Sonia Rollins
EXIT Premier Real Estate | 781-454-6043 | [email protected]


Posted by Sonia Rollins on 7/5/2020

Photo by Harli Marten on Unsplash

Although it may seem like putting the cart before the horse, a strong case can be made for purchasing your retirement home before your golden years. In fact, with some deft financial planning, it may be worthwhile to buy your retirement home decades in advance. That may seem counterintuitive, but maybe other folks have been doing it backward. Whether you are a Millennial, Gen Xer, or Baby Boomer, the best time to plan ahead is right now. Consider these strategies.

Why Buying Now Saves Retirement Dollars

The Gen X crowd was born between 1965-1979, making them 40- and 50-somethings. Those are generally prime financial years. In many cases, they’re nearing the end of a mortgage and are probably enjoying the fruits of many years of savings. This means having equity and resources at their disposal to make a move on a property now.

The argument for paying off an existing home loan or doubling-up if it’s reasonably low rests on data that the home values continue to rise. Consider these incremental increases in median home sales pricing.

  • 1970: $23,400
  • 1980: $64,60
  • 1990: $122,90
  • 2000: $169,000
  • 2010: $221,800
  • The median price routinely topped $300,000 in 2019, and the robust economy, coupled with an inventory shortfall, is expected to drive prices upward. If you were to have purchased your retirement home just 10 years ago, your savings would have amounted to nearly $100,000, plus lower interest payments. Those are real retirement dollars.

    Why Buying Your Retirement Home First Makes Sense

    One of the strategies savvy Millennials are employing is to purchase an “investment property” rather than a primary residence first. That may seem like thinking way outside the box, but the math and lifestyle considerations can make it a smart play.

    This demographic runs between 23 and 38 years old, and they have grown up in a vastly different culture than their predecessors. Some are straight out of college struggling with student loan debt, and even the top end of the age bracket has members still evolving their careers in many cases. These factors tend to position Millennials for ongoing relocation as they take advantage of emerging opportunities. Rather than be burdened with buying and selling a home, it’s easier to rent.

    Financially sharp Millennials, among others, have purchased properties in culturally rich areas that lend themselves to college students and tourism. The strategy is to enlist the help of a real estate professional who oversees renting, upkeep, and allow the asset to pay for itself. In many cases, it may even yield a profit. When retirement age arrives, there can be ample revenue to do a full remodel and just pay the taxes while you collect a pension or social security.

    Although buying a retirement home prior to punching out for the last time may seem odd at first, it’s in your best interest to run the numbers both ways. Consider all the moving parts and detailed costs to make an informed decision about your best time to but a retirement home.




    Categories: Uncategorized  


    Posted by Sonia Rollins on 6/28/2020


    Image by 3D Animation Production Company from Pixabay

    Understanding the type of loan you're getting matters, to protect your financial interests. You also need to know when to choose one type of loan over another. So, should you choose a bridge loan? When might that be the best choice for getting into the home of your dreams? Here's what you need to know about this particular loan type.

    What Are Bridge Loans?

    Bridge loans typically provide temporary home financing, and are designed for use for six to 12 months. They carry an interest rate that is approximately two percent higher than a standard mortgage. These loans can "bridge" the gap between buying one property and selling another, allowing the borrower to get into a different home before their original home is sold and closed.

    Who Can Receive a Loan Like This?

    Anyone who owns a home and is trying to buy another one could potentially get a bridge loan. Just as with a traditional mortgage, though, you would have to qualify. Income and equity requirements must be met. There is also usually a debt-to-income ratio that's very important, since you'll have to make loan payments for a few months.

    Why Would Someone Want a Bridge Loan?

    When you're selling your home but you haven't found a buyer yet, you might find another home you want to buy. Since you don't have the funds from the sale of your current home, you wouldn't normally qualify to buy the other home. If you can get a bridge loan, though, you can buy the second home while still trying to sell the first one. When the first one sells and you receive the proceeds, you can use that money to pay off the bridge loan. Bridging that gap between the financing for the two homes can be vital in markets where housing is very competitive, or where you need to move quickly to purchase a particular home.

    How to Get This Type of Loan

    Getting a bridge loan involves talking to your bank or other lender, just like you would with another type of loan. Not all lenders offer bridge loans, so it's important to shop around. Additionally, your real estate agent can be a great resource when it comes to finding a bridge loan. Some agents even partner with lenders for these kinds of loans, to give their clients more options.

    If you're not sure whether a bridge loan is the right choice for your home buying and selling needs, talking to your lender and real estate agent can help. There are times when borrowing additional money isn't a good choice, but these kinds of loans can also be very beneficial in certain real estate circumstances.




