Author: David Chang

False Assumptions Regarding Renting

Posted by David Chang on August 12, 2019 with 0 Comment

Often, many visualize renting as a way of losing money. You do not own the property, you are simply staying there for a extended period of time and leaving with money lost. However, renting is not as wasteful as many say. In fact, more people are deciding to rent and the traditional way of renting has changed.

There are several myths surrounding renting, including the following:

You are wasting money:

You may have heard this multiple times throughout your life, that renting is essential throwing your money away. That is not the case. Though you do not get to build up home equity, you get to avoid numerous amounts of expenses including household maintenance, utilities, and other costs.

You cannot get out of a lease:

Many believe that once you sign a long-term lease, you cannot get out of it. This is not true. You can break your lease in a few different ways such as asking your landlord if you can sublet the property. If this does not work, then talking with the property management company will make things easier. Getting out of a lease may be difficult, but is definitely attainable.

Negotiation is off the table:

One of the most common myths regarding renting is that you cannot negotiate with the landlord. You, as a tenant, have power. It is essential to read the lease fully to understand everything. If you would like the terms adjusted, simply ask the landlord.

To learn more about the common myths surrounding renting, contact Chang Legal today.

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Following The Correct Steps When Purchasing A Home

Posted by David Chang on August 5, 2019 with 0 Comment

The time for purchasing a home is becoming evident. The process of buying a home for the first time is exciting, but also unfamiliar and complicated. There are a wide range of things to consider when purchasing a home, which can make the entire process even more stressful.

The following tips will help guide you on the right track when purchasing your first home:

Save for a down payment ahead of time– Saving early for a down payment will prevent you from having to pay higher costs for private mortgage insurance. Utilizing tools like down payment calculators and progress tracking apps will help you layout and achieve a goal amount.

Check and improve your credit– A key factor that contributes to taking out a mortgage loan is your credit. Before beginning the process of purchasing home, check your credit and analyze what is bringing down your credit score. Find opportunities to improve your credit score in order to make the home purchasing process easier.

Have a pre-approval letter– Getting a pre-approval prior to purchasing a home is the perfect way to show a seller that you are serious about making the purchase. A preapproval letter is a confirmation in writing that a lender has analyzed your finances in depth, and states how much the lender is willing to provide to you.

Hire the best fit real estate agent– It is necessary for you to hire a buyer’s agent that will fit your needs. It is important to hire a knowledgeable, focused, attentive real estate agent that you can see yourself being able to cooperate with.

To find the best real estate agent for you or to learn more about purchasing a home, contact Chang Legal today.

The Benefits Of Renting

Posted by David Chang on July 15, 2019 with 0 Comment

While renters maker up nearly 40% of all homes in America, some consider buying a home in the future. While it is a goal of many, it is important to know the expenses homeowners have to pay that renters do not have to pay.

Homeowners Insurance:

When you purchase a home, having homeowners insurance is needed to prevent major costs in case of damages to your home such as flooding, fire, or burglary. On average, homeowners insurance costs $40 per month to prevent these risks.

Property Taxes:

Although this may seem obvious, owning a home comes with paying property taxes. While the costs of property taxes vary from state to state, the average cost for homeowners is $175 per month. It is essential to consider the cost of property taxes as they fluctuate frequently.

Homeowners Association Expenses:

As a renter, Homeowners Association (HOA) fees are usually covered by your landlord, but this does not include homeowners. Typically, homeowners pay $300 in addition to their monthly mortgage per month which cover community amenities.

For more information about the benefits of renting or to receive help with your decision, contact Chang Legal today.

How To Make Your House Look The Best Before Listing

Posted by David Chang on July 11, 2019 with 0 Comment

With the best time to put your house on the market in effect, it is essential to have all of your home’s affairs in order. Like other homeowners, you want to maximize the amount of money you’ll receive from selling your house. Here at Chang Legal, we provide you with essential tips to make your home look the best before being put on the market, including the following:

Renovate the small things:

One of the best ways to give your home more value is having maintenance done, such as repairing utlities and also renovating key things including:

Repaint walls in a neutral color tone.
Ensure HVAC system is in order.
Repair any leaky faucets.
Fix window screens and any damaged lining.
Replace light-bulbs.

