Contrary to popular belief, there are pros to renting vs. home ownership. Proponents of renting value the flexibility it offers – especially for short term stays. Renting also ensures that unforeseen home repairs won’t derail your savings.
While most understand the long-term benefits of home ownership, it may feel out of reach due to massive cash down payments and the added expense of maintaining a home. Those who can’t qualify for financing due to a lack of savings, other debts, or poor credit simply have no other choice. Since renting does not provide the opportunity for generating wealth like home ownership does, many encourage renters to jump off the merry-go-round as quickly as they can. We take a more balanced approach. Before you renew your lease, ask these 5 questions to see if home ownership could be in your future.
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Homeownership provides a pathway towards building wealth and controlling monthly housing expenses with a fixed-rate mortgage. However, homeownership isn't a fairy tale ending free of future plot twists. Appliances fail. Systems break. Life happens. But a home warranty program may protect your wallet from the little goblins lurking to derail your finances with system failures.
Let's dive into the magical kingdom of home warranty programs in Central Virginia. In this in-depth guide, we’ll answer these questions:
By the end, you’ll have all the information you need to make an informed decision on what’s best for you. You can reduce your monthly mortgage payment in several ways that remain mostly unknown to homeowners. Today, we change that by sharing the insider scoop and best-kept secrets the lending establishments and tax authorities don’t want you to know. In just five minutes, you'll be armed with the needed know-how to start saving money every month!
This article is the personal opinion of MT Realty Advisors, a Long & Foster team, and does not reflect the views of Long & Foster, it's ownership or affiliates. By now, most of us have read the mainstream headlines around the proposed settlement between the National Association of Realtors (NAR) and the Plaintiffs in the Sitzer Burnett case.
While opinion pieces abound, they tend to repeat a click-bait narrative almost as though they’ve been written with the same AI copy. “Realtor commissions are going away”, “Consumers stand to gain a windfall of savings”, and “real estate is forever changed”. The devil is in the details, and many of the articles arguably fall short of details. Anyone who knows our team’s approach to real estate – informed by my past career in hedge and private equity funds – knows we use data to shape our real estate outlook. Get the data, and let the data do the talking. Seems simple enough. Since analytics are noticeably absent from most opinion pieces, allow me to shed light on the recent turn of events using data while trepidatiously accepting the challenge of compressing this synopsis in a ten-minute read to accommodate our typical attention span. Start your clocks! This article will get to the heart of answering the very pointed and personal question we are all asking. “How does this news potentially impact my investment in the housing market?” At the end of this article, I’ll dive into some of my predictions you may or may not find a repetitious read. First, let me get into the story that no one is telling. It starts like this, “once upon a time…” Central Virginia is an area known to have radon gas levels that exceed the Environmental Protection Agency's (EPA) actionable limit. Yet many homeowners have never tested for the presence and volume of radon that may be hiding in their homes.
What is radon gas? Is radon gas commonly found in Central Virginia homes? Is it dangerous? What can you do if radon is detected? Let us break down these - and many more questions - in our step-by-step guide geared to keep you and your loved ones safe and healthy in your dream home. In this in-depth guide, we’ll answer these questions:
By the end, you’ll have all the information you need to stay safe and healthy from a little-known silent killer. The top benefits of owning real estate include generating investment income, providing a stable housing solution, and owning an appreciating asset that builds wealth for retirement. However, many fringe benefits come along with property ownership, and tax benefits are some that many underestimate or simply overlook.
Before you file this year, homeowners, farmers, investors, and landowners should be aware of all the tax benefits that your property provides this tax season. And if you don’t yet own a home but plan to, make sure you speak with a trusted advisor before you file to understand how lenders view your income when it’s time to borrow - especially if you are self-employed. You may do a double-take before claiming a bunch of write-offs. Here are 8 questions property owners should ask before hitting submit. You dream of home ownership, but the down payment requirement dashes those hopes. I mean, who has tens of thousands of dollars sitting around? Many mistakenly believe they need an impossible 20% down payment to put toward buying a home. But the reality is homeownership can come at little or no up-front cost through down payment assistance programs.
It was recently reported that over 2,000 buyer assistance programs exist in the U.S. – the average benefit between $10,000 and $12,000. Yet many of the home buyers I’ve worked with didn’t know these existed or how to access them. In fact, a recent survey suggested that less than half of non-homeowners are aware of any down payment assistance. So here are the basics on these programs as well as 3 easy steps to see if you qualify! Even if selling is a long way off, it is important to know the factors that reduce or raise your property’s fair market value. Your home’s value is a key factor in determining how much equity you cash out when it’s time to sell. Your equity cash out is a key factor in determining how much house you can buy the next go around.
While some factors are outside your control, making sound decisions on the ones you can control helps the chips fall in your favor when it is time to sell. With your financial and future home prospects riding on your property value, here are six things all homeowners should know affect property values. A common misconception among homeowners is that whatever money you put into updating your home you’ll get back when it’s time to sell.
Unlike popular home shows promote, the reality is most home projects do not recoup your initial, invested cost. Not all home projects are created equal in terms of return on investment (ROI) and homeowners should proceed with caution before making significant changes to a home they intend to sell. If you are ready to funnel your hard-earned money into improvements, these exterior projects make the top of our list for projects that give the best bang for your buck! Smart home improvements add value both in terms of equity gains as well as delaying what may be an unnecessary, costly move. In fact, according to the National Association of Realtors, “after remodeling, 84 percent of owners have a greater desire to be in their home”.
With interest rates on the rise, a few strategic changes may allow you to stick it out longer in your home and keep that historically low interest rate. Ready to funnel some hard-earned money into home improvements? These interior projects make the top of our list for best bang for your buck. |
MoreOwning real estate should be a journey of building & preserving wealth through the equity in your home or other properties. Our resources are designed to give current and would-be homeowners tips & trick to maintain, improve & shop for their greatest asset. Your search for value in real estate stops here. Archives
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