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Top things to know

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In Lesson 8
How much house can you afford?
Glossary
Take
the test Top things to know
Are you ready to own?
Setting your budget
Picking a team
The hunt
Closing the deal
For sellers only
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Rates provided by Bankrate.com. Home Equity Loan wrtBankRateLinkHE('30kHeloc');$30K HELOC 5.23% wrtBankRateLinkHE('50kHeloc');$50K HELOC 4.96% wrtBankRateLinkHE('30kHomeEq');$30K Home Eq 8.32% wrtBankRateLinkHE('50kHomeEq');$50K Home Eq 8.20% wrtBankRateLinkHE('75kHomeEq');$75K Home Eq 8.24% Find personalized rates:
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Money 101 Lessons Setting priorities
Making a budget
Basics of banking and saving
Basics of investing
Investing in stocks
Investing in mutual funds
Investing in bonds
Buying a home
Controlling debt
Employee stock options
Saving for college
Kids and money
Planning for retirement
Asset allocation
Hiring financial help
Health insurance
Buying a car
Taxes
Home insurance
Life insurance
Estate planning
Auto insurance
401(k)s
1. Don't buy if you can't stay put.If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner - even in a rising market. When prices are falling, it's an even worse proposition. 2. Start by shoring up your credit.Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.3. Aim for a home you can really afford.The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you'll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.4. If you can't put down the usual 20 percent, you may still qualify for a loan.There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as 3 percent of the purchase price.5. Buy in a district with good schools.In most areas, this advice applies even if you don't have school-age children. Reason: When it comes time to sell, you'll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.6. Get professional help.Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.7. Choose carefully between points and rate.When picking a mortgage, you usually have the option of paying additional points -- a portion of the interest that you pay at closing -- in exchange for a lower interest rate. If you stay in the house for a long time -- say three to five years or more -- it's usually a better deal to take the points. The lower interest rate will save you more in the long run.8. Before house hunting, get pre-approved.Getting pre-approved will you save yourself the grief of looking at houses you can't afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.9. Do your homework before bidding.Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that's about eight to 10 percent lower than what the seller is asking.10. Hire a home inspector.Sure, your lender will require a home appraisal anyway. But that's just the bank's way of determining whether the house is worth the price you've agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.

selling older homes as historical homes

In this newsletter, you will learn how to approach selling older homes as historical homes. We hope this information is useful and look forward to sending you more information on various topics concerning homes and inspections.
The Age Of The Home
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
In the new homebuying paradigm, old equals problems and new equals luxury. Sprawl has become tempered by higher building costs and traffic problems, which have driven homebuyers back toward community cores and older homes, but they don't necessarily like what they see - smaller square footage, outdated floor plans, and the previous owner's imprint. This situation has real estate agents acting more as apologists than salespeople. As agents list older homes, they downplay the age of the home, which is a losing strategy, say some experts. "The age of the home is the first thing the buyer wants to know and the last thing the listing agent wants them to know," says Dave Burrell, president and CEO of Historical Insights, Inc. "To you, it's a regular old house, but look at it from the buyer's perspective. That's not how people buy homes. It's much better to create an emotional connection with the house."
Historical homes prove that a property can bring more if buyers can connect with the past. "If you found out you wanted a house where someone lived who was in politics or changed aviation," suggests Burrell, "it's more important to you, so people do care. You want to present the home so that the buyer can relate to what's it like to live in the house, and feel more important because of it."
Leather Bound Histories
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
In Denver, Colorado, where Burrell provides leather- bound histories for local homes, there are more than 93,000 pre-1950 homes (2000 Census,) and over 1000 are for sale in an average month, he says. "It's clear how large this potential market really is," suggests Burrell. Histories can include everything from the type of home - ranch, how that type of home served society at that time, to who lived there to what changes were made to the home over the years.
Getting histories can be a challenge, but there are ways that don't take a lot of time. "A couple of starting points would be city directories that go by street names or addresses and you can find out who lived in that house and from what dates. Second is to go to Sanborn Fire Insurance Maps which you can find at local archives like the public library. They go from the late 19th century to about 1970. This company created maps for insurance companies and they would create maps and streets and show what buildings were there, they'd show the exits, doors and windows. You can see the house change from when it had a stable to when it acquired a garage. You can see if they had an outhouse and when it was torn down. You can get them from various years. In Denver you can get them from 1893, 1903, 1905, 1925. One problem is if your house was built in 1911, you can't confirm much between 1905 and 1925."
Things That Personalize The Home
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Burrell points to his own home as an example. "In my personal house, there was a small porch in 1925, but a large porch was added by 1929," says Burrell. "It's the little things that are interesting and it personalizes the home to the seller or the buyer because they know something no one else knows." You can go to the public records, but approximately 30 to 40 percent of homes in Denver are incorrectly dated, says Burrell. "I found my house was incorrectly dated," he says. "My house was supposed to be built in 1900, but it wasn't in the 1903 or 1905 maps, but it was in the 1907 map."
Another way to assign a date to an older home is to look at the local "TAP" records - when the house was connected to the local water system for running water. Or you can commission a home history, such as Burrell provides, for as little as a report fee to as much as $400 for a leather-bound copy. Home histories can be a great listing tool, a great closing gift, and a great legacy for referrals. "When everyone is looking to find a Realtor," says Burrell, "caring about the history of homes is something that can differentiate one Realtor from another. Most Realtors aren't going to think about how to market the home. By getting a book likes this, you are going to give a physical manifestation of the house that helps them enjoy their home. When they resell, they have a collection of information with the Realtor's name and information. They won't throw this away. They will show it to all their frineds, and it has your name on it. "The underlying principle is simple," says Burrell. "Since so much of the mystery of old homes lies in their connection with the past, a home history can highlight that connection very vividly. This is especially the case today, with so many transplants seeking to grow roots within their communities. And because emotions are such a key part of the homebuying process, helping buyers make a personal leap into the living experience of the home quickens the purchasing decision." It's well worth it. Not only are older homes a tangible record of cultural changes, old homes in Denver sell for 8.9 percent more than their more modern counterparts, says Burrell.

