To Pay Rent Or Not To Pay Rent in Yonkers
People are delaying the decision to buy a home because they are not sure where prices are headed. If they buy and prices continue to soften, they feel that they will not have purchased at the optimal moment. They reason that, if they sit and wait, they can’t be hurt. This thinking assumes that a non-decision comes without consequence.
The normal response to this thinking by people who are bullish on real estate is that prices may soon turn to the positive or that interest rates will start heading upward. Buy now before the cost of buying increases! Today, we want to look at this from a different angle. We want to alert our readers that their housing expense is about to increase if they continue to rent.
Currently, in most parts of the country, buying is less expensive than renting, especially when considering New York real estate. Plus, purchasers can lock in their housing expense for the next thirty years by buying now. They will get a sensational price and a record low interest rate. What will happen if they continue to rent?
If a family continues to rent, they are looking at a housing expense which will rise with the market. Rental costs increase by 3% a year historically. But today’s rental market favors the landlord to a greater degree. Below is a graph of how rental prices have increased recently and where they are projected to go over the next few years based on a report from Marcus & Millichap.
Hoping to save by delaying the purchase of a home may result in higher housing costs while you’re waiting, thus achieving the exact opposite result. Feel free to confer with our team of real estate experts to determine the best option for you and your family.
The Sales Team of Rummy Dhanoa
How Not To Pay Rent in Westchester!
People are delaying the decision to buy a home because they are not sure where prices are headed. If they buy and prices continue to soften, they feel that they will not have purchased at the optimal moment. They reason that, if they sit and wait, they can’t be hurt. This thinking assumes that a non-decision comes without consequence.
The normal response to this thinking by people who are bullish on real estate is that prices may soon turn to the positive or that interest rates will start heading upward. Buy now before the cost of buying increases! Today, we want to look at this from a different angle. We want to alert our readers that their housing expense is about to increase if they continue to rent.
Currently, in most parts of the country, buying is less expensive than renting, especially when considering New York real estate. Plus, purchasers can lock in their housing expense for the next thirty years by buying now. They will get a sensational price and a record low interest rate. What will happen if they continue to rent?
If a family continues to rent, they are looking at a housing expense which will rise with the market. Rental costs increase by 3% a year historically. But today’s rental market favors the landlord to a greater degree. Below is a graph of how rental prices have increased recently and where they are projected to go over the next few years based on a report from Marcus & Millichap.
Hoping to save by delaying the purchase of a home may result in higher housing costs while you’re waiting, thus achieving the exact opposite result. Feel free to confer with our team of real estate experts to determine the best option for you and your family.
The Sales Team of Rummy Dhanoa
10 Surprising Reasons You Can’t Get a Home in Westchester!!
Getting a home signifies financial security and an investment for the future. Owning a home is part of the American Dream. There are some surprising reasons why you can’t get a home.
1. Down Payment – You may have the required 10%-25% of the asking price of the home you are interested in but how you acquired it and how long you’ve had it could keep you from getting the home. Many times relatives offer young couples the down payment. Lending institutions take this into consideration when looking at the ability of a homeowner to keep up with mortgage payments. Saving the down payment over time lends to the credibility of money management.
2. Credit– Credit history is an ongoing process. Student loans are one of the first obligations a person may have as an adult. Late payments may have a bearing on your ability to acquire a home later in life. Credit scores are also affected by utility payments. Any recurring bill that is paid late may come back to haunt you even though your financial situation is now more sound. Your debt to income ratio ideally needs to be under 45%. Less than a 3 month asset reserve in a bank account will generally keep you from getting a home. Check your credit score with all 3 agencies and make sure there is nothing being reported incorrectly. You need to aim for a score of 660 or better.
3. Job Security – Your job history may be why you can’t get a home. Lenders look for stability. If you jump from job to job, regardless of monetary or career improvement, lenders see you as a financial risk. When the economy takes a downward turn, employers tend to retain employees with seniority. Also taken into consideration is the risk of the job.
4. Parent History – If your parents have a questionable credit history, you may be dealing under their shadow. If parents foreclosed, you may be affected. If they were late with mortgage or credit card payments, you may be looked upon as having the same traits. If you are asked information on parent particulars, you may need to look elsewhere for home financing.
5. Location – The location of a home may affect whether or not a lender is willing to risk mortgaging it. LNG routes, Super Site areas, fault lines, destructive weather patterns all have bearings on mortgage risks lenders are willing to take on.
6. Inspection– In Westchester County more and more, home inspections are being required to seal the closing deal. Hopes have been dashed to learn major expenses must be incurred to pass inspection for the approval of the sale.
7. Condition – Fixer-uppers may offer pricing that appears affordable. If you have no background of construction or home improvement projects completed, lenders are leery to finance such undertakings. They may require a lump sum amount be in an account to cover the improvements necessary to ensure the property does not result in a loss to the lender.
8. Liens – If you owned property before and were subject to liens for unacceptable reasons such as credit card debt or unpaid taxes, you may not get the home you desire. A current homeowner may also have substantial liens that need to be satisfied at closing either from the sale itself or as additional costs to the buyer.
9. History – The history of the home may be the deciding factor that keeps a lender from financing in your behalf. A murder, haunting, nearby sinkhole, or other less favorable activity, bear upon the lender’s willingness to finance such a home.
10. The Bank – Economic conditions and bank lending history may be the reason you can’t get a home. Banks may be leaning toward only very secure clients to up their lending credibility. If a bank turns you down, look to other options before you decide to settle on thinking you can’t get a home. FHA, VHA, or a first time buyer program offer other alternatives for which you may qualify.
If you can’t get a home loan with one lender, chances are good that another institution will also turn you down. You should take some time and work at increasing the good points that will work in your favor. Try again when your situation has improved.
~The Sales Team of Rummy Dhanoa
www.FreeNYHomeSearch.com
wwwRummyRealEstate.com
THE SALES TEAM OF RUMMY DHANOA WOULD LIKE TO INVITE YOU TO OUR INVESTOR'S WORKSHOP:
Video: http://youtu.be/nwSW_seVvAk
PLEASE R.S.V.P. BY JANUARY 21ST - SEATING IS LIMITED
CALL 914-902-3252 or go to www.RealEstateWorkshop.Info
Yonkers DHB Issues Heat Hotline
and Heating Regulations for Winter Season
Posted Date: 1/9/2012
YONKERS, NY - JANUARY 9, 2012 - The City of Yonkers Department of Housing and Buildings announced today its annual heat complaint hotline and heating regulations for the season for all tenant-occupied residential buildings.
The City has set up a Heat Emergency telephone number, receiving calls 24-hours a day, seven days a week, for City Housing residences (apartments, two and three family housed dwellings), at 914-965-3331. The Yonkers Housing and Buildings Department also is fielding calls at 914-965-3331 Mondays through Fridays from 8:30 AM to 4:30 PM (calls received after 4:30 PM will be addressed the following business day).
Additionally, the Department mandates during the period from September 15th to May 31st, that every person, firm or corporation in the City of Yonkers is required to maintain a temperature of no less than 68°F (20°C) in all habitable rooms, bathrooms and toilet rooms. At all other times whenever the outside temperature falls below 55° the inside temperature is to be supplied as follows:
Between 6:00 AM and 11:00 PM 68°F
Between 11:00PM and 6:00AM 65°F
Note: Hot water is to be maintained at a minimum temperature of 120°F at all times.
All heating regulations are instituted by the City of Yonkers Housing and Buildings Maintenance Code, Chapter 58-22 Heat Regulations.
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