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Buying a Home: New vs Used, Pt. 2

The New or Used Home Exploration Picks up Where Part One Left Off

We recently shared here on our blog some reasons why it makes sense to buy a new home, as opposed to a used one. This is one of the first and most important decisions homebuyers face, whether you’re buying your first home, a second home, or a retirement home.

The simple truth is, choosing a new one over an existing or used home is a smart move. Here are some more reasons why…

Why Live in Someone Else’s Dream Home?

When you buy an existing or used home, you’re living in someone else’s dream home. With a new home, you can customize your home to reflect your style.

At Colony Reserve, you can express yourself with special touches that’ll make your dream home truly unique. You can choose all the finishes for your townhome, from opulent kitchen counters and expressive backdrops, to elegant flooring and sophisticated cabinetry… everything you want to suit your style, not someone else’s.

Know Who Built Your Home

When you buy new, you know who the builder is and you can research the company to make sure you’re comfortable with their standards and quality of workmanship. At Colony Reserve, you can take comfort in knowing your home is built strong and backed by a reputable builder.

Now in its seventh decade as a successful developer of award-winning residential communities, The Holiday Organization is recognized as one of the nation’s premier real estate companies. Through unwavering commitment to visionary design, superior technology and the finest construction, The Holiday Organization has provided more than 8,000 families with a place they now call “home.”

Re-Sale Value

One final thing to consider: new homes generally have better re-sale value, because they are newer and nicer. So you get the most for your money, if or when you decide to sell.

If you’re ready to buy a home or have just starting thinking about it, visit us at Colony Reserve. Our new home experts will help you get on the path to owning your dream home. Stop by our sales office any day between 10AM and 5PM to see the neighborhood, visit our clubhouse, and tour our gorgeous models.

Buying a Home: New vs Used, Pt. 1

New-Construction or an Existing Home — What’s Right For You?

When you’re ready to buy a home, especially if it’s your first, one of the biggest questions you face is, “Should I buy new or used?” It’s a good question — and an important decision you’ll have to make. Whether you’re buying your first home, a second home, or a retirement home, choosing a new one over an existing or used home is a smart move.

There are many reasons why it makes sense to buy new instead of buying used. We’re going to share a few of them with you here — and then we’ll follow up with Part Two in another blog post.

A New Home Means No Old Problems

Why get stuck with someone else’s used home — including their old problems and the potential for repairs and additional costs? A new home is yours and yours alone. You won’t have to worry about existing, potential, or hidden problems, or additional costs for repairs.

Plus, a new home usually comes with some kind of protection. Here at Colony Reserve, our homes come with a one-year warranty on everything inside your new home, and a 10-year structural warranty on everything else.

Hello, 1990 Called. It Wants Its Old Home Design Back…

One of the exciting things about buying a new home is that everything is brand new, including the design of the home itself, the cooling/heating system, the building materials used, and the fixtures and appliances. You don’t end up settling with someone else’s old style and outdated features, or having to spend more money to update everything.

At Colony Reserve, our townhomes showcase a modern design and come equipped with luxurious standard features. Your gourmet kitchen includes designer cabinetry, stainless steel GE appliances, and rich granite countertops.

Your spacious master suite has oversized his and hers walk-in closets, a cozy bay window perfect for a sitting area, opulent coffered ceilings, and a spa-inspired bathroom with cultured marble double vanities, a Roman tub and separate shower. All of our townhomes also offer a full-size GE washer and dryer conveniently located on the second floor. (Try finding THAT in an older home!)

Stay tuned for more great reasons to buy a new home instead of a used one, coming soon to this blog! And when you’re ready to buy your home, visit us at Colony Reserve. Our new townhomes are exceptionally built and beautifully designed so you can reap all the benefits of owning a new home… a place that’s truly yours and only yours!

Stop by our sales office any day between 10AM and 5PM to see the neighborhood, visit our clubhouse, and tour our gorgeous models. We would love to show you around!

Guess Who’s Buying the Most Homes These Days?

