SANTA CLARA, CA— With life returning to normal as the COVID-19 pandemic  declines, prospective  property buyers have  established a  particular set of priorities when it comes to the  items and  style  functions they want in their next house.

That is the  crucial conclusion of a new national  study  performed by Realtor.com. The  current online poll  included more than 1,200 adults over the age of 18 who  prepare to  buy a home within the next 12 months, according to Realtor.com, which is  run by  openly traded News Corp under a license from the National Association of Realtors.

“ The COVID pandemic  introduced a new  method of thinking about what sofa with chaise‘ house‘  suggests,  which is  affecting much of what today‘s home  consumers are looking for,“  stated George Ratiu, senior economist for Realtor.com, which reported that the desire for additional space was the  leading reason driving home shoppers‘ decisions to  acquire a  brand-new home in the coming year. Survey  reactions also  show  purchasers are looking for more flexibility in their home  area and  price in exchange for a  much shorter commute, the  brand-new  truths of a post-COVID world, Ratiu said.

“ Garages,  big backyards and  area for  animals  constantly rank  high up on  purchasers‘ wish lists, but those  functions  have actually grown in  value,“ he  stated. “The pandemic has elevated our relationship with family,  along with the need for our  house to serve  numerous purposes, especially the  capability to work remotely. As a result, we‘re placing a premium on the  requirement to accommodate extended family, and features like a  office and broadband  web.“

When asked which home  functions have become a priority as a result of the pandemic, a  peaceful location (28%), an  upgraded  cooking area (25%) and garage and  big backyard (24% each) topped the list. Outdoor living area (20%),  area for  family pets (18%),  upgraded  restrooms (19%), home office and broadband  web  abilities (17% each) and open  layout (16%)  completed the top 10 pandemic-induced most  wanted home  functions (see graph, left).

Sixty-five percent of respondents  showed that they are  thinking about extended sectional sofa with chaise loungefamily when they  buy a  house, with  almost a quarter  mentioning that they are  preparing to  purchase near family members, Realtor.com reported. One-fifth of those surveyed said they will have extended family  coping with them full time, while 30% said their new home would need to accommodate extended family staying with them part time or visiting.

 Reducing in importance from prior  studies was the need for a short shop home office furniturecommute time and a  house with  smaller sized square footage. For example,  just 9% of those polled indicated a short commute time was a  top priority, and  just 4% said they are  searching for smaller square  video footage. This was  below 11% and 8%, respectively, prior to the pandemic.

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Home equity line of credit rate, major consideration when acquiring loan

Home equity line of credit is a credit facility where you secure repayment of your loan by your equity on your house. This is advantageous for those you who have realized or is about to realize the greatest American dream, ownership of their own dwelling.

Various reasons lead consumers into taking advantage of using their dwelling as collateral such as in a home equity line of credit. Primarily is the fact that as compared to other loans including, credit cards and other unsecured credit, home equity line of credit rate is lower.  Read more

Additionally, the interest paid in a home equity line of credit is tax deductible. Thus, it helps trim down the tax payables.

Another factor for the popularity of home equity line of credit on top of the home equity line of credit rate, which is lower, is the fact that you can take out a loan of up to 85% of your total equity on the house.

This is especially important for repairs and renovation necessary to make the house safe and conducive to living. Find more!

Additionally, consumers prefer to take out a loan against their equity for purposes of children’s education and in some cases, to settle medical bills.

Consolidation of debt is also another advantage of taking out a loan using the house as collateral. This is because of the convenience that you only owe one institution with all your previous and prevailing loans, the home equity line of credit rate is specifically helpful in this case.

You consolidate your debt and you minimize the interest rates payable, on top of the fact that interests are tax deductible.

Consumers take advantage of the convenience and flexibility including the lower home equity line of credit rate, however, it should not be forgotten that using your house as collateral entails some risks. Primarily, you are at risk of loosing your dwelling. If it happens to be your primary dwelling, consider the nightmare of eviction.

Financial experts therefore recommend that if you want to take advantage of home equity line of credit and the reasonable home equity line of credit rate, you may need to do your homework. -!

Search for the most reasonable interest rates, because interests in a home equity line of credit may be variable, you may need to find the lowest interest rate and the most flexible payment terms. If possible, avoid the lure of paying interests only on your credit line; this will avoid being trapped by the balloon payment at the end of the term.

If possible, choose to pay the interest and part of the principal on a regular basis.

You may also need to check with the lending institution what are the conditions that will make them consider you as in default and what conditions you may need to follow to avoid balloon payments, which you may not be ready for.

It is thus recommended that you scrutinize the application a bit and ask all the pertaining questions in order for you to make sure that you dwelling will not be at risk in the transaction.

It may also be helpful if you can find other sources of information to guide you with the intelligent decision of acquiring loan against your dwelling even with the consideration of home equity line of credit rate. The internet may be a good place to start even before you contact an agent.