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Beaverton Real Estate ValuesBeaverton Housing Patterns
Beaverton Housing patterns tend to be homogenous, meaning homes worth $100,00 are located in $100,000 neighborhoods. It is important for properties to be within the general pricing patterns of their neighborhoods because over-valued homes, even if they are exceptional, are sometimes difficult to sell at full market price. Remember, lenders want to compare your home to nearby homes. If your Beaverton real estate is located in a neighborhood of $100,000 homes but you have added another $100,000 in improvements, you may have over- improved your property in that lenders will be reluctant to lend the higher amount.
Many sellers think that the price of their home is determined solely by what they are willing to accept and what the buyer is willing to pay. However, the lender’s appraisal in Beaverton is one more variable and it can complicate the sale of your home. In these cases, it helps to have a knowledgeable REALTOR working on your side.
Beaverton: Art and Science
Buying a piece of Beaverton real estate is a science but buying your Beaverton home is an art. The science part involves getting the legal and financial parts down while the art is finding the Beaverton property that you’ll be happy with.
The total universe of possibilities within the universe of Beaverton real estate is quite diverse but narrowing your search ahead of time will help keep things in perspective.
In general there are two phases to any Beaverton real estate search. In the first phase, you get a feel for the different areas and an idea of what is being offered at what price. In the second phase, you search for the Beaverton real estate that meets all or most of your specifications.
Bitten by the Beaverton Home Improvement Bug?
Money isn’t everything however so that if the most important consideration for remaining in your Beaverton home happens to be the school where your children attend or the proximity to your work or to a particularly attractive recreational opportunity then remodeling may be the best option. On the other hand, if the idea of having your Beaverton house torn up for weeks at a time makes your blood run cold, it really doesn’t matter how much money you might make turning a fixer-upper into a model home. You will be far better off selling the home you have and moving to a home that better fits your needs.
Bitten by the Beaverton Home Improvement Bug?
Before you finalize your decision regarding remodeling versus moving, it is wise to get a professional estimate of your Beaverton home’s current value, the actual costs of moving to a different home and the estimated return on investment of the most common types of home improvement. I’ll be happy to provide you with a complimentary analysis of your home’s current value. Simply call or E-mail me whenever you are ready. As for improvements that traditionally bring the highest rate of return on investment, here are some statistics. Kitchen remodeling and adding a bath tends to bring rates of return with averaging anywhere from 85% to 95% return on your dollars spent. Compare that with the 64% return on investment for adding a home office.
Buying Beaverton Real Estate...Will it Pay?
A frequent question from prospective homebuyers relates to building home equity. Beaverton buyers like to estimate how much a home may increase in value based upon past appreciation. One of the many advantages of home ownership is that appreciation is based on the home’s market value rather than on the actual dollar amount invested or the down payment so that a $100,000.00 home that appreciates 5% is now worth $105,000.00. This is one way of building your Beaverton home equity but there is more you can do.
Rent or Buy Beaverton
In the early years of your Beaverton mortgage, nearly all of every monthly payment is interest. This means you are only paying off a tiny bit of the loan principal, but it is good news in terms of tax savings.
The monthly payment for a $100,000, 30-year, 8% mortgage on your Beaverton would be about $734. In the first year of your mortgage, $7,970 of your $8,805 payment or 91% would be deductible as mortgage interest. Even in the tenth year, almost 81% of your payments would be deductible. What this is worth to you depends on your tax bracket but this tax savings built into the home-buying equation is why you can afford to make higher mortgage payments than your current rent payments without squeezing your budget. There is no similar tax subsidy for renters.
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