Twila E. Palmer's Blog
If you are thinking about owning a piece of property to live in while wanting to have an extra section to help pay the bills, then you will find that there is an effective way to do it. Today, many people are considering the idea of buying a multi-family home, because this allows you to have your own space for you and your family while getting extra income from renting the other apartments. Keep in mind that as advantageous as this is, there are a few points that you have to consider.
The first thing to keep in mind is becoming a landlord will require some extra work. When repairs are needed, or a tenant does not pay the rent it can cause some unwanted worries. This being said it can also be a great way to start off allowing you to live, in some cases, rent free while getting monthly income to help pay down your mortgage.
Another point to remember is that when it comes to renting, is choosing the right tenants, you have
- Water Heaters
- Heat Pumps
- Air Conditioners
- Stoves that use qualified Biomass Fuel
Buying your first home can be confusing. Securing a mortgage is one of the most important parts of the home buying process. Making sure that you have the right loan and have chosen the right loan officer are among the things a first time buyer has to
1. Make sure your deposit is in order. Talk to your loan officer about what amount of a deposit is required for the purchase and type of loan. You will also want to make sure the funds are accounted for and readily available. You can expect deposits to run anywhere between 3 and 20 percent of the purchase price.
2. Plan to have a cash reserve in addition to your deposit. You may want to have a reserve of at least two months mortgage payments.
3. Ask your lender to go over all the fees that apply to the purchase. It is better to be prepared and know how much the actual purchase will cost. These costs are typically added into your loan but there may be some out of pocket expenses too.
4. Consider how much you can comfortably afford not how much you have been approved for. These numbers may vary considerably. Your mortgage costs should not be more than 30% of your household income.
5. The lowest rate is not always the best deal. You will want to look at not only the rate but also the terms and fees associated with the loan.