You can preserve and even increase the value of your home by maintaining both the exterior and the interior of the dwelling.
Whether you are planning on selling your home in the near future, or you are going to live there for the rest of your life, it is still important to keep the value of your home from depreciating. Of course, there may be times during your role as a homeowner in which you must spend an exorbitant amount of money for repairs or remodeling. However, there are several steps you can take to ensure that your home appreciates in value over the years. Your home should be one of your major investments. You do have to nurture and care for your home, though, in order to get a substantial return on that investment.
If you are already a homeowner, you probably already realize that maintaining a house is a never ending process. Your maintenance projects can probably be divided up into weekly, monthly, and yearly schedules. Of course there are also some necessary jobs that are only needed every so many years.
If you live in the South, you will need to do yard maintenance weekly a majority of the year. This entails cutting your grass and trimming your weeds and shrubs. Even if you live in the North, you will still have so many months out of the year that you will have to maintain your lawn on a weekly basis. One of the first indications that a house is vacant is a yard that is growing out of control. You should also keep extra toys, tools, etc. picked up in your yard. Don’t let your trash pile up and create an eye sore. If you are planning on selling your house, keeping your yard neat and trimmed will contribute greatly to your home’s curbside appeal.
Don’t forget, most potential buyers do a drive-by before they ever stop to tour a home.
If the yard is a mess, the property value will become much less appealing, thus lowering the value of a home. Remember, no matter what the appraised value of a home might be, that dwelling is really only worth what someone will pay for it.
You should keep a close eye on the plumbing of your home. Unfortunately, many leaks are not noticed until a major problem has already occurred. If the pipes in the walls of your home are leaking, you may not realize that there is a problem until you notice water damage. Pay attention to water sources such as outdoor faucets, washing machine hoses, sink and commode plumbing. If you notice anything unusual, such as water on the floor or a running water sound, you should get to the root of the problem immediately. If you are planning to sell your home, make sure your plumbing is in good condition. Your faucets should not drip, and your commodes should flush easily and with adequate water pressure.
Check your gutter system around the eaves of your home. All of the seams should be flush with each other, and there should not be any leaking along the gutters. You will need to clean out your gutters at least once a year. You may have to clean them more often if your home is surrounded by trees. If your home doesn’t have a gutter system, you should seriously consider installing one. Gutters will help to protect your home from excessive water damage due to inclement weather.
If your home is made of wood or aluminum, you will probably need to touch-up its paint. Every so many years, you will probably need to clean off chipped paint and re-paint the entire house. Other years, you may need to only paint trim and shutters. It is just as important to maintain the walls on the inside of a home. If you have any type of damage, you should repair the walls and repaint as necessary.
Make sure you periodically look at your ceilings. If you see any discoloration, this is probably an indication of a leak in your roof. This is something else that can depreciate the value of your home. Because purchasing a new roof is a major expense, many potential buyers will hesitate to buy a home if the roof is in disrepair.
You can ensure that your home holds and even increases its value by simply anticipating and taking care of problems as they occur. Your house doesn’t have to be expensive to look appealing.
http://www.essortment.com/family/realestatetips_skcc.htm
Monday, July 16, 2007
Real estate: what is a hud home?
An explanation of HUD housing, onsiderations before purchasing a HUD home, and possible HUD dwellings and financing options for such properties.
HUD is an abbreviation for the United States Department of Housing and Urban Development. The agency has been in business since 1934. HUD homes are homes which have been foreclosed on and deeded to HUD. The Federal Housing Administration (FHA) is normally the lending agency that had provided the mortgage on the property which was foreclosed on. HUD then assumes the responsibility of attempting to recoup the financial loss taken by the Federal Home Admistration as a result of the unpaid balance on the mortgage. HUD attempts to do so by selling the home in as timely fashion as possible at the fair market value. Fair market value is determined by comparison of the HUD home with similar homes within the area which have been sold within six months of the HUD listing. The prices the properties sold for then become a guideline for establishing the fair market value of the HUD home. Most real estate agents should be able to let interested parties know of any HUD properties available in their area.
HUD homes can be town homes, single family dwellings or other dwellings. Buyers of HUD homes can be of any income level, providing they can pay for the home in cash or qualify for a mortgage loan. Individuals planning to live in the homes themselves are given the opportunity to purchase the homes first and then investors are considered potential buyers if a buyer is not found that plans to live in the residence. There is a ten day period in which HUD homes can be bid on. Priority is given to the highest bidder that plans to be a resident of the home. After the listing period of ten days, property that is still not sold is then open for bids on behalf of people planning to rent the home out and etc.
