Buying a Second Home vs Buying Your Primary Residence

The experience of buying your second home vs buying your primary residence can be very different. When buying a second home, your needs are likely much different than they were when buying your first residence.

 

As such, there are several things to consider before deciding to buy your second home. It’s important to prepare yourself before jumping into this process in order to ensure you find the perfect property to act as your second home.

 

Before starting the search for your second home, consider these factors to make sure you are as prepared as you can be.

 

Why Are You Buying a Second Home?

First and foremost, seriously consider the reason why you are buying a second home.

 

When you purchased your primary residence, you were likely concerned with factors such as neighborhood amenities, nearby schools, nightlife, etc. However, if your second home is meant to be a vacation home, you might be more concerned with things like weather, distance to the beach, and similar factors.

 

In order to find the property that’s right for you, you need to seriously consider your wants and needs before starting your search.

 

Getting a Mortgage

Getting a mortgage for your second home can be much more difficult than it was to get your mortgage for your primary residence.

 

The primary difficulty is proving to lenders that you can afford a second mortgage. Since you already have an active mortgage, lenders are taking on more risk.

 

Additionally, your lender might require you to buy a property that is a certain distance away from your primary residence in order to ensure that it is used as a vacation home and not your primary residence.

 

Do You Plan on Renting Out Your Second Home?

Renting out your home can be a profitable decision, but it does come with disadvantages.

 

For example, if your second home is far away from your primary residence, it may be difficult to manage the home and tenants on your own. Instead, you might have to hire a property manager, which will increase your expenses.

 

Additionally, if you plan on using the home at all, having an active tenant could prevent you from visiting your second home when you want.

 

If you are interested in renting out your second home, you should be sure to consider the advantages and disadvantages before doing so.

 

Maintenance

Just like with your primary residence, you will have to perform maintenance on your second home to preserve its value and keep it in good shape.

 

Since you won’t be living in your second home, you may need to hire a professional to maintain your second home while you are away.

 

Finding the Right Location

Lastly, you need to seriously consider the location of your second home. This may seem obvious, but the importance of picking the right location can’t be emphasized enough.

 

For example, if your second home is too far away, you may not find the time or money to visit it as often as you expected to. Too close and there might not be any reason at all to visit your second home on a regular basis.

 

Moreover, if you’re buying in an unfamiliar location, it can be more difficult to assess the value of properties in the area.

 

Buying a second home is a very different process than buying your primary residence. By considering these factors, you can find the perfect second home for you and your family.

The post Buying a Second Home vs Buying Your Primary Residence appeared first on National Cash Offer.

source https://nationalcashoffer.com/buying-a-second-home-vs-buying-your-primary-residence/

Questions To Ask When Choosing Between a Fixed and Adjustable Rate Loan

When you are looking for a loan, there are a wide variety of options to choose from. Two that we seem to hear about the most are fixed-rate loans and adjustable-rate loans. Fixed-rate loans have a single interest rate that is locked in for the lifetime of the rate while adjustable-rate loans have a separate intro rate for a few years, though can fluctuate over a lifetime depending on a number of variables.

 

Whenever you apply for a large loan, you’re going to have to pick between these two.

 

Which one is best for you?

 

Let’s dig in and find out!

 

1. Do You Think You’ll Be Able to Afford an Increased Rate In the Future?

Adjustable-rate loans can fluctuate every year. You may be lucky and get an adjustable-rate that drops in a year, saving you some cash. On the other hand, you might get one that increases over the next year. You need to ask yourself,

“Will I be able to afford my loan if the rate increases?”

Remember, your monthly pay will increase with the rate. If the possibility of that scares you, your best bet is to go with a fixed-rate loan, for which you can easily budget for. The cool thing about fixed-rate loans is that you can always try and refinance them if you pay on time for a while.

 

 

2. How Long Are You Planning On Living In That House?

If you aren’t planning on living in your home for any more than 10 years, your best bet is to get an adjustable-rate loan. Many people move into homes temporarily and end up moving out as life changes (having kids, starting new jobs, etc.). Adjustable-rate loans are ideal and typically have lower introductory rates, making them perfect for paying them off sooner. If you won’t be there for any more than 10 years, you shouldn’t have to worry too much about fluctuation either.

On the other hand, if you are more settled into your life at this point, a fixed-rate might be more ideal.

 

 

3. Can You Afford a Big Down Payment?

If you have a ton of money for a down payment, you won’t have to borrow as much money from a lender or the mortgage company. Essentially, the lender isn’t taking as much of a risk lending you a large sum of money. You have a better chance of getting a lower interest rate if you make a large down payment.

For those who are able to provide big down payments, it might be ideal to lock in a low interest rate at the beginning and keep it fixed over time.

 

 

Conclusion

There is no question that taking out a large loan is a massive commitment. Make sure to take all factors into consideration so that you can plan for your future. We hope that this article was helpful in narrowing down your choice.

Do you have any experience taking out adjustable or fixed-rate loans in the past? Let us know about in the comments!

The post Questions To Ask When Choosing Between a Fixed and Adjustable Rate Loan appeared first on National Cash Offer.

source https://nationalcashoffer.com/questions-to-ask-when-choosing-between-a-fixed-and-adjustable-rate-loan/

Ways to Make Your Home Offer Stand Out

You’ve found the home of your dreams, and now it’s time to make it yours. This is an exciting time, but you also need to make sure your offer stands out to the homeowner. There’s a long list of things that can get in the way of your offer, so how do you land the sale?

 

In this competitive market, you can use any edge you can get over the competition. If homes are in short supply in your market, you need a way to persuade sellers that you’re a serious homebuyer worth considering. Here are the best ways to make your home offer stand out.

 

 

1. Offer to Pay Cash

Cash speaks loudest when buying a home. The notorious home investors and home flippers who snag the best deals all come equipped with cash. Let’s face it, who doesn’t love cash? It’s much more reliable than a complicated mortgage process.

 

Cash offers are less likely to fall through before the sale closes. In 2016, for example, home sales failed nationally at a rate of almost 4%. This is higher in some markets. If you can afford to pay in cash, this is a great way to make sure home sellers take your offer seriously.

 

2. Have Your Preapproval

Of course, not everyone can afford to pay cash. If you’re like most homebuyers, you’ll need to get a mortgage. Before you start home shopping, get preapproved for a mortgage. It’s recommended that you apply for a mortgage 3-4 months before you begin shopping for homes. This gives you more than enough time to get the initial paperwork out of the way and make sure there are no problems.

 

Having a bank’s preapproval won’t guarantee that you’ll land the home sale, but it does show sellers you’re serious. A pre-approval means you have verified income and credit score, so you have evidence that you can actually afford the home you want.

 

3. Add an Escalator Clause

An escalator clause is an agreement that you’ll up your offer if there’s a higher bidder from another buyer. This can be risky if you don’t have much wiggle room in your budget, and you might also pay over the market value. However, it’s an effective way to show you’re serious and get your offer noticed.

 

4. Make a Strong Offer

One of the simplest ways to get your offer noticed is to start strong. You might only have one chance to get it right, so offer what you’re willing to pay. Compare your offer to recent sales for similar properties nearby. If you start off too low, you might miss out to better offers right off the bat.

 

5. Connect with the Buyer

You can actually take matters into your own hands to connect with the seller to show you’re the best buyer. This is especially true if you haven’t met the current owners personally. Share what you love about the house, who you are, and why you want to live there.

