A steady job is the most important parameter to keep up with the mortgage loan. If your boss has fired you or you have left the job due to the frustrating work environment, and you don’t have any other source of income to pay the mortgage then, we have some tips that can help sail your ship smoothly.
Stay calm and read the mortgage payment tips to understand what practical options are available for paying the mortgage loan when you’ve lost your job.
- Calculate Your Money and Start Saving
First things first, try avoiding the stress as much as you can. Keep a positive attitude that everything is going to be fine. Without a stable mental state, you won’t be able to cope with the situation. Once you settle down, calculate the total money you have. By ‘total money’ we mean your savings and emergency funds. Once you know the total amount, outline your basic monthly budget and utilize the rest of the money for the mortgage payment. In the meanwhile, start searching for a new job. You will surely get one.
If this option is not feasible, you can try for the next one.
- Sell the Unnecessary Items
There are many household items such as furniture or kitchen accessories and even clothes which we don’t use on a daily basis. You can collect such items and sell them right away. A garage sale might seem an insignificant thing to do in such a stressful situation but, it could help you arrange mortgage payment. If you are worried about the buyers then, you can try placing free ads over various portals and hold an online auction. Otherwise, you can opt for a traditional way of selling.
- Rent a Room
To be honest, there are thousands of people in NY who are looking for a suitable place to live. So, if you have an ‘extra’ room in your home then, you can try renting it out. Let’s say your family is small and you have got enough space to accommodate more people. In such cases, you can permit people to stay in your guest room or the room which is spare. It will not only arrange mortgage payment but also, give you the satisfaction of helping a needy person.
- Contact Your Lender
Most people make the mistake of hiding from their lenders when they know they are short of money. Therefore, we want to specially tell you that it’s not a wise thing to do. Maintaining transparency is the key to convincing the lender. Please, make sure you talk to your lender at the earliest. Understanding your situation, your lender might offer you another plan for a temporary basis. For instance, your lender can ask you to go for the forbearance unemployment agreement. It allows you to repay the pending payments after a certain time interval. For the time being, you can pay less money. This will save you from losing your house. Once you get a job, you can fill the gap by repaying the mortgage amount.
- Sell the House Before it falls under Foreclosure
‘Foreclosure’ means your property can be taken legally by your lender if you fail to pay three consecutive mortgage payments. If the foreclosure occurs, you won’t have any choice but to lose your home forever. Thus, foreclosure is extremely risky. You should do whatever it takes to avoid foreclosure. If you’ve tried other authentic ways and still you aren’t able to find a staunch solution, selling your home in NY is the last resort. Selling your property before foreclosure or a short sale will at least ensure you get some money back. This money can be helpful during the crisis until you have a decent job in hand.
- Contact ‘We Buy Houses for Cash’ Companies in NY
Selling your house in NYC as soon as possible could be a hard nut to crack. The easiest way to approach the situation is finding a ‘we buy houses for cash’ company in NY. Such real estate companies help you throughout the transition right from listing your house for sale to speaking to potential buyers to the important paperwork. You don’t need to go deep in the legalities once you hire an experienced real estate agent. Just make sure to get in touch with a trustworthy and reliable real estate firm in NY.
- Fraudster Alert
While we are advising you to take assistance from a real estate company in NYC, you must take care of a few things. To be honest, there are many fraudsters who will promise to sell your house fast but, when the time comes they won’t fulfill their commitments. Such companies ask you to pay in advance and then, don’t answer your calls/emails. Beware of sugar talkers and research thoroughly about the company’s past projects and clients on the internet. You can also take guidance from your relatives and friends who have relevant knowledge or experience associated with the real estate sector.
Try to get a new job and meanwhile follow these tips to deal with the mortgage payment failure issue. Remember that every dark cloud has a silver lining. If you need assistance, you can contact ‘Elite Properties’, one of the highly reputed real estate firms in New York. The real estate agents at Elite Properties are known for being transparent and faithful to the customers. Most importantly, don’t lose hope and stay positive. It can work wonders for you.
There are times when it becomes difficult to take any decision especially when it comes to real estate affairs. Deciding whether to buy remodeled house, or a new one is definitely a time-consuming and challenging task for a first-time buyer as both have their pros and cons. Since buying a real estate property is a long-term commitment; you shouldn’t take it lightly and gain apt information regarding the laws, finance, and practical aspects before proceeding.
While we comprehend the appeal of investing in a new property, buying a renovated house might just be the wise decision you’ll make. To make your real estate journey a hassle-free experience, here’s an important question you need to ask yourself.
