Buying a home is often the most expensive purchase that a person will make in their lifetime. While many people have experts check a home’s foundation and plumbing before buying a home, they may not apply the same level of diligence when it comes to their mortgage. Traditional mortgages can last for decades and homebuyers need to understand the details of these complex agreements before they sign anything. Here we will discuss three common misconceptions homebuyers can have about their mortgage and ways that they can protect themselves from problems.
Anxious to stay one step ahead of "old man winter," it's that time of year when people living in northern states start flocking to Florida to spend the winter months living in a more pleasant climate. While these "snow birds" have set up residences in two states, one up north where the summers are cool and one down south where the winters are warm, it should be noted that living in more than one state can present unique issues when it comes to estate planning.
Airbnb is an up-and-coming service that allows homeowners and renters to lease out their homes on a short-term basis to vacationers. Many people in Florida have found it useful, both as travelers looking for an affordable place to stay, as well as homeowners and renters looking to earn some extra money. Now, the Financial Times is reporting that Newgard Development Group, which is a real estate developer in Florida, is partnering with Airbnb to launch apartments in the state.
Homeowners in Florida sometimes fall on hard financial times through no fault of their own, causing them to fall behind on their mortgage. This can be a very distressing experience, especially if the threat of foreclosure is looming. However, homeowners may have alternatives that can protect them from foreclosure.
Many people in Florida may want to pass on an inheritance to a loved one, but they may be concerned about how their loved one would handle such a windfall, especially if they come into it at a young age. In situations like this, a person may want to consider an incentive trust.