The real estate market has rapidly evolved in the past few decades, especially due to the soaring costs of land. As a result, both old and new properties are equally expensive! So, first-time homebuyers often find it challenging to choose between new and old properties. Both entail their own set of pros and cons. Let’s take a quick look at them!
Pros and cons of new real estate properties
A new home tends to involve minimal maintenance costs, essentially because it is recently constructed. Therefore, it will ideally last for the next 10 to 20 years depending on the wear-and-tear that occurs. New residential properties are also developed with modern amenities, such as built-in dishwashers, refrigerators, or media rooms. Likewise, the buyers can be more secure about their investment as they are handed a builder’s warranty.
Some new structures even happen to incorporate solar panels to make living spaces more energy-efficient. Moreover, if they are not custom-made, they might be relatively affordable than older homes. Since code regulations alter all the time, most new homes are built to conform to the safety protocols. This means homeowners don’t have to spend additional money on making adjustments to their property.
Contrarily, new properties lack individuality. Most homes, especially apartments, might have the same structure, leaving limited room for customization. Similarly, the vegetation in the lawn or the backyard can take years to grow, rendering the outdoors a less appealing look.
Typically, new residency projects are located in neighborhoods that might be pretty far away from the commercial parts of the city. So long commutes can be a cause of concern for people who work on the other side of the town.
Pros and cons of older real estate property
Some older homes have endured gruesome conditions and have still managed to stand tall and proud for decades, even centuries. Additionally, a few of these properties were created by craftsman using Colonial, Greek, or Victorian architectural style, lending them an old world charm and uniqueness. Old homes also happen to accommodate bigger yards, as back in the day, land prices were much cheaper.
A well-settled neighborhood and mature vegetation consisting of canopying trees and boulevards are again some of the added rewards of buying older homes. As such homes were built a long time ago when land was abundant and population minimal, these are closer to cities, implying an easier access to stores, restaurants, and other local establishments.
Older homes have numerous benefits to their name; however, they are also infamous for including high maintenance. Their vulnerability to structural problems related to vents, plumbing, wiring, or sloping floors can be extremely inconvenient for buyers who are looking for ready-to-move-in properties. Furthermore, added expenditures like home system upgrades, kitchen remodeling, or other repairs can turn out to be financially debilitating. Finally, their architectural splendor and close proximity to commercial settings demand a significantly higher price.
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Prefabricated homes gained mileage post World War II as it catered to the housing shortage at a fast pace. For less than $2500, homeowners received kits that included prefabricated pieces of wood, nails, tools, and paint. All that you had to do was look at the manual and build the house by yourself or with minimal external help. In the 1970s, the federal government put some rules in place to ensure the safety of modular homes. Today, prefab homes are also called modular homes. They have evolved to include the latest technology and building materials. When a first-time home buyer looks for housing options, modular homes are on the top as they tick off several columns such as cost-efficient, better quality, environment-friendly, sustainable, and good looking too. If you are looking to build green homes that cause minimal damage to the environment, you should opt for modular homes. Since they are manufactured in factories as per your specific measurements, the wastage of building materials is reduced by half. All the unused materials are recycled for their next order. Most of the waste that goes to landfills is from the construction industry. With modular homes, this waste is reduced by 40%. Most of the new modular homes come with green roofs and include provisions such as solar panels that supply electricity for all household needs. Homeowners can use this electricity for lighting, cooling, and heating purposes. They can also store excess electricity in batteries and sell it to local grids. The country’s law ensures that modular homes maintain high sustainability standards. They cannot use traditional material like PVC or cement. They have to use non-toxic and low VOC (volatile organic compound) materials that are eco-friendly. New and innovative technologies have led to the use of reinforced and recycled materials for roofs, and internal wall panels. This type of insulation keeps the house warm during winter and cool during summer. New ideas like bamboo floors, collection and storage of excess rainwater, geothermal heat pumps, tankless water heaters, and low flush toilets make modular homes a viable alternative for all those who want to live in an eco-friendly manner.
While building a modular home, you can insist on or look for builders who offer an energy efficient design. You can also ask and verify if they use sustainable, eco-friendly materials so that you own an inexpensive green home that is built faster than traditionally constructed homes.
There are many benefits when it comes to buying repossessed property. When a property owner makes any default while making payments to the creditor or bank who has provided the funds to purchase said property, the bank has a right to take ownership of the same. If the owner is unable to repay amounts due, the bank or creditor can utilize the said property to recover the value of the loan given in whichever way it deems prudent. This situation is known as repossession.
Some people might be skeptical when it comes to considering mobile homes repos deals. However, the following points might just change your mind about purchasing repossessed mobile homes.
