The first-time buyers surveyed, on average, went over budget by $3,615 in their first year of homeownership. Within their first-home budget, they spent the most money on new appliances, a new roof, a new furnace or air conditioning, and landscaping. Forty-eight percent of first-time buyers said they did not set aside enough money for their first year of ownership.“Purchasing a first home is not only expensive but can be emotionally exhausting,â
Usually, home buyers don’t know what to expect when budgeting and planning ahead for the costs of homeownership. There are some smaller fees mixed into a home purchase that can get overlooked, but they still add up. HouseLogic.com recently featured some of the lesser-known fees to homeownership that buyers should budget for, including:Home inspection Typical cost: $300 to $500A home inspection can help buyers spot any structural or other c
Budget-conscious home buyers may have a tough time finding the right property, as only 30 percent of listings on realtor.com® are priced below $200,000—down from 53 percent in 2012, according to a recent analysis of the online portal’s data. But there are some surprising cities that still offer plenty of cheaper options for hungry house hunters.House hunters on the East Coast and in the Midwest may have the greatest number of choices, but th
Many homeowners are decking their interiors and exteriors with boughs of holly and other festive accoutrement—but how much is too much? Some homeowners say they’ve confronted their neighbors about what they consider to be “obnoxious” holiday decorations, according to a new survey by furniture retailer Joybird.Those who live in the West are most likely—at 13 percent—to have a confrontation with neighbors over holiday decorations, compa
Nationwide, single women own about 22 percent of homes, which far outpaces single men, who own less than 13 percent, according to a new study by online marketplace LendingTree. More single women are homeowners than single men in all 50 of the largest metros as well, even though women tend to earn 80 percent of the average man’s income, the study shows. But do the genders tend to gravitate toward certain areas of the country?Analyzing data from
Home buyers are bringing more money to the closing table. The median down payment on single-family homes and condos purchased with financing in the third quarter was $20,250—up 7 percent from the previous quarter. The median down payment as a percentage of the median home sales price was 7.6 percent in the third quarter—the highest percentage since the fourth quarter of 2003, according to ATTOM Data Solutions, a real estate data provider.Amon
The Federal Housing Administration has announced that most of the country will see an increase to loan limits in the new year. The loan limit for lower-cost areas will be set at $314,827—or 65 percent of the national conforming loan limit of $484,350. In high-cost areas, the new FHA limit for 2019 will increase to $726,525, up from $679,650. The new loan limits will take effect Jan. 1.The FHA sets single-family forward loan limits at 115 perc
The U.S. saw a 0.3 percent increase in homelessness this year, marking the second consecutive year for such an uptick, according to the U.S. Department of Housing and Urban Development’s annual report to Congress. The uptick comes at a time when unemployment is nearly at a 50-year low and incomes are on the rise. “There is a critical shortage of affordable rental housing in every jurisdiction across the country,” Barbara Poppe, an official
Tom Ferry’s best advice to conquer the new year – even in a changing market Volatility in the market doesn’t mean you need to lower your expectations. I’m a firm believer that 2019 will be full of opportunity and can be your absolute #BestYearEver.If you agree, I’ve got six steps that should form the foundation of your success over the next 13 months.Set a meaningful goalSuccess starts with having something to aspire to.Without a goal i
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