Buying or Selling? Choose Your REALTOR Wisely...

Join Vikki this week as she discusses the reasons why choosing to work with A REALTOR or REALTOR team is of utmost importance... whether you're buying OR selling, and make sure you are choosing wisely. In this fast paced market, we're here to be your boots on the ground. Vikki Crossland and Brandi Cook Meybohm Real Estate #thesearchisover #aikenhomesteam #meybohmrealestate #theplacetobe #weeklyvideo #tipsandtrends #homeowners #sellers #buyers #vikkiandbrandi #REALTOR #realestate #heretohelp #listingagents #buyersagents #selling #buying #homeownership #choosewisely #yourhomeyourlifestyleyourteam

Aiken County Farmers Market- Locally Grown, Locally Enjoyed

Summer is in full swing and so are the locals. This week Vikki heads down to the bustling Aiken County Farmers Market. Not only a historical landmark but the best of the best for ALL things local: produce, flowers, seafood, baked goods, honey; the list goes on. Check out this week's video and head down to the farmers market for all the goodies. Vikki Crossland and Brandi Cook Meybohm Real Estate #thesearchisover #aikenhomesteam #meybohmrealestate #theplacetobe #local #aikencountyfarmersmarket #livelocal #lovelocal #aiken4aiken #weeklyvideo #realtipsandtrends #shoplocal #aikensc #csra #homegrown #farmers #yourhomeyourlifestyleyourteam

Cool Treats to Beat the Heat- Downtown Aiken, SC

This week Vikki is joined by very special guest and fellow ice cream connoisseur, Marli. As part of our Giving Back Series Spotlight on Local Businesses they check out a few local spots in Downtown Aiken and enjoy cool (and yummy) treats to help beat the heat! A special thanks to our local feature businesses: Flanigan's Ice Cream- 221 Barnwell Ave NW Vampire Penguin- 108 Laurens St SW Betsy's Round the Corner- 224 Park Ave SW Stop by and check out all they have to offer! Vikki Crossland and Brandi Cook Meybohm Real Estate #thesearchisover #aikenhomesteam #meybohmrealestate #theplacetobe #realtipsandtrends #givingbackseries #localbusinessspotlight #locallove #livewhereyoulove #lovewhereyoulive #supportlocal #icecream #cooltreats #beaththeheat #flanigansicecream #vampirepenguin #betsysroundthecorner #yummy #aiken4aiken #aikendowntown #aikensc #bestsmalltown #local #yourhomeyourlifestyleyourteam

NEW LISTING: 10 Windermere Way Aiken, SC

Perfect Marriage of HOME & Sought-after 3 Car Garage located in beautiful Cedar Creek. 4 Bedroom | 3.5 Bathroom | Bonus Room | 3673 Sq. Ft. $518,300 Vikki Crossland and Brandi Cook Meybohm Real Estate #thesearchisover #aikenhomesteam #meybohmrealestate #theplacetobe #newlisting #cedarcreek #wellmaintained #welcomehome #cornerlot #justlisted #aikensc #csra #realestate #realtors #yourhomeyourlifestyleyourteam

News Flash: Aiken, SC 2021 Real Estate in Review and Predictions

BREAKING NEWS! The real estate market is STILL here and STILL hot!

Check out Vikki's predictions for the second half of 2021 this week on Real Trends and Tips.

Vikki Crossland and Brandi Cook

Meybohm Real Estate

#thesearchisover #aikenhomesteam #meybohmrealestate #theplacetobe #aikensc #marketrends #predictions #realtipsandtrends #newsflash #thisjustin #breakingnews #vikkiandbrandi #weeklyvideo #staytuned #fun #realestate #realtors #wesellscandga #licensedinscandga #yourhomeyourlifestyleyourteam

Less to Own than Rent

 

The question is "financially speaking, are you better off owning than renting in the long term?"

Renting a home has advantages.  It is usually a short-term commitment from year to year and the landlord is responsible for the repairs.

Owning a home with today's low mortgage rates, the total house payment could easily be less than what the rent would be on a comparable home.  Once you assume ownership, you will have the responsibility of the repairs and possibly, a homeowner's association fee.

Many times, an initial benefit of owing a home includes the ability to deduct property taxes and qualified interest on the mortgage.  With the increase of the standard deduction and a limit of $10,000 on state and local taxes, it is estimated that 90% of homeowners do not itemize their deductions to consider property tax and mortgage interest.  This comparison will not consider them.

There are two very significant benefits that contribute to a home being an excellent investment and they are principal reduction due to normal amortization of the mortgage and appreciation of the property.  While the property goes up in value and the unpaid balance decreases, the owner's equity grows, increasing their net worth.

Renters do not benefit from either of these, but their landlords do.  That is the reason for the saying "whether you rent or buy, you pay for the house you occupy."  Tenants pay for the home for their landlord.

Rent		Own
$2,500	Rent/Payment	$2,232
-0-	Principal Reduction	$504
-0-	Appreciation	$875
-0-	Estimated Monthly Maintenance	$300
-0-	Estimated Homeowners Association Fee	$25
$2,500	Net Monthly Cost of Housing	$1,178

*Projections based on 3% appreciation; $350,000 sales price with 10% down payment and a 3.5%, 30-year mortgage.

With each payment made on a fully amortized loan, the principal balance is reduced.  While appreciation is generally expressed in an annual rate, homes go up in value incrementally throughout the year so considering the monthly appreciation is appropriate in this comparison.

In this example, the payment is less than the rent proving the initial idea that it costs less to own a home.  After factoring in the effect of the principal reduction and the appreciation, even when you consider the maintenance and HOA fees, the net monthly cost of housing is considerably less than renting.

The largest part of the savings inures to the equity of the home which directly impacts a homeowner's net worth.  While the money may not be easily accessed, it has real value and available in a cash-out refinance or when the home is sold.

If you curious about how your numbers would be reflected in a similar comparison, go to the Rent vs. Own.  Please let me know if you have any questions.