Buying a home is likely the biggest purchase you’ll ever make- and for good reason! Luckily, it’s an investment that pays off in the end through equity. Home equity is the percentage of your home’s value that you own, and it’s key to building wealth! Here are three ways you can build equity while enjoying the benefits of homeownership.
1. Save for a (larger) downpayment. Equity is easy to calculate when you first buy a home because it’s basically your down payment. But, saving for years and years might not always be the best road to homeownership. Luckily, a good lender can provide current rates and market insights to help you figure out how to buy a home within your budget. At Premier Property Solutions, we work with experienced and valued lenders that help many of our clients get on the financial path to homeownership.
2. 15-Year Mortgage. This is simple math but, if you can opt for a 15-year mortgage instead of a 30 year, then you’ve cut your payoff time in half while building equity twice as fast.
3. Appreciation. Building equity through appreciation can take little time or a lot, depending on the market. With home prices going up like they have in recent years, especially in Charlotte, appreciation has been highly beneficial to homeowners in our area. It’s similar to buying stock and gaining more value as the price increases after your purchase.
With interest rates on the rise, now is the time to buy before your options get limited in the future. Not sure where to start? We can help! Let’s talk about your options and we’ll work to get you set up with a lender so you can understand home equity and how much how you can afford.
Sounds like it could be the name of a hit sitcom but really, what’s the deal with Millennials flocking to the ‘burbs? For years, Millennials earned the reputation of being a city-dwelling, hip and trendy bunch who lived in high-rise buildings and condos along the city’s skyline. Lately, there seems to be a national trend where Millennials are moving to the suburbs and we have a few ideas why…
- Homeownership. For many, the suburbs offer more attainable housing options that allow them to become homeowners instead of renters. City life is full of apartments and condos with pricey rent tags to go with them- we see this happening in Charlotte as rent continues to rise!
- A Yard. Suburban homes usually offer something many city spots can not…a yard. Who doesn’t love a yard and more space for entertaining?
- Millennials are smart. Could this recent trend be due to the fact that Millennials are simple smart with their real estate decisions? Maybe that high-rise condo doesn’t seem like such a good idea anymore once you see the price (and lack of equity). Millennials are starting to think long term and are making a move toward their starter home sooner than previous years.
Whatever the reason, we applaud you! And, at Premier Property Solutions, we’re here to help you find a great starter home that works with your budget and commute. Charlotte has SO many great suburbs! Let us help you get started on your search today.
Just in time for your summer getaway, Frontier Airlines is adding a seasonal nonstop flight at Charlotte Douglas International Airport this summer to southern Texas. According the Charlotte Business Journal, service will begin from Charlotte to San Antonio, Texas, on Aug 12. This is just one of 9 in an expansion to San Antonio International Airport
According to the latest rankings from Airports Council International, Charlotte Douglas International Airport was ranked 10th in the nation with 45.9 million passengers a year. As the airport expansion continues, so does its growth! Having a booming airport is an essential part of our strong local economy.
We look forward to more flights to come!
The temperatures are heating up and summer is almost here. If you’ve ever spent a summer in Charlotte, then you know how refreshing a trip to the pool can be. When it comes to having a backyard oasis, is it an obstacle or feature in the real estate world?
The short answer is that having a pool can boost your home’s value by 7% according to Houselogic estimates. That’s a great boost but there are some exceptions. For starters, it helps if you live in a neighborhood where the majority of your neighbors also have pools. It becomes more of an expectation than a luxury especially in high-end neighborhoods.
Additionally, it’s important that your pool doesn’t take up your entire backyard space. Potential buyers want a pool and a back yard that they can use year round which brings up another good point- location. Luckily, the Charlotte climate is a warmer climate so we are able to get good use out of the investment.
Thinking of adding a pool in order to increase the value of your home? Don’t. Add a pool because you want a pool but don’t rely on getting that 7% boost or even getting your money back. Be sure to look into all of the costs like fencing, maintenance, heaters, pumps and other essentials so you have a better understanding of the financial commitment.
Whether you are moving across town or across the country, there’s usually always a cost associated with the milestone. According to the US Census, 11.2 percent of Americans moved in 2016. During those moves, many people had to balance a variety of expenses such as paying for two mortgages (or rent) and, of course, all of the expenses associated with moving from point A to point B. Here’s a list of expenses you can except to pay during a move that will better help you prepare.
Distance matters. This is probably pretty obvious but moving across town is a lot cheaper than moving across the country. Depending on how much and how far you plan to move, expect to shell out a pretty penny! Tip: Price out your options. For example, if you are a first time homebuyer and only have a couch to your name- it’s probably worth it to just wait until move in to purchase all of your new furniture then. Also, finding a friend with a truck might do the trick and save you hundreds!
Temporary storage. Let’s be honest, your ideal moving day might not happen. Depending on the offer and terms you agree on with the seller, your closing date and move out date might not line up as perfectly as you hoped. This gap might force you into temporary rent. Even if you don’t need an apartment, you might need a storage locker to manage your belongings in the meantime. Tip: Moving is a great time to declutter! Think about if your items are really worth hanging on to. If you’d rather not pay for storage- try to sell your valuables on places like Facebook Marketplace to earn some extra money to help cover expenses.
