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Search For Lexington Park Real Estate Data / Buyer – Seller TipsLexington Park has special regulationsEvery area has its own building regulations. You need to know how these restrictions will affect the design of your Lexington Park home. Issues to consider include zoning, setbacks, rights of way and easements. Most subdivisions have CC&Rs (Covenants, Codes and Restrictions). Studies of Lexington Park demonstrate that these carefully to make sure they are not too restrictive for your needs or create excessive building costs. Lexington Park Real Estate CyclesWhat makes most sense is the "buy and hold" strategy. Buy a home you expect to remain in for at least seven years or more. Lexington Park is no different than most, although the Lexington Park market does have it's own special circumstances. Want to get a clear and up-to-date picture of the Lexington Park real estate market? Call me at any time. I am happy to share my knowledge of the real estate market with homeowners and prospective homeowners who want to take advantage of market trends to buy and/or sell wisely. Building Lexington Park Home EquityAs a Lexington Park homeowner 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 Lexington Park home equity, you gain $3,600.00. The only factor being considered here is Home Equity. In individual cases it may be wiser to invest than to pre-pay your home loan. It also may be wiser to pay off high-interest, non-deductible loans before considering your Lexington Park home equity building options. Your financial advisor is the one to consult for these matters. If you would like up-to-the-minute information about Lexington Park home appreciation values in your area, please call or E-mail me today. Buying Lexington Park Real Estate...Will it Pay?A frequent question from prospective homebuyers relates to building home equity. Lexington Park buyers like to estimate how much a home may increase in value based upon past appreciation. One of the many advantages of home ownership is that appreciation is based on the home’s market value rather than on the actual dollar amount invested or the down payment so that a $100,000.00 home that appreciates 5% is now worth $105,000.00. This is one way of building your Lexington Park home equity but there is more you can do. 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. The Benefits of Selling Lexington ParkAs you know, you are allowed to sell your Lexington Park principal residence once every two years and exclude up to $250,000 ($500,000 for a married couple) of the gain of the sale on your Federal income tax. Please note: This is not a once in a lifetime tax savings and you don’t have to be any certain age or buy a more expensive property. If you meet the two-year residence test you can sell your principal residence every two years if you are so inclined and the market cooperates. But this tax saving does not affect rental property unless you convert the rental to your personal residence, live in it for two years and then sell it. |
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