Preparing To Buy A Home

Did last month's 'foreclosure freeze' cool down or heat up the real estate market? Just over a month ago, most US states agreed to a freeze on foreclosures in response to suspected flawed practices by lenders. Apparently, certain lending officials were 'robo-signing' foreclosure documents. They were signing off on foreclosures without reading the information. The moratorium got mixed reviews from icy stares to warm welcomes.

Out in the Cold

Of course, some US home owners were left out of the loop altogether when it came to the foreclosure freeze. In early October, Bank of America, JP Morgan Chase, and Ally Financial (parent of GMAC Mortgage) said that they would suspend foreclosures to investigate 'robo-signing' – but not in every state. For example, Texas foreclosures were not on the list for review.

Uncertain Future

When these major lenders announced their intentions, they included 'judicial foreclosure' states. Texas has 'judicial foreclosures' (foreclosures carried out by the state) and non-judicial foreclosures. Therefore, Texas was not part of the voluntary suspension.

As a result, many Texas home owners were uncertain about the entire process. They were advised to contact their lenders but flawed foreclosures did not have to be frozen in this state. Robert Gleason, Director of Governmental Affairs, commented on the uncertainty that faced Texas home owners.

"Many homeowners will have to wait until next year to be able to see if this pause on foreclosures affected their home values, but in the current market, it is a possibility," says Robert Gleason, Director of Governmental Affairs.

Foreclosure freeze could chill local market

Hot Market

If a home owner was involved in a conventional sale (not a foreclosure or short sale), the freeze might have freed up more possibilities. Keep in mind that foreclosures had been responsible for up to 30% of all sales in certain areas. With foreclosed properties off the market, conventional sales faced less competition.

Foreclosure sales in Tampa Bay, Florida, fell 9.3% in October. In an interesting but not surprising twist, conventional sales experienced an identical (9.3%) increase. Tampa Bay figures were repeated in varying degrees across the country.

The foreclosure freeze heated up conventional sales. Yet the moratorium did not change everything in the home seller's favor. House prices did not increase to benefit home sellers. Actually, prices for conventional sales were 2.2% lower than in October 2009.

Analysis: foreclosure freeze helped home sellers.

Cold Comfort

As well, a few home sellers ran into additional problems with the foreclosure freeze. They sold their home with the hopes of moving in elsewhere. In specific cases, their new house was tied up in the moratorium. Home sellers could make quick sales during the freeze. Moving in, however, took longer than expected in the aftermath of the 'robo-signing' fiasco.

Cooling Down

In addition, the foreclosure freeze had a downside on various levels. The longer a home just sits there, the less value it has, and the more detrimental effect on home values in the neighborhood. Besides decreasing prices, the freeze cooled more than one person's enthusiasm for the market.

Potential home buyers entered up in a quandary. Some buyers have been caught 'in the process' of buying for more than a year. Home buyers have discovered that it is not always easy to buy a home. Especially in the autumn chill caused by the foreclosure freeze!

Foreclosure halt affecting Berks' listings

How Has The Foreclosure Freeze Affected You?

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According to the National Association of Realtors' annual Profile of Home Buyers and Sellers survey, the current housing market is a kinder, gentler environment for first-timers. That result might surprise a few Americans who wonder about the 'when and how' of market recovery. Coupled with uncertainty about the market, first-time home buyers can no longer take advantage of the First-Time Home Buyers' Tax Credit.

Home Buyers

Yet first-time home buyers are buying in this market. Fifty percent of home sales between July 2009 and June 2010 can be attributed to first-time home buyers. Only 47% of home sales in the previous year were made to first-timers.

Why are there so many first-time home buyers - despite the obvious challenges? Apparently, they are getting help from a group referred to often as 'angel investors' – family and friends. These 'angels' are not only encouraging first-time buyers but they are providing down payments.

Family and Friends

According to this recent survey of 8,449 home buyers, 27% of first-time buyers between July 2009 and June 2010 received a gift from family or friends to help with their down payment. That percentage is up by five points over the previous year and now stands at the highest in more than 20 years.

Nine per cent of first-time buyers in this 2010 National Association of Realtors' survey received a loan from relatives or friends. According to NAR, only 6% of first-time buyers in last year's results went that route. The reason why family and friends want to help is a timeless one. It's about family and friends! In fact, a little help extended to loved ones in the housing market is not a new phenomenon. The degree of help – the number of people offering assistance and the number of buyers accepting – is the astounding statistic.

