More Home for a Lower Cost of Housing

What if you could live in a larger and possibly newer home for less than you are currently? Would you consider moving? Do you want to hear more?

Interest rates, while they’re expected to go up, actually took a small dip and are still hovering at the 4% or below mark for a 30 year mortgage and almost one percent less for a 15 year term.

Let’s assume that you have a $225,000 mortgage currently at 6% which has a principal and interest payment of $1,348.99. With a 4% rate, you could have a $282,561 mortgage with the same payment. A $57,000 more expensive home could help you get what you need most such as more square footage or a different location or a newer home.

If you’re going to be making that payment for years to come, why not allow lower interest rates to help you get the features you want without having to necessarily pay a higher payment. Taking that logic a little bit further, let’s see how utilities can make a difference too.

A newer home could easily have lower monthly utility costs than your current home due to being more energy efficient. Construction materials, windows, doors, insulation, modern HVAC systems and energy efficient appliances all contribute to lower utility costs. A new home with these advantages could easily save a homeowner up to 25-50% on utilities for the same size home.

The concept is simple: get the most home you can for the amount you spend on the payment and utilities. It will take some investigation and your real estate professional can help.

Top Restaurants in Scottsdale

Scottsdale living comes with a number of distinct perks, one of which is the delicious dining throughout the city. No matter your food preference, you’ll find a wide array of tasty options to satisfy your cravings. Be sure to check out the following shining examples of culinary excellence in the Scottsdale area! 

Franco’s Italian Caffe

Even the most selective Italian diners will adore Franco’s for the robust flavors and authentic offerings. Scottsdale living has never tasted as good as your first bite of spinach, fontina and prosciutto bruschetta! Franco’s pasta dishes are inspired and you’ll be delighted with the outstanding service. No dinner experience is complete without a little vino and dessert, and Franco’s selections will not disappoint.

Eddie V’s Prime Seafood

This beautiful restaurant and lounge provides an exceptional experience for special occasions. Eddie V’s dinner menu focuses on not only the freshest and most artfully prepared seafood, but the chef also makes a mouth-watering premium steak and a wonderfully moist roasted chicken. Don’t miss out on dessert features like the sinful Hot Chocolate Godiva Cake or the decadent Butterscotch Panna Cotta. Finish off your meal with the perfect Italian espresso for an amazing evening.

Toro Latin Restaurant and Rum Bar

Located in the luxurious Fairmont Scottsdale Princess, Toro promises and delivers sultry Pan-Latin options from cocktail to entree. Toro’s rum bar boasts over 110 different rums and a strong wine collection. The suviche experience is not to be missed!

Cholla Prime Steakhouse & Lounge

One may not normally consider a casino experience to include fantastic dining, but Casino Arizona does it right with Cholla. Cholla has mastered the craft of preparing a steak that will melt in your mouth. For more adventurous diners, the lamb chops or elk tenderloin are both scrumptious choices. Don’t forget the lobster mashed potatoes for your side, and conclude your superb adventure with apple galette or chocolate coffee mousse. 

The Mission

Serving Latin fare, The Mission is a wonderful example of the uniqueness of Scottsdale living. The Himalayan salt wall provides a beautiful ambience while you enjoy some of the tableside guacamole that this establishment is known for. Seafood, shortribs, tender pork and more are infused with pecan and mesquite flavors during cooking, sure to please your tastebuds.

Be sure to make a reservation for these fantastic establishments due to their immense popularity. For those who aren’t fortunate enough to yet experience Scottsdale living, don’t hesitate. Contact us today to start your search!   

Get Ready for College

One of the important things as a parent is to plan for their children’s education. Let’s look at two different approaches: a savings account or investing in rental real estate.

Assuming your child is five years old and you start putting $250 a month in a savings account earning 2%, in 13 years you’d have $44,497.41 to pay for their college. Anticipating that isn’t going to be enough, you’d have to save $500 a month to end up with $88,995.

Another way would be to make a lump sum contribution of $20,000 today in a mutual fund earning 5% that would be worth $37,713 in 13 years. You’d have to make a $47,196 initial contribution to end up with the same $88,995.

An alternative to savings would be to invest in a $100,000 home in a good area. Assuming a three percent appreciation and rent of $1,000 a month, an initial investment of $23,500 could have a future wealth position of $83,838 at the end of 13 years.

Obviously, this is just an example of why rental homes are the IDEAL investment providing Income, Depreciation, Equity build-up, Appreciation and Leverage. While rentals certainly have more risk and management than a savings account, they do provide an opportunity for a higher rate of return.

If you’re concerned about paying for college tuition in the future, it is certainly worth investigating the possibility of investing in rental homes today.

3 Pet Friendly Condos

Pet lovers who are looking for condos for sale often have a challenge ahead of them. With so many properties that have restrictions or are just plain not pet-friendly, finding one that welcomes your sweet furbaby is a relief. The following are a few condo associations that roll out the red carpet for your four-legged friend.

