Condos and homes in planned communities are pretty popular these days. But buying a piece of property in a homeowners’ association (HOA) is slightly different than purchasing a conventional home. In addition to buying the actual unit that you occupy, you’re essentially buying into the community or building that your particular unit is located in.
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Homeowners across the country have been able to take advantage of super-low interest rates on their mortgages for the past few years, which has certainly helped to make home purchases more affordable.
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A home purchase is not like buying a dishwasher – you can’t just “return” it if things don’t pan out the way you planned a few weeks down the road. Once you’ve sealed the deal, you’re stuck. And while this is usually a good thing when you find the right home, it’s important to place a few contingencies in the contract before you agree to take over ownership and commit yourself to a mortgage.
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After the financial crisis hit the nation back in 2008, hundreds of thousands of families lost their homes to foreclosure. In fact, foreclosure filings skyrocketed over 81% that year compared to the year before. Getting approved for a mortgage is tough enough these days for any borrower, but it can be a lot more challenging with a foreclosure on the record.
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Not only is there a serious lack of inventory in many parts of the US, there’s also a housing affordability issue at play. And depending on where you live, both of these matters combined spell trouble for the average American who is looking to get into the real estate market but can’t find the right property at the right price.
How much do foreign investors have to do with this scenario?
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Millennials now make up the largest proportion of the population in the US at over 80 million. With so many of these 20- and 30-somethings, one could only assume that they’d simultaneously make up a large part of the real estate market. But that’s not necessarily the case. Millennials are taking their time testing the waters of the housing market, for a variety of reasons.
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Housing prices in California have long been higher than most other states in the US, and the gap just seems to be getting bigger. Unfortunately, that’s driving many blue-collar and middle-class residents out of the state.
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Real estate agents will often recommend that their clients get pre-approved for a mortgage before embarking on a home search. It gives buyers a better idea of how much they can comfortably afford, and gives sellers the peace of mind knowing that there’s a good chance that the buyers will be capable of obtaining financing for a streamlined deal.
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Taking out a mortgage typically means making regular payments until the loan is paid off. But while this may have been the traditional way of looking at mortgages, many homeowners these days are choosing to keep their mortgages by refinancing to take advantage of certain benefits, such as getting a lower interest rate, using the equity to invest, consolidating debt, or taking advantage of tax deductions.
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After pounding the pavement in search of the perfect home, you finally find one. An offer is put in and accepted, and all closing processes and costs are taken care of. You move in and begin life in your new home – what could possibly go wrong? That depends on whether or not you opted for title insurance. When you buy a home, you’re given title to the property. It’s this title that provides you – the new owner – with the right to possess and use the home and the land that it’s on.
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