Ray Peckham Real Estate

Buying and Selling Surfside Real Estate

Adjustable Rate Loans for Surfside

ARMS may be called by various names including, variable-rate loans, adjustable rate loans or adjustable mortgage loans for your Surfside home. They all feature an interest rate that can vary over the rate of the loan.

Advantages: The monthly payment on a typical ARM is lower in the early stages than the fixed rate loan. This may make it easier for the buyer to afford the Surfsidehome.

Disadvantages: As interest rates increase, your monthly payment may increase or the amount of your payment applied to the principle may decrease which means that you must gamble on property appreciation to offset this increase in your indebtedness.

Surfside Real Estate or Homeowner’s Insurance

While it is necessary to have Surfside Real Estate or Homeowner’s Insurance, there are ways to reduce your premium costs.

One: Raise your deductible. Deductibles are the amount you must pay towards a loss before your insurance company starts to pay. You can save costs on your overall policy by increasing the amount of your deductible. For example, according to a Federal Government paper on lowering Surfside insurance costs, you can save up to 12% on your rate if you go with a $500.00 deductible rather than a $250.00 deductible.

Buying Surfside Real Estate...Will it Pay?

With a typical 30-year loan, most of your monthly payment goes toward interest payments with only small amounts going to the principle in the early years. Only half the principle is repaid in the first 23 years of the loan. You can build equity in your Surfside faster by choosing a 15-year loan instead of a 30-year loan.

As a Surfside real estate owner you have the right to pay more towards the principle loan amount each month. Let’s say your monthly payment is $700.00 a month and $100.00 a month is being applied to the principle. If you choose to pay $900.00 instead of $700.00, the $200.00 overage will be applied entirely to the principle. Thus, instead of gaining $1,200.00 a year in home equity, you gain $3,600.00. Investing in Surfside can be a very good idea.

Surfside DEPRECIATION

Depreciation is the loss of value of a building or an asset due to wear, tear, and aging. Depreciation cannot be applied to your personal residence unless you use your Surfside in some way for business. If you do depreciate a part of your home, let's say a home office, there are tax consequences you must consider when you sell your home.

Surfside SEARCH

The easiest way to start your Surfside search is to use the online search capabilities on this Website. This will give you a snapshot of all the homes that are available in your price range, with the amenities you require and the locations you might consider. Next, make contact so that a knowledgeable agent can help you narrow your choices and take you on a personal tour of your best options.

Surfside SALES

When you are thinking of buying Surfside, it may make sense to get a clear picture of the Surfside market before you get too far into your search. It is important to know the current market’s strengths and weaknesses so that you can make wise real estate decisions accordingly.