Pro BuyCash-Home https://cashhomebuyers.pro/ Blog about buying, selling homes in US Mon, 14 Aug 2023 08:34:48 +0000 en-US hourly 1 https://wordpress.org/?v=6.2 https://cashhomebuyers.pro/wp-content/uploads/2023/04/cropped-house-gf70dc53de_640-32x32.png Pro BuyCash-Home https://cashhomebuyers.pro/ 32 32 Characteristics of the Real Estate Market in San Antonio in Summer 2023 https://cashhomebuyers.pro/characteristics-of-the-real-estate-market-in-san-antonio-in-summer-2023/ Mon, 14 Aug 2023 08:34:46 +0000 https://cashhomebuyers.pro/?p=123 San Antonio’s real estate market has a wide range of unique peculiarities. Currently, the city is considered one of the most attractive locations for real estate investors. SA offers an abundance of real estate opportunities. In this post, we will study the peculiarities of the real estate market in SA, including its size, the types […]

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San Antonio’s real estate market has a wide range of unique peculiarities. Currently, the city is considered one of the most attractive locations for real estate investors. SA offers an abundance of real estate opportunities. In this post, we will study the peculiarities of the real estate market in SA, including its size, the types of properties, and the factors that contribute to its growth and appeal.

The current situation in SA real estate market

San Antonio real estate market directly reflects the city’s population growth and economic development. According to the San Antonio Board of Realtors, the market has experienced consistent growth over the past decade. Statistics show that in June 2023, the total sales exceeded 3,350 residential transactions. The median home price stopped at $320,000. The median monthly rate amounted to $1,400. 

In 2022, the total sales volume in the SA area amounted to almost $19 billion. According to leading San Antonio realtors who have great expertise in selling real estate and more than ten years of experience working with Realty San Antonio, the #1 independent real estate brokerage in Central Texas, this number will keep on growing. They predict that in 2024, the demand for all sorts of real estate in SA will increase by 25-30%.  

Main types of real estate in SA

Several main types of real estate are regularly offered in SA. These are: 

  • Residential properties. In SA, you can find a variety of residential properties for various budgets and lifestyles. The market includes townhouses, condominiums, single-family homes, and apartments. Thus, San Antonio provides plenty of options for people looking to buy/rent a home. 
  • Commercial properties. This type of property in SA is rather robust and greatly supports the city’s booming economy. It comprises office spaces, retail properties, industrial warehouses, and mixed-use developments. San Antonio attracts plenty of national and global companies, which leads to the growing demand for commercial properties.
  • Second homes. As San Antonio has already turned into a tasty tourist destination, the estate market extended as well. Many people already invested in vacation or second homes in San Antonio to enjoy the city’s mild climate and cultural attractions. These properties range from condominiums in the downtown area to waterfront homes along the nearby Hill Country lakes.
  • Luxury properties. San Antonio boasts a luxury real estate segment oriented toward rich buyers seeking high-end properties. Luxury homes and estates can be found in such exclusive neighborhoods as Terrell Hills, The Dominion, and Alamo Heights. 

Main factors that influence the SA real estate market

Experienced realtors distinguish the following factors that directly influence the overall real estate market in San Antonio. The key ones are:

  • Strong rental market. San Antonio has a strong rental market, which is driven by a combination of such factors as a growing population, a robust job market, and the presence of numerous colleges/universities. Rental properties in San Antonio offer attractive investment opportunities for real estate investors who look for stable cash flow. Before investing large amounts of money, it is very important to consult with an investment officer who will consult you on the estate planning field so that your investment is the most profitable and safe.
  • Robust economy. San Antonio has a very diverse economy. It consists of such sectors as healthcare, military, technology, and tourism. The city’s business-friendly environment and low cost of living are a magnet for both individuals and corporations who boost the overall demand for residential and commercial properties.
  • Infrastructure development. The city’s ongoing investment in infrastructure and transportation projects such as the expansion of highways and public transportation systems enhances accessibility. These developments improve the life quality of the city citizens and support real estate growth in many neighborhoods.
  • Affordable housing market. San Antonio’s real estate market is known for its relatively affordable housing options compared to other major cities in Texas. Hence, the city’s wide variety of housing types greatly attracts both renters and first-time homebuyers. 
  • Cultural attractions. San Antonio’s rich cultural heritage, historic sites, and exciting arts scene make it an attractive place to live and visit. Additionally, the city has plenty of outstanding recreational locations, parks, outdoor activities, etc. Hence, these factors directly influence the attractiveness of the real estate market in the city.

