Many first-time home buyers believe the physical characteristics of a house will lead to increased property value. But in reality, a property’s physical structure tends to depreciate over time, while the land it sits on typically appreciates in value
Old homes offer charm, new homes offer higher value…or at least that is what many buyers think. The truth is that value may be in the eye of the beholder. However, here are a few things to think about when discerning value in a new home versus and old one.
Most people would consider a new home more valuable because there should be no major expenses in the first several years of ownership. Unfortunately, almost all the major components of a house have a life expectancy. So, a house that is 30 years old may be equally renovated and just as updated as a new home. The usual big ticket expenses are windows, roof, siding, and HVAC. An older home may be just as valuable as a new home if these features are up to date and concern for maintenance costs is minimal.
A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal
You might be able to cancel your mortgage escrow account and pay property taxes and insurance on your own. … The servicer keeps this extra money in the escrow account until your property tax and homeowners’ insurance bills are due. It then uses the money to pay the bills on your behalf