Price of repossessed homes: Mobile homes which have been repossessed will be sold at the principal amount or at the amount which bidders predict at auctions. Either way, you will be able to get a great deal which will save you at least thirty to even fifty percent of the original price of the property. Undervaluation of the property is one of the biggest advantages of repossession which will get you one of the best mobile homes repos deals you can take advantage of in the current economy and market. Mobile home park owners, first-time buyers, and real estate investors will look to benefit from the low price of a mobile home repos deal.
The condition of the property: Repossessed homes are kept in good condition, not including a few exceptions where inspections might reveal significant problems. The logic being, since these homes were the first ever bought by the previous owners, they would have spent the requisite time and efforts to keep it in good shape. You will be getting a great deal on such mobile homes repos, practically a new home for literally half the price.
A profitable investment: Depreciation affects assets over the years, bringing down its value. However, this is not the case for repossessed mobile homes. Mobile homes can be purchased at a great bargain, and thus, this will also free up the much-needed capital for you to ensure the property is maintained in a pristine condition which will appreciate its value over the years. Appreciation will only happen when the necessary expenditure is done for repairs, renovations and all the necessary upgrades to plumbing, electrical and other systems.
Do a thorough research and find out more about the repossessed properties that are available for short sales or at auctions online.
A lot of people these days are choosing reverse mortgage to pay their loans and debt. Should you opt-in for it too?
For that, you must first know all the essential AARP reverse mortgage information.
A reverse mortgage is a loan you take against your home property, which you don’t have to pay if you own the house. In this, you will be using your home as collateral for the loan you wish to take. Though it was originally invented to help the senior citizens who had a property and wanted to take a loan, today you will see a lot of young people drawn into this scheme.
The retired crowd and a lot of people who are on the verge of their retirement are these days opting for the reverse mortgage. This is because they cannot afford to pay their bills or their loans, and keeping their house as the collateral seems to be a decent option.
Read below to get proper AARP reverse mortgage information.
What is the AARP reverse mortgage information you should be aware of?
When a person takes a reverse mortgage, he agrees to keep the house as collateral for his loan payment. He or she must pay no money until and unless he or she owns the house. After that, if the house is no longer owned, because of death or relocating to a retirement house, then the house is put for sale. Whatever this sale earns money, is used to pay the initial debt and the interest occurred during the mortgage period. If the house sale money is less than the loan payment, then the government takes the burden of the loss.
In rare cases, if the money recovered after selling the house is more than the debt, then it is passed to the owner or his heir.
Risks of a reverse mortgage:
Though from outside it sounds all safe, there are a lot of risks involved when it comes to this kind of mortgage. One forgets that for owning their house during retirement, they need to regularly pay the house bills, property tax, and other house expenses. If you fail to do so, you will disown the house and be homeless.
Also, many senior citizens might not be able to opt for AARP reverse mortgage, as the banks these days have become picky at giving this loan and do a thorough credit check before giving you the mortgage deal.
Opting for an AARP reverse mortgage will be one of your life’s biggest financial decision, make sure you have enough AARP reverse mortgage information before opting for it.
When someone tells you that they are downsizing and moving into a tiny apartment, the first thought that comes to your mind is what might be the reason? It doesn’t necessarily have to be a bad one, but a rather surprising move on someone’s part.
Normally, people would think of moving or relocating to a bigger house and apartment. But there are a number of benefits of moving into a tiny house, if you have a minimalistic living style and are not too worried or fussed about the size of the room, type of flooring, carpeting and others.
Tiny houses come in a number of shapes and sizes for that matter, they can be mobile homes or trailer homes which can be just hooked to the back of your van and towed. Tiny house can be prefabricated or prefab living spaces which are cheap and can be assembled in a very short span of time. Put a tiny house on wheels and you can tour the country.
Here are some of the benefits of living in a tiny house.
For a cheap, yet comfortable minimalistic living, tiny houses and mobile homes are the trending rage. Relocating for a new job or project elsewhere, worry not! Just hook up your tiny house to the back of the trailer and drive down to start another exciting adventure.
There are a number of customizable design options available with tiny houses, you can design and modify it any way you want. Plus, the cost and time needed to build a tiny house is very less compared to what you might end up spending, even for a small apartment in a city.
Tiny houses are easy to clean and maintain, since the total surface area is no more than a couple of hundred square feet or even less. Even with a number of customizable options, tiny houses are easy to maintain since there is only so much customization you can do at once.
Rig up a couple of solar panels and say goodbye to heavy electric bills. Not only are tiny houses ecofriendly, they will help you cut back on what you might generally spend for utilities and other necessities in a regular sized apartment.
