‘The Big Move’ is a MarketWatch column looking at real estate services and real estate, from looking for a new home to apply for a home loan.
Do you have a question about buying or selling a home? Want to know where your next move should be? Email Jacob Passy to TheBigMove@marketwatch.com.
I have lived in my house for 40 years. I live on 5.25 hectares, and I went to the city to divide the land on average and passed it.
I love where I live, but the house is old and the children are gone. I am a 58-year-old nurse. I pay $ 800 a month property tax and my mortgage, which is generally $ 2,500 a month.
I was given a very good salary to sell my house for $ 500,000 more than two years ago. I had another home that I loved and was going to buy, so I wanted to sell it. But the sale fell on my house, so I had to move out of the house I wanted to buy.
There are currently no homes for sale and I have yet to find anything I like. So I’ll have to rent until I get something. Should I do that? Or just wait until more houses come to the market and sell when I find something? I may not make much money but housing will not be expensive to buy. Isn’t that all there is to it?
It can be good to spend money, go on holidays and you don’t have to work too hard. But I also don’t want to be rented out like I used to be in my own house and I’m not happy because I rent a place where I don’t want to live.
I love my house where I live! But property taxes are very expensive, and I am about to retire and I will need to sell. I still owe my house and will not pay it off before I retire unless I move.
The cost of owning a home is rising rapidly across the country, so you are not alone when you feel overwhelmed.
A recent study from property data firm Attom Data Solutions found that for ordinary households, owning a home was only cheaper than 41% of the country. In other words, in some 59% of districts across the district, the average family will need to spend more than a third of their household income to cover living expenses, including housing and property tax.
Most vendors are on the same boat as you. They could sell at the heart rate – if they could find a house to buy. The list of real estate is very low, and that creates something of a vicious circle. Real estate agents are reluctant to put their property on the market because there is no guarantee that they will have a residence once the sale is completed.
Hiring may sound like just a go-to ticket to save money, but it is not. You do not say where you live, but there is a good chance that it is not too cheap to rent. Also, rents in urban and rural areas have risen sharply in the midst of the epidemic as households seek alternative accommodation outside the major cities. A separate report from Attom Data Solutions found that owning a three-bedroom house (at a moderate home price) is cheaper than renting a three-bedroom house across two-thirds of the country. .
There are other hiring restrictions, to be sure. You have no control over your future home expenses, so as long as you can afford to pay the rent for the first year there is nothing that can prevent the landlord from taking over when you renovate. And when you own a home, you are building on a valuable asset.
A recent study found that owning a home is still cheaper than renting about two-thirds of U.S. households.
By renting, any money you spend does not come back to you. Even with low monthly expenses, there are many things you can do with your savings. Properly, you can invest it or save it on a rainy day, and not use it.
You’re useless, though. Given how low home mortgage rates are – even though they have gone up in recent weeks – I recommend seeing if the financial improvement is right for you. But when you are given a long time in your home and the fact that you are working to pay off a mortgage, I would assume that you have improved money recently.
You don’t say what you did after you went to your local government to divide your property, but if it sits there, I would consider selling it. Because you have a mortgage, however, it is not really going to be a straightforward process.
When land is subdivided, you need to obtain written approval from a mortgage lender or mortgage servicer, said Tom Trott, branch manager of Embrace Home Loans in Maryland.
“This need exists in many home loans and common language in Fannie Mae and Freddie Mac deed of trust,” Trott said. To sell part of the property, you will need the permission of your supplier. But if it’s hard to find it, you still have options.
“Assuming they can’t get approval in time, then another option would be to do sales and upgrade the remaining money at the same time,” Trott said.