financially in My Home& Garden

What are big things, financially, to remember when looking for your first home? My fiance and I are first time buyers in New England...any advice? What should we remember while searching? ... (Asked by rebleep7)
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1. Come up with a realistic budget on what you can afford monthly. Include utilities and ongoing house maintenance (usually 1%, annually, of the purchase proce). Commuting to work...property taxes...etc...Don't forget to include closing costs, moving expenses, furniture purchases in you budget. 2. Don't by a house bigger then you need. ask yourself...do I really need a 5,000 sg ft., five bedroom 3 bath, 3 car garage house? think of the heating and A.C bills. 3. Don't by the most expensive house on the block....the value of the house may not rise as quickly as lower price homes in the same ...(Answered by Archer)

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How do you survive financially being a property developer? Do you need to be in full time employment ? How do you secure your deposit for a property without proving your income? What pitfalls are there when buying at an auction? are there particular financial advisors that you need to go for buying properties at an auction ... (Asked by guiste)
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Prices are low in many places, it is a great time to buy property to develop. You just have to be able to hold onto it for a while. You won't make money for a while even in a faster moving market. Its not like HGTV makes it look. It can take 6 months or more to build a home. Than you have to sell it. You have to have other money available to you, a job, other properties selling, winning lottery ticket etc....(Answered by Ross)

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How can I find out if a private home building company is financially sound? I want to buy a new townhome in a new construction community in Boynton Beach, Florida. The homes are immaculate and the builder is offering HUGE incentives to buy, almost $75k off the original price. The thing is, the community is half built, and construction is very slow right now. I'm worried about the company, Centerline Homes, going bankrupt. How can I find out if they're doing well or not?? ... (Asked by Ho Chi Min)
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Your local Better Business Bureau will help you out. Good Luck and Happy Thanksgiving!!!...(Answered by MAttsprat)

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When a tenant is evicted are they still financially responsible for the rest of the lease? We have tenants who signed a one year lease agreement in August. They have not paid rent in the last two months, so we are going to evict. We are in Arizona. Since we will be evicting them does this let them out of their financial responsibilty for the remainder of the lease? ... (Asked by amy r)
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Yes, by leagally evicting them you are voiding the lease agreement....(Answered by buggerhead)

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How do I prepare financially to buy a house? I had a couple of years with barely any income and had to declare bankruptcy. Now I have a good job, savings and no debt other than car payments. I bought a few things on credit and paid them off in less than 6 months. I'm ready to buy a home, but I am still worried that the bankruptcy will make it impossible. I am only 4 years out, do I have to wait 7 years? ... (Asked by nanlwart)
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no, 4 years out is good. i think the minium is 3 years. idealistcally, have AT LEAST $6000 in savings. that really depends on how much the house is. but you have to remember, there are closing costs. and no house is perfect. you will want to do things to it right away. and maybe even NEED to make repairs overlooked earlier. also, most homes wont include appliances...fridge, stove. if you dont own your own, plan to purchse these things too. generally the actual down payment is about half of what it actually costs to get into a house. your ...(Answered by wanker_fartass)

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What is the best way to financially manage a small condo trust? Do I need an IRS tax identification number for the Trust? ... (Asked by jemiller75)
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No, you won't need a tax ID number for the trust. It will carry the ID of the person who set up the trust (trustee usually). If the trust will be generating income by, for example, receiving rental income, it might need one. Bottom line: see an estate attorney....(Answered by Obi-Wan Kenobi)

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What are the options when buying land and then building a structure, financially? I am looking into buying some land in CT. How does one buy land and then pay for the cost of building a home and it's infrastructure? Do you buy the land on loan and then have to have cash in hand for the rest? Or when you take the loan for the land, do you inflate it to afford the building of the home also? I am looking for the cheapest way in monthly payments and without a large amount of money down to do this. I would prefer not to have a large land loan ... (Asked by golver1)
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start by taking a home buyers course through either an adult education or college , some government type agencies also offer these courses , also checking with your personal bank is a good thing the loan officer can help guide you to a solution, best to stay away from real estate agents until you are ready to ...(Answered by glavendale)

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How long should you intend to live in a house to make it a worthwhile purchase financially? There are expenses involved in a purchase, even if you do pay cash. Life is uncertain, but I would hope to live there a year, then maybe sell. Possibly it could be rented out, if I preferred to move within 3 years. But then I should take into consideration whether or not I think it would get rented, also whether or not I would be interested in being a landlord. ... (Asked by g)
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I have heard that 5 years is about right....(Answered by kmcpmgoodson)

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Am I financially responsible for something that I never signed for? My fiance signed a rent to own agreement with a furniture company, I never signed anything. They keep saying that my name is on the agreement and I am fiancally responsible for the bill. I asked to see the agreement and all they have is a typed piece of paper and my name is spelled wrong on it. Am I fiancially responsible? ... (Asked by Mommyofthree)
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The typo means nothing, it can be wrong. However, your signature needed to on the sales receipt since you are not married. They can repossess the furniture even if you have it, as it belongs to them, however, they can not enforce the bill....(Answered by Landlord)

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How long should you intend to live in a (new) house to make it a worthwhile purchase financially? The house is being built this year, but eventually my husband and I want to move in a different subdivision. I know that this is a lifetime investment, but we dont want to be in this particular house for 30 years! I was thinking about 5 years? ... (Asked by Kimmie)
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There is no magic number. It all depends on the real estate market. Your main concern is probably recouping your transaction costs, or more simply, you want to have at least as much money after you sell as you spent to buy the place. To accomplish this, you will want the home to increase in value by at minimum 10% (6% for realtor commissions, 4% for transfer costs, settlement etc.). When the market is "hot," as it was in the last few years, you can get this within 1 year. Unfortunatley, we are entering a ...(Answered by mr_law_jersey)

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