The real estate market, including the market in Commack New York, has been hit hard over the last couple years. This nationwide recession has certainly had an impact on the real estate market, creating opportunities for those who are ready to buy.
Interest rates remain at historic lows, making real estate in Commack more affordable than ever. Interest rates usually range from 4 to 6%, about half of what the rates were just a decade ago.
If you’re getting ready to buy a house , whether you are a first time home buyer or moving from an existing home, there are many questions to ask yourself:
Is buying a home now a solid long-term investment? Given that the real estate market has fallen 20 to 30%, you’re purchasing a home at deep discount to prices from three or four years ago. You’re purchasing at $.70 on the dollar. When prices return to normal levels, you will see an appreciation of almost 50%.
Are you a smart investor? Most people are not. They lack the discipline to make long-term investments, and often hold 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 home as you pay into your mortgage. Historically, real estate appreciates greatly over time. Taken with a long-term view, real estate remains one of the best investments available.
Am I buying in the right area? Commack New York is a wonderful area to reside in and to raise a family. An established community, it has the resources of a major 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 homes, and very often you are able to customize to suit your taste. Given the current economic conditions and lowered real estate prices, now is a excellent time to buy your first home or your next house.
Are there advantages in buying new construction? Yes. New construction tends to be bigger, more current and can easily be customized to suit your needs. In contrast? When buying an existing house, you must very often go through expensive renovations to tailor that house to your needs. New construction offers you the opportunity to make those alterations before the houses built. Usually, it cost 2 to 4 times as much to make changes to an existing structure as opposed to simply modifying the plans on a house that is yet to be built.
What questions should I ask of a home builder?
If you’ve never bought a new house before, there’s several questions that you can ask the builder:
1. Does the builder have experience within the county? To build a house, you need permits, zoning approvals, and compliance with county and local ordinances. An experienced builder is aware of these requirements; and inexperienced builder is not. Mistakes here can be extremely costly and presents massive delays.
2. Does this builder put up one house at a time, or have experience in building communities? Often, you are better off with the builder who works on multiple developments at once. While this may seem counterintuitive, a small builder who only handles one task at a time works with a limited crew. If any member of the crew-a plumber, carpenter or electrician-is unavailable, your construction may come to a stop for weeks. In contrast, a larger builder has assorted craftsmen available to him, and may deliver a steadier construction project.
3. Do you want to be in a new neighborhood or a single renovated house within an old neighborhood? The neighborhood around you not only affects the resale value of your home, but also impacts your lifestyle. If you are in a community with dilapidated homes, and yours is the only new construction in the area, your house will feel out of place. If the builders will bring a new community, and you are one of the new homeowners in that new development, there is a much better fit for you and your house. Additionally, all of the people living in that community will be moving in at about the same time and will have the opportunity to develop friendships and relationships. If you are moving into a block with families that have lived there for decades, you may be the outsider and maybe quite some time for you to “fit in”-if at all.
Craig Axelrod is one of the partners from Emmy Homes. Emmy is one of LI’s most trusted home builders. Emmy’s Commack development features new construction in Commack. Visit EmmyHomes.com for more details.
categories: home buyers,homebuyer,first time home,first time home buyer,buy home,buy house,purchase home,purchase house,new home