How to Purchase an Affordable Home Through a Land BankIf you are looking for a home at a bargain price and you don't mind putting some work into it, you might consider the enormous savings possible by buying through a land bank. Land banks are entities run by local governments or nonprofit organizations. The houses they acquire are in tax default, foreclosed, or otherwise abandoned. Sure, you can buy a foreclosed home at a bargain by going through normal real estate companies, but land banks can be much less expensive, and when you purchase a home through one, you can be a part of making the world, or at least your town, a better place. Land banks take over properties that commercial developers don't see as profitable. Land banks are looking to fill those fixer-uppers with people who will take pride in them, which builds value not only for that home, but the surrounding neighborhood. That will not only improve the town, but raise tax revenue. Therefore, you are almost always assured of dealing with a transaction that isn't all about squeezing the buyer. However, land banks will attach strings to any purchase, which vary from state to state, and even from land bank to land bank. You may be required to live there, to get the house up to code within a certain time limit, or to retain ownership for a certain number of years. The trick is knowing what you're getting into, but if you are willing to put the work in, you can own your first home without a 30-year mortgage. Lifehacker has a guide to getting started if you want to purchase a land bank home.(Image credit: elycefeliz) #realestate #homebuying #landbank #fixerupper
Buyer's Remorse in the Current Housing MarketA survey by Zillow shows that 75% of people who bought homes during the pandemic have regrets. That sounds pretty scary in the current seller's market, where so many people are buying a limited inventory that prices have exploded. But look a little further into it, and you see that the statistic doesn't mean people wish they hadn't bought a house. Instead, they regret some aspects of the experience, or have some misgivings about the property. The top regret about buying a new home is that the property requires too much maintenance, cited by 32% of the respondents, or 40% in a similar survey by Clever. In second place in both surveys is the regret of buying a home that is too small. The numerical figures in the data shouldn't be taken as gospel, since the cost of home ownership and maintenance varies so much depending on what part of the country you are buying in. But confronting what others regret will help you to adjust your expectations in looking for a house to buy, or dealing with what you have bought. If you have an adequate amount of land, you can expand your home in the future. Or you can learn to appreciate downsizing and being closer to family members. Home maintenance is an opportunity to learn new skills and enjoy a feeling of accomplishment -or adventure. And onerous mortgage payments can be changed with refinancing in the future, when the market changes. Knowing what to expect when buying a home can help tremendously with your future satisfaction. Find tips for your house buying plans and expectations, gleaned from the experiences of others, at Grow.-via Digg ​#homeowner #homeownership #homebuying #house