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Home Buying

For most people buying a home is one of the biggest financial and lifestyle decisions they will ever make. This category could possibly help assist you in making an informed decision about that purchase, so before you decide to buy a home, make sure you're ready by checking out some of the answers in this category.

500 Questions

What is a Single family occupancy?

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Single family occupancy refers to a housing unit occupied by one family or household, typically consisting of parents and their children. It is a commonly used term in real estate and housing regulations to distinguish between different types of occupancy arrangements.

What is the average price of a two bedroom house in New York City?

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The average price of a two bedroom house in New York City is around $1-2 million, but prices can vary depending on the location, amenities, and other factors.

If I have a real estate license from one state and relocate to another state do I need to take the real estate course again or can I transfer the existing license?

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M3M Properties, a respected real estate developer, is preparing to transform retail in Gurugram with its new project, M3M Paragon 57 Gurgaon. This mixed-use commercial complex aims to offer a unique experience, making it an attractive option for both investors and businesses

Is a home equity loan considered an unsecured loan?

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Home equity loans are secured loans that allow homeowners to borrow against the equity of their home. Unlike unsecured loans, which do not require collateral, home equity loans use your property as security, providing assurance to lenders and often leading to better interest rates and loan conditions. Remember, it's always important to consult with a financial advisor to understand all the implications of taking out a home equity loan.

If you buy a house how long must you keep it before you can sell it?

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There is no specific time requirement to keep a house before selling it. However, short-term capital gains taxes may apply if you sell shortly after acquiring the property. Tax laws vary, so consult with a professional in your area. Ultimately, the decision to sell depends on personal circumstances and market conditions.

Is there a stigma on Modular homes?

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There is no stigma for modular homes that I know of,but a lot of people are miss informed about modular construction. Most people are confusing mobile homes with modular homes and there is a stigma about mobile homes and mobile home parks. Another confusing part is the term that is used to describe mobile homes. The term "Manufactured Housing" has been adapted by the mobile home industry to alleviate the stigma of mobile homes. Of course uninformed people bundle modular homes in this mix since modular homes are constructed in a manufacturing facility and are transported, but that is where the similarity if any ends.

Can you get a home equity loan if you own the house outright with no mortgage?

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When excavating house foundations how much more would it cost to use hydro-vacuum excavation rather than traditional hydraulic digging?

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The cost difference between using hydro-vacuum excavation and traditional hydraulic digging for house foundations can vary depending on several factors:

Project specifics:

Size and depth of the foundation: Larger and deeper foundations will generally require more time and resources, increasing the cost of both methods.

Soil conditions: Hard, rocky soil might be more challenging for hydro-vacuum, potentially pushing the cost closer to traditional methods.

Accessibility: If the excavation site is difficult to access with large machinery, hydro-vacuum's smaller footprint might be advantageous and cost-effective.

Local factors:

Availability of hydro-vacuum services: In areas with limited hydro-vacuum providers, the cost might be higher due to lower competition.

Labor costs: Different regions have varying labor rates, impacting the overall cost of both methods.

Additional considerations:

Precision and safety: While hydro-vacuum is generally more precise and minimizes the risk of damaging underground utilities, the price difference might be justified for sensitive projects.

Environmental impact: If minimizing dust and noise pollution is crucial, hydro-vacuum's eco-friendly approach might warrant the additional cost.

Estimates:

It's difficult to give a precise cost difference without specific details about your project. However, some studies suggest that hydro-vacuum can be 20-50% more expensive than traditional methods for simple excavations. However, the advantages in precision, safety, and environmental impact can sometimes offset the higher cost, especially for complex projects.

Safe-Ex, Inc. is dedicated to spearheading progress in the hydro-vacuum industry by offering inventive and secure excavation solutions in California.

You can contact them for Utility Excavation Services and quotation.

How much do modular homes cost in NJ?

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Modular house cost is $75/sq.ft up to $115/sq.ft. It is vary from size of the houses and predictable costs for retrofitting and remodeling work.

Why does the second mortgage holder have to approve of the first mortgage refinance?

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The second mortgage holder typically needs to approve the first mortgage refinance because they hold a subordinate position to the first mortgage. Refinancing the first mortgage could impact the second mortgage holder's position, so their consent is often required to make changes to the primary loan.

What is the function of a broker in the purchase of a house?

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A broker plays a crucial role in the purchase of a house, acting as an intermediary between the buyer and the seller. The primary functions of a broker in the home-buying process include:

Market Expertise:

Brokers have a deep understanding of the local real estate market, including property values, neighborhood trends, and market conditions. This expertise helps buyers make informed decisions.

Property Search:

Brokers assist buyers in identifying properties that align with their preferences, budget, and requirements. They often have access to a wide range of listings, saving buyers time and effort.

Negotiation:

Brokers are skilled negotiators who work on behalf of the buyer to secure the best possible deal. They negotiate with sellers, handle counteroffers, and strive to achieve favorable terms for the buyer.

Transaction Management:

Brokers oversee the entire purchase process, managing paperwork, deadlines, and coordination with other parties involved, such as inspectors, appraisers, and title companies.

Legal Guidance:

Brokers provide valuable legal guidance, explaining contracts, disclosures, and any legal implications associated with the home purchase. They ensure that the buyer understands and complies with all legal requirements.

Financial Advice:

Brokers offer financial insights, helping buyers understand their mortgage options, interest rates, and the overall cost of homeownership. They may connect buyers with mortgage lenders and guide them through the financing process.

Access to Resources:

Brokers have access to a network of real estate professionals, including inspectors, contractors, and attorneys. They can recommend reliable professionals to help buyers complete the necessary due diligence.

