Adrian La Fosse

Unfinished homes present a great way in the Columbia South Carolina real estate market to save a lot of money and get yourself a new home in the process. If you buy an unfinished home, you can keep your monthly mortgage payment low and also lower your initial investment. You may also be able to buy a larger foundation size as well, which you can easily add on to and save money in the process.

Normally, unfinished starter homes leave the upstairs area unfinished. The question here, is just how much equity you want to put into an unfinished area. Sometimes though, an unfinished home may leave the roofing, framing, plumbing, or electrical aspects unfinished. Before you make a purchase, you should always decide how much money you have to finish what needs to be finished.

If the home you are looking at has plans for a garage, you can save thousands if you decide not to go with the garage. On the other hand, if there is another attached room that is planned to go onto the house, you can save just as much if you decide to forgo it. There are always ways that you can save money just by looking at the plans. Unfinished homes may have other planned on additions as well, in which you can save a lot of money just by leaving them out.

The is something that you should always keep in mind when buying unfinished homes in Columbia South Carolina. When builders acquire a piece of property that they plan to build a home on, they will do everything they can do make as much money as possible on their homes. You might be able to get them to agree to some of these ideas, although they probably won't agree to all of them. Building homes can be a very profitable business - which is why most companies like to build their homes exactly as the plans call for.

When looking at unfinished homes, you also need to look at what banks are willing to accept. If you are planning to get a mortgage, most banks will need to ensure that the home is up to local codes and in living condition. What this means, is that there will need to be a living room, bedroom, and other rooms finished. If the home is lacking quite a bit in terms of being unfinished, most banks won't give you a mortgage.

Most banks are also known to turn down unfinished home mortgages that they feel will have trouble selling in the event that you default. Normally, the entire downstairs area will need to be finished, along with most of the landscaping. You might be able to do some of it yourself and save money, although in most cases the home builder will need to do a majority of the topsoil and grass just to satisfy the bank. Banks have strict requirements when it comes to unfinished homes, which is why you should always check with your bank before you invest in an unfinished home.

As most of us already know, buying an unfinished home provides an excellent way to get into the housing market and get your very own home. Unfinished homes also allow potential buyers the chance to grow into their home along with their family. If you are interested in saving money, you should be sure to talk to the builder. This way, you can go over the plans and decide what doesn't need to be there. In most cases you can save a lot of money and still get a home that will provide years and years of memories for yourself and your entire family.

There is a lot of free information available to you about buying, selling or investing in the Columbia South Carolina real estate market. For complete information about the Columbia South Carolina real estate market including current homes for sale, property values and more please visit the most complete website online at http://www.GreaterColumbiaHomes.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 803-622-9731 or email me at sales@greatercolumbiahomes.com.

Everyone has heard a friend or relative in Columbia SC complain about having to take out a second mortgage but don't really know what that means. Let's find out!

The real term for this is called a home equity loan. This is a common loan type that homeowners can use for whatever they want.

A home equity loan requires that you use your house for collateral just like a normal home loan. There are different types of home equity loan out there and you can always use the money for whatever you want.

College, bills, and home repairs are some common uses. You will need outstanding credit to be approved for this kind of loan though.

A closed end type home equity loan gives you a big chunk of money immediately and you can't get another loan until this one is fully paid.

The amount you can get depends on factors such as how much your home is worth, your income, credit score, and similar things. A closed end loan usually comes as a fixed rate type and allows you up to 15 years to pay it off. Now a days you need at least 10% to 15% equity in your house before they even consider giving you a line of equity. Gone are the days of 110% lines of equity.

An open ended home equity loan is a little different. This loan will let you borrow money whenever you have a need for it.

The loan lender will set up a line of credit that is pretty much based on all the same factors as the closed end loan. These usually have an adjustable rate and you can make payment for 10, 15, or even 30 years.

So why are these called second mortgages? Because you are adding yet another loan payment that uses your house as collateral and adding another monthly payment. Though tempting, it can cause you a lot of problems in the future.

There is a lot of free information available to you about buying, selling or investing in the Columbia South Carolina real estate market. For complete information about the Columbia South Carolina real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Columbia South Carolina real estate at http://www.GreaterColumbiaHomes.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 803-622-9731 or email me at sales@greatercolumbiahomes.com.

According to MarketWatch, a subsidiary of the Wall Street Journal, U.S. housing starts bounced back with a vengeance in May, rising 17.2% to a seasonally adjusted annual rate of 532,000 after plunging 12.9% in April to a postwar low, the Commerce Department estimated Tuesday. This was a surprising increase. It was led by a 62% gain in new construction of multifamily dwellings such as apartment complexes. But never fear, starts of single-family homes also rose 7.5% to a 401,000 rate, which was the highest since November of 2008. Economists surveyed by MarketWatch expected an increase to 485,000. Building permits rose 4% in May to a seasonally adjusted annual rate of 518,000. Permits for single-family homes rose 7.9% to a 408,000 annual rate, the highest since November 2008 as well. This boweds well for further increases in new construction home building.

