Top 7 Advantages of New Construction Over Resale Homes
Once you start house hunting there is no doubt one of your first stops will be at a new homes website or community to see what they have to offer in the area you would like to live in. In fact, new homes have stepped up to win the hearts and minds of homebuyers for the better part of the past decade where we’ve seen an unprecedented explosion in new home construction and buying. What was once considered a luxury reserved for the rich and famous, new construction has opened the door to all price ranges and styles including luxury high-rise condominiums, townhouses, active adult communities and single-family homes.
There are a tremendous number of benefits to owning a new home including the ability to customize the home to your liking, meeting all the new neighbors as they move in and substantial savings in utility costs with new homes now being built to a higher, more energy efficient and green standard.
It’s your house. No, REALLY your house. - When you buy a resale home you are purchasing a home that someone else crafted to suit his or her lifestyle. Sometimes it’s just perfect and exactly what you are looking for but more often than not there are a few “Why did they do that?” issues with a home that you will have to renovate or remove when you move in to fit your lifestyle. When you build a new home you will be able to choose exactly what you want and where you want it so you can move in and not have to touch a thing.
Everyone else is new too! - Resale communities are great because you can see the neighborhood, how people care for their homes and everything is already established but those same benefits can prove to be cons when you are the only new neighbor on the block. Moving into a new home grants you the privilege of meeting the neighbors when they are also looking to meet new people and settle into the community. There won’t be any pre-established social circles to work your way into and you will be discovering new things about your neighborhood at the same time everyone else does.
Newer homes are more attractive when you resell. - Life happens. You might have to relocate or you make a lifestyle change a couple short years after you move in. The good news is that newer homes are more attractive to prospective homebuyers because it’s their opportunity to buy a newer home without the price premium associated with new construction. Better yet, you’ve already purchased all the appliances and upgrades for the home and many parts of the home are still under warranty making the home a great inclusive value. This will compare favorably to older resale homes that may require renovation or updating to make it livable for the modern homebuyer.
Location, Location, Location! YOU choose! - When you shop for resale homes the homes you find are obviously fixed to their current location. How many times have you seen a great resale that would be absolutely perfect if it were a little closer to the community clubhouse or offered a larger back yard for the kids to play? New homebuilders typically offer a range of model homes to choose from and you can usually place that model on a lot of your choice. Now you can have the home of your dreams in the cul-de-sac you’ve always dreamed of!
In the current market new homes may be a better deal than resale homes. - That’s right, the market shift has turned the tables. Now buyers have the market in the palm of their hands and can get some really outstanding deals on homes but you have to know where to look. Resale home owners may be willing to deal but in the past thirty days I have been able to successfully negotiate $69,117 off the asking price of a new home for a client and then shortly after located a home for another client and negotiated $91,000 off the asking price and we are still in negotiations to get even more from the builder. By the way, these home prices included upgrades! I have never met homeowners who were willing to accept a substantial reduction on the price of their home to the tune of more than $60,000. As a matter of fact, many homeowners have overpriced their homes on the market because they owe more than the home is worth and they cannot afford to go lower in price.
Buying Tip: To score a new home deal you can’t walk in and offer builders $400,000 under what they are asking for the home. Fantastic deals can be found however if you find the right buyer’s agent who specializes in new homes because their experience, relationships with builders and negotiating ability will help you save thousands of dollars.
That brown carpet and tiny kitchen? Soooooo 1970s! - Kitchen big enough for one? Small closets, shower only bathrooms and carpet everywhere? Not for today’s homebuyer! The modern lifestyle is drastically different from what it was even ten years ago and resale homes often lack the oomph and space to satisfy. Today’s homebuyer wants a bright, open kitchen with breakfast bar and high-end appliances. We now do most of our living in the kitchen! Soaking tubs in the master suite and walk-in closets are now considered standard staples of the modern home. New homes often feature these amenities as a part of their standard offering and are even starting to prepare homes for the future including the addition of whole house networking and walk-out basements that can be finished as future living space.
