 My Dad died and my Mom wants to sell me her house for $1.00. How does she go about it and it be legal? |
| My Mom doesn't want to bother with a realitor because she can't afford it and I can't afford to pay any more. She just wants a simple thing between her and I, but we want it to be ... |
|
 What is a mortgage?? |
I know its to do with houses.
It may sound stupid, but I don't actually get what one is?
Or why do you need/get one??
Thanks in advance.... |
|
 My landlord pays for water and I run the shower on full blast all night to drown out my neighbors snoring? |
| a problem he wont rectify, and i am currently waiting on a mediation date for. Can he force me to pay for the water use? Should I tell him I am using the shower as a noise control to force him to ... |
|
 Can someone explain to me why it's the government's responsibility to bail out borrowers who were told . . . . |
| . . . .about ARMs and how they function? i keep hearing in the news how the government is supposed to step in and stop these ARMs from adjusting upward and freeze rates where they are still in their ... |
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 What do you do if a neighbor sabotages the sale your house? |
| Grandma left us her house on the other side of the country. We can't afford to keep it or even rent it out (rent prices too low, maintenance too high from far away). So we're trying to sell ... |
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 If I want to increase the rent of my tenant in the UK at the end of the agreement how much can I do it by? |
| Should such a clause have been included in the current teancay agreement or if I want to retain this tenat am I entitled to increse the rent by a certain percentage for the new tenancy agreement?... |
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 Should we buy this house? |
| My fiance and I have been looking at houses for the past four months. We finally found one in a good neighborhood that we can afford. The problem is it was built in the 1050's, and the furnace,... |
|
 I purchased a home last October, 0% down.? |
| Will sending my mortgage company $3k towards my principle help reduce my monthly bill? By the way, I got a 6.375% rate for 30yrs. Should I try to refinance instead?... |
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 They want to keep our deposit! we havent even signed a lease!? |
They want to keep our deposit! we havent even signed a lease!?
we put a security on a house we were going to rent this past saturday, they don't want to give us back our money now. My ... |
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| If the bank of England raise the interest rate do house prices usually come down? |
| I'm hoping to buy a house this year and the Bank of England have just added another 0.25% to the ineterest rates. How does this effect house prices?... |
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 Do I still pay my rent if Landlord is in Foreclosure? |
| Okay, it is November 10, 2008 and according to the papers the court server just dropped off my landlord has not paid his mortgage since June 1, 08. I have tried to contact my landlord to find out his ... |
|
 Do you know any on who can help save my house? |
| i got hurt at work ,and can not work the mogt people redid my house note , to help me out it went down to 563.00 now there calling me and telling me it is back up to 824.00 i only get 827.00 a mo ... |
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 Is this a scam? |
I have my house listed online and I have been eamiling this guy back and forth. He wanted pictures of the home and so on and so on...and the lowest price and then I got this ermail from him
... |
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 My next door neighbour has put his house up for sale my question is ? |
| Why does he think it is worth a small fortune. It is a poxy little 2 up 2 down.... |
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 I have £225,000 cash in the bank.? |
| do you think i should wait for a resession before i buy when the property values crash to buy a big ... |
|
 In a rental apartment is it ok to have a fish? |
| We are renting an apartment in which the contract specifically said 'No Pets'. Fair enough that cats, birds and dogs ruin the place with their poo and fur and feathers and scratching. Of ... |
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 Which type of mortgage is best? |
| Which is better, 10 yr fixed mortgage or a 30 yr fixed with extra principle payments?... |
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 Am I wrong or is my mother? |
| I made several financial mistakes which have hurt my mothers financial stability. She had financed a house for me which I was responsible for making the mortgage payments. As of know the house is in ... |
|
 If I add a 2 car garage to my house, would I still have to pay PMI? |
| If we add a garage to our house and that makes the value go up, would we still have to pay PMI insurance? We are paying 80,000 for the house and there is no garage. If we added a 2 car garage would ... |
|
 How to handle the Death of a Tenant? |
| My tenant passed away last week. Aside from the fact that she has not payed me the rent for June, she is survived by her 17 year old daughter and 14 year old son. Is it legal for me to vacate them? H... |
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Kitty Katty | Rent or stay? |
Is it more economical to stay in my home without a mortgage or to sell up and rent? |
 |
 
pcilliterate
 |
Well, jumble a few numbers about and see what you get, like this for example (all hypothetical of course):
Let's say you earn £900 a month.
