8 Reasons Why you Should Buy New in the New Year!

If you’ve been thinking about buying a new Elite home here in Louisville, taking the plunge before year-end could save you money and potentially even increase your future take-home pay. Here are some of the reasons the fourth quarter is a great time to buy a home.

1. Flexible schedules

There’s no need to wait until Saturday or Sunday to cram five house tours into your schedule. Rather than wasting precious weekends, take an end-of-the-year vacation day to check out available homes. Chances are, agents and sales people have some time on their hands as well, and would appreciate staying busy throughout December.

2. Low interest rates

The Federal Reserve continues its' slow march toward higher interest rates, signaling that it remains on track to raise its' benchmark interest in December for the first time this year. Expectations are that rates will be raised gradually, but even an extra half point can make a big difference in monthly payments as well as the lifetime cost of a loan.

3. Lending lull

With everyone off celebrating the holidays, December is traditionally a lean month for mortgage brokers. Since there are fewer real estate transactions, loan officers may be motivated to offer special incentives and possibly waive or reduce origination fees. With so few loans in the pipeline, underwriting turnaround times will be quick.

4. Tax savings

If you close by December 31, you can mortgage interest, property taxes,and interest costs. These deductions are significant, especially in the early years of your loan when you’re paying off a lot of interest.

6. Down payment options

For many years, 20% has been considered the magic number for a mortgage down payment – anything less could end up costing you. Consider how adjusting your down payment will affect your interest rate; generally the less you put down, the higher your rate will be. But if getting into a home quickly is your priority, a low down payment can facilitate that goal.

7. Available movers

Many moving companies are booked six weeks or more in advance during the busy summer months. In the fall and winter, it’s normally easier to secure the services of a moving company or rental equipment on shorter notice.

8. You have time to move and unpack

Coordinating a move takes time and energy. The whole process can be a headache if you’re juggling a move and full-time work. If your employer offers time off around the holiday season, this is the perfect opportunity to buy a house because you’ll have time to move and unpack before heading back to work.

Top Tips for New Homeowners at Elite Homes

Here at Elite Built Homes in Louisville, Kentucky, we make sure that the building process is easy for our buyers, but we want to help you throughout the entire process - inducing after the move! You’ll need things to help get settled. Here are some tips to help make the transition a little easier.

·       Tools / Around the House items. If you’re moving from an apartment or other rental, chances are you may not have some of these items. Now that you’re a homeowner, you should get them as soon as possible.

o   Tool set including a hammer, Phillips and flat head screwdrivers, and a mix of nails, hooks and other hardware.

o   First aid kit

o   Fire extinguisher

o   Toilet / sink plunger

o   Flashlights and batteries

·       Cleaning closet supplies. Another often forgotten set of items for a new home is cleaning supplies. For the ones that will be used through the entire house, you may need to buy multiples.

o   Toilet brush and toilet bowl cleaner

o   Rubber gloves

o   All purpose cleaner, safe to use on glass and wood

o   Stove cleaner

o   Bucket with mop

o   Broom and dust pan

·       Plenty of essential paper supplies. You do not want to be digging through boxes looking for toilet paper, paper towels, and tissues.

·       An overnight bag. No matter how well organized your move is, chances are the house will be a little disorganized for a while. Pack an overnight bag with extra changes of clothing (include sleepwear and underwear), and toiletries (soap, shampoo, toothbrush and toothpaste, deodorant), plus towels and washcloths for cleaning up. 

·       Rudimentary pantry supplies. Cleaning and unpacking is hard work, and going out for take-out isn’t always possible. Make sure you have snacks like fruit, nuts, and granola bars since they require no refrigeration, no preparation, and no utensils. Don’t forget drinks - bottled water, juices, tea bags, instant coffee. And for meals, stick to basics like pasta and sauce, cereal and milk, bread and peanut butter, canned soup, etc.

·       A personal treat or two. If you always end the night with a glass of wine, bring a bottle to reward yourself at the end of your long first day. (Don’t forget the wine opener and a wineglass.) If you’re an avid reader, bring a book you’ve been dying to read to help you fall asleep at night. You’re going to be working hard when you first move in, so make sure you also allow yourself a bit of fun to make the transition as easy as possible.

So it's Time to Make the Big Move!

The thought of owning your own home may have always seemed like something for the distant future. As one of the biggest investments you’ll ever make, it’s easy to find reasons why the timing just isn’t quite right.  Despite the hesitation you may have, owning your own home can add incredible value not only in the future, but right now too! Here’s why it’s time to make the big move.

