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What to Ignore While House Hunting

December 10th, 2019 by tisner


You’ve given your agent all
 the must-haves for your future home, and they’ve combed through listings, and have found some houses for you to tour. You’ve got your hopes up as you walk through every door, but you need to keep in mind that not every house on the list will be move-in ready.  Don’t turn your back on them, though.  Read on to see what’s best ignored while on the hunt for a new home. 

  • Age of the house isn’t a factor if the house is structurally sound.  Just be certain to ask about updates or add-ons, and any other factors that could be problems with an older home. 
  • Poorly maintained curb appeal can be a turn-off as soon as you drive up, but if the house is great, the landscaping can be taken care of with a little hard work, new front door and mailbox, and a few pots of plants. 
  • Unattractive Paint/Wallpaper -Walking into some can be like walking into a time capsule when you see a mauve living room, or a bathroom with swans adorning the wallpaper. A gallon of paint can take care of the ugly.  Focus on the structure of the walls, and check for cracks or holes.   
  • Dirty carpets can be a negotiating point when you make an offer on the house.  Sometimes the seller is willing to give credit for replacing the carpet or may change it out themselves.  Do, however, lift the corners of the carpet to see if it’s covering hardwood. 
  • Smells like cigarette smoke and animal odors can be a turn off but remember that a thorough cleaning and airing-out is what it takes to freshen up a house.  Moldy smells shouldn’t be ignored, however. 
  • Remember that many people that have an extra bedroom set it up as an office or use what’s listed as a dining room for a sitting area.  Don’t let that keep you from imagining a sleek new dining room suite for entertaining, or the much-needed third bedroom for your growing family. 
  • The current owner’s decor may not be your style at all, but you’re not buying their furniture!  Simply take note of the general layout and size of each room to determine if the house will work for your needs. 

You will probably be surprised when you walk into some houses that haven’t been redecorated in thirty years, or that have a guest room functioning as a museum for their snow globe collection!  Have faith in the houses your agent finds, as they understand your needs, and know that some homes only need your touch to make it yours! 

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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Photo credit: curbly.com

Making an Offer is a Process

October 29th, 2019 by tisner


While you’re on the house hunt, every property you see just might be “the one.”  It’s a good idea to learn the different aspects of buying a house before you get into them.  Many discover that after they’ve made an offer of purchase, the process isn’t exac
tly as they’d envisioned! You’ll feel confident when you get to this step by following this guide: 

  • The offer itself isn’t just a price you’re willing to pay for the property; closing date, closing cost contribution, contingencies, or the earnest money deposit are all things that are normally included when the offer is submitted to the seller. 
  • Talk with your agent before you come to your initial price, because you don’t want to insult the seller with a very low offer, nor do you want to pay too much for the house. 
  • Although you won’t always get a complete answer, knowing why the house is on the market can give you some leverage, so ask anyway. Some sellers are in a time crunch and are eager to sell and may take your first offer. 
  • Keep in mind that there are legal aspects to writing a proposal.  Your Realtor will know all the aspects of this part of the process and will take you through each step. 
  • It is very likely that the seller won’t accept your price if it’s less than what they’re asking.  If they want to sell and have no higher offers, they may choose to send a counteroffer.  The counteroffer step is nothing to worry about, if the negotiations are getting you somewhere.   
  • Some sellers will counteroffer with their original asking price.  If this happens, you may have to walk away, as they have shown they’re not interested in moving away from what they want for the property, 
  • Don’t forget that you may not be the only buyers interested in the home!  Realtor.com® offers some advice on how sellers might handle multiple offers and some ideas on how to make your offer stand out. 

When your offer is accepted, it’s exciting, but there is still work to do!  Hopefully, you have pre-approval for a mortgage, making the buying process a much smoother one.  There are added costs associated with buying a home, so be sure you have your finances in order.  