The more modern versions of tiny houses are the expensive variants of your standard RV’s or recreational vehicles which are nothing but homes on the go. They are a bit on the higher range when it comes to price, but also provide the requisite comforts for the price tag.
A reverse mortgage is a loan that allows individuals older than 62 to improve their financial well-being. They can convert part of their home equity into lump sum cash, fixed monthly payments, or line of credit, according to their preference. The money can be used to pay for medical bills, in emergencies, or to pay off a mortgage. Here’s what you should know about reverse mortgages in case you’re looking for one.
How much can you borrow?
For reverse mortgages, the loan amount can’t exceed the value of the property against which it is borrowed. Federal regulations require lenders to ensure that the loan amount doesn’t exceed the value of the house by structuring the transactions accordingly. Additionally, these regulations state that the owner/borrower is not liable to pay off the balance amount in case it exceeds the property value.
How are reverse mortgages paid for?
A reverse mortgage is payable when the borrower sells the house, relocates permanently, or dies. Unlike forward mortgages, reverse mortgages don’t need the borrower to make any monthly payments. They are only liable to pay interest on the money received, which is rolled back into the loan balance. While the owner gets to keep the title to the home, their home equity reduces over the loan tenure.
Who can take a reverse mortgage?
This type of loan is ideal for seniors and retirees whose net worth comes mostly from the value of their home. Seniors who don’t qualify for a home equity loan or can’t refinance due to limited cash flow or poor credit can opt for reverse mortgages. Home Equity Conversion Mortgage (HECM) for purchase is a reverse mortgage that allows seniors to buy another property. That said, it is complex, and you should study the risk factors before getting one.
What are the risks associated with reverse mortgages?
Reverse mortgage scams are not unheard of. Unreputable vendors could offer to help seniors secure reverse mortgages by undertaking house repairs. They don’t provide quality results and get away with the homeowner’s money instead. For spouses living together in a home with only one spouse named as a borrower on a reverse mortgage, the other spouse can lose the home if the borrowing spouse dies first. Besides, reverse mortgage lenders charge fees and closing costs and may also charge mortgage insurance premiums for federally-insured HECMs.
Selling your timeshare can be a smart move if it no longer serves its purpose as a vacation home. However, selling a timeshare can be a problematic process because it is not considered a real estate investment as it depreciates in value. Are you wondering how to sell your timeshare then? If you haven’t received any worthwhile responses through advertisements, you can hire services from a timeshare resale company. There’s one catch thoughthere are numerous unscrupulous businesses which can scam unsuspecting timeshare owners. To avoid falling prey to such fraudulent activities, look for the following warning signs mentioned below.
Once you have figured how you can sell your timeshare with the help of a resale company, ensure that they help you price it right. Moreover, the transfer of timeshare ownership also involves multiple legal requirements. Therefore, pay close attention to the contract drafted, deed to the timeshare, real estate taxes, and documentation mandated according to the concerned state.
Over the years, there has been an increase in the popularity of mobile homes. While the thought may seem appealing, the transition from a traditional home to a manufactured home can be intimidating. Mobile homes come in a slew of sizes, materials, and designs, making the choice quite daunting. Home buyers must round upon whether they would prefer to permanently or temporarily park their home and what location will it be.
As with every change in life, moving to a mobile home comes with its own learning curve. However, there are several other advantages that can make the move worthwhile. Here are the top 4 benefits of moving into a mobile home.
Simple living
One of the major reasons that drive most people to live in mobile homes is the yearning for a simpler life. These manufactured homes abide by the concept of “less is more” and can bring about immense mental well-being. Moreover, mobile homes are much more compact in comparison with the traditional home, and they eliminate the need to worry about the heavy maintenance of the property.
Economical
The most influencing factor for a getting mobile home is the high affordability. As compared with other kinds of homes, these homes are extremely low cost and offer the best bang for the buck. An average-sized mobile home can cost as much as approximately $45,000 whereas site-built homes begin at around $350,500. The disparity in cost is huge and this factor makes mobile homes an easier way to own a home.
A sense of community
Living in a mobile home also brings with it a great sense of community. Mobile homeowners enjoy their own space that extends from the driveway, detached walls, and the backyard; however, they are also well connected to the neighbors. This means social interactions are bountiful in land-lease communities that offer several ways to interact through fitness amenities, group activities, and more.
Environmental-friendly
Looking for sustainable living? Mobile homes are not only cost-saving but they also benefit the environment. These homes are reported to generate less waste; thus, they have a very low impact on the environment. The homes provide better energy-efficiency, are built with fewer materials, can be transported at a lower cost, and more.
