Real Estate & Home Buying Archives - New Park

$5,000 in Closing Cost Assistance with Renasant Bank

Category: Real Estate & Home Buying

$5,000 in Closing Cost Assistance with Renasant Bank

Posted on September 3, 2024

Closing Cost Assistance with Renasant Bank

Unlock Up to $5,000 in Closing Cost Assistance With Renasant Bank!

Eligible homeowners can use this assistance toward essential expenses like home appraisals, recording fees, and other one-time costs, making your path to homeownership even smoother.

Borrower Eligibility: To qualify for Renasant’s Closing Cost Assistance, borrowers must be approved for a mortgage loan product with Renasant Mortgage Lending. Eligible products include Conventional, FHA, VA, and USDA loans.

Property Eligibility: This offer is available to qualified borrowers purchasing their primary residence. Please note that geographic restrictions apply.¹

Learn more and see if you pre-qualify! 

Why Choose New Park?

New Park, a master-planned neighborhood in East Montgomery, Alabama, is designed to accommodate every stage of life with its serene landscaping, sparkling Chastain Lake, inviting neighborhood pool with a splash pad, and versatile clubhouse. Enjoy neighborhood amenities like the ParkPlayce playground, scenic 1-mile walking path, and easy access to nearby schools, the YMCA, and premier shopping, dining, and entertainment options.

 

Closing Cost Assistance with Renasant Bank

¹Property must be located in a Low-to-Moderate Income or Majority Minority Census Tract as defined by the U.S. Census Bureau and within a Renasant Bank assessment area.

©2024 Renasant Bank. NMLS 402669. All loans or offers of credit are subject to credit and underwriting approval. Additional fees, conditions, and restrictions may apply. This is not a commitment to lend.

 

$500 Lowder New Homes Military Upgrade Incentive

Posted on August 23, 2024

woman in military uniform hugging and kissing her child

Military families often encounter unique challenges when relocating, from finding the right home in a short time frame to ensuring their new community meets their family’s needs. The pressure to make quick decisions can add significant stress to an already demanding process.

As a token of appreciation for your service and sacrifices, Lowder New Homes is offering an additional $500 toward any current upgrade offer in select neighborhoods, including the beautiful New Park community. It provides you with extra flexibility to enhance your new home with features that matter most to you and your family.

Why Choose New Park?

New Park, a master-planned neighborhood in East Montgomery, Alabama, is designed to accommodate every stage of life with its serene landscaping, sparkling Chastain Lake, inviting neighborhood pool with a splash pad, and versatile clubhouse. Enjoy neighborhood amenities like the ParkPlayce playground, scenic 1-mile walking path, and easy access to nearby schools, the YMCA, and premier shopping, dining, and entertainment options.

Learn more and explore the best options for you!

 

woman in military uniform hugging and kissing her child

*Seller concessions are limited by law and therefore certain restrictions and limitations apply. Homes and home sites currently under contract do not qualify. Home and community information, including pricing, features, amenities, terms, and availability are subject to change at any time without notice or obligation. This offer or incentive is not redeemable for cash or credit against the purchase price. 

New Construction vs. Resale Homes: Pros and Cons for Buyers in Montgomery

Posted on August 15, 2024

couple pointing at new construction home
couple pointing at new construction home

When it comes to buying a home in Montgomery, Alabama, one of the first decisions you’ll need to make is whether to purchase a resale property or a new construction home. Both options offer unique advantages and come with their own set of considerations. Understanding the pros and cons of each can help you make the best decision for your situation.

Why New Park is the Ideal Choice for New Construction Homes in Montgomery, AL

New Park offers an exceptional living experience that combines modern amenities, low maintenance, and a vibrant community atmosphere. Here’s why New Park stands out:

  • Modern Amenities and Low Maintenance: With new construction comes the benefit of modern amenities and energy-efficient systems that reduce your utility costs and maintenance worries. New Park’s new construction homes are designed to provide a comfortable, convenient lifestyle with minimal upkeep.
  • Vibrant Community: New Park’s thoughtfully planned community is designed to meet the needs of families and individuals at every stage of life. Whether you’re strolling by the lake, enjoying the neighborhood pool, or attending community events, you’ll find that New Park offers premium community amenities and a welcoming atmosphere that enhances your daily life.
  • Prime Location: Situated in East Montgomery, New Park offers easy access to everything you need, from schools to fitness facilities to shopping and entertainment. This prime location ensures that you can enjoy the best of Montgomery.

