Top Reasons You Should Buy a Home or Condo
Just like anything in life, buying a house or condo has both positive and negative aspects to it. Since this type of purchase is a rather large one, every person or couple looking to buy will find it beneficial to carefully evaluate their home-owning situation, as this allows them to make the best home purchasing decisions possible.
If you are looking for some of the many positive aspects related to buying a home or condo, simply continue reading.
Deductions of Taxes
Almost every purchase made in America includes some type of tax on it, and this includes home or condo purchases as well. Even though paying taxes can appear to be a financial burden, come tax time, peoples' obligations to property taxes become their best friend. What is even better is that this best friend sticks around year after year, not just the first year the home or condo is purchased. In most cases, payments on a house or condo are fully deductible on both a state and federal level. In addition, closing costs, loan application fees, and appraisal costs are also deductible.
No Depreciation
Most homes and condos do not endure a depreciation. Instead, they undergo financial appreciation year after year. This means that purchasing one of these types of residences can usually be considered a safe and steady investment, with a price value that continually rises. In fact, on a national level, the median home price has seen an increase year after year since 1968, which is when the NAR began keeping track of the prices. According to a study conducted by the Joint Center for Housing Studies, if a person purchases a home or condo with a down payment of 10 percent cash, after 10 years he or she can expect to have a 623 percent return on the purchase (Ezarik, 2005).
Enjoy the Equity
People who choose to buy a home or condo also get to enjoy the benefit of an always increasing equity until the purchase is paid off in full; this does not happen to those people who choose to rent. With equity, homeowners are able to borrow money for just about any reason they want. Many banks will allow home or condo owners to take out a loan in any amount up to the amount of equity they own in their residence with no questions asked; this is an excellent way for people to boost their credit scores, while at the same time having access to cash any time they need it.
Stability
Unlike renters who generally have no idea if their rent payments will increase, home and condo owners have the added benefit of being able to stick to a fixed-rate mortgage. When doing so, purchasers can rest assured they will have the same repayment amount for the next 30 years or so. Even those purchasers who obtain an adjustable-rate mortgage plan gain a sense of repayment stability because these types of loans come with a cap, which is a maximum repayment amount that is decided upon before the house or condo is officially purchased.
REFERENCE
Ezarik, M. M. (2005, May 16). 6 top benefits of owning a home. Retrieved from http://www.bankrate.com/brm/news/real-estate/REguide/buy-reasons1.asp
Time To Invest In A Condo
With mortgage rates at their lowest ever, now is the time to consider one of the many condos for sale in your favorite locale. Owning your own condominium combines the convenience of apartment living and the advantage of home ownership. Condominium owners seldom have to worry about yard maintenance, outside property insurance or pool cleaning. Monthly payments are an investment in real property that will appreciate over time. Although recent adjustment in home values have been a source of concern, this is not true of all locations in the country. Recent trends suggest that home values are slowly inching their way up again.
With the right real estate consultant, buyers can find their dream condominium for retirement, vacation or for investment. The most affordable properties appear in Florida, Nevada, California and Arizona – areas most affected by the housing crises. If you are searching for condominium foreclosures or REO condominiums, it is best to seek a qualified real estate agent that has special training in dealing with distressed properties.
REO property is real estate that has been through the foreclosure process and now owned by a financial institution. Experts are predicting that recent settlements with banks regarding past foreclosure procedures will result in a new round of bank-owned properties. This area in the real estate market can be difficult to navigate. It can also be a very slow process. For these reasons, some real estate agents are reluctant to steer buyers toward these hidden treasures.
If you are a seller that can no longer afford to keep your condominium, a qualified real estate agent who specializes in this type of sale can guide you to the best alternative. Real estate agents who specialize in these sales have first-hand knowledge and the proper contacts to assist you in getting the best deal.
Condos for sale in resort areas are sources of rental income. Leasing condominiums to vacationing families provides a home-like atmosphere during their vacation at the beach or ski area. Real estate management companies help you keep occupancy levels at a maximum and problems at a minimum. Find a condominium near your favorite resort area for your vacation stays and lease it out the rest of the time.
Perhaps you have a son or daughter who is getting ready to go off to college. A real estate agent can advise you on different condos for sale close to campus. This allows you to turn college housing expenses into an investment.
Those who have ever engaged in the semester move-in and semester move-out process will appreciate a place that does not have to be emptied between semesters. College students who choose to stay between semesters or enroll in summer school must pay extra dorm fees. Buying a condominium eliminates this. Once the condominium is no longer needed, it can be sold or it can be leased to another college student.
Whatever your reason may be for purchasing, the availability of the many condos for sale in Toronto gives buyers many options. Contact an agent for listings in your favorite location.
With the right real estate consultant, buyers can find their dream condominium for retirement, vacation or for investment. The most affordable properties appear in Florida, Nevada, California and Arizona – areas most affected by the housing crises. If you are searching for condominium foreclosures or REO condominiums, it is best to seek a qualified real estate agent that has special training in dealing with distressed properties.
REO property is real estate that has been through the foreclosure process and now owned by a financial institution. Experts are predicting that recent settlements with banks regarding past foreclosure procedures will result in a new round of bank-owned properties. This area in the real estate market can be difficult to navigate. It can also be a very slow process. For these reasons, some real estate agents are reluctant to steer buyers toward these hidden treasures.