 

More importantly, thank the homeowner for their time. A simple “we appreciate you accommodating our tour” goes a long way. Sometimes, it’s these small things that leave a lasting impact.

 

6. Offer More Time

Finally, many home sellers are working with a strict schedule. They might want to remain in their home even after closing, and this can be a unique leveraging point for your offer. Offering them to “rent back” or “lease back” the space can help them choose you over other offers.

 

When the previous owners then become renters, you’ll become their landlord. However, if you’re flexible and willing to be patient, this can work in your favor.

 

Landing the Sale

Finding the home of your dreams is only the first step. If you want to actually get your offer noticed, you need to be strategic. In some markets, homes sell at lightning speeds. While the national average time it takes to sell a home is 68 days, it’s not unusual for home buyers to have several offers on their property.

 

These steps above will help your offer stand out so you can land your dream home. You’ll be moving in faster than you know it.

The post Ways to Make Your Home Offer Stand Out appeared first on National Cash Offer.

source https://nationalcashoffer.com/ways-to-make-your-home-offer-stand-out/

Things to Know Before Building a Home in a Historic Neighborhood

Building a home in a historic neighborhood can be an exciting opportunity. Every historic neighborhood has its own unique history, and building a home in one of these areas allows you to be a part of and preserve that history.

 

However, while there are plenty of benefits to building a home in a historic neighborhood, there are things you should consider before doing so.

 

By building a home in one of these areas, you’ll be responsible for preserving the historical character of the neighborhood. This process can also take quite a bit longer than anticipated, so it’s important to be prepared before taking this step.

 

Let’s take a look at some of the things you should know before building a home in a historic neighborhood.

 

Design

Designing your new home to fit in with the other buildings in your new neighborhood can be difficult.

 

You should be sure to examine nearby buildings to ensure that your new home matches the area and surrounding buildings. Some factors to consider include:

 

• Color
• Orientation
• Materials
• Roof Shape
• Size
• Landscape
• Decorations

 

These factors, among others, will help make sure that your new home is inoffensive and fits seamlessly into your new neighborhood.

 

Modern Amenities May Not Be Feasible

Preservation is an important factor when building a home in a historic neighborhood. As a result, adding modern amenities and utilities to historic architecture may be challenging.

 

In addition, even if you are able to do this, they could devalue your property if you ever plan to sell. Modern features and amenities may not align with the interests of buyers who want a home in a historic area.

 

Rules and Regulations

If you’re building a house in a historic area, there will likely be certain rules and regulations that you have to abide by.

 

These building codes are put into place in order to preserve the integrity of the area. In order to comply with these regulations, the building process can be expensive and can take quite a bit of planning.

 

Be sure to contact your local planning department to find out which building and zoning codes you need to abide by.

 

It Might Take Longer Than You Think

As mentioned above, building in a historic neighborhood will typically require you to follow certain building codes.

 

In order to build your home, you’ll likely have to have your design approved by a review board. Depending on how strict these building codes are, it could take several months for your design to finally be approved.

 

As a result, you should be prepared for a long planning and building process.

 

Building in a Historic Neighborhood Can Be Costly

After building your home, you’ll need to maintain your property. This can get expensive.

 

Since there are standards that your home will have to meet, you’ll be required to constantly work on your home to ensure it meets these standards. In this way, owning a home in a historic area is similar to living in a community with a homeowners association.

 

Building a home in a historic neighborhood can be a rewarding experience, but it’s important to know exactly what you’re getting yourself into.

The post Things to Know Before Building a Home in a Historic Neighborhood appeared first on National Cash Offer.

source https://nationalcashoffer.com/things-to-know-before-building-a-home-in-a-historic-neighborhood/

How To Dry Carpet After Cleaning

Cleaning your carpets regularly is important both for the health and longevity of the carpet itself and of those living in your home. Carpeted floors can harbor dirt and odor. This is why it is important to know how to dry carpet after cleaning.

 

Carpets that have been cleaned but not properly dried can re-trap the dirt and mildew you just worked to remove, as well as grow bacteria and mold in their fibers. That’s why learning how to dry your carpet after cleaning is especially important to maintaining your carpets, your home, and even your family’s health.

 

If you’re wondering how to dry your carpet after cleaning, you should know first that the answer to your question depends on a number of factors including the type of carpet you’re cleaning, the cleaning method you’ve used, the size of the carpet and the internal climate of your home.

 

 

How to Dry Your Carpet after Cleaning

That being said, there are a few tips on how to dry your carpet after cleaning that will prove effective, regardless of any of those other pesky variables.

 

 

Step 1: Consider the method you used to clean your carpets.
The biggest factor affecting how to dry carpets after cleaning is the method with which they were cleaned. Most carpets will dry on their own with no extra work on your part, but the time it takes them to dry is highly affected by the cleaning method.

 

Dry cleaned carpets typically take between 2 and 4 hours to completely dry, whereas steam cleaned carpets or carpets cleaned using the hot water extraction method can take anywhere from 6 to 12 hours to air dry.

 

Carpets cleaned using the hot water extraction method takes longer to dry because these techniques use more water. In the hot water extraction method, hot water is pressurized and sprayed into the carpet fibers, saturating them with water in order to draw out deep dirt, debris, and spores. When the bulk of that water is vacuumed out of the carpet, any soil is taken with it. This method, however, leaves behind a significant amount of water compared to the dry cleaning method like Oxi-Fresh and Eco-Green.

 

Step 2: Encourage air circulation
The fastest and easiest way to dry your carpet after cleaning is to introduce more air to the carpet. Simple solutions such as opening a nearby window and turning on a fan in the room with the freshly-cleaned carpet can cut the drying time of wet carpets in half.

 

Because moisture and humidity tend to get trapped indoors, any outside air that can be brought into contact with the wet carpet is likely less moist than the air inside the house, barring any rain or snow events. This less-damp outside air encourages water from the carpet to evaporate quicker.

 

Open two windows on opposite ends of your home to encourage maximum airflow throughout the building.

 

Step 3: Dehumidify the air
Carpets can only dry when the water soaked into its fibers can evaporate into the air. In order for evaporation to occur, the air around the carpet must be drier than the carpet itself. Turning up HVAC systems, which naturally strip moisture from the air inside your home can dramatically reduce the drying time of wet carpet if the weather outside is uncooperative or if the carpeted room has no windows or doors to the outside. If possible, leave HVAC systems on overnight to ensure that the interior air is as dry as possible. This will wick water away from the carpet until it dries completely.

 

Step 4: Use a Shop Vac
Shop vacs are designed to suck up excess water, just as vacuums are designed to suck up dirt and debris. If you already have access to a shop vac or have chosen to rent one from a carpet cleaning company, simply use the shop vac as you would a vacuum over the newly-cleaned carpet. You can run the shop vac over the wet carpet multiple times to remove as much water as you can before allowing the remainder of the water to evaporate over time.

 

Step 5: Clean your carpets more frequently
As interesting as it may be, cleaning your carpets on a more frequent basis can actually help reduce the overall drying time of your wet carpets. Over time, frequent carpet cleanings result in less overall dirt and debris trapped in your carpet. The less dirt and debris there is to remove with each cleaning, the less water must be used every time you clean your carpets. Therefore, the less dirty the carpet, the less water it needs and the faster it dries.

