We are starting to hear from real estate professionals that a growing number of purchasers are young adults being persuaded to buy now. Who are the people selling them on the American Dream? Their parents! It seems that parents of some adult children are strongly suggesting that their children take advantage of the low cost of homeownership available today. Some moms and dads are helping financially and are even co-signing for the mortgage.
At first, we found this to be rather surprising. However, after thinking about it, it made complete sense. Here are the reasons why.
Do the Math
Let’s look at the financial aspects of renting vs. buying. With house prices falling and rental prices rising in many markets, the possibility that owning a home could cost less than renting one is growing.
So, you’re moving soon. And as you look around at all your stuff, contemplating how much you’ll need to spend on boxes and a truck, you can practically see the money falling out of your pockets. There’s no doubt that moving can be expensive. But notice I said “can be.”
In fact, moving your stuff doesn’t have to cost you an arm and a leg (and your sanity to boot). Here are five simple ways to cut down and save money on your average house moving costs:
1. Don’t Buy Boxes
It’s amazing how much moving companies, especially move-it-yourself places like U-Haul, charge for boxes. I mean, $15 for one garment box? You could buy dinner for two at Panera for that! And you’re only going to use it once. You can easily get some sturdy boxes for free at your local grocery store or wholesale club like Costco. Potato chip boxes work well because they’re a manageable size and are often made with thicker cardboard (to protect the chips). Find out what day they stock chips and head over there to snag some free boxes.
Fannie Mae and Freddie Mac are freezing all foreclosure evictions on the mortgage loans they own or back from Dec. 20 through Jan. 3.
"If the property is occupied, our foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays," says Anthony Renzi, executive vice president of single family portfolio management at Freddie Mac.
Most of the large banks, including Bank of America, J.P. Morgan Chase, and Wells Fargo, already observe a moratorium through the New Year, unless the foreclosure involves an investor who chooses not to observe the holiday policy.