Rent vs Buy Archives - Prince & Associates Realty Group
 
How Do You Choose the Ideal Neighborhood?

How Do You Choose the Ideal Neighborhood?

One of the key aspects of buying a house anywhere is the location. The neighborhood is just as important as selecting the apartment or house itself. The area you choose to move in has to have low crime rates, it has to be affordable, and it should be easy for you to imagine making friends with the people living around you. Moreover, and this depends on whether you have kids, the location should have good preschools, high schools, playgrounds, etc.

If you’re planning to buy a home or apartment, it is important to understand that you don’t just have to consider the property itself, but also the neighborhood. So let’s see how you can go about choosing the ideal neighborhood as you look for a new home.

Make a List of Important Questions and Do Some Analysis on Your Own

It is vital to first think about all the qualities you seek in a good neighborhood. In your mind what constitutes as a good neighborhood? Understand that it isn’t just you that is going to be living in your new house. You have to consider the needs and well-being of your family as well. So ask questions such as:

  • Would you prefer a busy area or some place that is nice and quiet?
  • Would you prefer walking or do you need certain amenities?
  • Do you want to live in a greener area, with trees, parks and a good flora and fauna?
  • Should your house be close to restaurants, malls and hospitals?
  • Do you have to move in to a newer development or are you fine with an older neighborhood?
  • Do you prefer privacy or a well-knit community?

As you think everything through, these are some important questions to dwell on. Moreover, it would also help if you consult your spouse and children as well (if they are older). For example, if you have school going kids, would prefer to have separate cares or would you prefer public transportation? After you develop a realistic picture of the type of neighborhood you wish to settle in, mentioned below are some other important factors to consider.

Keep Your Month-to-Month Budget in Mind

One of the key factors to consider in selecting a good neighborhood is your monthly budget. Depending on what your monthly expenses are, some neighborhoods may either be too expensive or affordable. The first thing you need to consider is property tax. The amount of taxes in this category primarily depends on the location itself. For example, a posh or gated community may have a comparably higher property tax rate than a more common locale. Don’t forget that property tax rates increase with time, further adding to your monthly expenses.

See if the Local Lifestyle is in Line with Yours

Nothing is more important than moving into a neighborhood that is in line with your current lifestyle and will continue to augment your future lifestyle. You have to figure out what type of a community would be more comfortable in. For example, would it suit you to move into a modern and lively single-family neighborhood or a family-friendly and private area?

The best way to determine that is to first take a long drive along the neighborhoods you have shortlisted, try to get a sense of how the people are. In addition to getting a feel for the community, there are also some immediate factors to consider such as whether or not the area has a good school district, how the local transportation is, the commute times, etc. You could even easily do an online search or just discuss this with your real estate agent.

It isn’t that hard to buy a house or apartment, but what can be difficult is selecting the right neighborhood. Keep these points in mind before jumping the gun and buying a house. In many ways a neighborhood is an extension of your immediate home and it deserves proper consideration.

Top 5 Values of a Real Estate Agent

Top 5 Values of a Real Estate Agent

In the world of real estate, there are a couple of people whom are key players. Ranging from appraisals, home inspectors, property managers, mortgage loan officers, contractors, bankers and even government agencies; there are usually many people playing important roles in the real estate industry including the prospective buyers and sellers. But it is important to note that the real powerhouse of a standard real estate transaction are those people in charge of the coordination process: real estate agents and real estate brokers!

On different occasions and for different reasons, a real estate agent works at different points: salesperson, buyers’s advocate, analyst, consultant, negotiator or even as a marketer. Below are the top 5 values and qualities that a great real estate agent should possess:

  • Enhanced Knowledge Bank

Successful real estate agents are usually up-to-date in the realm of real estate agency. They’re very active in the local market as this is the reason they are always able to render effective services to their clients. Their educational and professional development is continuous giving them the opportunity to expand their businesses and remain atop the real estate industry. If you emulate and develop a flair for knowledge acquisition, then, on the long run, you would definitely achieve a very positive value which would boost your presence and upgrade your relevance in the world of real estate.