 

Step 6: Ask for a professional’s help
If you’re having your carpets professionally cleaned, ask your cleaner for a “blow-dry.” Carpet cleaners can use blowers or vans to help remove water from your freshly-cleaned carpet. For most professional cleaners, the blow-drying process is fairly quick, so it is likely that your carpet won’t be completely dry when they’re done. After your professional blow-dry, it’s still a good idea to open a few windows, turn up the HVAC system, or go over the carpet yourself with a shop vac.

 

Conclusion

There really is no one “best way” to dry your newly-cleaned carpet. Wet carpets will dry on their own in time, depending on the method used to clean them, the humidity of the surrounding air, and the specifications of the carpet itself. But the speed at which your carpet dries can be sped up by reducing the atmospheric humidity of your home, introducing more air circulation, using shop vac tools or seeking the help of professional carpet cleaners. If you follow any one of the above tips, you’ll be able to use your clean carpet in a matter of hours.

 

Remember, you can be proactive in cutting down the drying time of your carpets by cleaning them or having them cleaned more frequently. The more dirt that seeps into the fibers of the fabric, the more water must be used on them to extract it.

The post How To Dry Carpet After Cleaning appeared first on National Cash Offer.

source https://nationalcashoffer.com/how-to-dry-carpet-after-cleaning/

Ways to Pay Off Your Debt so You Can Afford to Move Out

More and more young people are living at home to save money. This is a smart move, especially if you’re struggling to pay back common debts like credit card or student loan debt. A recent study from the Pew Research Center shows that 33% of 25-10-year-olds live with their parents. This is the highest this number has ever been, and it shows just how expensive housing costs nowadays.

 

However, there comes a time in every young person’s life when it’s time to get out on your own. If you’re on the road to moving out, you’re probably looking for ways to pay off your debt so you can afford to move out. In this guide, we’ll list the most effective ways to pay off your debt quickly so you’ll be on your own in no time.

 

 

1. Pay More Than the Minimum

The first and most effective way to get out of debt faster is to simply pay more than the minimum payment on your debts. It’s easy to fall into complacency by only paying the minimum, but you might not be paying down more than the interest when you do this.

 

If you want to get out from under your debt so you can move out, you need a more aggressive approach. Since you’re living at home, you’re likely saving big on housing costs. Put all of this extra savings towards your debt payments to see massive improvements.

 

2. Use the Snowball Method

The debt snowball method was developed by Dave Ramsey, and it’s a highly effective way to tackle your debt without getting overwhelmed. Using this method, you start by listing all of your debts from smallest to largest.

 

Once you know all of your debts, you start aggressively paying the smallest balance first. Continue making minimum payments on your larger loans, but really focus on that small balance. Once you’ve paid off your smallest balance, move to the next smallest balance, and so on. Do you see how this starts to “snowball” over time?

 

You’ll be motivated by your achievements every time you pay off a debt, no matter how small. It’s this motivation that makes the snowball method so effective.

 

3. Choose a Side Hustle

Side hustles are on the rise today, and with good reason. The average pay isn’t rising nearly as quickly as the costs of living in many places, so young people are looking for new ways to fill in the gaps in their income.

 

Luckily, thanks to the internet, it’s never been easier to make money on your own time. Even if you can’t pick up an extra part-time job, odds are you can find a way to make money online. You can sell a craft, deliver food on Uber Eats, or even work as a freelancer selling your skills online. Putting this side hustle money towards your debt will yield fast results.

 

4. Negotiate Your Bills

Are you drowning under too many expensive expenses? Did you know you don’t have to accept these bills for what they are? It’s true. If you’ve been a responsible consumer and you’ve paid your debts and bills on time, you have room for negotiation.

 

Talk to your credit card company about lowing your interest rates. If you’ve always made payments on time and if you’ve improved your credit score since you first applied, you’re in a good position to get a lower rate.

 

The same goes for your bills. By calling your cable company, for instance, you can likely negotiate a lower rate, especially if they have any specials going on. You won’t know if you don’t ask, so why pass up free money you could put towards your debt?

 

5. Do a No Spend Challenge

Do you pay close attention to the small things you spend money on every day? If you’re like most consumers, you probably don’t. Those small coffee runs and lunches out add up quickly.

 

Challenge yourself to a “no spend” month. That means that throughout the month, you won’t spend any more than your allotted budget. You’ll pack lunches for work or school, you’ll bring coffee from home, and you’ll find free activities on the weekend. If a month sounds too intimidating, just start with a week.

 

Not only can you put these extra savings towards your debts, but you’ll also have a clearer picture of the spending you do every month. You might learn about some unhealthy money habits that you can change for the future.

 

Working Towards Moving Out

Are you looking for ways to pay off your debt so you can move out? This list is a great place to start. As long as you have a debt payoff plan that works with your budget, you can be in your new place in no time.

 

From side hustles to no spend challenges, it’s all about being smarter with the money you have. While the costs of housing are on the rise, you can still live a cheap lifestyle without any compromises. Once you’ve paid off your debt, you can use this money you’ve saved for a down payment on a home or for your security deposit if you plan to rent. The possibilities are endless.

The post Ways to Pay Off Your Debt so You Can Afford to Move Out appeared first on National Cash Offer.

source https://nationalcashoffer.com/ways-to-pay-off-your-debt-so-you-can-afford-to-move-out/

How To Have Great Open House Etiquette

Open houses are a great way to show off your home and generate more interest from buyers. This gives people the opportunity to walk through your home, get to know the area, and decide whether or not they are interested in making an offer.

 

However, while open houses are a great selling tactic, they can also do more harm than good. Sellers who don’t know how to properly hold an open house can end up turning away buyers rather than increasing interest in their home.

 

Fortunately, open house etiquette is easy to learn. By following a few simple tips, you can ensure that your viewers have a good experience at your open house.

 

Food & Drinks

When holding an open house, it’s always a good idea to offer a variety of food and drinks to help your guests feel more comfortable when touring your home.

 

You don’t have to feed every guest an entire meal, but you should be sure to provide enough food for everyone who visits. Some suggestions include:

 

• Vegetable Platters
• Charcuterie Boards
• Tea, Coffee, and Water
• Cookies
• Fruit

 

By providing food and refreshments, you can help potential buyers have a much more enjoyable open house experience.

 

Avoid Strong Scents

It’s common for sellers to prepare their home for an open house by lighting candles, using air fresheners, or using other products to try to make their house smell good.

 

However, using strong scents can be incredibly irritating to buyers and can turn them away from your home. Instead of adding scents, you should deodorize your home.

 

Keep Pets Out of Sight

It’s no secret that not everyone is comfortable around pets. Whether they are scared of animals, have allergies, or simply don’t like animals, buyers can be very bothered by pets.

 

When holding an open house, it’s important to ensure that any pets are kept out of sight so that they can’t make a mess or irritate viewers.

 

If you do have any pets, learn how you can occupy your pets during a showing.

 

Clean and Declutter

Cleaning your home thoroughly should be an obvious step before holding an open house.

 

In addition to cleaning, though, be sure to declutter as much as possible. The focus should be on your home itself, not your furniture, personal belongings, or decorations.

 

Getting rid of clutter can depersonalize your home so that buyers can see it as their own.

 

Landscaping

Lastly, be sure to prepare the exterior of your home before holding a viewing.

