by robwp |
Owning vs Renting Benefits
1. TAX BENEFITS.
Owning vs Renting Benefits
Owning vs Renting benefits you through the allowable tax code deduction of the interest you pay on your mortgage, property taxes and some of the costs when buying, for investment properties other deductions like repairs, depreciation are also allowed, Its a great idea to consult with a tax professional to get accurate information about your particular situation.
2. APPRECIATION.
Real Estate has passed the test of time and allows a stable and steady growth over time, despite the recent housing crisis, home prices have increased on average approximately 5.2 percent each year from 1072 through 2015 according to the National Association of Realtors.
3. EQUITY.
Owning vs Renting Benefits
Money paid for rent is money that you’ll never see again, having a mortgage allows you to build equity as you pay down the principal balance and the home benefit from market appreciation over the years, in addition to:
4. SAVINGS.
Building that equity is in itself a savings plan and when you sell, you could qualify to take up to $250,000 (or $500,000 for married couples) as gain without owing any federal income taxes. (Check with your CPA for further advise on these)
5. FREEDOM.
The home is yours. You’re can do as you choose, decorate, paint, upgrade, remodel and choose to live as it fulfills your lifestyle after all that’s some of the intrinsic owning versus renting – benefits.
6. PREDICTABLE.
Unlike rent, your mortgage payments are fixed and don’t rise over the years (if your loan is a fixed rate mortgage) , taxes and insurance cost will likely increase.
7. PRIDE OF OWNERSHIP.
Owning vs Renting Benefits
Among the many benefits of home ownership like, remaining in a neighborhood for many years and becoming part of the community, pride of ownership is one of the many traits that owning your own property affords through a sense of accomplishment and satisfaction in knowing this property is your own and you’re coming home! after all that it is the essence of the American Dream.
If Thinking to Purchase or Sell, Contact Us for a FREE – NO OBLIGATION consultation. Roberto A. Sanchez – Broker-Associate – Cell (973) 216-1945 or email me at: RSanchez@robsrealtor.com.
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by robwp |
Common Homebuyers Mistakes
Common Home Buyers Mistakes
Let’s face the facts: Buying a home can be an amazing experience, but it can also be quite complicated. With emotions running high, it’s all too easy for home buyers to skip over crucial steps and make mistakes. But don’t worry! I’ve laid out some of the biggest mistakes that home buyers make below so you will know to avoid them.
Low-balling the seller
If you find a house that you absolutely love, don’t play games: work with your agent to come up with a reasonable offer based on the sales of comparable properties in the area. Some buyers seem to think that taking their time and making a seller “sweat” is a good strategy for getting the best price possible. Don’t fall into this trap! You will likely never be the only one interested in buying a particular home, so if you find one that you love, get it before it’s gone. Don’t kill the deal by making too low of an offer or by making excessive estimates for repairs.
Not reading contracts
When you sign a real estate contract, you’re entering into a huge financial obligation. And while it seems like common sense that you should always read (and understand) all of the terms and conditions, many home buyers do not. A good idea is to have your agent go over your contracts with you, section by section. Because contracts are legally binding, it’s crucial that you discover any issues BEFORE you sign.
Spending too much – Set a Top Price Based on Your Income/Financials
Your approval amount should act as a guide, showing you what you could pay for a home if you maxed out your finances. Your pre-approval amount should not, however, be the price that you buy at. Buying at the top of your price range will likely leave you “house poor,” which means you’ll be able to make the mortgage payment and cover recurring expenses, but then you’ll have little or nothing left for recreation or other projects. So instead of buying at the top of your approval level, but within your comfort level: a level where you’ll still have sufficient money left over for other things.
Have Realistic Expectations
Often times buyers enter the market without a clear vision of what they want/desire against what they can afford, a nicer home with more features and amenities in a better neighborhood will cost more than a similar home less updated and in need of minor repairs or cosmetics repairs in the same or somewhat similar neighborhood, therefore it might be still a great deal if willing to put the effort and sweat equity to improve the home and increase its desire ability and comfort without the initial more expensive financial commitment, beware of the common homebuyers mistakes that can make your shopping experience and final results less appealing and rewarding, consult with your agent and make sure you’re making the right decision.