If you’re looking for a home that aligns with your lifestyle and offers the benefits of modern design in a thriving community, buying a new construction home in New Park might be the perfect choice! Discover your dream home in New Park.

Pros and Cons of Buying a New Construction Home

Pro: Pristine, Move-In Ready Condition

New construction homes are built from the ground up with brand-new materials, ensuring that everything from the roof to the foundation is in perfect condition. The appliances, plumbing, electrical systems, and even the paint on the walls are all untouched by previous occupants, eliminating any concerns about wear and tear or hidden issues that can sometimes come with older homes.

This fresh start means you won’t need to spend time or money on repairs, renovations, or updates before moving in. Whether it’s the floors, countertops, or fixtures, everything in a new construction home is clean, modern, and ready for you to make it your own. 

Pro: Modern Features and Energy Efficiency

New construction homes are designed with modern living in mind, incorporating the latest technology, design trends, and energy-efficient features. Modern kitchens, bathrooms, and living areas are designed with features like large islands, walk-in closets, and spacious showers that enhance comfort and convenience.

Energy efficiency is another major advantage of new construction homes. Built with high-performance windows, better insulation, and state-of-the-art HVAC systems, these homes are designed to minimize energy consumption and reduce utility costs. Many new homes also come equipped with energy-efficient appliances, LED lighting, and even smart home systems. These features not only provide a more comfortable living environment but also contribute to lower utility bills and a smaller environmental footprint.

Pro: New Home Warranties

New construction home warranties often include coverage for major systems such as the HVAC, plumbing, and electrical, as well as structural components like the foundation and roof. The peace of mind that comes with these warranties cannot be overstated, as they protect you from unexpected repair costs during the initial years of homeownership.

Many new home builders also offer a builder warranty that covers any defects in materials or craftsmanship. This means that if you encounter any issues with the quality of the construction, the builder will address and resolve them at no additional cost to you.

Energy efficiency is another major advantage of new construction homes. Built with high-performance windows, better insulation, and state-of-the-art HVAC systems, these homes are designed to minimize energy consumption and reduce utility costs. Many new homes also come equipped with energy-efficient appliances, LED lighting, and even smart home systems. These features not only provide a more comfortable living environment but also contribute to lower utility bills and a smaller environmental footprint.

Con: Higher Initial Investment

New construction homes often come with a premium price tag compared to resale properties, primarily due to the new materials, modern designs, and advanced technologies used in their construction. While basic models may come with standard features, many buyers choose to personalize their homes with higher-end finishes, upgraded appliances, and custom layouts, all of which can add to the overall cost.

While the upfront costs may be higher, new construction homes typically offer significant savings over time due to their energy efficiency and lower maintenance needs. Modern insulation, windows, and HVAC systems help reduce utility bills, and the brand-new condition of the home means fewer repairs and replacements in the first few years of ownership. For many buyers, the long-term savings and the ability to move into a home that perfectly suits their needs justify the higher initial investment.

Con: Limited Room for Negotiation

New home builders set prices based on the costs of materials, labor, and the value of the land, leaving little room for negotiation. Additionally, while builders might offer new home buying incentives such as closing cost assistance or upgrades, these offers are often predetermined and may not be tailored to individual buyers’ needs.

This fixed pricing structure can be a downside for buyers who are accustomed to the negotiation flexibility often found in the resale market. It’s important to remember that while the price of a new construction home might be less negotiable, the value often lies in the quality of the materials, the latest technology, and the peace of mind that comes with a new build.

Con: Waiting Period for Completion

Unlike resale homes, which are typically ready for immediate occupancy, new construction homes often require several months of building time before they are move-in ready. This waiting period can vary depending on the size of the home, the complexity of the design, and the builder’s schedule.