New homes save money with efficiency and green building techniques. - Many new homes are taking advantage of the Energy Star standard which sets forth a number of requirements that products like windows and doors must adhere to in order to achieve an Energy Star rating. In addition to Energy Star many builders are now offering green building and living options like the installation of solar panels on the roof of a home to harness the sun’s energy and convert it to electricity. If you install enough solar panels you may just have the electric company paying you for the electricity you are producing! These features are often very costly to retrofit a resale home with if it wasn’t initially built to these standards.
The next time you start searching for homes be sure to consider all of your options including new construction. When buying new construction you should take into account the fact that most new homes take approximately four to six months to build. You will also devote more of your personal time to building the home as you will need to choose home upgrades and work with your agent through the inspection and financing processes.
Happy hunting!
Joshua Ferris is a new home specialist and has created a valuable resource for home buyers considering the Orange County NY area. Learn more about Orange County NY real estate by visiting http://www.realestateinthenycsuburbs.com.
Buying A Vacation Home In Cyprus
With good infrastructure, escalating property prices and a lucrative holiday rental market, buying a vacation home in Cyprus is a good proposition. If you are considering purchasing a Cyprus vacation home it is advisable to go through a registered agent who will make the whole process a stress-free one.
What to consider before buying a Cyprus Vacation Home
Spend some time thinking about exactly what it is you are looking for in your holiday home even before you hire an agent. Giving your agent a detailed description of your requirements will help the agent discount those properties that do not meet your requirements and increase your chances of finding a perfect holiday home that you will not regret buying. Consider the size of the house that you will require as well as the frequency with which you are likely to use it, the potential for renting it out when you are not using it as well as the long term investment prospects. If you are likely to be traveling to Cyprus frequently, you also need to take into consideration the distance from the airport. While beachfront, landed properties are far more popular than high-rise apartments that are inland, you may have other priorities. So be sure to let your agent know.
When allocating your budget for a vacation home in Cyprus you need to add about 10% over and above the purchase price to cover other incidental fees including VAT and Transfer of Title as well as the agent’s fees. Ascertain all these in advance so you are not caught unawares.
The steps involved in buying a Cyprus Vacation Home
If you wish to reserve a vacation house that you’ve seen and liked, you would be required to pay a reservation deposit. This reservation deposit guarantees that the house will be reserved for you until the formalities are completed and will not be shown to anybody else. The purchase price of the vacation home is fixed at the time of paying the reservation deposit and any future property market fluctuations will not affect your purchase price. However, you need to remember that the reservation deposit is non-refundable except in cases where the seller is perhaps awaiting planning permission certification and it is taking longer than expected.
Non-residents who wish to purchase property in North Cyprus are required to open a North Cyprus bank account, which will facilitate the stage payments to the developer as well as the payments of utility bills if buying a resale property.
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Short Sales: A Guide to the Las Vegas Real Estate Market
Many new investors thrilled by the novel idea of making money by buying and selling real estate, are persuaded by short sales or sometimes called “foreclosures”. Short sales are the real estate equivalent of repossession auctions.
Occasionally, homeowners are forced to sell their property for less than the mortgage they own on it. This is what a short sale is.
The main consequence of a short sale, for the property owner in particular, is that the bank sets the final guide price and the terms of sale.
Banks and other mortgage suppliers dislike short-selling so it can take a long time for them to approve any offer made on a short sale property. This usually amounts to a wait of up to six weeks for the mortgage-provider’s approval.
During this period, in the current market, mortgages will have changed. Interest rates will have risen and it is possible that you will be unable to buy the property that you bid on six weeks previously.
Obviously, for any sort of speculator, time is money. Even for buyers interested in personal property as a home, this is a lot of time on such a risky deal.
Fortunately, there are other strategies available to investors that allow for changes in the market.
Investing in a buoyant market such as the one in Las Vegas now, is sure to build a very positive portfolio in the years to come. There is no harm in buying property for a high price if you are confident that the value of that real estate will grow. A true investor understands this and so will usually avoid the temptingly low prices of short sale real estate.
