5 Powerful Reasons to Own Instead of Rent

5 Powerful Reasons to Own Instead of Rent | MyKCM

Owning a home has great financial benefits.

In a recent research paper, Homeownership and the American Dream, Laurie S. Goodman and Christopher Mayer of the Urban Land Institute explained:

“Homeownership appears to help borrowers accumulate housing and nonhousing wealth in a variety of ways, with tax advantages, greater financial flexibility due to secured borrowing, built-in ‘default’ savings with mortgage amortization and nominally fixed payments, and the potential to lower home maintenance costs through sweat equity.”

Let’s breakdown 5 major financial benefits of homeownership:

1. Housing is typically the one leveraged investment available

Homeownership allows households to amplify any appreciation on the value of their homes by a leverage factor. A 20% down payment results in a leverage factor of five, meaning every percentage point rise in the value of your home is a 5% return on your equity. If you put down 10%, your leverage factor is 10.

Example: Let’s assume you purchased a $300,000 home and put down $60,000 (20%). If the house appreciates by $30,000, that is only a 10% increase in value but a 50% increase in equity.

2. You’re paying for housing whether you own or rent

Some argue that renting eliminates the cost of property taxes and home repairs. Every potential renter must realize that all the expenses the landlord incurs (property taxes, repairs, insurance, etc.) are baked into the rent payment already – along with a profit margin!!

3. Owning is usually a form of “forced savings”

Studies have shown that homeowners have a net worth that is 44X greater than that of a renter. As a matter of fact, it was recently estimated that a family buying an average priced home this past January could build more than $42,000 in family wealth over the next five years.

4. Owning is a hedge against inflation

House values and rents tend to go up at or higher than the rate of inflation. When you own, your home’s value will protect you from that inflation.

5. There are still substantial tax benefits to owning

We know that the new tax reform bill puts limits on some deductions on certain homes. However, in the research paper referenced above, the authors explain:

“…the mortgage interest deduction is not the main source of these gains; even if it were removed, homeowners would continue to benefit from a lack of taxation of imputed rent and capital gains.”

Bottom Line

From a financial standpoint, owning a home has always been and will always be better than renting.

Ready to buy? Call/text us at 703-242-3975

Before You Look for Your Dream Home: Know What You Want vs. What You Need!

Before You Look for Your Dream Home: Know What You Want vs. What You Need! | MyKCM

In this day and age of being able to shop for anything anywhere, it is really important to know what you’re looking for when you start your home search.

If you’ve been thinking about buying a home of your own for some time now, you’ve probably come up with a list of things that you’d LOVE to have in your new home. Many new homebuyers fantasize about the amenities that they see on television or Pinterest, and start looking at the countless homes listed for sale through rose-colored glasses.

Do you really need that farmhouse sink in the kitchen to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Could the “man cave” of your dreams be a future renovation project instead of a make-or-break right now?

The first step in your home buying process should be getting pre-approved for your mortgage. This allows you to know your budget before you fall in love with a home that is way outside of it.

The next step is to list all the features of a home that you would like, and to qualify them as follows:

  • “Must-Haves” – if this property does not have these items, then it shouldn’t even be considered (ex: distance from work or family, number of bedrooms/bathrooms).
  • “Should-Haves” – if the property hits all of the ‘must-haves’ and some of the ‘should-haves,’ it stays in contention but does not need to have all of these features.
  • “Absolute-Wish List” – if we find a property in our budget that has all of the ‘must-haves,’ most of the ‘should-haves,’ and ANY of these, it’s the winner!

Bottom Line

Having this list fleshed out before starting your search will save you time and frustration. It also lets your agent know what features are most important to you before they start showing you houses in your desired area.

Thinking about buying? Call/text us at 703-242-3975

Starting the Search for Your Dream Home? Here Are 5 Tips!

Starting the Search for Your Dream Home? Here Are 5 Tips! | MyKCM

In today’s real estate market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared.

In a realtor.com article entitled, “How to Find Your Dream Home—Without Losing Your Mind,” the author highlights some steps that first-time homebuyers can take to help carry their excitement of buying a home throughout the whole process.

1. Get Pre-Approved for a Mortgage Before You Start Your Search

One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search. Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach.

This step will also help you narrow your search based on your budget and won’t leave you disappointed if the home you tour, and love, ends up being outside your budget!