 

Your home’s lawn and entryway are the first things potential buyers will see, so it’s important to leave a good first impression. You don’t have to go overboard, but you should be sure to mow the lawn, get rid of dirt and debris, and decorate your entryway modestly.

 

It’s important for any seller to learn proper open house etiquette. By following these tips, you can hold a successful viewing that is sure to encourage offers from interested buyers.

The post How To Have Great Open House Etiquette appeared first on National Cash Offer.

source https://nationalcashoffer.com/how-to-have-great-open-house-etiquette/

The Top 5 Qualities Of A Good Neighbor

One of the few things you need to be conscious of when getting a real estate property is your neighbor. They can make your experience your new home worthwhile or challenging. As a result, you need to always hope for the best neighbor that would not only help you socialize better but would also improve your cost of living. No matter what, here are five qualities of a good neighbor.

 

 

Good Neighbors are Noise Conscious

Will you want someone to disturb you with noise when you are reading or sleeping? No! You won’t. To any of the activities mentioned above, you would probably find a quiet place.

 

As a good neighbor, you need to be noise-conscious because your noise could disrupt the activities of people around you.

 

If you are planning of hosting a loud party, it is advisable for you to contact your neighbors and keep them informed before doing so. You should also avoid playing music at very high volume during the night or mowing your law in the early hours of the day like 5am.

 

 

Good Neighbors are Friendly

One thing that differentiates a good neighbor from a bad one is the friendliness. Well, you might not care about making friends with them. But the fact that your neighbors smile at you while driving will give you a form of security in the compound.

 

Well, won’t you feel insecure or awkward if all the neighbors give a grumpy face at you when you first enter the community? However, the fact that a neighbor is grumpy doesn’t mean you should give up on him. Smile at him and say hello. You do not know may this gesture would create some sort of relationship with you.

 

 

Cleanliness Determines your Health

Not everyone likes a messy compound or neighbors. They believe that the neatness of a compound has a lot to do with other compounds in the neighborhood.  I am sure you won’t want to be considered a bad neighbor because of your messy house. Well, this is also true based on the general standard of living, which requires hygiene and tidiness.

 

Some of these activities include lawn mowing, clutters removal, regular trimming of the trees, neat environment, among others. Overall, a good neighbor must ensure that all is always free from wastes from the kitchen or other sources.

 

 

Trust is an Important Quality

Neighbors often have some knowledge about what goes on in a particular house. This is because they can hear voices and see who comes and goes out of the house. Basically, they can gossip about what they hear, they would never leak out family secrets to third parties.

 

A good neighbor is expected to be a person who will not compromise your security for his personal gain. In fact, they are always ready to help in time of problems or issues.

 

 

Respect for the Building and People

Respect is one of the hallmarks of a good neighbor. A good neighbor will never leave junks or garbage at the hallways, parking lot or common areas in the neighborhood. The neighbor will also never accumulate junks to the extent that it will disrespect the people around. In addition to this, a good neighbor will handle every situation maturely in case there is a dispute or brawl in the locality.

 

While you need a good neighbor, you also are not expected to act in such a way that you will fall short of your expected qualities. Always work hard to ensure that you connect with your neighbors and relate

The post The Top 5 Qualities Of A Good Neighbor appeared first on National Cash Offer.

source https://nationalcashoffer.com/the-top-5-qualities-of-a-good-neighbor/

How Much of My Income Should I Budget for My Rent or Mortgage?

Whether you’re renting or buying a home, you need to be careful with your monthly budget. Budgeting is one of the best ways to manage your finances, and that means keeping track of your monthly income and expenses.

 

One of the biggest questions when it comes to budgeting is how much to spend on housing. A lot of people are asking themselves, “How much of my income should I budget for my rent or mortgage?” If you’re asking this question, you’ve come to the right place. As the costs of rent and mortgages go up across the country, it’s time to answer this question once and for all.

 

 

The 30% Rule

If you’ve tried to rent an apartment recently, you might have come across the 30% rule. This rule states that your rent can’t exceed more than 30% of your monthly income. Using this rule, you’d need an income of over $3,333 a month to afford a monthly rent of $1,000.

 

Where does this rule come from? It’s actually been around since the 1980s. In 1981, the U.S. government agreed that spending over 30% of your income on housing makes you “cost burdened.” Those who spend over 50% of their income on rent are considered to be “severely cost burdened.”

 

This doesn’t just apply to rent. The same 30% rule applies to mortgages as well, and this monthly payment will be taken into account when you apply for a mortgage. However, as you might realize, the world isn’t so cut and dry. There might be instances where you can’t afford your housing payment to be 30%, and there are also situations where you might be able to pay more.

 

When Can You Pay Over 30%?

According to some money experts, there are instances when you can afford to pay more than 30% of their income on rent or a mortgage payment. It all comes down to what you owe. If you have no debt, you can pay as much as 41% of your income on housing.

 

The opposite is also true. If you’re currently struggling with debt or recovering your credit score, you might not be in a position to afford to pay 30% of your monthly income on housing.

 

Another popular guideline for paying housing costs is known as the 28/26 rule. In this rule, you should spend no more than 28% of your gross monthly income on housing costs and no more than 36% of your income on total debt. Ultimately, everyone’s financial situation is different, and there’s no single answer for how much you should pay on your rent or your mortgage every month.

 

How to Determine How Much You Can Pay on Housing

Since everyone’s situation is different, let’s talk about how to decide just how much you can afford to pay. Follow these steps to create your own housing budget.

 

• Check for rules. First, if you’re applying for a rental home or a mortgage, check for any rules about just how much you need to afford. This should guide your process. Many landlords and mortgage companies uphold the 30% rule.
• Calculate your income. Next, determine just how much money you bring in each month. If you’re married or living with someone, calculate their income as well.
• Subtract monthly expenses. Subtract all of your monthly expenses outside of your housing. Include things like insurance, food, transportation, etc.
• Subtract debt payments. Subtract any debt payments like credit card payments, student loans, and so on.
• What’s left? Now, you’re left with any remaining funds that you have after all other expenses have been calculated. How much of this remaining income can you afford to part with each month?

 

There are always ways to make housing costs more affordable. You could find a roommate, rent a room, or downsize. Finding a home or rental you can afford is a major step to finding financial freedom.

 

Final Thoughts

Are you wondering how much you should budget for your rent or mortgage? If so, you’re not alone. It’s not always clear just how much you need to save for your housing payment each month.

 

Hopefully, this guide will help narrow your search when looking for a rental or mortgage. Now you know just how much you can afford to stay on top of your financial goals.

The post How Much of My Income Should I Budget for My Rent or Mortgage? appeared first on National Cash Offer.

source https://nationalcashoffer.com/how-much-of-my-income-should-i-budget-for-my-rent-or-mortgage/

Things to Consider About a Neighborhood Before Buying

Finding the perfect home in the ideal neighborhood is no easy feat, especially if you’re not familiar with the area. It can be especially hard to decide whether a neighborhood is for you if you’re relocating from out of town.

 

Due to the Fair Housing Act of 1968, real estate agents are limited in what they can tell you about a neighborhood, and prefer to stick to the facts of the property only. This is because there are laws against what agents can share with buyers, in order to reduce discrimination against certain protected classes such as race and religion.  The responsibility, therefore, falls to the buyer to conduct their due diligence on the neighborhood they are interested in.

 

Here are five things to consider when deciding whether a neighborhood is for you.