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credit: homes.com

Before You Buy a Foreclosure

September 24th, 2019 by tisner


While looking through real estate listings, you might be curious when you see a property up for auction or one that is “real estate owned,” and wonder if the price is too good to be true.  There is a process of buying a foreclosure house, and you need to p
repare yourself, so read on for some pointers on what’s involved before you make your decision: 

  • A “Bank-Owned Home” is just that:  the owner stopped making payments, and the lender is in the process of auctioning the home to try and recover the money they loaned.  Houses that are “Real Estate Owned” mean that the bank’s auction didn’t result in a sale and is being sold through a real estate agent. 
  • Vacant homes can have all sorts of issues: mold, vandalism, pest issues, stolen copper piping, and neglected landscaping are just a few.  Before you make a bid, go and see the home for yourself, and decide if you can afford the sale price plus the cost of repairs. 
  • Hire an inspector to go to the house with you so you’ll have an idea of exactly what needs to be done.  You don’t want to underestimate renovation costs. 
  • When considering the asking price, and you have taken steps to get a contractor bid on all the rehab, use this formula to calculate your offer:  80% of the appraised value minus the cost of repairs. 
  • Investing in a foreclosure as a rental will require less trendy but rugged materials and flipping to resell might be more expensive (and more headache!).  Moving into the home yourself can keep initial costs in check if you’re willing to do what’s necessary before moving in and holding off on upgrades. 
  • Some foreclosure purchases must be made in cash, and that can put investors at an advantage.  In case cash isn’t a requirement for the purchase, have proof of pre-approval from your lender when you make your offer. 

Whatever your reason for your interest in buying a foreclosed home, make sure you do your research, and talk to your bank as well as an experienced REALTOR®.  Search for foreclosures by locality and beware of anyone offering to sell “their property” that is in foreclosure.  Con artists are smart enough to find vacant properties to pass off as their own, sell them, and take the money and run. Educating yourself on the foreclosure purchase process will make for a smoother process, less stress, and hopefully an investment that will pay off for you! 

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credit: socalhomebuyers.com

Buying an Older Home

February 19th, 2019 by tisner

Buying an Older Home

Many people dream of living in an older home, whether it be a 100-year old farmhouse, or a vintage ranch from the 50’s.  There are certain things that should be taken into consideration, good and bad, when that dream starts to become a reality, and you’re on the hunt for an old new home.  

  • If the house was built before 1978, make sure the home inspector looks for lead paint and asbestos, as both can be health hazards. 
  • Have the foundation thoroughly checked if it is original to the house.  Even the most solidly-built houses can have settling, water damage or corrosion. 
  • Not only are older mechanical systems likely to fail since they’re at the end of their lifespan, they are less energy-efficient.   
  • Plumbing and electrical systems can be old enough that they need to be replaced; old pipes can affect water quality and worn out wiring can be a fire hazard. 
  • Unsafe features that may be charming may not be up to current code.  Check for steep stairs, non-working fireplaces, and laundry chutes, especially if you have younger children. 

While all those things are expensive solutions, there are some things that you can’t get with a newer home: 

  • Older homes are usually in established locations, and are in good school districts, as well as being close to shopping and restaurants. 
  • Houses built before the 1970’s are generally sturdier, simply because the lumber used to build them was made from old growth hardwoods, something that isn’t available today. 
  • The lots in areas where you find older homes are usually larger, and that may mean more maintenance, but it also means more room for playing, pet exercise, and outdoor entertaining. 
  • You just don’t get the charm and character in new construction like you do in an older home, even if the styles are similar. 
  • Prices of older homes are usually lower, unless there is historical significance to the house itself or to the area. 

Do your research, list the pros and cons as they pertain to your life.  No matter what age house you finally decide to buy, the choice should be made because it’s what is best for you and your family.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credit: southernfriedmagazine.com

Terms First-Time Homebuyers Should Know

February 5th, 2019 by tisner

Terms First-Time Homebuyers Should Know
The time has come to begin the steps of buying your first home and looking around the internet and other real estate-related media, you’re finding there’s a lot more to know than finding a house, getting a loan, and signing papers.  There are some key words that can be unfamiliar to a first-time home buyer, so familiarize yourself with these lesser-known terms so you’ll have fewer questions and stumbles along the way: 