There are some things to consider when deciding if a HUD home is the way an individual wants to go about purchasing a home. One benefit is that the realtor’s fee (commission) is paid by HUD and bids on HUD homes must be made through a real estate broker. The broker submits the bid by telephone or on the internet. When deciding what to bid on a home, potential buyers would be wise to know what a similar residence in the same neighborhood has sold for in the recent past. Before bidding, the potential buyer should also ask how long the property has been on the market. If the house has been on the market for some time then the bidder might consider a bid somewhat below the listing price. Many HUD home buyers can qualify for both low down payment mortgages (possibly as low as 3%) and for HUD to pay for closing costs on the mortgage. It must be noted in the sealed bid that the offer made by the potential purchaser is with the understanding that HUD will pay closing costs.
One drawback is that HUD homes are sold in as-is condition and therefore potential buyers should have the home inspected for all aspects of potential problems with the home such as electrical problems, foundation defects, termite infestation/damage and etc. The buyer of the home will have to take financial responsibility for all repairs to the home, including all problems existing at the time of purchase. The 203 (K) HUD loan program is available in some areas and allows the HUD home buyer funds to make needed repairs to the property and pay the loan back with the mortgage payment. Real estate professionals selling the home should know if this program is available in the area or not.
http://www.essortment.com/family/realestatehud_skcv.htm
HUD is an abbreviation for the United States Department of Housing and Urban Development. The agency has been in business since 1934. HUD homes are homes which have been foreclosed on and deeded to HUD. The Federal Housing Administration (FHA) is normally the lending agency that had provided the mortgage on the property which was foreclosed on. HUD then assumes the responsibility of attempting to recoup the financial loss taken by the Federal Home Admistration as a result of the unpaid balance on the mortgage. HUD attempts to do so by selling the home in as timely fashion as possible at the fair market value. Fair market value is determined by comparison of the HUD home with similar homes within the area which have been sold within six months of the HUD listing. The prices the properties sold for then become a guideline for establishing the fair market value of the HUD home. Most real estate agents should be able to let interested parties know of any HUD properties available in their area.
HUD homes can be town homes, single family dwellings or other dwellings. Buyers of HUD homes can be of any income level, providing they can pay for the home in cash or qualify for a mortgage loan. Individuals planning to live in the homes themselves are given the opportunity to purchase the homes first and then investors are considered potential buyers if a buyer is not found that plans to live in the residence. There is a ten day period in which HUD homes can be bid on. Priority is given to the highest bidder that plans to be a resident of the home. After the listing period of ten days, property that is still not sold is then open for bids on behalf of people planning to rent the home out and etc.
There are some things to consider when deciding if a HUD home is the way an individual wants to go about purchasing a home. One benefit is that the realtor’s fee (commission) is paid by HUD and bids on HUD homes must be made through a real estate broker. The broker submits the bid by telephone or on the internet. When deciding what to bid on a home, potential buyers would be wise to know what a similar residence in the same neighborhood has sold for in the recent past. Before bidding, the potential buyer should also ask how long the property has been on the market. If the house has been on the market for some time then the bidder might consider a bid somewhat below the listing price. Many HUD home buyers can qualify for both low down payment mortgages (possibly as low as 3%) and for HUD to pay for closing costs on the mortgage. It must be noted in the sealed bid that the offer made by the potential purchaser is with the understanding that HUD will pay closing costs.
One drawback is that HUD homes are sold in as-is condition and therefore potential buyers should have the home inspected for all aspects of potential problems with the home such as electrical problems, foundation defects, termite infestation/damage and etc. The buyer of the home will have to take financial responsibility for all repairs to the home, including all problems existing at the time of purchase. The 203 (K) HUD loan program is available in some areas and allows the HUD home buyer funds to make needed repairs to the property and pay the loan back with the mortgage payment. Real estate professionals selling the home should know if this program is available in the area or not.
http://www.essortment.com/family/realestatehud_skcv.htm
Finance: information on interest rates and how they are regulated
Interest rates: Two words that we are all familiar with, although few people really understand the reasons behind the numbers. Yet interest rates affect almost every aspect of our financial life – credit and store cards, the money earned on a bank account, buying and selling a car or house. The entire economy of the country is affected in some way, by the interest rate. Simply put, the interest rate is the amount of money it will cost you – or a bank - to borrow a certain amount of money from another bank or money lender. Interest rates are notoriously difficult to forecast and there are several reasons as to why they can change.
