Collins & Demac Real Estate



Posted by Collins & Demac Real Estate on 4/27/2017

Owning a home is a must for some people. To some adults, a house represents family, tradition and the best form of equity. For others, having money to travel is a priority. If you're trying to decide whether home buying or renting is best for you, consider how long you expect to live in a house. Renting and home buying pros and cons You could move to a different house every two to three years. But, each move would require you to negotiate closing costs, cover realtor fees and pay for necessary repairs or upgrades so that a buyer pays you the full value of your home. The amount of disposable income that you want and how frequently you plan to move aren't the only factors to consider. You need to find out if you can afford home buying over the long term, not just for the next three to four years. After all, even if you only plan to stay in a house for a few years, unless you make a hefty down payment or sell the house quickly, you'll generally be responsible for a mortgage for at least 12 years, 30 years for a longer mortgage. Therefore, consider your savings. Are you currently living paycheck to paycheck or do you have $10,000 or more saved? Some lenders offer loan calculators that you can use for free. Consider taking advantage of these options. Seeing how much you would pay each month for a house (and for how long) is a great reality check. Your current choices aren't set in stone Also, think about your personality. Home buying might be a better fit for you if you don't want to live close to your neighbors. Space to engage in hobbies like wood working or classic car collecting, host large social events, own large dogs and grow a garden are other reasons why buying a house may be best. If you don't know the first thing about home repairs and want access to an in-ground swimming pool, gym and community fellowship area, renting might be the way to go. Living in an apartment or renting a home could keep you from feeling alone if you're single. You also won't have to worry about property taxes. But, you'll never have equity in the home or apartment that you rent. You also won't be able to take advantage of home ownership tax breaks. And you can't leave a home or apartment that you rent to your children the way that you could if you buy a house. The good news is that if you're renting right now, you could start searching for a house to own as soon as you're ready. Equally, if you currently own a house and decide to rent for a few years, you could start taking steps to go the renter's route as well.





Posted by Collins & Demac Real Estate on 12/1/2016

Many first time home buyers think of†the age of a home like a time bomb. With age comes costly repairs and renovations that are often avoided (or at least prolonged) if you buy a newer home. While it is true that older homes are prone to needing more upgrades, they also have many advantages over newer homes. What you don't often hear is that if an old home is maintained properly, it can be as good if not better than living in a newly built one. Old homes often come with perks that are forgotten or ignored in the buying process. In this article, we'll go over some of the best reasons to own an old home, and some of the things to look for when house hunting.

1. With age comes wisdom

Old homes are filled with history. From the people who built and lived in the home, down to the tiny architectural details, these houses will shed light upon what life was once like in your neighborhood.†For those eager to learn about the history and culture of their neighborhood, it has never been easier to access historical data from internet archives or your local library. Aside from being historically significant, old homes are also aesthetically interesting. Depending on the architectural style and location of your home, it could have been built using any number of materials and techniques. Today, mass production has made home-building much more streamlined and efficient. Unfortunately, that has come at the cost of some originality in style.

2. Cost

In many instances, old homes are cheaper to buy than new ones. One reason†is that†sellers assume that buyers will have to pour money into the home to keep it updated and adjust the asking price. Another is simply that your average homebuyer values new homes over old ones. If you enjoy older homes, that gives you a financial advantage. For those homebuyers interested in do-it-yourself repairs and upgrades, buying a "fixer upper" is a great way to save money. However, be aware that some repairs should be better left to the professionals, especially when dealing with hazardous materials like lead paint and asbestos.

3. Location

America is a young country. So the oldest homes tend to be built in centralized and urban areas. That often means easy access to things like grocery stores, schools and highways. Aside from being convenient, old neighborhoods also tend to have developed communities and landscapes. The streets are probably lined with aged trees that provide plenty of shade, and there's a greater likelihood of having†nearby parks or ponds.

4. Prime land picks

Older homes tend to have the best plots of land because, well... they got the first pick. As a home buyer, this could be a huge if you're looking for a larger backyard or one with great natural features like aged trees and natural bodies of water.   When you're out hunting for new homes, don't look past the older homes. You might find that they have many benefits that are great for you and your family.  




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