Are You a First Time Home Buyer? Avoid These Common Pitfalls

Thinking about owning a home? Great idea. Or is it? Just the thought can cause a surge of excitement to run through your veins. On the other hand, the commitment required may be causing you sleepless nights, and rightfully so. Home ownership is an achievement that deserves to be welcomed with open arms. The question is, are you ready for the commitment? First- timers are often victimized by their own lack of understanding about the process. Given that this is a large financial decision to make, intense preparation is key. So before you sign up for the challenge; do your homework, and take a good look at these common pitfalls: 1. Financial Readiness Your credit report reflects your readiness to move on to the next chapter of your life: homeownership. Obtaining a copy of your credit report, before you even start your hunt, is a basic rule. It allows you the opportunity to repair any existing problems and ensure that your score is high enough to meet the lender’s criteria. Meanwhile you need to know how much you qualify to borrow and what your monthly mortgage payments will be. A minimum down-payment will be required, as well as other charges that apply when the transaction is closed. Make sure you’re left with enough cash on hand to cover unexpected expenses. In any case, consult with an expert to determine if you are really ready commit to the process. 2. Professional Consultation When you act on a decision half-heartedly, you may end up being easily distracted and lack the drive necessary to find the perfect home. For a first-time buyer,...

Currently on Market Insights

It has been four years since the recession. What has become of the rental industry? The Industry Insider reports that there is still a steady increase of demand for U.S. lease housing. In that regard, the prices for the said properties are also being driven to the top due to the growing demand. “The rental vacancy rate — or the share of apartments that are vacant and available for rent — declined 0.5 percentage point to 8.2 percent in the fourth quarter compared to the same period a year earlier.” What prompted this decrease in property availability and the increasing number of tenants these days? Notably, there were three apparent factors that were cited in the article: homeowners being foreclosed, thereby renting instead as it is the only immediate choice inability to obtain a mortgage because qualifying standards are higher – with lenders implementing stricter regulations the simple fact that where buying a property is concerned, it is always a high risk transaction. Seeing that property owners are profiting from their investments, others may also follow suit and take part in envisioning more constructions – whether residential or commercial. If supplies do manage to grow steadily, this might also ease the spike momentarily. Then again, as with any trends, there’s still a possibility that all these would take a reverse. Say for instance that rent prices continually increase until such time that the range is impossibly high for families. There will come a point when buying is yet again a more valid option when talking about the long...

Why Living in Utah is Ideal

Transferring to a new home can be inevitable. If you’ve been renting most of your life, then the lack of permanence only means that you’re bound to relocate sometime in the future. If that opportunity is within reach at present, have you considered your next stop? There are many states that boast of good living conditions, and Utah is one of them. Need any valid reasons? Here are 5 of them to get you started.   Thriving economy – While young professionals may want to flourish amidst bright lights and fancy neighborhoods, it’s always essential to present an option that balances their longing for productivity and social recreation. Doing this in a place with low cost of living can help propel families towards an ideal level of comfort minus the worry about finances. If given the opportunity to live modestly but with all kinds of amenities within reach, then Utah is a mighty contender. After all, the economy is thriving and has the promise of job growth and stability for its residents.   Ideal for families – There’s a difference in preference between those who are newly independent and those who want a more stable future. It’s not to say that you are merely a settler if you choose to live in a place where it’s more lasting. It simply shows that you are responsible enough to make the most out of the advantage that the state of Utah can offer. For those of you who are planning to have families anytime soon after the location, Utah offers a variety of choices when it comes to education and recreation....