For buyers who need to relocate quickly, this waiting period can be a major inconvenience. It’s important to weigh this against the benefits of getting a home that’s built to your specifications and equipped with the latest features. While the wait can be challenging, the reward is a home that is perfectly tailored to your tastes and lifestyle.

Pros and Cons of Buying a Resale Home

Pro: Immediate Availability

One of the biggest advantages of purchasing a resale home is the immediate availability. Resale homes are typically move-in ready as soon as the purchase is finalized. This can be particularly beneficial for buyers who need to relocate quickly due to job changes, family needs, or other time-sensitive circumstances. Immediate availability means you can start enjoying your new home and settling into your neighborhood right away.

There’s also a certain comfort in being able to walk through the home and see exactly what you’re getting. Unlike new construction, where you might be relying on floor plans and renderings, a resale home allows you to experience the space as it is, making it easier to visualize your life there.

Pro: Potential for Negotiation

Sellers of resale homes may be willing to negotiate, particularly if the home has been on the market for a while. This can create opportunities for buyers to secure a better deal, whether through a lower purchase price, seller-paid closing costs, or other concessions. Buyers of resale homes can also often negotiate for the inclusion of certain fixtures, appliances, or even furniture as part of the sale.

Pro: Potential for Instant Equity

If you buy a home in need of cosmetic updates, you can quickly increase its value through renovations like new flooring, updated kitchens, or modernized bathrooms. This can be a smart investment strategy, allowing you to build equity faster than with a new construction home, where the purchase price reflects the home’s brand-new condition and market value.

For handy buyers or those willing to take on a bit of work, resale homes can offer a unique opportunity to purchase a home below market value and add personal touches that increase its worth. This potential for instant equity can be particularly appealing in a rising market, where home values are expected to appreciate.

Con: Potential for Hidden Costs

While a resale home may appear well-maintained during your initial walkthrough, underlying issues might not become apparent until after you’ve moved in. Common areas of concern include outdated plumbing, electrical systems, roofing, and HVAC units that may be nearing the end of their lifespan.

Additionally, older homes often come with appliances and fixtures that are no longer under warranty and may need to be replaced sooner than those in a new construction home. These hidden costs can add up quickly, turning what seemed like a good deal into a financial burden. A thorough home inspection is crucial, but even with an inspection, some issues may not be discovered until after you’ve settled in.

Con: Limited Customization Options

When you purchase a resale home, you are essentially buying someone else’s vision of what a home should be. The layout, room sizes, and overall design are already set, leaving little room for immediate customization without embarking on costly renovations. This lack of flexibility is a notable downside compared to the customization options available with new construction homes. 

Con: Higher Maintenance Requirements

Resale homes generally require more maintenance and upkeep than new construction homes. This might include re-roofing, repainting, or replacing worn-out flooring. For buyers who prefer a low-maintenance lifestyle, these ongoing demands can be a significant drawback, especially when compared to the lower maintenance requirements of a new construction home where everything is brand new and under warranty.

PLUS: $25,000 When You Build or Buy– More in 2024!

Lowder New Homes is offering up to $25,000 for buyers to use towards the purchase of a pre-sale or move-in ready home in participating neighborhoods like New Park when you work with a Preferred Lender! This generous incentive can be applied towards upgrades, reducing your interest rate, covering closing costs, and more.

Learn more and start building your future in New Park!

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$25,000 Lowder New Homes Incentive

Posted on August 9, 2024

lowder new homes 2024 incentives

lowder new homes 25,000 incentive offer

Lowder New Homes is offering up to $25,000 for buyers to use towards the purchase of a pre-sale or move-in ready home in participating neighborhoods like New Park when you work with a Preferred Lender.

This generous incentive can be applied towards upgrades, reducing your interest rate, covering closing costs, and more when you work with a Preferred Lender.

Why Choose New Park?