Ideal Market Conditions Spark Next Generation of Homebuyers

If you’re thinking about buying a home this year, you’re not alone. The housing market is hot-hot-hot these days. So who’s buying new homes in 2017? According to this recent report from NBC News, the answer may surprise you: it’s millennials! (Those born after 1980, typically between 18-34 years old.)

The Millennial Market

As NBC notes, “Millennials are growing up, settling down and looking to buy a house.” We’ve certainly found that to be true here at Colony Reserve. Every week, we see more and more young buyers visiting our models or contacting us for information as they look to buy their first home. The National Association of Realtors confirms this, reporting that millennials have been the largest group of homebuyers for four consecutive years. And even if they haven’t bought a home yet, most millennials want to. According to research done by Fannie Mae, 91% of renters between the ages of 25 and 34 eventually want to own a home.

Why Millennials Are Buying Homes Today

What’s behind this trend of millennials buying homes? There are a few key reasons why so many are choosing to buy — and these might be considerations for you, as well:

  1. Need for more space: Sometimes, you just need that extra closet or bedroom, especially when you’re thinking about starting a family. Here at Colony Reserve, our spacious townhomes are ideal for first-time buyers and young families, with plenty of room to grow!
  2. Financial benefits: Savvy millennials recognize that owning a home is still one of the best ways to build equity and net worth — and that real estate is still an excellent investment opportunity. According to the founder of a home equity finance company in San Francisco, as reported in U.S. News & World Report, “If you are looking at housing as a long-term investment for capital appreciation, look to generate 13 to 15 percent returns annually.” Plus, it just makes good financial sense to put your monthly home payment into something that’s yours, rather than paying that money as a renter to someone else.
  3. Good timing: Interest rates are still relatively low right now. But they are rising — and so are home prices, as more and more people buy and inventory is depleted. The longer you wait, the more you’ll pay!

If you’re ready to take that exciting step into homeownership, Colony Reserve is the perfect place to begin. Take a look at the “Top 10 Reasons to Live at Colony Reserve” — then come visit us for a tour of the neighborhood and our gorgeous models. We’re open every day from 10AM until 5PM. We would love to show you around and show you how easy it is to buy your new home here!

The Hot Home Market and the Homebuilding Slowdown

Zillow Cites Lack of Homebuilding for Rising Prices, Buying New-Construction May be the Solution

According to a recent report from Zillow.com, the lack of new-construction homes has played a large part in the skyrocketing prices for existing homes. What’s more, the report noted that inventory is significantly less for entry-level homes.

The slowdown in new construction is a result of the housing collapse that started in late 2006. At the end of that year, there were nearly two million new-construction homes completed. In 2011, the number dropped to just 600,000, and has remained below the historical average of about 1.5 million.

Now we know what the issue is and how it all got started, but what’s actually important is the solution.

The Solution to Low Inventory for Entry-Level Homes

Since lack of new construction has led to low inventory, building a new community is the best solution. Luckily for those wanting to live in Lake Worth, the Holiday Organization has done just that with the townhome community of Colony Reserve.

Colony Reserve showcases two spacious townhome models to choose from. Each boasts 1,566 total A/C square feet, with three bedrooms, 2.5 baths, and a one-car garage.

Every Colony Reserve home is equipped with an extensive menu of luxury included features, which help make this community the best value in The Palm Beaches. Prices start at the unbelievably low price of $256,000, making it an ideal entry-level home for first time buyers.

While Colony Reserve an ideal solution for those looking to buy a home without navigating the hurdles that low inventory poses, the opportunity to own in this community won’t last forever.

Visit the sales office any day between 10AM and 5Pm to claim your place in Colony Reserve while residences are still available.

Families Love Colony Reserve

The Best Value in The Palm Beaches is a Favorite Community Among Florida Families

There’s a lot to love about Colony Reserve, from our ideal Lake Worth location to our beautifully designed townhomes to our phenomenal value. But there’s one thing a lot of our buyers just can’t stop talking about: how great our community is for families!

