31
Dec
By support
Home Buyer Tips

Looking for Luxury? How to Upsize Your Next Home Without Upsizing Your Costs

Looking for Luxury? How to Upsize Your Next Home Without Upsizing Your Costs Size matters when you are buying a new home. Whether you plan to expand your family, need more room for your stuff, or are concerned with resale value, you want to get the most space for your money. Also, if you want to add a feel of luxury to your home, one of the best ways to do it is to create open spaces rather than cramming all your furniture in rooms so tiny you can barely walk around without knocking something over.

Traditionally speaking, the larger a home is, the more it costs. If there are two newly built houses side by side in a subdivision, the bigger one is likely to cost more. However, there are some tricks to finding spacious houses that are affordable.

Choose Emerging Neighborhoods

Houses in this year’s trending neighborhood are at their peak prices. Clever buyers look for neighborhoods that are in the process of being gentrified, buying at the bottom rather than the top of the market, to get more house for their money.

Fix It Up

Houses in perfect condition, that show well, sell for a premium. If you want to get more house for your money, choose something that needs a bit of TLC. A house that has pink walls and orange shag carpet might appear just too ugly to consider when you first view it, but it might just need a few coats of paint and some new carpet to become a spacious dream home.

Do Some Finishing

Unfinished areas such as attics and basements can be finished to create additional living spaces. The basement could become a family room and the attic an extra bedroom or study. An unfinished space can become the extra bathroom you need to make morning more manageable.

Consider an Addition

Contractors can add rooms to a house. If you have a large lot, you can build an extra wing. With a one story ranch house, it may be possible to raise the roof and add a second story.

The more stuff you have, the smaller your home appears. Reduce clutter and invest in smaller condo size furniture to give even the smallest home the appearance of spaciousness.

11
Dec
By support
Home Buyer Tips

First Time Buyers: Understanding How Property Taxes Work and What You Can Expect to Pay

First Time Buyers: Understanding How Property Taxes Work and What You Can Expect to PayAre you about to buy a house or condo for the first time? Congratulations!

Owning your own piece of real estate is a liberating experience and one that will provide you with the foundation to build your personal wealth and equity. Once you own your own home you’ll be responsible for a variety of new costs, including property taxes which are assessed by your local government to pay for municipal services.

In this blog post we’ll share how property taxes work and what you can expect to pay for them when you buy your new home.

It All Begins With a Local Property Tax Assessment

As mentioned above, local governments assess property taxes as a means for paying for police officers, fire fighting services, road maintenance and the other various costs that come with running a town or city. Whether you’re buying a house, a townhouse or a condo, the property that your home sits on is inside of an area known as an “assessment area”.

When the local government determines what your local tax levy or tax rate will be, they will assess your home based on the real estate market value of similar homes in the area. You can multiply your tax rate by the assessed value of your home to determine how much you’ll owe in property tax.

Property Taxes As Part of Your Closing Costs

When you close on your new home you’ll have to pay property taxes, and your real estate agent will help you to understand how much these taxes will be and how they will be paid. In most cities and counties you’ll pay a pro-rated amount of property tax that covers the time span from the date you purchase the home until the end of the year, after which time you’ll be paying your full assessed rate.

Don’t Forget Your Overall Tax Picture

Finally, don’t forget that property taxes can be factored in to the rest of your overall tax picture. Check with your accountant or another financial professional to determine whether or not you can write your property taxes off against your income tax to save some additional money. There are numerous tax benefits to owning a home, so it’s best to start using them from day one.

As with all other taxes, property taxes are a fact of life that every homeowner faces. When you’re ready to buy a new home and to learn more about how property taxes will affect your purchase, contact your mortgage professional for expert advice.

05
Dec
By support
Home Buyer Tips

You Ask, We Answer: How to Choose Between Expanding Your Current Home and Buying a New One

You Ask, We Answer: How to Choose Between Expanding Your Current Home and Buying a New OneDoes your home feel like it’s starting to burst at the seams? Many homeowners across the country can relate to this feeling having bought a home only to run out of space due to a growing family or for other reasons. Let’s take a quick look at a few questions that will help you to determine whether buying a new home or expanding your current home is the best choice when you’re in need of some extra space.

Why Are You in Need of More Space?

The first question you’ll need to answer is… “why?” Are you running out of space because you’ve decided to start a family and have another child on the way? Or perhaps you’ve decided to start a business out of your home and you’ve outgrown the small room you had set aside as your office? Whatever the case, a major renovation or a move to a new home are both major decisions and ones that shouldn’t be made lightly. Sit down with your family and consider why you need more space and what you would do with a larger home if you had one.

How Much Space Do You Need?

“How much space” is another consideration that you’ll need to make in order to come to the best decision between expansion and buying a new home. If you find that your needs are perfectly suited except for that missing bedroom you may want to undergo a renovation. Conversely, if you find that you could use at least 2 or 3 new rooms and some extra room in the garage, you may want to start shopping for a new home.

Note that expanding your home to add an extra bedroom or to finish the basement will provide a limited amount of additional space – space which may end up feeling constrained later if your family or needs continue to grow. If you’re thinking bigger over the long term, you’ll likely be better served in finding a larger home that has extra room that you can grow into.

Other Factors for Consideration

If you’re thinking about expanding your current home you’ll want to consider how this will impact the other rooms in the house. Are you going to feel the need to renovate every room once that new bedroom is added? If so, is renovating a wise investment or should you simply move on to a newer home?