Buying a Home Where Someone Passed Away

Buying a Home Where Someone Passed AwayA key factor that often drives the sale of new homes versus existing ones tends to be cultural. Rather than being financially-driven or associated with location factors, many homebuyers will steer clear of existing homes where someone has passed away. The primary fear tends to be concerns about a leftover spiritual residual in the home that could affect the new homeowners. Despite the abundance of TV shows about ghost-chasers and similar, the stigma of a dead person’s home has been around for centuries and is still alive and well today.

Understanding Property History

While sellers of existing homes will tend to try to limit or omit discussion about the former occupants, focusing on the property description and details instead, it is never a bad idea to have a grip on the history of a home and the related surrounding location. This applies heavily to homes in older neighborhoods that have been around for decades and may have had already more than one long-term owner. Local news and property records can be searched easily online, providing a basic review of whether anything newsworthy happened at the location, most notably crime.

Crime-affected properties are probably the most challenging given that crimes don’t just close neatly. Details could be hidden that can trigger new investigations decades later and would be very disruptive to the homeowner finding them after a sale. The issue isn’t so much that someone died as the law enforcement process ripping apart everything again looking for evidence. Avoidance is probably a good idea in these cases.

Sickness or Age are Common Cases

The high majority of homes with someone passing away, especially older homes when people passed away with families present, tend to be the usual situation. In these cases the big factor is to make sure you’re comfortable with the home personally. In most cases the house has been emptied, cleaned out, restored and make salable again, so the stigma is not really physical but more about personal preference and comfort. While this article won’t tread into the realm of arguing whether spiritual presence is real or not, how comfortable you are in the home with a past is really what matters the most.

Homes Aren’t the Only Locations With History

Note as well, homes are not the only places with history. If you’ve ever stayed in older hotels, apartments or condominiums, you’ve likely stayed or lived in a location temporarily that may have had an assortment of activity in it before you arrived. Homes have a stigma because it involves a long-term commitment in one place, but people regularly stay in rental locations and vacation spots where life just happens on a regular basis, including someone passing away.

Existing Homes Are Not Perfect, But They Have Character

At the end of the day, if there is a presence in a home you’re uncomfortable with, choose a different location to buy. Trust your gut when walking through a home if you feel something off; chances are you may be picking up something with your senses versus logic and sight. On the other hand, if you like history, an existing home could be an interesting adventure into a life before yours to explore, find out about, and learn more about your community as well. And it could be a rewarding pastime to chase.

Is Now The Time To Refinance Your Mortgage?

Why Refinance

To refinance a mortgage means to pay off your existing loan and replace it with a new one.

There are many reasons why homeowners opt to refinance, from obtaining a lower interest rate, to shortening the term of the loan, to switching mortgage loan types, to tapping into home equity.

Each has its considerations.

Lower Your Mortgage Rate
Among the best reasons to refinance is to get access to lower mortgage rates. There is no “rule of thumb” that says how far rates should drop for a refinance to be sensible. Compare your closing costs to your monthly savings, and determine whether the math makes sense for your situation.

Shorten Your Loan Term
Refinancing your 30-year fixed rate mortgage to a 20-year fixed rate or a 15-year fixed rate is a sensible way to reduce your long-term mortgage costs, and to own your home sooner. As a bonus, with mortgage rates currently near all-time lows, an increase to your monthly payment from a shorter loan term may be negligible.

Convert ARM To Fixed Rate Mortgage
Homeowners with adjustable-rate mortgages may want the comfort of a fixed-rate payment. Mortgage rates for fixed-rate mortgages are often higher than for comparable ARMs so be prepared to pay more to your lender each month.

Access Equity For Projects, Debts, Or Other Reasons
Called a “cash out” refinance, homeowners can sometimes use home equity to retire debts, pay for renovations, or use for other purposes including education costs and retirement. Lenders place restrictions on loans of this type.

A refinanced home loan can help you reach specific financial goals or just put extra cash in your pocket each month — just make sure that there’s a clear benefit to you. Paying large closing costs for small monthly savings or negligible long-term benefit should be avoided.

Many lenders offer low or no closing costs options for refinancing. Be sure to ask about it.

Family Matters: How to Choose the Perfect Home for a Large or Growing Family

Family Matters: How to Choose the Perfect Home for a Large or Growing Family Selecting the right home to purchase for a family is a monumental task, and this process can seem even more challenging for those with a large or growing family. A common goal may be to give everyone ample space to stretch out and feel relaxed, but some home buyers may also be focused on other factors like location, cost and even the general style of the home. While choosing the perfect home for a large or growing family is not easy, the process can be simplified by focusing on a few points.

Focus On Storage Space

There are few things that can make home life more miserable in the coming years than a lack of storage space. When a large family does not have adequate storage space in closets, the attic, the garage and cabinets, their items will likely find a home on the counters, on the floor and in other undesirable locations. Home buyers can consider looking for a home that has more storage space than is needed right now to ensure that the new home can accommodate growing needs over the years.

Think About Function Over Size

Many people who are looking for a new home will focus on finding a home that has a specific minimum square footage or a minimum number of bedrooms, but function is generally more important. For example, if a home has bar-style seating at the kitchen counter, the family may not need as large of a breakfast room to accommodate its needs. The family may also get more use out of a home that has a second living area, such as a game room, rather than a formal dining room that may rarely be used.

Choose The Right Floor Plan

In addition, consider reviewing the floor plan of the home carefully. Many prefer to have the kids’ rooms away from the master room, a study placed away from the kids’ game room or an open area where the kitchen and family room are connected so that a parent can oversee the kids while making meals. Home buyers should consider how they live and their likes and dislikes about their current space to determine which floor plan is best for them.

Deciding which home to purchase is rarely easy to do, but your trusted real estate professional can assist home buyers with this process. Those who are searching for a new home for a large or growing family can call their local real estate agent for further assistance.