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Lexington Park Real Estate News / Help for Buyers and SellersBuying Lexington Park Real Estate...Will it Pay?With a typical 30-year loan, most of your monthly payment goes toward interest payments with only small amounts going to the principle in the early years. Only half the principle is repaid in the first 23 years of the loan. You can build equity in your Lexington Park faster by choosing a 15-year loan instead of a 30-year loan. As a Lexington Park real estate owner you have the right to pay more towards the principle loan amount each month. Let’s say your monthly payment is $700.00 a month and $100.00 a month is being applied to the principle. If you choose to pay $900.00 instead of $700.00, the $200.00 overage will be applied entirely to the principle. Thus, instead of gaining $1,200.00 a year in home equity, you gain $3,600.00. Investing in Lexington Park can be a very good idea. Choosing Your Lexington Park NeighborhoodYou’ve probably heard about the three major determinants of Lexington Park values are: 1) location, 2) location and 3) location. This is not only true about real estate in Lexington Park; it is true about real estate in general. If you cannot afford what you want where you want it, give up something inside the house rather than settling on a lesser location. Choosing Your Lexington Park NeighborhoodThe fact is that much of the value of Lexington Park and real estate in general rests in its surrounding economic and social environment, which means it’s neighborhood. In addition to being located in the right neighborhood, the Lexington Park that you buy must not clash with its surroundings. To picture what we mean here, visualize the most expensive home you can imagine and then place it in the middle of a run down neighborhood. Not so desirable is it? To sum up, the Lexington Park that you buy gets its value from a combination of the home’s location and its size, style, age and amenities. You can change the home’s size, style and amenities but you are stuck with the location. Green Remodeling Your Lexington ParkReduced material waste and resource conservation. When remodeling your Lexington Park, there is often a large amount of construction waste: 136 million tons of waste annually, or about 20% of the waste in landfills, according to the EPA. If you are planning to remodel your Lexington Park anyway, going green offers money-saving advantages. In addition to increasing the value of your home, you will cut monthly operating costs, reduce waste and improve overall health. The Benefits of Selling Lexington ParkIf your Lexington Park holdings consist of both a personal residence and a rental, you can sell your personal residence and exclude up to $250,000 ($500,000 for a married couple) on the gain. Then you move into your rental, live in it as your personal residence for two years and then sell it, again benefiting from the $250,000 or $500,000 exclusion. This is true even though most or all of the increase in value occurred before you converted the property to your personal residence. When Lexington Park Does Not SellHere is where your agent’s expertise and diligence comes into play. A top agent will consider what similar Lexington Park have sold for within the last 3 to 6 months and compare those homes condition, features and location with your home. If there are no comparable sales in the area, which is often the case with custom or one-of-a-kind properties, the agent may suggest that you obtain a formal appraisal. A homeowner who must sell and sell quickly needs to price their Lexington Park at or slightly below market to ensure a quick sale. A different homeowner may want to sell but has time and wants to get the top market price. These homeowners will often price the home slightly above current market prices and expect interested buyers to offer a lower amount to start the negotiation. |
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