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 several years. This nationwide recession has absolutely had an impact on the real estate market, creating opportunities for those who are ready to buy.
Interest rates are 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 house, there are many questions to ask yourself:
Ispurchasing 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 good 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 chance to build equity in your home 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 buying in the right area? Commack New York is a wonderful 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 buy your first home or your next house.
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 expensive renovations to tailor that house to your taste. New construction offers you the opportunity to make those alterations before the houses built. Generally, it cost 1 to 4 times as much to make changes to an existing house as opposed to simply changing 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 questions that you should ask the builder:
1. Does the builder have experience within the neighborhood? 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 massive delays.
2. Does this builder put up one home at a time, or have experience in building communities? Often, you are better off with the builder who works on multiple developments at once. While this may sound 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, painter 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 may deliver a steadier construction project.
3. Do you want to be in a new neighborhood or a single renovated home 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 community, and you are one of the new homeowners in that new development, there is a much better fit for you and your house. 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 decades, you may be the outsider and maybe quite some time for you to “fit in”-if at all.