For most people, buying a home is the single largest investment they will ever make. Because buying a home is such a big event, many people avoid the opportunity altogether and choose to rent instead. When considering renting, just remember that owning a home has many financial benefits.
One of the biggest financial benefits is probably income tax deductions. You can reduce your taxable income by deducting the property taxes and the interest of your home mortgage from your gross income. So, if you pay $6,000 a year in interest and $1000 a year in property taxes, you can subtract $7,000 from your taxable income.
Another benefit of owning a home is that you control how much you pay for housing every month. By choosing a fixed rate mortgage, you know that your housing payment (your mortgage payment) will not change in the years to come. So, if you chose a 20 year fixed rate mortgage, your monthly payment would be the same in 20 years as it is now. If you chose to rent instead, you can certainly expect the rent price to go up significantly in that same amount of time - especially in Charleston's rental market.
The rental market here in Charleston brings me to the third benefit of owning a home. Depending on the area, rent prices in Charleston are relatively high, especially compared to other areas of South Carolina. Right now a one bedroom and one bath apartment in West Ashley (one of the more affordable areas close to downtown and to the beaches) is about $550 a month, and in downtown Charleston it is about $800. The cost of renting in Charleston makes owning a home a good financial investment. If you are going to spend that much money a month renting, you may as well go ahead and put the money toward an investment that will give you your money back in the future (plus some money).
Another financial benefit of owning a home is appreciation. The average appreciation for homes in Charleston is roughly twelve to fourteen percent. This number is much higher than many other cities. And, even with a slower market, this percentage is higher than many other types of investments. Appreciation motivates investors to buy lots of real estate and then rent it out. These investors don't make their money off charging high rent - instead, they count on the homes' appreciation for profit.
Lee & Kandi Keadle are professional Charleston REALTORS®. with years of experience in the Charleston real estate market, it is Lee & Kandi's goal in life to facilitate the buying and selling of homes and properties in the Charleston area. For more information contact Lee & Kandi today or visit www.searchforcharlestonrealestate.com
Three Levels Of Home Preparation
When it comes to selling a home there are three different levels or senses, if you will; that need to be satisfied in order for the home to show well. Many people seem to forget the fact that the home needs to appeal to people on a variety of levels, those being sight, smell and the most intangible of all, feel.
Sight - This is the easy one to satisfy. This is also commonly referred to as "curb appeal." In this step you will be clearing all unnecessary clutter and junk away from the home. This is a vital step as a home's day-to-day appearance is usually not quite up to par in terms of showing quality. There are of course exceptions to this rule but let's be honest, we do tend to leave a trail at times don't we? Maybe you are one of those people who accumulate things on a regular basis? Well, pack-rat or not; the clutter needs to go! This is also a fantastic time to do a few things to increase the selling power and attraction of your home. Having the yard landscaped is a great way to add to the curb appeal and new flowers and trimmed lawns are attractive to buyers.
Smell - Where to start? Do you have pets? If so then this is something that you will want to take care of ASAP. Regardless of how clean pets are, they do leave an odor in the home. Cleaning like crazy is the best way to ensure that the smells from your pets is eliminated. Also try to avoid cooking anything with extremely strong smells during the time the home is showing. Strong food aromas can linger for quite some time. If you have carpet in the home then it is a good idea to shampoo it or have it professionally cleaned. This helps the home to show better and goes a long way to eliminating any odors in the home.
Feel - This is a difficult thing to achieve as everyone that comes through your home will experience it differently. What you do have power over is the atmosphere you create as a home owner. This is largely influenced by the preceding two items but also can be affected by things like music, warmth, perhaps some snacks, everyone likes snacks. The key concept here is to make your home as inviting and welcoming as possible. The longer people choose to spend viewing your home, the more opportunity there is for them to fall in love with it.
Ed Kirkland is a realtor specializing in the Destin, Florida real estate market. For years Ed has made it his life's work to bring buyers and sellers together. Contact Ed today for more information or visit the team at www.edkirkland.com
New Construction Concerns
Many people are of the opinion that when purchasing a new construction home that there are few concerns, the home is brand new; so what is the worry? Unfortunately there are some new construction home that have more problems then their older counterparts for a variety of reasons. One of the most unfortunate of these is unscrupulous contractors and builders. With the current housing boom, homes are being constructed faster than ever before and some new homes have sadly declined in integrity as builders strive to maintain their bottom line by using sub-standard materials and labor.
Before buying a new construction home, do some research and investigate the builder in question. What is their track record like? If they have done other projects, talk to the owners and find out if they have anything to say about their experience, positive or negative. Remember, this is a huge purchase, so don't rush into anything simply because it "looks" good.
If you spend some time online you can learn about various different kinds of housing scams that are being run by less than honest builders. Take into account that these scams usually involve the "suggested" mortgage company and other people involved in the construction and sale of the homes.
One things that s absolutely necessary before purchasing any home new or old is a home inspection. It is a falsehood that inspections are not required for newly built homes. What if there is an error in the foundation, or the wiring? Maybe there have been sub-standard materials used in the plumbing or heating systems? Are you ready to take that chance? Always be wary of sellers that downplay the necessity of the home inspection on homes new or old. If they want to skip the inspection, there might be a significant reason for it.
Ed Kirkland is a realtor specializing in the Destin, Florida real estate market. For years Ed has made it his life's work to bring buyers and sellers together. Contact Ed today for more information or visit the team at www.edkirkland.com
