Sections SEARCH Skip to content Skip to site index Real Estate Subscribe Log In Subscribe Log In Advertisement Supported by Before creating a multigenerational home, do your research and consider a “house prenup” for finances and an “exit strategy” in case somebody decides to move out. ByClaire Zulkey July 20, 2018 For Diana Limongi, the practical benefits of sharing a two-family house in Astoria with her parents are manifest. There is access to a car without having to own one, free Spanish immersion for her two children and periodic gifts of homemade lentils left in the refrigerator. But the best part, the stay-at-home mother says, is when she leaves the house. “I hear my mom talking to my daughter and cracking up. It’s just pure joy, and it’s a beautiful sound. They’re really enjoying each others’ company.” Multigenerational households — homes where two or more … [Read more...] about What to Know Before Buying a Home With Your Parents
Extra costs when buying a home
College is over, but you still have to do the kind of math that matters. Like: How am I supposed to save $50,000 for a down payment on a house? If this question sends you into a shame spiral, making you second-guess your career, the city you live in, and the jacket you bought yesterday, stop right there. You don’t need to save 20 percent of a home’s value for a down payment. Yes, it could lead to a smaller mortgage payment or lower interest rate, but many federal, state, and local programs will let you buy a house with less down or help you pay for the down payment outright. Here are your options — and how to decide what’s best for you: FIRST-TIME HOME BUYER PROGRAMS You may not know it, but there are tons of first-time home buyer programs that can make homeownership more affordable. State and local governments invest in them because high rates of homeownership can mean more stability in a community and more accumulated wealth for local families, said Marietta … [Read more...] about Don’t let the down payment scare you away from buying a home
(BPT) - With graduation season and summer break upon us, many parents may be on the hunt for a new car for their graduate. Memorial Day deals offer some of the best incentives of the year, so it's crucial to know how to navigate what can be an overwhelming and exhausting process.“USAA helps members find, finance and insure vehicles that are right for their personal needs and financial goals,” says Heather Pollard, vice president of Auto Experience at USAA. “We want to avoid you ever having to regret your purchase decision, or worse, lead to financial hardships where you can no longer afford to keep your vehicle.”If you are one of the millions of Americans looking to buy a car, here are the five things you need to know before you step foot on a dealer’s lot. Know what you can afford.The first and most important question to answer before launching into the car-buying process is “how much can I afford?” Figuring this out will help you determine … [Read more...] about 5 tips when buying a car for a teen
Remember playing musical chairs? For many eager first-time buyers, house hunting will remind them of that childhood game where everyone was scrambling to secure a place, but someone invariably lost out.With a limited supply of lower or moderately priced homes in many areas, multiple buyers are often competing for the same home.“When a property looks good and is priced well, if it goes on the market on Friday, there will be multiple offers by Monday,” said Jim Fite, president of Century 21 Judge Fite in Dallas-Ft. Worth. But if a buyer misses out on one home — or even two, three, or more — all is not lost. Determined, flexible and creative buyers can still land a home to call their own, say agents.Here, a look at strategies that could help first-timers find their way home:Size up the competitionA competent real estate agent will know that a property will attract quick buyer interest. In some cases, a listing agent will even inform a buyer’s agent that there … [Read more...] about Give it your best offer when buying a house
1 of 36 Full Screen Autoplay Close Skip Ad × Homes you can buy for $500,000 View Photos A look at dwellings in and around Washington and across the country that can be had at this price. Caption A look at dwellings in and around Washington and across the country that can be had at this price. Columbia Heights condo The two-bedroom condo in the Majestic, a 1930s art deco building in Columbia Heights, is listed at $499,900. David Pipkin/Redfin Buy Photo Wait 1 second to continue. The spring home-buying season is in full swing, and many potential buyers are discouraged by what’s available within their budget. Low inventory has driven prices higher, making it more challenging to find an affordable home. “To put it in perspective, the mid-Atlantic region as a whole has 2.5 months of supply,” said Gitika Kaul, a real estate agent with Wydler Brothers. Because a three-month supply is considered a balanced market, favoring neither … [Read more...] about Looking to buy a home for $500,000? Here’s what you can expect to find.