THE UK'S most and least affordable places to buy a home have been revealed - including the stunning rural town where you need to be earn just £4-an-hour to buy a place. Soaring property prices and a freeze on salaries means it is becoming increasingly difficult for people to get a foot on the housing ladder. And a new online tool, developed by a national blinds maker, has now uncovered exactly how much cash you need to make to live in a certain area. These fascinating results show you would have to pocket more than £80 per hour for the most expensive location. Web Blinds took the average cost of houses in each of Britain’s 2,650 postcodes and worked out the mortgage repayments based on having a 20% deposit and taking a 25-year term with a 2.63% interest rate, reported Wales Online. This is based on a single person working a 37.5-hour week and mortgage repayments being 35% of their income. The study found that the picturesque town of Ferndale in The Valleys in … [Read more...] about UK’s most and least affordable places to buy a home revealed
We buy any home
Something that seems to universally freak people out when buying a home is learning that work was done to the home without appropriate permits being pulled. I get questions about this topic quite frequently, so here's my two cents: it's not the end of the world, it's usually not a big deal, and in many cases, it won't make any difference. I recently blogged about unpermitted electrical work, but I really ought to expand on all unpermitted work performed at properties. The latest question that made me decide to blog about this topic came from someone buying a home with a recently remodeled kitchen. It was all supposed to have been professionally done and the work all looked great, but the buyer was ready to cancel her entire purchase of the home once she found out that no permits were pulled. Her reaction, right there, is without a doubt the biggest consequence for not pulling permits. The lack of building permits gets some people very worked up. In many cases, people's … [Read more...] about Buying a home that has had work performed without a permit?
Intro WikimediaSince the turn of the century, home prices in the U.S. have almost doubled, while median household income has barely budged. This, combined with a limited supply of entry-level homes, contributed to declining homeownership rates over the past 10 years. However, data from the latest U.S. Census Current Population Survey suggest that trend could be turning around.With homeownership rates ticking upward, researchers at Branch Publishing wanted to see how many hours the typical person would need to work to afford a home in various cities across the country. According to Zillow, the median home listing price in the U.S. for December 2017 was $256,000, but there’s a huge amount of geographic variability. In San Francisco, for example, the median listing price exceeded $1,100,000 for 2017; whereas, in Philadelphia the figure hovered around $180,000. Likewise, median household income varies by location, but doesn’t always correlate well with home prices. This results … [Read more...] about Want to buy a home? Here’s how many hours you need to work each week
Holden Lewis, NerdWallet Published 1:04 pm, Friday, February 16, 2018 This article was first published on NerdWallet.com. Mortgage rates have risen about half a percentage point since September. What does that mean for you if you’re buying a home now or plan to buy one soon? For starters, don’t panic. When you’re buying a home, the mortgage rate matters, but it shouldn’t monopolize your attention, says Robert Frick, corporate economist for Navy Federal Credit Union. “You shouldn’t focus on the rate and let that scare you into making a hasty decision about buying a house,” he says. Recommended Video: Now Playing: Do you make enough to buy a house? Mortgage rates are low, but rising costs mean home ownership is at a 50 year low, according to the U.S. Census. Are you doomed to rent forever? Depends where you live. Media: Brandpoint How rising rates affect your monthly payment The average rate on the 30-year … [Read more...] about How to Buy a Home When Mortgage Rates Are Rising
Buying a home is complicated, expensive and time-consuming. Most buyers and sellers welcome help from a real estate agent to walk them through the process, handle the paperwork and fight any battles that may arise. “How often does a buyer go through the home-buying process? Maybe two or three times in a lifetime. How many times does a good agent go through the process? Twenty or 30 times a year. Why would anyone buy a home without an agent?” said Sara Rubida, a Long & Foster agent. Since the commission for the buyer’s agent is typically paid by the seller, “it’s penny-wise and pound-foolish for a buyer not to use an agent,” Rubida said. But in an age of Redfin, Zestimates and online contracts, isn’t all the information you need on the Internet? Seriously, why use an agent? Time, for one thing. “While people are at work, we’re working: coordinating with lenders, title companies, insurance companies, surveyors, home inspectors, … [Read more...] about Buying a home? Let a real estate agent guide you to your destination.
