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Pros and Cons of Investing In Real Estate

Pros and Cons of Investing In Real Estate

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There are several reserves available in the market for all kinds of sectors. But, investing in a real estate market needs an accurate plan with prevailing methods of execution. One must have the best of both worlds that are, facts and capital that is required for purchase or investment. Most people spend in this market to receive hefty profits, while some of them invest to generate a passive revenue source. Investment in real estate has its peculiar flaws and strengths. Hence, it is highly essential to get them right.

Here are some points you may consider if you are thinking of making an investment in real estate – 

Stating Below Are Some Pros Of Investing In Real Estate

Pros:

1. Easy To Understand

While speaking of dealing or investing in properties, information that people conceive is almost equal on a primary level. You need to dig in deep to be proficient in this market, which requires a lot of study and hands-on research. Though as simple as it sounds and as complex as it can be – investing in real estate is less complicated as it involves purchasing the property and selling it (if the investor wants to do a house flipping).

If you are investing in funds, you must know the number game really well, if you are into trading bonds the principle halts the same. Investments could be of any kind but, in every way, you would require fundamental math skills that help you in understanding the notion well and painstakingly.

2. Always Has An Improvable Side

Several other investments could bind you to certain limitations which you might certainly control whereas, real estate investments are more pliable and improvable. As being one of the tangible assets, it is evident to increase a property’s worth in all degrees, by using some ‘elbow grease and ‘sweat equity.’ It does not matter how the process of upkeep is – it could be structural or just maintenance of the assets.

The above reason makes investments in real estate improvable. If you are confused about the methods of investing in it, and you are residing in New York City, you can get in touch with ‘Elite Properties‘ they buy a house in an all-cash offer and bid the best deal every time.

3. Shield Against Inflation

The yields on real estate are allied to the rents, received from the tenants. Real estate has the head to strike inflation extra consistently than any other reserves, as it reacts in respect of it. It proves to be a good hedge against inflation, as rental properties are released every year (every 11 months), and rents are attuned upwards in the inflationary periods. Therefore, you are less worried as an investor in concern to the profits on the property.

4. Offers Security

Investing in land and assets like property always proves to be a gravy train in the scenario, which also provides you with a sense of security and bequeaths a legacy of your name. Also, investing in other possessions like gold or platinum might leave you bound by stress whereas, a property can’t be theft, so you have a sigh of relief, leading you to a much more peaceful future.

Hence, adding an extra asset to your prized possession list never does any harm, but on the other hand, it is profoundly important for the investor to research precisely.

5. Dual Income Source

Another added benefit of investing in a property is that you can receive profit every day, but how? Rental income – One of the good things about rental income is that you can earn profits out of it every day for a full year or as many years as you want, it also acts as a bonus if you have a full-time serving job as the rent supplements the income. While dividend stock yields won’t assure you big returns.

Investing in real estate aid in mounting equity as the flow of income is regular. You don’t have to pay extra charges for the upkeep of the property.

6. House Flipping

House Flipping is where you buy a property, rehabilitate it, and sell it to potential buyers. It helps you to ultimately attain a big profit edge on the amount you invested while buying. Buying a home, fixing it, and selling it could be too much. But, it could also help you receive big profits as the property you buy does not necessarily contain structural damage every time.

A smart investor will buy a house and do the cosmetic changes, repairs, and staging (if needed) to increase its worth in the market.

Don’t Oversee this while buying a property for a House Flipping..

There are also some points you can’t oversee while buying a property for house flipping –

  • Understand, what kind of house or property you wish to buy
  • Neighborhood / Locality plays an essential role
  • The property should be handsome and could curb appeal
  • It should have the least amount of fixations required
  • It does not contain any mortgage left or unpaid

Always keep in mind that you are not the homeowner but an investor. No investor will spend on an ugly house for cash.

Stating Below Are Some Cons Of Investing In Real Estate –

Cons:

1. Greater Transaction Costs

When we compare buying or investing in property with stocks, there is a high chance of property winning the comparison. The size of the property including the category decides the listing price. Whereas, the amount on stocks will fluctuate for a shorter term (inclusive of the transaction cost) and promise you measurable gains.

The transaction cost of real estate is comparatively high, which transpires due to opacity in the market. Therefore, investing in the real estate market can significantly affect the value of the investment made. Ultimately making it more difficult to earn profits, as it is also tangible and requires ongoing maintenance for sustenance.

2. Illiquidity

The first question appearing in your mind would be, what is illiquidity? As mentioned above, real estate is a big market and a preferable option for investment to many. But, it also has some setbacks, and one of them is illiquidity. Trades in the market can be pretty tough as you tend to get fastened with a big price on the property.

Here, the amount invested in the property is returned, with a substantial loss of capital. Such occurrences happen due to the massive gap in the bidding price. This price is provided by the buyer and the investment price is set by the investor or seller. It is often tough to meet the price of the seller which eventually leads them to back out from the offer.

