Tag Archives: mind property taxes

Achieving The American Dream

Achieving The American Dream

The American Dream. Having a loving family, attaining a stable job, and most importantly possessing your own home, even if it’s not in Santa Maria, California or somewhere near the Central Coast. All of these accomplishments can be challenging at times, especially taking the next step of  having your own home. With financial planning and legalities, it all starts with a bit of knowledge of the industry and some research.

Purchasing a Home in the United States

The United States Real Estate market is tremendous, especially the Santa Maria Real Estate area since it is continuing to grow. One thing to keep in mind is that each state has their own unique set of policies, set of laws, and not to mention taxes. So don’t be surprised when you notice different tax rates in various cities and states. Also Keep in mind that their are many incentives for individuals such as veterans who have served our country. Veterans qualify for loans known as VA Loans and many lenders out there offer these kinds of incentives that better help them achieve the home of their dreams.

Property Taxes

As mentioned above, taxes vary by state. So when you are asking yourself how much house can I afford, do not forget to include property taxes as the tend to add up. They are used to fund public projects such as schools, parks, and things such as law enforcement. Knowing ahead of time what kind of taxes you will be paying will give you a better picture of the cost of living in your new home, especially if you are planning on moving out of state; do some research.

Educate Yourself On the Real Estate Market

One should also know what exactly drives house prices in the market, especially in the Central Coast Real Estate area because it has gained popularity in past years. Instability in house prices vary from state to state and from region to region. For example, a home in the Arroyo Grande, California will not have the same price as a beach from property in the Pismo Beach, California area even though their proximity is not to far apart. Same applies to locations such as Los Angeles, California and New York (especially within the city). We at Greater Mortgage Solutions and Valley Hills Realty want to teach you about the macro and micro trends that influence the real estate market. That way you can make a better decision when making a mortgage deal that is being offered to you.

So when you, a family member, or a close friend of yours is ready to achieve The American Dream, consider allowing one of our team of experts at Greater Mortgage Solutions and Valley Hills Realty help you attain the precise mortgage and the home you have always wanted. We are filled with team members that are ready to help you every step of the way.

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3 Tips for New Homeowners

One may think that a down payment is the greatest financial obstacle one has to face when purchasing a new house, but let us tell you that there are numerous expenses linked with owning the home of your dreams. We have provided you some simple tips to help you handle those difficulties many people face when buying their first home.

1. Creating a New Financial Plan

One thing to consider is changing your budget, or creating a new budget, once you purchase your home. This may seem like common sense but there is more to it than that. Once you move from an apartment to a home, expect your utilities and maintenance bills to increase due to the fact that you are now moving into a greater space and are now responsible for maintaining that space on your own.

Instead of alternating a mortgage payment for your prior rent payment, spend some time tracking expenses, then update your budge so that it mirrors the actual cost of living in your new home. Since you may find that you will be spending more than expected, you will need to adjust some of your expenses such as travel and leisure.

2. Prepare to Spend Money on Upkeep and Maintenance

As mentioned above, you will be responsible to spend some money on maintenance and repairs  to keep your home in great condition. Some repairs may be pricier than others such as major and unexpected projects like a leaky roof or an outdoor living space; the costs to repair these kinds of projects may make you adjust your budget even more.

3. Keep in Mind Property Taxes May Rise

Property taxes have a tendency to rise, and for several reasons. The first, and main reason is that property taxes are based on the Assessed Value of your home tied together with local city tax rates. So the higher the Assessed Value of your home, the higher your property tax may be when you acquired your home. Or for example, if you decide to perform various home improvement projects within your home that require a city permit, and is considered a capital improvement to the home.  The Assessed Value of your home will rise, thus making your property tax higher.

Another reason for increase in your property taxes are proposition bond measures during elections.  To protect yourself, the first thing to consider doing is consider voting. There are many bills on the ballot each year that affect your property tax once they are passed.  You and your lender will receive a new bill for your new tax obligations.

 

Despite the few changes of owning a new home, there are also many benefits when compared to renting a house or an apartment. You will no longer have a landlord telling you what you can and cannot do, and most importantly you will be gaining equity by having a house that you personally own. So if you are in the market to purchase a new home keep in mind the tips mentioned above, but also see the positive impact it will have in your future.

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