The job of monitoring the economy and adjusting the key interest rate if necessary belongs to the Federal Reserve Bank. Currently the influential position of Chairman of the Federal Reserve Bank is held by Alan Greenspan. He is in charge of a department of about a dozen economists which meets at least 8 times a year to decide if, when and by how much to raise interest rates. The basic reason why the interest rate might be raised – or lowered - is generally to boost the overall economy, and allow for long term growth and prosperity. By raising the interest rate even slightly, banks and other financial institutions are charged more to borrow money from each other. This increase in cost is passed onto the consumer – it will cost slightly more to take out a mortgage or a home equity loan. Even credit card and smaller loans will pass the increased cost to the consumer. The end result is that more money is being spent and earned.
In 2004 the interest rate was raised five times, the last increase of the year being about 10 days before Christmas. The current financial trend is for interest rates to rise gradually over the foreseeable future. As of the end of 2004, the prime rate of interest was 2.25%, the most recent increase being one quarter of a point. It may not sound like much, but multiplied many times over, it means a huge boost for the economy.
Basic supply and demand for available money is also one of the biggest factors affecting interest rates. To use the mortgage market as an example, if more and more people are buying and financing houses, more money is being borrowed, which means that lenders can charge higher rates to borrow the money. Similarly, in a slow economy, less people are borrowing money, the rates tend to be lower to attract customers, and there is a surplus of money to lend. Most people are conscious of interest rates when taking out a mortgage - a percentage of a point increase in the interest rate on your mortgage can amount to an extra payment of several hundred dollars over a year.
Inflation, which is defined as the general average change in the level of prices, also has an effect on interest rates. If inflation is high – or set to rise – investors will need a higher interest rate to consider lending money for more than the shortest term. The level of employment can also have an effect on interest rates – little unemployment means a strong and financially sound economy.
The government’s monetary policy can also have a significant effect on interest rates. Simply put, it is possible for the central bank to ‘create’ more money by just printing more of it. This makes interest rates lower, as more money is easily available to both people lending money, and borrowing it. If less money is printed, this can ‘tighten’ monetary policy and cause interest rates to rise. The government deliberately tries to ‘manage’ the amount of money in circulation and therefore the overall economy – a difficult thing to predict at best.
http://www.essortment.com/career/economypersonal_sgws.htm
The job of monitoring the economy and adjusting the key interest rate if necessary belongs to the Federal Reserve Bank. Currently the influential position of Chairman of the Federal Reserve Bank is held by Alan Greenspan. He is in charge of a department of about a dozen economists which meets at least 8 times a year to decide if, when and by how much to raise interest rates. The basic reason why the interest rate might be raised – or lowered - is generally to boost the overall economy, and allow for long term growth and prosperity. By raising the interest rate even slightly, banks and other financial institutions are charged more to borrow money from each other. This increase in cost is passed onto the consumer – it will cost slightly more to take out a mortgage or a home equity loan. Even credit card and smaller loans will pass the increased cost to the consumer. The end result is that more money is being spent and earned.
In 2004 the interest rate was raised five times, the last increase of the year being about 10 days before Christmas. The current financial trend is for interest rates to rise gradually over the foreseeable future. As of the end of 2004, the prime rate of interest was 2.25%, the most recent increase being one quarter of a point. It may not sound like much, but multiplied many times over, it means a huge boost for the economy.
Basic supply and demand for available money is also one of the biggest factors affecting interest rates. To use the mortgage market as an example, if more and more people are buying and financing houses, more money is being borrowed, which means that lenders can charge higher rates to borrow the money. Similarly, in a slow economy, less people are borrowing money, the rates tend to be lower to attract customers, and there is a surplus of money to lend. Most people are conscious of interest rates when taking out a mortgage - a percentage of a point increase in the interest rate on your mortgage can amount to an extra payment of several hundred dollars over a year.
Inflation, which is defined as the general average change in the level of prices, also has an effect on interest rates. If inflation is high – or set to rise – investors will need a higher interest rate to consider lending money for more than the shortest term. The level of employment can also have an effect on interest rates – little unemployment means a strong and financially sound economy.