You have no rent or mortgage, and no savings.
All bills including food comes to £350.
You have £550 a month to spend how you like... or save...
You sell the house for £100,000.
You rent a flat for £375 a month.
Your outgoings are now £725 a month (£375 rent, £350 bills/food).
You have £175 a month to spend/save how you like...
... and a spare £100,000 in the bank.
While the above scenario looks appealing, renting is like throwing your money away each month, while having a mortgage-free property is an investment.
If you are just thinking of ways you can make/save yourself more money (as your question suggests), It might be an idea to keep the house as an investment for the future - for when you really need it. If you sell with no real plan for the money, and it's just sitting in the bank, there is a temptation to dip into it unnecessarily and on impulse.
A mortgage-free house is basically having difficult-to-access savings, but on the downside the upkeep of the property is solely your responsibility, and not Mr Landlord's. If a water pipe bursts and floods the place, or you have a fire etc, then your investment (your savings) will suffer a massive blow.
Another thing to consider, if you are in the UK, is that we are hitting a property slump at present, so not a good time to sell... however who knows when that slump will end, if ever - maybe the right time to sell after-all?
Grab a pen and paper, a calculator, a glass of your favourite tipple, weigh up the pros and cons, do some number crunching, and really ask yourself what you want to do. Consult your family and friends, ask an expert in property and/or finance. You'll work it out, good luck. |
|
oohbetty
 |
Stay! Paying rent is like flushing your money down the loo! I wish I was mortgage free - count yourself lucky and stay put or if you really want to move then just buy somewhere else. I know the thought of having money in your pocket is enticing but the cost of renting will soon swallow that money up way before retirement age. You'd be crazy to rent trust me. |
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Judy H
|
From my point of view being a renter and at one time a home owner, having your own home is great but you must remember the up keep, things going wrong, the yard work, if something should need repair, taxes, the rise and fall of the housing market, now renting I pay one bill for rent, heat and hot water, and if something goes wrong I call maintenance, for my stage of life, its much easier with less worries. Good luck its a hard choice to leave your home. |
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L1LVN
 |
Stay. Why pay someone's else mortgage? If you need the money, remortgage. It's the cheapest form of loan. |
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Group Captain Lionel Mandrake
|
Rent if you think house prices are going to fall. |
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senior2tor
|
If you are a senior and are poor you can sell the house to a bank in a reverse mortgage so they pay you a little every month. |
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Bigpathome
|
You don't need to make a decision right now. As you have no mortgage, you have all the equity in the value of your house. You could sell your house to one of the 'Sell and rent back' companies and stay in your house and, maybe, buy it back later depending on what the market does.
I can thoroughly recommend Sell to Stay as a company that will give you 80% of the market value of your house and rent it back to you at a competitive rate. After 3 years of rental they will give you a 50% refund on the rent that you have paid (and every 3 years after that) which you can put towards a deposit on a mortgage to buy a new home, or buy back your old home. Very flexible indeed!!
Give then a look at http://www.sell2stay.com
Best of luck Bigpathome. |
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tyson
 |
stay, we sold up and started renting, worst mistake we made |
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golden
|
If your considering the "We'll buy your house and rent it back to you" DON'T do it you will be F*CKED OVER BIG TIME |
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Legend
 |
Reverse mortgage or rent it out. Make your house work for you. Owning is not necessarily better than renting. Agree with previous answerer who discussed all of the hidden costs of owning that people do not calculate. |
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DAVID B
|
Stay! You lose all your security in a rented property. Sure you can't be put out on the street by a nasty landlord but he or she can give you a rough time if he/she wants the property back. |
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bob
|
As far as economics it is better to stay in a home without a mortgage. The only reason you should sell is if you have to pay off a large debt or you have another investment to make.
I would stay unless there is some other reason to leave. |
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