Endless Amenities

“Mom, I’m bored.” We can pretty much guarantee you won’t hear that living at Colony Reserve! Our community is designed for a family-friendly lifestyle, with a great swimming pool, hot tub, lakeside running trail, basketball court, and tot lot.

Our clubhouse also has a LifeFitness® Gym with aerobic, circuit, and free-weight equipment, as well as a deluxe great room, card room, and sundeck overlooking the lake.

There’s so much to do right here in our own neighborhood! But we also encourage you to venture out from the community because there are also many things for families to do in the surrounding area.

Family-Friendly Activities & Attractions Close to Home

Lake Worth offers many recreational activities and attractions for the whole family. Play some volleyball at Lake Worth Beach. How about a round of golf at the Lake Worth Golf Club? Take the kids fishing off the William O. Lockhart Municipal Pier.

There are many local parks and athletic facilities nearby, as well as nature trails and cycling paths, not to mention plenty of great places to eat and shop, along with lots of fun events throughout the year, like the annual Street Painting Festival and Bonfires on the Beach.

On top of all that, Lake Worth offers exceptional schools, assuring your kids an excellent education and plenty of extra-curricular activities.

Stop by our sales office any day between 10AM and 5PM to see firsthand why so many families are choosing to make the move to Colony Reserve!

With Market Inventory Down, Prices Will Be Pushed Up

Home Inventory Falls Fastest Pace in Four Years, Making Now the Time to Buy Before Prices Skyrocket

In May, the number of homes for sale dropped at its fastest pace in almost four years, according to an article from Zillow.com. As the article notes, this is one of the reasons why home prices have been, and will likely continue, to soar.

In April, the most recent month accounted for, homes stayed on the market for only 77 days. That’s the fewest days that Zillow has ever reported. In May, homebuyers had 9.4 percent fewer homes to choose from than they had the same month last year.

Historically, low inventory tends to increase competition for homes, which leads to increasing prices. For example, Tampa’s inventory dropped 17.6 percent in May, as the home values increased 10.5 percent.

According to home value data from Zillow.com, values in Lake Worth are still below their peak of 2008, but are expected to go higher due to inventory constraints.

So if you’re interested in buying a home in Lake Worth, now’s the time. Those who wait may get locked out of the market by record-high values and increased mortgage rates.

Buy a Townhome in Lake Worth Now

If you want to buy a home in Lake Worth while prices are still affordable, Colony Reserve is the perfect option. The spacious townhomes offer more luxurious standard features than the competition, at a price they can’t compete with.

Colony Reserve also includes resort-style amenities, residence lawn maintenance, on-site management, and maintenance personnel as part of the low HOA dues.

To see for yourself why the townhomes at Colony Reserve are the best value in The Palm Beaches, visit the Sales Office today at 5299 Lantana Road, Lake Worth, FL 33463.

Buying New Home Benefits

Benefits of Buying a New Construction Townhome

It can be overwhelming to choose between purchasing a new construction townhome or an existing one. Though older homes do have their place, buying new construction is a no-brainer. Below are the top three reasons why.

3 Reasons to Buy New Construction

  1.  More options.

When you buy a new construction home, you get to be involved in the construction process. From picking the lot with the best sunset views to choosing your favorite color granite countertops, buying new construction gives you options that an already existing home can’t without spending tons of money and time on renovations. At Colony Reserve, it’s even better because many of these luxurious options come standard.

  1. Less maintenance.

While a 1920’s ranch style home may have its charm, there’s nothing charming—or cheap—about non-stop repairs and maintenance. New construction homes come with new mechanicals and appliances, including the air conditioner, plumbing, and washing machine.

Even if something does break, it’s usually covered under warranty. The combination of new components and a warranty make new construction homes headache free.

  1. Lower cost.

While less maintenance will make the yearly costs of your home more affordable, Colony Reserve can make even the purchase price lower than you would pay for a comparable existing home.