3. Requires Management and Maintenance

If you want to invest in real estate markets, make sure you balance the books well. As soon as you make an investment in a property, your expenditure increases inevitably. It requires maintenance and other foundations for the upkeep and improvements, for any glitches in the property. Investing in properties is like a progressive ladder of ever-increasing expenses if the house sits vacant for a prolonged duration.

Investing in a property requires an ample amount of capital, for legal and structural improvements. Charges like financing payments and taxes add to the increasing cost that also consists of maintenance fees.

4. Clutches Significant Inefficiencies

Including all the above disadvantages real estate also clutches inefficiencies, why? As the investor and buyer both mutually decide the value of the property. Here, the investors would face an unseen dilemma of not knowing the property’s actual worth.

It is essential to not go with the flow and check everything before proceeding. As the amount of information perceived is solely based on clauses given before signing the deal.

Most investors agree to the listed price and make an offer without carrying out a hands-on inspection of the property. For example – An investor purchases a property worth $10,000 and its actual worth could be $10,500 (this could be the best scenario). But, if you purchase a property as same for $10,000 whereas the price of the property is $7,500 then, this is a blunder and a significant loss. Therefore it is highly advisable to carry out an inspection before you make an offer. You must visit the site to avoid a huge mistake in the coming time.

5. Creates Liabilities

Being the owner of a property laterally brings a lot of liabilities on your shoulder. And legal issues come into play. As you own a property you are legally responsible for the damages. For instance, if the fence falls off on someone and the person is injured, you are accountable for the medical care of that person. You may also face personal injury litigation and attorney fees.

Take Away

All investments have their own set of pros and cons. One must know the ropes while diving in the ocean of real estate. A wise investor will make most of both pros and cons to employ maximum profit out of the investment. Moreover, you can contact reputed real estate companies in NY like ‘Elite Properties’ to help you in understanding – buying – selling of properties in NYC.

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Real Estate Position in 2019 – Predictions and Forecast

Real Estate Position in 2019 – Predictions and Forecast

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As we have taken a step in 2019, there are a bunch of questions that jump in every individual’s mind. Similarly applied to the real estate sector as well, do we see innovative opportunities coming in the market or it will be a downfall in the economy? As 2018 was a year full of developments and technologies, let us have a look at some real estate forecasts and predictions for the year 2019.

New Constructions

The real estate market is broad and demanding, and it becomes difficult for the Government to meet the requirements of the civilians. As there is a massive rise in the allowance of building permits, it is highly possible for us to see new constructions gaining numbers in a majority.

A study from the experts reveals, that the percentage of single-family permits issued nationwide has progressed by 8.4% compared to the year 2017 till 2018. The housing market is a gradually retrieving, and the process of filing of permits till receiving the end product consumes time, the market will eventually go through the lack of supplies leading to less listed homes.

New Technology Usage

Use of technology entices buyers. How does this work? Things like virtual staging, walkthroughs, and adoption of VR headsets – where people soak in the 3D visualization and experience of being in their dream home, capturing top shots of the property and landscape through drones – provides a 360-degree view and easy listing on MLS, using Chabot’s on websites and web applications for real estate which aids in saving money and time.

Added to these there is also a trend of Blockchain (is a stage where transactions or trades are carried, through digital currencies) which is growing immensely all over the globe, where people trade in Bitcoins and Ethereum (these are types of Cryptocurrencies that are operated on Blockchain). This platform is beneficial in many conducts as it offers smooth and transparent transactions and trades across the world digitally which involves less leg and paperwork. Here, you ultimately exempt the mediator and close deals directly with the third party.

Prefabricated Homes is the Future

Let us explain to you what are prefabricated homes in the first place – prefabricated houses resemble a 3D jigsaw puzzle, they are manufactured in parts offsite and then assembled onsite on the preferred location. Prefabrication is a construction technique which is fast and cost-effective compared to various other construction methods. Prefabricated homes are designed employing durable materials, offering high performance in concerns with the sustainability.

Facilitated entirely with amenities and luxuries prefabricated homes are a great choice to dwell for shorter terms.

Millennials, Above All the Generations

If your question is, which category of generation is flourishing as new buyers or investors in the real estate sector? The answer would be millennials. The millennials are currently the largest generation on the bar which has the maximum number of first-time home buyers in the real estate industry, calculated to be around 66%.

Millennials are smarter and much knowledgeable in comparison to the baby-boomers and Gen Xers when it comes to the home buying process. With the help of available technologies, IoT and apps millennials examine thoroughly to keep things streamlined before taking any step that might take them down in the pit of loss.

Substantial Increase in Mortgage Rates

A report from Mortgage Bankers Association states that the mortgage rates are currently around 4.9% (that is in the year 2018) and would stay the same in 2019 as well. The above-mentioned studies are based on the 30-year mortgage rates, as the rates would remain the same for a leading half of the year, they might also tend to jump thereby increasing from the current 4.9% to 5.1% as the year ends. According to the real estate market, it is a healthy growth but, as far as the buyer’s market is concerned, it would be an evident downfall.

