Homebuyer Find Mega Equity

Many people wanting to buy their first house wish to jump to their dream house while at the same time, they do not have enough of a down payment to accommodate the purchase. Dream houses have everything you want in them, especially if you get a custom house-made. The problem is how to make your dream a reality based on what you have to work with financially. The answer is buying a distressed property though it may not be your dream house; it can make your dream house come through. To make dreams come through, it takes effort, patience, and sacrifice.

Ms. W bought her first house 5 years ago in Hyattsville, Maryland, USA, for $175,000. At the time, the home was livable but needed updating. The kitchen and bathrooms needed updating, cleaning, painting, and lawn care because the house had been ignored for a long time. Ms. W looked beyond the work because the house was in a good location, and Ms. W could manage the required 3 percent down payment and 3 percent closing cost for the house. Though it was not what she had in mind as her first choice in buying a home, she controlled her ego and decided to make it work as a means to an end. Before making up her mind to purchase the house, she asked the smartest question; “What is the repaired value of the property?” She had a Comparative Market Analysis done (CMA). The CMA showed that the property repaired value would be around $250,000. With that figure in mind, Ms. W settled the purchase.

Ms. W initially had the plan to take her annual two weeks’ vacation in the islands, but when she came upon the house deal, she rearranges her plans knowing that good deals are hard to find. During her vacation time, her two sons were also on their summer vacation from school. Before Ms. W and her two sons moved to the house, they painted the house on the weekend, and Ms. W had a friend she knew in the flooring business sand and polyurethane the old hardwood floors. By the following weekend she moved from the apartment she was renting to her house.

Ms. W states that one room at a time was done; over time. She says that she watched a lot of real estate fix-up shows on television and got ideas on how to renovate on a low budget. Now five years later, she states that the house is fixed the way she wants it. Since then she did a recent CMA, and it is worth around $274,000. She claims now that she put so much of herself to bring the house to her taste, it has become her dream house, and she is no longer interested in other homes. She also states that in a few years, her teenage sons will be going off to college, and she may need the equity to help with their college expenses.

Comments

Many Do Not Believe in the Covid-19 Vaccine

Despite the U.S. government stating that there is a vaccine to minimize the chances of death due to Covid-19, most people are in denial. Many people think it is a trick to get some small technology into your body to control you and monitor you. They go as far as connecting their theory of an evil plot to implement 5 G technology. Some people have put out what they claim is proof that Bill Gates is involved, and he and others want to control the population of the world and so on and on. You wonder why there is so much mistrust? But it is not unwarranted. It is part of American history that the colonist gave free blankets and linen contaminated with smallpox to cause disfiguring scars, blindness, and death to the American Indians. Then there was Tuskegee experiment began in 1932, where they freely injected over 600 African Americans with syphilis, a contagious venereal disease with no known cure at the time. Some Republicans believe the Democrats want to use the COVID 19 scare to ...

Prevent Foreclosure from the Start

Everyone feels a sense of pride after they have made their purchase of a home. For a while, you may not have the desire to go out much because you want to bask in your moment of achievement. Since you close on your home, you will find that more credit companies want to extend credit to you. Homes usually go up in value, so credit companies feel that you are collateral-worthy. It is easy to get overextended if you are not budget-conscious. When you applied for a mortgage, most loan officers will advise you not to buy anything with a credit card and do not ask for new credit while a mortgage decision is pending with a lender. The mortgage company uses all current minimum payments of your debts versus your income to determine a mortgage on your behalf. If you got new credits, it would throw off their figures and change your debt profile. The lender uses the debt profile versus your income to determine the likelihood of the lender getting paid back for the loan. When your de...

House Inspection a Necessary Evil

You have been looking around for months to find the home of your dream, and now you think you have found one. You are currently fascinated with your newfound love, but you should step back and analyze your findings. Some people may have worked two jobs to afford the down payment on a home and have limited liquid cash beyond that to provide anything breaking down in the first three years after closing. Thus, you need to get a home inspection known as the necessary evil of the industry. The results can determine the evil part. A home inspection can reveal a lot more than the owner of the home want to realize. If the owner does not want to make concessions for the negative home inspection report, it can be disappointing to the buyer after paying for a home inspection report. Many home buyers will feel upset that they paid the inspection fee and they cannot get the home because it reveals issues that the buyer would have to come out of their pocket to fix soon after closing. Going alon...

KWAB REVIEW

Search This Blog