December 9, 2012 By Administrator Leave a Comment

Real Estate & the Holidays

Real Estate & The Holiday Season

It’s that time of the year. With Christmas, Hanukkah, Kwanza and Three Kings Day around the corner. The stores are packed with people looking to find that perfect gift. Home Decorating is also on peoples mind as the Christmas Trees and lights go up.

One of my favorite commercials on TV is the Car Advertisements with the big red bow on top. That is a nice present to get during the holidays, even though I don’t know many people actually buying someone a car as a gift. lol

What about Real Estate?

If you are considering buying or selling a home in the near future, now might be the right time!

First Time Home Buyers Holiday Advantage.

During this time of the season, most buyers are busy shopping for assets that depreciate in value versus assets that in the long term appreciate. With little competition in the buyers market, you might be able to scoop up a great home that hasn’t sold during the past few months at a reduced cost and without competing offers.

HomeOwners Holiday Advantage

Now is the time to list. Yes, I know that technically we are in the Real Estate Off Season but the competition in comparable homes might favor you. Here’s why, if there are 100 homes that have been on the market for the past 6 months, some have sold, others are in contract and you are left over with the rest that just won’t sell for various reasons. This means if you have a home that is Priced to Sell and Marketed Right, your home will be on top of buyers lists. If you wait a few months when the Real Estate Peak season is upon us, the competition will be greater.

So, while you are doing your holiday shopping, take a moment to consider looking for your first or next home, or Selling your current home.

As always, thank you for taking the time to read our ideas.

Have a Happy Holiday Season from BronxPad.

For more on Bronx Real Estate Check out our main site. BronxPad

Joel Rivera

Keller Williams Realty Group

photo by: kevin dooley

Filed Under: The Bronx Tagged With: Bronx Holiday Shopping, Bronx Real Estate

November 5, 2012 By Administrator Leave a Comment

The White House – 1600 Pennslyvania Ave – Home of the President

The White House – $284.9 Million Dollar Price Tag

Every 4 years Americans are faced with choosing who will reside at 1600 Pennsylvania Ave – The White House.

With the greatest Military Force at his disposal and a $3.729 TRILLION Dollar budget, the President is considered the most powerful person in the world.

It is important that American Voters exercise their Constitutional right. Wars have been fought for this right, people risked and dedicated their lives so we can have the Greatest Democracy in the Free World.

The President of the United States of America lives in the nation’s most valuable real estate. Have you ever wondered how much the White House would cost if it were for sale? Have you ever wondered how many rooms are in the White House?

Property Facts:

Beds: 16
Baths: 35
Total Rooms: 132
Square Feet: 55,000
Lot Size: 18 acres
Property Type: Single Family
Year Built: 1792
Parking: Garage
Cooling: Central Air
Heating: Forced Air
Fire Place: Yes
Security: Secret Service
Estimated Value: $284.9 Million
Previous Est. Value: $299.9 Million

The Battle for The White House

President Barack Obama vs Governor Mitt Romney.

Tail of the tape.

President Barack Obama Democrat

The Economy: Wants to repeal the Bush Tax Cuts for households earning more than $250,000. Cut Spending and raise taxes on the wealthy. $800 Billion Dollar Stimulas Plan, Auto / Wall Street Bail Out. Business’s Added Jobs for 2 years straight.
Health Care: Signed the 2010 Health Care Bill. Allows coverage for pre existing conditions, Health Care for all. Further known as Obama Care.
Immigration: Supports legalization for illegal immigrants that includes learning English & paying fines; toughen penalties for hiring illegal immigrants; voted for fence along Mexican border.
Global Warming: Supports a Cap & Trade System to reduce carbon emissions.
Gay Marriage: Supports same-sex marriage.

Governor Mitt Romney Republican

The Economy: Make Bush tax cuts permanent. Lower corporate tax rate across the board to 25%. Cut taxes and regulations to encourage business. Wants Energy Independence, Better Skills Training, More Trade Deals, Cut the Deficit.
Health Care: Created similar legislation in Mass. but believes it’s not appropriate for all of USA and wants to repeal.
Immigration: Wants to eliminate the tuition breaks or other breaks that attract people into this country illegally. In favor of promoting legal immigration.
Global Warming: Opposes cap and trade legislation.
Gay Marriage: Opposes same-sex marriage; supports legal unions

How much will be spent by both campaigns? Est. $6 Billion Dollars.

