Townhouse vs. Condo, which should you buy?

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advice, buying a home for the first time, condo living, Florida, real estate

Photo by Sam Johnson 

Whether it’s your first time buying or you just want to purchase something smaller, townhouses and condos are both great options. Check out the differences between the two to help aid you in your search!

Condominiums

Condominiums are similar to apartments in that you purchase an individual unit inside of a larger building, but not the property it sits on. This generally includes access to the building’s amenities, such as the clubhouse, pool, and gym. However, condo owners are not responsible for the upkeep and repair of these common areas. Because of the number of shared spaces, living in a condo often allows for meeting new people and building a strong sense of community. There is a fairly similar vetting process for loan approval as for a full-sized home; however, the lender will also look at the health of the condo association.

Townhouses

Those who purchase a townhome are generally purchasing the complete unit, both inside and out, including the land it sits on. This might also include the driveway, yard, or roof. Traditionally, these units are two- or three-stories tall and may also include common areas like pools and parks. Townhome owners pay a fee to a homeowners association every month and the loan process is the same as buying a full-sized home.

Which is the best choice?

Both townhomes and condos offer less maintenance than a traditional home and generally offer great shared areas. Your decision ultimately comes down to you and your family’s needs and wants. Things you’ll want to take into consideration include location, lifestyle, family growth, and price.

Give us a call today; we are happy to lead you in the right direction.

Kevin and Jennifer Hanley, REALTORS Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com

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An Increasing Surge of Wire Scams & Frauds Across the Real Estate Industry: How can you Protect yourself?

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buying a home for the first time, cyber crime, cybercrime, fraud, home search, Jacksonville FL Real Estate, Jacksonville Real Estate, phishing, protect your money, real estate, real estate fraud, real estate wire fraud, staying safe, wire fraud

Photo by Vladislav Reshetnyak on Pexels.com

The lucrative nature of real estate investments and transactions makes them vulnerable to the risk of fraud, robbery, phishing and cybercrimes. As opposed to bank robberies and burglaries, wire net frauds and cyber robberies don’t have a limit to the amount of money that can be looted. 

Wire fraud in the real estate industry appears to be the fastest growing amongst all cybercrimes prevalent across the US. In 2017, the authorities reported losses more than $1.4 billion while complaints were registered by 301,580 individuals and firms. Moreover, statistics reveal that more than 9,600 investors and renters were looted of $56 million in the real estate industry last year. 

So, how does a real estate fraud actually occur? 

Basically, the fraudsters and crooks conduct fake real estate transactions by adopting the identity of a real estate agent from a reputable firm or someone related to the agent handling the purchase. The fraudsters forge the identity, email and other important details to create a highly authentic and credible image that can be easily trusted by the buyer or organization. After posing as a credible agent, they scam the buyers with fallacious emails and instructions of wire to a bank account, which belongs to the fraudster. 

Earlier in June, the federal authorities have launched a coordinated law enforcement initiative, WireWire, to take down all BEC schemes that attempt to intercept and hijack wire transfers. In a short period of 6 months, this effort has managed to make 74 arrests, and recovered $14 million from fraudulent wire transfers. However, the risk of being a victim is still looming high above the buyer’s head. 

How can you protect yourself? 

Reports from the FBI reveal that business email scams and compromises have accumulated loss of over $12 billion and the numbers keep growing with every passing day. It is a common practice for fraudsters to hack the buyer’s email account and monitor all the correspondence taking between the buyers and real estate agents. 

The scammers wait until the two parties head towards the transaction, and at the very last moment, they contact the buyer with fake emails to make it appear like the agent is using a different account to ask for a money to be wired to another account. Fraudsters can also hack the email accounts of real estate agents and professionals. So basically, not only your money and your investment are at stake, but more importantly, your personal identity and your personal/financial information linked with your email account are also at risk. 