The more eye-popping revelation revolves around why first-timers need help. Is the present housing market so unfriendly to first-time buyers? Actually, without an 'angel' or two at your side, the housing market can be an intimidating place for a home buyer. A study of all types of home buyers looking for a mortgage shows that people find the process to be a difficult one. Forty percent of all buyers and 42% of first-time home buyers were surprised by the complicated challenges encountered along the way.

First-Time Home Buyers – The Challenges

• The First-Time Home Buyers Tax Credit is past its expiry date.
• Even with low mortgage rates, today's homes cost a substantial sum.
• 'No-down-payment mortgages' do not exist in the current marketplace.
• First-time home buyers need a significant down payment – even if they have good credit.
• Banks and lenders have strict standards.
• Financing is a problem if a potential buyer does not have a favorable credit score.
• Lenders have a 'one size fits all' approach – lack of consideration for individual circumstances.

Family and friends step in where lenders leave off and lack of consideration is replaced by consideration and support. Yet the reality is that despite their best intentions, many families and friends are not in a position to help first-time home buyers. This group of first-timers will be examining the housing market carefully before they enter into any transactions. If you have the means and qualifications, however, James J. Driscoll, with Auburn Sherlock Homes Real Estate in Auburn, N.Y., makes a good case for buying a home.

"..If a person's choice was between a $1,000 rent and a $650 mortgage payment, why wouldn't you buy if you're qualified and have the means to make the purchase," says James J. Driscoll, with Auburn Sherlock Homes Real Estate.

CONSUMER FINANCE: Housing-Market Bust Changes Buyer Behavior

Are You Planning To Buy A New Home?

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Home buyers need to check out their potential homes and that involves more than sizing up the living room colors. They must get down to the basics. In fact, home buyers should check out the foundation and every structural issue between that point and the roof. Enter the home inspector!

Home Inspections

A home inspector can check the home's structure as well as the plumbing, electrical, heating, and air conditioning systems. They will check for fire and safety issues, major problems, and general maintenance concerns. If a home inspector has the specific qualifications, inspections can include everything from water quality to mould, as well as septic and private well inspections, and even checks for WDI (wood destroying insects). Not all home inspectors are experts on every issue, however, such as septic inspections, radon testing, and other specialty areas.

Of course, home inspectors cannot guarantee that they will discover every defect or predict every future issue. Yet a qualified home inspector will conduct an extensive investigation into the current condition of the home. Armed with this information, the home buyer can make an informed decision about a pending purchase.

Home Inspectors

There is a distinction between a home inspector and a home appraiser. Appraising a property involves determining the value of a property. Home inspections focus on the condition of a home's structure.

Home inspection is not a 'pass and fail' system. The process points out the present condition of the home. It falls to the home buyer to decide if they are willing to update the heating system or compile a list of requests for a home seller to complete before closing. Sometimes a second home inspection is required to see if the home meets the agreed upon condition before closing. Generally within the United States and Canada, home inspections are required before a home purchase contract is considered a valid agreement.

Licensed Home Inspectors

Home inspections can give peace of mind and a sense of security to home buyers. Overall, home inspection companies are run by qualified inspectors with a strong commitment to customer service. Yet there is one disturbing fact about U.S. home inspections. Not all states require home inspectors to hold a license.

More than 30 U.S. states, however, regulate home inspectors in some form or another. Meanwhile, home owners in the other states might get an experienced and conscientious home inspector or an inexperienced and unqualified individual. These home owners do not enjoy the benefits and security of having access to a regulated industry. Keep in mind that one's safety, security, comfort, and investment is riding on a home inspection. Home owners deserve the services of licensed home inspectors.

The way it was in home inspection

Divorce-Related Home Inspections

It is not only home buyers who need a home inspection. As well, home owners in the process of divorce need the services of a home inspector. Determining home value depends on the structural condition of the home. Many home inspectors list divorce-related inspections among their services.

Home Inspections during Divorces

Getting A Divorce? Are You Getting A Home Inspection?

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Usually, the most effective way to deal with a flaw is to fix it. Yet Ohio's Attorney General is suggesting that banks and lenders take a different approach – at least in one instance. In two letters, one to Wells Fargo and one to Ohio judges, Attorney General Richard Cordray states that he does not want banks and lenders to fix flawed foreclosures.

Flawed Foreclosures

The scandal and fiasco of flawed foreclosures erupted in recent weeks. It came to light that lending officials appeared to be guilty of "robo-signing" (signing without knowledge of details) foreclosure documents. Fifty US states asked for an investigation into the lenders' use of flawed documents.