November 6, 2012 is Election Day. American Voters will choose who wins the Ultimate Job in America and the Ultimate in Real Estate. Make sure you make your way to the voting booth and exercise your right to choose who will Lead America. If you live in NYC and need to see where your polling site is Click Here.

After you vote, visit BronxPad to search for your next home.

Thank you for reading and share with your friends and family.

Joel Rivera

Filed Under: The Bronx Tagged With: 1600 Pennsylvania Ave, Elections, Real Estate, The White House

August 30, 2012 By Administrator Leave a Comment

601 Pelham Pkwy North Apt 101 Bronx New York – Just Listed

601 Pelham Pkwy North Apt 101 Bronx NY 10467

PreWar Building

601 Pelham Pkwy North Apt 101 – Just Listed

Property Facts

1 Bedroom
Junior 4 Setup with a second room used as an office.
Asking Price – $168,000
Square Feet – 850
Price Per square foot – $197.65
PreWar Building
Very Large master Bedroom easily fits King Size Bed and More
Large Sunken Living Room with view of the front
Nice size Kitchen with tile backsplash and plenty of Cabinet / Counter Space
Nice size bathroom
Large Foyer fits an 8 seater Dining Table
3 Walk In Closets and 1 smaller closet
Some furniture is offered with the sale
Large Laundry room in basement
Storage Space is available in basement with additional fee.
Nearby park for kids and access to Botanical Garden
Minutes from Yonkers via Bronx River Pkwy
2 Train blocks away
12 Bus nearby
Plenty of Street Parking

Dining Room

This 1937 Prewar Building was designed by renowned architect H.I. Feldman. The apartment has been meticulously maintained by the owners who are also offering several items as part of the sale.

2 airconditioners
large dining room table
china cabinets
ceiling fan
brand new fridge, just weeks old

Sunken Living Room

This apartment is move in ready. Nothing needs to be done except turn the key and make yourself at home. Minutes away from Yonkers, 30 minutes from Manhattan and close to the 2 train and 12 bus line makes this an ideal place to call home. With the Junior 4 setup you get the benefit of having a large master bedroom with a separate room that can be used as an office or other options.

The owners are a lovely couple that have called this building home for over a decade. The apartment has been well maintained throughout their ownership.

Master Bedroom

This apartment won’t last so if you or anyone you know is interested, call me or email me to set up a private tour.

As always, thank you for taking the time to read this post about Bronx Real Estate. You can view this home and thousands of other homes for sale by visiting us on our home site. BronxPad

Happy House Hunting

Joel Rivera
Keller Williams Realty
Bronxpad.com Founder
347-601-1551
Bronx Real Estate Pro

601 Pelham Parkway North Bronx New York 10467

Great Looking Building

Tree Lined Streets

Filed Under: The Bronx Tagged With: Bronx Coop, Bronx Coops for Sale, One Bedroom Bronx Coop for sale

August 29, 2012 By Administrator Leave a Comment

Throggsneck Home for Sale – Just Listed

Large Single Family Home

253 Revere Ave – Just Listed

Attention Home Buyers

Just listed for sale. Large Single Family Home with 3 bedrooms 2 bathrooms, finished basement with separate entrance, driveway, backyard and completely renovated from the inside and out. Top of the line appliances, fixtures and materials used all throughout the home.

First floor you will find a large living room which is great for entertaining, large completely remodeled kitchen with granite counter tops, plenty of cabinets, center island and a formal dining room with sliding doors to a large deck overlooking your very own backyard.

Large Master Bedroom with a King Size Bed

Second Floor features 3 bedrooms. large master bedroom with his and her closets and easily fits a king size bed. Second and third bedrooms are a good size making this an ideal family home. Bathroom has been completely remodeled with marble sink, floor and amazing Tile work.

Basement: Has been finished and has a separate entrance from the front and a rear entrance leading to the back yard. There is also a completely redone bathroom. Washer and dryer is also located in the basement and the house

His and Her Closets

features an energy efficient Tankless Water Heater.

