Homes with Open Floor Plans Enhance Modern Living

Homes with open floor plans have much to offer modern home buyers who prefer living in an environment that’s spacious, safe and conducive to socialization. The advantages of buying a home with an open floor plan are many and varied. Here are just a few.

Spacious Living

Home with open floor plans provide more living space as there are no walls in between the living, dining and kitchen areas. The fewer interior barriers a home has, the more spacious the home becomes, making it easier for family members to move about without overcrowding one another.

Socialization

Open floor plans make a home more conducive for family gatherings and socializing with friends. Homeowners will find entertaining more enjoyable as they can connect with family and friends in the living or dining areas while preparing the meal in the kitchen. With the spacious layout of an open floor plan, voices can even carry to a back outdoor patio without having to yell or shout.

Natural Light

In like manner, a home that’s more open and spacious allows for greater entrance of natural light and sunshine. By choosing a home with large bay windows in the living or dining areas, homeowners can enjoy beautiful outdoor views as well as there are no barriers to block the way.

Safety

Couples with children will find open floor plans particularly helpful in the supervision of their kids as they can easily see what their kids are doing in the living room or dining area while preparing meals or relaxing on the patio. Kids will also have more space and natural light to romp and play in the living room without feeling cramped.

Outdoor Connection

Many home builders today take advantage of open floor plans to connect indoor living spaces with an outdoor patio or veranda to create a more spacious environment. The two areas can be separated by sliding glass doors that can be left open for easy passage when hosting dinner parties or BBQs. When home buying Kingston area, couples should consider homes that carry this feature. An outdoor patio will add greater value to a home as it provides additional living space to the environment. People who love outdoor living will appreciate what a patio or veranda has to offer.

Buyers who invest in a home with an open floor plan can look forward to these benefits and more.

The Pros and Cons of Renting Versus Buying

Housing affordability can be a big issue. Deciding whether to pursue home buying Kingston or whether to continue renting is something that deserves careful consideration. Here are some of the pros and cons of renting versus buying.

The Pros of Renting:

1. Keeps Your Liquid Assets Free

When you rent, you don’t need to hand over your savings for a large down payment. Your liquid assets are freed up so if you want to do something else with that cash, you can. You would be able to invest it, spend it on education, travel, or basically anything else you want.

2. You Have Less Responsibility

As a renter, you aren’t responsible for the maintenance of the building or property. Of course, you have to keep it in reasonable condition, but if the roof leaks or the septic needs to be pumped, you simply call the landlord to have those things taken care of.

The Cons of Renting:

1. Your monthly rent is not tax deductible.

Unless you have a home office, your monthly payments aren’t going toward equity or able to be claimed as a tax deduction.

2. Your monthly rent will never cease

As a renter, your monthly rent payments will never stop. As long as you choose to rent, you’ll be paying out that monthly sum.

The Pros of Buying:

1. You can finally settle in.

You don’t ever have to worry about moving again when you buy your own home.  Until and unless you decide to move, you can stay in your home forever.

2. You get big tax breaks

As a homeowner, you are entitled to significant tax breaks. Your mortgage interest is tax deductible, and you may get even more tax breaks in the future.

The Cons of Buying

1. Your savings have gone toward your down payment.

Sure, you will probably be able to build up your savings again, but in the meantime, you’ve lost that liquidity.

2. Your house value may go down

The housing market fluctuates all the time. It’s possible that during the time you own your home, your home’s value may go down. If you don’t plan to sell, however, that won’t really impact you personally.

Whether you ultimately decide to rent or buy, it’s good advice to seek the assistance of an experienced real estate agent to help you find the home of your dreams.

4 Home Buying Mistakes to Avoid

Many first time homebuyers make some of the same common mistakes. If you’re home buying Kingston, you can avoid these mistakes. Doing so will yield the best possible chances of getting the home of your dreams.

1. Buying More House Than You Need

When you get pre-approved for a mortgage, your lender might offer much more than you need to get the house you want. Instead of taking that pre-approval number as the amount you have to spend, focus on the house. You might just find that your dream home costs considerably less, which will enable you to borrow less and pay off your home faster.

2. Waiting to Hire a Real Estate Agent

Now that homebuyers can shop for houses online, there is a strong temptation to wait a long time before contacting and hiring a real estate agent. This is a big mistake. Real estate agents understand how to negotiate prices, how to recognize good deals, and how to talk to buyer’s agents.

