You shouldn't rent a home in landfall in wilmington nc

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Transcript of You shouldn't rent a home in landfall in wilmington nc

  • 1. Landfall Real Estate in Wilmington NCShould you rent a home in Landfall? NO!
  • 2. By the way...The #1 resource forthose thinking aboutbuying a home hereis the Landfall realestate blog.
  • 3. Cliff notes on the LandfallNeighborhood over 2000 homes 45 holes of golf 14 tennis courts the most eastern neighborhood of Wilmington NC near Wrightsville Beach and bordering the Intracoastal Waterway "over 900 children keep the neighborhood young" Probably more than that now as that observation was made by the Landfall organization in 2007 Forbes "Best Address" 2001 Monthly social events, kids classes and activities, 1600 sq ft fitness center
  • 4. Cliff notes cont. Water Water everywhere! the community is surrounded by water--marshes, intracoastal waterway, ponds and creeks
  • 5. Sample home for rent in landfall: Leased for $2200/month in January 2012. 3900 sq ft -- a lot of house, no?
  • 6. Sample home that recently sold: Sold for $505,000 12/14/2011 3900 sq ft stately beyond measure :) 5BR and 4.5 Baths pond view
  • 7. Lets do the math for similar sizehomes in Landfall--rent vs. buyRent: Own: (see next slide) $2200/month no interest mortgage deduction no appreciation or equity gained over 5 years no right to customize home to you---whether modding floorplan, exterior structures, etc.
  • 8. Owning Landfall Real Estate 450,000 mortgage = $2084/month $2084+ $155 (monthly real estate taxes)=$2234/month itemized taxes--the monthly savings of the interest rate deduction vs. the standard deduction is about $200/month in savings advantage--your tax advisor can be more specific so thats 2234-200= $2034/month
  • 9. Benefits of buying continued:Where we left off: $2034/month to own in 5 years 10% appreciation is very conservative--the bust just happened past 5 years. What goes down must come up. Prices already starting to rise = $50,000 in appreciation = $555,000 homeAnd your amount owed has dropped $20,000for example for a net + $75,000 in wealthcompared to renting in Landfall in WilmingtonNC
  • 10. Oops-- I forgotMonthly association dues for the neighborhoodare $340x12= $4080/year x 5 years = $20,000.$75,000-20,000 = $55,000 + for owningcompared to renting.No wonder financial advisors "appreciate"home ownership in most scenarios-- are yougoing to be there at least 3 years? Then buy ifyou can.
  • 11. And of course...its your HOME. You decide everything--renovations,changing floor plans, changinglandscaping, how long you will live there,etc. Here is another slideshare presentation on Landfall market data and foreclosures.
  • 12. Brought to you by:Jay Seville (785-BY-HOUSE ) cellAssociate Broker at Wilmington Real Estate 4U5041 New Centre Drive #108Wilmington, NC 28403Owner of Realty, Inc1100 N Glebe Rd #1010Arlington, VA 22201