The assumption was that banks and lenders would be required to fix the flaws. In fact, a few observers had considered the whole scenario to be a deliberate action to mislead home owners. Yet even though it may seem an odd request, Ohio's Attorney General doesn't want them to fix the 'flaw' (or the 'fraud' depending on your point of view).

No Temporary Fixes

Actually, the Attorney General should not be seen as condoning the lenders' actions with his request for no fixes. He believes that the lenders should not offer a 'temporary fix' to a serious issue in a flawed system. The Attorney General does not think that it is sufficient to have another look at the documents and fix any mistakes. He feels that the banks should vacate any court order or motion based on improper paperwork. He believes that lenders should modify loans and work out settlement with borrowers.

Of course, banks and lenders do not share Mr. Cordray's opinion. Indeed, some lenders say that they are finished reviewing documents and are resuming foreclosures. If Ohio's Attorney General makes headway with his demand, it would cause total upheaval to their plans.

Generally, lenders express confidence in their policies and controls. They appear comfortable with their approach to the issue. On October 20, 2010, Wells Fargo Chief Financial Officer Howard Atkins stated that he was confident with his company's policies and controls related to foreclosures. 

"The person at Wells who signs a foreclosure file is the same person as the person who reviews the file, and it is not always done that way in the industry," explains Wells Fargo Chief Financial Officer Howard Atkins.

Confusing Story

Yet the entire situation can be confusing because there can be discrepancies between lenders' words and their actions. For example, despite the insistence of Wells Fargo Chief Financial Officer about their perfect system, they announced on October 28, 2010, that they were resubmitting affidavits for 55,000 pending foreclosures.

It remains to be seen if other attorney generals feel the same way as Mr. Cordray. More than one attorney general, however, has referred to a 2008 settlement. At that time, the Bank of America agreed to an $8.4 billion loan-modification program following a probe of its Countrywide Financial unit. The issue revolved around predatory lending practices.

The probe into the foreclosure fiasco is still being played out at the moment. Of course, the issue of flawed foreclosures is no game or no slight error, and flawed foreclosures are having huge consequences for US home owners.

Big Banks Told Not To 'Fix' A Fraud

Do You Think That Lenders Should Offer Loan Modification?

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On this Halloween weekend, the more mysterious and creepy your entrance looks, the better kids (and adults) like it. Yet come Monday morning, lose the look! Indeed, if you are planning to sell your home, a mysterious, hidden, or overgrown entryway won't attract buyers. No dead branches or plants in the yard! Without a doubt, a horror of a door will spook your buyers.

Potential home buyers respond to well-tended property and a welcoming entrance. A neat and attractive entryway gives the impression that you care about this home. An inviting door and tidy yard can help to sell your home before the buyers even see the interior.

Added Attraction

Every house should welcome guests (and buyers) through an attractive and well-maintained front door. No scratches and scrapes or doors that won't open or close without considerable effort! The finish on doors can fade and chip after years of enduring weather conditions. Sometimes it is not necessary to buy a new door. A light sanding and a paint job might do the trick. Follow the manufacturer's instructions to choose the right type of paint.

Complementary Colors

The color of the door must work with the color scheme of your home's exterior. It doesn't have to be the same shade as the house. Yet the color should not provide so much contrast that it draws attention to the door alone instead of the entire home.

A bright color can work if your home is surrounded with brilliant flowers or blazing foliage. Generally, colors that blend with natural hues look welcoming at an entrance. Choose shades that match the natural elements (like stone or brick) of your home and its surroundings (landscape and other buildings).

Brilliant white is not an appealing choice for a front door because it is a stark color. Bright white is a cold tone - not a welcoming color. A white paint with a touch of yellow or pink is a better choice.

Your door should fit the look and style of your house. A small cottage should have a cozy look. A stately home should have a more formal entrance.

Surviving the Storm

Your door must look sturdy enough to survive a storm. You don't want potential home buyers to think that their entry door will blow down at the first gust of wind. If a home has a main door and storm door, both should look their best. If you can't afford to replace the main wood or metal door, buy an affordable and decorative storm door to make a great first impression.

Getting a Handle

When home owners put in the time and effort to make improvements to their entrance, they are 'getting a handle' on the sale. They are setting the stage for the sale of their home. Maybe that will mean having to buy new door handles.

Metal door handles can tarnish and chip over time. If yours look the worse for wear, replace them. Handles and locks are not difficult to install and it could be a DIY project. If there isn't already a deadbolt on the door, it may be a smart idea to install one. It will be safer for you while you're in the home as well as an extra safety feature that will impress buyers.