 

 

Is It Safe?

Your home should be a safe haven away from the outside world, but if you decide to buy in a neighborhood that doesn’t offer you this security, you could end up bitterly regretting your choice.

 

There are several tools to utilize in order to decide if a neighborhood is safe by your standards. Websites such as CrimeReports gather police and crime report information for the public to view. Simply go to the site and type in your potential address to view all of the crimes that have been committed in your new neighborhood.

 

Other websites such as Neighborhood Scout also allow you to compare various crime rates of areas to your current neighborhood; this can help you to decide if you will feel safe enough.

 

 

Get A Feel For The Area

Visiting an area during the middle of the day can be a very different experience to going there once darkness falls. To get an accurate picture of the neighborhood you’re planning to move to, try and visit it more than once at different times of the day. You will also get the opportunity to see how well maintained the community is and if you feel safe walking around there.

 

The weekend can be a great time to get a realistic picture of an area, as there are usually residents out and about that you can chat to. These are the best people to give you advice and information on the neighborhood and what they like about it.

 

 

 

What Is The School Zone Like?

When it comes to resale value, one of the essential factors that affect the price of a home is the school zone it falls into.  Even if you don’t have children, you should still consider the school district you’re buying in to.

 

Websites such as Great Schools are excellent resources that enable you to look up school rankings, as well as test scores and student to teacher ratios.

 

It is prudent to note, however, that while school zones are usually a good indication of a neighborhood, they are fluid and can change with each new evaluation a school receives.

 

 

What Is The Walkability Like?

Walk Score is an excellent online resource that ranks the walkability of over 3,000 cities and 10,000 neighborhoods. They score aspects of areas such as proximity to local amenities and entertainment, as well as traffic patterns and access to public transport. If walkability is important to you, you need to determine how walkable your new neighborhood is — before you buy a home there.

 

 

Learn The Dynamics Of The Area

Taking the time to understand the dynamics of an area can save you a lot of buyers remorse in the long-term. Website such as AreaVibes can help you to find neighborhoods that have aspects you prioritize, for example, if you like spending time outdoors you might choose a community that has plenty of recreational areas around it.

The post Things to Consider About a Neighborhood Before Buying appeared first on National Cash Offer.

source https://nationalcashoffer.com/things-to-consider-about-a-neighborhood-before-buying/

Things To Consider Before Turning Your Home Into A Rental

If you want to move soon, you may want to consider turning your present home into a rental property instead of selling it. Having a rental, otherwise known as an “investment property”, can be extremely beneficial.

 

If you are looking to turn your primary residence into a rental or investment property, here is a list of things that you should consider first:

 

 

1. Do You Want To Hold On To Your Home’s Value?

When people move from one house to the next, they will typically take the equity from one home that they’ve accrued over the years and apply it to buying the next one. One of the main reasons that homeowners decide to turn their homes into rental properties is that the housing market has lowered their home’s value.

 

By continuing to rent out a home that is at a lesser value, you can hope that the home’s value will rise over the time it is a rental so that you can eventually sell it for a good price. This is a great way to keep afloat when the market isn’t looking so hot.

 

 

2. Do You Want Some Extra Income?

One of the other main reasons that homeowners decide to turn their homes into rental properties is so that they can make some extra income. Many homeowners find excellent returns on investments.

 

The cool thing about turning a primary residence into a rental property is that you can retain the low interest rate that you likely obtained when purchasing it originally.

 

 

 

3. Do You Want To Save on Capital Gains?

Because the government wants to promote homeownership, they have created many tax exemptions that allow homeowners to sell their homes without paying taxes on the capital gains.

If you’re single, you can save yourself from paying taxes on up to $250,000 in gains. If you’re married, that number moves up to $500,000

 

Unfortunately, to take advantage of these massive savings, you must have lived in your home at least two out of the last five years. If you turn your home into an investment property instead of selling, you may be missing out on a huge pot of money.

 

 

Conclusion

If you are planning on turning your house into a rental property, here are a few action items that you need to take into consideration before you finally jump the gun.

For starters, figure out the equity in your property. Would it be more reasonable for you to take in some rental cash flow or wait to build those capital gains?

Secondly, are you looking to increase and expand your revenue streams or do you want to keep things straightforward?

 

Thirdly, try and determine where the market is headed in your area. Will you be able to make a good income by renting your property out because the area is on the rise or do your foresee an economic decrease?

We hope that this article has given you the necessary motivation to take the plunge and turn your home into a rental property! Have you had any experience with renting a property in the last? Let us know about it in the comments!

The post Things To Consider Before Turning Your Home Into A Rental appeared first on National Cash Offer.

source https://nationalcashoffer.com/things-to-consider-before-turning-your-home-into-a-rental/

Questions You Should Ask Before Buying a House With a Friend

Buying a home with a friend can be an exciting idea. Why wouldn’t you want to live with someone who you get along really well with?

 

While living with a friend can be a great experience, it can just as easily be a very poor experience. People often find that their best friends aren’t the best roommates.

 

Whether your friend is messy, irresponsible, inconsiderate, or isn’t able to pay rent, buying a home with a good friend isn’t always as great as it seems.

 

In order to make sure you and your friend are a good match, you should be sure to ask these questions before buying a house together.

 

What is Your Current Career and Financial Situation?

It may seem strange to talk to your friend about the details of their career and finances, but it is an absolute necessity if you plan on buying a home together.

 

Purchasing a home with a friend is a big investment. You want to know how much money your housemate makes, where that money comes from, and if the source of their income is stable.

 

Knowing each other’s financial situation will help you get a realistic idea of what you can afford and ensure that you don’t end up having to pay more than your share of the mortgage in the future.

 

How Should Chores be Divided?

You’d like to think that adults who are ready to buy a house could also be trusted to clean up after themselves and maintain your home’s appearance. However, this isn’t always the case.

 

It’s important to talk to your friend and come to an agreement regarding household chores and maintenance. Who is responsible for what?

 

This might not seem particularly important before buying a home. However, it can be very difficult to live with someone who expects you to do all the housework on your own.

 

What Are Your Wants and Needs?

You and your friend have likely already talked about the basic factors and amenities you’re looking for in your new home.

 

But it’s important to take it a step further and create a checklist for each of your wants and needs. This should include everything from location, amenities, size, architecture style, and more.

 

If you haven’t already talked through these details, you’ll be disappointed when you find the house of your dreams and your friend isn’t on board.

 

Have You Been Pre-Approved for a Mortgage?

Have you and your friend been pre-approved for a mortgage?

 

You and your friend can start the buying process by independently getting pre-approved for a mortgage and combining your approval amounts to get a good idea of what you can afford. This can also help you understand what your monthly payments might be.

 

Of course, you’ll typically have to get approved as co-borrowers on a single mortgage in the future, but pre-approval is a great first step.

 

What Happens If One of You Moves Out?

Lastly, what happens if one of you decides to move out?

 

It’s important to come to an agreement on what to do if either you or your friend decide to move on. Buying a house is a long-term investment, so you can’t always be sure that you and your friend are in it for the long haul.

 

It’s important to discuss this now so that you aren’t in a rush to decide what to do in case one of you makes the decision to leave.

 

By following these tips, you can buy a home with your friend with more confidence and clarity.