In fact, Las Vegas provides decent profits for any sensible real estate investor for reasons pertaining to the current market. Constant developments and new employment opportunities make it a reliable market.
You are likely to find many examples of short sale properties in Las Vegas because to the current market conditions. There are a lot of people that paid too much for his or her property originally; or who has altered the real property state in a way that was damaging to its value.
The key point to take away from this article is while short sales are risky, the can be very profitable if you have patience in the market. The key is to find a buoyant real estate market like the one that exists in Las Vegas. Sensible investments in a good market will repay you with a nice profit margin. Equally, people buying real estate as a permanent home may want to ensure that they don’t waste their family’s time on short sales or markets that will lose them money.
I hope this has helped you in your efforts to make money from real estate.
Thomas Bladecki is the author and can provide additional information about foreclosures and the current real estate markets visit http://www.home-foreclosure-help.org for more info.
Tips For Buying A Great Vacation Home
There are plenty of places where you may want to take a vacation on a regular basis. Rather than paying for accommodations each time you go you may want to consider buying a vacation home. This is a good idea if you want to be able to spend the entire summer in a particular location. Many people have vacation villas so they can go to a warmer climate for the winter months as well.
Take your time to monitor the market and see what the going prices are. You want to be able to buy your vacation home for a low price. This way you get a better return on your investment. It is also very likely that you will be able to sell it for a nice profit in the future. It will depend on the popularity of the vacation home location when you are ready to sell it as well as the market trends.
Carefully consider the location where you want to have your vacation villa. How much time do you plan to spend there? How much is the upkeep of the home going to cost you? What plans do you have for the vacation home when you aren’t using it? You also want to make sure this is a location where you want to continue spending your vacation time. If you aren’t sure then you should want to invest in one until you know for sure.
There is a misconception that only the very wealthy are able to buy a vacation retreat. That simply isn’t true in today’s economy. Many couples are investing in a vacation home rather than their retirement fund right now. They know they can always borrow money against their vacation home if they need money in the future. You can also make money from the vacation home by renting it out to other parties when you aren’t using it.
Make sure you know what it is that you are buying when you look at vacation homes. You don’t want to get so caught up in the fact that it is along the beach to not notice the poor shape of the foundation or that the pipes are leaking. While you definitely want the scenery from your vacation home to be lovely, you need to pay attention to the details of the vacation home. Take the time to ask why it is for sale in the first place as it can affect your decision to buy it.
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Buying A Vacation Home The Right Way
The purchase of a vacation home is not all about money. Surely you would want to buy something you can afford but there are other things to keep in mind as well, things that end up being more important in the long run. While buying a vacation home, you have to be clear about what you want. Sit down with your family and work out where you want to spend your vacations on a consistent basis. If you are not interested in beaches, a vacation home near the sea is going to cost you enough but will not satisfy you in the long run. Think of a place you would want to spend a relaxing summer or your Christmas holidays.
The thing to keep in mind while making a purchase is to do your homework in full. It is not enough to ask a friend to go have a look, you need to travel out to the location and inspect the area and the intended property. Buying in the off season helps with the prices. When people are renting out the houses full throttle, they are likely to sell much higher. Also, its best to crosscheck prices. Someone might try to get away with an outrageous asking price at your cost, it would be much better to call up a couple of dealers to check or dig into the property ads in the newspapers for a while before you go house buying.
You are probably good at what you do and while your accounts are immaculate others who try your job are not as good, they miss the details. Same is the case for when buying a vacation home; a lawyer will be better suited for reviewing your contract before it is signed and even before that, a professional property inspector would be better adept to reviewing a home for you before you consider it seriously. It can be argued that you can do the same but bear in mind the experiences a property inspector accumulates in his day’s work. He would have seen some great looking properties that were merely a paint job in the end, the chinks that will show after a few months will be in his mind when he reviews the property for you.
