Monday, January 20, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
Every year around this time, we take time to reflect and plan for next year. If you are renting your current home but have dreams of home ownership, your plan for the new year may include buying, and you wouldn’t be alone!
According to the Bank of America Homebuyer Insights Report, 74% of renters plan on buying in the next 5 years, with 38% planning to buy in the next 2 years!
When those same renters were asked why they disliked renting, 52% said that rising rental costs were their top reason, and 42% of renters believe that their rent will rise every year. The full results of the survey can be seen below:
It’s no wonder that rising rental costs came in as the top answer! The median asking rent price has risen steadily over the last 30 years, as you can see below!
There is a long-standing rule that a household should not spend more than 28% of its income on housing ...
Thursday, September 12, 2019 / by Vanessa Saunders
The new legislation out of Albany for rent reform mostly impacts what are called market-rate tenants, (renters not protected by current rent controls), and their landlords. Though it isn't the sweeping reform bill many were hoping for, the legislation does contain some interesting new provisions for all tenants, ranging on issues from security deposits to eviction proceedings.
Putting the brakes on shakedowns: security deposits, background and credit report fees, and pet deposits.
Under the newly passed bill, market-rate tenants are required to put down no more than one-month’s rent as security deposit, matching the rule that currently applies to rent-regulated tenants. Landlords are limited to the amount they can charge prospective tenants for credit and background checks, either for the actual cost of the service or $20, whichever is lower.
Pet lovers may like that landlords cannot charge an extra fee for damage done by pets allowed in the apartment. Pets can cause ...
Friday, September 6, 2019 / by Vanessa Saunders
Every three years, the Federal Reserve conducts its Survey of Consumer Finances. Data is collected across all economic and social groups. The latest survey data covers 2013-2016.
The study revealed that the median net worth of a homeowner is $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).
These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.
Owning a Hudson Valley home is a great way to build family wealth.
As we’ve said before, simply put, home ownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth by increasing the equity in your home.
That is why Gallup reported Americans picked real estate as the best long-term investment for the sixth year in a row. According to this year’s results, 35% of Am ...
Monday, July 1, 2019 / by Vanessa Saunders
On June 14th, New York lawmakers made a last minute move to extend and enhance a 1974 law protecting and stabilizing rents in the Hudson Valley. One day before existing NY rent regulations were set to expire, New York State lawmakers approved the Housing Stability and Tenant Protection Act of 2019, and Governor Andrew Cuomo signed it into law later that day. The law included major reforms in the state's affordable housing laws with sweeping tenant protections which are intended to tilt the balance of power in favor of renters vial the regulated housing market.
As reported in The River, an online news service covering politics, culture and life in the Hudson Valley, the most promising aspect of the law for housing reform advocates is that it allows municipalities throughout New York State to to "opt in" on rent stabilization laws that have only applied to New York City and its surrounding suburbs.
The River explained "The 2019 Act expands on and r ...