Why it is better to buy a home  instead of renting one!

Why it is better to buy a home  instead of renting one!

Listed here are 3 major reasons why you should consider buying a home…

  1. Cost:
    Buying a home is actually less expensive than renting!  Renting a home for $2,000/mo for 5 years is $2,000/mo x 5 years x 12 months/year = $120,000 But buying a home for the same $2,000/mo for 5 years is less than $120,000!
  2. When you buy a home the government gives you a tax deduction for the mortgage interest that you pay.Lets just assume that your tax deduction equals only $8,000/year. That means you get $8000/mo x 5 years =$40,000.That means you can get $40,000 cash when you buy your home over the next 5 years. So you will pay $120,000 towards housing payments over the next 5 years but if you own a home you will get $40,000 cash back. This means you only spend $80,000 for housing over the same 5 years which is only $1333/month!
  3. Equity:The owner of the home is entitled to the equity in the home. Equity is the difference between how much the house is worth and how much you owe. (If a house is worth $200,000 and you owe $150,000 then the equity is $50,000.) If you are renting then the landlord is the owner and they get to keep the equity in the home.

  4. When you buy a home you have a mortgage payment each month. Generally, each payment has a principle amount, an interest amount, property taxes and hazard insurance. The principle amount of the payment reduces the amount that you owe on the property.
  5. Every time there is a repair on the home, if done correctly, that repair can increase the value of your home because it will be worth more. If you upgrade old windows, replace the shingles on the roof or remodel the kitchen, that will make your home worth more money. When you own a home you have to pay for these repairs. When you rent, the landlord must pay for these repairs but they don’t mind because it makes the home worth more money!
  6. Making regular payments on a home mortgage will increase your credit score. Better credit means better financing for your next home purchase, a refinance of the first home and for a vehicle purchase or any other credit purchases saving you thousands of dollars in interest over the years to come.
  7. With interest rates dropping below 3.5% (30 year fixed rate as of 10/30/19) you could $15000 for every 1% interest you save , in span of 30 years, in loan of $300k. Check here for more details.
  8. Requirements:The qualifications for buying a home are nearly the same qualifications for renting a home. You need to have okay credit, a deposit and a decent job.If you have a credit score of 580 (or better) then you can qualify for a FHA loan. A 580 FICO score is not considered good credit and may even be low enough to prevent you from renting. But it is a good enough credit score to buy a small home. If you have better credit then you can qualify for better interest rates with other types of loans.
  9. The deposit for a house purchase with an FHA loan is 3 % of the purchase price. This amount is nearly the same as first & last months rent and a security deposit. One of the little known bonuses for buying a house is that you essentially get the first month FREE! The reason is because the homes mortgage interest is charged at the end of the month while rent is charged at the beginning of each month.

  10. Having a decent job is essential for qualifying for any type of housing. Generally you need to have been in the same line of work for the previous 2 years to show stability in employment. You also need to be making at least 3-4 times your payment on a monthly basis

Article published by Anil Aggarwal Realtor who sells real estate in New Jersey as Vylla Home Agent.

Posted on October 31, 2019 at 6:24 am
Anil Aggarwal | Category: Buying first home | Tagged

How Much Does a 1% Interest Rate Drop Save on a 15-Year or 30 year Fixed Mortgage?

Getting the best possible interest rate on your mortgage can ultimately save you thousands of dollars. Knowing how different interest rates affect your monthly payment can prove an invaluable tool when making a decision, whether you are seeking a new mortgage or refinancing an existing one.

Tip> 1% interest rate drop could save you whopping $60,276.16 in $300000 loan in 30 years . Check your at our calculator http://njfind.com/financial-calculators

Mortgages and Interest Rates

When you purchase a 15-year fixed-rate or 30 year fixed rate mortgage, the interest rate will stay the same for the entire life of the loan. Your monthly payment is based on the interest rate you negotiate with your lender and is structured to pay off your mortgage by the end of the 15-year period or 30 year period resp. 15 year is typically the shortest fixed-rate period offered by lenders and will allow you to pay off your mortgage faster and pay less interest than with a longer term loan. However, the shorter term means your monthly payment will be higher, so consider whether you can afford it. Also when you take 30 year fixed, you are stretching your dollar which is depreciating in years or what dollar can buy today, will be lot less in 30 years.