According to a real estate forecast that was issued for the year 2018 (July) stated, the prices will continue to rise for the year 2019. As the past year experienced a rise of 8.1%, the experts foretold the rise will progress by 6.5% by the time summer arrives for the year 2019.

Sellers Over Buyers

As mentioned above, the increase in mortgage rates and a shortage of inventory recorded in the year 2017-2018 will generate a deficiency in the housing markets. All of the above will create an irregularity in trade, supply, and inversion of investing in real estate. Hence, the prices of properties will rise in 2019 affecting the affordability of buying homes.

In contrary, it is also a golden opportunity for those who are looking for an investment as there are many properties listed on the bar, you get hands on your dream property, which would eventually make you a smart buyer in the seller’s market. But the final word, 2019 is going to be a seller’s market and a gold mine for the ones who are listing their property.

Decide For Yourself

Addressed above were some real estate trends and real estate forecasts in 2019 that we might get to witness. The real estate market is very fragile and has a drift to fluctuate we will advise you to choose your purchases carefully, and not fall in the pothole of errors.

Else, if wish to buy or sell house in NY, you can reach a reliable real estate company like ‘Elite Properties‘ who will be happy to help you and sort your queries for the housing market.

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Plan Of Action To Invest In A Second Home

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Purchasing a second home takes plenty of financial and mental planning. Beginning with the organization of your budget, assessment of your savings and finally investing in the property of your choice. Whether you are looking for some profitable investment returns or a second home, we have a few tips to keep in mind while buying.

Understand Your Needs

The investor must understand his or her needs while buying a second home – a good investment only suffices on proper planning. Asking questions like, Why do you need a second home? Where do you want it (in terms of the location concerned)? Are you looking for profits from this investment? What type of home do you want to buy? – will help in understanding the requirements better.

Factually, there is a thin line between investments and expenses. No buyer would like to exceed the limit of expenditure while thinking of investment. Further, needs can differ from an individual buyer or a family – considering who the buyer is. Inclusive of factors such as cost, location, and maintenance of the home relies on the amount spent.

Plan A Budget

One of the most useful tips to invest in a second home is planning on the budget. While many expenditures depend on a single income source, it is essential for a person to get the stats right.

Now, you might want to tally your budget by calculating all the foreseen expenses, which are basic home utilities, repairs, plumbing, maintenance, property taxes, and also mortgage rates. The cost of repair also depends on the type of home you are currently living in, whether it is a condo, a duplex, a bungalow, a townhouse, etc.

Assess Your Savings

If you are planning to buy a second home, it essentially becomes a point to optimize your savings. The savings in the bank helps in making the down payment of the second home, giving an idea of how many EMIs you might obtain in the coming future with added interest rates.

The capital in your bank saved could be assessed by considering the mentioned points below:

Clearing Debts

The lenders will have a look at your past purchases like car loans, student loans, etc. including credit card statements to make sure you have no debts to repay. To qualify for a second home mortgage, the buyer should not surpass the limit of a certain percentage of the pretax income.

Online Calculations

While doing research always have a look at the markets online, there are smart money and budget calculators that help in deriving the approximate debt. Such online platforms show how much money one can afford for the down payment of a second home.

Long-Term Financing

Unlike others, you might also want to make a down payment on your second home in a combination of savings and a loan. The higher the down payment, the lesser would be the loan’s repayment amount, the least amount is 20% which has to be paid by the buyer in regard to the purchasing price of the home.

As the percentage might be on the higher side for some people, channelizing your payments according to the ratio is important. Following points like, borrowing an amount against the life insurance policy, refinancing your car, and using the equity in your primary home are some of the best options available.

Apply For A Mortgage Loan

It is always very strenuous while apply for a second mortgage loan as the verification processes are much strict. As you are applying for it for the second time, credit score requirements are slightly higher for the second home than for the primary one. A buyer’s debt-to-income requirements are based on the size of the down payment and credit score.

Determining an affordable mortgage, inclusive of the hidden costs is also a point to be stressed. Other options like FHA, VA USDA, HELOCs, and conventional mortgages are also available for you to make the right decision in the first place.

Hiring A Real Estate Agent

Investing in a second home is quite tricky, an experienced realtor will always help you understand the market better. The advantage of hiring a real estate agent in NYC provides you with a wide range of properties in your location.

There are many benefits of having a real estate consultant at your side. After you have hired a consultant, you won’t be doing the research on your own. Less is more – as you cut down the burden of paperwork and legalities, everything becomes fair play. One must read the clauses carefully prior to approval and further proceedings.

Bottom Line

If you are thinking of buying your second home and looking for assistance, you can get in touch with a reputed real estate company in NY like ‘Elite Properties’. They will definitely help you find an apt solution for real estate-related issues.

