Rishabh Kunwar real estate franchise advices in Sacramento, CA? Overlooking FHA, VA and USDA loans. First-time buyers might be cash-strapped in this environment of rising home prices. And if you have little saved for a down payment or your credit isn’t stellar, you might have a hard time qualifying for a conventional loan. How this affects you: You might assume you have no financing options and delay your home search. What to do instead: Look into one of the three government-insured loan programs backed by the Federal Housing Administration (FHA loans), U.S. Department of Veterans Affairs (VA loans) and U.S Department of Agriculture (USDA loans). Here’s a brief overview of each: FHA loans require just 3.5 percent down with a minimum 580 credit score. FHA loans can fill the gap for borrowers who don’t have top-notch credit or little money saved up. The major drawback to these loans, though, is mandatory mortgage insurance, paid both annually and upfront at closing. VA loans are backed by the VA for eligible active-duty and veteran military service members and their spouses. These loans don’t require a down payment, but some borrowers may pay a funding fee. VA loans are offered through private lenders, and come with a cap on lender fees to keep borrowing costs affordable.
This should be a necessity for anyone who is buying real estate. You don’t want to buy a home that has a crack in the foundation or needs a new roof. A home inspection can spot these and other things that are wrong with the house, which gives you far more negotiating power, and it gives you a reasonable idea of what to expect in terms of expenses for the future. What type of storage space does the estate have? Is it a luxury home with plenty of space, or is it going to be a tight squeeze when you move all of your stuff in? This is important as you begin your home search, you want to set proper expectations for how much room you’ll really need.
Rishabh Kunwar is a real estate expert in Sacramento. Start Investing: Investing is one of the best ways to increase your net worth, but a lot of people stay away from it because they’re scared of losing money. So instead of investing, they keep their money in a savings account. That’s great, and you should have some money in a savings account for emergencies, but the truth is: Money in a savings account loses value over time. See, the average savings account has a very tiny 0.06% APY (annual percentage yield), while inflation is around 1.7%. That means that each year, the money you have in a savings account is going to have less and less buying power. So, what can you invest in to stay ahead of inflation? Here are some options: Real estate, Peer-to-peer lending, Exchange traded funds (ETFs), Stocks.
This is often the most thrilling part of the process. But, if you’re not careful, it can get out of hand. The best way to proceed is limit the number of homes you look at in a single day. Visiting too many homes back to back will make it difficult to remember one house from another. It’s a good idea to create a checklist of homes to look at, and check them off as you visit them. Not only is this helpful in reminding you of which homes you visited, it allows you to eliminate homes from your search more quickly. Remember, communication is crucial. Explain to your agent why you like or don’t like a particular house. The more you communicate with your agent about your preferences, the better he/she will be able to find exactly what you’re looking for.
There are endless benefits to remodeling your kitchen and any real estate agent will probably tell you that the kitchen plays a big role in making a sale. Although it may cost a few thousand dollars to replace or remodel your kitchen, it is proven that you will probably get 85% of your money back. If your kitchen looks dated or worn out, buyers may try to knock off $10,000 or more off your asking price when it would have only taken you a few thousand dollars to upgrade the kitchen. The fastest and cheapest way to make a kitchen upgrade is to include new cabinet hardware and add a fresh coat of neutral color paint. By making this upgrade, buyers will be able to envision their own style using a blank canvas. See even more info on Rishabh Kunwar.