  • Building a Network of Connections

In the world of real estate agency, building a vast array and network of connections is highly important. Great real estate agaents usually possess relevant communications and networking skills within the market they work. Obviously, the aforesaid list of connection usually include several other real estate agents and brokers, potential buyers and sellers, appraisers, home inspectors, and mortgage loan officers and other role players in the industry.

  • A Problem Solving Mindset

One key thing that work and contributes to the values of a great real estate agent is having a problem solving mindset. Real estate agents are usually positive thinkers who provide creative solutions to problems via optimism and critical thinking. For instance, they are well-learned on how to appropriately come up with creative solutions and showcase a house in order to make it more marketable while they also generate and build impressive MLS listings that would attract the appropriate buyer.

  • Hustling Spirit and Tenacity

The real estate industry is really a no joke. To become a top reckoned and great real estate agent, it requires that you possess a tough hustling spirit, mental grit and tenacity. This is because you will be required to put in a great work ethic and purse every lead to aggressively market the properties of your clients. It’s not all about the time you expend, rather about how right and smart you’ve successfully worked to be a great agent in the industry.

  • Paying Close Attention to Detail

If you want to be a great and successful real estate agent, it’s quite important that you have good listening ears and pay attention to details. This is very important to your career in real estate industry. A good agent is very attentive to the essential needs of his or her clients’and must be well-organized, follow leads and maintain a very strong communication with clients. With these, more deals are assured to be closed and more relevance, ascertained.

Conclusively, it is quite imperative to know that the above listed values are those of a great real estate agent, and if they are inclucated and put into good use, you’re rest assured to become a top relevant and very successful agent in the real estate industry.

Fire Pit: a nice touch for your backyard

Fire Pit: a nice touch for your backyard

When you take a look at how beautiful and good looking your house is, on most occasions, you’ve got to be worried about your backyard—especially if you do not have anything to make it look attractive and alluring. Ordinarily, fire pits easily make the environment look unique as it gives it a very good touch of serenity. Aside this, it also serves a wide array of practical purposes. If you want to host a summer outdoor cookout or just a simple drink-out with friends, a fire pit can be a center of attraction at your backyard which can offer you this convenience.

Obviously, there are quite a couple of benefits to be derived from having a fire pit in your backyard. Apart from the decorative features it possess, it can also serve other purposes. For instance, when you have an outdoor fire pit, you would be availed the opportunity to spend quality time with your family and friends—no doubt, this would definitely improve your relationship and bond with the people you love and care for.

Here in this article, we have made a list of the top inventive and original fire pit ideas that you should consider having in your yard which are as given below:

  • Decorative Iron Fire Pit

If we are to talk about good ideas on fire pits, then it’s quite imperative that we discuss more about aesthetics than functionality. The decorative iron fire pit brings an ambiance and an alluring look to your backyard. It is set in an area where there are stones or gravels around which sitting benches and chairs are also placed.

  • Circular Fire Pit with a Wood Bench

The Circular Fire Pit is one of the most famous fire setups. The wood bench that is available around the pit gives you, family and friends the opportunity to sit under a rather comfortable and warm atmosphere. One of the main advantage that comes with this pit is that all its components are readily made available.

  • Campfire Fire Pit

Without any iota of doubt, the campfire fire pit is another simple setting whose inspiration is usually gotten from outdoor campfires. It is constructed by placing a bundle of wood and a circle of rocks around the pit. It is a prospect that is special—especially if you want to reproduce a certain camping vibe within the comfort of your own home.

  • Base-Level Outdoor Fire Pits

When the Base-level fire pit is built with care, it is usually found to look alluring and stunning. This is because it readily blends with the landscape of the surroundings without withdrawing from other details of the backyard. It is usually built by digging a deep base into the ground, and due to this, it is highly essential for you to check the texture and quality of the soil in your backyard before you commence.