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Tips to determine house value

Tips To Determine Your House Value

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Property values have levitated and tumbled over the past decade, but one thing will always remain the same, the value of your home will be associated with the value of other homes in your market. Many homeowners know the amount they have invested in their property including monthly mortgage, but not everyone knows what the current value of their property holds. So, how does it matter? If you are intended to continue living in your current house for the foreseeable future and repaying your mortgage then why would you care about its current market value?

There are a whole lot of reasons to know your home’s current market value such as – Insurance purposes, financial future planning, property tax, relocation, downsizing, or trading up, the possibilities are so many.

Online Research

In recent years, a proliferation of online resources has emerged to provide you with an answer before you actually consult any person in the specialized field. There are many websites at your service which offer an online home value evaluation. Such platforms help in examining the data for an estimate.

You would be asked to enter information about the property. Such as detailed measurement of the carpet area, super built-up area (in square feet), date of construction – completion, and the number of rooms, etc. After you have entered all the information given above, the online estimator will evaluate the property’s market value.

Other public records like property transfers, deeds of ownership along with tax assessments could predict your home’s value based on recent sales and listing prices.

BPO or CMA

In real estate broker price opinion is often associated with short sales and foreclosure, but many homeowners and companies like relocation firms call for them. While collaborating with buyers and sellers for listing price or examination value before acquisitions, real estate agents do a comparative market analysis.

A BPO or CMA is another method of estimating your home’s worth. Such evaluation methods rely on the recent sale value of similar properties in the local area or vicinity.

FHFA Index Calculator

Homeowners that are wary of AVMs could opt for the FHFAs House Index Price calculator. The Federal Housing Finance Agency’s House Price Index (HPI) is a broad measure of the movement of single-family house prices. The HPI calculator gives you an idea of how much your house is worth, and how its value of it has changed over the past years. The calculator is designed to help you understand the estimated value of your house.

Hire A Professional Appraiser

An appraisal is mandatory for any lender prior to approving a mortgage and carrying out an estimate. Hiring an appraiser is essential for a proficient outlook.  He will assess the condition of your home and provide an expert opinion on its estimated market value.

Things an appraiser will consider before evaluating the property are-

  • Verification of property’s existence, acknowledging the location and address in detail
  • Examination of the outdoors
  • A 360-degree evaluation of the exteriors of the home or the respective property
  • Listing down pros like – lakes, shopping centers, parks, etc. will add up to the seen desirability of the home
  • Verification of the area in square footage for accuracy in the database
  • Evaluation of the prevailing room numbers
  • Current conditions of the attic, basement, and garage including their measurements
  • Checking for damages (if any) in the property
  • Testing functionality and appearance of permanent features such as built-in appliances
  • Testing workability of the HVAC systems
  • Comparing recently sold homes in your area with your property to determine your home’s market value

Why It Is Important To Know Your Home’s Value?

If you are on the seller’s board then it is incredibly beneficial for knowing the property’s worth, as it helps to derive the estimate or listing price. Even if you are not planning to sell the house, it still stands useful for many reasons.

The benefits of finding a home’s value don’t end with a purchase or sale: Refinances, home equity lines of credit, insurance premiums, and annual property taxes are all based on home value

Determining a property’s worth would allow for evaluating affordability for things in the future.

How To Increase Your Home’s Value?

Little alterations make a big difference! There are many low-cost ways to add value to the home. Homeowners that can afford renovations can opt for it. Given below are some points you can consider to increase your property’s worth –

  • Spacing up and removing excess or unwanted furniture
  • Upgrading your kitchen, repairing breakages and polishing helps grab the attention of a buyer
  • Beautify and keep the bathroom clean
  • Painting dead walls and adding beautiful pieces that add to the beautification of the place
  • Replacing upholstery, rugs, and carpets
  • Hire a certified home inspector

Final Word

The tips for the assessment of your house’s worth given above would surely help you. Whether you want to sell it or just for an idea about the investment you have made to date in your property.

Furthermore, you can contact reputed real estate companies in NY like ‘Elite Properties’ to keep you safe from real estate crises and help in the smooth sailing of your plan of action for the coming times.

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Hidden costs of selling home in NY

Hidden Costs of Selling a Home in NY

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Selling a house is way more complicated than it seems to be. You have to take care of every in and out for ensuring a profitable deal. Of course, you’ll decide the price to sell your home but, still, you may fall in the pitfall of hidden costs and lose a handsome amount of money. Therefore, before you proceed to put your home for sale, you must be familiar with basic home selling issues and legal ramifications.

Here is a detailed list of hidden costs of selling a home in NY…

Pay Off Mortgage

If you have had taken a mortgage loan for buying a home then, it is crucial for you to pay it off prior thinking of selling the property. Legally, you can’t sell your home without paying your pending mortgage payments. The buyer might sue you for a fraud deal in future. To avoid such complications, we suggest you first complete your loan and then only think of the other way around.