Decorative Touch

Even though the Halloween decorations are gone, potential home buyers won't mind a glorious fall arrangement or silk flower wreath on your door. It adds a decorative and welcoming touch. Inviting doors 'invite in' guests – and home buyers!

How to Improve the Front Entrance to Help Sell a Home

How to Choose a Front Door Color

Which Inviting Color Did You Choose For Your Front Door?

So, you don't believe in haunted houses? Well, they exist – everywhere! Houses that are 'haunted' by a horrific event in their past or a horrible rumour or even an association with horror!

Haunted Houses

In fact, maybe you are living in a 'haunted' house at this moment. The chilling reality is that you don't know for certain about every event in your home's history. Even if you have a new home, stories abound about deceased and disgruntled land owners that paid a ghostly visit to current owners of their previously-held property.

All in all, it adds up to a scary situation. Maybe you think this haunted house talk is just Irish malarkey. After all, Erin's Isle has more than its fair share of tales of haunted castles.

Creepy Irish Castles and Houses

Haunted Laws

If you think that haunted houses are a joke, think again! There are actual state laws about haunted homes. The housing regulations in various US states refer directly to the 'haunted' issue. Other states address 'stigmatized' property. These states point out that the 'haunted' reputation is decided on a case-by-case basis. The law's attention to haunted houses is not a figment of an overactive imagination. Haunted houses are 'real' – at least according to the state.

Since 1991, New York's housing law states that hauntings must be disclosed to potential home buyers. Now that official recognition lends more credibility to the 'haunted' factor. Law makers acknowledged that a 'haunting' past affects a home's value – usually in a negative manner. But not always!

Haunted Buyers

It depends on whether horror fascinates or horrifies you. For example, consider the summer sale of a 1909 farmhouse (home of three gruesome murders) in Fort Wayne, Indiana. As it turns out, the murders were the main attraction for one group of interested buyers. It is possible to sell a haunted house.

How to sell a haunted house

Haunted Deal

Yet not every home buyer feels so great about ghosts. Thus, the reason for the New York housing law about creepy homes. The 1991 ruling came into 'being' because of a few odd beings – poltergeists to be exact – who occupied a 5000 sq ft Victorian home in Nyack, New York.

A potential purchaser made a down payment without knowing about the poltergeists lurking in the dark corners. Home owner, Helen Ackley, had come clean about their existence. She had even written about her ghosts but she didn't note their tenancy on the sales contract. People, you have to include all poltergeists in the sales contact. Gee, that's a given!

But apparently, this home buyer didn't feel at all friendly towards ghosts. He demanded the return of his down payment. The present New York housing law about ghosts resulted from that court action. As an owner of a haunted house, you have to 'own' up to it.

Haunted Value

And who knows, your home's value could go through the roof. Having ghosts come out of your walls might sell your home. It depends on who's looking and 'whoever is lurking' might not turn out to be just a nuisance. Your live-in ghost might get you a great price for your haunted house. Happy Halloween!

4 Haunted Houses And What They're Worth

Do You Live In A Haunted House?

Selling a home is an emotional decision at the best of times. Of course, the obvious financial implications are added into the mix. Imagine if you're a senior who has lived in a home for 40 years or is facing a move to a seniors' home. The complexity of the situation goes up a hundred fold.

Major Decision

Factor in falling house prices and selling a home can be a huge dilemma for seniors. Yet they do not have to face this situation on their own. There is help out there for seniors who are contemplating this life-changing decision.

Getting Help

Firstly, seniors need to access trusted sources to help with selling property. Of course, the need for professional advice in this area is a 'given' and it applies to anyone in any age group who is planning to sell a home.

Real Estate Specialist

Seniors can take advantage of the expertise of various Seniors Real Estate Specialists (SRES) across the country. Everyone may not be aware that there are realtors who specialize in seniors' services. Actually, there are more than 7,000 agents in 50 US states who hold this designation.

Having this category in the industry makes perfect sense. When selling their homes, seniors have some of the same concerns as any other age group but they also have a separate set of issues. It pays for seniors to enlist the help of a Seniors Real Estate Specialist.

Falling House Prices

Today's seniors have to face the reality of falling house prices. They must confront a common issue - to sell now or wait and sell at a better time. With seniors, however, the issue becomes way more complicated because health issues or having a spouse pass away can increase the urgency of the situation.