Parking: The driveway has room for one car / SUV and there is ample street parking with no Street Cleaning Rules. Hassle Free.

Backyard is a nice size for entertaining friends and family.

If you are looking for the perfect home to buy at an amazing price, then you just found it.

Property Facts:

Price – $465,000
Price Per Square Foot is $239.20
1,944 Square Feet
3 bedroom
2 bathroom
Finished Basement
Backyard
Driveway
Completely Remodeled Inside and Out.
Top of the Line Appliances, Fixtures and Materials Used.

This is a great home for those looking for a move in condition property.

For more information or to set up a tour feel free to email me at Joel@BronxPad.com or call me at 347-601-1551.

You can always view this and other properties for sale on our home site. BronxPad

As always thank you for reading and feel free to share this information with friends and family.

Filed Under: The Bronx Tagged With: Bronx Homes for Sale, Bronx Real Estate, Throggsneck Real Estate, Throgsneck Real Estate

July 27, 2012 By Administrator Leave a Comment

Talk to my Agent

Show me the Money!

Talk to my Agent!

Did you know that Derek Jeter is worth over $125,000,000? Yes, count those zeros. Don’t they look amazing? LeBron James is worth over $110,000,000 and plays for the Miami Heat. Now get ready for this, Jay Z is worth over $460,000,000! Mind Numbing!

So the question is how did these athletes and performers make so much money in such a relatively short amount of time? Yes, they are gifted and talented individuals who possess a tremendous amount of discipline in fine tuning their craft. But the question is, is that enough? The answer is probably no.

The reality is that these Super Stars surround themselves by some of the brightest minds in their industries. Lawyers, Trainers, Coaches, Nutritionists and yes Agents. Agents play a vital role in the negotiation of their Mega Million Dollar Contracts that amount to more than you or I will ever see unless we visit Fort Knox.

Do you think for a moment that the Miami Heat or the Yankees are just throwing money at their athletes? You probably think they are but the truth is that they are not! LeBron James is represented by Leon Rose and Derek Jeter is represented by Casey Close. These two Agents are masters at their roles of negotiating and maximizing the amount of money they can get for their A-List Clients. That is their job and they do it well. I wonder how much they would be making if they negotiated their own contracts? LeBron James is Great at Basketball and Leon Rose is great at negotiating. You can’t reverse their roles. Leon Rose can never be as great as LeBron James at Basketball and LeBron James will probably never be a master negotiator like Leon Rose. But together they are both extremely successful.

Agents and Real Estate

The reason that I am writing this article is because their is a direct correlation between those who have an Agent and those who don’t. Let’s look at two examples.

Home Sellers: A home seller who uses an agent tends to sell their home for a larger amount of money. The facts are the facts. Listing Agents know how to market a home to sell. It is their job. Emotions are taken out of the equation and they are able to develop a plan for selling a home for Top Dollar and in Record Time.

Think about this, you probably have a life. Work, Family, Hobbies and everything in between. Selling a home is done when most people are living their lives.

Agents can critically analyze all the pertinent information on current Trends and Market conditions to determine their strategy. It is their job! It is how they butter their bread.

Home Buyers: Buyers can have an agent too. A Buyers Agent is someone who has chosen to help buyers achieve their Real Estate Goals by providing their expertise on the current market and know how to decipher the Real Estate Lingo that sounds like a foreign language. Do you know what a Contingency is? What about Disclosures? Do you know which ones you need and when? There are way to many terms for me to cover in this post but Buyers that have an Agent doing the talking and negotiating for them are able to buy their dream home for the best and fairest price. Plus Buyers Agents aren’t paid by the buyers. Call me to find out why.

So that is why I decided to write this article about having an agent. There is a reason why a Lawyer has a Lawyer, or a Psychologists would visit another Psychologist or better yet why Derek, LeBron and Jay Z have Agents and Lawyers handling their negotiations. It’s about having someone that has more than a rudimentary knowledge on their fields of practice. Yes, you can read a book on home buying or selling but it’s the same thing as picking up a book on Acting, law or a Medical Book. You might be able to read it but can you apply it?