Daydreams of making huge profits through the purchase of a vacation home usually stay that, daydreams. While a lot of people think of renting out their vacation homes while they are not using them, it is best to select a property for your own use instead of thinking of it as an investment. The house will not always be rented out; there will be times when the house will be empty and, quite frankly, it will be in demand most when you are already there spending a vacation in the peak season. Off season rentals are cheaper anyhow. But if you are buying a vacation home for yourself and think of renting it out to cover a portion of its cost, and its maintenance, it can only benefit.
Maintenance, however, is something you need to consider before you get this far. Work out how much it would cost to keep the house in order, who will cut the grass? Will you be able to take care of an emergency maintenance requirement? It is probably best to hire services that would take care of your house while you are away but don’t forget, you have to pay as well. Buying a house can be an intimidating task but all you seriously have to do is apply yourself, take the task seriously and not jump the gun. Keep the basics right and the rest will sort itself.
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What You Need To Know About Buying Property In Cyprus
Cyprus is an island located in the Mediterranean, and it is one of the most popular tourist locations right now. This is a great way to get away from the daily pressures of live that can really make us long for some rest and for a great place to enjoy a vacation. The temperatures in Cyprus are generally in the low 70’s and the sun shines there more than 300 days per year. This means you can enjoy the property you buy in Cyprus at any time that it fits into your schedule to get away from your normal routine.
There is plenty of property available for sale right now is Cyprus so you can take your time finding exactly what you are looking for. It needs to be a match for you in regards to the location, the design, the size, and the price. Don’t rush into buying property in Cyprus that is less than what you had in mind. You want to be able to enjoy it for a very long time rather than wishing you had purchased something else.
Almost all of the property that is for sale in Cyprus is offered through a broker. You need to make sure you carefully research the background on any broker you are considering working with. While most of them are excellent people looking to make money while assisting you with buying the property you want, there are some scrupulous characters out there running scams on unsuspecting buyers.
Make sure the broker discusses the various tax liabilities you will have when you buy property is Cyprus as well. They vary depending on which area of Cyprus you happen to be buying property in. As more people continue to find this wonderful vacation spot though the available properties that fit your interest will disappear. It is a good idea to work to make the sale happen if the price is right so you don’t miss out or find out you have to pay more due to the market trends changing.
The market for property in Cyprus continually goes through cycles. You want to buy when the prices are low. You will also find the percentage of the deal that the broker charges will drop a couple of percentage points when the market is slow as well. With decent credit you should be able to finance up to 80% of the value of property in Cyprus. If you are buying it below market value then you won’t need to come up with too much money to invest in it from your own pocket.
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Tips For Before You Enter The Property Market
Buying a house is a basic human desire. A piece of land and a roof on top of our head to call our own is something we all wish for. Beware though, buying a home these days has become bit of a science and art and is no longer a no-brainer.
With the always rising mortgage rates and the recent booms the housing industry has gone through, many have had to forgo this dream. If you are amongst the adamant people who are going to own their own piece of heaven come hail, rain or shine make sure that you are well prepared before taking the plunge or you might have to watch your heaven turning in to a real life hell.
It is worth while considering that in today’s market with the interest rates at the level where they are, a lot of people will find that renting would be a better option for them, in monetary terms, rather than buying a place.
If your financial situation allows you to purchase a house, by all means go for it. Here are a few tips to help with your planning and execution:
Make sure that you do not go over your limits. Buying a house is a long term commitment; do consider all the costs that will come with the house. Legal fees, stamp duties, building inspections, electricity, gas and telephone connections etc will cost you quiet a few $$$. Later on you will have to pay for the council rates, insurance and any repairs that might some unexpected.
Shopping around is very important, starting with the home loan. There are many different products on offer choose wisely and accordingly.
Buying a house is potentially the biggest financial decision that you will make. Don’t be hasty. Look around and hunt down the best deal. With quite a few properties going in to foreclosure, you can find good deals in that market. Someone’s heartache can prove to be your joy.
A good property in a location that does not suit your or your family’s needs will be a pointless investment. Consider the needs that you will have not only now, but in the future as well. Also the community has a big effect on the quality of life that you will enjoy in your house. Make a few visits to the area to check the general atmosphere, the night life, schools and other facilities in the area.