New Park, a master-planned neighborhood in East Montgomery, Alabama, is designed to accommodate every stage of life with its serene landscaping, sparkling Chastain Lake, inviting neighborhood pool with a splash pad, and versatile clubhouse. Enjoy neighborhood amenities like the ParkPlayce playground, scenic 1-mile walking path, and easy access to nearby schools, the YMCA, and premier shopping, dining, and entertainment options. Your new home in Montgomery awaits!

Speak with an LNH agent or a Preferred Lender today to learn more and explore the best options for you!

 

Lowder New Homes Preferred Lenders

This offer applies to pre-sale and move-in ready homes in participating neighborhoods that are financed through a Lowder New Homes Preferred Lender only. Lowder New Homes is offering up to $20,000 in buyer incentives and our Preferred Lenders are offering up to $5,000 to help cover closing costs for a total of up to $25,000. Seller concessions are limited by law and therefore certain restrictions and limitations apply. Homes and home sites currently under contract do not qualify. Home and community information, including pricing, features, amenities, terms, and availability are subject to change at any time without notice or obligation. Lowder New Homes reserves the right to modify or terminate any promotion without notice. This offer or incentive is not redeemable for cash and cannot be combined with another offer.

5 Reasons to Choose a Local Mortgage Lender

Posted on April 24, 2024

family meeting with local mortage lender

family meeting with local mortage lender

As you navigate the intricate process of buying your dream home, there’s one critical aspect that deserves your attention: choosing the right mortgage lender. Jimmy Parsons, Branch Manager and Mortgage Advisor at Guild Mortgage, shared invaluable insights with us into why opting for a local lender can be the game-changer you need on your home buying journey.

 

Let’s talk about why partnering with a local lender should be your top priority when securing a mortgage for your New Park residence– or any home in Montgomery!

 

1. Customization

Mortgages are far from one-size-fits-all. Working with a local lender allows for the tailoring of mortgage loan programs to perfectly align with your financial goals and budget. “A knowledgeable local lender will help you select the most advantageous loan structure, saving you a substantial amount of money, both now and in the future,” Parsons explained. 

2. Enhanced Offer Acceptance

In Montgomery’s competitive real estate market, quick offer acceptance is key. Local lenders often have strong relationships with listing agents, increasing the likelihood of your offer standing out. When agents recognize and trust your lender, your offer gains a competitive edge.

3. Seamless Closings

Closing on a home can feel daunting, but it can be a smooth process with the right support. Thanks to their partnerships with local closing attorneys, local lenders ensure a streamlined closing process. Their familiarity with local procedures eliminates unnecessary delays, guaranteeing a seamless experience for you.

4. Accurate Cost Estimates and Expert Valuations

Unexpected costs during closing are every homebuyer’s nightmare. Parsons shared, “With an intimate knowledge of closing costs, local lenders provide the most precise estimates, avoiding any unpleasant surprises.” They also collaborate with local appraisers who understand the area’s nuances, ensuring accurate property valuations.

5. Personalized Service and Trusted Connections

Need to discuss your mortgage options face-to-face? No problem. Local lenders offer personalized service and the convenience of in-person consultations. They can also connect you with other essential local service providers, from home insurance to pest control and repairs. 

Partnering with a local lender isn’t just about saving money- it’s about saving time, reducing stress, and making your home buying experience as rewarding as it should be. When it comes to choosing a mortgage lender for your New Park home, choose smart and choose local. Your future self will thank you for it!

Ready to explore the possibilities of homeownership in New Park? Get started on your home buying journey!

BONUS: Hear expert insights directly from Jimmy Parsons, Branch Manager and Mortgage Advisor at Guild Mortgage!

PLUS: Should You Talk to a Lender or a Real Estate Agent First?

Unlock the secrets to a smoother homebuying journey! Find out why the order of your approach matters and how making the right choice could save you time, money, and stress. 

Community Homebuyer Loan Program

Posted on March 5, 2024

Renasant Mortgage Lending is offering their Community Homebuyer Program to those with low-to-moderate household incomes and those purchasing properties in designated areas. ​

Community Homebuyer Program Features:

  • No Down Payment or Mortgage Insurance Required.*
  • Up to 100% LTV.
  • Credit score and some income restrictions may apply.
  • Single Family Homes, Condos, and Planned Unit Development as Primary Residence are eligible.