2. Know the Difference Between Your ‘Must-Haves’ and ‘Would-Like-To-Haves’

Do you really need that farmhouse sink in the kitchen to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Could the ‘man cave’ of your dreams be a future renovation project instead of a make-or-break right now?

Before you start your search, list all the features of a home you would like and then qualify them as ‘must-haves’‘should-haves’, or ‘absolute-wish list’ items. This will help keep you focused on what’s most important.

3. Research and Choose a Neighborhood You Want to Live In

Every neighborhood has its own charm. Before you commit to a home based solely on the house itself, the article suggests test-driving the area. Make sure that the area meets your needs for “amenities, commute, school district, etc. and then spend a weekend exploring before you commit.”

4. Pick a House Style You Love and Stick to It

Evaluate your family’s needs and settle on a style of home that would best serve those needs. Just because you’ve narrowed your search to a zip code, doesn’t mean that you need to tour every listing in that zip code.

An example from the article says, “if you have several younger kids and don’t want your bedroom on a different level, steer clear of Cape Cod–style homes, which typically feature two or more bedrooms on the upper level and the master on the main.”

5. Document Your Home Visits

Once you start touring homes, the features of each individual home will start to blur together. The article suggests keeping your camera handy to document what you love and don’t love about each property you visit.

Making notes on the listing sheet as you tour the property will also help you remember what the photos mean, or what you were feeling while touring the home.

Bottom Line

In a high-paced, competitive environment, any advantage you can give yourself will help you on your path to buying your dream home. We are here to be part of your support system! Let’s get you setup on a listing alert so you are notified when any potential homes in your price range hit the market.

Call/text us at 703-242-3975 with any questions or email us at info@thebeltteam.com.

Text BELT to 59559 to see the latest listings in your area.

Your Tax Refund Is The Key To Homeownership!

According to data released by the Internal Revenue Service (IRS), Americans can expect an estimated average refund of $3,143 this year when filing their taxes. This is down slightly from the average refund of $3,436 last year.

Tax refunds are often thought of as ‘extra money’ that can be used toward larger goals. For anyone looking to buy a home in 2019, this can be a great jump start toward a down payment!

Your Tax Refund Is The Key To Homeownership! | MyKCM

The map below shows the average tax refund Americans received last year by state.Many first-time buyers believe that a 20% down payment is required to qualify for a mortgage. Programs from the Federal Housing Authority, Freddie Mac, and Fannie Mae all allow for down payments as low as 3%. Veterans Affairs Loans allow many veterans to purchase a home with 0% down.

If you started your down payment savings with your tax refund check this year, how close would you be to a 3% down payment?

Your Tax Refund Is The Key To Homeownership! | MyKCM

The map below shows what percentage of a 3% down payment is covered by the average tax refund by taking into account the median price of homes sold by state.

The darker the blue, the closer your tax refund gets you to homeownership! For those in Virginia looking to purchase their first homes, their tax refund could potentially get them 40% closer to that dream!

Bottom Line

Saving for a down payment can seem like a daunting task. But the more you know about what’s required, the more prepared you can be to make the best decision for you and your family! This tax season, your refund could be your key to homeownership!

Thinking about buying or know someone thinking about buying? Share this with them. They could be closer to their down payment than they think & we would love to help them along the way.

Give us a call at 703-242-3976 or email us at info@thebeltteam.com

Think you are ready to sell? Text BELTVALUE to 59559 for a FREE valuation of your home!

4 Reasons to Buy a Home in the Spring

4 Reasons to Buy a Home in the Spring | MyKCM

Spring has sprung, and it’s a great time to buy a home! Here are four reasons to consider buying today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest U.S. Home Price Insights reports that home prices have appreciated by 4.4% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.6% over the next year.

Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year fixed rate mortgage came in at 4.41% last week. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors are in unison, projecting rates will increase by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You Are Paying a Mortgage

Some renters have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move On with Your Life

The cost of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Examine the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, greater safety for your family, or you just want to have control over renovations, now could be the time to buy.

Bottom Line

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

Give us a call with any questions you have. We are here to help! We can also connect you with some of the industries best lenders & title companies.

703-242-3975 or info@thebeltteam.com

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Why Homeownership matters NOW more than EVER

Why Homeownership Matters Now More Than Ever | MyKCM

Study after study shows that no matter what generation Americans belong to, the vast majority believe that homeownership is an important part of their American Dream. The benefits of homeownership can be broken into two main categories: financial and non-financial (often referred to as emotional or social reasons.)

