Renting an apartment can be a challenging task, especially in the city. There are a number of things you should look out for if you are renting an apartment for the first time. This doesn’t necessarily include the general ambience, but the bare essentials.
Here are a few things to look out for
The basics: This might sound a bit weird but the first couple of things in your checklist includes if your new apartment has sufficient water pressure. Check how long it takes for cold water to heat up and ensure all the washroom outlets are in proper working order and whether all the fittings are in order.
Sometimes you may rent a posh place, but find out suddenly that there is no cell reception. The second thing is to ensure you have cell reception in every room and corner of the apartment you are about to rent. Chances are the apartment was marked down from the original listing price because it might be an old building. Or these are the factors which would have caused a decrease in the value.
Power outlets: Another thing to ensure are the number of power outlets in the apartment. You might be living all alone, or might be sharing the apartment with a couple of people, in any case it wouldn’t hurt if you a couple of three pin and two pin outlets. Just because the apartment is cheap, doesn’t necessarily mean that you will have to compromise on the necessities.
Take a drive through the neighborhood, ascertain whether the commute time to your workplace or university takes longer than you want. Cheap apartments tend to be in areas and neighborhood generally far away from the city.
You can easily get apartments for under $400, but chances are you might face horrible rush hour traffic in the morning and evening for that matter. Check with your neighbors and ask around in the neighborhood about rush hour and figure out the best possible routes to avoid the same.
It is advisable to hire a building inspector to come and look around the apartment you are planning to rent. There might be a number of things you would have missed, which an expert will be able to spot professionally. The expert’s observations and recommendations will go a long way if you are planning to rent out for a long time.
You can find out more about cheap apartments and apartments which can be rented for under $400 dollars on major rental websites or through agents and property consultants.
A reverse mortgage is a type of loan that allows homeowners to receive payments on their house as opposed to them making payments to the lender. At first glance, this option seems too good to be true. But, before committing to it, there are some nitty-gritty details that people must consider when opting for this type of financing. So, here is some information regarding the pros and cons to consider when getting a reverse mortgage.
Advantages
Disadvantages
A reverse mortgage is a loan that allows individuals older than 62 to improve their financial well-being. They can convert part of their home equity into lump sum cash, fixed monthly payments, or line of credit, according to their preference. The money can be used to pay for medical bills, in emergencies, or to pay off a mortgage. Here’s what you should know about reverse mortgages in case you’re looking for one.
How much can you borrow?
For reverse mortgages, the loan amount can’t exceed the value of the property against which it is borrowed. Federal regulations require lenders to ensure that the loan amount doesn’t exceed the value of the house by structuring the transactions accordingly. Additionally, these regulations state that the owner/borrower is not liable to pay off the balance amount in case it exceeds the property value.
How are reverse mortgages paid for?
A reverse mortgage is payable when the borrower sells the house, relocates permanently, or dies. Unlike forward mortgages, reverse mortgages don’t need the borrower to make any monthly payments. They are only liable to pay interest on the money received, which is rolled back into the loan balance. While the owner gets to keep the title to the home, their home equity reduces over the loan tenure.
Who can take a reverse mortgage?
This type of loan is ideal for seniors and retirees whose net worth comes mostly from the value of their home. Seniors who don’t qualify for a home equity loan or can’t refinance due to limited cash flow or poor credit can opt for reverse mortgages. Home Equity Conversion Mortgage (HECM) for purchase is a reverse mortgage that allows seniors to buy another property. That said, it is complex, and you should study the risk factors before getting one.
What are the risks associated with reverse mortgages?
Reverse mortgage scams are not unheard of. Unreputable vendors could offer to help seniors secure reverse mortgages by undertaking house repairs. They don’t provide quality results and get away with the homeowner’s money instead. For spouses living together in a home with only one spouse named as a borrower on a reverse mortgage, the other spouse can lose the home if the borrowing spouse dies first. Besides, reverse mortgage lenders charge fees and closing costs and may also charge mortgage insurance premiums for federally-insured HECMs.