Expert tips on how to find open houses in SA in the best way

When people want to find upcoming Open Houses in San Antonio, they often face a common problem – how to do it in the best way? That is why we have talked to the leading realtors on this issue. As a result, we have collected recommendations from the most experienced realtors. 

  • Use real estate websites. You should visit popular real estate websites that provide comprehensive listings of open houses in San Antonio. As a rule, a reputable site allows you to search by property type, location, and date. So, it will be easier for you to find upcoming open houses that match your preferences most.
  • Follow local realtors/agencies. Subscribe to your local realtors and real estate agencies’ social media accounts and newsletters. Realtors often advertise forthcoming open houses on their social media platforms. In this way, you will always be informed about the latest open house events.
  • Drive through neighborhoods. Take a drive through neighborhoods you are interested in and look for open house signs. Realtors often place signs in front of properties hosting open houses. Therefore, it is a convenient way to attend open house events.
  • Plan your open house visits. If you arrive early at an open house, you will get a perfect chance to talk to the realtor and gather additional info about the property. 

Final words

Now you know that the real estate market in San Antonio offers its customers a wide range of residential, luxury, commercial, and vacation properties. Currently, this great city keeps on developing and booming. Hence, the real estate market is projected to remain robust. So, don’t miss a great chance to buy a rental property for cash flow in this pulsating Texan city as soon as you can afford it.  

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How do realtors appraise a house for sale? https://cashhomebuyers.pro/how-do-realtors-appraise-a-house-for-sale/ Tue, 24 Jan 2023 08:51:00 +0000 https://cashhomebuyers.pro/?p=65 If you need to sell a house with a lot, but you do not want to do the valuation yourself, afraid to put a very low or too high price, then you can use the help of real estate agencies.

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If you need to sell a house with a lot, but you do not want to do the valuation yourself, afraid to put a very low or too high price, then you can use the help of real estate agencies.

To do this you find an experienced realtor and ask him for a fee to determine the value of your property.

Remember that real estate agents only determine the market value of the house.

They use several valuation methods to do this:

Analogical – the 3 transactions already conducted in your area in the last 6 months are taken into account. In this case, the characteristics of the houses are similar. That is, based on the already sold lots, a price is formed for your property.

Cost-based – suitable for newly built homes. To determine the value of the house, all the costs of its construction are summed up.
In practice, a comprehensive appraisal is used to evaluate real estate.

To find out the value of a house with a plot, the market is monitored, then the average price of the house is determined and the average price of a hundred square meters of land is determined.

How to appraise a house on your own?
If you want you can evaluate your property without hiring real estate agents. We suggest you use a comparative analysis method.

In printed publications or online resources, find 10 houses and land with similar characteristics.
You call them all and go to see them. This is necessary to eliminate the “bogus” listings. We will focus only on real estate.
For each house do the following calculations:
Price of the property (homes)/Total square footage of the house = Average cost per square meter.

Compare all the data you received and cross out the cheapest and the most expensive option.
Calculate the average cost of 1 sq. m. all objects.
(Price of 1 property + Price of 2 properties +…)/(S 1 property + S 2 properties +…) = Average price

Determine the approximate value of your home.
Average price of 1 sq. m. *S house = House price

This is a rough estimate of the value of your home alone, but you should consider that there are a number of factors that can increase or decrease the value of your property.

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Basics of selling a house https://cashhomebuyers.pro/basics-of-selling-a-house/ Wed, 23 Nov 2022 08:57:00 +0000 https://cashhomebuyers.pro/?p=68 It's not just a matter of setting a price, finding a good agent, and keeping the place clean when it's shown.

