Buying a home can be full of difficult decisions; and as interest rates rise, some buyers may experience more difficulty planning financially for the property they envision buying. For people looking for a different way to help pay their mortgage every month, choosing a multi-family property or a home with an attached rental unit might help offset costs and provide the monthly income that makes their mortgage payment a little easier to accomplish.
What Is an Attached Rental Unit?
An attached rental unit, formally called an Accessory Dwelling Unit (ADU), is typically a smaller living space adjacent to a main home. It might be a tiny house in the backyard, or something more like a self-contained mother-in-law apartment attached to the house. It can even be a small apartment over the garage. In many cases, it is even a 2-Family Home where the owner lives in one unit and rents the other. There aren’t a lot of rules about what an...
The home inspection can be a particularly stressful part of the home buying process for buyers, but the equally anxious seller might be waiting with bated breath for the results as well. The buyer is typically responsible for scheduling and paying for the home inspection, but if the house is revealed to have major issues, the seller can be on the hook for repairs - or could lose the deal entirely.
When selling a home, one of he most nerve-wracking parts of the process is waiting to see the outcome of the home inspection. Home inspection issues like termite or mold damage can mean the seller will have to shell out money, credits, or concessions to make things right with the buyer....
Credit scores saw a jump during the first year of the pandemic. Now, amid high inflation and rising consumer debt, they’re holding steady - and thats not necessarily a good thing.
The national average FICO credit score sits at 716, which is still an all-time high but is unchanged from a year ago, according to a new report from FICO, the analytics company that developed one of the go-to credit scores for lenders.
This leveling-off of the score is significant, as 2022 marks the first time in over a decade that the average FICO score has not increased year over year.
FICO scores range from 300 (poor) to 850 (excellent). Credit scores are used by lenders to determine how risky (or not) you’ll be as a borrower; they impact the terms of credit cards, personal loans and mortgages.
First-time homebuyers are taking their power back.
As the housing market continues to cool, savvy buyers are seizing the opportunity to save themselves some hard-earned cash. They’re bringing contingencies back, asking sellers to make costly repairs, and even submitting offers for less than the asking price of a home. Sellers, eager to go under contract, are not only giving these offers serous consideration, they’re also increasingly coming to the bargaining table.
Make no mistake: It’s still a seller’s market. Home prices are ratcheting up as there are far more buyers searching for homes than there are properties to go around.
However, higher mortgage rates combined with record-high home prices have doused the frenzy in the housing market. As many first-time and other...
Rising mortgage rates mean that millions of homebuyers have been shut out of the market. That, coupled with home prices that are currently up 14.2% compared with last year, means many buyers are simply giving up on their dream of owning a home right now. But what if you don't want to?
Many buyers are now considering another option for homeownership: condominiums.
These privately owned units within a largr complex actually proved more affordable than single-family homes in 72.5% of U.S. counties in 2021.
Buying a condo vs. a single-family home
The process of buying a condo differs from that of a single-family home in a few key ways.
One menaninful difference is that many condominium homes cannoy be purchased using government-backed loans such as Federal Housing Administration loans or Veterans...
Are you considering buying a foreclosed home, or a home that has been repossessed by a mortgage lender? If so, you're not alone. Purchases of foreclosed homes are up more than 150%, according to a recent 2022 U.S. foreclosure report.
Many homebuyers are tempted to buy a foreclosure because it’s seen as a way to essentially get a great home at a bargain price. But the process is more complicated than it may appear—and that seemingly cut-rate deal may not save you as much money as you anticipated.
Here’s the 411 on buying a foreclosure, what the purchase entails, and the risks you should watch out for so you don’t end up with a money pit on your hands.
How to find and buy...
With inflation jacking up the price of groceries to gas and beyond, just about everything has more expensive these days - and rent is no exception.
According to the most recent Realtor.com rental report, the median rent in the 50 largest U.S. cities has been setting record highs for 17 months straight, currently hovering at $1,879.
With numbers like that, finding ways to save money while renting - to buy a house, pay for a vacation, or fund other life goals - may seem like a daunting exercise in self-deprivation. But experts insist that today’s renters can still amass some cash reserves without feeling much of a pinch. It all comes down to pinpointing your priorities, and shedding the rest.
Renters just need to focus their search on what they need,...
A contingent offer means that an offer on a new home has been made and the seller has accepted it, but that the final sale is contingent upon certain criteria that have to be met. These criteria, or types of contingencies, are clauses in a sales contract that typically fall under three major categories: appraisal, home inspection, and mortgage approval.
Such contingencies are mainly put in place so that buyers can back out of a real estate sale sale if something goes wrong, usually without losing their earnest money deposit. A seller might entertain other offers after a refusal, but won’t deal with another buyer until the contingent offer is settled in one way or another.
Home inspection contingent offer
One of the most common contingencies for home buyers is the home inspection contingency. In...