Should I Buy a Home This Year?

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To-Do List for Better Homeowners

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Checklists work because they contain the important things that need to be done.  They provide a reminder about things we know and realize but may have slipped our minds as well as inform us about things we didn't consider.  Periodic attention to these areas can protect the investment in your home. Change HVAC filters regularly.   Consider purchasing a supply of the correct sizes needed online and they'll even remind you when it's time to order them again. Change batteries in smoke and carbon monoxide detectors annually. Create and regularly update a Home Inventory  to keep track of personal belongings in case of burglary or casualty loss. Keep track of capital improvements, with a Homeowners Tax Guide , made to your home throughout the year that increases your basis and lowers gain. Order free credit reports from all three bureaus once a year at www.AnnualCreditReport.com . Challenge your property tax assessment when you receiv...
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Roll the Repairs into the Mortgage

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It's been said that if you can find a home that has most of what you want, you should go ahead and purchase it.   Many first-time buyers are using everything they have for a down payment and closing costs and would have to "live" with the less than perfect home until they can save the money to make the changes. The FHA 203(k) mortgage allows a borrower to purchase a home and provides additional funds for improvements to be made.   These types of renovations can include kitchen and bathroom remodels, flooring, plumbing, heating and air conditioning systems, additions and other things. The benefit to the buyer is that they have the opportunity to consider a home that needs repairs and might have been unacceptable without a program like this.   Being a FHA loan, a minimal down payment is required, fair interest rates and generous qualifying requirements. The 203(k) Streamline can be used for cosmetic improvements, appliances and minor remodeling up to $35,000 in cost. ...
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