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It’s not just a matter of setting a price, finding a good agent, and keeping the place clean when it’s shown. The law affects every stage of the process – you can help yourself by knowing your rights.

Frequently asked questions about selling a house

What legal documents do I need to have before putting my house on the market?
Do I need a real estate agent? Do I need a lawyer?
Legally, what is an offer?
What is usually contained in a purchase and sale agreement?
What happens during the closing?
Where can I get more information?

Real estate law requires a lot of paperwork. Before you sell your house, make sure you have the following documents on hand

a plan or survey of your property
Deed or your mortgage agreement
the latest real estate tax bill
HOA documents if your home is a condominium
Homeowner’s association rules and meeting schedule (if available)

You will have to decide whether to use a real estate agent or sell your house yourself. An agent will usually charge you about six percent of the purchase price when your home is sold. You can find a reputable real estate agent through a professional organization.

Whether you decide to sell your home yourself or not, contact a lawyer before you sign a listing agreement or get an offer. Also, make sure you understand and comply with your state’s disclosure laws, as well as federal and state fair housing laws.

Generally, if someone calls you on the phone and offers to buy your home, it is not a legitimate offer. An offer is usually a written document that becomes a contract of sale if you accept it. Therefore, it is important that it covers all the important details of the sale. The offer should contain

the purchase price
the amount of the down payment
desired closing and possession dates
an indication of whether the buyer is applying for a mortgage and the terms of the mortgage
an accurate list of items included in the sale, such as household appliances, curtains and fixtures

The buyer can include an inspection clause that cancels the contract if the building does not pass a professional inspection that covers

pests
radon gas
structural strength
plumbing
electrical systems

The buyer pays for most inspections, although many states require the seller to pay for a termite inspection.

Ask your attorney to review the offer before responding to it. An offer may indicate the beginning of negotiations on price, tenure, and other details of the sale.

The buyer’s down payment is placed in an escrow account until the transaction is finalized.

Once you agree to sell, the terms of your contract will be clear. A contract is an agreement between two parties that defines who does what and who gets what. It can contain anything legal that both parties agree to.

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How to sell real estate in the U.S. quickly and profitably https://cashhomebuyers.pro/how-to-sell-real-estate-in-the-us-quickly-and-profitably/ Sat, 20 Aug 2022 08:43:00 +0000 https://cashhomebuyers.pro/?p=62 Is it time to sell your home or apartment in the U.S.? Where do I start when selling real estate? The most important questions a real estate seller must answer:

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Is it time to sell your home or apartment in the U.S.? Where do I start when selling real estate? The most important questions a real estate seller must answer:

By yourself or with the help of a broker (realtor)?
For how much? What is the value and how do I determine it? How?
How much does it cost to sell real estate and whose services may be needed?

Your property, in addition to your neighbors, will very quickly be seen by other brokers and “bring” buyers to you. A “for sale by owner” sign will certainly interest a buyer, but only if they see it. Usually buyers work with realtors (because buyers don’t pay for it) and realtors usually don’t want to mess with “for sale by owner” – because they run a great risk of not earning anything on this deal…

A very important, complicated and painful issue. The price has to be real. How to understand what the real price is – CMA. What is CMA (comparable marketing analysis) – a comparative market analysis. Does CMA broker (but you can do it yourself). For comparison are taken (closed), preferably over the past 6 months, apartments or houses very similar in type, year of construction and square footage within a radius of one mile. That is, a three-bedroom apartment is compared to a three-bedroom apartment, and a two-story cottage with the same cottage.

Often sellers don’t listen to the broker about the price, and the broker needs clients, and of course he goes along and promises to sell. And then the clients resent the broker for not selling the house. Would you buy a property at a higher than market price? I doubt it, personally in my practice such buyers have not been:). It’s all about money.

Ways to sell. Advertising and other marketing.