First Off, You CAN Afford It. In all but two of the top 100 biggest US housing markets was it cheaper to buy than rent a home. In fact, buying a home is currently about 23% cheaper for millennials than renting one.  Interest rates are nearing record lows, and homes are more affordable than ever. You may have felt like renting is a safer bet, but really, you’re getting a lot more mileage for your dollar when you buy. How?

You Build Equity. In a sense, paying your mortgage is a form of savings.  With each payment, a portion goes toward reducing the amount you owe, increasing your equity as a result.  It also increases as your home appreciates over time.  With sound equity, you can qualify for home equity loans, which can be used to help pay off medical, educational and other expenses you may have.

You Enjoy Added Tax Deductions. Unlike renting where your hard earned dollar simply disappears into your landlord’s pocket, your home expenses can actually reduce the amount you pay in income taxes.  Mortgage interest, property taxes and even certain closing costs may all be tax deductible, and in the first couple of years when interests are a big part of your mortgage payments, this could mean a lot more money back in your wallet.

You Can Build Strong Credit.  As long as you’re paying your monthly loan payments on time, you’re proving to other lenders that you’re low risk.  In the future, when other large purchases or expenses arise, you’ll have a better case for getting that loan.  It’s important to plan for the future, but remember you can’t predict everything…

Don’t Try and Time it Perfectly.  Waiting for the “right” season or timing isn’t a guarantee.  For starters, despite there typically being more homes on the market in the spring, competition can be lower in the fall and winter months. If you’re building a home, starting the process now can get you a nice spring time move in.  A fall start can also be an advantage because builders can work through cold and snow, while heavy rain is a different story. 

In terms of value, you can’t predict where the market will be in a couple of years, but you can do the research and ask the right questions to make a smart decision now.  And when you do, you’ll enjoy the greatest benefit of all…

Creating the Perfect Home for YOU. Say no more to staring at that horrible floral wallpaper or bright pink bathroom tile your landlord couldn’t care less about.  But more importantly, owning a home means you can create a place that reflects your own unique personality and needs.  By taking advantage of all the freedom homeownership offers, it’s not just an investment, but also something much more meaningful.

5 Things to Consider When Choosing Your New Home Builder

You’ve decided to build your new home – how exciting! If you’re not quite sure where to start when finding the builder that’s right for you, here are some good things to keep in mind!

11.) LOCATION. Does the builder you’re considering have or build homes in the area you want to live in?

22.)  PRODUCT & PRICE. Does the builder build the kind of home you’re looking for? Size? Features? Are the homes in your price range? 

33.)  COMMUNICATION SKILLS. Does the builder respond when you reach out to them? Do they return phone calls / emails in a timely fashion? How’s the front office? Are they giving you good customer service?  This is a big must!

44.)  REPUTATION. Does the builder have a lot of experience? Have you heard good things about them? Have you checked them out on social media? What kind of comments did you see?

 

55.)  GO WITH YOUR GUT.  When it comes to building your new home, listen to your little voice. What was your gut reaction when you met with the builder or sales associate? Did you hit it off or no? Make a list of pros & cons, but listen to your gut. Chances are, if your instincts are saying “YES!!”, then this is the builder you’re looking for!

We invite you to call, visit our website and check us out on social media when considering us as your new home builder. We’d also love for you to come meet us in person so you can see if we’re the right builder for you!

5 Reasons to buy a brand new home this summer

Newly built homes are in high demand these days. Surprised? You shouldn’t be. Homebuyers appreciate the peace of mind and flexibility of brand new homes.  If you’re still sitting on the fence, we have 5 golden reasons why you want to buy a new home NOW!

1. Timing Is Everything!

Summer is the perfect time to buy a new home. The kids are out of school, everyone’s life is a little more flexible. And if you act quickly on certain homes, you can be moved in and settled by the time school starts! Added bonus: You’ll be able to spend the holidays in your new home!

2. Have It Your Way.

One of the most appreciated benefits of owning a brand new home is customization. You get to choose the cabinets, flooring, carpets, light fixtures, etc. With new construction, not only can they be custom tailored to your style, they can be custom tailored to your budget.

3. Speaking of budgets… Look for promotions & incentives!

You might be able to take advantage of budget-saving promotions and/ or incentives. You could save thousands on upgrades, closing costs, or other costs.  Don’t hesitate to ask!

4. The Green Factor

Homeowners are more green conscious, and many new homes offer double- triple-pane windows, energy efficient appliances, energy-conserving, long-lasting LED lighting and more; all features that decrease the homeowner’s costs and carbon footprint.

5. Pride in Ownership

A brand new home means that you are the first to own it, to live in it, to make it your own. It gives you a unique sense of pride. After all, you’ve been here since day one, had your style incorporated into the home, and made it yours every day since then.