Comparing Renting vs. Owning

     Comparing Renting vs. Owning One of the hottest topics in housing is whether to rent or own a home. Market conditions and personal finances and other things factor into the decision to rent or own a home. Learn how calculations actually work in order to feel confident on deciding what is right for the budget and family.   Check Numbers The first thing to understand is how math works for each individual looking at homes. Calculating monthly costs of home ownership, subtracting tax benefits and comparing the final figure will help gauge the difference between home rental versus home ownership in the same neighborhood. Assume a credit score of 750, a $300,000 home purchase price with 10 percent down ($30,000) for a 30-year fixed mortgage. Current rates hover around 3.25 percent. A mortgage calculator will tally the total monthly cost as follows:   Mortgage payment of principal and interest  $1,175 Property taxes  $300 Private mortgage insurance (PMI)  $133 Homeowners insuran
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Legal Benefits to Using a Licensed Real Estate Agent

    Legal Benefits to Using a Licensed Real Estate Agent   Whether buying or selling, a professional, licensed real estate agent can provide great benefits in finding a dream home. Legal obligations to clients can provide a safety net for the client. Find out what legal benefits exist to using a licensed real estate agent and how to take advantage of the opportunity.   OLDCAR The acronym OLDCAR is used to describe legal obligations afforded to clients by licensed real estate agents. The benefits included are listed as follows:   Obedience If an agent represents an instruction with financial implications, the agent is required to follow it even if disagreement ensues. This pertains to anything that is legal and does not contradict a contractual agreement.   Loyalty An agent is obliged to put the interest of his or her client above those of anyone else involved in the deal (including the agent). Loyalty gives the client a sense of peace and reassurance the agent has his or her bes
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You Should Buy Your Retirement Home Before You Retire

     You Should Buy Your Retirement Home Before You Retire Planning to leave the workforce and retire in five to 10 years can seem a long ways away. Buying a retirement home now can actually pay off in the long term to capitalize on some benefits offered to homeowners. Learn five reasons to buy a home while still fully employed.   Easier Approval for Mortgage Mortgage lenders evaluate loan applications based on debt-to-income ratio, the total monthly debt divided by gross monthly income. It is easier to qualify for a home loan while earning a steady paycheck. Waiting until retirement to apply for a mortgage can limit the size of loan which can be qualified for with lenders.   Cash Flow Most people want to make some renovations and changes to a property once purchased. Setting a budget can help plan for the changes. A regular income is nice to have when updating or modifying a home. Working full-time can protect a person financially if major issues are uncovered. Retirement may no
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Why You Should Live in a House Before Renovating

Why You Should Live in a House Before Renovating Many buyers are looking for move-in ready homes. Significant opportunities are available in prime locations with home that linger on the market yet need some work. Some individuals will flock to the homes to customize to personal requirements and built equity along the way. Learn why it is important to live in a space before starting renovations on a property.   Minds Can Change Living in a home can start with grand visions of seeing changes to be made but, based on the condition and priorities, things can shift over time. When a person actually lives in a space, it is easier to see exactly how to use the house, what will work and what will not. The day-to-day experience will inform home improvement decisions of how to use the home every day.   Take a Break Purchasing a home is a massive project in itself. Along with an enormous change, it is a shock to the system. Finances change and buyers jump through so many hoops, spending months
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