June housing construction rises more than expected

WASHINGTON (AP) -- Construction of new U.S. homes rose in June to the highest level in seven months as builders rushed to pour foundations for homes that must be completed by the end of November for first-time buyers to take advantage of a special tax break.

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The Commerce Department said Friday that construction of new homes and apartments jumped 3.6 percent last month to a seasonally adjusted annual rate of 582,000 units, from an upwardly revised rate of 562,000 in May.

It was better than the 530,000-unit pace economists expected, and was the second straight monthly increase after April's record low of 479,000 units.

"This was the most positive housing report in ages," wrote Patrick Newport, an economist with IHS Global Insight.

Homebuyers are being attracted by lower prices, and first-time buyers can also take advantage of a tax credit worth 10 percent of the purchase price, with a cap of $8,000, which was included in the federal stimulus package.

"The largest spark...has been the looming deadline," said David Crowe, chief economist for the National Association of Home Builders. His trade group said Thursday that the confidence level of builders has risen to the highest level in nearly a year.

Shares of major homebuilders rose on the news with Beazer Homes and Hovnanian Enterprises up about 5 percent in midday trading. The broader stock indexes, meanwhile, were little-changed Friday after Bank of America and Citigroup became the latest banks to report big second-quarter profits but also weakness in their loan portfolios.

Over the past three years, the collapse in the housing market led to soaring loan losses, a severe banking system crisis and the longest recession since World War II. Even with the better-than-expected figures, the pace was still 46 percent below last year, and analysts don't expect a quick rebound. That's because companies are still shedding jobs and home prices are falling.

"There's still a long way to go before one wants to declare anything that begins to look like a strong recovery or success," said Rebecca Blank, undersecretary of commerce for economic affairs.

The Federal Reserve this week projected that the national unemployment rate, currently at a 26-year high of 9.5 percent, will pass 10 percent by the end of the year. Unemployment has already passed that mark in 15 states and the District of Columbia last month, according to federal data released Friday.

The rate in Michigan surpassed 15 percent, the first time any state has hit that level since 1984.

Most Fed policymakers said it could take five or six years for the economy and the labor market to get back on a path of long-term health. To get there, consumers must return to a regular spending groove and housing prices need to start rising again.

The jump in housing starts last month reflected a more than 14 percent rise in construction of single-family homes, the largest monthly increase since December 2004. Construction of multifamily units -- a particularly volatile part of the market -- fell nearly 26 percent from a month earlier.

Meanwhile, applications for building permits, seen as a good indicator of future activity, rose almost 9 percent in June.

AP Economics Writer Jeannine Aversa contributed to this report.