Does Remodeled House in NY Make Sense for Your Needs?
If we keep aside the real estate technicalities, one major issue that might arise during the decision-making process is budget: Is it convenient to buy a remodeled house as a first-time buyer? The answer to this question will depend on your financial planning and family’s needs. At first, you need to contact an experienced real estate agent and discuss all your concerns in details. The real estate agent will show you the renovated house for sale according to your needs and if you feel satisfied with the features of the remodeled home; you can go one step ahead and do an analysis of the remodeled house price with respect to its current condition and location. To find out remodeling house estimated costs, consider visiting the neighbors. You can inquire regarding the newly remodeled houses for rent as well as sale in the locality. It will give you a rough idea in reference to the house prices in that area. In addition to that, just speak to your real estate expert about the additional hidden costs and precise tax rate which you will need to pay for buying remodeled home. This step-by-step procedure will definitely help you overcome the decision-making dilemma.
Advantages of Having Remodeled House
It’s always good to take calculated risks while investing in real estate. We are sharing the top benefits of investing in a move-in-ready property to help you take a crystal clear decision.
The prices of real estate properties in NY are on an unswerving high. However, remodeled houses are considerably cheaper than the newly built ones. According to our recent survey, the investment in new real-estate property could cost you 20% to 30% more in comparison with a remodeled home in NY. So, as a first-time buyer buying a remodeled home can be a smart financial move.
Existing homes are generally near to downtown areas, more often in a centralized location, unlike new homes which are mostly build in exurbia. So, you won’t have to face any problem with commuting and have easy access to local markets, hospitals, banks, educational institutions, and your workplace. Another advantage that you get with a remodeled home is an established neighborhood. Having a decent neighborhood is imperative as moving to a house is a long-term commitment. Apart from that, it is necessary from the point of view of safety and security too. So, that’s a huge advantage which shouldn’t be overlooked.
Upgrade to Larger Space
Remodeled homes are much spacious than the houses that we see in metropolitan cities today. In addition to that, you can also add a second story to increase the house per square footage. However, the rationale for a remodeled property in NY may vary from locality to locality. Be sure to research regarding the codes and laws in the locality where you intend to buy a remodeled house. Choosing an experienced real estate salesperson could play a vital role in such cases. They can help you with the most authentic information about your neighborhood. Once you are aware of the local zoning laws, it becomes easier for you to take a decision.
Less Paperwork and Legalities
Legal paperwork and documentation is a crucial part of selling and buying a real estate property. In the case of a remodeled house, you won’t have to re-do the entire documentation work. You’ll just need to change the personal details on original documents and pay the required transfer and re-registration fees. Furthermore, mortgage frauds are much evident in New York City nowadays. Many unscrupulous house owners who’ve had purchased a new property but failed to pay the mortgage loan may sell you their foreclosed or distressed property. However, when you buy a remodeled house, such risk won’t be there. But as a first-time buyer, you should scrutinize the documents properly to avoid such scams.
Retain Repairing Costs
Renovated homes can easily stand the litmus test of time aesthetically as well as structurally for a long period. Even if something needs to be fixed, you don’t have to worry about the repair credit. It would entirely fall in the realm of responsibility of seller for a substantial amount of time. It could be between 10 to 20 years. Just make sure to discuss the ‘home warranty’ clause with the seller prior to signing the home agreement. However, the renovation process consumes a noticeable amount of time, and the probability of getting a remodeled house in NYC as per your convenience isn’t always facile. There might be several elements which you would like to implement in the remodeled home before stepping in. For example, the old stone foundations, sinks, or chimneys might require tuck pointing, and for that, you will have to keep patience until the home which you aim to buy gets completely ready. On an average, the renovation process might take several weeks or even months. You can hire ‘we buy houses for cash’ company in NY to avoid such complications and have a hassle-free transition. In addition to that, they can also help if you have an unused property which you want to renovate and sell fast.
As per our current data & statistics, nearly 60% to 70% remodeled homes in NY are yet to be sold. To reap a rewarding experience, you can take guidance from a reputed ‘we buy houses for cash’ company in NY. You can visit their website and check the property listing of available remodeled homes along with a detailed description and images. Once you like a property, you can contact the company’s representative for a detailed quotation. Don’t hesitate to negotiate the price and choose the best one which meets your need.
All the above-mentioned advantages give a leading edge to the renovated house in the new-versus-renovated home battle. We suggest you settle upon a trust-worthy real estate company and do a realistic assessment of the renovated home for sale and if the scenario is that the remodeled house is available in the much lesser price range, you can buy remodeled home in NY straight away.