plan – not yours.

In summary, if you’re working with the right estate planning attorney, you should plan on being involved in three distinct steps:

1. Develop a plan with counseling-oriented (rather than document-oriented) professionals.
2. Commit you and your family to an ongoing maintenance and education program.
3. Assure that your wisdom is passed along with your wealth.
As you consider those you love, and those material things that you’ll someday leave behind, only a properly designed and implemented estate plan can ensure that your goals for those loved ones are accomplished.

Many estate plans in America don’t work. They often consist of fill-in-the-blank documents, delivered in a one-time transaction, and never updated. If that’s all an attorney can offer, that’s not the right attorney for you. Choose an attorney that is counseling-oriented, values-based, and as strong on relationships as he or she is on the law.

When you find a great property to buy, do make sure that all the documents are in place and are surely legal. There are some brokers out there who are posing as licensed real estate brokers but there are also con artists who can scam you out of your money.

Bear in mind, we are in the age of hard times and money is hard to go by. So while we may be fascinated by the thought of buying ideal property, we just have to go about it the traditional way by considering the legality of it all before we can move into the dream house we initially envisioned.

One thing that hinders decisions in real estate buying is the type of lifestyle you follow. Not all people have the same lifestyle and this includes the manner of living. There are a lot of properties out there and most of them may be situated in places where you least like.

This is why during planning and developmental stages, areas are important for consideration before ground-breaking ordeals are officially made. Along with marketability comes the area where a property will be located. Most people want a great place to live in and for sure, the location of the future property investment potential will play a vital role towards attracting visitors and potential buyers.