Let’s Talk Real Estate

So if you are looking to Buy or Sell Real Estate, contact a Realtor, which means give me a call.

Thanks for taking the time to read this article. As always please share this with friends, family and your peers. I am here to help.

Call me: 347-601-1551

Email me: joel@bronxpad.com

Filed Under: The Bronx

July 25, 2012 By Administrator Leave a Comment

Record Low Mortgage Rates

Mortgage Rates have gone down once again. A 30 Year fixed rate mortgage is now 3.54% as per Bank Rate. This new rate just makes it even more attractive to make your first home purchase.

I remember a few years ago when the rate was around 5-6% and the average home being sold was 20-30% higher. This gives a new meaning to “Homes for Sale” to “Homes on Sale“.

Rent or Own?

So is it more affordable to rent or to buy? With these numbers the school of thought says that it is more affordable to own a home than to rent. When you factor in the benefits of mortgage interest deductions and property tax deductions versus no deductions for renters, the numbers demonstrate that owning is significantly better.

Example: $400,000 home with an FHA backed loan requires 3.5% for a downpayment which is equal to $14,000. So in this example you will be financing $386,000 for 3.54% which gives you a monthly mortgage of $1,741.94 (excluding PMI and Insurance). Then you get to deduct your mortgage interest and property taxes at the end of the year which reduces your effective monthly costs.

You should also consider the benefits of “Appreciation“. Buying a home today is within reach for many who previously considered it impossible. With record low interest rates and Real Estate literally on Sale, those who take advantage of this dynamic can potentially benefit from their new home appreciating within the next 10 years.

It seems like every other week it can be said that it has never been a better time to buy a home. First Time Home buyers should be taking advantage of these amazing prices and rates. The question is how low can it go? The answer is no one really knows. There are those waiting for the market to bottom out. Problem is what if it has bottomed out and the market starts to steadily increase, or what if the interests rates sky rocket? There are those who speculated at the height of the market and now those speculating about the bottom of the market. At the end of the day it is all about the numbers and affordability.

Contact your local Bank or Mortgage Broker and of Course give me a call so I can help you find your next home.

Joel Rivera / 347-601-1551

Filed Under: The Bronx Tagged With: Bronx Mortgage Rates, Bronx Mortgages, Financing, First Time Home Buyers, Home loans, Mortgages

July 15, 2012 By Administrator 1 Comment

Real Estate Quotes

We live in a world full of Quotes, Proverbs and Sayings. Real Estate has many and I figured I’d share a few with you. This is a small collection of my favorite quotes pertaining to Real Estate. I hope you enjoy.

“Ninety percent of all millionaires become so through owning real estate.”
-Andrew Carnegie

“The major fortunes in America have been made in land.”
-John D. Rockefeller

“Owning a home is a keystone of wealth.. both financial affluence and emotional security”. –Suze Orman

“It’s tangible, it’s solid, it’s beautiful. It’s artistic, from my standpoint, and I just love real estate.” – Donald Trump

“I would give a thousand furlongs of sea for an acre of barren ground.”
-Shakespeare

“Landlords grow rich in their sleep.”
-John Stuart Mill

“Buy on the fringe and wait. Buy land near a growing city! Buy real estate when other people want to sell. Hold what you buy!”
-John Jacob Astor

“Every person who invests in well-selected real estate in a growing section of a prosperous community adopts the surest and safest method of becoming independent, for real estate is the basis of wealth.”
-Theodore Roosevelt

“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.”
-Franklin D. Roosevelt

“A funny thing happens in real estate. When it comes back, it comes back up like gangbusters.” - Barbara Corcoran

To be successful in real estate, you must always and consistently put your clients’ best interests first. When you do, your personal needs will be realized beyond your greatest expectations. - Anthony Hitt

I’m not saying that these headlines and articles provide false information. For the most part, their statements are true. But what I am saying is that you should not be using this information to make your personal investing decisions. - Warren Buffett

There’s blind luck, dumb luck and then there’s get up every morning at 5:30 and sweat the details luck. Few people actually stumble into wealth. It takes persistence, tenacity and a tireless work ethic. In the end, luck has little to do with success. It takes experience and hard work. Pure and simple. – Smith Barney

“You must ask yourself. Am I investing in a market? Or am I investing in a DEAL? If the deal is right and your exit strategy is clear, then the market conditions become almost irrelevant. And fortunately, the surge in motivated sellers has created more deals than ever.” - Warren Buffett

“Remember that credit is money.” – Benjamin Franklin

“A budget tells us what we can’t afford, but it doesn’t keep us from buying it.” - William Feather

“Buy land, they’re not making it anymore.” -Mark Twain

I hope you enjoyed this list of quotes.