MLS – desirable and even mandatory place to put (Multi Listing Service – a database into which realtors enter all that they sell. The database, unlike other resources is reliable and reliable and contains a sufficient amount of information about real estate). Put a property in the database can realtor. Your property will automatically get into the mailing lists of buyers and realtors who are interested in similar proposals. Also, data from MLS is uploaded quite quickly to the favorite places to find buyers Redfin.com and Realtor.com.
If you’re going to try your luck without a Realtor, FSBO (owners.com or FSBO.com) is just what you need. This resource will replicate your sale on many resources: owners.com, craigslist (Craigslist is a good resource for rentals, but not taken seriously for sales), resources such as zillow, trulia. For $400 FSBO will put your property in all of the above and on MLS for 6 months;
Radio and newspaper ads. Sometimes works, especially if the property for sale is in a certain community’s favorite places. The downside is the extra cost;
Open house. Open houses are good for attracting neighbors and nearby residents;
Word of mouth and social networking. Good and appropriate advertising in social networks (Facebook, Twitter) can bring unexpectedly quick results;

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The first purchase of a home: where to start? https://cashhomebuyers.pro/the-first-purchase-of-a-home/ Fri, 08 Oct 2021 08:02:00 +0000 https://cashhomebuyers.pro/?p=49 The "American Dream" is to make a lot of money and buy your own home! Despite the COVID-19 situation in the world, the real estate niche in the United States

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The “American Dream” is to make a lot of money and buy your own home! Despite the COVID-19 situation in the world, the real estate niche in the United States, in certain regions, is gaining momentum. Buying a home in the U.S. does not give you automatic rights to residency, but you can invest in any home you like. You can do it from anywhere in the world or while you’re here in the U.S. Either way, the purchase begins with your trusted mortgage broker, without whom the transaction is impossible.

Every state and city has its own nuances, so a reliable broker will help you figure out all the details of the deal in order.

When buying a home, no one will expect you to have expert knowledge in this area, especially if you’re buying a home for the first time. Still, we want to bring you up to speed, which will give you a huge advantage.

Before you start the transaction, before you meet with a broker, the first thing you need to do is determine your financial ability.

And also determine your true credit rating for a mortgage loan.

When meeting with a broker, remember:

You may get many different offers during the home buying process. First of all, you need to talk to at least, three mortgage brokers to get the lowest interest rate. Many first-time homebuyers make the mistake of contracting with the first lender they go to, missing out on tens of thousands of dollars in savings.
Don’t let a mortgage broker check your credit rating unless you are 100% sure you will work with that person. You risk lowering your credit rating, which in turn will lead to a higher interest rate on your mortgage.

Please refrain from making any large deposits into your bank account unless you can prove where they came from.
Also, refrain from financing (leasing) any large purchases such as cars, boats, or furniture before and during the mortgage approval process.

What is a mortgage?
According to the National Association of Realtors, only 10 percent of homebuyers overall are without a mortgage. Others get a mortgage for a certain amount, usually for 30 years.

So what is the difference between a mortgage and other types of credit?

Low interest rates – about 3-4% per annum as of this writing.
Extended repayment terms – most people pay off their mortgage within 30 years.
Rates and payments are usually fixed – Most people “lock in” the interest rate on their mortgage, so their monthly payment stays the same throughout the loan period. However, adjustable-rate loans are also available.
A “secured” loan – The mortgage is secured by the mortgaged property; if you can’t make the payment, the mortgage company can take your home (or foreclose on it) to make up its losses.
In rare cases, you can use your mortgage to pay the full cost of the house, but most people put some of their money into the purchase.

The amount the buyer contributes is known as the “down payment.” The mortgage covers what’s left over.

For example, if you put $35,000 of your own money into the purchase of a $350,000 home, you make a 10 percent down payment. The remaining $315,000 is covered by the mortgage.

First Home Buyer Loan Programs
Today’s homebuyers can choose a loan from many options.
More than 90 percent of buyers, including first-time homebuyers, end up using one of four popular loan programs:

Conventional Home Loan.
Federal Housing Administration (FHA) home loan.
The Department of Veterans Affairs (VA) home loan.
The U.S. Department of Agriculture (USDA) home loan.
These programs are popular because of their affordability, low cost, and friendliness.

