With graduation season in full swing, many may be pondering a change in their living quarters. Some may be moving out of Mom and Dad's house into dorms, or maybe out of dorms into their own apartments. But what if you're ready to take an even bigger step—moving out of a rental into a home you can call your own? Buying a house, after all, is a great way to put down roots and build wealth (since homes tend to appreciate so you can sell later for a profit). But purchasing property isn't a simple process, so you should make sure you're prepared.
So, how do you know if you’re ready to move from an apartment to a house? Ask yourself these questions below to get a sense of where you're at—or what you have to do to transition easily into home-buying mode once the time is right.
If you're thinking about buying your first home, that pesky down payment has probably kept you awake more than a few nights. We get it—while a pre-approval is crucial for determining your buying power, it's the down payment that shows you mean business. But saving up is hard. In a study conducted by NerdWallet, 44% of respondents said a lack of a down payment was the roadblock keeping them from buying a home. Making things even worse? Your well-meaning friends and family have probably given you at least one piece of well-meaning, but ill-informed advice, leaving you in more of a blind panic than you need to be.
We're not saying that saving for a down payment will be a cake walk, but separating fact from fiction can go a long way. Here's the truth you need to know.
Selling your home? Then you've likely had that rude awakening where a real estate agent tours your home and breaks some tough news: Your house needs work before it goes on the market. For starters, you'll have to fix the boiler. And paint. And replace those outdated cabinets ... the list might go on and on.
Given that all these tweaks cost money, you might wonder: Do I have to do everything?
Are there tax deductions when selling a home? You bet—and they can amount to sizable savings when you file with the IRS. So whether you're selling your home soon or sold it last year, you'll want to know all the tax deductions (not to mention tax exemptions or other write-offs) at your disposal.
Here's a rundown of everything you need to know, plus a preview of what's in store once the new tax code takes effect next year.
Want to know how to remove paint from carpet, wood floors, or anything else it's landed on during your last renovation job? Never fear—painting can be hellishly messy, but there are plenty of ways to clean up any accidents.
The amount of work you'll need to do depends on a few things, including the kind of paint you used and whether it's still wet or dry. Here's what to do in each scenario.