Conclusively, even though having a fire pit would give some redefining touch and outlook to your backyard, nonetheless an outdoor fire pit require certain precautions. The availability of pets or children in your home makes it imperative for you to take safety measures at all times. Given that cases of serious injuries are being recorded every year, you cannot be so sure through negligence and non-nonchalance when it comes to securing the environment around your fire pit.

Downsizing Advice For Older Adults Who Need Something Smaller

Downsizing Advice For Older Adults Who Need Something Smaller

Downsizing is a great option for seniors who are looking to make a move, but it can bring a lot of questions even as you’re trying to answer a few. Knowing the right time to downsize is important. You may be thinking about how to make your post-retirement years as safe and comfortable as possible, but it’s important to ensure that your finances are in check and that you’re able to find a home that meets your needs while staying within your budget. This can be tricky depending on the area where you’re looking, so it pays off to do some research before you make any decisions.

Preparing for a downsize can be a lot of work, because it includes not only the packing and moving, but it also means going through all your belongings to figure out what you’ll bring to the new home. Keep in mind that the more items you can discard, the more room you’ll have, which helps eliminate fall hazards, one of the most common causes of injury in seniors.

If downsizing is on the horizon for you, here are a few tips on how to get started.

Check out the area first

If you’re thinking of buying a home in a particular area or neighborhood, it helps to check it out first. You might rent a vacation home there for a week to get a feel for the weather, the people, and the community. This is also a great way to test the waters and see what you’d like to have in a home, from the size to the location. You should also scope out the housing market in the area you decide to live in, to see if you can actually afford to live there. In Bay Shore, average home prices have been an average of $356,000 over the past month.

Don’t overlook the details

It’s important to know what to look for in a new home when you’re downsizing. You may find a great home that’s just the right size, but if the details are wrong, it might not be the best fit for you in the long run. Take a look at all parts of the home. A one-story two-bedroom might just be perfect, but if there’s a large yard to take care of, you may end up regretting it down the road. Does your chosen house sit in a neighborhood with an HOA that will cost potentially hundreds of dollars per year? Are there grab bars in the bathroom? If not, you can always purchase them later, since they’re easy to install. (You can find grab bars on Amazon for $23.37 each.) Make sure you know the ins and outs of the home and the area before making a commitment.

Get organized

Staying organized while you pack and declutter is essential because it helps keep your belongings separated from the items you plan to get rid of, and because it enables you to reduce stress while you’re preparing for such a major life change. Make packing lists as you go, and clean at the same time so you’ll have less to do on moving day. Try not to make a “maybe” pile when going through your belongings, as it’s best to be definitive. Donate, trash, or sell the things you know you don’t want to take, and measure the rooms in the new house to make sure your furniture will fit.

Get some help

These days, many cities have companies that specialize in helping seniors downsize, so look to see if there’s something like that available for you. These professionals can help you declutter, pack, transport, and unpack your belongings. You can also ask friends and loved ones to help you get everything organized and ready for moving day, and have someone help you clean the old house when all is said and done.

Downsizing is one of the biggest decisions you’ll ever make, so it’s crucial to ensure that you take your time and research your options. Finding the right home for your post-retirement years takes a lot of careful thought, but it’s well worth it if it keeps you safe and healthy.

Written By: Mike Longsdon

 

 

Yes, There is A Way Around Mortgage Insurance

Yes, There is A Way Around Mortgage Insurance

If you have just bought a home or are in the process of buying one, you may have a good idea what mortgage insurance is. It is quite possible you’re paying it right now. To make things affordable for homebuyers, one of the prerequisites of opting for a mortgage via any lending organization is getting mortgage insurance on specific varieties of loans.

 

The fundamental advantage of mortgage insurance is securing the lender and shielding it from a financial risk or uncertainty on behalf of the homebuyer. But it also makes accessibility for the homebuyer easy even if they do not have a truckload of money to pay for it up front. Sure, there is no doubt that acquiring a mortgage with mortgage insurance can help you get your dream house quickly ,however, you have to understand the flipside of it – which is the fact that mortgage insurance payments will stack up higher and higher in the long run.

