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FIND YOUR DREAM HOME OR APARTMENT

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Apr 14, 2013 6:17AM
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My parents have recently taken out a reverse mortgage - At first I thought it was a horrible idea since we have had the home in our family now for many generations but after speaking to my lender they explained that my parents home be mine as long as I can pay off anything that the borrow. Im calculating that the home appreciation alone should cover over the interest costs so it is essentially a free loan for them - I'm glad that they now have more money for their retirement.They got helped fromthe below sites

http://www.reversemortgagelendersdirect.com/how-does-a-reverse-mortgage-work/ 
http://www.reversemortgagelendersdirect.com/reverse-mortgage-information/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-disadvantages/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-rates/

Nov 7, 2012 12:54PM
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We bought the perfect starter home, with the exception of the six layers of hideous wallpaper in each room. After negotiating a big discount, we quickly painted each room a neutral color to make them presentable, then over the next few months stripped one room at a time. Saved a ton of money!
Oct 18, 2012 6:17AM
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Much like Punkindelly, we have a house that needed renovating.  And I mean practically everything from floor to ceiling.  I can understand people not wanting to do big jobs like bathrooms or kitchens, believe me!  But, when did people become so scared of a little bit of hard work?  Anyway, how often do you see a home where you like 100% of what is in it?  Is the granite counter and backsplash exactly what you want, or are you going to want to change it eventually anyway?  I have never (and we go to a lot of open houses for ideas/comparisons, etc) seen a house where I wouldn't want to alter/add something!

One thing that I think is worth considering.  If you have, say, 50k and the option of buying a 200k house with all of it down and a 150k mortgage, or a 150k house with an 120k mortgage and put 30k down and 20k of renovations in to it, which do you think pays off more in the end?  With the 150k house you have the chance to make some equity.  Also you will be paying less mortgage interest in the long term while spending the same amount of money initially.
Oct 18, 2012 5:01AM
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I have always purchased fixer-uppers.  Why would I pay more for a renovated or remodeled home with nasty carpeting,ugly granite counter-tops (hate tombstones on my counters!) or other "updates" I don't like.  I prefer personalizing my home to my taste.  Our current home was bought "as is"-we replaced the roof, windows, siding, septic, water heater, kitchen applicances furnace, moved the water tank inside the house, landscaped, refurnshed or replaced wood floors and refurbished walls (or replaced), added insulation, completely gutted the bathroom and refurbished the kitchen cabinets.  Of course, the initial purchase price reflected the need for renovation.  I love my house!

 

So silly, watching homebuyers on HGTV and they think they will find a home to completely fill their wish list--especially when their wish list is a $400,000 house in their preferred neighborhood and their budget is $250,000!

Oct 18, 2012 4:35AM
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Response to Home Repairs MSN article:  replacing outdated a/c and furnaces can cost several thousand dollars.  Refacing kitchen cabinetry?  Oftentimes the cabinetry is so old it falls apart when attempting to refurbish.  Been down this path with a home we purchased and allocated a certain amount of monies for repairs including sprucing kitchen.  Wound up replacing much and budget swelled 5x of expected, and we're still not done.  Next time I'm going to buy new.
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