 If a home buyer decides to try and negotiate or make a deal, they could potentially mess up the deal for themselves. It’s best to choose and hire a professional real estate agent just as soon as you decide you are interested in home buying in Kingston.

3. Waiting to Make an Offer

When you find a home that you think you will like, it’s often best to make an offer on it. One mistake that home shoppers make is to think that there might be something better around the corner. Often, the better house never materializes, but by the time they realize that, the first house has already gone under contract with a different buyer. Don’t miss out on a great deal with the mistaken belief that you don’t want to miss out on some future opportunity.

4. Giving Too Much Weight to Unimportant Things

When shopping for a home, many people give too much thought and consideration to cosmetic issues that really don’t matter all that much. From the outdated light fixtures to the stained carpet, broken tiles and 60s kitchen décor; it can all be replaced fairly inexpensively. 

Try not to even notice these things, because they can distract you from seeing the house for what it is. You might pass on a great opportunity by giving too much weight to these unimportant details.

Home Buying in Kingston: Key Considerations

When a person is home buying Kingston, it is all too easy to get blinded by emotions. If a buyer finds a house that gives them a thrill then in their excitement they many neglect to pay attention to many important areas. Allowing emotions rather than careful judgement rule the decision is potentially dangerous. Emotions can cloud a person’s judgement and lead to poor decisions. For many people, buying a property is the biggest financial investment they will ever make. 

This is a time to listen to the head over the heart. To avoid making mistakes a buyer should write down a list of all the key things they are looking for in their house before they begin viewing properties. They should make sure that the most important criteria are all met before committing to a house.

Location Is Crucial When Home Buying in Kingston

As the popular saying goes, “location, location, location”. Location is one of the most important things to think about when buying a new house. It is not just relevant while a person is living in that home, but also becomes pertinent when it is time to sell it. Even if a house is not the most attractive property or the back yard needs work, if it is located in a popular and pleasant neighborhood, then that house could be a great investment. A great location remains an asset whatever the real estate market does in the future. It is possible for a buyer to transform an ugly house into an attractive one, but it is not possible to change a location from poor to desirable.

The School District Is Another Key Factor

This one is particularly important for anyone with school-age children. But again, it is one of those factors that can be an asset when it is time to list a house for sale again in the future. Proximity to a good school can certainly push a house’s price up.

The Position Within the Lot Is Relevant

How and where a house is positioned on a lot can greatly affect its desirability. Buyers should look at the set-back from the property lines. A large set-back will give the impression of spaciousness, while a short set-back will feel crammed in and too close to neighboring homes. Topography is another important factor. The best scenario is for a house to sit at the very highest point of the surrounding area. This results in the best drainage. Houses that sit below grade can suffer with wet basements. Even if this is not an issue at present, it may well become one later on.

Crime Levels Should Always Be Taken into Account 

If a wonderful house is listed at a bargain price, it may be because it is located in a high crime area. Any buyer should research the area and find out what its crime stats are. This information is often available online.

Culture Shock - Learning to Live in Kingston, NY

The market is right for home buying Kingston, NY, but a lot of people who are planning to make the move come from much more populated areas. The more relaxed, small town vibe in towns like Kingston can be very different for big city residents, and is something they need to consider. Home buying in Kingston should take place now while prices are still affordable, but living in the town will require a lot of dedication from new residents to come to terms with some of the local behaviors and customs. It would be like discovering everything all over again, an exciting (and sometimes terrifying) prospect.

People Actually Speak to Each Other

City dwellers have lived for years with the idea that minding their own business is the way the world works. In smaller towns like Kingston, NY, there's a distinct difference in how people deal with other people. More often than not, people tend to walk outside and greet their neighbors. Everyone knows at least some of everyone else's story. Meeting a neighbor in the street or the grocery is an opportunity for talking and catching up. It's easier for new residents to make new friends here because of how friendly people can be, but it's something that city dwellers would definitely need to get used to, since in their hometowns when someone talks, it doesn't necessarily mean that an answer should be given.

Music Festival Summer

Some of the younger crowd already know about the music festival scene that happens all summer long in Kingston. Because of the open air venues and the bright and crisp weather that the area has during the summer season, it's the ideal place for music festivals to be held, and a lot of genres take advantage of the fact. Upstate New York has always been famous for its music festivals since a little thing called Woodstock. Now, the stage is set for today's artists to rock out in Kingston.