Each has unique benefits and your choice will depend on exactly what you’re looking for when buying a home for the first time – (lower down payment, lower loan percentage, lower income options, etc.)

Your loan officer will help you choose the right type of mortgage based on your needs. But you’ll need to know about each of these programs beforehand, to make sure you’re asking the right questions. We’ve prepared a brief overview of each of them for you.

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What to look for when inspecting a house https://cashhomebuyers.pro/what-to-look-for-when-inspecting-a-house/ Wed, 21 Jul 2021 08:13:00 +0000 https://cashhomebuyers.pro/?p=55 Would you spend just 20 minutes inspecting a property to buy - virtually or in person - that will become your home for many years?

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Would you spend just 20 minutes inspecting a property to buy – virtually or in person – that will become your home for many years? Some home buyers do – and regret it.

Buying a home is likely to be your biggest financial decision yet, so it’s important to know what to look for when you’re viewing a home. Knowing what to look for during a home inspection will mean that you are more likely to find the property that best suits your needs from the start.

What to look for during a home inspection: Is there damp?
Keep an eye out for signs of moisture. The main signs of dampness are the smell of mold, peeling plaster, and watermarks on the walls or ceiling. It sounds obvious, but when it comes to what to look for when you’re inspecting a home, make sure you look closely at the ceiling and around baseboards. Another clue might be that the room has just been repainted – perhaps to seal out moisture.

Is the building sound?
Large cracks are something to look out for when buying a home, but you should expect some small cracks. Especially look around where extensions join, walls at the end of a terrace, and bay windows that may start to fall or deviate from the rest of the house.

How much storage space is there?
When it comes to what to look for when buying a house, you need to think about the practicality of living in it. Storage space is a valuable but often overlooked asset when you’re looking at potential homes to buy. So add this to your list of things to look for when viewing a home.

Which way is the house facing?
In the winter, on a cloudy day or at night, it can be hard to tell the difference between a north and south facing home or garden, but in the summer it can make the difference between a home that is filled with light and warmth and one that is disappointingly dark. And this is important to check when it comes to what to look for when buying a home.

Is there enough room for your needs?
We’ve heard of new home builders who put smaller furniture in rooms to make them seem bigger. We warn you! So, when it comes to what to look for when you’re inspecting a home, assuming you won’t be buying all new furniture as soon as you move in, ask yourself, will your existing furniture fit?

Is the paint on the window frames cracked? Is the double-glazed window intact?
One of the things you should pay attention to when you buy a house is the condition of the exterior window frames. It’s a great indicator of the condition of the house – if people have invested in them and taken care of them, they’ve probably taken good care of the rest.

How old is the roof?
Replacing a roof is expensive, and new roofs only last 15-20 years, depending on the materials. Therefore, it is very important to take this into account when it comes to what to look for when inspecting a home.

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Factors affecting the value of a house https://cashhomebuyers.pro/factors-affecting-the-value-of-a-house/ Fri, 12 Mar 2021 08:06:00 +0000 https://cashhomebuyers.pro/?p=52 There is no standard formula for determining the value of real estate, but certain variables have the greatest impact on the value of a home.

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There is no standard formula for determining the value of real estate, but certain variables have the greatest impact on the value of a home. Some of the crucial factors that affect the value of a home include:

  • Comps
  • Location.
  • Size and condition of the house
  • The state of the market

Comps.
“Comps” is a term used in the real estate industry when discussing comparable homes in the neighborhood and their sales prices. Real estate experts look at the home’s appraisal value.
Location.
The value of a home also depends on its proximity to local schools, commercial areas, and employment opportunities. People prefer certain neighborhoods or districts over others, so prices can vary greatly in different areas, even within a few miles.

Size and condition of the house
A larger home or property is likely to have a higher value. The desire for more space is the main reason people buy a home in the first place. In addition, buyers expect a five-bedroom home to be worth more than a two-bedroom home, so higher prices for larger properties make sense for buyers and sellers.

Conversely, older homes tend to have lower values, especially if they are in need of renovation or repair. Maintenance and cosmetic issues are problems that buyers may not want to take on board. Therefore, a house in poor condition may not have such a high market value.

