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?
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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