Archive for the ‘real estate’ Category

Types of Condos

Condominiums

Condominiums

There are several reasons that condominiums have been growing in popularity over the last few years in NJ. Many people prefer the security and sense of community that are associated with condominiums while others are drawn to this real estate purchase because of its cost effectiveness. An owner does have to perform minor maintenance on a condo, but they typically do not have the added responsibility of doing yard work. These are some of the main reasons that people purchase condos. When a condo is purchased it is a collective ownership. There are three different types of condo ownerships. Continue reading

Benefits of Buying a Condo

Condominium

Condominium

There are several options available when looking for a home to purchase; and most agree that purchasing is better than renting in almost every circumstance. The traditional detached residence may be one of the most popular choices, but purchasing a condominium can be a better option over renting an apartment or buying a more traditional home. There are several different types of condos but most of them look like a regular house or a townhouse. Here are a few of the advantages that are associated with purchasing a condo.

The Advantage of Community

There is a social aspect to owning a condominium. You and your neighbors become a sort of community, and since they are purchasing their condo too it is possible to develop long term relationships with them. There is a sense of shared ownership so there can be quite a bit of socialization between the owners. When you need to go on a business or leisure trip, you can rest easy knowing that there is someone close by who would alert you or the police should anything look out of the normal.

Maintenance Advantages

Condo owners do not typically have to mow their lawns, they do not have to clean the gutters or pay landscapers. Usually, the property management company takes care of these sorts of things for the owners. Roofing, house painting and cleaning the pool are not the owner’s responsibility. You will not even have to shovel your own sidewalk in most cases. Living mostly maintenance free is one of the biggest things that appeals to those who choose to purchase a condo.

Easy on the Budget

Most of the time a condominium is much less per square foot than the purchase price of a detached residential home. Condos do have a very wide price range, but they are usually more affordable than single home dwellings of other types. The monthly mortgage is many times much less than what is paid for renting an apartment. Choosing a condo is easier on the budget than most other options. And there is no lease with a property management company. This just means you do not have to make a choice periodically whether you are moving or staying. It’s much more permanent.

Other Financial Advantages

When you pay for a condominium, you are paying a mortgage. This means that the payment will include interest which is tax deductible. Even though the dwelling is a condo, you are still a homeowner which gives you the same advantages as those who own traditional homes. Since you are making a mortgage payment with the hope of one day paying the loan off, you are investing in real estate. If you desire, you can make improvements by different home remodeling projects that can help increase the value of your home. Of course this is to ensure that you make a profit when it comes time to sell it later. Just get a property appraisal before you get it ready to put on the market. This will give you a good idea of how much the improvements were actually worth.

Things You Need To Know Before Remodelling Your Home

Remodeled Home

Remodeled Home via Flickr: ktylerconk

When it comes to a home remodel there are tons of different things that homeowners need to keep in mind and understand fully prior to starting the remodel. There are structural and technical issues to remember, design choices to be made, and property values to be considered when looking at any home remodel project. The first and most important thing to understand is how the remodel is going to affect the resale value of the home.

A real estate agent that is offering a client help in buying a home is going to be looking for several things in any older construction home, things like updated bathrooms and kitchens, hardwood or laminate flooring, new windows and fixtures, and any additions that have been made to the home. All of these upgrades can help increase resale value and can help add to the property value as a whole in the long run. When upgrading to increase the value of the home, price of the upgrade or renovation is the most important factor to keep in mind. A homeowner can update and upgrade all they want but if the upgrade costs more than the added value to the home, there is an issue. When doing an upgrade purely for resale value it is important to keep costs as low as possible in order to insure the highest profitability. Doing a $20,000 remodel that is only worth about $10,000 in resale value is a waste of money, time and effort in the long run. Continue reading

How to Choose a Neighborhood

Beautiful Home

Beautiful Home

When an appraiser makes his property value assessment of a home, one of the things that is considered is the neighborhood in which it is located. This can be an influencing factor on the home’s value and it is also something that the homeowner should give a lot of consideration to before they purchase a house. In general, there are several common considerations such as the quality of the schools, crime rate, property values and traffic issues. There are several other items that you will want to consider along with the standard factors. Continue reading

How to choose a home

Choosing the right home for your specific needs is a crucial element in the purchasing of a home. Location, size, your lifestyle needs, and the price of your home should be considered when choosing to buy a new home. These elements should be evaluated at the present time and for the future. Your needs may change in the future and that is just as important as your current needs when making a long term commitment such as buying a home.
Location

Location should be considered when purchasing a home for many reasons. For example, if you travel often you may want to consider living near a family member or a friend so that house sitting is an easier option or living near an airport so that you have convenient access to the airport. Do you have children or plan to have children in the near future? Some school districts perform better then others districts do, this would be a good reason to purchase a home in a favorable school district.
Size

Equally important is the size of the home you are looking to purchase. Family size, present and future, should be considered when it comes to the number of bedrooms your home is equipped with and the living space provided in the home you choose. Do you have pets? You may want a larger yard for your pet’s needs? Do you work from home? A quiet office space may be something to look for in a new home.

Price

As for the price, the overall price of your home, the monthly mortgage payments, and your home owner expenses should all be factored when choosing a home. As discussed in Deciding to buy your home, “homeowner’s insurance, private mortgage insurance, home association fees, property tax, and maintenance and improvement cost are added expenses for many home owners.” Make sure the home you choose is affordable in all areas of cost for you, as the home owner.

Doing your research and choosing the right home in regards to location, size and price will lead you to a successful home ownership. Buying a home is a huge step and a big responsibility. Choosing the right home for your needs is very important for that reason, this huge step should be one that brings you comfort knowing you’ve made a great investment in a home that is ideal for your needs.

Deciding to buy your first home (what should go into the decision?)

There are many factors to consider when deciding to buy your first home. The time has to be right for the purchase of a new home and the right time to purchase a new home isn’t dependant only upon how the market is in your area. The right time to buy your first home is also dependant on your current life circumstances. Meaning, before buying a home you must do your homework and see if this life changing decision is currently the right decision for your situation.

When purchasing a home you must consider your work history, credit history, savings, and affordability. Some questions to consider:

• Have you had steady income in the past two years, and if you haven’t what has caused your employment to not be steady?
• Has your income fluctuated, and why?
• Do you have a history in paying your bills on time?
• Have you defaulted on loans previously?
• What does your credit report show, is it favorable?
• Do you have a savings account, and how much have you saved?
• Can you afford a mortgage at the present time?

After considering the questions above, remember that you must consider added cost as a home owner. Homeowner’s Insurance, private mortgage insurance, home association fees, property tax, and maintenance and improvement cost are added expenses for many home owners. Are these cost that you will be able to afford as a new home owner?

After reviewing the information I have listed you should know if today is the right time for you to act on purchasing your first home. Is today the right time for you to be a first time home owner or is it best in your personal situation to continue to rent a home? Please share by commenting how you are ready to buy a home or how you could better prepare yourself to purchase your first home. Others can better prepare themselves in buying their first home by learning from the information I provided and by your personal examples shared.