The state of the housing market
The housing market has alternating preferences of buyers and sellers. Depending on supply and demand and other economic conditions, the housing market will affect how valuable homes in any given region are.

Forecasts show that housing prices are still rising and new home construction is lagging behind. Thus, the future of the housing market probably shows that buyers are in a tight spot for the foreseeable future.

For some, this may mean moving out of the big cities to more affordable areas. For others, it may mean stretching their budget further to afford the home they want, or compromising in other ways, such as skipping home inspections or certain amenities.

As the demand for housing continues to grow, people must consider the factors that affect home values and the current housing market to make the best buying decision.

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Types of real estate in the U.S. https://cashhomebuyers.pro/types-of-real-estate-in-the-us/ Wed, 17 Feb 2021 07:23:00 +0000 https://cashhomebuyers.pro/?p=38 In this article I want to talk about the variety of houses in America, what they are called and what they mean.

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In this article I want to talk about the variety of houses in America, what they are called and what they mean. An apartment building in which you can buy an apartment, in American it is called a “condo”. This is the usual, standard apartment that we are used to in our countries. They are usually apartment buildings, they have some kind of community, they may have a pool, they may or may not have anything – it makes absolutely no difference, different houses may be different in this respect. And this is the cheapest option, so to speak, to buy a condo.

Townhouses consist of several houses connected together. If a condo is just a piece of a house, even if it’s a bunkhouse, there will still be neighbors above you and below you. In a townhouse, you and your neighbors are bounded only by a wall. A townhouse is more attractive than a condo already, at least for Americans. They don’t really like condos. Townhouses are only sold without land. There are standard townhouses that are sold with land. But, in fact, that land, it doesn’t really have much value. If you can build something, change something, demolish something, then the land is valuable. In a townhouse, land is just an add-on. It’s clear that you can’t tear down a townhouse, because it’s part of a big house; you can’t change anything there, not even a lawn, in principle. In general, this land does not carry any great value.

And the third kind is private houses. It’s just a house that stands on a certain area, it has a piece of land. Here it can be a very small piece of land, because here all the houses are on top of each other. The house has land, and the value of it is that it’s just sold with the land. And on that land you can already change something, destroy it, build something; you are the owner there and you can do whatever you want.

What points do you need to know when choosing what to buy: a condo, townhouse or detached home (it’s called “big house” or “single family home”)? You need to know that if you buy a condo or townhouse, who watches the outside of the house if you don’t own the land. A townhouse is made up of several houses, so who keeps an eye on it all? As you can guess, there is no HMO in America, so it is the residents themselves who take care of the house. There are so-called Home Owner Associations, or HOAs, which are made up of the residents themselves. And each townhouse or condo unit has certain fis monthly that residents are required to pay to this Home Owner Associates for keeping an eye on that home, on the grounds. The more amenitis, the more expensive it usually is.

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What is better to buy in the U.S.: a house or an apartment https://cashhomebuyers.pro/what-is-better-to-buy-in-the-us/ Fri, 25 Sep 2020 07:16:00 +0000 https://cashhomebuyers.pro/?p=34 Two factors play a major role in choosing a property: personal preference and financial situation. Some people prefer an apartment in a condominium, while others need a spacious private home.

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Two factors play a major role in choosing a property: personal preference and financial situation. Some people prefer an apartment in a condominium, while others need a spacious private home.

The following factors should be taken into consideration when buying real estate:

  • credit terms;
  • mortgage payments;
  • age of the property;
  • climate;
  • location.

And, of course, it is worth deciding what to choose: a house or an apartment?

House and apartment: what’s the difference
A house is a separate building, not connected with other buildings. An apartment is a separate unit within a housing estate. In the U.S., an apartment is also called a condo. An apartment refers to a dwelling which is rented out, usually in a large apartment building. But an apartment in a condominium (condo) is owned by the owner.

To put it simply, the apartment owner only pays the rent, and the condo owner pays all costs related to property maintenance.