When going for a house inspection, take a few people along. The more people you have with you the better will be the critical appreciation that you will get of the property.
Find a dependable real estate agent and check the prices of recent comparable sales. When you are really interested in a property get the building and pest inspections done. It would also be worthwhile at this stage to get in touch with your prospective neighbors as well.
At the end of the day the house you choose and the neighborhood you live in should make you feel good about your decision, without any regrets. Once you are in your new home, make sure you enjoy it.
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Real Estate 101: What to Tell Your Realtor
Making the decision to finally purchase a home is one of the most exciting moments in your life. At the same time, it can be quite confusing and even overwhelming as you try to make the best decisions for your financial future. One way to make the process go much smoother and to alleviate your fears is to hire a real estate agent that is on the same page as you and that knows what you are looking for.
In order to make sure you are on the same page as your Realtor, communication is key. After all, you cannot expect your agent to simply know what type of home you are looking for or to understand your needs. Therefore, before you enter into any agreements or begin the house hunting process, there are several things you should tell your Realtor.
Consider Your Long Term Plans
When making your home purchase, you should have some kind of idea of your long term plans. Of course, life doesn’t always happen the way we expect and these plans might change, but you still want to make a real estate purchase that is in line with your current goals. For example, if you will only be living in the home for five years and are hoping to sell it for a substantial profit when you are ready to move, you might want to look at different real estate than what you would look at if you are planning to live in the home until after your young children have graduated from high school.
Express Your Needs
When discussing your ideal home with your real estate agent, you need to take care to thoroughly express your needs. For example, if you currently have kids or are planning to have children in the near future, you will likely want to purchase a home that is in a good school district. On the other hand, if you are a retired couple that enjoys taking walks in the park, you should communicate this to your real estate agent so he or she can look for homes that are near to community parks.
The more you communicate about your family, your lifestyle, and your hobbies, the better your Realtor will be capable of finding a home that is well suited to you. Although your real estate agent is not a mind reader, many are quite good at understanding the needs of their clients based on this type of information. In fact, your real estate agent may be able to make some suggestions that you hadn’t even considered while dreaming of your future home.
The more you communicate to your gent, the better he or she will be able to pick out properties that will be suited to your needs. At the same time, if you notice that your agent is selecting homes that are nothing like what you are looking for, be sure to communicate this to your agent as well. Similarly, as you walk through homes with the agent, be certain to point out the features that you like and do not like. These little hints will help the agent get better in tune with what you are looking for in your dream home.
Eric Bramlett is the broker & co-owner of One Source Realty, an Austin real estate company. Eric currently invests, renovates, and develops Austin Real Estate.
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Why Buying a Home is a Good Idea
The first step to building wealth through real estate investing is to buy your own home. Instead of making rent payments that pay off someone else’s property, it makes more sense to make mortgage payments to pay off your own.
This way you not only are not only investing your payments in a property, you are able to take advantage of capital gains.
As you increase equity in your home, you will be able to use it to help you purchase other properties.
After purchasing your own home, the next most common step in real estate property investing is to buy a rental property. If you buy well and get a good rental return with minimal outgoings you will not only take advantage of capital gains but the rent you receive will go along way to paying your mortgage.
As you gain equity in your property and pay down your mortgage, you will be in a position to purchase yet another property and repeat the process.
You need to be careful to minimize the risk by buying properties at below their market value, preferably when market prices have dropped.
This is because real estate prices increase over time and if you are prepared to hold onto property, you will always make money in the long term.
Unless you are wealthy, you will need to take out a mortgage to buy real estate property. A mortgage loan uses property as security for a loan on the property.
A mortgage allows you to purchase real estate with a down payment and repayment terms so that you do not have to pay the full value of the property immediately.
If you default on the payments, foreclosure requires a judicial proceeding which provides the borrower with some protection.
Real estate has historically offered investors far better returns than most other investment options.
With most banks prepared to finance ninety percent of the value of property values, you only require a deposit of ten percent and the ability to make the monthly payments to repay the loan.
