Residents of Pennsylvania may have heard the story of the artist in Philadelphia who fought the city to keep his home and won. The city allegedly used eminent domain to attempt to evict the world-renowned artist so they could build a supermarket. It then offered just $600,000 for the studio, which was once appraised for $2 million. At another point, they offered an additional $40,000 and then a land swap.
5 tips for buying a foreclosure for property investors
While the Philadelphia real estate market may not be as hot as it was two years ago, real estate investors are still looking for properties to buy as rentals or to flip and sell. Buying a foreclosure is one way to increase your profit, by getting a cheaper property and fixing it up as a modern rental or to sell to a new owner.
Pros and cons of buying a short sale property
Short sales in Pennsylvania offer a great opportunity to obtain property at a fraction of their actual value. However, short sales do present some risks. For starters, Redfin, a real estate brokerage firm, reminds buyers that short sales are rarely short. Thus, one of the main cons of short sales is that buyers may need a few months' worth of patience when making an offer. It takes a long time for the sale to be finalized and all the paperwork to be processed. This is not a good option for people who may need to move soon.
You want to grow your family, but are you sure you should adopt?
Many people choose to expand their family unit through various means. And as nontraditional families become more common, you might find yourself faced with the option to adopt a child.
Turning real estate into wealth
Some people in Pennsylvania may argue that real estate is already wealth. This is not necessarily true. Wealth requires proper debt management to increase net worth. The property itself will also need to be properly managed or an investor may find themselves paying a monthly mortgage with no return on that investment.
Can I buy an investment property with an FHA?
Investing in real estate can be an extremely profitable alternative to stock markets. However, the barriers to entry in this market can be much higher.
Do I need an inspection before selling my home?
Most people associate home inspections with buying a home. However, it's recommended that people selling their homes have an inspection conducted before listing the property. U.S. News & World Report offers a few reasons why you should have an inspection before trying to sell your home.
