You may have heard the term “house poor” that real estate agents say when discussing the risks of buying a new house. Making future plans and avoiding certain situations can help you get out of this mess.
What Does Being House Poor in terms of real estate means?
House poor is a term often referred to spending an incredible amount of money on your house’s mortgage, taxes, insurance, and other houses related stuff that you don’t have enough to spend on anything else. In other words, a person that spends a large proportion of their total income on their home…Read more
Most people are not familiar with the rent-to-own homes. The term is mostly confused with usual renting of a house. But rent-to-own is a different concept. It is also called lease-to-own a home. According to real estate agents, in rent-to-own homes, there is an agreement between a seller and a tenant in which they agree that the tenant will buy the house after some time on a price that is agreed upon today. The agreement can be done between a buyer and a seller or it can be brokered by a realtor. Hiring a realtor is good just to…Read more