Therefore, if you buy conservatively you place yourself in an ideal position to make excellent profits. In fact, real estate has traditionally returned substantially more than average stock market investments over time.
As well as building long term wealth, property investment can offer tax advantages under certain circumstances.
Get advice from your accountant as to whether your circumstances would allow you to claim tax benefits.
Another advantage of real estate investing over stock market investing is that the prices are flexible. With real estate you can make an offer that is lower (sometimes substantially so) than the asking price.
Stock market prices are set and do not allow you any room to move. As a result, you can sometimes get excellent property buys when the seller needs to sell quickly and is prepared to accept your offer.
All in all, investing in real estate is a wise choice that offers excellent long term returns and sometimes even substantial short term gains.
You can begin small with a ten percent deposit on an affordable property and gradually accumulate investments in your property portfolio.
Real estate investment is generally a safe pathway to personal wealth and retirement funding as long as you behave conservatively and wisely.
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Best Real Estate Financing And Home Mortgage Tips You Can Use Now
It’s important to know when looking for real estate financing that the advertised mortgage rates are not always what you’ll get from the lender. The change in rates can be due to market fluctuations, economic news and any other of a dozen reasons. Interest rates can change throughout the day. With adjustable rate mortgages the initial interest rate is usually lower than a fixed-rate mortgage and the monthly payment is also lower. An adjustable rate mortgage may or may not be a good choice because on the average, most people move or refinance within seven years.
Check to see if the property taxes are deductible. Talk with your CPA or other tax advisor for current tax information. The 30-year loan is your best choice if you’re looking for a long-term stable loan; for instance, if you’re planning to stay in your house for a long time. It’s usually the safest home mortgage you can get also. If you’re buying a second home or second property, you’ll need to identify the sources for your down payment, since you will not be selling your current house and using the proceeds to buy the home. You’ll need to expect a larger monthly payment for housing or other expenses too.
The disadvantages of fixed-rate mortgage include higher cost; they are usually priced higher than an adjustable-rate mortgage. The real estate financing situation for each buyer is different. Check with your CPA or accountant, you may be able to deduct the interest you pay on the mortgage loan and some of the financing costs of the home, such as points on your income tax return.
If you’re working with a builder within a sub-division or housing development and just making carpeting, lighting and appliance selections for a brand new home, you’ll probably be able to get a standard home mortgage loan; but if you’re hiring contractors, electricians, plumbers, and painters, you’ll probably need a construction loan, which provides funds to pay the subcontractors as the work goes along. Make sure to get an estimate of your real estate financing closing costs from the lender you’ve chosen. By current law, the lender is required to provide a statement to you within three days of receiving your loan application. And there are many options for those who have a few bad credit marks on their credit report.
If you’re having a problem getting a home loan or home mortgage, why not consider a lease-option on a property. A lease-option on the real property will allow you to set a good purchase price now, and then you apply a portion of the rent each month toward your down payment, building equity in the process. 30-year fixed-rate mortgages offer consistent monthly payments for the 30 years you have the home mortgage. And if the market is good, you can benefit from locking in a lower rate for the full term of the loan. If you don’t get approval a mortgage application can be resubmitted several times; it’s not uncommon for this to happen.
Now if you’re on a fixed income, an adjustable rate mortgage, especially a short-term ARM, may not be your best choice. The advantages of a fixed-rate mortgage include a stable interest rate, consistent principal and interest payments making this loan stable. The rate won’t change; a good choice if you’re likely to stay in the house for many years.
Keep in mind that low credit scores don’t mean you cannot buy a home or other real property. Continue to explore all the options and you’ll come up with the best real estate financing. Work with a reputable mortgage broker or lender to create a customized loan program with the best combination of rates, points, and closing costs to meet your needs.
Most importantly you have to be careful not to assume that you can cut back on your expenses and stretch yourself into a house payment. You don’t want to be cutting into healthy eating habits by eating fast food, for a house that you may not be well enough to live in for a long time. Make sure you know what you can afford to spend each month on a house payment when you start searching for the best real estate financing.
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