Keeping you up to date on Oregon Coast Real Estate News

 

Nov. 7, 2017

Building Renovation is Complete!

 Looking Good!

Ocean Equity's flagship building, "the Gateway to Newport," is complete! Full interior and exterior renovation began in early 2017, and was finished enough to open for business in April. The design style follows Brodie's modern industrial preferences--concrete floors, open beam ceilings, quartz counter tops, and lots of windows. After the initial opening, other projects remained, however, including finishing out small rooms in the building, replacing the entire sewer line, and complete overhaul of the three residential apartments on the second level.

Right on Highway 101, the 1928 building has been a Newport landmark for generations. First as a service station, and later as a multi-storefront complex for many businesses over the years. The sprawling 6000 square foot building has room for all Ocean Equity's great brokers, support staff, and clients.

An Open House is planned for mid December. More details coming soon. Come by and check out the new building!

1107 SW Coast Hwy. Newport, OR 97365

Posted in Ocean Equity News
Nov. 6, 2017

Avoiding Sticker Shock - Know Your Closing Costs

 If you're not expecting it, closing costs can cause quite a sticker shock! Talk to your Realtor and lender about what you can expect.

 What are closing costs?

Closing costs are made up of a variety of fees involved in your real estate transaction. For buyers they can include loan fees, title and escrow fees, and prorated taxes and insurance. For sellers, they can also include real estate commissions. The total amount is paid out of pocket at closing, and is added to the amount of your down payment. It can cause sticker shock when you realize at the end of the transaction that you will need thousands more than you had planned on. Loan fees are usually around 1% of the purchase price, so from there your Realtor can give you a good estimate on what you're looking at.

What are your options for paying closing costs?

If you don't have a lot of cash on hand, it's pretty common to work closing costs into the negotiations so that the seller credits an amount toward that cost at closing. One way of doing this is increasing the purchase price in exchange for a credit toward the buyer's closing costs. To the seller, the bottom line remains the same, but to the buyer, it means more money in your pocket that you can put into your new property. Some loan programs will allow you to wrap up the amount of closing costs into your mortgage. Then, rather than paying cash in a lump sum, you're paying on it over time, with interest.

Your Realtor and your lender can provide an estimate of your expected closing costs. It's good to keep your total budget in mind when shopping for a home.

Call Ocean Equity today to get started! 541-265-8303

1107 SW Coast Hwy Newport, OR 97365

Serving the Central Oregon Coast

 

 

Posted in Buying Property