5 Mistakes Most First Time Homebuyers Make

Buying your first home opens up your world to many opportunities, from customized interior paint to interest rate deductions on your taxes. If you are changing from a renter to a buyer, there are several key mistakes you need to avoid. You may hurt yourself emotionally or financially if you do not prepare properly for a potential home purchase.

Unaware Of Your Purchasing Power: 
Before you even attend an open house, you should visit a banking lender. You need to know how much money a bank will lend you for your first home. Be prepared and bring all of your income and financial information with you. Lenders look at credit history, debt-to-income-ratios, employment history and several other factors to determine a loan amount. This prequalification process gives you a realistic purchasing range when you look for homes. Work with a real estate agent afterward to pinpoint properties in your desired area. When you know how much you can afford, you can narrow down the selections without high price disappointment. A good place to start is here: http://portal.hud.gov/hudportal/HUD?src=/topics/buying_a_home

Lack Of Regional Research: 
First time homebuyers that are moving to a different city, such as from an employment transfer, should research the area before committing to a sale. For example, research crime rates and the local school system’s grading success. Go online and look at satellite maps of the residential areas you are pinpointing for a purchase. If you find that a busy, commercial street flanks your intended home, start to look for alternative properties. Noise pollution and crime may be too close to this property. It is best to physically drive and walk around the new area before purchasing. Observing neighbors and the region’s culture helps you decide if this neighborhood fits with your own needs.

Forgetting About The Extras: 
Purchasing a home is not just principal and interest. You must add property taxes and home insurance to the monthly payment for a true account of your property purchase. Ask your real estate agent to give you an estimate of all the costs associated with a property when you find a desired home. Along with taxes and insurance, a home association fee may be required. These fees are commonly pooled together between several different homes to pay for landscaping, water, sewer or recreational facilities.

Opting Out Of A Home Inspection: 
A home inspection is critical for your financial peace of mind. Before purchasing the property, a certified home inspector walks through the house and highlights any damages, from a broken kitchen faucet to faulty electrical wiring. If the home has too many problems, you should search for another property. If you do not have a home inspection and buy the property, you inherit any problems within the structure.

No Home Security: 
After purchasing your new property, it is critical to protect it from burglary. Look for your local installer, for example, if you’re located in Montgomery, search for your local ADT home security Montgomery installer and install an alarm system ASAP. Criminals look for easy targets and an open window is perfect for a quick burglary. Do not place flashy objects in plain view, such as a laptop computer near a window. Keep your valuables out of sight to prevent criminal temptation.

Owning your first home is a joy, allowing you to decorate and entertain friends as you desire. Be prepared and choose your new home carefully to avoid any disappointments or high repair bills.

Can You Really Generate an Income Without Ever Leaving Home?

Let’s face it: the economy stinks right now. Unemployment rates have soared in recent years, and many new graduates are facing an uncertain economic future as they leave their classes and dorm rooms behind. However, for some, this dim reality may create a new opportunity to explore innovative ways to earn a living. Today, millions of Americans have retreated from traditional office environments and have set up shop from the comfort of their own homes. Even more carry on work from home on the side to supplement their normal income. In some instances, the flexibility that comes with working from home could even work for fulltime students. So, whether you’re currently employed or in school and looking for a way to earn some extra cash, or whether you’re looking for a permanent gig to help you get on your financial feet, the following information will help you figure out if working from home is a viable option for you.

Many people aim for financial independence so that working from home becomes easier.

What Kind of Work Can You Do from Home?

The possibilities of the kinds of work one can perform from home seem to be growing every day. Indeed, the advent of the internet has led to remarkable advances in communication, which often make the need for establishing an office away from home unnecessary. As a result, it should come as no surprise that a large portion of the jobs recent graduates are performing these days to make money from home involve the internet. Blogging, for example, has become a huge business. In addition, the computer skills of your average recent graduate typically far surpass those of your average employee in the workforce, and this disparity has opened the door for many youngsters to do general IT work. For creative types, web design can be a lucrative option. In addition, lovers of literature can put their skills to work by working as a freelance writer. And if you’re more of a visual person, a photography business can easily be operated out of the home. Tutoring and offering music lessons may allow you to put your college major to good use.

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