Talking to the neighbors can uncover a mine of info about your new home. Because who else knows the area better than the people who already live there? Kelly Burch, provided by Published 5:30 am, Monday, November 27, 2017 Photo: Image Source/iStock Image 1of/1 CaptionClose Image 1 of 1 Photo: Image Source/iStock Pop Quiz! 5 Insightful Questions to Ask the Neighbors Before You Buy That Home 1 / 1 Back to Gallery It's all coming together: You've got your eye on a home, and you've called your agent at all hours to tour the place repeatedly and make sure it's absolutely perfect. You're ready to lock this down and make an offer. But wait! Have you really gathered all the intel you possibly can? It's tough, we know, to get an accurate feel for a neighborhood—especially if you're new to the area or … [Read more...] about Pop Quiz! 5 Insightful Questions to Ask the Neighbors Before You Buy That Home
As 2017 came to a close, many area residents are starting to think about their plans and goals for 2018. For many, becoming a homeowner is at the top of their list. Whether you are a first-time homebuyer or a five-time owner, here are five things you should do when entering the real estate market this coming year: 1. Find out your credit score: This is an important first step if you want to qualify for and secure a mortgage in 2018. Knowing what kind of shape your credit score is in will help you know whether you will qualify for a loan and what interest rate you can expect to pay. A higher score will net you a lower interest rate. Checking your credit score is easy nowadays with the plethora of websites offering free credit score checks. If you find that your score is not optimal (below 620), you can start correcting it by fixing any errors on the report, paying your bills on time, closing credit cards you do not use and getting your credit limits raised. 2. Understand what you … [Read more...] about 5 tips for buying a home in 2018
Jill Rooney found a house she liked with quartz countertops and wood floors in Mansfield, and immediately offered to buy it for $210,000. That was $15,000 over the asking price. And it wasn’t enough. “I went 15 grand over, and I thought for sure I had this house,” said Rooney, 39, a Mansfield High School teacher. “I even wrote a personal letter to one of the owners. She had been at the house when I visited it, and she had her baby, and we talked for a long time. She was so proud of the house. I thought we had made a personal connection, and we did, but it didn’t help.” Rooney’s experience is becoming more common as North Texans deal with historically high residential property prices — which have risen to levels that make some question whether buying a Fort Worth-area home is still a worthwhile investment. The median sales price in the Dallas-Fort Worth-Arlington market has skyrocketed 33 percent in just three years and housing costs … [Read more...] about Is buying a home in Dallas-Fort Worth still a good investment?
A lot depends on where you live (and how much you plan to finance), but these factors could mean 2018 will be your year to take the buying plunge. Holly Amaya, provided by Published 5:00 am, Thursday, January 4, 2018 Photo: Cherezoff/iStock; Realtor.com Image 1of/1 CaptionClose Image 1 of 1 Photo: Cherezoff/iStock; Realtor.com The 3 Best Reasons to Buy a Home in 2018 (but You'd Better Hurry) 1 / 1 Back to Gallery Figuring out when to plunge into the real estate market can be quite intimidating—especially when prices are high, choices are limited, and history urges restraint. "We’ve seen two or three years of what could be considered unsustainable levels of price appreciation, as well as an inventory shortage that resulted in a record-low number of homes for sale across the country," … [Read more...] about The 3 Best Reasons to Buy a Home in 2018 (but You’d Better Hurry)
If you're aiming to purchase a home in 2018, it's time to start saving. And then to save some more. Between putting money down, keeping up with mortgage payments and repairs and maintaining your emergency fund, you can never have too much stashed away. But how much do you need, really, before you're ready to make a purchase? Eric Roberge, CFP and founder of Beyond Your Hammock, tells CNBC Make It that the biggest sign you've saved up enough is if you could comfortably afford to move in today. "The No. 1 sign that you have enough saved for buying a home is that you can easily put 20 percent down, have 10 percent for closing costs and other move-in expenses and feel comfortable affording the expected monthly mortgage payment," he says. … [Read more...] about Here’s the No. 1 sign that you can afford to buy a home in 2018