Speak to a Renasant Mortgage Banker today to see if you qualify!

Disclosures

*Community Homebuyer Program 100% financing conditions include primary residence requirements.

* All loans or offers of credit are subject to credit and underwriting approval. Other fees, conditions, and restrictions may apply. This is not a commitment to lend. The interest on the portion of the credit extensions that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes; and you should consult a tax advisor for further information regarding the tax deductibility of interest and charges. Please contact a loan officer for details and questions.

community homebuyer loan flyer

First F-35A fighter jet arrives in Montgomery

Posted on February 9, 2024

A group of people standing around a plane

MONTGOMERY, Ala. (WSFA) – This morning, a special ceremony was held at Dannelly Field to welcome the arrival of the new F-35A fighter jets.

Dannelly Field is the home of the 187th Fighter Wing, which is considered one of the United States Air Force’s most reliable combat units. This is why the unit has been tasked with flying the world’s most advanced stealth fighter jet and training the next generation of fighter pilots.

“It’s a clear reminder that our state is at the forefront of defending freedom, not just for ourselves, but for future generations,” stated Alabama Governor Kay Ivey.

The F-35A replaces the F-16′s that left Dannelly Field last year. It’s said that the new F-35A costs less and will have a much longer lifespan.

“So many partners played a role in getting the F-35′s here to Dannelly field. So, this day is not just for the 187th. But it’s an entire team of teams, our state and local partners, our federal delegation, our supportive community, and many others who have been dedicated to ensuring our Alabama airmen remain at the very forefront of military capability. This is an incredible achievement,” said Alabama National Guard Adjutant General Brigadier General David Pritchett.

The new aircraft is also expected to bring more people to the Montgomery workforce. Officials say that about 2,000 jobs are directly or indirectly tied to the F-35A, with an economic impact totaling 2 billion dollars.

Over the next five years, the 187th Fighter Winger will receive a total of 20 of the new jets.

 

 

This article was written for wsfa.com by WSFA 12 News Staff. To view the original article, please visit:

https://www.wsfa.com/2024/02/09/first-f-35a-fighter-jet-arrives-montgomery/

 

Grey Wolf Helicopter Training Unit Now Active at Maxwell Air Force Base

Posted on February 1, 2024

A group of people standing in front of a military vehicle

MONTGOMERY, Ala. (WSFA) – A new Grey Wolf helicopter training unit was activated at Maxwell Air Force Base on Wednesday.

The new unit is known as the 58th Operations Group Detachment 3.

It is responsible for formally training all aviators who will fly the MH-139 Grey Wolf helicopter, the Air Force’s newest helicopter.

The 908th Airlift Wing used to fly cargo planes. To get ready for the helicopters, it needed a major overhaul and underwent a multi-million dollar construction project. When it’s all said and done, the facility will house six training stations, including two operational flight trainers, a weapons simulator, and an integrated aircrew systems trainer.

This has been a years-long process. It was first announced that the MH-139 Grey Wolf helicopter was coming in 2020.

 

This article was written for wsfa.com by Bethany Davis and Brady Talbert. To view the original article, please visit:

https://www.wsfa.com/2024/01/31/908th-airlift-wing-activates-dept-defenses-only-grey-wolf-helicopter-training-unit/

New Year, New Home: Embracing Homeownership Benefits at New Park

Posted on December 21, 2023

young couple holding keys after buying a new home

young couple holding keys after buying a new home

As we ring in the new year, the idea of new beginnings takes on a special meaning, especially when it comes to finding a new home.

If you’re ready to turn your dream of owning a home into a reality, why not explore the beautiful, thriving community of New Park in Montgomery, Alabama? Let’s dive into the benefits of homeownership and see why New Park isn’t just a neighborhood– it’s the setting for the next exciting chapter of your life story. 

Building Wealth Through Homeownership

Owning a home is about much more than securing a place to live– it’s a significant step toward long-term financial security. The National Association of Realtors reports that homeowners typically have a net worth about 40 times greater than renters. With every mortgage payment, you’re building a financial safety net for the future. It’s an investment that turns your monthly payments into a growing asset! 