So as per calculator,

loan amount in $ Interest % # of years Monthly Payment: Number of Payments: Total Payments: Total Interest: saving
per month saving
300000 4 30 $1,432.25 360 $515,608.52 $215,608.52 0 0
300000 3 30 $1,264.81 360 $455,332.36 $155,332.36 $60,276.16 $167.43
300000 4 15 $2,219.06 180 $399,431.48 $99,431.48 0 0
300000 3 15 $2,071.74 180 $372,914.09 $72,914.09 $26,517.39 $147.32
This table made by Anil Aggarwal using Financial Calculator provided free at his website :http://njfind.com/financial-calculators
Posted on October 31, 2019 at 3:15 am
Anil Aggarwal | Category: financial calculator, Seller Tools | Tagged

Home values have more than doubled in the New Jersey since 1970

As per Article in Business Insider https://www.businessinsider.com/home-value-home-price-change-in-50-years-every-state-2018-12

home value increased in new jersey have increased or doubled in New Jersey since 1970.

As per US Census Bureau, which provides a table showing median home values from previous decades in each state and the District of Columbia. We compared the median home value in 1970, adjusted for inflation to 2017 dollars using the Consumer Price Index, to the median home value in 2017, according to the Census Bureau’s American Community Survey, and calculated the percentage change.

Note that median means that half of the homes are valued above that number and half below. This data technically covers the past 47 years, but as the US Census Bureau’s table provided information on a decade basis, it’s the closest information available to the past 50 years.

In 1970, the national median home value adjusted for inflation was $107,291; in 2017, it’s $217,600 — that’s a 103% increase. In fact, more than half of all US States (including Washington, DC) have seen a median home value increase of more than 100%.”

In New Jersey Cost of a home in 1970: $147,683 v/s Cost of a home in 2017: $334,900. This means its Percentage change from 1970 to 2017: 127% or price almost more than doubled. 

Imagine if you or your parents renting than what they lost? They lost equity, tax refund, appreciation credit (see example above) , and most important, home.. that yours with your memories.

Posted on October 31, 2019 at 2:35 am
Anil Aggarwal | Category: Generation Z | Tagged

Hot Chilies Entertainment Rajni Chatta and Vylla Home Anil Aggarwal Presents 2020 New Year Eve Party in Pearl Banquet Parsipanny NJ Tue, Dec 31, 8:00 pm Utsav International Present New Year Eve Party in Hotel Executive Suites, Carteret New Jersey

Posted on October 28, 2019 at 5:05 am
Anil Aggarwal | Category: New Year Eve Party 2020 | Tagged

Hot Chilies Entertainment Rajni Chatta and Vylla Home Anil Aggarwal Presents 2020 New Year Eve Party in Pearl Banquet Parsipanny NJ

Posted on October 28, 2019 at 4:48 am
Anil Aggarwal | Category: Events, New Year Eve Party 2020 | Tagged

Why its make sense to Go solar: top 10 benefits of solar energy

There are many reasons why homeowners go solar, but improving the environment and cutting energy costs are the most common. Many people are aware that solar is a great home efficiency upgrade and are eager to reduce their carbon footprint while also improving property value.

Whether your motivations for going solar are economic, environmental, or personal, this sizable list of solar power benefits will have something for everyone. Here are the top ten reasons why solar energy is good for your home and more popular than ever in the United States.

1. Drastically reduce or even eliminate your electric bills

Whether you’re a homeowner, business, or nonprofit, electricity costs can make up a large portion of your monthly expenses. With a solar panel system, you’ll generate free power for your system’s entire 25+ year lifecycle. Even if you don’t produce 100 percent of the energy you consume, solar will reduce your utility bills and you’ll still save a lot of money.

2. Earn a great return on your investment
Solar panels aren’t an expense – they’re one of the best ways to invest, with returns rivaling those of more traditional investments like stocks and bonds. Thanks to substantial electricity bill savings, the average American homeowner pays off their solar panel system in seven to eight years and sees an ROI of 20 percent or more.

3. Protect against rising energy costs
One of the most clear cut benefits of solar panels is the ability to hedge utility prices. In the past ten years, residential electricity prices have gone up by an average of three percent annually. By investing in a solar energy system now, you can fix your electricity rate and protect against unpredictable increases in electricity costs. If you’re a business or homeowner with fluctuating cash flow, going solar also helps you better forecast and manage your expenses.

4. Increase your property value
Multiple studies have found that homes equipped with solar energy systems have higher property values and sell more quickly than non-solar homes. Appraisers are increasingly taking solar installations into consideration as they value homes at the time of a sale, and as home buyers become more educated about solar, demand for properties equipped with solar panel systems will continue to grow.

