I was a renter for many years a few years back, and I am well aware of the difficulties many face renters: rental affordability, credit issues, neighbor issues, community issues etc.
Many times it is difficult to be a landlord then the home owner.
What many renters do not realize, however, that their ultimate goal should not be an option to rent a nice apartment in an upscale neighborhood. The ultimate goal of every landlord should be to buy your own home one day.
Whether home is a detached or attached single-family home does not matter in the beginning. The idea is to one day stop paying someone else's mortgage and start building your financial security for yourself and your family!
The advantages of tax should only be enough to cause the landlord to sit up and take notice (always a qualified professional tax consultant regarding tax advantages of home ownership).
Since the property owner and landlord personally, I offer all its tenants to help in becoming home owners themselves. I do it because I have first hand knowledge about the process and selfishly, I receive a very high degree of self-satisfaction of helping others achieve the goal of home ownership.
smile and look on your face first-time home owners when I hand them the keys to your new home, for me is priceless and makes my job rewarding, fun and satisfying!
I can tell you firsthand, there is no better feeling of waking up in the morning knowing that you're sleeping in the house last night was his own. You are free: Paint It, remodel it, place carpet or other floor coverings, of no consequence that when you move, you will need to replace what you have done with the security deposit?
There are many reasons owners are hesitant to buy a home, some of the more common concerns to the landlord (a potential first-time home buyers) have expressed to me personally are:
Let's examine each of these concerns that we hope to resolve these issues:
My credit is not very good
There are several reasons why a lender would not finance a home purchase. They include:
Although low credit scores are a concern to everyone, this obstacle is one of the easiest to master! How? To begin, start and continue to pay all your bills on time. Sounds simple does not it? Well it is. Paying bills on time allows the credit reporting companies to receive a positive communication with the credit card companies, lenders and others who report payment history. What many renters do not realize is that some landlords to report late payments and payment history.
The first step in credit repair is knowing what your credit score is. Many real estate professionals will have your customers to qualify to buy a house before proceeding to look at properties for sale. This is achieved by a prospective buyer contacted the lender and apply for a loan.
This was done not embarrass customers, but make sure the prospective buyer and real estate professional the ability to focus and display only those homes that meet the financial qualifications of the buyer. Why look at the house for $ 500,000 (except for producing the envy of the buyer) when the buyer is only able to obtain financing for a home worth $ 250,000?
A review of home within a buyers financial ability to purchase will help eliminate "an estimated value below the initial price" hurdle. Many qualified real estate agents are able to judge the value of the property very close to that of a qualified real estate appraiser. This helps the potential buyer make an informed bid price on a property that meets their financial ability to purchase.
When a loan application denied, a loan officer provides a report and explanation regarding the denial of which help to consumers and real estate professional. Knowing what the issues with low credit scores, such as:
provides a clear understanding of what is needed to repair credit score. Many lenders offer assistance and guidance programs to help repair low credit scores. However, in order to resolve this problem, you must first know what the problem or that problem even exists! Many times after this procedure I have had customers who were pleasantly surprised to learn their credit was acceptable to buy a home.
I am "afraid" to have a mortgage because of the fear of losing the House
Also known as "fear" factor.
Make no mistake about it, owning your first home May very well be the most fearsome, the most important financial decision most people make in life. But this need not be a horrible experience or decision. Using the guidance of a qualified real estate professional can help reduce the "fear" factor of buying a first home. Many real estate experts to deal with this situation almost on a daily basis. In addition, many real estate experts specialize in helping first time home buyers!
Their knowledge and leadership in the process of buying a house will help make that first purchase a pleasant, stress-free situation.
fear of losing home due to a change in employment status or other financial issues is a very real concern for all. Renters are not the only one with this problem either. Home owners often face this dilemma.
However, a significant difference in concern between the landlord and owner of the house, that home owners often have financial assistance to help them through difficult financial times in the form of "capital" that renters do not. Equity is the difference between what the homeowner owes the lender (mortgage) on property and what assets are worth. simple example of Capital: Suppose that the house was purchased for $ 100,000, estimates the value of a dwelling is $ 110,000. capital for the home is $ 10,000. What does it mean that a homeowner is that if you are ever in need of financial assistance, they May have the option of applying for a loan against the equity in their home.
As the owner of the house and still pay the mortgage, in most cases their capital continues to grow. It does not even factor in the appreciation (increase in asset value) gets home in time!
maintenance costs of owning a home are too high
Although maintenance of the house really have a significant cost factor associated with it, it should not be an obstacle to become home owners.
Home owner maintenance chores, such as painting, mowing lawns, cleaning pools can actually be less work and more than a fun task! If you have a family, even though it may be the way that family together. Turning to the tasks of maintaining the house in a family-oriented weekend projects, many times brings a family closer together. It not only provides children with a sense of responsibility and ability to learn the importance of financial investments, as well as provide learning opportunities for their certain specific tasks.
I have no money for a down payment
Many owners believe they must have awarded money for a down payment on a house. It is not always true, but not in all market places.
Many lenders offer programs for first-time home buyers in the form of 100% financing and other affordable programs. The only way to find out what programs the lender offers is to contact them and ask to sign up for the program!
Although there are costs associated with purchasing a house, such as closing costs that are required at the time of closing sales, even these costs can be reduced by the lender.
There are also options to purchase real estate agent may suggest, such as asking the seller to pay for some or all closing costs upto give a dollar amount, or the seller requesting a refund of the initial price, which is used to offsetkapara requirements.
Abstract
Home ownership is not only in scope but many renters should also be a life goal. Education and understanding of themselves obstacles and problems of each of us faces a first-time home buyers provides the information needed to remove obstacles and overcome problems.
Using a qualified real estate and financial experts to assist in buying a house is an invaluable tool. Their knowledge and ability to offer recommendations can make the transition from renter to home owner without stress, fun opportunity.
© Copyright 2008 Jennifer MacKay. All rights reserved.
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