  • In order to be certain that the home is worth the amount of the loan, there will be a home appraisal performed by an unbiased inspector of the lender’s choosing. 
  • At the final paper-signing, the buyer is required to pay closing costs, which normally include attorney fees, surveyors, inspections, and title insurance, among other things.  Be prepared to have 2-5 percent of the purchase price for closing costs. 
  • If you’d like to pay less interest over the time of your loan, you can purchase discount or mortgage points.  To learn more about this option, check out these tips from the Nerd Wallet website. 
  • Earnest money is money that will be paid to the seller to show good faith of the buyer towards the home purchase.  It will be applied to your down payment. 
  • When you have funds in escrow, you will have given funds to a third party to hold until they have verified that inspections, disclosures or any disputes have been resolved.  Keeping it in escrow protects your deposit before you sign the final contract to buy your new home. 
  • Pre-approval is very important and differs from being pre-qualified.  If you’re pre-approved for a loan amount, you have a realistic expectation of what you can buy. 
  • If your down payment is less than twenty percent of the purchase price, you will pay private mortgage insurance typically until that amount reaches twenty percent of the loan or home value. 
  • Your lender will require the purchase of title insurance, which protects real estate owners and lenders against any property loss or damage for whatever reason.  Learn more about what title insurance is and what it covers from the CFPB. 

There are other terms and abbreviations you may find in your search for a house in their descriptions and about real estate in general that you won’t be familiar with.  Here’s a longer, more comprehensive list from realtor.comⓇ.  The more you know before you get started, the smoother the home-buying process will be!

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credit: stevendiadoo.com

Is it okay for a buyer to move in before closing?

December 19th, 2018 by tisner

Average homeowner gained $12K in equity in 3Q
Dec. 3, 2018 – Buyers often anxiously await closing so they can enter their new home. In some cases, however, they ask if they can move a few things in early so they can hit the ground running. In other cases, the buyers may have a time gap between closing on an old home and moving into their new one.

As a result, it’s not uncommon for a buyer to ask a seller if they can move a few things in early, either possessions or themselves.

Nice sellers often try to accommodate nice buyers, but there are dangers to allowing someone to move in early. According to Cara Ameer, a broker associate with Coldwell Banker Vanguard Realty in Ponte Vedra Beach, Florida, who writes for Inman News, there are six good reasons for a seller to say, “No, I’m sorry you can’t,” when a buyer asks for early access to a home.

1. Who broke it?
A buyer moves in early, and the sink plumbing springs a leak. Will the buyer now fix it – should the buyer fix it? What if the buyer somehow thought the sink could support a grown adult and sat on it? Who pays?

2. Liability
If the buyer and seller have not signed any kind of pre-occupancy or lease agreement, what happens if something worse than leaky plumbing occurs, such as a major injury? The seller may be liable. In addition, what happens if wooden floors get scratched as movers drag new furniture across a room? What if a hurricane destroys everything the buyers stored in the garage?

Even with proof that the buyer caused damage, it could become a new negotiating point the buyers use to request further concessions from the seller.

3. “I didn’t notice this before …”
Most houses have a small chipped something or temperamental item. If buyers move in early, it’s like a “never-ending walkthrough,” Ameer writes. Buyers could discover minor problems and try to “renegotiate issues that were never raised as a result of inspections or repairs.”

4. Early repairs
Buyers who move into a new home often feel as if they own it, even if money has not yet switched hands, and start to think: “Why wait another week to start tearing out the kitchen cabinets?”

Ameer says the “list of what-if scenarios is endless.” Paint can spill, contractors can fall and lawn people can break sprinkler heads. Overall, there’s a great chance that the seller – or his insurance company – will be responsible for any pre-closing damages to both people and properties.

5. Buyer’s remorse
During a showing, a house can be the American Dream, but that feeling can fade once buyers realize it’s also a lot of work. Or perhaps the buyers continue to look at new homes that come onto the market, and one is a bit dreamier than the American Dream they’re preparing to buy.

If a situation arises where the seller can also lose a deposit, they’ve lost time and money pulling their home off the market while waiting for the buyers to change their mind.

6. A loan falls through

Perhaps a buyer, once inside “their” new home, buys furniture and dings their credit score – or maybe something else happens, including things like wire fraud that sends the buyers’ mortgage money to a criminal organization in Siberia.

Sellers want to get their home on the market quickly if a deal falls through, but this creates a whole set of other possible problems, especially if the buyer has no immediate place to go. In addition, a ready-to-show home that has been lived in for three weeks might need to be cleaned again.