Property Taxes

There are so many cases filed against homeowners in NY who didn’t settle the property charges and sold the home linearly.  However, the law states that you can’t enforce the buyer to pay the property taxes on your behalf. Once you sell your house then only he/she would be responsible for paying property taxes. Similar to the mortgage loan, you must clear out any outstanding property taxes.

Deed Transfer Tax

Since you want to sell the property in NY, you will be subjected to deed transfer tax or realty transfer fee. Most people get confused and consider it as property tax. Whereas, it is altogether a different entity that the government levies upon the seller as a part of the home selling process. When the buyer and seller agree on a fair market value of the home, they need to contribute some percentage of it to the government. Its value varies according to the states. For instance, you’re selling the home at $500,000. The government may ask you to pay 1% of the total amount. In another state, they may ask for a 2% share.

Estoppel Letter for HOA

If you are a member of Homeowner’s Association (HOA) then, you will require an estoppel letter or certificate from their end mentioning you’ve cleared all the pending dues or payments. The letter should include the name of the homeowner, their address, a brief description of the property, and the date of clearance of pending fee along with the authorized signature of HOA board member. Here, both the seller as well as the buyer is liable to pay the default fee. Therefore, speak to the buyer before finalizing the price of your property.

Home Inspection Charges

Sometimes, what happens is, people, ask for too much money while selling the property and end up disappointed. The reason is quite simple – Nobody will pay according to your expectations. Parameters like your neighborhood, condition of your house, and amenities it hold play a pivotal role in determining the fair market value of the property. Therefore, for deciding a fair market value of your house, you should hire a home inspector.

Attorney Counsel Fees

If you don’t have much knowledge about what legalities needs to be done while selling a home, it becomes imperative to contact an attorney counselor. They can help you understand the legal matters involved in selling a house in NY in details. Don’t be stressed about the fees because it is a plus point for you. An experienced attorney will ensure your documents are processed in the correct way. Furthermore, you can impart the perspicacity to your friends and relatives whenever they face a similar situation in the future.

Home Preparation Costs

In most cases, home sellers expect that the buyers would pay for the repairing and maintenance costs. To be honest, there’s nothing wrong in that. But, when it comes to negotiating the price of the home for sale, homeowners demand a high amount. This practice is not right. Homeowners should understand that the closing costs are directly proportional to the home selling price. So, as a home seller, if you’re asking for basic repairs, you’ll have to deduct its prices from the final market value of your home.

Closing Costs

All the above-discussed points fall under the closing costs. One needs to go through the entire process for closing a fair deal. However, if you feel that this procedure is exhausting and byzantine, you can simply contact an experienced real estate agent in NY. From handling the paperwork to listing your property for sale to closing the deal with 100% profitability, they assist you through and through.

Real Estate Company in NY

There are thousands of real estate companies in NY who claim to close the deal within a few days. Howbeit, that’s just an advertising gimmick. Don’t fall in the honey trap of fraudster real estate firms and choose a reliable and trustworthy real estate company like ‘Elite Properties’. After serving in New York for almost a decade, ‘Elite Properties’ is counted among the top-notch real estate facilitators in New York. Transparency is the main feature that drives their business. Therefore, you can approach their team for a hassle-free home selling experience in NYC.

The Bottom Line

A crystal-clear communication with the buyer and maintaining a fair practice in terms of fulfilling necessary legalities is the key to getting a favorable home selling deal. Furthermore, the guidance of an experienced real estate company such as ‘Elite Properties’ can also prove fruitful. Take your time and decide your plan of action. We wish you all the success.

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mortgage-loan

When you’ve lost the Job and Can’t Pay the Mortgage Loan

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A steady job is the most important parameter to keep up with the mortgage loan. If your boss has fired you or you have left the job due to the frustrating work environment, and you don’t have any other source of income to pay the mortgage then, we have some tips that can help sail your ship smoothly.

Stay calm and read the mortgage loan payment tips to understand what practical options are available for paying the mortgage loan when you’ve lost your job.

Calculate Your Money and Start Saving

First things first, try avoiding the stress as much as you can. Keep a positive attitude that everything is going to be fine. Without a stable mental state, you won’t be able to cope with the situation. Once you settle down, calculate the total money you have. By ‘total money’ we mean your savings and emergency funds. Once you know the total amount, outline your basic monthly budget and utilize the rest of the money for the mortgage payment. In the meanwhile, start searching for a new job. You will surely get one.

If this option is not feasible, you can try the next one.

Sell the Unnecessary Items

There are many household items such as furniture or kitchen accessories and even clothes which we don’t use on a daily basis. You can collect such items and sell them right away. A garage sale might seem an insignificant thing to do in such a stressful situation but, it could help you arrange mortgage loan payments. If you are worried about the buyers then, you can try placing free ads over various portals and holding an online auction. Otherwise, you can opt for a traditional way of selling.