The government’s monetary policy can also have a significant effect on interest rates. Simply put, it is possible for the central bank to ‘create’ more money by just printing more of it. This makes interest rates lower, as more money is easily available to both people lending money, and borrowing it. If less money is printed, this can ‘tighten’ monetary policy and cause interest rates to rise. The government deliberately tries to ‘manage’ the amount of money in circulation and therefore the overall economy – a difficult thing to predict at best.
http://www.essortment.com/career/economypersonal_sgws.htm
How to reduce stress during the home buying process
The best way to reduce stress when buying a house is to educate yourself about the process.
Buying a home can be a very stressful time in a person’s life. In this case, stress is a reaction to fear of the unknown. The best way to reduce this stress is to remove the unknown factors by preparing yourself through knowledge of the process and requirements. In being prepared to buy your home you need to be aware of the following:
• Research: Remove the unknown, by finding out everything you can about your prospective neighborhood and financial information. The internet is an excellent source for this kind of research.
• Credit: You need to know what your credit score is and whether or not it is good enough to purchase a house. You need to understand that the lender will give you your loan based on your credit history, which is a reflection of your bill payment history. It further indicates whether you have the ability to keep a job for an extended period and whether you take responsibility for your debts. Some people jump into the house buying process without ever knowing what their credit history looks like and this causes stress because they have no idea as to whether or not they will receive a loan or even how much of a loan they can secure. You can reduce this stress by securing copies of your credit history, for all three major credit reporting agencies, having all errors removed, and paying any debts that you may have ignored or forgotten.
• Pre-approval: You should also shop for a house you can afford. To find out how much you can afford in advance you should have the bank pre-approve you before you start shopping. This way you can shop for your new home stress free because you already know how much money you will receive for your new home as well as knowing that you will actually receive the loan.
• Realtor: By hiring a realtor to help you in the purchase of your home, you are removing a great deal of anxiety and unknowns because you have someone working with you who has been through the process numerous times. You should never let the sellers’ realtor represent you because that realtor is primarily looking out for the best interest of the seller. You need to hire a buyer’s realtor whose first priority is helping you find the home that is best for you instead of someone who is looking to make a sale. Remember at all times that in the end your realtor is still being paid by the seller. Take your time and find someone you can trust to help you purchase your home.
• Do not rush: If you try to purchase a how in a hurry, you will be sure to become stressed. There will be factors and roadblocks that you cannot control that can slow down the process. If you are buying a ready-made house, give yourself an extra month leeway. If you are renting you should pay an extra months rent to secure you have somewhere to sleep while you are waiting for you house to close. If you are building a house, you will want to take two or three months past the date the builder gives you unless he writes late penalties (that he will have to pay) into the contract. In any case, however, allow yourself extra time in your current home in case an unforeseen event prolongs the purchase of your new home.
http://www.essortment.com/career/homebuyingredu_sfuw.htm
Buying a home can be a very stressful time in a person’s life. In this case, stress is a reaction to fear of the unknown. The best way to reduce this stress is to remove the unknown factors by preparing yourself through knowledge of the process and requirements. In being prepared to buy your home you need to be aware of the following:
• Research: Remove the unknown, by finding out everything you can about your prospective neighborhood and financial information. The internet is an excellent source for this kind of research.
• Credit: You need to know what your credit score is and whether or not it is good enough to purchase a house. You need to understand that the lender will give you your loan based on your credit history, which is a reflection of your bill payment history. It further indicates whether you have the ability to keep a job for an extended period and whether you take responsibility for your debts. Some people jump into the house buying process without ever knowing what their credit history looks like and this causes stress because they have no idea as to whether or not they will receive a loan or even how much of a loan they can secure. You can reduce this stress by securing copies of your credit history, for all three major credit reporting agencies, having all errors removed, and paying any debts that you may have ignored or forgotten.
• Pre-approval: You should also shop for a house you can afford. To find out how much you can afford in advance you should have the bank pre-approve you before you start shopping. This way you can shop for your new home stress free because you already know how much money you will receive for your new home as well as knowing that you will actually receive the loan.
• Realtor: By hiring a realtor to help you in the purchase of your home, you are removing a great deal of anxiety and unknowns because you have someone working with you who has been through the process numerous times. You should never let the sellers’ realtor represent you because that realtor is primarily looking out for the best interest of the seller. You need to hire a buyer’s realtor whose first priority is helping you find the home that is best for you instead of someone who is looking to make a sale. Remember at all times that in the end your realtor is still being paid by the seller. Take your time and find someone you can trust to help you purchase your home.