 

If you’re getting that butterflies in the stomach feeling, there is no need to worry at all. We have compiled a handful of effective and simple ways to lessen the burden of paying for mortgage insurance. Check it out…

 

Wrap Your Head Around LTV

 

Eliminating mortgage insurance heavily relies on what type of loan you have acquired – as well as that loan’s LTV and mortgage insurance specifications and requirements. LTV is short for (Loan-to-Value) ratio, and it basically calculates the amount of equity you have stacked in your home.

 

You can easily calculate this by dividing the amount of your current loan (the balance that remains) by the original value of your real estate, then multiply the total amount by 100. Remember, the higher the number of payments you make, the lower the loan-to-value ratio. If your LTV is 80% or higher, you don’t have to pay mortgage insurance. This means that if you make a down payment of at least 20% of the home value, you can avoid mortgage insurance.

 

Paying Mortgage Insurance? Here is How You Can Stop!

 

For FHA Loans

If you have acquired an FHA loan, you have to understand that you don’t have an option to cancel making FHA loan mortgage insurance. So what do you do? The best way out of this is to transfer your loan into a conventional loan via refinancing. The fastest way to do that is if you have a low loan-to-value ratio or if you have drastically enhanced your credit score.

 

 

For Lender-Paid Mortgage Insurance

If you have acquired a lender-paid mortgage insurance, the first thing you have to understand is that no lender is going to be paying for your insurance contrary to what they have advertised. What happens is the lender pays for your mortgage and then asks you to make repayments to cover that cost with a slightly raised interest rate.

 

Sure, this might have sounded awesome to you when you first acquired the loan. However, you may want to reconsider your refinancing options, especially if you’re eligible for a brand new loan without the need to pay any mortgage insurance, interest, or either.

 

When the Value of Property Increases

If your vicinity’s market has gone up, and you have already spent quite a bit of money making improvements to your house, your house’ true value (and equity) probably has gone up too since the date of purchase. And this may very well mean that your loan balance falls below 80% of the home value. If this happens, the lender has to remove the mortgage insurance requirement.

 

 

So now you know that ditching mortgage insurance is possible. More importantly, you know how to do it. Who doesn’t like canceling a monthly payment? Feel free to discuss this with us and see what’s the best way out of mortgage insurance for you.

Is Renting Right for Me?

Is Renting Right for Me?

Is Renting Right for Me?

If you’re currently renting on Long Island and have dreams of owning your own home, it may be a good time to think about your next move. With rent costs rising annually and many helpful down payment assistance programs available, home ownership may be closer than you realize.

According to the 2018 Bank of America Homebuyer Insights Report, 74% of renters plan on buying within the next 5 years, and 38% are planning to buy within the next 2 years.

When those same renters were asked why they disliked renting, 52% said rising rental costs were their top reason. The results of the survey can be seen here:Is Renting Right for Me? | MyKCMIt’s no wonder rising rental costs came in as the top answer. The median asking rent price has risen steadily over the last 30 years, as you can see below.Is Renting Right for Me? | MyKCMThere is a long-standing rule that a household should not spend more than 28% of its income on housing expenses. With nearly half of renters (48%) surveyed already spending more than that, and with their rents likely to rise again, it’s never a bad idea to reconsider your family’s plan and ask yourself if renting is your best angle going forward. When asked why they haven’t purchased a home yet, not having enough saved for a down payment (44%) came in as the top response. The report went on to reveal that nearly half of all respondents believe that “a 20% down payment is required to buy a home.”

The reality is, the need to produce a 20% down payment is one of the biggest misconceptions of home ownership, especially for first-time buyers. That means a large number of renters may be able to buy now, and they don’t even know it.

Bottom Line

If you’re one of the many Long Island renters who are tired of rising rents but may be confused about what is required to buy in today’s market, let’s get together to determine your path to home ownership.

Pin It on Pinterest