For Americans approaching retirement age, one of the greatest benefits to homeownership is the added net worth they have been able to achieve simply by paying their mortgage!

The Joint Center for Housing Studies at Harvard University focused on homeowners and renters over the age of 65. Their study revealed that the difference in net worth between homeowners and renters at this age group was actually 47.5 times greater, with nearly half their net worth coming from home equity!

Why Homeownership Matters Now More Than Ever | MyKCM

Homeowners over the age of 65 are much more financially prepared for retirement and often own their homes outright if they were fortunate enough to purchase their homes before the age of 36.

Their 30 years of mortgage payments have paid off as they gained equity through their monthly payments and as home values appreciated.

It is no surprise that lifelong renters have had a hard time accruing net worth as the latest Census report shows that the Median Asking Rent has been climbing consistently over the last 30 years.

Bottom Line

Your monthly mortgage payment is a form of ‘forced savings’ building your net worth with every payment!

Think you’re ready to buy? Or no someone that should look into buying? Let’s connect. Give us a call at 703-242-3975 or Email us at info@thebeltteam.com

Check out the latest Northern Virginia Listings Here

Just Listed! 8340 Greensboro Dr. Unit 109 – In the heart of Tysons!

8340 Greensboro Dr. Unit 109 McLean, VA 22102 was just listed by Beth Dadisman & The Belt Team.

Welcome home to The Rotonda! Located in the heart of Tysons. This 1 bedroom /1 bath first level condo has been fully renovated. Featuring ceramic tile flooring throughout (triple coated sealant), updated doors & hardware, Hunter Douglas shades (raise/lower in both directions) in LR/DR/BR, updated light fixtures, fully upgraded kitchen featuring granite countertops, cherry cabinets & drawers (soft close, pull outs), custom glass tile backsplash,& so much more! Close to DC with shuttle buses to metro every 15 min! Nearby restaurants, shopping, and entertainment. Also, walking distance to the new upcoming hot spot The Boro Tysons (more shopping, dining, & entertainment!). It is move in ready!

This home is flooded with natural light through large windows and sliding glass doors. The flowing floor plan makes this home ideal for entertaining. Features include living room and dinning room directly off the kitchen, ceramic tile floors (triple coated sealing), and updated fixtures.

Do you love to cook? Then you will love this spacious kitchen! It was fully renovated & customized in 2014 making this a one of a kind kitchen in The Rotonda. Features include an abundance of cabinet and countertop space, granite countertops, cherry wood cabinets & drawers, updated appliances, and custom glass tile backsplash. It will be sure to wow your guests!

The bedroom is spacious and full of light. Featuring a spacious closet and the upgraded ceramic tile floors. The bathroom was fully renovated in 2014. Featuring updated bathtub, spray shower head, sink, toilet, vanity, cabinet with top lighting, & medicine cabinet.

You will love the patio right off the living room. It’s the perfect place to sit and read, visit and enjoy guests, drink your morning coffee, you name it! You will also appreciate the extra storage out there.

Amenities:

Gorgeous lobbies. indoor/outdoor pool, sauna, tennis courts, tot lots, community center, putting green, and so much more. The Rotonda has got it all!

LOCATION! LOCATION! LOCATION!

You are in the heart of Tysons! Minutes to Tysons Corner Mall, Tysons Galleria, & more! Shopping, dining, & entertainment surrounds you! Conveniently close to DC with shuttle buses to metro every 15 min! The Greensboro stop is just around the corner! Also, walking distance to the new upcoming hotspot The Boro Tysons (even more shopping, dining & entertainment spots coming soon!). Easy access to 495, Rt. 7, Rt. 66, Dulles Toll Rd & the Ronald Reagan Washington National Airport.

FAVORITE FEATURES: 

We always ask our owners to tell us what they feel makes their
home special. Here are their favorite things in their own words…

-When the weather is nice, there is nothing like being out on the patio enjoying a book, cup of coffee, or any beverage of your choice!
-The house is full of natural light and warmth.
-The location is a dream come true! Super close to Greensboro Metro making it easy for day-trips into the city.
-The 4 large closets gave me more than enough storage space.
-All of the updates made this condo feel brand new!
-The updated design of the kitchen really opened it up so you could enjoy cooking! The ample countertop & cabinet space is a dream come true!

