What could the cost of two Super Bowl tickets (and expenses) get you in today’s real estate market if you were buying, renting or selling?
Imagine you were lucky enough to snag a couple of Super Bowl tickets … score! According to StubHub, they could have gone for $2,700 to $9,800 each. Now add on your travel, lodging, parking, tailgating, team apparel and souvenirs, etc. Truly a memorable experience posted all over social media and already planned the day off on Monday!
For the sake of argument, let’s say the average cost for 2 tickets including expenses was $14,000. Here are 3 scenarios to use that $14,000 on Real Estate.
Would you consider giving up that Super Bowl experience in exchange of owning a home and putting that money towards a down payment?
For as little as 3.5 percent down, you could buy a $400,000 home, for example. Adding that $14,000 to purchase a different price home or putting more down is another option. According to the National Association of REALTORSⓇ, consumers think that a down payment of 10% or more is necessary, however, if you’re going to take a mortgage out, it’s best to speak with a Mortgage Originator to see what is best for you.
Could it really cost $14,000 to rent?
Let’s say you need a 3 to 4 bedroom, 2 bathroom single family home in Fanwood, Scotch Plains or Westfield. According to the Garden State MLS, the rents could be $2,000 to $5,000 per month. After calculating the 1st month’s rent, 1.5 months security, possibly a broker fee, renters insurance, cost to turn on the utilities, moving expenses, etc., it could.
Putting $14,000 into your home to sell it?
CRAZY? Not at all! Today’s buyers may not have the vision of what the house “could” look like. In addition, they may think it costs twice as much. By simply refreshing or updating your home before it goes on the market will appeal to more of today’s buyers.
I recall “refreshing” my parents' home several years ago by removing the carpet and refinishing their beautiful hardwood floors, removing the 1970’s wallpaper and heavy custom drapes (yes, lovely dark green, gold, orange floral print matching paper and drapes), and updating the doors and hardware. A dumpster and a POD were in their driveway for about a week. It was incredible how much “stuff” from the basement, attic and garage filled the dumpster! All of their furniture was moved into the POD while the rooms were all repainted, doors replaced and floors refinished.
When it was all finished, my parents said, “Looks like we have a new home!” And THAT’S what you want your buyers to say too!
For Real Estate assistance in Union County, Middlesex County and Somerset County on buying, selling, investing, renting or becoming a Realtor©, contact Jeni DiVirgilio on (908) 477-4907, email Jeni@WelcomeHome123.com or visit www.WelcomeHome123.com.