Not All Gloom and Doom

Of course, there is always a bright spot in every market. Sometimes a senior who bought their house decades ago for a low price is surprised to see how it has risen in value over 40 years. The home's worth might have decreased in recent years but seniors are often shocked by the market evaluation. Even if seniors are pleased with the price, they still deserve to get the best advantage in today's market. An experienced realtor can guide them through the real estate process.

Their lifestyle will play a huge role in the final decision. Are they able to maintain this home in their present state of health? Are they living in a safe and comfortable environment for their age and condition? Is this the right neighborhood for them anymore? Maybe they no longer drive and need to be near public transportation. Is this the best area to live in at this stage of their lives?

Moving Forward

Seniors need the answers to a thousand and one questions. Industry experts can provide the answers. Health professionals can also advise them about the type of accommodations that would work best for them – whether a smaller home or a seniors' home. After all, selling a house is not just about leaving a home. Seniors also have to consider the cost and implications of moving to another home.

What seniors should know about selling a home

What Challenges Do You Perceive For Seniors Selling Their Homes?

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Ah, home sweet home! Make that home 'small' home for an increasing number of home builders and home buyers. House construction is seeing smaller and less expensive homes because builders are not getting the same price as before for expansive, upscale properties. A few builders claim that they are not making back the construction costs.

Shrinking Size

Some builders are getting rid of homes at a loss and concentrating instead on the business of renovation. Although in uncertain economic times, neither one is a safe bet. Everything has experienced a decrease in this economy (in certain areas more than others). Everything from house appraisals to new homes to house prices is seeing a decline – and now houses are also shrinking in size.

Part of the decision to go 'smaller' is fuelled by varied events that have undermined people's confidence in the market. Such issues as foreclosure rates, flawed foreclosures, lending issues, and more, are causing a build up of anxiety among potential home buyers. Of course, home builders share their anxiety.

"It's slowing the recovery of new construction. It's sapping confidence," says Robert Filka, CEO of the Michigan Association of Home Builders

In a certain Michigan suburb, a 3,600-square-foot home with 10' ceilings, is selling at a loss for the builder at $699,000. In 2008, that same home was priced at $875,000. Within the past decade, homes in that neighborhood had sold for $2,000,000. Times have changed and builders are changing with them.

No Luxury

With unpredictable appraisals that can come in even $80,000 less than expected, luxury homes can be a problem. Appraisers have to factor in recent sales in the neighborhood. At present, neighborhood sales can include anything from a short sale to a foreclosure.

As well, home buyers are often asked for higher down payments (even up to 25%). Luxury homes may start looking less and less appealing to home buyers. Builders who have noticed that trend are opting to construct smaller homes. Maybe a less expensive home will not seem as intimidating to the potential home buyer.

Hard times force home builders to think small

Downsizing

Some people are adamant about the benefit of small houses. Cost-effectiveness, smaller mortgages, and a simpler lifestyle are a few reasons that people give for choosing smaller and less expensive homes. Even environmental reasons play into the desire for smaller homes. They use fewer resources in building and for maintenance.

Of course, buying a 'too small' home is not a wise move. A home can be as small as anything - as long as it suits your needs. If a home does not have sufficient space, it will not work for a growing family.

Perfect Fit

Yet if the size suits you, a small home might be the right choice. People have found 'small home' ownership to be an exhilarating experience. It frees up savings for travel and it frees up the precious commodity of time.

'Small home' ownership means less time spent cleaning and fewer hours required for maintenance. Smaller homes allow you to have more quality time with family and friends. Maybe though not everyone will want to go as 'small' as this home builder.

Take a look at - World's Smallest House!

Have You Been Dreaming of Building a Small House?

Would A Small Home Suit Your Needs?

The word 'foreclosure' strikes enough fear into people's minds without adding 'flawed' into the mix. Yet the nation is now facing the issue of "flawed foreclosures." What a mess!

Flawed Mess

Most of us have been faced with the issue of messy paperwork in our offices from time to time. This latest fiasco makes it evident, however, that even banks let their paperwork get out of hand. A scary thought – considering how much trust we are required to put in our financial institutions.

"Robo-Signing"

Vermont was one of the latest US states to become part of the joint investigation into the banks' use of flawed disclosure documents. The banks are been accused of "robo-signing" foreclosure documents. Supposedly, many recent foreclosures might have been based on false affidavits. A person signed the documents confirming that they had knowledge of the situation. The claim is that many officials had no knowledge of the circumstances regarding specific foreclosures.

