Planning on buying real estate? These articles will help you too know what to do.
Many people do not realize that there are multiple ways to own real property – or, real estate – together with another individual. Each type of property ownership has different legal ramifications and the type of ownership is determined by the specific language on the deed transferring title to the property. This article discusses the different types of property ownership and the legal implications of each type.
In the mid 1970’s, when I bought my first home I was 21 years old. I was working for my father at the family camera store. Dad told me that I could not look at houses until I had saved enough for the required 20 % down payment. A nice house in Midland cost around $20,000. So when I had 4,000 Dad called his Realtor® friend and I went looking at homes.
Today, things are different.
With interest rates low, many renters are starting to think about purchasing a home of their own. While simple rental cost vs. mortgage cost comparisons can be very attractive, buying a home is a serious commitment, and there are many factors to consider:
1. How long do you plan to live there?
2. How long will it fit your needs
3. How is your financial health?
Shopping for a new home is an emotional experience. It is, however, also a business transaction, and must be treated as such. Three of the most devastating things that can go wrong are:
1. Paying too much
2. Losing a dream home to another buyer
3. Buying the wrong home