Rent a Room

To be honest, there are thousands of people in NY who are looking for a suitable place to live. So, if you have an ‘extra’ room in your home then, you can try renting it out. Let’s say your family is small and you have got enough space to accommodate more people. In such cases, you can permit people to stay in your guest room or the room which is spare. It will not only arrange mortgage payments but also, give you the satisfaction of helping a needy person.

Contact Your Lender

Most people make the mistake of hiding from their lenders when they know they are short of money. Therefore, we want to specially tell you that it’s not a wise thing to do. Maintaining transparency is the key to convincing the lender. Please, make sure you talk to your lender at the earliest. Understanding your situation, your lender might offer you another plan on a temporary basis. For instance, your lender can ask you to go for the forbearance unemployment agreement. It allows you to repay the pending payments after a certain time interval. For the time being, you can pay less money. This will save you from losing your house. Once you get a job, you can fill the gap by repaying the mortgage amount.

Sell the House Before it falls under Foreclosure

‘Foreclosure’ means your property can be taken legally by your lender if you fail to pay three consecutive mortgage payments. If the foreclosure occurs, you won’t have any choice but to lose your home forever. Thus, foreclosure is extremely risky. You should do whatever it takes to avoid foreclosure. If you’ve tried other authentic ways and still you aren’t able to find a staunch solution, selling your home in NY is the last resort. Selling your property before foreclosure or a short sale will at least ensure you get some money back. This money can be helpful during a crisis until you have a decent job in hand.

Contact ‘We Buy Houses for Cash’ Companies in NY

Selling your house in NYC as soon as possible could be a hard nut to crack. The easiest way to approach the situation is to find a ‘we buy houses for cash company in NY. Such real estate companies help you throughout the transition right from listing your house for sale to speaking to potential buyers about the important paperwork. You don’t need to go deep into the legalities once you hire an experienced real estate agent. Just make sure to get in touch with a trustworthy and reliable real estate firm in NY.

Fraudster Alert

While we are advising you to take assistance from a real estate company in NYC, you must take care of a few things. To be honest, there are many fraudsters who will promise to sell your house fast but, when the time comes they won’t fulfill their commitments. Such companies ask you to pay in advance and then, don’t answer your calls/emails. Beware of sugar talkers and research thoroughly about the company’s past projects and clients on the internet. You can also take guidance from your relatives and friends who have relevant knowledge or experience associated with the real estate sector.

Final Word

Try to get a new job and meanwhile follow these tips to deal with the mortgage payment failure issue. Remember that every dark cloud has a silver lining. If you need assistance, you can contact ‘Elite Properties’, one of the highly reputed real estate firms in New York. The real estate agents at Elite Properties are known for being transparent and faithful to their customers. Most importantly, don’t lose hope and stay positive. It can work wonders for you.

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Is There A Way To Sell My Ugly House Fast?

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My kitchen interior seems vintage, cabinets are broken, the roof needs replacement, plumbing work needs to be done, and I don’t want to indulge in a complete makeover… Is there any way to sell my ugly house fast?

Yes! Not only you can sell your ugly home, but also sell it fast. We have figured out some crucial ways which can foster the home selling process without investing much.

Have queries?

Can you help me sell my ugly house fast?

Let’s address your queries one by one.

My House Doesn’t Have Proper Amenities…

That’s a worrisome matter because any potential buyer would definitely have some expectations. Maybe they won’t ask you for a polished home altogether but, they will ask you for basic necessities like decent flooring, plumbing work, adequate space, and a good neighborhood. For this reason, you must do a home inspection; make a list of things that your house lacks, and then, take proper actions to meet those needs. In addition to that, do take care of your space in terms of cleanliness. A clean and tidy home can foster the chances of selling an ugly home fast. If your budget allows, do hire someone for the maintenance of your home until it gets sold.

Should I List My House on Websites?

We won’t deny the fact that listing the house on top-class websites is important but, before that, you must prepare your house. Preparing the house for property listing will require a sanitized space and high-quality images. Poor-quality images can leave a wrong impact on the mind of potential buyers. They might not contact you if they feel your property doesn’t match their expectations. Remember that the right marketing is the key to getting a favorable deal.

Who Will Buy My Ugly House?

Property rates in NY are beyond the reach of a common man. This is the reason there are billions of people in NY who don’t have their own space to live. That being said, people are constantly looking for investing in the real estate market for attaining financial security. If your house has basic facilities, it will surely get sold out soon. If you face problems in finding home buyers, you can take the help of legitimate real estate companies. They can help you find decent home buyers and that too within a short span.

What Would Be the Home Selling Process?

The home selling process in New York is quite simple if you are aware of the technicalities of the real estate market. You can refer to various authentic websites on the internet for understanding the crux of the current scenario. Start by searching the prices of the house for sale in nearby localities. It will help you decide on a fair rate for your house. Plus, make sure to stay transparent while dealing with potential buyers. As you are selling an ugly house, you must tell the buyers everything clearly and include that in your purchase contract. Otherwise, buyers might create issues during the payment.

