Tag: real estate

Valuable Tips Regarding New Construction

Posted by David Chang on September 24, 2019 with 0 Comment

When searching the market to purchase a home, you are more than likely going to come across new construction properties for sale. These types of homes can either be sold by local builders or national developers. When looking at a new construction home, there are a few factors to consider including the following:

Discounted Home:

A newly constructed home is often under contract with several other homes by the builder. This builder will want to go back to their lender knowing they already have the home sold. In order to do this, the builder may give the first buyer a discounted price on the home to sell it quickly. This will benefit you since you’ll be able to negotiate the price down early in the sales process.

New Construction Homes Sold Before Built:

Often times, these new construction properties are sold before they are even built. This is done by the builder showcasing the same models of the home to potential buyers. For example, the potential buyers may tour a home that has the same layout as the property the builder will construct. This is ideal for many home-buyers because they can request certain changes to accommodate their needs before the home is built.

New Construction Homes Don’t Have Attachment

In the typical process of buying a home, the seller can show signs of their emotional attachment to the property they’re selling. Creating memoirs and selling the house can cause issues when the sales process is occurring. Often times the home-seller overprices the property because they are not ready to let go. On the other hand, new construction homes do not have these issues. The builder is only concerned with the numbers and bases the price of the home on their inventory.

To receive more information about new construction homes, contact Chang Legal today.

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How To Promptly Close A Lease

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

As people grow up, they are more than likely not going to stay in the same house their whole life. When an individual rents a house or apartment, they typically do not stay their whole life. Despite the fact that renting is a temporary aspect, some people want to get out of their lease earlier than expected, whether it is the tenant or landlord. Chang Legal is here to help you understand how you can get out of a lease earlier than expected.

Fixed Term Lease (1 Year)

Fixed term leases are generally one year long and both sides must agree to stay true to the lease the entire term. However, there are some exceptions to this lease such as a tenant violating the regulations of the lease, which gives the landlord the right to end the term early. On the other hand, if a landlord fails to meet the terms in the lease, such as not being able to provide livable conditions, then a tenant may end the lease legally.

Monthly Lease (30 Days)

A monthly rental agreement is a bit more straightforward than a fixed term lease, a tenant or landlord has the ability to be in a notice of leaving 30 days in advance, which means a tenant would still have to pay for the extra month they are spending in the rental.

Contact Your Real Estate Agent

Dealing with ending a residential lease can draw up some complications, this is why it is essential to speak with your real estate agent to see what can be done in your situation. Consulting with Chang Legal will benefit you and your situation, since we have been practicing real estate law for over 15 years.

For further information or to learn more about how we can support you, contact Chang Legal today. support you, contact Chang Legal today.

The Do’s and Dont’s Of Purchasing A Residential Property

Posted by David Chang on September 2, 2019 with 0 Comment

For the majority of people, buying a home will be their number one investment in life, totaling to be their largest purchase. The process of purchasing a residential real estate space can be difficult to manage, that is why Chang Legal is here to give you the hidden secrets that will help you purchase a home.

Do check out the neighborhood

Once you find a home that seems fit for you, it is important to get a personal survey of the neighborhood. There have been cases where individuals do not purchase a property because of the atmosphere of the surrounding neighborhood. Check out the community at all hours of the day to see if it is a true fit for you.

Do avoid border disputes

Before purchasing a potential property, it is essential to get a survey done on the borders of your land. This will prevent border disputes with neighbors and give you precise calculations.

Do hire a home inspector

While this may seem obvious, there are still some homeowners that do not hire a home inspector to ensure everything is in order. This is an essential tactic because if there are any issues with the property, you can use this as a bargaining tool to lower the cost of the home.

Don’t move money around

Most homeowners take out loans to pay over time, which is why it is crucial to keep your credit profile stable. It is essential to not move money around by making large purchases for the 3-6 months prior of taking out a loan. This will show lenders that you have good faith in paying loans back on-time.

Don’t be phased by the costs

Most new homeowners are focused on ensuring the mortgage is paid on-time and typically are forgetful for other costs, such as utilities, taxes, and maintenance expenses.

To learn more about the do’s and dont’s of purchasing a residential property for first time buyers, contact Chang Legal today.

How Can Filing For Bankruptcy Affect You?

Posted by David Chang on August 26, 2019 with 0 Comment

Filing for bankruptcy is an overwhelming undertaking that can be difficult to understand. It is important to be informed of what the process looks like, and what steps can be taken to be successful after restarting your financial life.

Below is a description of each type of bankruptcy:

Chapter 7 bankruptcy: Also known as “liquidation bankruptcy”, Chapter 7 bankruptcy is the process of filing a chapter 7, which requires you to give up all non-exempt assets to your bankruptcy trustee. Your trustee sells your assets and uses the proceeds to pay off your debts. If you are eligible for chapter 7 bankruptcy, liquidating assets will help you rise from the financial crisis you are facing.

Chapter 13 bankruptcy: Also known as “reorganization bankruptcy”, Chapter 13 bankruptcy allows you to keep your property. This is not allowed in Chapter 7 bankruptcy, but with keeping property also comes the requirement of making a repayment plan. Your repayment plan will precisely lay out how you will pay your creditors. Avoiding foreclosure or repossession is usually the primary reason for filing a chapter 13.

Following these main steps will guide you onto a smooth path to financial stability:

Contact a bankruptcy law firm– In order to be provided with accurate and detailed legal support, you should contact a bankruptcy law firm for assistance through the bankruptcy process. You will be guided through the process by your bankruptcy lawyer.

Deciding on which type of bankruptcy you should file for– Your bankruptcy lawyer will assist you in deciding whether you should file for a chapter 7 or chapter 13 bankruptcy. Between these two different types of bankruptcies, one may be more beneficial over another depending on each individual.

Having the best bankruptcy lawyer for you is essential in determining what bankruptcy you should file for.

If you are considering to file for bankruptcy in the Chicagoland Area, Chang Legal will provide you the best legal support, with the assistance of our leading expert legal team. If you want to receive the chance of having a fresh financial life, contact us today.

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.

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.

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.