Your Guide to DeLand Real Estate & Volusia County Properties

HOME BUYING IDEAS

The following are just a few really good ideas about buying instead of renting or living on campus (well, there's one already)

1.  GOING TO COLLEGE?  Dormitories are usually very expensive and renting an apartment is not only pricey, but could be considered "throwing your money away" when you could be using that same money in an investment (as well as a place to live)  BUY A HOME that would work well for maybe taking a roomate or two to offset your costs (or cover them completely) and have good potential for resale after graduation...that is, unless you plan to live in that house forever.

2.  RELOCATING?  Moving is expensive, and if you currently own a home, you may not be able to sell it for what you owe.  Consider renting the home for a while.  It will bring your debt-to-income ratio back into balance so you can buy something else in your new town.  When the time looks right, sell it.  You can basically use the monthly rents to cover your moving expenses or your downpayment on your next home.  For many decades, it has been true that owning real estate is the best way to future wealth.

3.  USE ONE AGENT!  I should qualify that...use one good agent.  I might suggest Michael Halpin!  If you are driving the streets of a new town or new neighborhood, you are probably NOT going to see all of the best buys.  Some homeowners ask to HAVE NO SIGN in the front yard, so you may drive right past the home of your dreams.  Also, don't waste your time calling the phone number of every sign you see, only to get voicemails or agents with less than complete interest in serving you.  We put our phone numbers on the signs so we can maybe get you as a buyer.  (both sides of the commission!)  Call me.  I can show you every property that is available, I answer my phone, and I can make sure you don't make a bad buying mistake.  Email me and ask me why some agents leave the flyer boxes empty and hang the 800 NUMBER FREE RECORDED MESSAGES sign up.  Trade Secrets!

4.  DUPLEXES ARE COOL!  With prices down, consider duplexes as an alternative to regular residential detached homes.  Some are very nice and have large square footage, while others are quaint 2 bedroom, 1 bath space efficient types.  The point is, if you buy the whole thing...both sides, the rent you charge on the other half will seriously offset your mortgage payments (if there are any).  This technique also works for triplexes and 4 unit structures.  Caution!  Own less than 4 investment properties.  Ask me why.

5.  TAX BENEFITS!  Investment properties are very similar (almost identical) to running a business.  For that reason, just about every penny you spend on the property can be a benefit to you at tax time.  Remember, you will also be accountable for the income!  Going back to idea number 1, try this on for size...If you reading this are Mom and Dad, and kid is going to college some distance away from you, if you buy the investment property, every time you want to visit, the trip is tax deductible because you are CHECKING ON YOUR INVESTMENT.  I did this from Florida to Virginia for several years.  It works.  (I am not an accountant.  Anyone considering these techniques should consult their tax professional) Disclosures!

6.  BUY THE FARM!  If you are interested in properties with some acreage, look for the right zoning and start a farm.  If you can take an agricultural exemption on your taxes, it could save you THOUSANDS of dollars, and get the kids to take care of the animals!