Elaine Cooper - Brooklyn, NY - Co-op, Condo & Multi Family Property Specialist

For many who live in the US, owning their own home is the American dream. If you are considering buying a home in Brooklyn, New York, then homeownership can become a reality, but not with out setting realistic goals, getting sound advance and carefully planning for they day you sign on the dotted line (on many dotted lines I should say) at the closing table.

The decision to buy a home is definitely one that should not be made lightly because it requires a significant investment of time, energy, and money, you can't forget the money. So, the best way to start the home buying processes is to take a realistic view of what you can expect from homeownership and is it really right for you at this time.

The Advantages of Homeownership

There is no doubt that there are many advantages to owning your own home, whether it takes the form of a house, a condo or some other type of real estate, the first being that you have a place of your own to call home. You'll have the freedom to adapt your living space to meet your needs and personal preferences.

Financial Benefits

Owning your own home is an excellent investment, even in a struggling economy. It can be considered a forced savings plan. As you pay your mortgage you gradually accumulate "equity" which you can borrow against or turn into cash by selling the home. Contrast that with renting where you pay money to your landlord with no hope of ever getting that money back.

Stable Housing Costs

While rents typically increase annually, the principal and interest portion of most mortgage payments remain unchanged throughout the entire life of the loan (if you wisely get a fixed rate loan). In fact, because of the effect of inflation over the years, you pay the same amount of money with ever "cheaper" dollars.

Tax Benefits

There are significant tax breaks for homeowners that are not available to renters. Interest paid on a home mortgage as well as property taxes are usually tax deductible.

The Drawbacks of Homeownership

Homeownership is not for everyone. If you're only planning on living in an area temporarily or anticipate being transferred out of state in the near future, it makes far more sense to rent. There are other drawbacks to owning a house you should take note of before you take the plunge into homeownership.

High Cost of Homeownership

Usually, you will pay more for housing as a homeowner then you would as a renter. Even if your mortgage payments are less then your rent, you will have other expenses to take into consideration such as paying property taxes, homeowners insurance, utilities and home maintenance costs. If it will be a major strain on your family finances, it makes far more sense to rent until your financial situation warrants buying a home.

Possibility of Foreclosure

A mortgage is a financial obligation that, if it is not met, can lead to foreclosure, which consists of the loss of the house, the loss of any monetary investment made in the property, and the loss a good credit rating.

Repairs and Maintenance

The responsibility of maintaining a home is the reason many people shy away from buying one. Any repairs or maintenance that needs to be done falls on the homeowner such as mowing the lawn, cleaning the gutters, having leaks repaired and so forth. If you are not prepared to take the time or spend the money to do maintenance on a home, owning a condo might be a good alternative.

As you can see, owning a home comes with advantages and challenges. The first step in the home buying process is to decide whether you are ready, willing and able to deal with those challenges, and want to buy a home in Brooklyn.

Summer has finally come to Brooklyn, and the temperature is on the rise. This forecast for this week calls for the high temperature to hover around 80 degrees, so many of us Brooklynites will be cranking up the air conditioning, and the energy costs.

Well, here are 10 tips to help you go green this summer and save some green at the same time.

1. Don't run the air conditioner when no one is at home. If you must have you home nice and cool when you walk into it after a long hot day, put it on a timer. You can get a pretty inexpensive one at Home Depot or Loews.
2. Turn lights off when you're not in the room. Install motion activated lighting, especially in closets, laundry rooms and the like, so forgetting to turn off a light is not an issue.
3. Use the energy-saving setting on all your appliances such as air conditioners, washing machines, clothes dryers and dishwashers.
4. When you need to upgrade an appliance, be sure to look for ENERGY-STAR qualified applicances as replacements. It will use 10 to 50% less electricity then a standard model. Find out more About the ENERGY-STAR at www.energystar.gov.
5. Be sure to unplug televisions, stereo equipment, and computer equipment when you're not using them. Even when they're not is use, they are drawing power, especially if they have an LCD display. If you plug your computer and home entertainment equipment into a power strip, it's easy to cut the power to all off them with the flip of one switch.
6. Chargers for electronic devices draw power even when they not charging anything. Unplug your cell phone, PDA and MP3 player chargers when they're not in use.
7. Seal drafty windows and doors so that you can keep the cold air out during the winter and the cool air-conditioned air in during the summer.
8. Switch all your lighting to compact fluorescent bulbs. They use 25% less electricity then a standard bulb and last 10 times longer.
9. Install ceiling fans. Moving air tends to feel cooler. According to DOE's Energy Efficiency and Renewable Energy Network, the effect is equivalent to lowering the air temperature by about 4 F (2 C) allowing you to use less energy by adjusting the temperature setting on your air conditioner accordingly.
10. Walk more and drive less. Gas may not be as expensive as last summer, but you can still save by walking to the corner store instead of driving.

