June, 2012
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Key Fact:
Current available statistics on Floral Park, zip 11004 indicates the number of different properties that were sold during the 24 months period, April- March 2010-2012. The number of residential properties (single/ multi-family) sold in 2010 was 43 compared to 58 co-ops. In 2011, the comparison showed an increase in both residential (45) and co-ops 62 properties. There was a decline in the numbers for both sets for year 2012, residential 42 and co-ops 49.
Category : Properties
A major concern among homeowners today is whether or not they should move. Many people have been forced to move out of their homes due to the present economic situation which has resulted in loss of jobs or job transfers. While the reasons for moving may vary, one thing note considering is making updates that will make you happy.
You have to be smart. Use updates that will improve the efficiency of your home and give you the best return on your investment when you chose to sell. However, despite the present craze in the real estate market which suggests that you have to spend big money on your property so that it can be sold quickly, this is not necessarily so. Spending a lot on your home may not be in your best interest in the long run should you need to sell. Let’s look at some things you should avoid.
- Never add to your house, this can really absorb too much money. The rapid decline in equity makes it too risky in this current real estate market.
- It’s unnecessary to paint, use wallpapers or finishes that buyers don’t like anyway.
- Leave out the decorating. Buyers are not interested in your personal decorating ideas; they won’t buy if you do.
- Don’t get a new kitchen. You can apply a little paint, add new appliances but resist the urge to get custom cabinets and granite counter tops. You’ll never regain the full cost from buyers.
- Don’t make major changes to bathrooms. Give the bathrooms a proper cleaning and splash on some paint.
- Never overprice your home. You can lose the perfect homebuyer if you do.
Get an appraisal! Get the facts before you do anything. Good luck.
Category : Uncategorized
Renting a home is not something you rush into blindly; it needs some serious thought. It is that is binding legal issue and requires that you sign a contract. So, understanding the issue is important before you take the step to sign the paperwork. Here are some pointers you should consider before you rent.
- The lease period, it is for 1 month, 6 months, 9 months or a year and when exactly can you move in.
- Are utility bills calculated in your rental payment
- How much is the security deposit
- Date when rent is due and whether or not there is a grace period if you are late with payment and required fee, if any, for late payment
- The type of payment required; personal or cashier checks
- Is there a nonrefundable fee if a credit check is required?
- What are the penalties if you decide to end the lease before the contracted time; will you incur any fees?
- Are children or pets allowed
- Will the building get a new coat of painting, if not, can you make this minor improvement.
- Are you allowed to hang pictures or attached any shelving
- Will you be supplied with blinds, drapes or carpets
- Is there an extra cost for available storage space for bikes and large objects?
- Does the property have facilities/amenities for laundry, gym, swimming pool, parking; what are the stipulations.
- What time can you move in, and do you have to use special elevators or stairs to do so.
These tips will help you to decide if the rental you are considering is the right one for you.
Category : Uncategorized
Are you a homebuyer who needs help in accessing a loan to help you achieve your dream home? If you are, you need to know about the different types of loan that are available in Floral Park and Bellerose.Conventional Loan is a mortgage that is from the private sector not government insured. The two types of loans are fixed rate and adjustable rate mortgage. If the down payment is less than 20% of the purchase price, private mortgage insurance (PMI) will be required.The loans are often insured by private mortgage insurance (PMI) if the down payment is less than 20 percent of the value of the mortgaged property.
FHA : The FHA single to four family mortgage insurance program is insured by the government which vital for first time home buyers to purchase a home. This program allows more candidates to get affordable terms.
Reverse Mortgage is intended for homeowners of 62 years of age or older to take out the equity from their primary residence.
Adjustable-rate mortgages (ARMs): This type of mortgage usually start off at a fixed interest rate that is low but can change to a more flexible rate after a specific period of time. The time frame for the first rate for ARMs can be one, three or five years and is best for borrowers who are expecting an increase in their income over time.
Home equity loans: These loans are second mortgages with a fixed rate of interest. Although the rates for home equity loansare generally higher than first mortgage interest rates, there are times when it’s better than opting for a refinance mortgage that includes, having an existing low-rate first mortgage, wanting to escape the higher closing costs of refinancing and having the desire to pay off your home equity loan within 30 years.
Work through the process and decide which loan type is the ideal for you. Remodeling you home will require a higher loan amount and if you plan to sell later on, you can choose an ARM. Whatever your decision, get the help of a New York Broker. If you want to get the lowest mortgage rate that is available, ensure that you talk with a number of lenders and submit several applications.
Category : Uncategorized
