Eliane Consalvo - LAER Realty Partners

Posted by Eliane Consalvo on 2/18/2018

There’s many different reasons why you might want to consider choosing a mortgage payment over a monthly rent check. But there’s also a few drawbacks to buying a home. One big obstacle is that of the down payment. When you’re renting a property, there’s a lower amount of money that you’ll need to come up with in order to secure a place to live. With a 20% down payment required to buy a home, saving for that down payment seems a lot more daunting than renting. There’s so many financial advantages to owning a home.  With quite a few factors to consider, buying a home may not be so far out of reach for you. 

Rates Are Low

Even though mortgage rates fluctuate from time to time, they’re still low enough that it makes sense to buy a home and make it a much cheaper monthly cost than renting.  

Rental Rates Are Not Guaranteed

Your rent is not guaranteed to stay the same over time. The price can go up after the lease ends. Another problem with renting is that the landlord can decide that he wants to make improvements to the building at any time, even improvements that you’ll be required to move out for. You could end up in a bind fairly quickly if you’re put in this situation. 

If you buy a home, the only change to your expenses would be if you choose an adjustable rate mortgage or if there’s changes in property taxes and insurance rates. Your expenses are more predictable when you buy a home. 

You’ll Build Equity When You Buy A Home

One of the top reasons to buy a home is to enable you to build equity. Over time, you’ll have a piece of property that will provide cash that you’ll be able to tap into when needed. Home equity doesn’t replace the other ways that you save, but you’ll have another source of financial backing. Your monthly mortgage payment is in essence going into the “bank” of your future. 

There’s Plenty Of Tax Breaks For Homeowners

This is one known financial benefit of owning a home. The initial years of your home ownership mainly go towards paying down the interest on the home. The good news is that this expense is tax deducible. Also, you’ll benefit financially when you sell your home as you won’t have to pay tax on gains you have earned if you live in your home for at least half the time within the 5 years before you sell. Home insurance and mortgage insurance are also tax deductible. 

While the idea of buying a home may seem like a feat, financially, it’s a smart decision. When you’re renting, you don’t see a return on the monthly check that you shell out. If you own a home, you own it and it’s your to do with as you please. You get out of your home what you put into it. 

Posted by Eliane Consalvo on 1/8/2017

You may be considering buying a home but it is hard to know if you are ready to be a homeowner. It can be a big step. Buyers that educate themselves on the process and set realistic expectations have the best experiences. To gauge whether or not you are ready to own your first home you should ask yourself some serious questions.

  • Are you in a lease or is your living situation easily changed?
  • Do you need to remain in your current community or would you be willing to move?
  • Do you have the time and resources necessary to make your first home purchase a success?
If you have answered these questions favorably you may well be on your way to homeownership. The next step is to evaluate your financial situation. Here are some questions to check your financial readiness.
  • Do you have a steady source of income?
  • Do you know your credit history?
  • Do you have a down payment ?
  • Are you ready for the financial responsibilities that coincide with home ownership?
If your answers to these questions are positive then it is time to get the loan process started to see how much you can afford. A reputable lender will give you realistic expectations and many offer a free consultation for buyers seeking pre-approval. Now it is time to start your search. Working with an agent that you trust and are comfortable with is very important. My skills include educating you about the buying process, negotiating, having your best interest in mind and helping you find a perfect first home while hopefully saving you time and money.