These wire transfers amount up to a great deal of money, and personal identities and information are also valuable for such scammers. It is important for buyers and real estate agents to adopt a more secure way to communicate and conduct business transactions. Most important, email accounts should be password protected. It is also important to make sure you verify all emails that ask you to wire funds or pay any kind of amount. Be sure to verify all the details and sudden changes by contact your real estate firm or agent on a verified number. 

Have any questions or are you ready to start your new home search in 2019?  Give us a call today!  Kevin and Jennifer Hanley, REALTORS Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com

Ranking Your Home Priorities

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Buying a home, buying a home for the first time, buying a home in Jacksonville, buying your first home, Homes in Jacksonville FL, local schools, Making an offer on a home, real estate, real estate investing, real estate jacksonville fl, schools and real estate, The best real estate agent in Jacksonville, tips for buying a home, walkability

Buying a home is exciting. A new neighborhood. More space. A yard. A shorter commute. There are all kinds of reasons people get amped up to go house hunting online and start dreaming of a new home. But when the market is competitive and sellers have an advantage, finding a home that is truly “perfect” is increasingly hard to do. Sometimes this keeps people from buying, and often excellent opportunities are missed simply because buyers sit on the sidelines hoping for perfection.

On one hand, this makes sense. A home is a huge investment. Why rush into it? You want to get it right. But on the other hand, buyers forget that a home is an investment. People sometimes allow themselves to become blinded by the thought that they’re locked into a home, when in reality a home is often only held for seven to ten years on average. What you want to keep in mind as you shop is how well you’ll do from an investment perspective over time.

Adopting an investment mindset means looking at the prospects of a neighborhood, buying at a fair price, and considering factors which may not even matter to you personally as you shop for a home. Yes, you want to be comfortable. Yes, you want it to have the right layout and enough space for your needs. But you also want to imagine who might buy the home in the future.

Even if a home is not ideal, there are factors you should rank before you make an offer. Savvy investors know these four factors can have a giant impact on price when the time comes to reap a return:

1. Affordability. Look for value. Homes which are below median prices are worth a second look, simply because they allow you to prevent yourself from becoming “house poor” in your mortgage while setting yourself up for a larger return when you sell.

2. Schools. You may not have kids or want kids at the moment, but it’s a fact that good schools will help you sell and bad schools will hurt. Check into the local schools on a website like GreatSchools.com.

3. Transit and walkability. Ditching the car in favor for walkability and public transportation is a plus for a home’s value. How’s shopping and entertainment nearby? Check WalkScore.com.

4. Crime rates. BestPlaces.net will give you some insight into local crime rates. Even if crime rates aren’t ideal, see if there are any trend indications. If they’re going to improve, that could mean money in your pocket in the future.

Need more advice during your home search?  Call our team buyer experts today! Kevin and Jennifer Hanley, REALTORS The Hanley Home Team of Keller Williams Realty Atlantic Partners Southside 904-515-2479 http://www.HanleyHomeTeam.com

Rent vs Buy – Now vs Later

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buying a home for the first time, first-time homebuyer, Jacksonville FL Real Estate, Jacksonville Real Estate, millennials, real estate, real estate investments, Real Estate Team, rent vs. buy

If affordability is a concern and you are unsure were you’d like to live in the near future, you may find this article on the hidden long-term cost of renting compelling.  It’s called “The $700,000+ mistake nearly 6 in 10 millennials may make.” You can check out the article here:

http://www.marketwatch.com/story/the-700000-mistake-nearly-6-in-10-millennials-may-make-2015-01-22

Renting in the short-term may be your best option, but waiting to buy can have a high cost. For example: “At current rates of appreciation, in 10 years the average home (now priced at $190,000) would be selling for about $249,000. If interest rates return to their historical norm (from over the past 15 years) of 5.6%, a monthly house payment (including mortgage, taxes and insurance) on a $249,000 home would be $1,574 a month, a 52% increase over the $1,037 house payment for a median priced home now.”

If you ever have any questions about home ownership, we are more than happy to help you plan for your future. Kevin and Jennifer Hanley, REALTORS TheHanleyHomeTeam.com 904-515-2479