For more on Bronx Real Estate, explore our site. To buy or sell your home, contact us for your Free Market Analysis.

Join us on Google+, Twitter and Facebook.

Joel Rivera
BronxPad.com Founder
347-601-1551

Filed Under: The Bronx Tagged With: Real Estate Quotes

July 12, 2012 By Administrator 1 Comment

10 Tips for Home Improvement

So you consider yourself a do-it-yourselfer? You know your way around a tool box or you just like taking on new challenges. In this article I will highlight 10 simple tips for home improvement.

Be Realistic: You need to assess your Strengths and Weakness’s when determining how to tackle your project. I wouldn’t advise rewiring your own home if you have never dealt with electricity before. I would highly recommend hiring a plumber to handle the big projects in your home if you have never dealt with piping & plumbing.
Budget: When starting a project, you want to set a budget on the supplies you will need. Painting a room is a lot less expensive than remodeling your kitchen. Make sure you do your homework on the cost of materials being used in your home improvement project. Even the pro’s end up with Cost Over-runs. Budget wisely because a half finished project stopped because of lack of funds hurts more than a project never started. Imagine you decide to retile your bathroom but have to stop before you are finished. Exposed walls and water are not a good mix.
Timeframe: Know in advance how long the project take. There is a difference between a weekend project like painting an apartment and remodeling your kitchen.
Choose Materials Wisely: Your home is your castle, it is better to pay for quality material that will stand the test of time than to skimp on costs and have to redo the project shortly after.
Kitchens: A simple kitchen remodel job can be undertaken by replacing old appliances, sanding down & repainting the walls and Touching up the cabinets. Total Costs should be from $5,000 to $10,000. Modern Kitchens add value to your home.
Bathroom: The elements of a bathroom are pretty standard. Toilet, Sink, Tub/Shower. So how can you spruce up your bathroom? You can make good use of your space. Smaller bathrooms should have smaller tiles, solid color, narrow toilet. Larger bathrooms can have bigger tiles, more colors and possibly a jacuzzi. What can you do by yourself? Paint. For most bathroom jobs I would recommend hiring a pro. With materials and labor you can expect to spend about $5,000.
Painting: This is possibly the simplest of weekend home improvement projects you can undertake. What will you need for this project? Sandpaper to sand down the walls, primer/paint (they come in combo form now), brushes, rollers, pan, paint thinner, newspaper for the floor, painters tape. The key here is to know the difference between flat, Semi-Gloss and Gloss. They all look nice but they have different uses. Gloss and Semi-Gloss have a shine and are easier to clean. Flat looks, well flat and can be tougher to clean.
How to Book: A good reference book is priceless. Here is my recommendation. Black & Decker The Complete Photo Guide to Home Repair: with 350 Projects and 2000 Photos (Black & Decker Complete Photo Guide)
De-Clutter: No matter how large of a home you have, clutter takes away from its appeal. You should Spring Clean, Summer Clean, Fall Clean and Winter Clean. This one is probably easier than painting.
Handy-Man #: You might or might not be that handy. In case of an emergency you should always have the number to a good Handy-Man. You can probably even pick their brains on the things that you might be having trouble with.

This is a basic 10 point guide to home improvement. Fixing your home can be an exciting endeavor but as a reminder, see step 1!

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Click→ Bronx Real Estate

Filed Under: The Bronx Tagged With: Home Improvement, Real Estate, The Bronx

July 12, 2012 By Administrator Leave a Comment

Green The Bronx Economy

Cuba Gooding Jr said it best in the hit movie Jerry Macguire “Show me the Money”! In this article I want to talk about Greening the Bronx as part of a financial conversation. The NY Times had an article about Why the Bronx can’t be more like Brooklyn, economically speaking. To me personally, Brooklyn is a cool place but the Bronx is the place to be. But the article got me to think, “what needs to be done to elevate the economic status of all Bronxites”?