Categories: Uncategorized  

Posted by Eliane Consalvo on 9/18/2016

Buying a home is a very important decision. Before you rush into a home you should consider all the factors. Making sure you end up with the right home involves figuring out exactly what features you need, want and don't want in a home. Before starting your search, you should make a "wish list" to decide which features are absolutely essential, which nice “extras” are if you happen to find them, and which are completely undesirable. The more specific you can be about what you're looking for from the outset, the more effective your home search will be. Also keep in mind, that in the end, every home purchase is a compromise. Create your own personalized "wish list" and when you're finished filling it out; share it with your real estate agent. Become an educated buyer •The web is one of the best ways to search for homes today. With this website, you can receive daily emails with new and updated listings from the towns and price range of your choice. •Search the entire MLS for all homes, condos, land, multi family, commercial properties, and past sold properties at your convenience. •View full listing sheets showing amenities, taxes, lot sizes, beds, baths, rooms, siding, fireplaces, garages, room sizes and much more. •Get property addresses and see where the properties are located on MapQuest. •Check schools and community profiles of your preferred towns. •Save preferred listings in your own file to view anytime. •Calculate approximate mortgage payments for specific properties. Home Inspection Once you have made an offer on a home, you will need to schedule a home inspection, conducted by an independent authorized inspector. It is extremely important to hire a reputable inspector so that you know exactly what you are buying. Do not hesitate to ask friends, family, and co-workers for advice. If you are satisfied with the results of the inspection, then you can proceed with the sale. If the inspector finds problems with the property, you may want to negotiate with the seller to lower the price, or to pay for certain repairs. Appraisal Your lender may require you to get an appraisal of the house you want to buy, to make sure it is worth the money that you are borrowing. You may select your own appraiser, or you may ask your real estate broker to help you with this task. Homeowner's Insurance Lenders require that you have homeowners insurance, to protect both your interests and theirs. Like everything else, be sure to shop around for insurance that fits your needs. Settlement or Closing Finally Make Sure Before you Buy Finally, you are ready for the closing. Be sure to read everything before you sign! You should have both your real estate broker and an attorney present at the closing to ensure that all is in order.

Posted by Eliane Consalvo on 11/15/2015

Home prices are at rock bottom and mortgage rates at all-time lows so you may be considering going from renter to homeowner. If you are planning on staying put for a while the choice makes sense. There are a few things to take into consideration before you make the leap from renter to owner. First, you will need to determine how much you can afford. Consult with a mortgage professional to help you determine what kind of mortgage you qualify for. Just because you pay $1,000 a month in rent, doesn't mean you can handle a $1,000 monthly mortgage payment. There are more costs to owning a home than just the mortgage payment. As a homeowner you will also be responsible for property tax, home insurance, utilities, and repairs. To prepare for those costs plan on adding about 40 percent to your base cost. So, if your mortgage is $1,000, add about $400 a month for a better estimate of costs. Before you make a rash decision see if you really can afford the cost difference. Once you know the cost difference spend a few months depositing the difference between your rent payment and your cost estimate in the bank. In the previous example you would deposit $400 a month into savings. If you've been able to keep up the deposits and pay your other bills, that's a sign you can afford to buy. Now that you have been saving more you have more money to put toward the down payment of your new home. These are just a few tips to get you started. Once you have a better financial picture it will be time to start shopping. That is when the fun begins.

Posted by Eliane Consalvo on 3/23/2014

The past few years the news has been inundated with bad press about the housing market but the facts remain the same it is still better to own a home. In fact, there are more reasons than ever to buy a home. If you are on the fence about buying you will want to take note of some of the benefits of homeownership. Pride of Ownership It belongs to you! That's right, renovate, update, paint, and decorate to your heart's desire and you don't need to ask permission or waste money improving something that you do not own. Your home is your own so plant trees, install a pool, put up a fence, expand the patio, redo the basement or do anything you want. Owning something feels good. Equity Homeownership is about building long-term wealth. It may seem that buying a home has a lot of upfront costs but historically homes appreciate by about 4 to 6 percent a year. When you purchase a home, you build equity with each payment. Equity is the difference between what the home is worth and what is owed. Equity can be used to build wealth, save for retirement and even to secure a loan. For example, an $800/month rent payment equals out to be $48,000 over five years with no financial gain to you. Tax Benefits Homeownership has huge tax benefits. In the early years of a loan, mortgage interest is the largest part of your mortgage payment. Mortgage interest is fully deductible on your tax return. For example, a homeowner in a 28% federal tax bracket could lower their borrowing costs by almost a third. Better Living Studies have shown that owning a home can actually make you healthier, and is better for your family too. The U.S. Department of Housing and Urban Development (HUD) report: says “Homeowners accumulate wealth as the investment in their homes grows, enjoy better living conditions, are often more involved in their communities, and have children who tend on average to do better in school and are less likely to become involved with crime. Communities benefit from real estate taxes homeowners pay, and from stable neighborhoods homeowners create”. The National Association of Realtor's Social Benefits of Homeownership and Stable Housing reports homeowners experience: -Higher educational performance and better behavior of children -Lower community crime rates -Lessened welfare dependency among households -More household participation in civic affairs -Better household health Bottom line, it's a great time to buy! Interest rates are at historic lows; homes are more affordable so go ahead and invest in a safer, healthier, better future for you and your family today.