Would you fairly rent a underground store apt or rent a room within a house?
I am in the process of buying a home, and required to get a house beside a basement apt that I could lock from the inside so it is it's own seperate place. We found a great house, but it doesn't enjoy a basement apt. There are extra rooms though. So my press is, would you rather hold your own space with a mini-kitchen and tub (studio style), or would the roommate style living appeal to you because you would have full access to the house/laundry, living nouns etc?Answers: As an owner the value is within rooms over a kitchenette. Space is gold. But if I be to rent I would rather enjoy a basement apt.
If you hold two garages then fine. But if you single have one I wouldn't do that. My place have two garages, a two-car up top and then one on the bottom. Not have a garage hurts re-sell value.
If you share a kitchen and bathroom near your landlord surrounded by Ontario Canada then you own no protection under the Landlord Tenant Act. You would pay packet more for a small private apartment than a room but you would at least know how to have your daylight in court if you have a grievance.
What makes a home go down in value?
Answers: There are a variety of ways to answer your question. If you are asking about what the current economic conditions are doing to your house value, it depends largely on where you live. If the market in your area is depressed because of a glut of new homes on the market, you are experiencing the effects of supply side economics first hand. If you are in an area which is affected by a reduced economy, like if a major employer had pulled out or cut jobs, the number of people interested in buying in your area has shrunk and the value goes down. If your home or neighborhood is outdated or in a state of disrepair, that causes the value to go down. The 'value' of a home is a very fluid figure, and is really determined by what someone is willing to pay for it.
natural disasters/damage
declining neighborhood (increased drugs, liquor stores, crime)
overbuilding-too much inventory and not enough demand to keep up
Generally, demand will make a home go down in value. In todays market, demand is declining due to a tightening of the credit criteria to receive a loan, and soon to come(possibly) from unemployment levels.
When demand is low, properties tend to stay on the market longer, or wont sell at all at their current asking price, therefore the price would have to be reduce to attract a buyer.
Also with so many foreclosures, banks need to unload the financial liabilities of carrying the properties, and will ask for liquidation value prices to quickly sale the properties, not to mention short sales which are based on liquidation value as well.
Home prices are dictated by the principle of substitution: According to the princilple of substitution, the value of a property cannot exceed the value of equivalent substitute properties that are available in the market. In other words, reasonable buyers will compare similar properties in the market, and choose the least expensive one that meets their requirements.
Lots of things, mostly having to do with the government, Fannie Mae, Freddie Mac and such. Also, job outlook in your area, how much has been sent overseas in your town? How much appeal does your downtown have? It is all about location, outside of the government loans and the way real estate associations spin it. We have been looking at a site by a guy named Patrick, it may be "Patrick.net," I'm not sure, you can find it pretty easy.
I would research the Patrick site. The nice thing is he has the REAL AND BARE statistics and graphs, without all the interpretation from the media and real estate agents. The bare truth helped us make our decisions. Also, we found that www.forsalebyowner.com and Help-U-Sell have tools to help.
How do I numeral out how much the closing cost?
of a 172,000 home loan will be? What information do they go by to digit this out?Answers: Every mortgage company is different with closing cost and/or cast-offs fees. I would get a copy Good Faith Estimates from different companies to compare them. You enjoy closing cost but also have prepaid items such as taxes and insurance. I rule of thumb that I use is 3%.
Example..
Origination Fee $1,720.00
Tax Service 67.00
Underwriting Fee 450.00
State Specific Fee 6.50
Lender Doc Prep 125.00
Application Fee 375.00
Flood Cert 10.00
Title Search 150.00
Title Binder 75.00
Attorney Fee 450.00
Title Insurance 344.00
Recording Fee 60.00
Intangible Taxes 516.00
Total $4,348.50
Also these fees are not set contained by stone and different for each state ( this is for GA) You can ask them to lower them. Tell them you are shopping around!! Mortgage companies are hurting for loan, so they will work near you!
It depends on a lot of things. what state and county is it surrounded by? refinance or purchase? cash out? primary, 2nd home, or investment? Talk near your loan officer who is local to the area and can bestow you an educated, accurate answer.