Have you ever considered buying a home for someone else? Maybe you’d like to give a head start to an adult child, take care of an elderly parent, or help out someone with bad credit or who is simply having a hard time financially. It’s a noble idea and it can be done. But there are things you need to know so your generosity doesn’t end up costing you more than you expected.
There’s plenty of advice online on how to sell a home fast. Our post 20 Creative Ways to Sell Your Home in Under a Month is a good example. But some sellers are in too much of a hurry to try those tips or don’t want to go to the trouble. They might be contemplating selling a house “as-is.”
Preparing to sell a home can be expensive: Preparing a home to go on the market comes with the cost of repairs, updates, cleaning and staging. And of course buying one is a huge investment, too; buyers not only need to come up with a downpayment, but have to think about the cost of loan application fees and inspections.
It’s not news that buying a house is a big financial investment. But many first-time buyers wonder if buying a home is worth it. They wonder how long it will take before breaking even compared to renting. The St. Louis region actually has one of the shortest break-even times in the country.
While homebuyers can’t always relocate to enjoy the best market advantages, if you’re looking to buy in a new locale, the financial site WalletHub.com published a list of communities where new homebuyers might want to consider as their newest “home town.”
It’s best to be completely sure about selling before taking the plunge to put a house on the market—obviously. And while it doesn’t happen often, a seller sometimes wants out of an agreement. Deciding to keep a home is not a decision that should be taken lightly.
Taking on a mortgage, especially as a first-time homebuyer, can be intimidating. Finding out that it can lower your credit score can be downright stressful. It’s a bit of a “Catch 22”: You need good credit to buy a house, but buying a house lowers your credit.
It is also vital not to confuse a down payment with an earnest money deposit. A house down payment and earnest money are not the same things. The resource at Maximum Real Estate Exposure does an excellent job explaining what earnest money is, how it works, and how it differs from down payment funds.
If you live in an older home (and there are many of them in St. Louis) it might have knob and tube wiring. Knob and tube (or K&T) was the standard method of electrical wiring when electricity was first used in homes in the 1880s. New innovations in cable and wire came along in the 1920s, but K&T was still common up until the 1950s when more modern methods took over.
Smart home lovers likely rejoice at the continued flood of smart house accessories on the market, one of which are video security doorbells.