Declutter:

Before you list your home, it is essential to declutter and clean all areas. In order to sell your home, potential buyers are going to want to tour the entire household, meaning every area needs to seem spacious. Taking a few days to declutter your home will not only up your home’s value, but will also give buyers an incentive to buy for how spacious it is.

Clean Outside:

While the inside of your home is where you’re most focused on for tidying up, the outside is just as important. The outside of your home is the first impression potential buyers will have. It is crucial to spend time ensuring this area is appealing by:

Put out new mulch
Plant flowers
Repair any concrete cracks (get your driveway repaved)
Fix gutters
Trim vegetation.

For more information or any questions about how to make your house look the best before being listed, contact Chang Legal today.

How To Be Prepared To Sell Your Home

Posted by David Chang on June 17, 2019 with 0 Comment

Once you are thinking about selling your home, it is important to acknowledge all of the details that go into that. Typically many homeowners act too quickly when they are deciding to sell their home, and that often can make them unprepared. At Chang Legal, we want you to be ready when it’s time to sell your home. Follow these tips so you know you’re prepared to sell your home:

Build equity:

Do you know if your home has positive equity? Equity is the difference in market value of the home today compared to the mortgage debt you owe. In today’s market, most homeowners have positive equity, but it still possible for negative equity to occur.

Have money aside for improvements:

To get the most out of selling your home, it is wise to do some home improvements to increase the value of the property. It is essential to pick the areas that will generate the most value.

Be prepared to move:

Many homeowners are eager to sell their home, but then panic when it is time to move out. The attachment to the home with all of the memories made could make it difficult to leave. It is important to prepare yourself for the new memories at your future residence.

To learn more about how you can be prepared to sell your home, contact Chang Legal today.

3-Step Plan For Prospective Homeowners

Posted by David Chang on June 10, 2019 with 0 Comment

When it becomes time to purchase a home, every prospective homeowner has nerves. It is essential to understand the process of buying a property before completely diving in. While every journey is unique to every homeowner, there are a few principles everyone should follow. Chang Legal is here to provide you with the best guidance with this 3-step plan so you’re on track when it’s time to purchase a home:

Find your ideal home:

The first step in purchasing a property is viewing listings online. There are endless amounts of listing sites that provide you with beautiful homes that are in your price range. With this, you will be able to narrow down the type of property you are going to purchase and get a better idea of where you soon will live.

Be prepared before buying:

It is crucial to be prepared when you are trying to get a mortgage for your new home. To get prepared, it is important to evaluate your credit score, understand how much you can afford, and what type of loans are available to you in your financial situation. To be fully-prepared, it is essential to get pre-approved by a lender, which demonstrates you are financially ready to purchase a property.

Connect with a real estate agent:

To fully understand how your local market is inside and out, connect with a knowledgeable real estate agent. Your real estate agent will provide guidance and support on your journey to find an ideal home.

To learn more about the 3-step plan for new homeowners, contact Chang Legal today.

Recognizing Landlord Schemes

Posted by David Chang on June 3, 2019 with 0 Comment

When it comes to renting a residential space, you will have to follow the rules and regulations of the landlord that owns the property. You will more than likely have a reasonable landlord that will require the general terms with renting their real estate space. On the other hand, there are some cases where tenants will have to deal with unreasonable landlords that try to pull schemes for their own personal gain. Here are the most common landlord schemes that you should be aware of when you are renting a property:

Avoiding Costs: Some landlords will try to bypass expenses that they are entitled to pay by requiring the tenant to pay the costs. A few of the costs include property taxes, maintenance costs, security, and utilities. This shows how it important it is for a tenant to study the lease and to report any suspicious requirements the landlord makes to the housing department.

Increase in Rent: The most common scheme landlords pull is increasing the rent illegally. For instance, if you are paying rent on a monthly basis and the landlord raises rent without a 30 day notice, you will then have the ability to report this situation to the housing department.

Trespassing the Property: Once the landlord closes the lease and you, the tenant, are living in the property, they are not permitted to enter the property without consent of the tenant. This means a landlord is prohibited to walk through the front door of the property without probable cause.