Eat, Drink and Be Merry

What makes dinner into art? It could be the wide availability of fresh ingredients to ensure that a dish is prepared the way the original makers intended. It could be the presence of world class chefs that train in Kingston for years before going back to the culinary centers of the world, or it could just be the ambiance and being surrounded by friends or family. All of these things could go towards making a meal special, and in Kingston, every meal prepared is considered to be special. Over here, restaurants are kind of a big deal.

Experiencing Kingston as a Newcomer

There's a lot to see and do for individuals considering home buying in Kingston, NY. Over time, newcomers will become used to the changing of seasons, the smells that adorn the streets as chefs prepare world-class delicacies, and the Summer's subtle hint of overjoyed youth dancing in wild abandon in parks and open-air theatres. It's something that should be experienced, and it's a place to live that takes residents just far enough away from the hustle and bustle without throwing them off the deep end into the wilderness.

Getting Ready to Buy a House

Preparing to buy a new house is exciting, but it requires advance preparation to ensure that everything goes as smoothly as possible. Here are some of the things that should be done by those looking to get onto the purchasing side of home buying Kingston:

Check Financing Options

Almost everyone knows of the traditional mortgage, where a bank provides funding for the purchase of a house. These typically run for 30 years, but 15-year options are also readily available. What is often overlooked is that even in this category, there are many options: FHA-backed loans, bank-backed loans, and more. All of these have different requirements, so those who don't qualify for one type may be able to get another.

Outside of this category, there are unique types of financing like the USDA Rural Development Loan, which is a mortgage that is only available in areas designated "rural." Many of these areas actually aren't far from nearby towns. What makes this loan type so interesting is that it's available to low-income borrowers as long as minimal credit criteria are met.

Get Credit Reports

American consumers are entitled to a free, full report from each of the three major credit reporting agencies every year. Get this report and check it to make sure there aren't any credit-damaging errors. If there are, get them fixed. It's well worth the delay this causes if the repair will improve the credit score.

Improve Credit Scores

Anyone who doesn't have a perfect or at least great credit score should try to improve it before seeking financing. That's because it's a good idea to exceed the requirements to qualify for a loan. Doing so increases the pool of lenders willing to make a deal, and even better, will allow access to offerings with lower interest rates.

Connect with a Real Estate Agent

Some agents are able to help with the above steps, while others will be far more eager to talk if those steps have already been taken care of. Try to connect right away to make sure to get the benefit of everything the agent can offer in this regard.

Once any credit issues have been fixed to the maximum reasonable level, it's time to look for homes. The agent will show the ones that have your desired attributes and are within your budget. Soon, you'll be ready to choose one and move in.

Understanding Key Steps in the Home Buying Process

For those looking to purchase a home for the first time, the entire home buying kingston process can be easily misunderstood. All too often, first-time buyers believe that once they have an accepted offer on a home, it's pretty much theirs. Unfortunately, the real estate process is very complicated and there's much more to it than that, in most cases. By understanding the key steps in the buying process, however, it's possible to better prepare for the journey.

Getting an Accepted Offer Upon finding the right home, the prospective buyer typically works with a real estate agent or Realtor to propose an offer to the seller. This could get accepted on-the-spot, or it could go back and forth in negotiations until the buyer and seller reach an agreed-upon price. However, this price isn't locked in just yet because the inspection and appraisal haven't yet been completed. The Home Inspection Often times, the home inspection is used as a negotiation tool of sorts by the buyer. Specifically, if the inspection brings forth any major problems, the buyer can use this as leverage to either have the repairs paid for and completed by the seller, or to lower the asking price of the home itself. Typically, the inspection is paid for by the buyer.

The Real Estate Appraisal Next comes the real estate appraisal, which involves having a professional come out to the home and determine its current value. This is an important step for those looking to take out a mortgage in order to buy a home, as mortgage companies won't lend out more money than the home is appraised for. For example, if the buyer and seller agreed on a $200,000 price but the appraisal only comes back at $190,000, the lender will only provide a loan of up to $190,000 to the buyer. As such, the buyer and seller may need to strike a different agreement is the appraisal comes back low.

The Closing Process Once the appraisal is complete, the final sale price is agreed upon, and the buyer is officially approved for a mortgage, it's time to set a closing date. This is the day where all paperwork related to the home sale will be signed and the transaction will be completed. The buyer will also likely receive the keys to his or her new home on this date.

