Lynn Rand | Mattapoisett Real Estate, Rochester Real Estate, Marion Real Estate


Many people shy away from this topic; they think it’s something way out of their league. Deciding to buy a home requires a lot of planning and saving, it’s not a decision made over the night. Remaining a tenant is not bad especially if you can’t afford to buy a house just yet. However, deciding to stay a tenant forever without any plan to get your property is not a great idea.

Buying a house and continuous mortgage payment especially during the first year is capital intensive, but over time, you would begin to enjoy the benefits of the decision to buy. Living as a tenant has its advantages; however, becoming a homeowner has more advantages. Below are reasons why you should buy rather than rent.

Allows You Save Over Time

When you become a homeowner, the word ‘forced to save’ comes to play. For you to be able to make your monthly mortgage payments, you would keep a certain amount aside which would go into your home. Economically, this is a wise decision as it helps you build ROI and equity unlike when you pay for a rented apartment.

Creates Stability

Becoming a homeowner gives you a sense of balance and security. If you decide to get married or if you are already, owning a home eliminates the burden of moving from one location to another. When you become a homeowner, your kids grow up in a stable and secure environment.

Freedom Of Activities

Living in rented apartments limits what you can do. Many landlords have rules they put in place to keep their property running smoothly. When you decide to take a mortgage, it gives you the freedom to customize your space the way you like; it allows you to decorate, you can choose to invite guests over or even get a pet. 

Allows You To Get A Second Stream Of Income 

Deciding to take a mortgage allows you the opportunity of having a second stream of income. The property is yours, and you can choose to let out a room, rent out the garage, rent out a part of your yard or your driveway. The whole idea is that you can monetize your property without having to report to anyone.

The Cost Of Mortgage Remains The Same, Unlike Rent That Increases

Fixed mortgage rates do not increase irrespective of the economic position. Landlords are not bothered about if you got a salary increment or not at your job; they typically tend to increase the cost of your rent yearly. Paying for your mortgage is settling the bulk of your housing payments which helps you attain budget stability. 

If you are in doubt about which decision to make (rent or buy), speak to a real estate agent today to help you assess your readiness to own a home.



155 Hillman St, New Bedford, MA 02740

Center

Multi-Family

$220,000
Price

2
Units
2,083
Approx. GLA
Check out this great 2 family house located in the center of New Bedford. Minutes to the highway. Good size fenced in yard with ample off street parking. New front door & porch. Unit 1 offers an open floor plan including 1 bedroom, living room, dining room and upgraded kitchen with center island. Unit 2 offers living room, office, kitchen and 4 bedrooms with cottage setup. An excellent opportunity for an owner occupied home to let the tenant help pay your mortgage. Check it out and make an offer! See showing times.
Open House
No scheduled Open Houses

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This Land in Wareham, MA recently sold for $110,000. This style home was sold by Lynn Rand - RE/MAX Welcome Home.


98 Great Neck Rd, Wareham, MA 02571

Land

$140,000
Price
$110,000
Sale Price

1.09
Acres
Residential
Land Type
1.09 acres in a wonderfully quiet, private and scenic area overlooking conservation land, marsh and wildlife. Several old growth trees share the lot with lilacs, lavender, mint and perennials. Buy to restore the 1700's antique cape (see single family listing sheet) or tear down and start from scratch on this well sited truly lovely lot. Property is in a flood zone buyers/buyers agents to do all due diligence. - NOTE. Property is occupied. Please do not walk land unaccompanied.

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This Single-Family in Wareham, MA recently sold for $110,000. This Cape,Antique style home was sold by Lynn Rand - RE/MAX Welcome Home.


98 Great Neck Rd, Wareham, MA 02571

Single-Family

$140,000
Price
$110,000
Sale Price

5
Rooms
2
Beds
1
Baths
This very special Pre-Revolutionary circa 1734 half cape may be the project you have been looking for. Located on 1.09 acres in a wonderfully quiet, private and scenic area overlooking conservation land, marsh and wildlife. Several old growth trees share the lot with lilacs, lavender, mint and perennials. There are 4 fireplaces - one complete with beehive oven, andirons, crane and trammel hooks. This antique needs significant work and a cash buyer. A summer kitchen to the rear will need to be taken down. - NOTE. Property is occupied. Please do not walk land unaccompanied.

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Every industry has its specific vocabulary. Real estate is no exception. If you are new to the home-buying market, you may find yourself stumped by the abbreviations, lingo, acronyms, and unfamiliar jargon commonly used in real estate sales materials, online listings, contracts, and the like. Do not be confused. Learn the terms so you can read that paperwork with ease. Abatement is a real estate term with which you need to become familiar.

Abatement

In standard legal terms, abatement means the removal or diminishment of something. In residential real estate, this term usually refers to property tax in the form of a property tax abatement. Since property taxes become ongoing annual homeowner expenses even after you entirely pay off a mortgage, being able to access a property tax abatement is an asset. For example, if a municipality such as a city, county, state, or other property-tax entity offers you a tax reduction, it could reduce the monthly housing costs by up to five percent during the period of abatement.

Property tax abatement programs can make it easier to qualify for a larger mortgage by reducing your income/debt to housing cost ratio. Also, while the reduction is effective, it adds value to your home when you're ready to put it on the market. 

Certain tax abatements are for one-time improvements to an existing property. These could be for upgrades such as:

- Converting non-residential buildings to residential use
- Installing environmentally friendly additions
- Renovations that increase property value

Typically, these improvements must conform to the requirements, and follow building codes and permitting processes. If you've planned to purchase a home for renovation purposes, make sure that your agent knows so that you get advice on any reductions in effect for the houses you consider.

Along with state or local abatements, there are some federal tax incentives for restoration and preservation of homes designated as historical or with public value. Other abatements may be for qualified newly constructed homes.

Some municipalities have property tax abatements that are effective for several years. Most often these are in place to attract buyers to redeveloping neighborhoods or areas that are under renewal, in the process of revitalization, or are in lower demand. The specific qualification requirements for tax abatements differ, so be sure to talk with your agent about access to potential abatements when house-hunting.

Asbestos and Lead-Paint

Other uses for the term abatement relating to real estate include some expenses associated with buying an older property or a property's repurposing from commercial to residential. For example, when purchasing a home built prior to 1978, any renovations or improvements might need to conform to lead paint abatement requirements. A potential abatement cost is for asbestos removal. Before the 1970s, asbestos featured regularly as insulation in ducts and pipes, concrete exterior siding, floor tiles, as vermiculite attic insulation, in wall or ceiling acoustical tiles. The Environmental Protection Agency oversees asbestos removal, so if you plan to make changes to a property older than the 70s, your realtor can help you navigate all the requirements of asbestos abatement and may recommend qualified professional asbestos removal contractors. Certain older homes might be eligible for asbestos or lead paint removal grants. 

Your agent can help you determine for which programs the home you are considering buying might qualify. Be sure to ask them about both tax abatements and asbestos or lead paint abatement grant programs.




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