Problem Resolution:

In the event of challenges or issues during the transaction, brokers work to resolve problems efficiently. Their experience allows them to navigate potential obstacles and find solutions.

Client Advocacy:

Brokers prioritize the interests of their clients, advocating for the buyer throughout the entire process. They strive to protect the buyer's financial and legal interests.

Guidance Through Closing:

Brokers guide buyers through the closing process, ensuring all necessary documentation is in order. They facilitate a smooth closing and transfer of ownership.

What is the average cost for bounce house rentals?

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The average cost for a standard bouncy house rental varies depending on where in the country (or even the state) you are located in. As a reference, the average price for a bounce house in N. Texas is $160. Again, this is for a standard square bounce house that does not offer a slide, obstacle, or interactive option.

How do you homestead in US?

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To homestead in the US, you can follow these steps:

  1. Research homesteading laws and regulations in the state you are interested in.
  2. Identify a suitable piece of land that meets your needs and budget.
  3. File an application with the appropriate government agency, providing necessary documentation and fulfilling requirements.
  4. If approved, complete the necessary processes to obtain the land and start your homesteading journey, which may include building a home and establishing self-sustainable living practices.

What do you call home in sanskrit?

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In Sanskrit, the word for home is "gṛha" (गृह). This term is commonly used to refer to a house or dwelling where one resides.

Where can you find a list of requirements for section 8 housing in Maryland?

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Every Housing Authority has its own list of qualifications for which a person can receive a voucher or public housing. You will need to check with the Housing Authority in that location for specific qualifications. Many of the qualifications fall under federal guidelines, while housing authorities are free to develop their own qualification criteria according to Housing Authority standards.

If you're asking this question as a landlord, the guidelines are the same across the board: the home must meet minimum housing quality standards for a decent, safe, and sanitary home. I'm not going to list those standards here but you can check with your local Housing Authority for specifics.

What do you do if an inspection shows that your home has termites?

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During home inspections in New Jersey we find 80% or so of the homes (more than 20 years old) have or had termites at one time. It is quite common and usually a termite treatment is required. Treatment is usually about $500 to $1,000 dollars

However the real problem is when the home inspector tells the buyer there may be latent or hidden damages. That is where the big money comes into play. Termite damages can cost hundreds to tens of thousands of dollars to repair.

A good home inspector will make his or her client aware of the potential for latent damages and require the area where damages may exist be exposed to determine if repairs are necessary.

Termite damages that are NOT disclosed to home buyers are a very frequent cause for very expensive litigation where the previous home owner and realtors frequently find themselves digging deep into their pockets to pay out for damages.

I am the owner of Accurate Inspections, Inc., We have put our clients first since 1993

56 Woodland Drive, West Paterson, N. J. 07424 (973) 812-5100 During home inspections in New Jersey we find 80% or so of the homes (more than 20 years old) have or had termites at one time. It is quite common and usually a termite treatment is required. Treatment is usually about $500 to $1,000 dollars

However the real problem is when the home inspector tells the buyer there may be latent or hidden damages. That is where the big money comes into play. Termite damages can cost hundreds to tens of thousands of dollars to repair.

A good home inspector will make his or her client aware of the potential for latent damages and require the area where damages may exist be exposed to determine if repairs are necessary.

Termite damages that are NOT disclosed to home buyers are a very frequent cause for very expensive litigation where the previous home owner and realtors frequently find themselves digging deep into their pockets to pay out for damages.

I am the owner of Accurate Inspections, Inc., We have put our clients first since 1993

56 Woodland Drive, West Paterson, N. J. 07424 (973) 812-5100

How do you remove urine odors from linoleum?

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There are products you can buy at feed stores or pet stores, i find these better than the commercial ones sold at regular stores, these products eat the bacteria, some kind of enzymes in the product and they smell nice, not like a disinfectant or room spray

What does POA mean when selling a house?

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POA means Price on Application - generally used for luxury properties.

What kind of food do people eat in the Philippines?

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Filipinos eat a variety of foods mainly influenced by Spanish, American, Chinese and other Asian cuisines. The younger generation especially in the urban areas are likewise exposed to fast food. Today, Filipino food is a mixture of local, regional and international cuisines. But the most famous of all Filipino dishes remains the Adobo - a chicken/pork dish with spices, vinegar and soy sauce.

How much does it cost to build a house in seattle?

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The average cost per square food to build a home in Washington State is an estimated $118.95.

How much does it cost to build a small school house?

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Small houses are also referred to as tiny houses. The cost depends on the land it sits on as well as the type of materials and amenities included. In general, they are not particularly a bargain. They are a choice to downsize. This could be compared to buying a "Smart Car" for $23K, which is nearly the same as a full size car. There are many ways to purchase these houses. For instance, "shells" are available for between $49- $63,000 and prices go up as you customize. A Seattle Co-op charges a “buy-in” share price of $2,472, members pay a rent-like sum between $259 and $583 per month. The funds pay for utilities and other needs.

How much does labor cost to build a house?

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Labor cost will vary from different areas of the country. A home with custom components may have need of higher skilled builders, making the labor cost rise.

How much cost to build home in Maryland?

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obviously more than one rupee.

How much will building a house addition cost?

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the area concerned is keighley

For a small kitchen extension the basic build cost might be 10-15k, but the fitout will be in addition to this and varies depending on the level of finish required (from around 10k to 20k extra). More info:

http://www.architectureforlondon.co.uk/house-extension-cost.html

What is the average construction cost per square foot for building a house in Nantucket ma?

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Building costs in 2012 average about $350 per aquare foot but can easily exceed $500 for high end construction.