HOME IMPROVEMENTS/UPDATES:

  • 2016 Updated heating & cooling system with Shanahann’s
  • 2014 ENTIRE UNIT RENOVATED
  • Painted all rooms (Benjamin Moore)
  • Ceramic tile fooring (triple coated sealant) all rooms/closets
  • Updated all doors w hardware
  • Installed Hunter Douglas shades (raise/lower in both directions) in LR/DR/BR
  • Updated Ceiling light fixtures
  • 2014 ENTIRE KITCHEN RENOVATED
  • Upgraded to granite countertops
  • Installed cherry cabinets and drawers (soft close, pull outs)
  • Added Custom glass tile backsplash
  • 6+ electrical outlets added
  • Updated sink, garbage disposal
  • Updated stove, microwave, refrigerator , & dishwasher
  • Installed under cabinet lighting & updated electrical panel/wiring
  • BATHROOM updated tup, spray shower head, sing, toilet, vanity, cabinet/top/lighting, medicine cabinet

SCHOOLS:

-Spring Hill Elementary School
-Longfellow Middle School 
-McLean High School

Click Here for pictures & more details.

Call Beth Dadisman & The Belt Team at (703) 242-3975!

Happy Valentine’s Day! How to Know if You’ve Found the Real Estate Agent of Your Dreams!

Whether you are buying your first home, or selling your house to move up to the home of your dreams, finding the right agent to help you on your journey should be your first step! Look for someone who guides you with the ‘heart of a teacher’ and keeps your goals top of mind. Let’s get together to chat about all the ways we can make your dreams come true!

The Belt Team specializes in creating real estate success stories, and we would love to be a part of yours! If you, a friend, or family member are looking to buy or sell we would love to connect.

Thinking about selling? Visit www.TheBeltTeam.com 

Thinking about buying? Visit www.BeltTeamRealEstate.com 

Or give us a call at 703-242-3975

The KonMari Method: Helping You Prep Your House For Sale

The KonMari Method: Helping You Prep Your House For Sale | MyKCM

One of the biggest challenges sellers face when listing their house is decluttering. Cleaning out some of the more personal decorating choices allows buyers to imagine themselves living in the house.

Those planning to sell soon are in luck! Marie Kondo, the inventor of the KonMari Method of Tidying Up, has gained popularity with her new Netflix series. She gives some great tips for sorting through years of accumulated possessions that we all collect in our homes.

“The KonMari Method™ encourages tidying by category – not by location – beginning with clothes, then moving on to books, papers, komono (miscellaneous items), and, finally, sentimental items. Keep only those things that speak to the heart, and discard items that no longer spark joy. Thank them for their service – then let them go.”

When you subjectively look at all of your belongings, you can sort through the ones that mean the most to you. Not only will you increase space for more joy-bringing items in your new home, but you will also have a much easier time packing remaining belongings!

“Remember, tidying up isn’t about getting rid of stuff. It is about creating an environment that sparks joy and improves your quality of life.”

When selling your house, first impressions matter! Before you or your agent schedule a photographer to take photos for your listing, make sure to tour your home with fresh eyes. Look for any imperfections that a buyer might notice.

When you sort through your more sentimental items, consider packing them away to ensure that you know where they all are. That way, they are safe during open houses and showing appointments. This will also cut down on the amount of packing you need to do right before you move!

Bottom Line

Whether you are selling your house to move up to a larger one, downsizing, or moving in with family, only bring the items that truly spark joy for you. This will not only help cut down on the items you move, but also ensures that you’re off to a great start in your new home!

Thinking about selling? Visit www.TheBeltTeam.com 

Thinking about buying? Visit www.BeltTeamRealEstate.com 

Or give us a call at 703-242-3975

23054 Fontwell Sq. Sterling, VA 20166 – Parkside at Dulles Community

23054 Fontwell Sq. Sterling, VA 20166 was JUST listed by Beth Dadisman & The Belt Team

5

Price and LOTS more photos of 23054 Fontwell Sq. Sterling, VA 20166

Call Beth Dadisman & The Belt Team at (703) 242-3975 to schedule a showing!

Incredible 3 bedroom/3 bath, 3 level townhome with garage. Located in the popular Park Side at Dulles community. This light filled home features a spacious open floor plan, updated carpets, fresh paint, large windows, eat-in kitchen, updated appliances, gas fireplace, stone patio, and so much more! This home is perfect for entertaining & everyday life!