buy home

Commack Real Estate: Now Is The Time To Buy

The real estate market, including the market in Commack New York, has been hit hard over the last several 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%, roughly half of what the rates were just a decade ago.

If you’re getting ready to purchase a home , whether you are a first time home buyer or moving from an existing home, there are many questions to ask yourself:

Is buying a house now a solid long-term investment? Given that the real estate market has fallen 20 to 30%, you’re purchasing a house 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 good 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 house as you pay down 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 purchasing in the right area? Commack New York is a beautiful area to reside in and to raise a family. An established neighborhood, it has the resources of a major suburb with high quality of living standards. With new construction, you are able to get the home of your dreams. The builders have designed wonderful homes, and very often you are able to customize to suit your needs. Given the current economic conditions and reduced real estate prices, now is a great time to purchase your first house or your next home.

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 costly renovations to customize that house to your taste. New construction offers you the opportunity to make those alterations before the houses built. Usually, it cost 1 to 4 times as much to make changes to an existing structure as opposed to simply changing 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 home before, there’s several things that you should 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 developments? 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 halt for weeks. In contrast, a larger builder has assorted craftsmen available to him, and can deliver a steadier construction project.

3. Do you want to be in a new neighborhood or a single renovated house within an old community? The neighborhood around you not only impacts the resale value of your house, but also impacts your lifestyle. If you are in a neighborhood with dilapidated homes, and yours is the only new construction in the area, your home can feel out of place. If the builders will bring a new development, and you are one of the new homeowners in that new community, there is a much better fit for you and your home. Additionally, all of the people living in that community will be moving in at about the same time and will have the opportunity to form friendships and relationships. If you are moving into a block with families that have lived there for years, you may be the outsider and maybe quite some time for you to “fit in”-if at all.

Craig Axelrod is one of the executives from Emmy Homes. Emmy is which is one of LI’s top 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

buy home

New Construction in Commack: Ideal For You

If you’ve ever thought about buying new construction on Long Island, then now is the time for you to be searching. With the real estate market where it is, it is more affordable than ever for you to purchase new construction. On Long Island, your options are limited. The amount of free real estate available in this once farmland area, is basically completely developed. Many communities have placed restrictions on construction, preserving the remaining farmland and open areas.

Nonetheless, new construction is still available and can be perfect for the new homeowner. If you’ve been looking for real estate, you can consider this:

1. Older houses, while “unique” on the outside, are, in fact, old homess. Over time they age. Many homes in the 50 to 75-year-old range have become “knock downs” bought by builders to put up new construction. If you’re buying an older house, it can cost you more in the long run with maintenance and improvements.

2. New construction gives you more flexibility. Very little people ever find the “perfect home” of their dreams. Generally, they need to paint, tile, change carpeting, re-locate walls, renovate bathrooms and kitchens and a list of other projects that become increasingly expensive. That older home that looked like a bargain becomes extremely expensive once you’ve done the improvements and changes you need.

3. With new construction, you do not have to live through renovations. Kitchen renovations, expansions and modifications to your home can take months-even years. All the while, you are living in a hazard zone. 4. You also have the added expense of doing these improvements, which must be paid on top of the purchase price of the house. Many families have to save for many years to have the available cash renovations. Others may try to take second mortgages or home-equity loans, but this may prove unsuccessful-especially with more stringent lending requirements. You may look to borrow an additional $200,000, but your home is not worth an additional $200,000 today. Therefore, you lack the collateral to substantiate the home equity loan. In addition, new construction, even if slightly more expensive, has the full value in the home already, which is what mortgage companies want to see. 5. When choosing real estate, and evaluating existing houses, you have very few choices. The real estate is “as is”-meaning the lawn is what it is, the plantings are what they are, and the yarn is what it is. Usually, with new construction, it is either newly landscaped or in raw form so that you can landscape as you want (generally, unlandscaped new construction is less expensive than landscaped). With new construction, you are getting beautiful new property or freshly graded land that is set for landscaping.

When you’re ready to consider new construction, be sure to keep all of these factors in mind. As you examine the cost of the house, consider the real costs beyond the purchase price. Many families find far better values with the newly built house versus a less expensive existing home that needs work. Even if you are handy, improvements are not free. You also need to come up with the cash to pay for those improvements (whereas with new construction, those improvements are built into the asking price and are covered by the mortgage).

Story by Craig Axelrod, with Emmy Homes, which is one of LI’s most trusted real estate builders. Emmy’s Commack real estate features new construction in Commack. Visit EmmyHomes.com for information.

categories: home buyers,homebuyer,first time home,first time home buyer,buy home,buy house,purchase home,purchase house,new home

buy home

Commack Real Estate: Now Is The Time To Purchase

The real estate market, including the market in Commack New York, has been hit hard over the last couple years. This nationwide recession has absolutely had an impact on the real estate market, creating opportunities for those who are ready to purchase.

Interest rates remain at historic lows, making real estate in Commack more affordable than ever. Interest rates typically range from 4 to 6%, roughly half of what the rates were just a decade ago.

If you’re getting ready to buy a home , whether you are a first time home buyer or moving from an existing home, there are many questions to ask yourself:

Is buying a house now a solid long-term investment? Given that the real estate market has fallen 20 to 30%, you’re buying a house at deep discount to prices from three or four years ago. You’re buying 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 put off investing and saving-until it is too late. When you invest in a house, you are making a long-term commitment. This, in a very real sense, represents forced savings. Every month, you have the opportunity to build equity in your home as you pay into your mortgage. Historically, real estate appreciates significantly over time. Taken with a long-term view, real estate remains one of the best investments available.

Am I purchasing in the right area? Commack New York is a beautiful area to live in and to raise a family. An established neighborhood, it has the resources of a major suburb with high quality of living standards. With new construction, you are able to get the home of your dreams. The builders have designed beautiful homes, and very often you are able to customize to suit your needs. Given the current economic conditions and reduced real estate prices, now is a excellent time to buy your first house or your next home.

Are there advantages in purchasing new construction? Yes. New construction tends to be larger, more current and can easily be tailored to suit your taste. In contrast? When buying an existing home, you must very often go through costly renovations to tailor that home to your taste. New construction offers you the chance to make those alterations before the houses built. Usually, it cost 1 to 4 times as much to make alterations to an existing structure as opposed to simply modifying the plans on a home that is yet to be built.

What questions should I ask of a home builder?

If you’ve never bought a new home before, there’s several things that you can ask the builder:

1. Does the builder have experience within the county? To build a home, 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 very costly and presents huge delays.

2. Does this builder put up one house at a time, or have experience in building developments? 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 small crew. If any member of the crew-a plumber, carpenter or electrician-is unavailable, your construction may come to a halt for weeks. In contrast, a larger builder has assorted craftsmen available to him, and can deliver a steadier construction project.

3. Do you want to be in a new community or a single renovated home within an old neighborhood? The neighborhood around you not only impacts the resale value of your home, but also impacts your lifestyle. If you are in a neighborhood 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 development, and you are one of the new homeowners in that new community, there is a much better fit for you and your home. 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 years, you may be the outsider and maybe quite some time for you to “fit in”-if at all.

« Previous Page