The post Questions You Should Ask Before Buying a House With a Friend appeared first on National Cash Offer.

source https://nationalcashoffer.com/questions-you-should-ask-before-buying-a-house-with-a-friend/

What to Do If a Seller Backs Out of a Home You Want to Buy

You’ve fallen in love with the home of your dreams. You think everything is going perfectly, and you’re steadily moving towards your closing. Then, seemingly out of nowhere, the seller backs out of the sale.

It can feel devastating to face the reality of not getting to move into that home of your dreams. In addition, you’ve just gone through all of the paperwork and chore of planning to buy a house. Going back to square one is not ideal. What should you do if a seller backs out of a home you want to buy? In this guide, we’ll talk about what to do if you find yourself in this heartbreaking situation.

 

 

Why do sellers back out?

You know just how bad it feels from your end. As the buyer, it’s extremely disappointing to realize that you won’t be moving into the home you’ve been working so hard for. It can be helpful to understand why sellers back out in the first place.

 

Most home sellers back out for very human reasons. For instance, they might have an emotional connection to the home or they’ve decided to keep it within the family. It could also be a financial reason, such as not being able to afford a new home.

 

One of the most common situations for backing out is when the seller doesn’t trust the buyer to actually go through with the sale. They might not think you have enough for a downpayment or that you’ll be approved for your mortgage. In these cases, you might have some actions you can do to rectify the situation.  Finally, sellers sometimes will sell to a higher offer at the last minute, even if this feels unethical.

 

Is a purchase agreement legally binding?

You might be wondering if your purchase agreement is legally binding. A written and signed purchase agreement is considered to be a legally binding document, and this means there will be ramifications for sellers backing out of a home sale.

 

If you haven’t yet signed a purchase agreement, you might not have any options to convince the home seller to sell their home to you other than offering more money. However, if you have signed a purchase agreement, you can consider the options below.

 

Buyers can sue for specific performance. 

What is a specific performance? It’s a breach of contract by one party. If you sue for specific performance, the court can order the party to go through with the duties outlined in the contract.

 

In the case of buying a home, this means completing the home sale. However, beware that this is a lengthy and time-consuming legal process, and it’s not usually worth going through with as a homebuyer.

 

Buyers can sue for damages. 

Another option other than forcing the seller to go through with the sale is to simply sue for damages. Because the contract was breached, you can sue for any of the following:

 

• Temporary housing costs
• Storage costs
• Lost deposits
• HOA application fees
• Legal fees
• Inspection fees

Basically, any costs you racked up due to this process, you can sue for. This is the most effective way to recover financially from a seller who backs out of a home sale.

 

What comes next?

Unless you decide to sue the seller to proceed with the sale, you’ll need to come to terms with no longer moving into the home you’ve dreamed about. Luckily, you have options for reclaiming lost funds during this process so you can refocus your energy on finding a new property you love.

 

Many home sellers get cold feet. No matter their reasons for backing out, you should make sure you’re compensated as the buyer if you’ve completed a purchase agreement.

The post What to Do If a Seller Backs Out of a Home You Want to Buy appeared first on National Cash Offer.

source https://nationalcashoffer.com/what-to-do-if-a-seller-backs-out-of-a-home-you-want-to-buy/

How To Set Up Your Dining Room To Help You Sell Your Home

Staging your dining room properly is an incredibly important step when trying to sell your home.

 

Potential buyers want to be able to imagine themselves in your home. It can be difficult for homeowners to stage their house in a way that is appealing and attractive, yet leaves room for buyers to imagine how they could make it their own.

 

Your dining room is particularly important. Families tend to spend a lot of time in their dining rooms. From family dinners to entertaining guests, the dining room is often a focal point of socialization in a home.

 

In order to sell your home and increase its appeal, it’s important to learn how to properly stage your dining room when showing your house.

 

Keep it Minimal

One of the most important tips to consider when staging your dining room is to keep it minimal when it comes to decor and furnishings.

 

First and foremost, packing your dining room with too much furniture or overly large decorations makes it difficult for buyers to imagine how they would decorate the room.

 

Additionally, over-furnishing your dining room can make it seem much smaller than it is. A common mistake homeowners make is stuffing the dining room with chairs in an effort to show how many people the room can comfortably fit.

 

While the goal is to show off the size of the room, this can actually make it feel very cluttered and congested. Try to leave enough space for guests to comfortably move around. Leave long sight lines to make the room feel larger.

 

When it comes to staging any room, it’s important to keep things minimal.

 

Don’t Alienate Buyers With Different Tastes

If your furniture is very specific to one style, it can turn off potential buyers. For example, if your furniture is very ornate, very traditional, or overly modern, you could turn away buyers that don’t share your tastes.

 

When a room is staged to reflect a specific style, it can make it hard for buyers to imagine the room being decorated to reflect any other style.

 

Instead, you should consider renting furniture when staging your dining room. Choose non-intrusive, ordinary pieces. While it might look plain, it can make it allows buyers to focus on the room itself rather than the furniture.

 

Stick to neutral colors and tasteful yet non-intrusive decorations.

 

Pick an Appealing Paint Color

Picking the right paint color is important. Whether it’s for the exterior of your home, your front door, or, in this case, your dining room, the right color can make a big difference.

 

Not only can certain colors boost the appeal of your home, but they can also even increase the actual value of your house.

 

According to Zillow’s 2017 Paint Color Analysis, dining rooms with walls painted in colors like gray-blue, navy blue, and slate blue were worth approximately $1,900 more.

 

Soft colors like these allow you to add a pop of color to your dining room without being overly bold or offensive.

 

Staging your home correctly is critical when trying to sell your home. By following these tips, you can stage your dining room to appeal to buyers and potentially boost the value of your property.

The post How To Set Up Your Dining Room To Help You Sell Your Home appeared first on National Cash Offer.

source https://nationalcashoffer.com/how-to-set-up-your-dining-room-to-help-you-sell-your-home/

The Top 5 Cities to Rent a Home Instead of Buying

Renting has earned itself a bad reputation in the United States. If you’re renting, you’ve probably been told that you’re “throwing money away” or not building “your financial future.” In fact, most of these statements are misguided.

 

Despite the rising costs of rent across the country, renting is still a valuable option. It buys you the freedom to move when needed, live new places, and avoid high maintenance costs. For many, renting is a great option.

 

In some parts of the United States, it’s actually smarter to rent a home instead of buying. Where are these magical places? Let’s take a look at the top 5 cities to rent a home instead of buying.

 

 

5. Tampa, Florida

Tampa is one of the fastest growing cities in Florida, and it’s still relatively affordable. While most of Florida’s cities like West Palm Beach and Orlando are currently exploding with rental and housing costs, Tampa is still at the end of that price curve.

 

The vast majority of Tampa residents pay between $700 and $1200 in rent depending on where they live and the type of home they choose. This might still feel expensive, but considering Tampa is also a booming hub of local and national businesses, there are a lot of job growth opportunities to meet this cost. When you pair that with the nearby beach and charming downtown, this is a great, affordable place to live.

 

 

4. Milwaukee, Wisconsin

Milwaukee is one of the cheapest cities in the U.S. to rent a home. Its cost of living average is well below both the state and national average, and everything here is a little bit cheaper. In fact, the average cost of a 1 bedroom apartment is only around $753 a month, making it one of the most affordable places to call home.

 

While most people don’t think of Milwaukee as a hip destination, it’s actually an up-and-coming spot for young people today. This city is a Midwest treasure, and you’ll find a surprising number of things to do here year-round. That is if you can survive the winter cold!

