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There Can Be a Cost By Waiting to Purchase

In many instances, prospective buyers believe that the longer they wait to purchase a home or property, the better off they are, but the opposite is actually usually true. The reason for this is because instead of home prices and interest rates going down, in these tough economic times, they end up usually going up. Home prices rose in 41 states and D.C. in the 1st quarter of 2013. Many prospective home buyers are finding themselves in quit a predicament simply because they chose to wait on their purchase. It seems like more often than not, interest rates are going higher and higher and this is very bad for prospective home buyers because they end up spending much more money in the long run. Obviously, when a home price goes up, the prospective buyer will have to pay more for the home initially, but if the interest rate goes up, which it often does, the prospective home buyer will need to pay the higher interest rate and then some. The interest rate can impact the prospective home buyer for years to come since the actual rate of the home increases just because the interest rate increases. For instance, if the term is 30 years and the total monthly payment is $1,500, then just a small increase can raise the home price significantly. If the home price is at a certain point, then if the interest rate increases, they will not be able to purchase the same home since the price of the home will have raised and they would not be accepted into that category. So, as you can see, waiting on a home purchase can not only cause the prospective home buyer to pay out more money initially, but it can impact their opportunity of getting their dream home overall. The best bet for any prospective home buyer is to purchase as soon as possible before the price of the home, or worse, before the interest rate increases. READ MORE

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Lawn and Garden Improvements

Lawn and garden improvements are one of the most beneficial things that you can do to preserve the longevity of your home as well as to improve its curb appeal if you are looking to sell or rent. Lawn and garden improvements are sometimes overlooked by home owners and the truth is that they make a big impact on the value of any home. The lawn and garden are one of the first things that visitors see when they come to any home and they also make a lasting impression when they leave a home. The best way to improve your lawn and garden is to firstly, clean it up! Make sure to get rid of any loose shrubs or dying plants. There is nothing more unsightly than an overgrown in garden or lawn. This makes the entire home look unkempt, even if it is not. It is best to either hire a gardener to just clean everything up or do it yourself. Pull out weeds, water the grass and cut down trees ensuring they look tidy. With lawn and garden care, less is usually more. You don’t have to plant tons of flowers and plants, you just have to make sure that there at least is grass growing and the area looks clean. The next way to improve your garden and lawn is to invest in some rocks or fencing. Things like fencing or rocks are quick ways to turn a simple garden into a work of art. Fencing is important because it has a practical appeal as well as a decorative appeal and rocks look nice when placed in a garden or lawn. Another great way to improve your garden or lawn is to invest in some inexpensive lawn lighting. There are many lights that can be placed directly onto the lawn that look amazing when lit at night, they are great for visitors because they light the path and they are also a good marker for where the lawn starts and where the sidewalk begins. READ MORE

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Types of Mortgages

In regards to home ownership, there are two main different mortgages that are available. The first type is the fixed mortgage and the second type is the adjustable rate mortgage. A fixed mortgage is defined as a mortgage rate that stays the same for the duration of the mortgage length. That means, if you have a fixed mortgage, your monthly payments will not go up or down, they will stay static at one rate. A fixed mortgage is usually preferable to an adjustable rate loan because there is no chance of the rate going any higher, but there are some benefits to an adjustable mortgage rate as well. An adjustable rate mortgage, or ARM for short means that interest rates will change over time. The good thing about an adjustable rate mortgage is that the rate could go down, but it could conversely also go up. The deciding factor on if the rate in an adjustable mortgage goes up or down is dependent on the market at that time, so there is really no predicting or knowing if the market will stay steady, go higher or go lower, some might say they know, but the reality is that it is usually a luck of the draw. Overall, it has been shown that adjustable rate mortgages usually end up raising causing the home owner to pay more than they would have with a fixed mortgage rate. Another types of adjustable rate mortgage is the hybrid adjustable rate mortgage. This hybrid mortgage type is different than the usual adjustable rate mortgage because the home owner pays a fixed amount for a certain number of years and then starts to pay an adjustable amount for the remaining amount of years left on their mortgage. A hybrid adjustable rate mortgage is gaining popularity with many different individuals because unlike a fixed mortgage rate, a hybrid adjustable rate mortgage starts off at a lower rate saving people money in the beginning stages of their mortgage period. READ MORE

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What Not to Do When Selling a Home

When selling a home, it is vital that certain steps are completed, while it is advisable that other steps are not. In terms of selling your home, there are many things that can actually hinder your home sale itself and that will significantly hurt you and your bank account in the long term. The first thing that you must never do when selling a home is to have your pets around when prospective buyers are walking through your home. While your pets may be cute, not every prospective buyer will think so, and furthermore, if you have your pet around during the walk-thru process, the prospective buyer might not be able to think clearly about the sale and get frustrated or off track. Overall, it is best to keep pets out of sight when prospective buyers are looking in your home. The next thing that is absolutely detrimental to a home sale is stale smells, or otherwise, nasty odors throughout your home. Not only is it important that your home appears spotless when you are trying to sell it, but it is also important that it smells fresh and clean as well. Make sure there are no cigarette smoke odors, pet odors, or even worse, mildew odors lurking in your home while prospective buyers are there or it could negatively influence the sale. The next thing never to do when trying to sell your home is for the seller to follow prospective buyers around while they look through your home. While you may be in the vicinity, it is in bad taste if you follow every prospective buyer around like a hawk and become their shadow. In order to make a great sale, sellers must learn to let go a little bit and give prospective buyers some room to breathe, as well as some time to realize that they do in fact want to buy your home! READ MORE