If the buyer is planning to apply for a mortgage loan, ask them to show their mortgage loan approval documents before proceeding. It will minimize the risks of any fraudulent activity. Don’t get disappointed even if you lose the potential deal by following the right path. At present, the real estate market in NY is hot, and you will definitely find a genuine buyer soon.

What Can Elite Properties Do For Me?

Being one of the most trustworthy real estate companies in NY, Elite Properties always aims to make its customers content. To be honest, the zealous team professionals at Elite Properties go an extra mile when it comes to selling home for fast cash. From listing your ugly house to handling the paperwork to closing the deal, they assist you throughout the transition. Furthermore, they don’t demand any hidden charges which most real estate agents in NYC might ask you. Therefore, you can completely rely on Elite Properties for a hassle-free home selling journey.

Final Words

Selling an ugly property in New York is not a big deal but, buyers might not agree easily for paying a handsome amount for an ugly house. Seeking professional guidance is perhaps the best way to sell an ugly or distressed house fast. With years of rich experience, real estate agents can guide you step-by-step. We insist you hire an experienced real estate company like Elite Properties for realistic advice.

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Why Buying A Home In NY Is Better Than Renting?

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The prices of home are quite high in NY. Your colleagues are planning to buy a home. You also want to settle down and desire to have a home of your own.

Amidst all the things: You don’t know how you are going to afford a property in NY. You are clueless where to find a decent yet affordable home. Hold up! Buying a home in NY is undoubtedly better than renting. But, you need a proper plan before making a final decision. Let’s take a look at some crucial points to understand why buying a property in NY is a better move than renting.

Why renting a house in NY is not a good idea?

People who advocate renting a home is better must be either the ones who have given their homes on rent or lack knowledge of the real estate market in NY. We don’t say renting is a complete waste of money as it is cheaper than buying a home. But, if you look at the bigger picture – it is surely a bad idea. Reason? You are investing a lot of money which you won’t get back. Your hard-earned money is only going to fill your landlord’s pocket. In addition to this, your landlord will likely increase the rent every year. Therefore, renting a property in NY is not at all fruitful.

Key Benefits of Buying a Home

A sound real estate investment is all about taking calculated risks. So, here are the key benefits of buying a home in NY that you must take into consideration.

  • A Step Closer to the American Dream of Homeownership

Even though you’re going to apply for a mortgage loan and will need to repay the loan amount a few years down the line, it’s still a wise decision. You will be a proud homeowner once you are free from the mortgage loan. Therefore, every mortgage payment will get you a step closer to achieving the American dream of homeownership.

  • Relief in Tax

The tax benefit is possibly the most compelling reason for purchasing a property in NY. You will get benefited while filing for tax returns as you are paying a mortgage loan. Therefore, you need not worry about anything.

  • Sense of Freedom

You don’t need to take any permission for keeping a pet of your choice or renovating your home. You can act as per your wish. You won’t get such kind of freedom in renting a home.

  • Stable Standard of Living

Having a home of your own gives you an opportunity to lead a stable life. Children going to the same school and family spending years in the concordant neighborhood are definitely advantageous aspects of owning a home. On top of that, you know the nearby hospitals, banks, and safe routes for commutation as well.

  • Financial Security

Having a house of your own that too, in a place like NY is seriously the greatest achievement and an opportunity to become financially secure. With time, the value of your home will increase. For instance, today you brought home for $500,000, and after a decade, its price might reach $900,000. So, if you think of selling your house after some time, you might get a good deal out of it.

Are You Ready to Buy a Home in NY?

Before you finally make up your mind, answer these questions honestly.

1. Do You Have Emergency Fund Ready?

You never know what may happen tomorrow. Health issues and accidents spare no one. Therefore, it’s imperative for you to have some money in the emergency fund ready. Before, you plan to buy a home, at least have a decent saving that could be utilized during an emergency.

2. Will you be Able to Pay the Mortgage?

Nowadays, the major reason that’s driving property to foreclosure is the failure of mortgage payments within the given time limit. So, if your monthly expenses are more and if you feel you might fall short of the money, then, it’s not the right time to invest in a real estate property. Take this step only when you are confident enough to manage everything.

3. Do You Want a Stable Life?

Majority of us dream of having a stable life. On the contrary, some people love adventures. Owning a home comes with certain responsibilities. Let’s say your job demands you to relocate every now and then. How would you take care of your home? Therefore, buy a home only when you are ready for a stable life.

4. Do You Know a Trustworthy Real Estate Agent?

Connecting to a trustworthy real estate agent can expound the entire procedure of buying a house. You don’t need to do manual research for finding a home. An experienced real estate agent in NYC can show you multiple numbers of properties in your desired location along with good amenities and chaste neighborhoods. Another significant benefit of hiring a real estate agent is you won’t need to indulge in the legalities and paperwork. They will do everything on your behalf. Just read the documents and ensure the clauses and terms are correct.

