There's a common saying that property management companies use when pitching their services to potential owners. "We will manage your property as if it were our own."
Most people would say “no” but in reality we all die. Unless you are super rich and maybe a little goofy, you could look into a good cryogenic vendor to freeze your brain in the hopes of a future cure for whatever ultimately pushed you out of this life and into the next.
For the rest of us, death is inevitable. If you own income producing real estate, it’s vital to do some estate planning now while you are still counted among the living.
Don’t think death can’t come knocking at an early age. I know of two local men in 2018 who recently unexpectedly passed. One was in his late thirties, healthy, fit and heading out for a morning run when his running partner found him deceased on his front porch. Another man was 44 years old, in the process of getting healthy with diet and exercise. He left his Orangetheory Spin class early not feeling well. He went home and had a massive, fatal heart attack.
Neither one of these men had done any estate planning because they were "too young" to think about it. Both left their families with not only the emotional grief of losing a loved one but also a very complicated, expensive and time consuming task of unwinding their assets through the dreaded process known as probate. Letting a judge decide what’s best instead of the owner is not a good idea, which is why its best to make these decisions in advance.
Some neighborhoods are going to be better than others. It’s just a natural fact of life. Take The Urban Avenue in Dallas for instance. It’s located in the gorgeous Oak Lawn section in Dallas. It’s perfect for those looking to enjoy fine dining experiences and an exciting and urbane nightlife. Couples with young children probably won’t want to live in this cultural hotspot.
Let’s face it. Some regions will be perfect for some people and not so hot for others. It all depends on where they’re at in life. So to help renters discover the best neighborhoods perfectly suited to meet their needs, we’ll share information about the various types of neighborhoods below.
If you're looking at buying a home, chances are you've been told that you will need to get an appraisal.
You may then find out that you are responsible for paying for the appraisal and that it can cost several hundred dollars.
Maybe you don't need to have an appraisal done. Is it actually required in order to purchase a home?
Usually, it is and is ordered by the lender. You will end up paying for the appraisal as a part of your closing costs.
So what are appraisals and why are they so important?
A good credit score is an excellent asset when you are in the market for a new home. It's one of the first things a lender or mortgage broker will look at and will play a big part in determining what loan amount and interest rate you qualify for.
Does this mean you need a 700 or higher FICO before you buy a home?
Not necessarily, but for the most part, the higher your credit score, the better loan you will be able to secure.
What defines a good or bad credit score?
All three major credit reporting agencies grade your credit history from 350-850. The ranges for what's good and bad are as follows:
Finding a good lender is difficult enough, but once you've tackled that, how do you actually qualify for a good home loan at the best possible interest rate? In case you missed it, check out our tips on How to Get the Best Home Loan before reading this post and learn how to best qualify for the loan you want.