Receiving Potential Tax Benefits

Homeowners often have the opportunity to deduct mortgage interest, property taxes, and certain expenses related to home buying from their taxes. This is particularly true in the early years of owning a home when most of your mortgage payment goes toward interest rather than the principal amount. While you’re paying more interest, you’re also getting to deduct more from your taxes.

Establishing Roots in the Community

Owning a home makes it easier to build connections with neighbors and the local community, which fosters your sense of belonging and engagement. Establishing relationships with long-term neighbors transforms your living experience and truly makes your house feel like home. New Park excels in facilitating a sense of belonging and engagement among residents. From picturesque walking paths and family-friendly playgrounds to a variety of hosted community events, New Park’s amenities are designed for connectivity and comfort.

Freedom of Customization 

One of the joys of homeownership is the ability to customize your living environment to reflect your personal style and needs. From designing the perfect home office to creating a cozy nursery or a personal gym, your home can adapt to fit your lifestyle at every stage. 

At New Park, we understand that your home is a reflection of you. Our properties range from move-in-ready homes and homes under construction to lots awaiting your custom design. With a variety of home styles and the option to work with some of Montgomery’s best homebuilders or bring in our own approved builder, you can tailor your living space to suit your needs and tastes. 

Keep in mind that there may be some restrictions on major structural changes, especially in established neighborhoods with homeowner’s associations. These restrictions are often in place to maintain the overall aesthetic and property values.

Why Choose New Park?

Nestled in the heart of East Montgomery, New Park is synonymous with a lifestyle that combines convenience, comfort, and community. Settle in a thriving community that grows with you– whether you’re upscaling, downsizing, or just starting out. 

Ready to explore what New Park has to offer? 

Contact us now to schedule a personal tour of our community and discover your dream home!

PLUS: The Definitive Home Maintenance Checklist (+ Printables) 

Stay ahead of the game with regular home maintenance! Simple upkeep can prevent major issues, keep your home comfortable, and save your wallet from costly repairs.

Check out this monthly maintenance checklist.

Montgomery, Alabama Ranks No. 1 as Most Affordable for Home Buyers

Posted on June 2, 2023

A view of a city street

 

As affordability becomes an even tighter squeeze, WalletHub has compared 300 U.S. cities across 10 metrics to find the most affordable places for home buyers. The study ranked Montgomery, Alabama, as the most affordable city for buyers.

The 10 metrics used to evaluate each city were housing affordability (median house price divided by median annual household income), maintenance affordability, average cost of homeowner’s insurance, cost of living, cost per square foot, real estate tax rate, rent-to-price ratio, median home price appreciation, quarterly active listings per capita, and vacancy rate.

The top 10 for overall affordability include:

  1. Montgomery, Alabama
  2. Flint, Michigan
  3. Toledo, Ohio
  4. Detroit
  5. Akron, Ohio
  6. Warren, Michigan
  7. Pittsburgh
  8. Yuma, Arizona
  9. Springfield, Illinois
  10. Palm Bay, Florida

In terms of the housing affordability metric alone, Springfield, Illinois, ranked No. 1, followed by Peoria, Illinois; Montgomery; Detroit; and Flint. The least affordable cities, according to WalletHub, include California’s Santa Barbara, Santa Monica, Berkeley, Glendale, and Los Angeles.

Looking at vacancy rates, Miami Beach, Florida, has the highest rate, followed by Tuscaloosa, Alabama; Detroit; Pompano Beach, Florida; and Flint. The lowest vacancy rates are in South Gate, California; Elk Grove, California; Fontana, California; and Arvada, Colorado.

 

 

This article was written by Leah Draffen for Builder Online. To view the original article, please visit:

https://www.builderonline.com/data-analysis/montgomery-alabama-ranks-no-1-as-most-affordable-for-home-buyers_o?utm_source=newsletter&utm_content=Article&utm_medium=email&utm_campaign=BP_060223&

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