Vermont joins other states in foreclosure investigation

Checking Signatures

Suspected incidents of flawed foreclosures have cropped up across the country. This flawed process comes as a surprise to everyone who trusted the system. One would think that all documents were double checked during a foreclosure. One would also expect officials to know the score when they sign their name to a document. Unfortunately, the whole process has to be rechecked because there seems to be monumental mistakes.

Foreclosure Moratorium

Despite the flaws that have come to light, the Obama administration does not want to issue a national moratorium on foreclosures. Their reasoning is that it might backfire and cause a decline in housing prices. Yet industry experts disagree and think that it might restore confidence in the market.

"...If you buy a foreclosed home, you would have confidence there would be no title fights down the road and someone else couldn’t make a claim to the house you are living in,..." says housing expert, Dean Baker."

Of course, a few banks, including GMAC’s Ally Bank, JPMorgan Chase, and Bank of America have issued their own moratorium on foreclosures. If you take comfort in that fact, don't let it make you feel too relaxed about the system. Obviously, banks are looking out for their own interests. If they were certain that they have no flawed foreclosures, the banks would proceed with normal business.

Most likely, they are not 100% sure about their practices. Did we double check these figures? Did our officials know the score? Inefficiency within a bank is cause for concern at the best of times. When you consider how tied up people's lives are in foreclosures, these flaws take on nightmarish proportions.

What You Need to Know About Flawed Foreclosures

Home Owner Response

Home owners are now left wondering if they have clear titles to their home – and they have to find the answers. Many people do not even know the details of their title insurance policy. Home owners need to know what is covered by that policy. A good real estate lawyer can be well worth the investment if it helps you to figure out this flawed process.

An Honest Mistake

Different sources have classified the flawed foreclosures as everything from technical mistakes to deliberate actions. We can expect the banks to favor the 'technical mistake' angle. U.S. Rep. Alan Grayson thinks that the 'mistake' was a deliberate action. Grayson has called for a criminal investigation.

"These banks are still claiming that the massive fraud they have perpetrated amounts to nothing more than a series of technical mistakes," says Grayson. "This is absurd. This is deliberate, systemic fraud, and it is a crime."

Grayson calls for criminal foreclosure probe

Do You Think That Flawed Foreclosures Were Honest Mistakes?

Home ownership – an integral part of the American dream - is the "dream that never dies." Despite a difficult economy, the dream of home ownership is alive and well and living in the hearts and mind of potential home owners. Actually, there are plenty of reasons to continue to live the dream.

Heart's Desire

Home ownership starts in the heart. The need for home and family is at the core of our being. If you are located in eastern Canada, you can even buy a home in Heart's Desire or live at your home at in Heart's Content.

Low Pricing

When house prices are at their lowest, it is the perfect time to pick up a home. Whether you are buying for the first time, moving to a bigger place, or planning an investment, buying during favorable conditions is a wise move.

No Mistake

Buying a home is hardly ever a mistake - if the buyer is aware of and prepared for the real deal. The smart home buyer checks into all important details before buying a home. They review the condition of the property and state of the neighbourhood as well as their financial obligations. When home buyers are ready for home ownership, only unforeseen circumstances can wreck their "perfect home."

Home Equity

Home equity is an invaluable asset. Home owners hope to benefit from that equity in the future. Having home equity beats paying rent - where you are just helping to feather someone else's nest.

Better Deal

According to recent studies, home owners, their families, and the community do better with home ownership. People who buy a home have a substantial investment and, according to research, better health. Children do better in school and communities grow and benefit from the participation and involvement of the home owners in the neighbourhood.

Long Term Gain

Home ownership is a long term commitment but there are long term gains for the home owner. And actually, little pain in the process, when you consider the comforts of home! It helps home owners to think of ownership in the long term. That perspective gets them in the frame of mind to live within their means and contribute to their savings.

Investment

Sometimes people buy homes as an investment. Even then, home ownership should still be seen as a long term investment. For the maximum investment possibilities, do not view home ownership in the short term.

Although many investors think about 'flipping' homes, sometimes you have to stay longer to make it pay for you. It is wise to look at buying a home as a 7-10 year investment. As well, there are tax deductions for home owners, but buyers need to be aware of the type of savings.

Home Sweet Home

Home ownership is about feelings and emotions. Of course, potential home buyers have to temper these thoughts with reality. Home ownership involves mortgages and maintenance.

You can't go to sleep in this dream. A home buyer has to be on their toes. They have to see things in the cold, harsh light of day. If home buyers are prepared for the deal, they can live the dream in their home, sweet home.

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