5. Boost U.S. energy independence
The sun is a near-infinite source o

f energy and a key component of achieving energy independence in the United States. By increasing our capacity to generate electricity from the sun, we can also insulate our country from price fluctuations in global energy markets.

6.

Create jobs and help your local economy
According to The Solar Foundation, the solar industry adds jobs many times faster than the overall U.S. economy. This growth is expected to continue. Because solar-related jobs tend to be higher paying and cannot be outsourced, they are a significant contributor to the U.S. economy.

7. Protect the environment
Solar is a great way to reduce your carbon footprint. Buildings are responsible for 38 percent of all carbon emissions in the U.S., and going solar can significantly decrease that number. A typical residential solar panel system will eliminate three to four tons of carbon emissions each year—the equivalent of planting over 100 trees annually.

8. Demonstrate your commitment to sustainability
Sustainability and corporate social responsibility are important components of an organization’s culture and values. They also produce bottom line results. Increasingly, consumers and communities are recognizing and rewarding businesses that choose to operate responsibly. Businesses are finding that “green” credentials are a powerful driver of consumer purchasing decisions, creating goodwill and improving business results.

9. Increase employee morale
Just like consumers, employees have a demonstrated appreciation for their employers’ commitment to operating responsibility. Employees share in the success and contributions of their organizations. Companies that care about their community and environment tend to have lower turnover rates, more engaged employees, and higher levels of morale.

10. Stay competitive
Companies quickly are realizing the social and economic benefits of adopting solar power. As early adopters pull ahead of the competition, many companies are exploring solar power as a way to keep up.

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Posted on October 23, 2019 at 3:46 pm
Anil Aggarwal | Category: Buyers | Tagged

Vylla Home NJ Anil Aggarwal Team participated in Community cultural Diwali programme organized by Sai Entertainment

Diwali Mela NJ 2019 Organized by Sai Entertainment NJ , Mr Bitto, with support provided by Musik Waves Mr Azim. More than 300 people registered and inspite of heavy rain, some 200+ people came. 30 vendors put up there stalls.

Anil Aggarwal Realtor took stage till 3, and gave away silver dimes to participants who gave right and correct answer to his questions. Further Mass Mutual Insurance Geek, Mr Anil Sharma sang beautiful song

Malaika Faisal singer took stage at 3pm and mesmerizes audiance by her beautiful singing .. follow her at https://www.facebook.com/MalaikaFaisalLIVE/

 

Vylla Home Nj Team of mine, with Basant Pal, Hanuman Rachoor, Safiyaa Khan Invite you all to #Diwalinj Festival event Organised by Sunny Ranyal.Happy to give Silver #MercuryDime as Gifts ever hour to lucky winner. Win Free Vylla Totes as well.
IF you selling home, ask me why use Realtor or check details at www.WhyUseRealtor.com
If you looking for Realtor, check best at www.BestRealtornj.com
#RealEstate is only option which you can feel, enjoy, live and it appreciate in value, while you can claim #depreciation with many tax advantages and presently rates are ultra low . Check whats properties available at www.NjFind.com
Why i am giving away Silver Dimes? These are US minted silver cute #silverdimes between 1916 to 1945. Value of these grown in years from 10 cents between $10 dollars to $10000 . Idea is to endorse in power of investment in right options So come to Diwali festival Sunday between 12-7pm and meet me or my team member there. If anyone seeking to join Real estate then please visit www.Jobsbliss.com . Call 732-877-8585

Posted on October 22, 2019 at 5:18 pm
Anil Aggarwal | Category: Diwali NJ 2019, Events | Tagged

Realtors Pledge of Performance and Service

I am certified Realtor and this is my pledge to you. Check this Professional page, which shows I am bound by Respect for Public, Respect for your property, and Respect for Peers.

Further I have some duties to my clients and customers and also Duties to Public.. and follow Realtors. All this listed and posted so to remind me and others ,

 

Posted on October 17, 2019 at 6:35 pm
Anil Aggarwal | Category: Realtors | Tagged

Music can change the atmosphere of an open house

Music can change the atmosphere of an open house and day to day life in general. However, coming up with the perfect playlist for everyday events can be time consuming and overwhelming. Have no fear! Windermere Real Estate recently launched a Spotify page with all the playlists you need. They have a playlist for everything from cleaning motivation to dinner party essentials.

Posted on October 17, 2019 at 6:32 am
Anil Aggarwal | Category: Open house, Realtors

Legal Advise from Attorney

Listen some Legal Videos

Posted on October 15, 2019 at 4:54 pm
Anil Aggarwal | Category: Buyers