• Do not rush: If you try to purchase a how in a hurry, you will be sure to become stressed. There will be factors and roadblocks that you cannot control that can slow down the process. If you are buying a ready-made house, give yourself an extra month leeway. If you are renting you should pay an extra months rent to secure you have somewhere to sleep while you are waiting for you house to close. If you are building a house, you will want to take two or three months past the date the builder gives you unless he writes late penalties (that he will have to pay) into the contract. In any case, however, allow yourself extra time in your current home in case an unforeseen event prolongs the purchase of your new home.
http://www.essortment.com/career/homebuyingredu_sfuw.htm
Financial help: how to save money to buy a house
Saving the money you need to buy a home requires discipline, patience and a little creativity. If you dream of owning a home, review your budget to develop a savings plan that will help you achieve your goal.
How to Save Money to Buy a House
Becoming a homeowner is a dream that many of us hold dear. Regardless of your current financial situation, owning a home is a dream you can realize with discipline, planning and patience.
Following are some action steps you can take when you are really ready to stop wishing and start planning.
1. Decide on your long-term goal (e.g. save $10,000 toward the purchase of a home).
2. Look at your current budget.
Review your income and expenses over the last six to eight months (if you do not keep a check register you can also look at bank statements or even online account information).
Make two columns. The first should include your fixed/necessary expenses (rent, utilities). The second should list expenses that allow for more flexibility (telephone service, entertainment, food, etc.).
Decide where you can make adjustments. Some examples:
Room with someone to save on living expenses
Save money by scheduling an energy survey with your utility provider
Eliminate unnecessary telephone features
Clip grocery coupons, plan weekly menus
Abandon impulse buying (do not purchase anything that isn’t in your budget)
Jog in your neighborhood rather than join the gym
Eliminate premium cable channels or eliminate cable entirely
Rent movies rather than go to the theater
Bag your lunch
Carpool
Drink your coffee at home
3. Make a new budget
The budget should reflect your commitment to home ownership. It is a good idea to allow yourself a few dollars mad money so that you don’t begin to feel deprived or discouraged. Outside of your mad money you should avoid any unplanned spending. Remind yourself that this is temporary plan to bring you closer to your goal. If it helps, chart your goal on paper or cut out pictures of your dream house and refer to them to keep yourself motivated.
4. Pay down current debt.
Your new budget should include a debt reduction plan. The money you save by spending with care should be used to pay off your current debt. This is where patience and discipline come in. You will not repay the debt overnight, but remember that you did not accumulate it overnight either. Use every available dollar (that includes the dollars you put in the vending machine for mid-morning snacks) and pay all bills in a timely fashion. You will pay off your debts. Whenever possible, pay as much above the minimum payment as you can each month. You will repay the debt more quickly and save on interest fees. There are several advantages to paying off debt before you shop for a mortgage. These include: Improved credit rating (your debt to income ratio impacts your FICO score, which in turn impacts the loan terms you will be offered and ultimately the amount of money you will repay to the lender. Another benefit is the savings you will realize. The longer you take to repay your credit card debt, the more interest you will accrue. This is money that could be better used for your home savings fund. (By the way, it is a good idea to order copies of all three credit reports now so that you don’t have any unpleasant surprises later.)
5. Review your withholding allowances
By increasing your allowances you will keep more of your earnings. You can use this money to step up your debt reduction plan. Or, you may choose to keep your deductions as they are and use your income tax refund to repay your debts or save for your home. Talk with your financial advisor about the best course of action for your situation.
6. Open home fund
Once you have repaid your debts you can begin to save for your new home. It is a good idea to have the money debited automatically from your paycheck.
7. Look to other assets
If you have a 401k or 403b, you may be able to use a portion of these funds toward the purchase of your home. You should always talk with your financial advisor to be sure you understand the limitations and penalties involved, if any.
Consider selling any assets you may have such as stocks, bonds or your car.
8. Ask for help
If you have a birthday or another special occasion you will be celebrating, ask for contributions to your home fund in lieu of gifts.
Ask friends or family for gifts or loans to your home fund.
