HomeRun Homes Rent to Own Homes Blog

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HomeRun Homes is a centralized marketplace which helps people Find or Sell a Rent to Own Home, both Nationwide and Globally to the thriving Rent to Own Market. http://www.lease2buy.com
Showing posts with label homebuyers. Show all posts
Showing posts with label homebuyers. Show all posts

January 25, 2012

Buying a Home: Benefits, Mistakes, and Tips

Hello All,
   Glad to have you back with me.

   Quick Question: Are you looking to buy a home? Do you own a Home? Do you own a few homes? Do you sell homes? If you answered "yes" to any of these, this Blog post could be a huge help in meeting your goals.

   We all know the "American Dream" about homeownership, and the pride that comes along with it. As Jonathan Slappey writes in his story, "Top 5 Reasons to Buy a Home in 2012", this dream is "a very feasible aspiration for 2012."

   One of the "reasons" that Slappey lists was Appreciation, and in combination with the low current prices and historically low mortgage rates, he writes that you can "almost ensure your home’s appreciation in the future" (He adds that "many foreclosed homes are available for a fraction of the original cost.").

   Before jumping in, potential homebuyers need to plan, and then plan again, and then again.

   "Property insurance, taxes, homeowners association dues, maintenance, and higher electric and water bills are some of the costs first-time homebuyers tend to overlook.", writes Polyana Da Costa in her story titled, "Common mistakes first-time homebuyers make". Taking one step back, Da Costa writes that "Home buying doesn't begin with home searching. It begins with a mortgage prequalification". Ed Conarchy, a mortgage planner at Cherry Creek Mortgage in Gurnee, Il, was quoted in Da Costa's story, in which he said that, "You get preapproved, and then you find a home". so that you'll "financial decision versus an emotional decision". Sound advice.

   Now, about those expenses Da Costa listed above; If a homebuyer spend their entire savings for the down payment, closing, etc, then what happens? Conarchy says that this is "one of the biggest mistakes first-time homebuyers make". Additionally, in the same story, Da Costa warns that "Any new loans on your credit report can jeopardize the closing", since lenders pull credit reports prior to the closing to "make sure the borrower's financial situation has not changed since the loan was approved".

   Getting back on course, some other reasons Slappey listed as positives for buying a home this year were tax-related. "Property Tax Deductions" are a major benefit, as Slappey writes that "real estate property taxes for a vacation home and first home are fully deductible". Another reason, "Preferential Tax Treatment", which he says that since Capital Assets are given preferential tax treatment, this would benefit you if you own the home over a year and you "receive more profit than the allowable exclusion after the sale of your home" (the profit will be considered a Capital Asset).

   On the topic of Taxes, the average first-time homebuyer may not be aware of the ins and outs, since they might be buy-and-hold for many years, a real estate investor would be more aware of tax incentives. In the story, "Tax incentives and tax deductions for real estate", Iylce Glink and Samuel Tamkin write that "Real estate is one of the few businesses in which you can accumulate wealth, buy and sell properties repeatedly and never pay any federal income taxes if you follow certain rules". They add that by using certain depreciation rules, "you can make money from renting properties and create a scenario where you might make a great amount of income yearly but pay no federal income taxes on that income". This, however, is far outside the scope of this particular Blog post, albeit quite interesting.

   "Equity Building", which Slappey calls a "new trend being used by some homeowners", basically means that homeowners can/do add money to their monthly payment to pay it down faster. The result is a shorter home loan length, which means owning their home faster, along with some additional benefits.

   The final reason Slappey listed as a reason to buy a home this year: Pride. An example he gives is blasting your music as loud as you want! "No matter who you are, homeownership is a purchase, commitment, and journey that’s sure to bring you pride", says Slappey.

   Do you agree?

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Have a Great Week, and Happy Rent-to-Owning !
Rob Eisenstein
HomeRun Homes Blog: http://blogging.lease2buy.com
HomeRun Homes Websites: http://www.lease2buy.com and http://www.homerunhomes.com

TAGS: #buyhome #sellhome #foreclosedhome #lowmortgagerates #homebuyers #downpayment #closing #PropertyTax #CapitalAsset #realestate #incometax #rentproperties

January 24, 2011

Running Out of Homebuyers? Are We Really?

Hi Everyone,

   Welcome back and hope you had a great weekend. This is a pretty big week, with four major housing indicators that are due to be released, which are as follows:

* 1/25 (Tuesday) 9:00 AM: S&P/Case-Shiller Home Prices
* 1/25 (Tuesday) 10:00 AM: FHFA Monthly House Price Index
* 1/26 (Wednesday) 10:00 AM: New Residential Sales
* 1/27 (Thursday) 10:00 AM: Pending Home Sales Index

   We'd like to thank everyone for their fantastic feedback regarding our Blog Post from Friday January 21st, titled, "A Funny Thing Happened on The Way to a Real Estate Deal". As we have mentioned to several of you, we will be planning a new edition of that story line with all new "Funny Real Estate Stories" (we are accepting submissions via E-mail)

   I came across a very interesting story to share with you, and the title really grabbed my attention; "The Eight States Running Out of Homebuyers". In this 24/7 Wall St article (written by Douglas A. McIntyre, Michael B. Sauter and Charles B. Stockdale), the authors state that, "The devastation in some regions will never be repaired.", and they point to population desertion, jobless rates, and the eventual possibility that, "Some homes will be torn down in these pockets of high foreclosures in the hopes that reducing supplies will boost prices."

   The states listed in this article were Michigan, Nevada, Arizona, California, Illinois, Georgia, Oregon, and Florida, and in the article, the full breakdown of each state along with the sources for the data are provided.

   This is indeed a very frightening and an eye-opening story. It is also a sad story to hear of towns literally "dying".

   Do you live in any of the states mentioned? If so, what is your take on this story? We'd love to hear an inside scoop from Realtors, investors, homeowners, and home buyers.

Have a Great Week, and Happy Rent-to-Owning !
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #homeprices #realestate #realtor

July 20, 2010

Canadian Real Estate Magazine Interviews HomeRun Homes

Hi All,

   We were just notified by Canadian Real Estate Magazine (www.canadianrealestatemagazine.ca), that they have published an interview that we did with them on the Rent to Own Market. The segment that we are featured in is exclusively included in the physical magazine, so I have attached a copy of the article as well as a link to the file on our site (CLICK HERE FOR THE STORY).

   The article covers the many aspects of what a Rent to Own is, looking at it from the angle of Rent to Own Homes in Canada, and it begins as follows, "The rent-to-own option could prove to be valuable as lending guidelines make it more difficult for Canadians to obtain mortgages. Kit Kadlec recently spoke with Robert Eisenstein of Home Run Homes, a U.S. company that helps homeowners find rent-to-own buyers..."

   The two largest markets for Rent to Own Homes are both the US and Canada, and we are glad that we are able to help people buy or sell a rent to own home in each country.

Have a Great Day, and Happy Rent-to-Owning !