Looking for a new construction home in the Columbia South Carolina real estate market? Visit my website, http://www.GreaterColumbiaHomes.com.

Source material: MarketWatch.com

When looking for a home for you and your family you will come across all kinds of deals, bargains, and so-called values along the way. If price is a very tangible object for you and your real estate investment then you might seriously want to consider the value of foreclosures. If you are hoping to invest in real estate in order to turn a profit then you may also wish to consider these properties that are often sold well below the ordinary value of the property because they are in varying degrees of disrepair.

Foreclosures are properties in the Columbia SC real estate market that have been taken back by the lenders because the previous owners were unable to continue making payments on the property. Being that these homes were often owned by those in financial distress and may have been empty for some time before being sold, chances are that the foreclosure homes being sold at any given time are in some degree of disrepair. The shabbiness of many of these properties is one of the factors that keeps the prices down. Another is the fact that the lenders are essentially attempting to recoup their investment in the property. For this reason they are often willing to take less than the value of the property if that is what is owed on the property.

Why are these properties often in a state of disrepair? Truthfully, there are many reasons but the primary culprit in this situation is money. Obviously the owners of the home were struggling to make the payments or the home would not be in the state of foreclosure. If the notes on the property were difficult to begin with it makes perfect sense that other issues such as leaking roofs, shabby carpeting, or plumbing maintenance would take a distant second in priority to making the house payment.

At the same time, there are those who are bitter about loosing their homes. As sad as the situation may be some add insult to injury by damaging these Columbia SC properties intentionally. These homeowners feel they have nothing left to loose and if they cannot have their property hole then the lenders should not as well. While this is by no means the way to go there are very many who choose this path over other options.

The fact is that their loss in these situations is actually your gain. The damage they do to the property is often not terribly expensive to repair though it can be quite bothersome. I typically tell my client who is looking for a foreclosed or distressed property to budget for a minimum of $5,000 to done in repairs. From there it can be $10K, $20K or more. Your willingness to do the work in order to create a beautiful home for you and your family or as an investment can often translate to big savings at the closing table or when negotiating the price of the property. Foreclosures can allow families to buy larger homes in better neighborhoods than they would ordinarily be able to afford. They can also provide a fabulous kick-start to a property investment portfolio.

Despite common claims and Internet advertisements, you do not need to buy a list in order to find foreclosed real estate in your area. There is no secret list. You simply need to procure the services of a competent realtor and let him or her know that your intentions are to purchase a foreclosed property or some other property that is selling well below market value. You might be amazed at the wealth of information and assistance your realtor can provide not only in finding excellent foreclosures but also when it comes to procuring financing for some of the more creatively damaged foreclosures you may run across at insane bargain prices.

There is a lot of free information available to you about buying, selling or investing in the Columbia South Carolina real estate market. For complete information about the Columbia South Carolina real estate market including current homes for sale, property values and more please visit the most complete website online at http://www.GreaterColumbiaHomes.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 803-622-9731 or email me at sales@greatercolumbiahomes.com.

When you first buy a home, it can be very frustrating and complicated but it can also be extremely exciting. There is no feeling like being able to call a home your own and have the freedom to decorate it and change it any way you want.

Unfortunately, life happens and sometimes you won't quite be able to make your loan payments all the time. This is where private mortgage insurance (PMI) comes in.

When you first buy your home, most lenders expect you to pay a large down payment of at least 20 percent or get some kind of insurance loan protection program that's called private mortgage insurance. On an FHA loan, the rate is about $50 per $100,000 loan.

This insurance coverage will protect the lender just in case you are ever unable to make your monthly payments. This insurance doesn't cover anything else though.

If your home catches fire or something, you better have homeowner's insurance. PMI will only cover the lender if you fail to make your payments.

There is only one benefit to you the borrower to paying PMI, it is tax deductable. So don't miss it doing your yearly taxes.

You CAN get rid of PMI after you have 20% equity. Each payment you make gets you closer but so does the increase in value of your property. Once you think you have gotten close to owning 20% of your house, ask a real estate agent to do a comparable market analysis to check for sure. You can then request to have your PMI payments discontinued.

There is a lot of free information available to you about buying, selling or investing in the Columbia South Carolina real estate market. For complete information about the Columbia South Carolina real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Columbia South Carolina real estate at http://www.GreaterColumbiaHomes.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 803-622-9731 or email me at sales@greatercolumbiahomes.com.