Hello,
I am
Mike Muzuk.
An Associate Broker with Coldwell
Banker Hugh Durham in Anderson, South Carolina .
In today's real estate market, there is simply no substitute for a good
REALTOR®. Whether you're aiming to buy or sell property, a REALTOR® can
spell the difference between a smooth transaction and an unsuccessful one.
As a Graduate of the Realtor
Institute
(GRI). I am a dedicated and knowledgeable real estate agent who can provide
you with the highly specialized information that will help you make the
right decision. It’s the combination of this
unique
market-knowledge
and excellent negotiating skills that allows me
to get you the optimal price for any property you plan to sell or buy.
As a real estate expert in
Upstate
South Carolina, I can provide you with helpful insights about the area,
and can show you why Upstate living is truly something to be desired.
With a professional yet friendly approach, I can help you feel comfortable
about what can be a stressful decision.
Mike's
Buying ABC's
Here are Mike's financial ABC's for home buying. There are
also lots of personal reasons for choosing the right home such as
the right neighborhood and using the right Real Estate agent.
Always buy pre-owned !!!
Mike specializes in selling pre-owned home even though most builders
and developers (including the largest ones in this area) will pay 3%
to bring a buyer to their properties. Let's say a builder gets
$100,000 for a "Galaxy" model. Next year he builds the same Galaxy
model, but to stay competitive, he uses a smaller sized lot. The
following year he adds less "extras" and still only charges
$100,000.
The year after that he utilizes cheaper
materials to keep prices down
. The Galaxy model looks very attractive
to the unsuspecting first-time buyer; a nice house for a reasonable cost. But
what happens to RESALE VALUE when its time for you to sell? You now understand
that the builder is your competitor and you can't compete. Why would someone
want to buy your house when a new one is available at a smaller price? Not to
mention your competition from other sellers who have to ask a discounted price.
It's a vicious circle that you can't win at....The exception is when a builder is "closing-out", where there
will be no future competition from this builder (or others in the immediate
vicinity).
Of course, there are other advantages in buying pre-owned homes:
A seller will often include personal property like window treatments, fans
and fixtures, pool equipment, hurricane shutters, etc.
Also, you are usually buying an "established" neighborhood that has
community support, a proven school system, and larger, lasher landscaping.
These items all add up to greater resale value!
Keep in mind that single family homes (with yards!) appreciate at the best
rate, town homes are next best, and condos are last.
Buy a home with the lowest down payment that you can!
There are many reasons for this, but the most important ones
concern the "Boom or Bust" scenarios. In a Boom
period of rapidly escalating prices, you are
guaranteed greater profits by the principal of
LEVERAGE. By using other people's money, your return
on equity is much greater than had you paid cash.
In a Bust period
of declining prices, the answer is obvious; it's
much easier to "walk-away" from a small down payment
than it is from a larger deposit. Another important
reason to consider is income taxes:
The smaller the down payment, the larger the mortgage interest payments
that are entirely tax-deductible It's really the only "good" deduction the
average person has.
Think about it...Uncle Sam is subsidizing the best investment you'll
probably ever make!!.
Another reason for using a small down payment is also pretty obvious -
you'll have more money left for other investments.
Maybe another house with even greater tax savings (depreciation and
more!), or maybe mutual funds or IRA's or whatever you may consider for
diversification.
A total sum of $5000 can buy you a $100,000 home, especially if you're a
first-time buyer. Many people rent a home not knowing they can own with just a
little bit more than first, last, and security.
Choose a smaller to medium sized home in the best
neighborhood that you can possibly afford.
In other words, NEVER buy the "biggest house on the block". Recall the
age-old axiom of Real Estate that says your main consideration should be three
things: location, location, location.
I agree with this, but I take it one step further; the better the area, the
better the appreciation except for the largest homes in an "average"
neighborhood. Your chance for profit is much better in a smaller to medium home
in a good area!