 

 

3. Indianapolis, Indiana

Another Midwestern city that’s great for renters is Indianapolis. Known for the Indie 500 race, Indianapolis is also an inexpensive place to call home. The average cost of rent is around $848 a month, with many options below this as well.

 

More and more jobs are popping up in Indianapolis as well, making it an exciting place to be. There’s more to do than just watch racecar driving! With new entertainment, art, and culture in the downtown area, this is a thriving city without a hefty price tag.

 

 

4. Phoenix, Arizona

Despite recently rising rent prices, Phoenix is still an affordable place to call home. With average rent sitting at around $1,014, there’s a lot to love about Phoenix. Not only is the weather amazing all year, but there’s also so much variety when it comes to choosing the right neighborhood for you.

 

Nicknamed the “Valley of the Sun,” Phoenix actually gets more sunshine than anywhere else in the country. If you partner that great weather with a lower cost of living, modern downtown, and gorgeous scenery, Phoenix is an amazing place to live.

 

 

5. Detroit, Michigan

Detroit might be one of the most surprising cities to find on this list but stick with us for a second. The average rent in Detroit is around $1,028, and this city is really trying to change its reputation.  In the past few years, Detroit has been rebuilding its industry, job growth, and culture.

 

While a huge percentage of residents left Detroit between the 1950s and 2010s, this city is slowly but surely becoming a powerhouse yet again. More than just an industrial city, Detroit is a lively, up-and-coming spot that’s welcoming to people of all backgrounds and financial situations. If you’re looking for an affordable place to rent, this might just be the best time to get in on Detroit.

 

Finding the Cheapest Cities to Rent

Were you surprised by any of the cities on this list? Naming the top 5 cities to rent a home instead of buying is about more than low costs of living. It’s also about thriving communities, job opportunities, and high standards of living.

 

All of these cities exemplify that and more. Even if you plan to rent long-term, you have options when it comes to where to live. Where will you go next?

The post The Top 5 Cities to Rent a Home Instead of Buying appeared first on National Cash Offer.

source https://nationalcashoffer.com/the-top-5-cities-to-rent-a-home-instead-of-buying/

Should You Rent Out Your House Instead of Selling It?

Is it time to move into a new home? If so, you might want to consider renting out your old house instead of selling it.

 

Of course, selling your house is a big decision, so you should be sure to weigh all of your options before making this decision.

 

Renting out your home can offer a number of benefits. While selling your home is likely what you were originally planning on doing, doing so could make you miss out on the many benefits of renting out your house.

 

Let’s take a look at a few reasons you might want to rent out your house instead of selling it.

 

Why Rent Out Your House?

There are plenty of reasons you should consider renting out your house.

 

Additional Income

The first benefit of renting out your property is the potential to generate additional income.

 

Becoming a landlord can be fairly lucrative. While you likely won’t make enough to completely support yourself from one property, you can still make a decent side income by renting out your home.

 

Even if you haven’t paid off your mortgage, you should be able to make enough to cover your mortgage payments plus a couple of hundred extra dollars per month.

 

Real Estate Investment Experience

Real estate investment can be a very lucrative endeavor. However, it’s often an intimidating profession to dive into.

 

If you’ve ever wanted to jump into the world of real estate investing, this could be a great opportunity.

 

Renting out your home could give you the experience you need to continue pursuing real estate investing in the future. You can try it out for yourself to see if it’s something you would be interested in doing again.

 

If not, you can always sell your property in the future.

 

Wait for Property Values to Rise

Depending on your current real estate market, now may or may not be a great time to sell.

 

If now isn’t the best time to maximize your returns, you can rent out your home while you wait for property values to increase. This gives you the opportunity to generate additional income and to sell your property int he future once it is worth more.

 

Renting Out Your House: The Disadvantages

As with anything, renting out your home also has its negatives.

 

Expenses

You’ll have to continue paying to run and maintain your property. These expenses include:

 

• Utilities
• Mortgage
• Repairs
• Property Taxes
• HOA fees
• Insurance

 

These fees, among others, could be a burden if you aren’t making enough from renters to cover your expenses.

 

Being a Landlord Isn’t for Everyone

As a landlord, you’ll have to deal with tenants and handle their concerns as they arise.

 

Owning a rental property requires a lot of time and effort in order to be successful. If you choose to hire a building manager instead, you’ll have to add their salary to your already large list of expenses.

 

Should You Rent Out Your House or Sell?

Renting vs. selling is a difficult decision. Ultimately, it comes down to your circumstances and preferences.

 

If you are relying on the sale of your current home to pay for a down payment on your next home, then renting may not be a great idea.

 

Alternatively, if you can afford to buy a new home without selling your old home, and you have the time to dedicate to managing a property, then renting out your home could be a great idea.

The post Should You Rent Out Your House Instead of Selling It? appeared first on National Cash Offer.

source https://nationalcashoffer.com/should-you-rent-out-your-house-instead-of-selling-it/

Important Safety Tips for Home Sellers

No matter how long you have been living in your home, selling your property is always an emotional time. You may be looking forward to taking on the next step, but also be emotional thinking about the memories you have made in this house.

 

However, one thing home sellers should always be aware of is that putting their home on the market may also lead to some security risks and safety tips you need to know. Although the vast majority of house hunters are perfectly honest, some may take advantage of being witnesses of your intimacy. Fortunately, it is easy to protect yourself thanks to these simple but essential safety tips for home sellers.

 

 

1. Work with a real estate agent.

Real estate agents are aware of the safety concerns sellers will need to deal with and can make recommendations so you can put all the chances on your side to be as safe as possible. Besides, a real estate can take care of all the communications and appointments with potential buyers, which will not only save you time but will also avoid any unnecessary exposure.

 

 

2. Lock your valuables

This one seems like common sense: you don’t want to leave any precious heirloom or jewelry out in the open during an appointment. However, valuable objects are not the only thing you may want to keep under locks as a home seller.

 

Make sure to put away all your paperwork, such as personal bills, calendars, invitations, and other mail pieces. Identity theft is unfortunately rampant, and you don’t want to give easy access to potentially damaging information. For the same reason, it is strongly recommended that you protect your electronic devices with a password or lock them out altogether.

 

Another thing to put away before any visit or open house is any prescription drugs you may have in the house. The safest place for any valuable item is a secure safe. If you do not have one, you may want to consider taking everything with you before you leave the house.

 

 

3. Only allow visits by appointment.

Some house hunters may be lured by the “For Sale” sign in your front yard. However, you should never let a stranger into your home without being prepared for it. If someone knocks on your door asking to be shown the property, politely ask them to call their agent or yours to make an appointment at a later time so you can keep track of their identity.

 

Although open houses are a popular and sometimes effective way to sell a property, they can also be a safety issue since the real estate agent will not be able to watch all the visitors at the same time. You may want to pass on the open house if you have any security concerns.

 

 

4. Depersonalize your space

Any real estate agent will recommend making your space as neutral as possible before putting your property on the market. However, removing family pictures and other keepsakes does more than allowing house hunters to picture themselves living in your house: it also keeps valuable information away from the wrong hands.

 

 

5. Invest in some home security cameras

Home security cameras are affordable, and, in addition, you can take them with you when you move. If you have valuables that are difficult to remove or if you are concerned about your safety, you may want to purchase a few to put in strategic places around your house.

