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Photo from: One Kind Design
I love watching movies and TV shows about haunted houses and ghosts. Inevitably, in a lot of these movies, the previous home seller can get in trouble because they did not disclose to the buyer that the home was haunted, or that someone had previously died in the home. Now, in real life, that seems silly- right? Would you actually need to disclose that? Well, turns out that- yes! Depending on your state, you may need to tell the buyer if your home has experienced anything “paranormal.” To cover your tracks, check out this list of things to disclose by Bill Gassett at Max Real Estate Exposure:
-Haunted homes, murder or death on the property- depending on area
-Roof leaks, foundation cracks
-Lead based paint or other toxic materials present in home (asbestos, mold, radon, etc.)
-Any water damage
-Off site hazards (nearby hazardous waste plants, for example) and natural disasters in the area.
In many cities, rent expenses are growing faster than actual home prices. It’s becoming cheaper to own than to rent, and people are realizing it. However, to buy a home, you do need to have some money to your name for a down payment, which is why less people are switching over. But, there are ways to buy a home with a small down payment (or even none at all!) For the pros and cons of buying a home with a smaller down payment, check out this post by Kyle Hiscock at the Rochester Real Estate Blog:
-It lets you buy a home when you have good credit/job history, but no saved money.
-It won’t drain your savings account
-Lack of immediate equity- you’ll need to stay in that home for more than 5 years before moving.
-Mortgage insurance required
-Higher interest rates