Final Word

Buying a home in NY is any day better than renting. At present, if you can’t afford to pay a mortgage loan, then the best piece of advice is to start saving and cut down on additional expenses. Furthermore, get in touch with a reputed real estate company in NY like ‘Elite Properties’ for dependable home buying tips.

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10 Easy and Effective Tips to Sell Your Home Fast

10 Easy and Effective Tips to Sell Your Home Fast

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Do you know the average time to sell a property is 1-2 months? It might take longer if your house is in a distressed condition or unsafe locality! With so much competition in the real estate market, chances of getting a good deal are less. We’ll help you Sell Your Home Fast and safely.

Don’t get disappointed and multiply your stress listening to such remarks, because it’s not always like that. There are thousands of home buyers in NY who are actively seeking a property to live in. With proper home selling strategies, you can definitely rack up a favorable opportunity and sell your property fast. Therefore, keep a positive attitude and embark upon your home selling journey.

We have compiled a list of 10 easy and effective tips to sell your home fast…

1. Right Property Evaluation

Every home seller feels that his property is the best. Now, this notion doesn’t emerge due to arrogance or ego it is simply a result of the attachment one has with their house. However, this ‘attachment factor’ may become a barrier in the home selling process. Potential home buyers won’t be concerned about such things. They just want to buy good property at affordable rates. Therefore, you should take care of the practical aspect and decide a price according to the rates of property in your neighborhood and the condition of your property.

2. Choose the Right Time

There’s always a right time for everything – This saying is true even when it comes to real estate affairs. Logically, the summer and spring seasons are considered to be the best seasons to sell your home or buy a property because buyers usually explore the properties during the warm season and refrain from going out during the winter season. Therefore, you must pick the right season for selling your house fast.

3. Hire an Experienced Real Estate Agent in NYC

Never opt for a real estate agent who’s offering you services at cheaper rates. Instead, look for an experienced real estate agent who can help you find genuine home buyers. Don’t worry about their fees because they will make sure you get a quick and good deal. So, do thorough research on real estate companies in New York and choose the best one.

4. Clean and Declutter Your Home

Nobody likes a dull and depressing ambiance especially when they have to live there for a long term. Imagine a potential home buyer comes for your home inspection and all he/she sees is a cluttered and untidy home. Will they invest in such a property? To be honest, no one will be interested in such a real estate venture. Remember that the first impression is the last impression. So, it’s imperative that you present the home in a decent manner. The simplest way to declutter your home is by removing unwanted accessories and sanitizing the entire space.

5. Make Clever Upgrades to Your Home

Merely cleaning the home is not enough. You have to make some clever upgrades for amplifying the overall look and pitching the buyer for a competent price. If your budget allows, start with a fresh coat of paint, repair the damaged cabinets, and ensure your plumbing, and drainage system is in working condition. In addition to this, hire a caretaker who will maintain the home until it gets sold.

6. HD Images for Property Listing

Property listing is a great way to convey to the buyers that you are interested in selling your home as soon as possible. Furthermore, the majority of people check the images on the property listing page before they proceed to contact the home seller. Poor quality images of your home can make the home selling opportunity slip off your hands. Therefore, hire a professional photographer or ask your real estate agent to do the needful. This investment will surely prove fruitful.

7. Emphasize the Best Features

No house is perfect but, every home has a USP (Unique Selling Point). For instance, you might have a sea-facing house, or your house might have a larger space. You have to figure out the best feature of your home to convince the buyer for closing the deal in a hassle-free way.

8. Traditional Way of Advertising

In today’s world, where everyone relies on modern means of advertising, you can try advertising in a traditional way. By ‘traditional way’, we don’t mean printing ads in the newspaper, simply by word of mouth or putting a huge signboard on your home can work wonders. You can also put an ad on the back side glass of your car.

9. Harness the Power of Social Media

If you are tech savvy and don’t believe in traditional methods, try to be a little creative and adapt unique ways to advertise your home for sale because the online advertising competition is very high in the real estate market. You can start by shooting a video of your home and sharing it on famous social media platforms like YouTube and Facebook. In addition to this, you can make a catchy post and ask your friends to share it with their contacts.

10. Behave Politely with the Potential Home Buyers

We are so focused on commercial aspects that we often overlook the power of polite behavior. Sometimes, polite behavior can invigorate a trust level in the home seller and help them crack the deal smoothly. Therefore, no matter how tired or frustrated you are, always behave politely with your potential home buyers.

Final Word

These tips will surely prove to be a schlepper to sell your home fast. Furthermore, you can contact reputed ‘we buy houses for cash’ companies in NY like ‘Elite Properties’ for greasing the wheels of your home-selling jaunt. Being one of the renowned facilitators of real-estate services in NYC, they assist their customers at every step. Therefore, keep patience, connect with Elite Properties, and soon you’ll find a perfect buyer for your home.

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