Buying a Home in Kingston: Tips and Tricks of the Trade

A person who decides to leave behind renting for home ownership will find there are many tips to follow that can be of the utmost use. Not only will following these tips help determine the design and location of a home that is best suited for the buyer, but it can also lead to a significant amount of money being saved. Here's a look at the top four tips all buyers should follow when home buying Kingston.

1) Stick to a budget

To ensure a home is purchased that is affordable, a home buyer must first create a budget and then stick to it. After all, no matter how well developed the budget is, if it is not stuck to, it will prove entirely useless. Ideally, the home mortgage payment and any other expenses, including homeowners insurance, lawn maintenance, etc., should not exceed 35 percent of the buyer's budget. 

2) Plan for the future

Right now it might seem ideal to buy a house with only two bedrooms, but if the buyers are wanting to build a family sometime in the next five to 20 years, this can be a good sign to invest in a home that will accommodate this type of family growth. If the home is going to be sold before the family is started, then it may be okay to skip this tip and instead focus on finding a smaller house that doesn't exceed the current needs of the buyers. 

3) Think about the weather

When the weather is bad, this can lead to fluctuations in heating and cooling expenses. Also, it depends on the weather as to whether or not the home buyers will enjoy their new home. If a buyer doesn't want to live in a location that endures lots of rain, then it's of course highly recommended that the weather of the location in which the potential home resides is carefully evaluated for trends. In doing this, a buyer can determine if the home's location is a good fit or not. 

4) Plan for a resale

No matter the original intentions of a person and the home they are buying, it's imperative to take into account any resale issues that could become present. No one knows how life will be 10 years from now, so it's important to be able to resale the home if needed. 

Buying a House with No Intention of Living in It

Those who are interested in home buying Kingston are often assumed to be planning on moving into a newly-purchased house. While this is the biggest reason people buy houses, it isn't the only one. People who have some money to invest will find other opportunities in the housing market. Here are two of the most common ways to turn buying a house into a money-making proposition:

Rent it Out

Imagine buying a house without having to pay a single penny on the mortgage. That's the promise of buying homes and then renting them out. Does the reality stand up to the promise? If the cost of the home is properly balanced against the amount of rent it can bring in and the area is one in which people want to rent, then the answer is yes – most of the time. Some months will be exceptions, so investors should keep a slush fund ready.

Exceptions to the rule of rent money paying for a mortgage are fairly rare overall, but they can be counted on to come up a few times per year. Reasons include unexpected breakdowns of household infrastructure such as furnaces and times when the house has no tenants. These things need not deter investors from becoming landlords. Investors simply need to be ready for them.

Fix and Flip

The housing bust scared many people off from the idea of flipping, but there's still plenty of money to be made from the practice. One key to success is in the "fixing" aspect of fixing and flipping. The perceived value of a house rises tremendously when it looks new and move-in ready. Therefore, the profit comes from finding homes that look a bit run down, fixing them up, and then reselling them at the much-higher prices that good-condition houses can get.

Investors looking to fix and flip should seek homes that will be mostly or completely fixed with a new coat of paint, new carpet, and perhaps new appliances. Avoid houses that need major repairs. It's also important to stick to prices that the neighborhood will bear and plan upgrades accordingly.

Whether an investor decides to become a landlord or get into fixing and flipping, he or she will start to see real estate in a new and exciting light. Soon, the idea of buying a house just to live in it will be a vague concern compared to all of the opportunities that will spring to mind!

Important Considerations When Purchasing a Flipped Home

Many modern entrepreneurs make their livings flipping houses. This means that they buy homes that are in need of a little work, fix them up, and place them back on the market at a profit. In theory, this practice benefits everyone. The neighborhood in general benefits from the improvement in the appearance and desirability of the property, the buyer benefits because the home is in good repair, and the flipper benefits because he or she has made a profit by performing honest work. However, flipped properties are not always as desirable as they seem, and those interested in home buying Kingston should exercise a reasonable amount of caution when considering the purchase of one.

One of the first things that a potential buyer should do concerning a flipped property is to research the prior condition of the house and yard. Many flipped houses have been vacant for a long period of time because they have gone into foreclosure and are therefore owned by banks. Houses that sit empty often have serious problems, such as rodent infestations, mold, and burst pipes. They may also have been subject to vandalism or have even been lived in by transients. Homes that have sat empty for a period of time may also have foundation issues. Flippers who want to move the property as quickly and cheaply as possible may take shortcuts such as simply painting over mold to conceal it rather than completely removing it.

