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What's My Home Really Worth--- The Question We All Want Answered!

There are really just two major considerations when you determine the appropriate value for your Williamsburg VA property: market value and appraised value.
This is where many people get confused on value--- So many people will say, “The assessed value is X, so that is what it is worth”. This is so not accurate. Many times a house will sell more than the assessed value as the assessed value is what the city/ county taxes you on. I’ve seen houses sell 30,000 over their assessed value and no one wants to leave money on the table. Do you? I didn’t think so!
So let’s go back to the two values I was talking about earlier!
Market value is the value that a buyer…today…is willing to pay for your home. The most effective way to determine market value is to look through the prospective buyer’s eyes---they are the ones you need to impress. Positioning your home properly among competing inventory is a critical step, and it’s important that your agent devotes the time necessary to study current m…

5 Reasons Buying a Home is Better Than Renting!


Purchasing a home offers amazing financial benefits. Renting a home offers amazing financial benefits for the owner of the property you are renting from. Keep that in mind the next time you think about staying in your rental.

1. You Are Paying For A Home Regardless if You Rent or Buy
   
Some will argue renting eliminates the costs of property taxes and home repairs. All renters should realize that all the expenses your landlord must incur (property taxes, repairs, insurance and etc.) are rolled into your rent anyway along with profit margin.

2.  Home Ownership Is a Form of Forced Savings

Studies have shown homeowners have a net worth 44X times higher than a renter. It was recently estimated that a family buying a average home this past January could build more than $40,000 in family wealth in the next five years.

3. Owning Is a Hedge Against Inflation

Home values and rents tend to go up at or higher than the rate of inflation. When you own, your home's value will protect you against inflation.

4. There Are Still Substantial Tax Benefits in Owning

The new tax reform bill puts limits on some deductions on certain homes but the mortgage interest deduction is not the main source of these gains.

5. Housing Is Typically the One Leveraged Investment Available

Homeownership allows homeowners to amplify any appreciation on the value of their homes by a leverage factor. A 20% downpayment results in a leverage factor of 5, meaning every percentage point rise in the value of your home is a 5% return on your equity. If you put down 10% , your leverage factor is a 10.

Bottom Line:

From a financial standpoint, owning a home is and will always be better than renting.





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