The real estate market, including the market in Commack New York, has been hit hard over the last several years. This nationwide recession has certainly had an crush on the real estate market, creating opportunities for those who are ready to purchase.
Interest rates are at historic lows, leaving real estate in Commack more affordable than ever. Interest rates usually range from4.5to 5.5%, roughly half of what the rates wereonly a decade ago.
If you’re getting ready to buy a home , whether you are a first time home buyer or moving from an existing house, and there are definite questions to ask yourself:
Is buying a home now a smart long-term decision? Given that the real estate market has fallen20 to350%, you’re buying a home at a deep discount to costs just three or 4 years ago. You’re buying at $.70 on the dollar. When costs return to average levels, you could see an appreciation of almost 50%.
Are you a good investor? Most people are not. They lack the discipline to make long-term decision, and usually put off investing and saving-until it is too late. When you invest in a home, you are making a long-term commitment. This, in a very real sense, represents forced savings. Every month, you have the chance to build equity in your house as you pay down your mortgage. Historically, real estate appreciates significantly over time. Used with a long-term view, real estate is one of the best investments available.
Am I purchasing in the right location? Commack NY is a wonderful area to live in and to raise a family. An established community, it has the resources of a large suburb with high quality of living standards. With new construction, you are able to get the house of your dreams. The builders have designed wonderful houses, and very often you are able to adjust to suit your needs. Given the current economic conditions and reduced real estate prices, now is an great time to buy your first home or your next house.
Are there advantages to buying new construction? Yes. New construction tends to be grander, more up-to-date and can easily be personalized to suit your needs. In contrast? When purchasing an existing house, you can very often go through expensive remodels to tailor that house to your needs. New construction offers you the opportunity to make those alterations before the homes built. Generally, it cost 2 to4 times as much to make changes to an existing structure as opposed to simply modifying the plans on a house that has yet to be built.
What questions could I ask of a house builder?
If you’ve never bought a new house before, there’s several questions that you could ask the builder:
1. Does the builder have experience within the county? To construct a house, you need permits, zoning approvals, and compliance with county and local codes. An experienced builder is familiar of these requirements; and inexperienced builder is not. Mistakes here will be extremely costly and presents huge delays.
2. Does this builder put up one house at a time, or have experience in building developments? Often, you are better off with the builder who works on multiple projects at once. While this can sound counter intuitive, a small builder who only handles one task at a time works with a small crew. If any member of the crew-a painter, carpenter or electrician-is unavailable, your construction can come to a halt for weeks. In contrast, a larger builder has multiple craftsmen available to him, and can deliver a consistant construction project.
3. Do you want to be in a new development or a single remodeled home within an exisiting community? The neighborhood around you not only impacts the resale value of your house, but also impacts your lifestyle. If you are in a development with crumbling houses, and yours is the only new construction in the area, your house will be out of place. If the builders will bring a new development, and you are one of the new homeowners in that new community, there is a much better fit for you and your house. Additionally, all of the people living in that development will be moving in at about the same time and will have the opportunity to form friendships and relationships. If you are moving into a block with families that have lived there for decades, you could be the outsider and maybe quite some time for you to “fit in”-if at all.
Craig Axelrod builds energy efficient houses in Commack. He is a Partner in Emmy Homes, one of LI’s top real estate builders. His Commack real estate features new construction in Commack. Visit EmmyHomes.com for details.