Tag Archives: National Association of Realtors
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Port St Lucie Cascades-Buy a Home or Rent

10 Jan

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Port St Lucie Cascades-Buy a Home or Rent

You don’t have to be on the verge of retirement to begin thinking about the nuts and bolts of your future living arrangements. There is more to it than just adjusting your monthly budget. For many people who are winding up their full-time working lives, a governing decision – one that will affect countless others – is whether to buy a home, continue in one you already own, or to rent.

Some retirees view shedding home ownership as a stress-reliever. If they decide to migrate — whether to a milder climate or to be closer to the grandkids — those folks are less inclined to buy a home in their new community. For others, the decision can be more emotional: many of us who have long owned our homes would be uncomfortable any other way.

If it has been years since you’ve even thought about the buy a home vs. rent decision, writing up a list of the current tradeoffs isn’t a bad idea. There are many dimensions to consider, but in the financial area, some bullet points on that list:

  • Risk    When you own your home, you control an asset that historically stands to increase in value over the long term. However, owning does involve financial risks — such as unexpected maintenance costs or insurance deductibles. Short term, market fluctuations do occur, and that can hurt if it becomes necessary to sell under time pressure. On the other hand, rents rise to cover landlord expenses — and taxes and insurance generally head in one direction: up!
  • Opportunity  When choosing whether to buy a home, rent one, buy a condo, or rent an apartment; you need to ask yourself a fundamental question: do you view your housing arrangement as an investment opportunity — or as just a line item in your cost of living? If your budget leaves some breathing room, the investment idea may look inviting. If not, tight finances might turn maintenance expenses into major hassles.
  • Bottom Line   Overall, the most important factor will always be your budget. Retirement generally means a fixed income – a lifestyle that rewards careful planning (and a sharp pencil!).About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, an agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.netAre you tired of scouring the newspaper and MLS listing sites looking for homes in Florida?   Tired of playing telephone tag with Realtors only to hear the home’s already sold?  Sit back, relax and let Bold Real Estate Group and our team of professional Realtors do the work for you!  Just visit our website and check off the properties yuor’re looking for.  This service is FREE and there’s no obligation!

    View thousands of listings  www.BoldRealEstateGroup.com,  www.PGAVillage-Homes.com, www.TheCascadesAtStLucieWest.com, www.Northeast-Florida-Relocation.comwww.HealthcareRelocationServices.com

7 Steps to Take Before You Buy a Home

15 Aug

7 Steps to Take Before You Buy a Home

By: G. M. Filisko

Published: February 10, 2010

By doing your homework before you buy, you’ll feel more content about your new home.

1. Decide how much home you can afford

Generally, you can afford a home priced 2 to 3 times your gross income. Remember to consider costs every homeowner must cover: property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care if you plan to have children.

2. Develop your home wish list

Be honest about which features you must have and which you’d like to have. Handicap accessibility for an aging parent or special needs child is a must. Granite countertops and stainless steel appliances are in the bonus category. Come up with your top-five must-haves and top-five wants to help you focus your search and make a logical, rather than emotional, choice when home shopping.

3. Select where you want to live

Make a list of your top-five community priorities, such as commute time, schools, and recreational facilities. Ask your REALTOR® to help you identify three to four target neighborhoods based on your priorities.

4. Start saving

Have you saved enough money to qualify for a mortgage and cover your downpayment? Ideally, you should have 20% of the purchase price set aside for a downpayment, but some lenders allow as little as 5% down. A small downpayment preserves your savings for emergencies.

However, the lower your downpayment, the higher the loan amount you’ll need to qualify for, and if you still qualify, the higher your monthly payment. Your downpayment size can also influence your interest rate and the type of loan you can get.

Finally, if your downpayment is less than 20%, you’ll be required to purchase private mortgage insurance. Depending on the size of your loan, PMI can add hundreds to your monthly payment. Check with your state and local government for mortgage and downpayment assistance programs for first-time buyers.

5. Ask about all the costs before you sign

A downpayment is just one homebuying cost. Your REALTOR® can tell you what other costs buyers commonly pay in your area—including home inspections, attorneys’ fees, and transfer fees of 2% to 7% of the home price. Tally up the extras you’ll also want to buy after you move-in, such as window coverings and patio furniture for your new yard.

6. Get your credit in order

A credit report details your borrowing history, including any late payments and bad debts, and typically includes a credit score. Lenders lean heavily on your credit report and credit score in determining whether, how much, and at what interest rate to lend for a home. Most require a minimum credit score of 620 for a home mortgage.

You’re entitled to free copies of your credit reports annually from the major credit bureaus: Equifax, Experian, and TransUnion. Order and then pore over them to ensure the information is accurate, and try to correct any errors before you buy. If your credit score isn’t up to snuff, the easiest ways to improve it are to pay every bill on time and pay down high credit card debt.

7. Get prequalified

Meet with a lender to get a prequalification letter that says how much house you’re qualified to buy. Start gathering the paperwork your lender says it needs. Most want to see W-2 forms verifying your employment and income, copies of pay stubs, and two to four months of banking statements.

If you’re self-employed, you’ll need your current profit and loss statement, a current balance sheet, and personal and business income tax returns for the previous two years.

Consider your financing options. The longer the loan, the smaller your monthly payment. Fixed-rate mortgages offer payment certainty; an adjustable-rate mortgage offers a lower monthly payment. However, an adjustable-rate mortgage may adjust dramatically. Be sure to calculate your affordability at both the lowest and highest possible ARM rate.

More from HouseLogic

Learn how Fannie Mae and Freddie Mac mortgages can help you save on financing

Learn more about the costs of homeownership

Other web resources

Homebuyer counseling resources

Get a free credit report from each of the three credit reporting bureaus

G.M. Filisko is an attorney and award-winning writer who has thrice survived the homebuying process. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Bold Real Estate Group St. Lucie West Office

27 Apr

Bold Real Estate Group St. Lucie West New Location

Bold Real Estate Group is a boutique agency committed to concierge personalized service for discerning buyers and sellers.  Our team of professionals strive to provide the highest standard of real estate service Locally, Nationally and Internationally by combining today’s technologies with yesterday’s caring attitude.  Their goal is to give their clients the confidence to know that their transaction will be completed successfully and with confidentiality.  Buyers trust us to expose them to properties that meet and exceed their desires. Sellers can rely on us to reach a wider range of prospective buyers.

Carlos J. Gil, President.  As of January 19, 2011 achieved his Real Estate Broker’s Licensed in the State of New York, Carlos is a proud member of the National Association of Realtors (NAR), Certified International Property Specialist (CIPS) and International Consortium of Real Estate Association (ICREA)

Millie Gil, Vice President.  A successful licensed agent for over twenty-five years ; always prepared to assist buyers and sellers with every real estate need.   Whether you’re a first time homebuyer or experienced investor, Millie is committed to work diligently to deliver satisfactory results.

You may contact Carlos and Millie at their office located at 1850 SW Fountainview Blvd, Suite 201 in St. Lucie West or by email at boldrealestategroup@comcast.net  or Carlos direct number at (772) 224-9011 or Millie at (772) 224-1634  Visit  www.BoldRealEstateGroup.com or www.TheCascadesAtStLucieWest.com

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