The first way Colony Reserve makes your home more affordable is by enabling you to avoid the bidding wars that accompany the purchase of older homes. By choosing from a number of Colony Reserve townhomes, you don’t have to compete against a hoard of homebuyers that drive the price up for one residence.

Now that you know the benefits of buying a new construction home, it’s time to learn more about the new construction townhomes at Colony Reserve. Contact us for more information.

Before Buying a Home

Four Things You Need to Know Before Buying a Home

As exciting as it is to buy a home, the process can be overwhelming, particularly for first-time buyers. In hopes your home buying process goes smoothly, we’ve compiled a list of the top three things you need to know before buying a home.

  1. Should you buy or rent?

Though the popularity of renting has grown in recent history, home ownership is still an integral tool to building long-term wealth and stability. With rent prices increasing rapidly, buying a home is even less expensive in most cases.

  1. Is a fixer-upper for you?

While a fixer-upper may seem more affordable, it could backfire quickly. Not only are renovations like an updated kitchen or master bedroom costly, but old homes may have structural issues, roof damage, and other serious problems that may be extremely expensive and need immediate attention. Some unforeseen issues can even render the home unlivable, forcing you to find a new place to stay while your homes under construction.

Though a home inspection should give you a good idea of exactly what you’re getting into before purchasing a fixer-upper, buying a new construction townhome will allow you to have the home of your dreams the moment you move in, with less headaches and fewer expenses.

  1. What are your deal breakers?

As you look for a home, you should determine what you absolutely need and what you could live without. Do you need three bedrooms and an open kitchen? Could you live without granite countertops and a walk in closet?

When shopping for a home, you may have to sacrifice what you want for what you can afford. Fortunately, with a townhome at Colony Reserve, you don’t need to choose between a spacious floorplan, the finest finishes, and staying within budget.

Now that you know what you need to determine before buying a home, it’s time to see if Colony Reserve is right for you. Contact us for more information.

Why Not To Rent

It’s More Expensive to Rent Than Own: Plus Other Reasons Why You Should Buy a Home Now

Homeownership has long been held as an integral part of the American dream. Owning a home not only provides shelter and security, but you can enjoy tax benefits and possibly an increase in value.

Unfortunately, many people choose to rent instead, fearing it’s too expensive to purchase a home. Luckily for you, we’re at a rare time in our country’s history where it’s actually cheaper to own than it is to rent.

According to the second quarter median rent numbers from the Census Bureau, rent prices have increased steadily since 1988, and are currently at a high just over $800 a month. Keep in mind; this report also considers studio and one-bedroom apartments throughout the entire United States, so the median rent payment for a townhouse or home in South Florida is even more.

In Trulia’s Rent vs. Buy Report it’s not only more expensive to rent than it is to own a comparable residential property, but the longer you stay in your home, or the lower interest rate you get, the more money you save by owning.

While rents are likely to continue going up, now is the time to purchase a brand new home with a low interest. If you’re ready to stop wasting money on rent, Contact us for more information.

First Time Home Buyers

First-time Homebuyers Are Making a Comeback

TheRealDeal.com spoke with Federal Reserve Chairman Janet Yellen about the real estate market and the upsurge of new homeowners.

Yellen cited rising home values as an important factor in boosting the market and first-time homebuyer participation. While elevated prices are good for homeowners and landlords, it tends to increase the cost of rent. With rent prices increasing rapidly, many renters are opting to own.

Two more factors are low interest rates and the loosening of lending standards. While low interest rates makes owning more affordable, easing lending standards makes it easier for first-time buyers to obtain a mortgage.

The article even mentioned that borrowers who have been turned down should try again. Since annual mortgage insurance premium rates were cut drastically in late January, low-interest loans are now affordable for buyers that may not have qualified before.

At Colony Reserve, purchasing a home is even easier for first-time buyers. Not only are prices in the community already affordable, but each home comes with a number of luxurious standard features beyond what’s offered at other communities.

That means that instead of paying a landlord the first month, last month, and deposit, you may be able to put a down payment on a brand new home.

To learn more about purchasing your first home, Contact us today.