Buyers should also research the flippers to ascertain whether or not they have a good reputation. If they have worked locally for any length of time, area real estate agents will be able to offer some insight into the quality of work that they produce. It may even be possible to speak with people who have bought houses from the same flippers.

Another serious consideration is that certain lenders may balk at loaning money for the purchase of flipped homes. Other lenders may have stricter requirements for flipped homes, such as having two independent home inspections rather than one. Anyone who is considering buying a flipped home should discuss the situation thoroughly with both their real estate agent and lending officer at their financial institution before coming to a definitive decision. It is possible to get good deals on flipped houses, but buyers should still approach these transactions carefully.

Surprising Aspects of Buying a New House

Buying a house is often surprisingly complicated. That's partly because of the amount of money involved, but there are other factors that are just as important. Here are some of the aspects involved in home buying kingston that new buyers should be ready for: Finding a House For some people, finding a house to buy takes only a day or two. Others, however, need weeks or months before they settle on one to go after. The amount of time needed depends mainly on how specific the buyer's requirements are. Someone who is happy with any house that has a good roof only needs to look at the financial aspect, where a person who wants a very specific arrangement in a very specific area will usually have to wait a while for it to appear.

Surveying In some cases, the land a house is on will already have been surveyed. If this isn't the case, it's a good idea for the buyer to find out exactly where the lot lines are – especially if the house is close to one of the edges of the land. House Inspections It's a good idea for prospective buyers to hire a house inspection firm to check out the house that they're serious about buying. This is especially true for old houses. Inspections find problems that the current owner or real estate agent might not have even known about and then tell the would-be buyers about their findings. The best-case scenario is a finding of no major problems.

Some think that inspections aren't necessary because owners and agents are legally required to disclose known problems. The issue here is that they may not know something even is a problem. This is especially true if the current owner did a lot of "do it yourself" work. Waiting for Financing Many new home buyers are amazed at how long it takes a mortgage company to actually come up with a check. Private mortgage companies and banks can take weeks to get everything through underwriting.

Federal programs, like the USDA Rural Development Program, can sometimes take months before they get a new batch of funding and then disburse it to approved applicants! Because of this, it's important for buyers to make sure that their contracts allow for a sufficient hold time before the deal gets canceled. These are the main things that new home buyers often find out by surprise. Talk to a real estate agent to find out even more about the process.

4 Mistakes to Avoid Before Closing on a New Home

Home buying Kingston area can be an exciting yet slightly intimidating experience, especially for those who are buying for the first time. Even once one has found their "dream home" and agreed on a sale price with the seller, there's still a lot that needs to be done before the sale can be finalized. And during this time period, there's a lot that could potentially go wrong. Specifically, there are a few mistakes first-time home buyers will want to avoid before closing.

Being Late on Bill Payments

Accidentally making a late bill payment might not seem like a huge deal, but even one late payment could impact one's credit score. Not to mention, a late payment could leave one with additional fees and interest payments. If one's credit score is significantly impacted by a late payment, this could actually result in one being denied approval for a mortgage, even if they were previously pre-approved.

Skipping the Home Inspection

Another common mistake made by first-time buyers especially is that of deciding to skip the home inspection prior to closing. This may seem like a good idea in terms of saving some money, as a home inspection can easily cost a few hundred dollars (and is usually the financial responsibility of the buyer). However, the fact remains that a home inspection is a good investment because it can alert buyers to potentially serious and expensive problems with the house.

Making Large Purchases

Upon getting an offer approved for a home, it can be tempting to go out and buy all new furniture and decor for the house. However, it's generally best to hold off on making any large purchases until after the closing has been finalized. After all, opening up a new charge account or even charging a large expense to a credit card can affect one's debt-to-income ratio, which can hurt one's credit score and prevent them from getting approved for a mortgage.

Not Monitoring One's Credit

Lastly, prospective home buyers must always keep a close eye on their credit throughout every step of the buying process. Unfortunately, all it takes is one error on one's credit report to turn dreams of home ownership to dust. By carefully monitoring one's credit and disputing any mistakes, it's possible to avoid serious problems with mortgage approval down the road.