While there may be a good reason to allow buyers access to a listing before closing, good-hearted sellers who say, “Sure, go ahead,” as soon as their buyer asks for early access should at least take a few minutes first to consider all the possibilities.

“In the event you have sellers willing to allow buyers in early, you should recommend, in writing, that the parties get a pre-occupancy agreement – preferably one drafted by an attorney – in place before moving forward,” recommends Meredith Caruso, Florida Realtors’ manager of member legal communications.

Source: Inman News, Cara Ameer, broker associate with Coldwell Banker Vanguard Realty in Ponte Vedra Beach, Florida

© 2018 Florida Realtors®

https://www.floridarealtors.org/NewsAndEvents/article.cfm?id=374444

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!

When Not to Spend the Money

November 27th, 2018 by tisner

home-buying tips

Bigger is better almost all of the time, except when it comes to the amount you’re spending on a new home.  There are certain things that we should look for in a new house, but also things we shouldn’t.  If this is your first time buying a home, and you know the budget will be tight, plan well enough, and you’ll better manage the expense of being a homeowner.   

  • Decide before you start house hunting how much you can spend.  We can’t say it enough:  plan a budget and stick to it. 
  • Just because you are approved for a certain loan amount, it doesn’t have to be spent. If you can find a house that you love for less than the approval limit, then go with it.   
  • If you do find a house at a “great price,” find out why it’s priced to sell.  Talk to neighbors, do some internet sleuthing, and make sure you’re making the right decision to buy it when everyone says it’s a “steal.”   
  • Getting a house in a great school district is wonderful, but if you don’t have children, or will likely move once you do, don’t spend the extra to move into an area that is probably higher priced because of the quality of local education. 
  • When it comes to the kids, do they really need a play or media room?  If your children are involved in after-school activities and spending a lot of time at practices, rehearsals and lessons, then the extra space won’t be used often.  The extra cost in the purchase price–not to mention the utilities to heat and cool the rooms–will be money wasted. 
  • That same thinking goes hand-in-hand with living in a bigger house, period.  Larger houses will cost more in insurance, taxes, and utilities.  Even if your mortgage payments will likely be cheaper than your current rent, the extra costs can hurt your wallet once you move. 
  • If you’re not the type that likes to do yard work, or if you don’t want to spend your time off work mowing, raking, weeding and trimming, then a large beautiful yard isn’t worth the money.   
  • A house that needs simple cosmetic updates is great for those who have the time and money to perform these jobs themselves, but if you buy a house that’s within your budget with the intent to do extensive work, it may cost you much more in the end. 

The wisest thing to do during the home-buying process is take your time and think practically.  Have your needs at the top of your house-hunting list, and your wants further down. Falling in love with an amazing house can cloud our home-buying decision.  You don’t want to spend your days in an amazing house worrying about how you’ll pay for it.  Buy what you can afford, and what you’ll truly live in and enjoy.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credit: daveramsey.com

Buyer Mistakes to Avoid

September 26th, 2018 by tisner

Buyer Mistakes to Avoid in Orlando FL

In today’s instant gratification society, finding out just how much time the home-buying process can take surprises some first-time home buyers.  Patience is a virtue when it comes to buying a home, and mistakes can be made, slowing the process down.  These tips should help you avoid common errors a home buyer can make: 

  • It may sound like it should be worn out by now, but make sure your credit is in good standing. 
  • Don’t overestimate how much you can afford.  If you’re just able to scrape the rent payment together every month, don’t look at homes where your loan payment will be equal to or more than the rent. 
  • Be certain you have enough for your down payment saved, as well as other up-front costs.   
  • Get pre-approved, not pre-qualified, for a home loan.  Talk to different lenders to line up the best deal for you. 
  • Speaking of loans, there are plenty of programs to assist first-time home buyers in paying a lower than 20% down payment, as well as those with credit issues, and lower income.  Go to realtor.comⓇ for a list of the different programs. 
  • Once you’ve applied for a mortgage, don’t apply for any other credit:  applying for a loan for a new car, credit cards, or even new furniture to go in your new home can hurt your credit score in the mortgage process. 
  • Don’t underestimate open houses in the area you’re wanting to relocate to.  It can give you a good idea of what’s available, get a look at different neighborhoods, as well as the home prices.  You may even find your new home! 
  • Look at more than one house, unless it’s a family home, or other special situation.  Upon visiting each house, keep a record of the ones you like, and a list of the pros and cons of each one.   
  • Think ahead; if you have children leaving home soon, or if your parents will need to move in with you, look for a home with what room you’ll need then, not just for now. 