    Tags: home loans   loan   mortgage loan  
    Categories: Uncategorized  


    Posted by Sonia Rollins on 6/21/2020

    Photo by Nattanan Kanchanaprat via Pixabay

    Of course, you want to stay within your budget when buying a house. You certainly want value for your dollar. But a buyer should never lose sight of the fact what they truly desire is getting the home they want and that fits their needs. To that end, potential buyers may put in a “low-ball” offer on a house they truly want. They may risk losing a home that meets all of their qualifications by placing an offer that is five or ten thousand dollars less than a price the seller is willing to accept. What can be even more frustrating is that even if a buyer's offer is accepted by a seller, the buyer may just waste that money, or more, on the mortgage they acquire.

    Buyers may be surprised to learn how much even a half of one-percent difference in a mortgage rate can make.

    Example One

    In our first example, after a down payment, a buyer gets a mortgage for $250,000 over 30 years at 4.5% interest. The monthly payment would be about $1,267 monthly. Over the course of 30 years, those payments would total $456,120. The net cost of the loan is $206,120.

    Example Two

    In our second example, we take that same $250,000 mortgage over 30 years, but the buyer compared mortgage rates and was able to find a lender offering that same loan at 4.0% interest, one-half of one-percent less. The monthly payment would now be $1,194, totaling $429,840. The net cost of this loan is $179,840. The difference between the two loans is $26,280. All because of a .5% interest rate difference. 

    The Best Way to Save Money on a Home

    Rather than chancing to lose a home you really like by making an offer that is too low, consider instead performing due diligence on mortgage rates. Seeking out a lower rate can be critical in saving you five, ten or twenty thousand dollars or more. That's a far better solution than losing a home you really wanted.

    There are a lot of factors that go into determining loan rates for mortgages. These include the buyer's credit rating, work history, income to debt ratio and loan to value ratio. The bottom line is the better your credit the more options you will have in securing a mortgage loan.

    One of the best ways to save money on buying a home is saving money on your mortgage rates. The best way to do that is by monitoring your credit rating and working to build it. When it comes time to buy a home, get pre-qualified and compare mortgage rates. You can even use an online calculator to compare rates on your own. Need further assistance in determining how to find the right mortgage for you? Feel free to reach out, and we can embark on your mortgage and home journey together.




    Tags: Mortgage   mortgage rates  
    Categories: Uncategorized  


    Posted by Sonia Rollins on 6/14/2020

    Image by Tim Cooper from Unsplash

    If your lawn and garden area is full of lush, thriving trees, shrubs, herbs, and flowers, you're probably proud of it's appearance and of all the hard work you've put in to get it that way. However, you may also have a nagging feeling that it's missing something, but you can't quite put your finger on what that might be — and that something could very well be hardscaping elements. Hardscaping is anything that provides aesthetic appeal and/or functionality to your outdoor living space that isn't in the form of vegetation. It provides dimension, texture, and boundary definitions. The best hardscaping combines functionality and appearance. Here's how you can make it happen:

    Paved Pathways

    Paved pathways can be installed using a variety of materials, including brick, cobblestone, and polished concrete. Design possibilities are almost endless. Some homeowners prefer the sophisticated appearance of polished concrete, while others like to create a picturesque ambiance with old-school cobblestone. Paved pathways also protect your shoes from mud and other debris as well as protect your lawn from the damage that heavy foot traffic can cause.

    Decorative Arbors

    Decorative arbors provide a delightful way to dress up the entrance to your property or introduce a backyard herb or perennial garden. You can grow vining plants up and over them, such as rambling roses, clematis, or even switch it up every year by planting different vining annuals such as morning glory and nasturtium. During winter, you can keep things interesting by stringing holiday lights on it.

    Garden Benches

    Garden benches give you and other household members a relaxing place to sit, read, dream, or simply get a rest from lawn and garden chores will enjoying the sunlight on your face and listening to the birds sing. If you opt for a wooden bench, choose one made of weather-resistant wood such as teak or cedar. Stone benches are good choices for areas that receive significant amounts of precipitation — you can always add cushions for softness during the warm season.

    Water Features

    Waterfalls, ponds, fountains, and raised birdbaths are just three appealing ways to turn your backyard into a personal oasis by adding water features. If you're a nature lover, you'll spend hours enjoying the antics of your feathered friends as they splash in the birdbath, and if you could use a serene respite in your life, a flowing fountain or waterfall provides soothing sounds and serendipitous visuals.

    Other hardscaping possibilities include garden statuary, trellises, decorative gates and fences, pergolas, and footbridges.





    Posted by Sonia Rollins on 6/9/2020

    Want to downsize to single level living but not forfeit space? Looking for a home in a sought after neighborhood within walking distance of Nutile Fields and many other area amenities? How about a home that sits beautifully on its lot with so many great attributes already present yet giving you the ability to add on in order to make it just right for you? Any & all of these describe this beautiful 3BR, 2BA expanded ranch. The home boasts hardwood throughout, a spectacular living room with fireplace, formal dining with built-in, a spacious foyer as well as an oversized master suite with ample closet space & a private bath. The lower level is impressive with a finished family room and more than adequate storage space on the unfinished side. (you may want to finish that too!) The beautiful weather will allow you to either sit on your front porch or relax on your back patio that overlooks a level well kept yard.The home you've been waiting for has just come on the market.

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