It is essential to know if you are being taken advantage of by your landlord through these 3 common schemes. For more information on common landlord schemes to look out for or to learn more about how we can support you through your real estate disputes, contact Chang Legal today.

Selling Your Home In The Best Season

Posted by David Chang on May 27, 2019 with 0 Comment

With the market giving sellers a strong advantage, the best season is here! When you are in the process of selling your home, you may have questions regarding how you can get it done fast and effectively. Chang Legal is here to tell you how you can sell your piece of real estate for the most it is worth in a quick manner.

Undergo remodeling:

To increase the value of your home, it is essential to do some quick remodeling. This includes adding decor, refurbishing appliances, and refinishing floors. The goal of this is to invest money into remodeling so you earn more for the additions at the end of the closing.

Price your home correctly:

Most home sellers decide to price their home high and eventually go down in price as time goes on. However, this is not effective if you are trying to sell your home before the prime season is over. It is important to price your home correctly from the start, this will result in an increase of potential buyers. In addition, the market is for sellers currently, making it the best time to price your home higher.

Eliminate clutter:

When it is time for open house sessions, you want your house to look its best. Every square foot of the home counts so it is essential to get rid of all clutter. You want potential buyers to see how spacious your home is, rather than seeing how cramped it is.

Ensure your listing is known:

In order to speed up the process of selling your home, it is crucial to advertise your open house listings. From appearing on the major outlets for home listings to advertising on social media, the first 30 days your home is on the market is the most important.

For more information or any questions regarding how you can quickly sell your home, contact Chang Legal today.

How You Can Build Up To Receive Home Equity Loans

Posted by David Chang on April 29, 2019 with 0 Comment

Home equity loans are beneficial, since they allow you to use your home’s equity for several different purposes, but you have to be careful what reasons you use the loan for. Every individual has different financial circumstances, but there are some main do’s and don’ts when it comes to home equity.

Improve your home– Making improvements to your home is a safe way of using home equity loans. Using the funds to modify your living space will increase the overall value of your home. Completing a one-time project in your home is another safe way to utilize home equity funds.

Consolidate debt– Minimizing balances, like high-interest credit card debt is another way to put good use to your home equity loan. Lowering the percentage of interest you have to pay with the home equity funds can end up saving you thousands of dollars. Be sure to make financial changes, so you do not end up in more debt than you were before.

Do not splurge on luxury items– Using your home equity funds for vacations and expensive material items is not beneficial in the long run. Home equity loans should not be seen as extra spending money, but rather as an investment. Irresponsible spending with home equity funds can lead to you losing your home.

Do not use home equity funds for basic expenses– Your basic bills like, grocery, utility, and clothing expenses should be covered by your household budget. Changes in your financial life need to be made if you cannot afford to pay for these regular expenses.

For more information on home equity loans and financial guidance, contact Chang Legal today.

The Most Helpful Tips When Buying A Home For Spring

Posted by David Chang on April 1, 2019 with 0 Comment

Spring is beginning, which means lots of people are in the market looking to purchase a new home. With the buying market looking sufficient in most areas, this is the most ideal time to buy a new home. Before purchasing a property, it is essential to have your affairs in order, like credit history and employment status. Chang Legal is here to help you excel at your home-buying odds with these important tips:

Have a good credit history:

The most crucial aspect of a borrower is an excellent credit history. Lenders are more likely to fiance money to someone with a solid credit history. Building a good credit history includes paying off credit cards on-time, cell phone bills, and student-loan debts. It is also recommended to limit your monthly subscriptions to ensure your credit remains stable.

Build a solid career status:

When reviewing a mortgage application, one of the first things a lender will look at is employment history. Lenders do not like to see a laundry list of jobs for short periods of time. It is beneficial to have little to no gaps in employment history of the last two years if you are looking to purchase a home in the spring/summer seasons.

Avoid large purchases:

Whether you are planning to go on vacation or buy a new car, it is crucial you get this approved by your lender. Your debt-to-income ratio will have a great effect on how much money your lender is willing to finance. It is recommended to clean-up your financial resume before giving it to your lender, this will not only make you look more reliable, but will also grant you more money.

For more information or any questions about the most helpful tips when buying a home for spring, contact Chang Legal today.