To Buy or Rent - How Do You Decide?Written by Lois A. Vitt
You have decided it's time to move – for one reason or another, your current housing situation no longer serves your needs. Now you face big decisions: Do I continue to rent or take plunge into homeownership? Is it time to give up my private home and return to renting? Which makes best sense for me financially?If you have never owned your own home, homeownership should definitely be your goal, either short-term or long-term. The American Dream aside, investment in real estate makes sense for everyone at some point. That involves building and following a financial road map. The question is, where are you right now on your financial road map? To answer that question, you simply must analyze your financial situation. Take stock accurately and objectively - assessing both your monthly income and your monthly expenses. It is a simple three-step process. Step One: Establish Your Monthy Income After Taxes Start by listing all of your monthly income. Be sure to list salary or wages/tips, savings and investments, alimony and child support, social security or pensions,and any other source of income. Next list your estimated taxes broken down into a monthly amount. Don't forget to include federal, state, and local taxes. Okay. Now subtract your monthly taxes from your monthly income. The result is your net income after taxes. Step Two: Establish Your Monthly Expenses This step is a little trickier since you will be entering expenses in three categories: * Current Expenses * Expenses if I Rent * Expenses if I Buy
| | Ten Tips For Selling Your HomeWritten by Steve Gillman
One of biggest mistakes people make when selling a house, is not understanding real estate value. It doesn't matter at all what you think your home is worth. The value of your home, and any improvements you made, is determined by buyers. What you enjoyed about your house is irrelevant when it's time to sell it. Think in terms of what other people want, and use some of following tips.House Selling Tips 1. Know your market. Find out what other similar houses have sold for, and have those examples ready to show potential buyers. 2. Decide on your minimum price - price below which you will just not move. Don't tell your agent what this minimum is, but work with any buyers who make an offer above it. 3. Clean most visible things first. Buy a new mailbox, perhaps. If buyers fall in love with house before they even enter it, they'll forgive a lot of problems. 4. Clean up neighborhood. If there's a neighbor who's yard is a mess, give their kids $10 to pick up yard. Spend another $20 to put flowers in any common-areas, and buyers will have a better first impression of neighborhood. 5. If you or your agent aren't getting many calls, find out why. Is more advertising necessary, or is price too high? Drop it fast, if price is problem.
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