Moving supplies. Boxes, tape, bubble wrap and all of the other moving supplies add up quickly! Try to come up with some unique ways to pack your things like using all of your suitcases and storage bins from the garage. Tip: Start packing as soon as possible! This will help you cut back on stress and might even help cushion the financial burden by spreading out the costs of buying supplies. Pick up a few things here and there each time you are at the store instead of one big trip that could put a dent in your bank account.
Lastly, for your across town move, consider these estimates from HomeAdvisor:
What should you do when your home no longer works for you? It’s a serious question and, luckily, there are options! Whether you’ve grown out of your current home or you think it might be time to downsize, these questions can help you answer the question, Should I renovate or sell?
Are your problems really structural? A lot of people feel cramped in their current living space but that could be because you aren’t utilizing your space correctly. There are a lot of great design tips out there for smaller spaces. In fact, there are many organizational units that will really help you maximize every inch. Is it time to declutter? It’s not uncommon for people to have too many things in a room.
Are you over the long commute. If you live around Charlotte, chances are you’ve experienced traffic first hand. If your daily commute has turned into more than you can handle, it’s time to move! Even the world’s best renovation can’t help cut back time on your commute.
How is the local market? This can weigh heavily on your decision to either “make it work” or sell. We’re happy to tell you that there’s never been a better time to sell in the Queen City! The market needs more inventory so if you are thinking about selling, now is the time.
Before you start knocking down walls, let’s talk about your options! We can start by finding out how much your home is worth with a Free Market Analysis.
The warm temperatures we had last week have us thinking about spring in the Queen City! As you might have heard, the spring market is a hot time in the real estate business! As we look ahead to the next few months, we’re predicting another competitive spring in the world of real estate. Here’s why..
According to Redfin, the national number of homes for sale in January ‘18 dropped by 14.4 percent as the ongoing inventory shortage continues. Additionally, the national percentage of homes that sold above list price was up from January of last year. Combine these two factors and you’ll get a recipe for another competitive spring!
What does this mean for sellers?
Low inventory can make your house in demand! More commonly known as a ‘sellers market’, the assumed advantage lays with the seller because the buyer has less options.
To start, you’ll want a full market analysis on your home so you understand where it stands comparatively on the market. We can prepare a FREE market analysis for you in time to get your house ready for the hot spring market. Just send us a message and we’ll get started.
What does this mean for potential buyers?
A competitive market shouldn’t scare buyers away, especially when you work with an experienced real estate agent. We’ll help you find the right home in your price range and prepare an appropriate offer even in a competitive market.
Because of these factors, we recommend starting your home search sooner rather than later. Get a jump on the competitive spring market and lets start looking for your new home today!
What’s better than a new home to call your own?! How about the opportunity to purchase a new construction home! Whether they are part of a large national builder or local developer, new construction homes often appear in rising subdivisions and booming markets- like Charlotte. Wondering if a new-construction home is right for you? Here are three things you should consider…
- Not all new construction homes are listed on MLS. You’ll want to work with a trusted real estate agent who can help you find a new construction home that’s available in your area. Often times, builders and developers have their own ways to advertise these properties that don’t include MLS (think billboards, commercials etc.).
- You can customize the details! A lot of new construction homes are sold before they are built. This is great for the buyer because it gives you a chance to customize your home from start to finish. Depending on the builder, you’ll have a variety of different floor plans, locations and features to choose from.
- Save Money! New construction homes are often released in phases. If the available homes during the first phase of construction sell quickly and for asking price, the builder or developer might raise prices on the second and third phases saving you money if you got in during the first!
Come explore some great new construction homes around the Charlotte Metro area with us so you can experience all of these benefits.
As real estate agents, we’ve seen it all! The good, the bad and the downright ugly. One of the first rules of staging a home is to take your personality out of the house as much as possible. The goal is to let the potential buyer envision themselves living there. But what do you do when you have a one-of-a-kind property that’s looking for a new owner?
Start by developing a strong marketing and pricing strategy. These can be especially difficult when dealing with a unique property. Remember that not every potential buyer is going to share your love for your offbeat home. People are often attracted to unique properties just to nose around which is why it’s crucial that you work with the right agent.
The right agent can help you market your home to try and attract the right buyer instead of wasting time with tire kickers. They’ll create a listing that SELLS your property by highlighting the selling points of the property. A good agent can also help you develop a price point that can get your house sold and use their professional contacts to help find the right buyer.
At Premier Property Solutions, we accept the challenge of selling a unique property. Let’s talk about getting yours sold today!
Whether you’re buying or selling your home, selecting the right real estate agent makes all of the difference. You’ll probably have a lot of questions regarding the agent’s knowledge of the market, experience and ability to advocate for you as a client. In addition to all of those important questions, there’s one more you should add to your list. Find out if they are a full-time real estate agent. Here’s why…
For starters, having a career as a real estate agent is a full-time commitment. It’s a profession that requires an ongoing commitment to continue your training and education to better serve clients. Good agents know the local market inside and out so they can provide you with all of the information you need to make one of the biggest decisions of your life.
Aside from advanced market knowledge, full-time real estate agents often have flexible schedules to better help accommodate your needs. Our professional commitment lies solely to real estate so we won’t ever have to juggle another day job around your open house schedule.
We are here to help our clients every step of the way! Our team of full-time agents will work with your schedule to help you buy, sell and invest in the Queen City.