Hopefully, these ten tips will help you reduce your energy consumption, which is good for the environment and good for your wallet as well.

The deal you can get on a foreclosed property can be absolutely incredible! Here's an example. A nice young man in the market for his first place just recently purchased a bank owned (foreclosed) condo for almost $80,000 less then a similar condo went for two doors down. Its true, the condo he purchased needs about $40,000 in repairs such as new flooring and an update to the kitchen, but even still his property will be worth close to $40,000 more then he paid for it when the repairs are complete. Once the market turns around -and turn around it will- he stands to have even more equity in the apartment.

But is buying a foreclosure right for everyone? That's the question anyone considering buying one of the foreclosed properties in Brooklyn should ask himself. How do you answer that question? Well, here are a few additional questions to ask yourself so you can be sure that buying a foreclosure is something that will benefit you.

Can you afford to pay the transfer taxes and fees? - When you buy a bank owned property, they always require you to pay their transfer taxes and other fees. That can be as much as 5% on top of your asking price. Can you afford to pay the bank's closing costs as well as your own. That's something to take into consideration when you're thinking about buying a foreclosure.

Are you willing and able to pay for repairs? - Lets face it, most of the time there are repairs to be done to foreclosed properties. They can be as simple as painting or putting down new carpet, or as extensive as updating old plumbing (or replacing stolen plumbing) or putting on a new roof. Since a foreclosed property is sold "as is with no warranties" don't expect the bank to fix anything before they hand the keys over to you, and any problem you were not aware of that surfaces after you make the purchase is your responsibility to remedy and yours alone. NOTE: Having an inspection done by a licensed inspector before you sign a contract on a foreclosure is imperative. Don't buy "a pig in a poke".

Are you really as handy as you think? - I love watching the "This Old House" type shows that make home repair projects look so easy. But you have to ask yourself before you decide to lay the wood floors yourself to save money whether or not you're as handy as you think. I know I'm not, and I have pictures of a badly tiled kitchen floor to prove it. Don't buy a foreclosed property thinking that you can make many of the repairs yourself unless you're sure you can. Doing something badly and then paying to have it corrected can cost you twice as much money. Money you may not have.

Can you wait for repairs to be done before you move in? - Of course you don't own the property until you close, so none of the necessary repairs can start until then. Extensive repairs can take months. Can you carry two mortgages or pay rent and a mortgage while you wait for your new purchase to be ready to live in?

Do you want to live in a construction zone? - If you can't carry two mortgages, you might opt to move into your new home while the repairs are being done. I'm here to tell you from experience that there's nothing worse then living in a construction zone. The noise, the smells, the dust and debris, and all the disruptions to your life are difficult to live with. If you have small children or pets, it can be hazardous to them.

I hope the questions I've posed above have helped you decide whether or not buying a foreclosed property is right for you. If you have decided that it is, give me a call at 917-544-2662 or send me a message with the link below. You can also go to my website www.sellahomebrooklyn.com and sign-up for my Foreclosure List or email me.

However you decide to contact me, I'd be more then glad to help you find your Brooklyn New York dream home whether its a foreclosure or not.

Happy House Hunting

You are invited to a First Time Home Buyer's Seminar.

Weichert Realtors HP Greenfield
1712 Utica Avenue
Between Avenue H & I
718-692-4444
Saturday, May 16, 2009 from 1:00 pm - 2:30 pm
Wednesday, May 20, 2009 from 7:00 pm - 8:30 pm

Come and find out why it's the best time to buy a home in 40 years! You'll learn how you can take advantage of the Free $8,000 First Time Home Buyers Tax Credit for 2009. We'll also explain in detail the home buying process from open house to closing, how to get a mortgage and so much more.

Refreshments will be served.

I look forward to seeing you there, and don't forget to say that Elaine sent you.

If you need more information please feel free to give me a call at 917-544-2662 or send me an email by clicking here.

Elaine Cooper
Realtor(r)
Weichert Real Estate - HP Greenfield
917-544-2662