Guide to Purchasing a newly built house

The National house building Council BuildMark scheme (NHBC), Premier guarantee, Zurich municipal guarantee or another warranty provider will provide cover for newly constructed home that are less than 10 years old. These warranties will protect the owner from structural defects for a period of 10 years, it also in meant as a guarantee for the homes build quality. All contractors involved in the construction of these properties should be registered with one of the warranty providers spoke of earlier, during construction warranty provider should carried out scheduled inspections of the build quality during construction. The warranty provided belongs to the home and not the owner in the situation where ownership is transferred the warranty would still be valid as long as it remains within the ten year period. Although a home will still be under warranty and there is a transfer of ownership it is always a good decision especially within a few years of that warranty to obtain a structural survey, its best to know of any defectss that are current in a home before parting with any monies. Snagging Snagging is a term used to identify all the faults, the build quality and the finishing within the building process, usually the identifying of these problems would be the domain of the building inspector, for it is easier for the building inspector to liaise with the contractors and obtaining a positive outcome. Some buyers do try to take on this role themselves, which is not a bad idea if you know how to converse with a building contractor without upsetting or disrupting the build progress. if you take on this process yourself you must make sure you know how to recognize all the problems that may occur during the life time of the construction of the home and have the ability to communicate this to the contractor in a way that brings about a positive outcome.
You must remember that some problems will not come to light until some time after the completion of the build; it will then be the responsibility of the contractor. Newbuild warranty A NewBuild warranty is essentially an insurance policy against a new build home, the insurance policy would have been taken out by the contractors who built the home, this policy will help to protect the builder and any owner (within the ten year period of the policy) against any problems that may occur, the builder would cover the cost of any problems that occur within the first two years of the home’s life, from then on and before the end of the insurance policy (eight years) the insurer usually the NHBC will cover any structural defects that may occur, this in effect would mean that the owner would have to identify any other major defectss that may occur within the first two years of the property’s life. And report it to the contractor. Before you buy Always check to make sure your builder is a certified by either the NHBC or the LABC or one of the other major providers, the builder should be included in at least one of the major warranty providers website register which you should have the ability to check. UploadAproperty Homebuyers Help Center This is just a quick look into a few of the of the issue you should be aware of if your thinking of Purchasing a newly built property. You can find more indepth advice on the topic covered in this article and other like the Shared ownership initiatives, first time buyers etc at the UploadAproperty Homebuyers/Homesellers Help Center, UploadAproperty is a for sale by owner site that has a comprehensive library of informatiom for the seller and buyer of property in the UK and abroad, we cater for the buyers of property and for those who sell property online.

Making a Profit on Real Estate Investments

Real estate investing is among the most interesting and lucrative business practices out there. Investing in real estate is exciting, and if you make the right choices you are almost guaranteed to make a profit. After all, the price of houses keeps going up and up, as does commercial real estate. Don’t get me wrong real estate investments are not a sure thing. There is no such thing as a sure investment, and anyone who tells you different is not giving you the whole story. Nonetheless, it is one of the surest things out there.

I first got involved in real estate investing accidentally. I was renting a warehouse with some friends when the landlord suddenly decided he wanted to sell it. It wasn’t making enough from rent, and he had some bad debts that he wanted to settle. He gave us the option of buying it from him, and we decided that that was just the thing to do.

It was hard to get together money for a down payment, but once we did, we never regretted it. Although the area was depressed at the time, there was an urban renewal program that was bringing more money into the city. Soon, our warehouse artists space was worth a fortune.

I moved out after some time and decided to just sell my share and invest more more somewhere else. I pursued more of real estate investing. I put my money in a huge commercial lot which costs me a lot but sooner though, I was just collecting money on a monthly basis. Everything paid off well again.

Real estate investing does not mean that you have to purchase immense properties. You can just start with small shares in a few properties and earn in small amounts on a regular basis. Expand your portfolio through purchasing small shares in various areas.

Foreclosure Prevention Program

State Foreclosure Prevention Resources
For legal help in Seattle and King County, see this list of organizations providing fee legal counsel to low-income people. The Northwest Justice Project and Columbia Legal Services have attorneys working exclusively on foreclosure prevention cases.
Washington State Department of Financial Institutions provides a vast amount on information on avoiding foreclosure rescue scams, mortgage counseling and navigating the foreclosure process.
Federal Programs
The Obama Administration announced the Making Home Affordable program in February 2009. This program provides resources to homeowners who are making good-faith effort to make their mortgage payments. An overview of this program is available on the federal Road to Stability site. Detailed information and self-assessment tools are available at Making Home Affordable.

Find out if you qualify.
To qualify for the program, household income must be below 80 percent of the area median income (see current eligibility limits). Homeowners must also prove the capacity to afford the mortgage for the long-term.
Homeowners in need of assistance should contact Solid Ground or the Urban League directly to see if they qualify:
• Urban League (800) 368-1455
• Solid Ground Mortgage Hotline: (206) 694-6766
Open Monday, Wednesday and Thursday from 10:30 a.m. to 4:30 p.m.
All screenings and appointments must go through the hotline.
Counselors are not able to take walk-in appointments.

Real Estate

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