We know so well the thrill of owning your own house — but don’t let the excitement cause you to overlook the basics. We’ve gathered up a half dozen classic boo-boos new homeowners often commit — and give you some insight on why each is critically important to avoid.
Whoever winds up moving into the White House next year is still anyone’s guess, but one thing’s for certain: President Barack Obama will have to move out. And he’s already chosen his new digs!
Here are seven facts about the first family’s new home that you’ll be glad to know…
The home ownership rate made gains in the second half of 2015, but that progress was muted in the latest report from the U.S. Census Bureau. The first quarter of this year saw the home ownership rate back on the decline, plummeting to 63.6 percent, the third lowest on record.
For comparison, in 2004, home ownership soared to a high of 69.4 percent.
The average median property tax rate across the nation is 1.31 percent. That means a home owner with a home valued at $200,000, on average, pays an annual amount of $2,620 in property taxes, according to an analysis by CoreLogic’s data team.
Illinois has the highest median property tax rate at 2.67 percent. Hawaii, on the other hand, has the lowest at 0.31 percent.
Read the article to see where your state lands in property tax rankings…
Americans ranked real estate as the best long-term investment, even over stocks and gold, according to a recent Gallup Poll of about 1,000 U.S. adults. Real estate has been the top investment choice for the past two years, and it’s lead is increasing over four other popular investment choices.
About 50,000 struggling home owners could be eligible to have their mortgage balances reduced under a new plan to be unveiled by Fannie Mae and Freddie Mac, The Wall Street Journal reports. The plan was approved by the Federal Housing Finance Agency and is expected to be formally announced “within the next few weeks.”
The plan is expected to target home owners who are delinquent on their mortgage payments and who owe more on their home than it is currently worth. Fannie and Freddie also will reportedly forgive the principal only in circumstances where they determine that they would lose less money by doing so than taking other foreclosure-prevention methods.
The South and West score big in a new Forbes list of the fastest-growing cities. Factors in the Forbes analysis include population, economic and job growth, and median pay for college-educated workers. Find out where Seattle lands and who rocks the top 10!
Patios are winning. In 2014, a majority of all new homes – 56 percent – were constructed with a patio. On the other hand, 23 percent of the new homes had a deck, according to the U.S. Census Bureau’s Survey of Construction.
While patios or decks both let you enjoy the outdoors, the differences matter. Patios are like courtyards and can be attached to or separate from a house. They can take any shape and can be built using any type of material. They’re always at ground level so they do not require railings, as decks do. Decks, typically made of wood or composite wood material, are not usually built at ground level so they can be used to enjoy a great view.
Home owners can overdo it when it comes to the upkeep of their home. This Old House recently spotlighted several ways that home owners’ enthusiasm for home ownership may actually harm the house.
Managing The Real Estate Details 