We hear the ongoing conversation about raising the minimum wage, living wage and prevailing wage. I support these issues but in my humble opinion more needs to be done to cure an issue that suppresses the economic potential of our community. There are around 1.4 million people living in the Bronx and changing the economic status is done one person at a time.

So what will it take?

Industry & Jobs: I am not talking about low wage jobs. I am talking about big gigs. Why can’t the next Mark Zuckerberg, Steve Jobs, Bill Gates, Michael Dell etc come from the Bronx? The Tech Industry has produced more millionaires than any other industry. Let’s bridge the Tech Divide and create hubs in the Bronx dedicated towards technology.

Trade Jobs: Did you know that a plumber can make over $60 per hour? A carpenter can make over $30 per hour. An electrician can make over $40 per hour. This is great considering that living in a city that is growing, there will always be residential and commercial developments and renovations. This is where the trades come in.

Education: Knowledge is the prelude to power, I believe that the proper application of knowledge is power. We need to provide our youth with all the tools needed to create an environment conducive to a quality education. That means well paid teachers, technology in the classroom, physical education to keep the body and mind active, schools that are clean & safe and a lower student to teacher ratio. Let’s Invest in our Future!

Quality Housing: The housing stock in the Bronx has been improving significantly over the years. With the investment from private developers, Not-for Profits and with an infusion of Government Incentives and Grants, The Bronx is now a shinning example of how partnerships can be beneficial. Let us not kid ourselves though, there is still work to do. If a person or child lives in a home that is sub-par, then studying for school or providing for the household is made tougher. Example, Imagine living in a home with no heat in the winter or air-conditioning in the summer?

Financial Literacy: When was the last time you spoke to a financial advisor? Do you understand what makes the Stock Market fluctuate? What about the current trends in Bronx Real Estate? How much money do you save at the end of the month? How much do you waste? Do you know how to properly use debt to your advantage? I think that high schools should be mandated to teach financial literacy as part of the core curriculum. If a 14 year old can work, then they can save and learn the value of a dollar.

There should also be more community based seminars geared towards working adults to talk about “Money, How to make it and save it”. Along with topics on Credit and its impact on your financial well-being.

Small Business Support: Did you know that one of the largest employers in our society is the Small Business Sector? There should be a greater governmental investment promoting the benefits of owning a small business. Some Fortune 500 Corporations started off as small business’s.

Hope: Henry Ford said “Whether you believe you can, or you believe you can’t, you are right!” Let’s get motivational! A motivated person has a better chance at success than an un-motivated person. One of my favorite movies of all time is Cinderella Man. There is a quote in the movie that is engrained in my mind. “What are you fighting for?” “I fight for milk.”

Do you have a Dream? Most of us do but we allow fear to keep us from making our dreams a reality. Success favors the Bold! Thomas Edison is best known for creating the light bulb. At the time, people thought he was nuts. He attempted to create the light bulb 1,000 times and didn’t succeed but he never gave up. This is what he said “I have not failed 1,000 times. I have successfully discovered 1,000 ways to NOT make a light bulb.” What would the world be like without the light bulb? Aren’t you glad he didn’t give up? You shouldn’t give up on your dreams either.

In the movie the Pursuit of Happiness, Chris Gardner (Will Smith) states “Hey. Don’t ever let somebody tell you… You can’t do something. Not even me. All right? All right. You got a dream… You gotta protect it. People can’t do somethin’ themselves, they wanna tell you you can’t do it. If you want somethin’, go get it. Period.”

Revitalization: Land values rise when revitalization takes place. When the streets are paved and clean, parks are maintained and projects that beautify a community pushed forward, property values inevitably go up. So where does the money come from for all this? Federal, State and Local Government. Example, When The President and Congress pass a Transportation Bill, money will flow to improve our public transportation which creates jobs and makes a persons commute to and from work easier and better.

This is just the tip of the iceberg when it comes to how to increase wealth in the Bronx. With so many options like Stocks, Real Estate, Business and other means of generating more GreenBacks for Bronxites, I am confident that with effort we can create a more vibrant economy.