9. Check with your state or local government
There are a number of income dependent and/or first-time home buyer program available. These programs often provide down payment assistance and other help to buy your dream home. Make sure that you clearly understand all of the conditions of any help you receive. For example, there may be limitations or penalties if you decide to sell in three years.
10. Save a windfall
If you inherit money or receive a bonus, don’t take a vacation or buy electronics, put the money in your home fund.
You can save money to buy a home if you make a plan and stick to it. You won’t do it overnight, but you will do it with patience, discipline and time.
http://www.essortment.com/career/financialhelps_sfvf.htm
How to Save Money to Buy a House
Becoming a homeowner is a dream that many of us hold dear. Regardless of your current financial situation, owning a home is a dream you can realize with discipline, planning and patience.
Following are some action steps you can take when you are really ready to stop wishing and start planning.
1. Decide on your long-term goal (e.g. save $10,000 toward the purchase of a home).
2. Look at your current budget.
Review your income and expenses over the last six to eight months (if you do not keep a check register you can also look at bank statements or even online account information).
Make two columns. The first should include your fixed/necessary expenses (rent, utilities). The second should list expenses that allow for more flexibility (telephone service, entertainment, food, etc.).
Decide where you can make adjustments. Some examples:
Room with someone to save on living expenses
Save money by scheduling an energy survey with your utility provider
Eliminate unnecessary telephone features
Clip grocery coupons, plan weekly menus
Abandon impulse buying (do not purchase anything that isn’t in your budget)
Jog in your neighborhood rather than join the gym
Eliminate premium cable channels or eliminate cable entirely
Rent movies rather than go to the theater
Bag your lunch
Carpool
Drink your coffee at home
3. Make a new budget
The budget should reflect your commitment to home ownership. It is a good idea to allow yourself a few dollars mad money so that you don’t begin to feel deprived or discouraged. Outside of your mad money you should avoid any unplanned spending. Remind yourself that this is temporary plan to bring you closer to your goal. If it helps, chart your goal on paper or cut out pictures of your dream house and refer to them to keep yourself motivated.
4. Pay down current debt.
Your new budget should include a debt reduction plan. The money you save by spending with care should be used to pay off your current debt. This is where patience and discipline come in. You will not repay the debt overnight, but remember that you did not accumulate it overnight either. Use every available dollar (that includes the dollars you put in the vending machine for mid-morning snacks) and pay all bills in a timely fashion. You will pay off your debts. Whenever possible, pay as much above the minimum payment as you can each month. You will repay the debt more quickly and save on interest fees. There are several advantages to paying off debt before you shop for a mortgage. These include: Improved credit rating (your debt to income ratio impacts your FICO score, which in turn impacts the loan terms you will be offered and ultimately the amount of money you will repay to the lender. Another benefit is the savings you will realize. The longer you take to repay your credit card debt, the more interest you will accrue. This is money that could be better used for your home savings fund. (By the way, it is a good idea to order copies of all three credit reports now so that you don’t have any unpleasant surprises later.)
5. Review your withholding allowances
By increasing your allowances you will keep more of your earnings. You can use this money to step up your debt reduction plan. Or, you may choose to keep your deductions as they are and use your income tax refund to repay your debts or save for your home. Talk with your financial advisor about the best course of action for your situation.
6. Open home fund
Once you have repaid your debts you can begin to save for your new home. It is a good idea to have the money debited automatically from your paycheck.
7. Look to other assets
If you have a 401k or 403b, you may be able to use a portion of these funds toward the purchase of your home. You should always talk with your financial advisor to be sure you understand the limitations and penalties involved, if any.
Consider selling any assets you may have such as stocks, bonds or your car.
8. Ask for help
If you have a birthday or another special occasion you will be celebrating, ask for contributions to your home fund in lieu of gifts.
Ask friends or family for gifts or loans to your home fund.
9. Check with your state or local government
There are a number of income dependent and/or first-time home buyer program available. These programs often provide down payment assistance and other help to buy your dream home. Make sure that you clearly understand all of the conditions of any help you receive. For example, there may be limitations or penalties if you decide to sell in three years.
10. Save a windfall
If you inherit money or receive a bonus, don’t take a vacation or buy electronics, put the money in your home fund.
You can save money to buy a home if you make a plan and stick to it. You won’t do it overnight, but you will do it with patience, discipline and time.
http://www.essortment.com/career/financialhelps_sfvf.htm
Subscribe to:
Posts (Atom)