 

 

6. Always check doors and windows after a visit.

The first thing you should do after an open house or a visit is to check not only if everything is in the same place, but also if any doors or windows were left open. Your real estate agent should be doing a run through before leaving, but you can never be too careful.

The post Important Safety Tips for Home Sellers appeared first on National Cash Offer.

source https://nationalcashoffer.com/important-safety-tips-for-home-sellers/

How to Break Your Lease Successfully

Breaking your lease can be scary. Maybe you’ve just landed a dream job across the country or you suddenly need to move back home to help your family. No matter the reason, sometimes you’re faced with the realization that you won’t be able to finish your lease.

 

If you need out of your lease contract, this is known as breaking a lease. Depending on where you live and the terms of your lease, this can be a complicated or expensive process. There’s a lot that can go wrong if you do end up breaking your lease either by choice or out of necessity. In this guide, we’ll break down how to break your lease successfully so you can avoid the harsher damages.

 

 

What does it mean to break your lease?

First, let’s define what it means to break your lease. When you tent a property from a landlord, you sign a lease agreement. This is a legally binding contract that usually includes a period of time you agree to stay in the property.

 

This is a good deal for both you and your landlord. You get to know that you have somewhere to live for a period of time without worrying about your rent increasing. Meanwhile, your landlord has a source of income and they don’t have to search out new tenants.

 

However, sometimes you need to break your lease. This means you won’t be staying the full period you originally agreed to, and you’ll be moving to another location. You might break your lease for a number of reasons such as:

• Financial hardship
• Death of a family member
• A breakup or divorce
• New job
• Relocation

 

The list goes on and on. Unless you’re in a month-to-month lease, you can expect there to be some harsh consequences for failing to stick your lease out until the end of your terms.

 

What are the consequences of breaking your lease?

When you break your lease, there are a number of consequences you can face. You could experience all of them at once or none of them at all. What you’ll face will depend on your landlord, your lease agreement terms, and also your reason for breaking your lease.

 

Here are just a few of the potential consequences:

• Your landlord sues for unpaid rent for the remaining duration of your lease
• You lose your security deposit
• Receive a negative mark on your credit report
• You might not be able to find new housing

 

There are only a few situations where you might be permitted to break your lease without any penalty. This usually includes if you’re called to active-duty military service, your unit is no longer livable beyond your control (like a natural disaster), you’re a victim of domestic violence, you or a tenant face a health crisis, or your landlord has broken the law.

 

How can you break your lease successfully?

So what do you do if you’re left with no choice but to break your lease? The good news is things usually aren’t as harsh as they might sound.

 

Your landlord has a legal obligation to mitigate loss. That means they can’t sit idle and rack up charges from you. They need to be actively searching for new tenants. Here’s what you should do to break your lease successfully:

 

Step 1: Read your rental agreement. 

First, check your lease. There might be a section with information about “early release.” You might also be allowed to sublet your space or find someone to take over your lease. There’s also likely information about how you should give notice of your intention to vacate.

 

Step 2: Talk to your landlord. 

Next, talk to your landlord. Communication is key. Be honest about why you’re leaving. Your landlord might be running a business, but they’re also a human being. They might be sympathetic or helpful depending on the situation.

 

Odds are, if you’ve been a good tenant, they’ll be willing to work with you in some way. Always give as much notice as possible and look for a solution that fits both parties.

 

Step 3: Find a replacement renter.

Depending on your landlord, you might be allowed one of two options: a subletter or new renters. In the first situation, you can find someone who’s willing to take over your current lease, though it’s still under your name.

 

In the second option, you’ll find a new tenant for the unit who will sign a new lease. If you know someone looking for housing, this can be a great solution. If you’re not able to find a new renter, realize you might need to pay for the days the unit stays vacant.

 

Step 4: Come to a termination agreement. 

If you’re in a situation where you need to leave quickly or you’re unable to find a new renter, it might be ideal to just come to a termination agreement. You’ll most likely need to pay in some way or form, but it’s likely to be manageable if you’re proactive.

 

Offering to forfeit your security deposit or a months rent might be enough to get out of your lease successfully. Most landlords just want to make sure they’re not losing money on the property. If you’re able to provide compensation upfront for their loss, they’ll be less likely to take legal action against you. Make sure you get any agreement or payments in writing.

 

Breaking your lease shouldn’t feel impossible.

Things happen. Sometimes you have to break your lease on short notice or because of something unexpected. As long as you keep lines of communication with your landlord open and know your rights, things should run smoothly.

 

Breaking a lease can feel intimidating, but it doesn’t have to be. Start by being proactive about the situation to find a solution for both you and your landlord. You might have to pay a little bit, but you should be out from under your lease in no time.

 

 

 

The post How to Break Your Lease Successfully appeared first on National Cash Offer.

source https://nationalcashoffer.com/how-to-break-your-lease-successfully/

Reasons to Live in a New Home Before Renovating

Buying a new home can be a very exciting investment. It gives you the opportunity to find the perfect home and fix it up to represent your tastes and personality.

 

Homeowners often choose to make renovations to their new home before moving in. This way, they’re able to customize their home to their liking before settling in.

 

However, making renovations before moving into your new home isn’t always the best idea. There are plenty of reasons you may want to hold off on making any major changes.

 

Consider these reasons to spend some time in your new home before making renovations.

 

You Might Change Your Mind

Like many homeowners, you might have big ideas for your new home. From adding a pool to your backyard to renovating your bedroom, you might have a lot of ideas to turn your new home into the house of your dreams.

 

However, until you actually move in and spend some time in your new house, it’s difficult to know whether or not these changes are actually necessary. You might find that you don’t want to make any renovations at all or you may want to make different changes than you originally intended.

 

Until you move in and give yourself some time to consider your wants and needs, you should hold off on making any expensive changes.

 

Renovations Can be Stressful and Expensive

Buying a home is a stressful process in itself. From finding the perfect home in the right location to applying for a mortgage, the home buying process can take a toll on you.

 

Making grand renovations will just add more fuel to the fire. You’ll have to plan your changes, hire contractors, purchase materials, and deal with people coming in and out of your house for weeks.

 

Home improvement can also be a very expensive venture, and it might be a good idea to give your finances some time to recover before committing to any changes.

 

Living in your new home before making renovations will give you some time to relax and recover from the stressful home buying process.

 

Give Yourself Time to Plan

Renovations should be carefully planned out.

 

Moving into your new home before making changes will give you plenty of time to make a detailed plan of all the renovations that you want to complete.

 

Nothing is worse than spending the time and money to make major renovations only to be unhappy with the finished product.

 

Don’t Ignore Important Renovations

While it’s a great idea to wait to make cosmetic renovations to your home, you should still be sure to address any issues that present safety concerns.

 

When buying a home, the house will typically be inspected by a professional before the deal is finalized. The inspector will be able to give you a list of any issues that could present danger to you or your family.

 

This could include structural issues, roof damage, plumbing issues, broken appliances, and more.

 

These should be addressed as soon as possible in order to ensure that your home is safe and comfortable to live in.

 

While the idea of making major renovations to accommodate your needs can be exciting, you should consider these reasons to move into your new home before making any big changes.

The post Reasons to Live in a New Home Before Renovating appeared first on National Cash Offer.

source https://nationalcashoffer.com/reasons-to-live-in-a-new-home-before-renovating/