0 Lessons from the Recent Recession

The Great Recession has created a big impact not just in America, but in nearly all nations across the globe. It has affected thousands: people lost their jobs, banks suddenly had plenty of money-lending problems, and the value of properties went down.
 

Which was—ironically enough—a piece of good news, especially for those planning to own or buy properties. If you’re one of them, do you know your options? 

Housingloans and credit cards are two of the easiest ways through which people can afford to buy a house or property they have a yen for. 

Real Estate in the Aftermath of the Recession  

For some, the recession has resulted to poor credit due to foreclosures, unemployment, and other related issues. For those who have their own residential properties, losing their jobs isn’t their only problem. Meeting the mortgage payments on their properties has brought more pressure and stress on them. And while some have resorted to selling off their properties during the Great Recession, this is hardly an ideal solution to the problem.

Because of many foreclosed homes, money lending companies now tend to be more cautious in giving financial aid to people who plan to purchase a residential property. 

The Good Side of the Great Recession

The recession taught people the importance of saving money. Between the years 2007 to 2008, the rate of household savings increased to at least two-fifths. Banks have an improved rate of persuasive saving. Even though recession brought decreased ratings in the stock market, devalued the market for residential properties, and increased the number of unemployment, there’s still a something good or positive that came out of it. People felt the urge to save money for their financial stability in the future. They tried to spend less to save more.

Having too many possessions is impractical—if you can’t afford them. So more people learned the value of recycling. Other women tried to spend less cash on their clothes, while some tried to minimise their weekly or monthly food costs. Impulsive buying habits were changed and personal finances were cautiously and carefully budgeted.

There are only a few of the positive things in the aftermath of the great recession. Also, since the value of homes went down, it was buying time for those who had the cash and wherewithal to spend. 

If you’re one of them, here are a few tips for you, especially if you’re looking to own property during the recession:

• Would-be buyers are on the hunt for Foreclosure properties because it’s a great opportunity to buy properties with sharp discounts. So make sure you remember to ask for that discount.

•  Make sure you choose a payment scheme that will sustain your financial standing.

• You need to save money that you can use as down payment.

•  If you want to apply for a house loan, make sure you have a good and clean credit report so you get to be approved immediately by most money lenders.

• Check the location and the condition of the house. Look for good buys rather than investing in a home-wreck.

Know that buying a house is a long-term investment so make sure you’re prepared for anything, six-ways-till-Sunday prepared. If you are, you just might get that home loan approved for that house or property you’ve been eyeing all this time.

0 Closing Time

It’s not really fair to single out any one point of selling your home and declaring that it’s the “most important.” That being said, obviously no deal is complete until it is complete. And any salesperson will tell you that closing the deal is, if not strictly speaking the single most important step, than definitely the trickiest. Look up any classic movie speech on sales, and you’ll likely find a focus on closing. (And if Alec Baldwin is in the clip, it’s also very not safe for work!) Closing requires a delicate touch, and there are many ways to help the process along that both parties can agree too. Escrow. Simply opening an escrow account can take a lot of the anxiety from both buyer and seller out of the issue. There are so many issues involved in buying a house that the details can obscure some important things. Having a neutral third party hold all money and pertinent documents until the deal is completely finished is the best way to ensure that no one is in danger of getting ripped off. Home Inspection. There is no law that says a home must be inspected before it is sold, but they are usually par for the course. This doesn’t mean they aren’t always done, however! It would be dumb to not insist on one, and keep it mind it’s more than fair to demand that the seller paid at the very least half of the inspection costs. In fact, if they aren’t willing to eat the entire fee, it might be something of a red flag. Renegotiate. If an inspection does turn up issues, by all means, renegotiate, even if your offer had previously been accepted. Changing the price to reflect anticipated repair work is a fair demand, as is agreeing to settle at the agreed upon price so long as the repairs are made by the seller to your satisfaction. If your purchase contract states “as is,” you might not be able to get a compromise, but you are usually allowed to back out if a major problem is found that the seller can’t or won’t fix. Title Search and Insurance. A title search and insurance provides you with that peace of mind that guarantees legally that you are protected from anyone else claiming the property as theirs later on, such as a lost relative forgotten in the will or tax collector making a return round for what he thinks is his due. A title officer can perform the search and ensure that there are no clouds hanging over the title, and help you to resolve those issues before they come to a head. Just remember that buying a home is a huge investment, and no one wants to be rushed in. Using these tips as a safety net will help to ensure that the deal is closed smoothly and successfully.

Ed Michelson blogs for We Buy Ugly Houses, a national real estate company which buys and sells homes throughout the US.

0 Benefits of Buying a Home in the Winter

Most people think the combination of moving and winter is pretty miserable. Between dealing with the busy holiday season, a dwindling bank account, and inclement weather, winter isn’t usually the most ideal time to pack up and relocate.

However, if you’ve been thinking about buying a home, now might be the perfect time to do it. Here are six reasons why buying a home in the winter is a good idea.

1. Studies show the most popular time to buy or sell a home falls between April and July. Very few people choose to move during the winter. Therefore, it is pretty safe to assume those who do so aren’t doing it by choice. Many people sell their home during the winter out of necessity – job transfers, school enrollment and financial issues are the leading causes of sudden relocation. As a result, a homebuyer can usually find a pretty good deal and definitely has the upper hand when it comes time to negotiate price.

Homebuyers should note this information is region specific. Residents in warm locations – especially those in common retirement areas like Florida – don’t tend to follow the home buying/selling yearly cycle of other, cooler locations. Also, the complete opposite information tends to hold true for popular ski and winter sport regions

0 Clever Ways to Make Money from the Property You Live In

Are you struggling to cope with the cost of living? As monthly outgoings for most people rise significantly it is only natural to want to find a way to make more money. If taking on a second job is not an option you will be pleased to know that if you are home-owner you could be making money from your home. So, what are your options?

Rent Your Spare Room

This is one of the oldest ways around of earning extra money from your home with companies such as Airbnb making it extremely easy to find tenants. Unlike in the past you can find lodgers for just a few days or for a Monday to Friday stay if you’d rather not have a lodger 24/7. So if you have an unused room this could be ideal for you.

Use Your Attic as Storage Space for OthersIf you have an attic or other area that is empty and unused you could charge people to store their possessions there.

3 Designing a Home on a Budget

Owning a home gives people many benefits over renting, one of these being the ability to remodel, redecorate, and renovate every inch of the living space if desired. These changes can give the home a very personalized feel, as well as set the tone for the house as a whole. From redoing rooms so that they all match with each other to simply changing a few things to suit the ever-changing tastes of both adults and children, the one thing that typically holds people's decorating dreams back is the cost.

Although many types of remodeling is not cheap, there are ways to accomplish even the biggest of tasks for reduced prices - it just takes a bit of research and planning.

Read more at my post on Designing a Home on a Budget.

6 Finding Your Perfect House

With the real estate market pumping out numbers that are at an all-time low, you may be finding that it's time to start house hunting. Now, before you start hunting for that perfect house, there are a few things that you should know before signing that offer sheet. To make your house hunting process a little easier, here are some things to keep in mind:
 
Room to Grow

For starters, let's take a glance into your future. What do you plan on doing? Do you plan on having children? Do you have a family set in stone now? The reason you will want to know