Posts in category 'For Buyers'

Getting homeowners insurance when you purchase a house is a non-negotiable. But while standard home insurance policies provide a high level of coverage and protection, they don't cover everything—and in order to protect your home (and your investment), it's important to understand what potential issues might fall outside your home insurance umbrella.

A recent article from realtor.com outlined the surprising things home insurance doesn't cover, including:

• Floods. While home insurance typically covers water issues like burst pipes, if your home is flooded due to a hurricane or excessive rain, most standard home insurance policies won't cover the damage. In order to get coverage, you'll need to purchase additional flood insurance.
• Earthqu...

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When COVID-19 first hit, much of the country was under stay-at-home orders, which made it impossible for buyers to get out and see potential homes in person. And while stay-at-home orders have been lifted in most places, many buyers are still wary about hitting open houses or touring homes in person.

But, as it turns out, that's not stopping them from actually buying homes.

Thanks to video technology like FaceTime tours, buyers are able to get an inside look at properties—without having to physically see the property in person. And for many buyers, that's enough; according to Redfin data (outlined in a recent article in REALTOR Magazine), 45 percent of buyers who purchased a home in the past year made an offer on the property without ever seeing it in pe...

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Home renovation and DIY shows have increased the appeal of fixer-uppers for a ton of buyers. But before you commit to buying a fixer-upper—and investing the time, money, and resources in fixing it up—there are a few things you need to know.

According to a recent article from real estate resource houselogic, there are a few key issues all buyers need to consider before purchasing a fixer-upper, including:

• The price. The entire point of a fixer upper is to buy it, then invest in fixing up the property, and transform it into your dream home (or flip it and sell it for a profit). But in order for that to happen, you need to purchase the home at a fixer-upper price point—and have plenty of budget left for renovations. If the price is too high, you're goin...

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There's no arguing there's costs associated with owning a home. But the adverse is also true; there are also definite costs associated with NOT owning a home.

The benefits of buying vs. renting has always been a hotly debated topic, with most people believing that — at least in the short term — renting is more cost effective. But most people don't consider the hidden costs of not owning a home and sinking all of your money into your rental.

Here are four sneaky ways that not owning a home will cost you:

1. Your pricing is never guaranteed

When you own a home, there are no surprises when it comes to your monthly housing costs. Once you lock in your mortgage, your payment will remain constant throughout the length of your loan (unless you decide to refinance in the future). The stability of having a mortgage gives you the peace of mind of knowing what to expect each month — and not having to worry about unpleasant surprises that completely thr...

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According to a recent study by Zillow, owning a home is more affordable than renting in most metro markets across the United States.

According to the study, renters pay an average of 29.1% of their household income towards rent, while homeowners only pay an average of 15.4% towards their mortgages. This means renting eats up nearly twice as much of your income as owning a home.

Data Source: Zillow

Thanks to rising rents, homeownership is becoming a more sen...

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