If you are a seller that can no longer afford to keep your condominium, a qualified real estate agent who specializes in this type of sale can guide you to the best alternative. Real estate agents who specialize in these sales have first-hand knowledge and the proper contacts to assist you in getting the best deal.
Condos for sale in resort areas are sources of rental income. Leasing condominiums to vacationing families provides a home-like atmosphere during their vacation at the beach or ski area. Real estate management companies help you keep occupancy levels at a maximum and problems at a minimum. Find a condominium near your favorite resort area for your vacation stays and lease it out the rest of the time.
Perhaps you have a son or daughter who is getting ready to go off to college. A real estate agent can advise you on different condos for sale close to campus. This allows you to turn college housing expenses into an investment.
Those who have ever engaged in the semester move-in and semester move-out process will appreciate a place that does not have to be emptied between semesters. College students who choose to stay between semesters or enroll in summer school must pay extra dorm fees. Buying a condominium eliminates this. Once the condominium is no longer needed, it can be sold or it can be leased to another college student.
Whatever your reason may be for purchasing, the availability of the many condos for sale in Toronto gives buyers many options. Contact an agent for listings in your favorite location.
Using Real Estate Agents to Buy or Sell a Home
Real estate agents are trained to provide a variety of property services for homebuyers and sellers. Some real estate agents offer specialty services. You may contact an agent who specializes in helping first-time homebuyers, investors or to obtain help with relocation services. Many agents work a variety of hours. A professional property agent can help you with your realty needs.
Whether you are buying or selling a home, an agent who understands the local realty laws and the market demographics can provide valuable knowledge. Using a variety of tools, realty agents can study comparable sales data in areas that you want to buy or sell a home. The information obtained might provide a basis for a specific listing price or a purchase offer. Realty agents are knowledgeable about customary practices and certain industry standards. Instead of risking a variety of potential pitfalls, you can enlist the services of a professional realty agent.
In addition to holding state-issued licenses, realty agents often pursue other forms of accreditations. Many agents obtain continuing education and various industry certifications. Special training sessions and seminars are used to enhance an agent’s knowledge and professionalism. These skills can often justify the cost of hiring a professional service provider.
A professional realty agent frequently uses a vast amount of resources. Typically, an agent has relationships with local home inspectors, appraisers, attorneys, mortgage specialists, insurance agents, title specialists and consumer credit specialists. If you are buying or selling a home, you may need to rely on several of the aforementioned specialists. Your agent can provide a list of reputable service providers who have delivered favorable results in the past. Using the resources of a professional agent, you may be able to navigate away from the path of unscrupulous operators.
Some realty agents work independently. Many agents work for large or small brokerages. The service fees largely depend on a company’s policies or the amount of work that an agent is expected to perform. Some realty companies charge a flat listing or selling fee. Your agent’s fee might be based on a percentage of the property’s selling price or the purchase price. Generally, realty agents work on commission. Many agents will discuss a negotiated commission or a flexible payment arrangement.
Realty agents may be located within your local telephone directory or online. Typically, a consumer can search for realty agents by county or their zip code. Many agents advertise in classified newspapers, financial magazines, new home periodicals, coffee shops, libraries and a variety of other places. You can ask friends or members of your family to recommend a competent realty agent. Many homeowners will share their past experiences with local realty agents.
Professional real estate agents specialize in staging homes, finding foreclosures, implementing pricing strategies and recognizing local market trends. Using various resources, you can find a real estate agent to help with your next real property transaction.
Whether you are buying or selling a home, an agent who understands the local realty laws and the market demographics can provide valuable knowledge. Using a variety of tools, realty agents can study comparable sales data in areas that you want to buy or sell a home. The information obtained might provide a basis for a specific listing price or a purchase offer. Realty agents are knowledgeable about customary practices and certain industry standards. Instead of risking a variety of potential pitfalls, you can enlist the services of a professional realty agent.
In addition to holding state-issued licenses, realty agents often pursue other forms of accreditations. Many agents obtain continuing education and various industry certifications. Special training sessions and seminars are used to enhance an agent’s knowledge and professionalism. These skills can often justify the cost of hiring a professional service provider.
A professional realty agent frequently uses a vast amount of resources. Typically, an agent has relationships with local home inspectors, appraisers, attorneys, mortgage specialists, insurance agents, title specialists and consumer credit specialists. If you are buying or selling a home, you may need to rely on several of the aforementioned specialists. Your agent can provide a list of reputable service providers who have delivered favorable results in the past. Using the resources of a professional agent, you may be able to navigate away from the path of unscrupulous operators.
Some realty agents work independently. Many agents work for large or small brokerages. The service fees largely depend on a company’s policies or the amount of work that an agent is expected to perform. Some realty companies charge a flat listing or selling fee. Your agent’s fee might be based on a percentage of the property’s selling price or the purchase price. Generally, realty agents work on commission. Many agents will discuss a negotiated commission or a flexible payment arrangement.
Realty agents may be located within your local telephone directory or online. Typically, a consumer can search for realty agents by county or their zip code. Many agents advertise in classified newspapers, financial magazines, new home periodicals, coffee shops, libraries and a variety of other places. You can ask friends or members of your family to recommend a competent realty agent. Many homeowners will share their past experiences with local realty agents.
Professional real estate agents specialize in staging homes, finding foreclosures, implementing pricing strategies and recognizing local market trends. Using various resources, you can find a real estate agent to help with your next real property transaction.