Differences in types of housing
To compare the two types of real estate, you need to analyze them according to several factors:

Expenses. Mortgage payments for a house are usually higher than for an apartment. In addition, private home maintenance and utilities are also more expensive. Annually, maintaining a single-family home typically costs about 1 percent of the home’s value or purchase price.

Location. People who have been able to work remotely have increasingly moved away from metropolitan areas to the suburbs and provinces. Demand for private homes has increased markedly because most apartments are located precisely in the cities, in high-rise condominiums.

Lifestyle. Young people with an active lifestyle previously chose big cities with their wide range of entertainment. But the pandemic changed a lot, with picnics and nature walks remaining the only available entertainment during the lockdown. When moving, it’s important to focus on your lifestyle: bustling urban or quiet and secluded.

Maintenance fees and amenities. When buying a home, owners do not need to ask permission from the housing association to make household repairs. In an apartment, this permission is mandatory. Unless the homeowners association sets rules and regulations in your neighborhood, buying a home assumes you can do whatever you want with the entire property.

Many condominiums have amenities for residents such as a fitness center, pool, lounge area, tennis courts, landscaping services and more.

Family size. Large families are more comfortable in the house than in the apartment, and the spacious yard will be an excellent playground for children.

Cost. According to the U.S. Census Bureau, apartment prices in urban markets rose 15 percent in the past three months. Single-family homes are now selling in the U.S. with a 23% increase over the past year.

Buying a home will be a better investment because once the property is improved and upgraded, it will fetch more for it than what was previously invested. Apartments can be more difficult to sell.

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Pros and cons of owning a home in America https://cashhomebuyers.pro/pros-and-cons-of-owning-a-home/ Tue, 15 Sep 2020 07:05:00 +0000 https://cashhomebuyers.pro/?p=28 Owning a comfortable home with a green lawn has long been an accepted standard that almost all Americans aspire to.

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Owning a comfortable home with a green lawn has long been an accepted standard that almost all Americans aspire to. But just as there are two sides to a coin, there are pros and cons to owning a home. What do homeowners in America benefit from and what do they disadvantage?

The good news: Every young family in the U.S. can buy a home with a 20- to 30-year mortgage. And the interest rate is usually under 5 percent per year.

Less: Over the past few years the price of houses in some areas of the United States has increased substantially. For example, homes in the suburbs of New York and New Jersey have increased in price by almost 20% over the past two years. And this situation is not just limited to New York State. All of this has led to the fact that home ownership is no longer as financially enticing as it was even 5 years ago. More and more American families, who used to take out loans and buy cozy homes, now prefer to pay monthly rent. In only three states out of fifty, the monthly mortgage payment on their home remains lower than the monthly rent for a similar home.

Plus: Once you become a homeowner you are free to redecorate your abode to your liking. Paint the walls any color you want, remove carpeting from the floor, change the tiles in the bathroom, and install a decent faucet in the shower – whatever your heart desires.

Minus: Unfortunately, however, your design flights of fancy are unlikely to extend beyond the home. If you bought a house in a nice neighborhood and on a nice street, before you put a pergola on your lawn, you will have to check whether it is forbidden by local regulations.

Plus: When you have your own house, you can have parties or invite guests over for a barbecue party. All Americans have a grill in the backyard. It is a privilege of home owners to grill on it whenever and wherever you want. When you rent an apartment, it is usually tight with a grill and to enjoy meat with smoke, you have to go to the city park in search of a public barbecue.

Minus: However, before you host parties, especially if you’re inviting more than two families, you need to warn (read: get consent) from your immediate neighbors. After all, your guests will make noise and clamor and they will occupy the street with their cars (only a few cars can park near your house). And do not warn your neighbors, they can call the police, citing the fact that near their house someone else’s “suspicious” car parked.

Plus: Your friends who do not have their own house will be jealous because you now have a house in a good area and with a nice green lawn.

Minus: You’ll be the one who has to maintain and care for all this beauty. Have a leaky roof? Buy the materials and get on the roof, or be prepared to pay for a handyman to do it for you. In a rental property, the landlord’s management company does all this for you, and most often these services are included in the rent.

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