For this and more tips and information on how to start a successful home search that leads you to a satisfactory and rewarding home shopping experience, contact us and we’ll help you get the results you’re looking for in a friendly, NO OBLIGATION, NO HASSLE environment. Email Us or Call Us at (973) 216-1945.
by robwp |
Questions Before Buying Home
Questions Before Buying Home
Whether you’re a first-time home buyer or a seasoned real estate investor, buying a home is a an exciting process. However, there’s also a lot to consider when you decide to buy. So before you begin your search for the perfect property, here are four questions before buying home you should ask yourself.
What do I want?
Take the time to figure out what type of property you want to buy. From single-family and multi-family homes to condos and co-ops, there are many different options on the market and it’s important to choose the type that best fits your needs. Figuring out the town or neighborhood you want to live in is equally important. While a property might have all of the amenities you’re looking for, factors like crime rate and proximity to highways can impact the overall home-owning experience. A good idea is to list out and prioritize your needs (e.g. large backyard, great school system) before you begin your search.
What can I afford?
The rule of thumb is that you should never spend more than 30% of your monthly income on a mortgage payment. An alternate rule states that you can afford to buy a property that runs about two-and-a-half times your annual salary. For a more tailored look at what you can afford, use an online mortgage calculator to see what your monthly mortgage payments would be if you bought a home today.
Questions Before Buying Home
Am I financially prepared?
A few months before you start searching for a home, review your credit history and make sure it is in good standing. Get copies of your credit report, ensure that it’s accurate, and fix any issues you discover. It’s likely that you’ll also want to get pre-approved for a home loan, which will put you in a better position to make a serious offer once you find the right property. Pre-approval from a lender is based on your credit history, debt, and income.
How do I make the best bid possible?
Do your research! Your opening bid should be based on the sales comparable and trends of similar homes in the area. before making your opening bid, get online and review the selling prices of comparable properties and better yet, have your agent pull information off the local MLS (multiple listing service) with pinpoint information that can help you be more successful in getting your offer accepted. If these properties sold for less than the current asking price of the home you’re looking at, you can feel comfortable make a bid that’s slightly lower than what the seller is asking.
If You’re thinking to buy or sell and need honest, accurate and dedicated service to fulfill your Real Estate needs call me at (973) 216-1945 Roberto A. Sanchez – Century ACV Real Estate Email: Rsanchez@robsrealtor.com
by robwp |
Questions Before Selling Your Home
Questions Before Selling Your Home
Selling your home is a big financial and emotional task, which requires lots of planning. So before you decide to put your home on the market, here are four questions to consider.
What is my home worth?
Several factors go into determining your home’s market value. These include the condition of the property, square footage, location, amenities, as well as recent comparable property sales.
For a snapshot of your home’s current value, you can enter your address into a free online value estimator tool. Alternatively, you can look at a recent property tax bill to get your home’s tax assessed value, which is a percentage of your home’s fair market value. If you know your state’s assessment rate (which is usually between 80 and 90 percent), you can estimate fair market value by dividing your tax assessed value by that assessment rate.
How can I sell at the highest price possible?
There are several simple, low-cost things you can do to boost the value of your home. These include eliminating clutter, washing windows and walls, and installing higher wattage bulbs to create a brighter environment. Larger projects, like adding bedrooms and renovating kitchens and bathrooms, typically yield more substantial increases in sales price. Staging your home, which helps paint a picture for how buyers will use their new space, can also add value.
How long will my home be on the market?
The time your home spends on the market depends on several factors, including location, how competitively your home is priced, and how aggressively your home is marketed. Statistics show that if a home is properly priced, an offer should come in within the first 12 showings. If you want to speed up the sales process, don’t underestimate the value of staging. Research shows that well-staged homes can sell up to 32 percent faster than homes that aren’t staged.
How can an agent help?
A real estate agent can help with all aspects of the selling process, from pricing to marketing to handling the intricacies of closing. An agent will negotiate on your behalf to secure the best price – and quickest sale – possible. Looking for an agent who can help guide you through the selling process? Feel free to contact us!
