Buying

Financially, there’s more to buying a home than the purchase price—sometimes much more.

After the down payment, and once your closing costs and monthly mortgage payments are added up, it can be easy to forget some of the costly and hidden costs of owning a home. Take these added charges into consideration:

Property Taxes
Property taxes are set and collected by the state, county and local agencies. Sometimes multiple agencies collect funds through a property tax for services such as water, sewer, schools and fire and police departments.

The taxes can go up annually in some areas, depending on a city’s services, so the following year’s cost may be difficult to predict. You’ll still want to find out what the current...

Shopping for a mortgage isn’t as fun as looking at homes to buy, but it’s an important step that will affect you for years.

There are many ways to shop for a lender. You can start by looking at online mortgage lenders. Or you can walk in to a bank and ask to talk to a loan officer. A mortgage broker or your real estate agent may be able to recommend lenders, as may friends and family. Online reviews may also be helpful.

Before you start talking to lenders, there are a few steps you may want to take first. If you have no credit or bad credit, or aren’t sure of your credit score, start by finding out your credit score and then work on improving it. This could take a month or more.

A low credit score is a sign that you’re a risky borrower, which...

Searching for your perfect retirement home, vacation home or investment property?  Amelia Island, FL is the perfect place!  The first thing you need to decide is what type of home you want. Many people dream of owning a house, but others prefer to live in condominiums. Each has advantages and drawbacks.

Pros and Cons of Owning a House 
One of the main advantages of living in a house is the amount of space. Houses come in a wide array of sizes to suit the needs of any family. They typically have yards where children and pets can play and the owners can host family and friends. With a house, the owners are free to renovate, paint and make other changes, subject to local laws and ordinances. Houses also offer more privacy than condos since neighbors...

t's that time of year again. The market is in full swing and crowds of buyers are fighting over their dream house—or at least the closest thing to it, considering this year's nationwide inventory shortage isn't leaving many options. So, what does that mean? For the most part, higher prices, more competition and a whole lot of bids.  

Listings in good condition tend to get multiple offers this time of year, and buyers are putting forth their strongest submissions—cash offers, over-asking, fast closings, no contingencies, etc. But creativity is the name of the game in this year's competitive market. Buyers are inspired to win over the seller's emotional side. Here are the latest home-buying trends for beating out the competition in a swarming spring market: ...

Home service contracts, or home warranties, are an important consideration in the home-buying process, especially for new homeowners.

“Homes are a major financial investment, and repairs and replacements on appliances and major systems can cost anywhere from $700 to more than $3,500,” explains Tim Meenan, CEO and executive director of the Service Contract Industry Council (SCIC). “While new homeowners face numerous expenses, a home service contract can guard against these unexpected pricey repairs and replacements.”

Generally, a home service contract covers repair or replacement costs of major systems or appliances that fail within the contract period—often one year. This may include coverage of the home’s electrical...

Over the years, you’ve spent many happy summers at that lake, beach, or mountain resort. The kids think of it as a second home. Maybe it’s time to buy property there so the family can enjoy it for years to come.

If that’s your thinking, you are not alone. According to the National Association of Realtors (NAR,) vacation home sales accounted for 21 percent of all real estate transactions last year, their highest market share since the survey was first conducted in 2003. 

But, suggest financial advisors, before you decide to buy that second home, consider four important questions regarding convenience and...