Artisan Village

Truly a beautiful community, Artisan Village offers flexible floor plans and large living spaces in the heart of the Arts district. The enclosed dog park is just one of the wonderful amenities that AV provides. You’ll also find open greenbelts, a refreshing pool and spa, appliances and private balconies. Highway access is very handy to the properties but you’ll also find many great shops and restaurants within walking distance. Garage parking is another perk you’ll enjoy at AV.

Tapestry on Central

This 280-unit urban-loft property boasts easy access to public transportation and all of the luxuries you and your furry friends will ever want. Museums, historic districts, culture and sports are within a stone’s throw of these condos for sale. Owners may have two pets up to 40 lbs. each in their residence and there are lots of places in the surrounding area to exercise your pet. You’ll love the gourmet kitchens and wonderfully large homes.

Biltmore Jewel

One look at Biltmore Jewel’s condos for sale and you’ll be asking when you and your fluffy buddies can move in! This gated community feels more like a resort due to its upgraded interiors and sparkling pool. The Biltmore Jewel is adjacent to a plethora of fantastic restaurants, retail stores and entertainment destinations. Downtown Phoenix is quickly and easily accessible for those who wish to commute. Up to two pets are permitted in a residence in this very walkable area.

Pet lovers rejoice! These are just a few of the Phoenix condos for sale that will embrace both you and your cherished animals. Talk to us today to start searching for your perfect home!

What to Expect With A Foreclosure

Foreclosures can be an enticing way to leap into real estate in Phoenix but also quite complex. This realty scenario has many rules and best practices to be aware of before jumping in with both feet. Here’s what you need to know for a successful foreclosure-buying experience!

Banks

Foreclosures are owned by financial institutions and each will have its own set of rules governing the sale. Some want a tight deadline for closing otherwise the sale could be forfeited or require their own proprietary forms as part of the offer or purchase paperwork. An easy way to make sure you are complying with any process rules is to work with an experienced realtor and obtain pre-approval for the loan before making offers. 

Offers

Making an offer on any real estate in Phoenix can be exciting, but a foreclosure may be even more so. The market is hot and foreclosures do not last long, typically selling within 48 hours of listing. If you love the property, work with your realtor to submit a competitive offer without hesitation. The idea of submitting a “lowball” offer is not likely to be successful in Phoenix today.

Be Prepared

Most foreclosure real estate in Phoenix is sold on an as-is basis. That means that you are buying the home in its current condition. Be sure to do a thorough walk-through before making an offer. While some issues are hidden, some are quite obvious.

If you make an offer that is accepted it is important to purchase a home inspection from a licensed home inspector. A structural, general and pest inspection should be performed and a full report provided. While the bank may or may not choose to remediate problems or apply any discount to offset repairs, you’ll be prepared for the expense or can back out of the sale without financial penalties.

The same should go for purchasing an appraisal, even if paying cash or if your loan company does not require one. Paying more than the home is worth could mean that you may not ever see a return on your investment.

Purchasing foreclosure real estate in Phoenix can get you a great deal on wonderful property. Navigating these challenging waters is just one of the things that RooPho Realty does. Contact us today to get started on your search!

New Construction Vs. Resale Homes

When looking for real estate to purchase, the choices may seem endless. One of the questions on your mind may be whether to purchase a resale property or a new construction property. As with most decisions in life, there are pros and cons for each type. Including the following factors in your decision-making process can help you make the right choice.

Condition

As most people would assume, a resale property has generally been lived in by other residents since it was built and therefore may have suffered some wear and tear. Many listed resale properties receive a makeover which often reduces or eliminates any evidence of its experiences. You may discover fabulous upgrades in a resale home that would cost you a fortune in a new construction real estate sale.

New construction is generally without wear and tear, though you should still be cautious of its condition. Not all builders use the highest quality materials or build homes that are solid and plumb.

In either resale or new construction sales, you should always opt for a professional home inspection before sealing the deal on your purchase. 

Upgrades

One of the nice facts about new construction is that you may have input to your home’s final appearance. Custom touches, preferred color schemes and design elements are often flexible when working with a builder or new construction seller. These elements may come with a hefty price tag for a new construction property, whereas you could change color schemes for fairly low cost with resale real estate. You may also be able to negotiate in upgrades with a seller of a resale property, especially for items like carpet.

Energy Efficiency

New construction usually wins the battle where energy efficiency is concerned. Builders now have the option of incredibly energy-efficient windows and doors, solar panel energy and other green-building options. Older resale homes may have depleted insulation or older windows that leach energy so the cost to upgrade these items should be included in your decision-making process.

The real estate market offers an infinite amount of options and only you can determine what you want in your next home. Working with an expert realtor will help optimize your search no matter what you desire!