Everyone is entitled to lead a life with dignity. And, for that, one needs a secure job which would allow them to become independent. For acquiring a good job, the right education is imperative. People usually opt for their field of interest, where they are sure they can flourish. If psychology is where your interest lies, you can pursue a psychology graduate degree from any of the top universities.
People usually aren’t aware of the career choices which are available to a psychology graduate. So, here’s a list of career options that would available after you attain your psychology graduate degree.
So, with a graduate degree in psychology from an esteemed institution, you can apply for these interesting jobs.
Night sweats, or hyperhidrosis, are recurring occurrences of extreme perspiration during nighttime that may be related to an underlying medical condition or illness. Night sweating exceeds the usual sweating and usually occurs on both sides of the body. The affected person’s nightwear may be partially or completely drenched in sweat and may occasionally awaken them due to excessive perspiration. Generally, these are associated with fever, low blood pressure, or several hormone disorders. Excessive sweating may also contribute to skin infections.
Causes of night sweat
There are several night sweats causes; some of them have been listed below:
Hypoglycemia – Low blood sugar during sleep may be one of the night sweats causes. This happens to people who are on insulin or anti-diabetic medications. Try to have a snack before bedtime to avoid this condition.
Sleep apnea – This condition arises when the person gets less oxygen and experiences breathlessness during the night, resulting in night sweat.
Lymphoma – It is known that many cancers can cause night sweat and lymphoma is the most common among them.
Neurological disorders – Neurologic conditions including autonomic dysreflexia, post-traumatic syringomyelia, stroke, and autonomic neuropathy may cause increased sweating and possibly lead to night sweats.
Overactive thyroid – Hyperthyroidism can also cause excessive sweating at night. When thyroid glands create too many hormones, the body temperature is likely to rise, and the person may experience night sweats along with thirst and hunger.
Hormonal disorders – Sweating or flushing can be seen in several hormone disorders, including pheochromocytoma, carcinoid syndrome, and hyperthyroidism.
Infections – Many infections, especially tuberculosis and bacterial infections causing endocarditis, or inflammation of heart valves, and osteomyelitis or inflammation within bones can also be one of the night sweats causes.
Medications – Taking certain medications can also lead to night sweat. Some common medicines are antidepressants; medicines taken to lower temperature caused by fever such as aspirin, ibuprofen, or acetaminophen; and cortisone medications.
Menopausal transition – One of the common night sweats causes seen in women is during their menopause transition time. Women who have had their ovaries removed may also experience night sweat. However, it is best to confirm with a doctor.
Anxiety disorders – Stress and worry or even nightmares and bad dreams can cause night sweat in a person. It is advisable to seek help from a therapist or counselor.
People experiencing night sweats can regulate the room temperature by using air conditioners or fans to feel more comfortable. Additionally, they can avoid fabrics that do not breathe and which do not absorb moisture.
The Chevrolet Traverse is a great option for those looking to buy a three-row crossover because this model has a roomy design as well as pleasing ride quality that will fit a large family. The Traverse has scored high on the certified crash tests, thereby making it a safe choice in comparison to other crossovers in its class. One more notable feature is the Traverse’s ability to tow a good amount of weight apart from being a rugged vehicle. Some of the features that make the Chevrolet Traverse stand out are:
Tow load: The Traverse has the capability to haul more than an average load that is up to 5,200 pounds. The Traverse is an ideal choice for those who tow on a regular basis as it offers to serve as a much roomier alternative to the regular mid-size pickup truck.
Drivetrain: While the normal front wheel drive is sufficient for comfortable terrains and weather conditions, the all-wheel drive alternative is available for people whose drives include not-so favorable weather conditions. The advantage of having AWD system is that it activates itself when driving through low-traction situations, thereby not requiring you to push a button for manual activation every time. The crossover also has the benefit of 7.2 inches ground clearance.
Smooth and Noiseless ride: While the Chevrolet Traverse’s shielded cabins provide noise reduction, the overall suspension tuning also contributes towards a smooth drive when traveling through tricky terrains. This Traverse model is not just suited for the urban drive but also sails efficiently on the highway. The traverse is an excellent vehicle choice for those with wanderlust.
Space: The Chevrolet Traverse is a great choice of SUV that has more than enough legroom for the passengers of the second or third row to be comfortably seated. The seats also have sliders in the case of adjusting the leg room. A group of about eight people can be seated well, and even the head room is apt for tall people or large cargo. Apart from the existing cargo space, the Traverse’s seats can be folded to make room for more.