There is a lot to consider when buying or selling a property. If you are unfamiliar with the process and options available, you may be making the wrong choice. And when it comes to large sums and it takes years to repay the loan, you may regret the wrong choice for a long time.
In our roundup of the best real estate articles for October, we highlight great content that will help you if you’re close to buying or selling a home. There are also expert opinions to help you decide on the type of loan you should choose, as well as information to better understand the size of an acre.
Let’s take a look at the best real estate articles for October 2023:
Should you use a home improvement loan?
If you want to renovate your home, a renovation loan can be the ideal solution. However, other options may be more suitable and save you money.
Joe Boylan will guide you through the many financing options available if you are looking to improve your home.
You may find that a home equity line of credit (HELOC) is a better option. It could allow you to borrow against the equity in your home and use only the money you need to finance the renovations.
A second mortgage may better suit your needs. This would allow for a one-off lump sum and regular monthly repayments. Joe compares these options to home improvement loans to help you better understand your financing options.
Niche Mortgage Programs You Should Know About
Choosing the right mortgage is crucial when buying a home. But the more popular construction financing options are not suitable for many buyers. If you find yourself in this situation, getting a home loan might seem out of reach.
Luke Skar highlights four of the more unique mortgage programs that could make purchasing a home a more realistic option for many buyers.
If you want to apply for a loan for a home you don’t live in, lenders can have a very difficult time qualifying for it. Perhaps you want to buy a home for an elderly relative or a disabled adult child and the terms offered are not attractive. A family mortgage offers similar terms and interest rates to a home equity loan, and Luke explains why this could be a better option.
If you’re self-employed, you may find that a statement loan makes it easier to qualify for a larger loan amount than a lender would otherwise approve, which is also covered.
When purchasing an investment property, standard loan programs are often unsuitable. A debt coverage ratio mortgage could allow you to purchase an investment property while using rental income to qualify and cover payments.
If your credit situation is exceptional, a better mortgage program may meet your needs.
How big is an acre?
If you’re planning to buy land, understanding what you’re getting may not be as easy as you think. So how big is a hectare? You may have a general idea of an acre, but it can be difficult to imagine the exact size.
Bill Gassett walks you through everything you need to know to understand what an acre is. From its origins in 13th century England, to comparing it to the size of a football field, to today’s use of measurement in real estate, Bill covers all the bases.
Bill also explains the factors that affect the cost of an acre of land that you need to consider when purchasing. Location plays an important role in value, but other, less obvious factors can also have a significant impact. Topography, zoning, environmental factors, utilities, and development potential are some of the other things you need to consider when viewing a property.
Your path to selling your home
Starting the process of selling your home can be daunting and there can be difficult decisions to make where mistakes can be costly. A better understanding of the process and what you need to know could prove crucial in reducing the likelihood of errors.
Chris Highland explains in detail the steps you need to follow throughout the sales process. It covers choosing a real estate agent, preparing your home for sale, setting the price, and many other steps you’ll need to complete when selling your home.
If you are a first-time buyer, this information will eliminate much of the possible confusion about the process involved. But even if you’ve sold homes in the past, this selling roadmap might contain information you’ve never heard before that could benefit you.
Tips for selling a house
When you’re ready to sell your home, getting the best price is high on your priority list. There’s a lot to think about when you’re preparing to sell, and some things can be overlooked. However, if you don’t do certain things, you could end up selling the home for less than expected.
Paul Sian addresses this issue and gives sellers tips that can make a difference in the sale by tens of thousands of dollars. While cleaning up your home before viewing is an obvious step to improve your chances of finding a buyer, there are other things you should do, too. Paul recommends decluttering, removing personal items, and working to improve your home’s curb appeal.
He also recommends making sure you’re up to date on maintenance and repairs. If there are repair problems in your home, they will be uncovered during the home inspection. Taking care of these issues in a timely manner will prevent them from becoming a reason for the buyer to walk away or ask for concessions.
If you’re planning on selling your home, you’ll want to make sure you do everything you can to maximize the selling price. In this article you will find some great tips.
Should you include a right of first refusal in your contract?
There can be many clauses in real estate contracts; One of the less common is the right of first refusal. The right of first refusal allows a specific party to make an offer on a property before other potential buyers.
Michelle Gibson sheds light on this sometimes misunderstood clause and explains the pros and cons of including the right of first refusal in your real estate contract.
While it gives the owner the first chance to buy the home without competition, it can also lead to disputes and a delayed sale. It offers the seller more control over who buys the home, but limits their options if there are other offers on the table and could impact the market value.
Suppose there is a prospect of including a pre-emption clause in your real estate contract. In this case, legal representation is recommended, but reading this article will help you understand what that means.
Understand the mortgage approval process
Choosing the right mortgage and navigating the lender’s approval process can be stressful. Your choice of lender and home loan can have a significant impact on your monthly expenses and the interest you pay.
Once you’ve decided on a mortgage, you’ll need to be clear about your financial limits so that you only aim for homes you can afford. For lender approval, you will need to provide documents proving that you meet the lender’s requirements. And if your mortgage isn’t approved, you may have to start house hunting again.
Karen Highland provides a detailed guide to the mortgage approval process. If you are buying your first home or have gone through this process before, this information could prove very valuable.
Karen highlights the benefits of getting your mortgage pre-approved and explains the pre-qualification and pre-application steps you may need to go through. The application and underwriting phases are explained in detail and terms are defined to eliminate much of the mystery that can surround this process. This article is a good read if you are about to apply for a mortgage.
No matter what side of the real estate transaction you are on, buying and selling real estate can be daunting. The real estate articles above are intended to better prepare you for the steps you will need to go through during the transaction.
This month also showed that there might be more options available than you imagined. If you’re considering a home equity loan or choosing a mortgage program, hopefully this month’s roundup has revealed that there may be better options available.
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About the Author: The above summary of the best articles of October 2023 was written by Luke Skar. Luke has been in the mortgage industry for over 20 years. He strives to stay abreast of the latest changes and trends in the mortgage lending and real estate industries.
Through his mortgage blog, websites and social media accounts, he aims to provide the community with as much factual knowledge as possible to benefit all parties in real estate transactions.