Buying your first home can feel like one of adulthood’s true markers and a dream come true. For today’s millennials, however, that dream may seem daunting, especially when they consider the other financial responsibilities that people their age commonly face. Student loans, credit card debt, and a higher cost of goods are all obstacles to becoming a homeowner today.
But with planning and hard work, millennials can get on the path to buying a house of their own. Here are some expert tips for maximizing dollars and ensuring that homeownership is a reality for every generation.
When it comes to real estate investing, is it better to buy-and-hold or fix-and-flip? The answer depends on your investment goals, your personal preferences, and your local market. Let’s looks at each strategy and figure out which is the better fit for you.
What is Buy-and-Hold?
Buy-and-hold is when you purchase an investment property for the long-term. Most investors start with a single-family home or small multi-family property (2-4 units).
You simply find a property where the rent will exceed all your expenses (as a general rule of thumb, investors like to see the monthly rent be more than 1% of the purchase price), then find reliable renters for the property.
The rents collected will pay down your mortgage debt, pay all your investment-related expenses (like taxes, insurance, and maintenance), and put money in your pocket every month for decades to come!
The world of mortgage financing can be a little overwhelming for first-time home buyers.
The good news is that there are professionals to guide you through the process of qualifying for a home loan. Lenders are happy to educate buyers on the different mortgage options. You just need to know a few basics so you can have a productive conversation with your lender.
Here are finance basics for first-time buyers:
So you’ve made an offer on your dream home, and the seller has accepted…what are the next steps?
Several things still need to happen before the deal can close, and the house can officially become your home.
The closing process (also called the escrow process) generally takes 30-60 days to complete. Much of the work is done behind the scenes by the team of real estate professionals handling your transaction. But you’ll also be involved in several of the upcoming steps.
Here’s an outline of what buyers can expect during the closing process.
The real estate world is full of myths. Myths that prevent people from making smart decisions when buying and selling and keep people from maximizing their real estate returns.
Let’s count down the top five biggest real estate myths. And debunk each one!
Realty Executives International announced today that it has expanded its partnership with Zillow, Inc., the leading real estate and rental marketplace in the U.S., to include listings from their Canadian franchises. The Canadian listings from Realty Executives will drive unprecedented global exposure to Canadian homes for sale to the millions of home shoppers that visit Zillow every month.
Purchasing a home is one of the biggest investments you will make in your entire lifetime. However, it can be difficult to evaluate exactly how much you will need out of pocket to purchase a home. Although much of the home is financed, you likely will still be responsible for additional home purchase costs. Some of the most common homebuyer costs are listed below.
Purchasing your first home can be one of the most exciting and overwhelmingly stressful experiences of your life. Yet, armed with the appropriate knowledge and information, you can define your budget, get pre-approved for your home loan, shop for the perfect house and close the transaction with confidence.
What type of house should you buy? Do you think you’re more suited to a tiny house in a modern community, or a traditional home with a white picket fence? Take our quiz to determine what housing option best suits your needs.
Does owning a vacation home make sense in today’s market? Or is this a practice of a bygone era?