Share your thoughts on this topic.

Join us on Google+, Twitter, and Facebook

Joel Rivera
BronxPad.com
Bronx Real Estate
347-601-1551

Filed Under: The Bronx Tagged With: Bronx Economy, Green The Bronx, The Bronx

June 29, 2012 By Administrator Leave a Comment

Renting Versus Owning / Bronx Real Estate

Which Way do I go?

Renting versus Owning in the Bronx?

This question comes up quite often. Sadly most people believe that owning a home is far out of their reach. So instead of making an investment in a home, the vast majority of Bronxites rent.

Renting is great for some people but home ownership is still the dream that people wish would come true. So let’s chat about what makes renting good and what makes home ownership good and then you can decide which is best for you.

Renting

The Bronx is home to some of the most affordable rentals in the city of New York. Affordable housing has been a top priority for government officials looking to ensure that people can afford to live in the Borough they love.

Renting Pro’s

No long term commitment. Sometimes people like having the ability of moving whenever they want. Especially if they don’t anticipate on living in the home for more than a year or two.
Low Cost of entry. In some places you can rent a home for only 1 month rent and 1 month security.
Low Credit Score. If you are in the process of rebuilding your credit, then renting might be a good option.

Renting Con’s

No tax benefits. When you own a home you can deduct property taxes and mortgage interest. In some cases this makes your monthly cost less to own than to rent.
No equity build up. Real Estate has been a tremendous wealth builder for so many people. Example. You buy your first home, live in it for a few years, then sell and use your equity to buy another larger home and repeat the process enough times and you now have a small family fortune. Renting doesn’t allow you that opportunity.
Your land lord. At the end of the day when you rent, someone else actually owns your home. In some cases they can decide not to renew your lease. Of course there are rules that apply with evictions but did you know it is easier to evict a tenant than to foreclose on a homeowner?

Home Ownership

Now if you have been following my blog, you know very well that I promote home ownership big time. Why? (You’re thinking duh, because you are a Realtor and that’s your job), well actually my job is to help both Renters and Home owners. My job is to help people achieve their Real Estate Goals and that is different for everyone.

The reason I promote home ownership is because owning property has been one of the greatest ways of developing individual wealth and family wealth. Yes, the market has shifted for the past few years. Guess what, this has happened before and it will happen again at some point. The fact is that people who buy a home today have a greater chance of achieving wealth than at most points in history. Here is why.

Home prices are EXTREMELY LOW. Homes are selling at significant discounts in comparison to 6 years ago.
Interest Rates are EXTREMELY LOW. With today’s rate hovering below 4%, now’s the time to dust off your savings and make a purchase.
Tax Benefits. Unlike renting, you get to deduct mortgage interest and property taxes from your yearly taxes.
Wealth Creation. People have been fighting over land since the beginning of time. There is a reason for that. It’s valuable.
Estate Planning. You can pass along property to your next of kin. You can’t do that with renting.

I can go on and on but ultimately owning a home is a wise decision. Remember, your home is your castle.

Owning a home in the Bronx is not that hard. Think about this. What if you could buy a home with only 3.5% down and pay no closing costs? This is possible with government backed FHA Loans. Speak to your lender about your lending options. In this example, if you were looking to buy a home for $350,000 you would only need $12,250 as a down payment with an FHA backed loan. You can also borrow money from friends and family, 401K’s, Pensions and a lot of other places to come up with the down payment.

Now, if you aren’t ready to own today, then start with a plan.

Save for a down payment. I know we all fall victim to Micro Spending which means a dollar spent here and there equals no savings. So it is wise to open a savings account that is not linked to your debit card and have a portion of your check direct deposited into this account. Watch how fast you can save.
Check your credit score. Make sure you have good credit or a plan to repair your credit.
Casually look at homes on the market. You can search our home site here → Bronx Homes for Sale

With this information, owning a home is a Dream that can come true. So yes Renting is a good option for some but owning is the best option for most.

Filed Under: The Bronx Tagged With: Owning in the Bronx, Renting in the Bronx, Renting Versus Owning in the Bronx