One of the most important things you can do is get your own buyer’s agent.  They have knowledge you don’t have about the market, and what’s available.  Ask your RealtorⓇ for a copy of the current market information, so you’ll be able to familiarize yourself with the home-buying process, and so there won’t be any surprises.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credit: ActiveRain

Getting the Best Home Inspection in Orlando, FL

August 22nd, 2018 by tisner

Getting the Best Home Inspection in Orlando, FL

Whether your offer on an older home has been accepted, or you’re buying brand-new construction, it’s highly recommended that you have the house inspected.  Yes, it’s an added expense to the home-buying process, but it could save you money and heartache in the end.  Get the most out of the inspection by following these tips: 

  • Ask your RealtorⓇ for a list of qualified inspectors in the area.  Be sure to check reviews, and ask other recent home buyers for recommendations. 
  • Call at least three different inspectors for price, experience, and whether your state requires a license and bonding or not, ask about these anyway.  A top certification they could have is one by ASHI (American Society of Home Inspectors). 
  • Once you choose an inspector, choose a date for the inspection when you can accompany them.  If they have a problem with you being there, find another inspector. 
  • Ask the seller if you can go in the house on your own before the official inspection to get an idea of the condition of the property for your own satisfaction.  Popular Mechanics offers a thorough list of things to look for in your new prospective home. 
  • While you’re in the house, look for cosmetic things like paint and patching that could be covering bigger issues. 
  • The inspector will have a process of their own, complete with checklist, but make one for yourself so you can have a record of your own for issues they show you as you walk through the house. 
  • Don’t be afraid to ask questions during the inspection–a reputable inspector welcomes questions, plus, you’re paying them for their knowledge.  Getting answers before you get their final report will help you understand it better. 
  • If you’re not quite sure of how to change the hot water heater temperature, how to work the circuit breaker box, or where the water shut-off is, the inspector can help you become more familiar and knowledgeable about the house.  Use your smartphone to take photos and video as they give you a how-to lesson, so you’ll have it in case you need it. 

Once you get your report, go over it carefully.  If there are major repairs that need to be made, ask the seller to make the repairs or offer you a credit or reduction in selling price.  Being as knowledgeable as you can be during this process can mean more money saved.  Just be sure to hire a good inspector, and stay involved in the process. 

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Photo credit: insideoutinspectionsplus.net

Owning Makes More Sense

July 20th, 2018 by tisner

When comparing the cost of owning a home to renting, there is more than the difference in house payment against the rent currently being paid. It very well could be lower than the rent but when you consider the other benefits, owning could be much lower than renting.31066694-250.jpg

Each mortgage payment has an amount that is used to pay down the principal which is building equity for the owner. Similarly, the home appreciates over time which also benefits the owner by increasing their equity.

There are additional expenses for owning a home that renters don’t have like repairs and possibly, a homeowner’s association. To get a clear picture, look at the following example of a $300,000 home with a 3.5% down payment on a 4.5%, 30-year mortgage.

net cost of housing.jpg

The total payment is $2,264 including principal, interest, property taxes, property and mortgage insurance. However, when you consider the monthly principal reduction, appreciation, maintenance and HOA, the net cost of housing is $1,218. It costs $1,282 more to rent at $2,500 a month than to own. In a year’s time, it would cost $15,000 more to rent than to own which is more than the down payment and closing costs to buy the home.

With normal amortization and 3% annual appreciation, the $10,500 down payment in this example turns into $112,00 in equity in seven years. Check out your own numbers using the Rent vs. Own or call me at (407) 467-5155. Owning a home makes sense and can be one of the best investments a person will ever make.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!

Teri Isner, CIPS, CRS, GRI
Keller Williams At-The-Lakes
1170 Celebration Blvd
Suite 200
Celebration, Fl 34747

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