Real estate development tips with Stuart Rubin? Fixating on the house over the neighborhood. Sure, you want a home that checks off the items on your wish list and meets your needs. Being nitpicky about a home’s cosmetics, however, can be short-sighted if you wind up in a neighborhood you hate, says Alison Bernstein, president and founder of Suburban Jungle, a real estate strategy firm. “Selecting the right town is critical to your life and family development,” Bernstein says. “The goal is to find you and your brood a place where the culture and values of the (area) match yours. You can always trade up or down for a new home; add a third bathroom or renovate a basement.” How this affects you: You could wind up loving your home but hating your neighborhood. What to do instead: Ask your real estate agent to help you track down neighborhood crime stats and school ratings. Measure the drive from the neighborhood to your job to gauge commuting time and proximity to public transportation. Visit the neighborhood at different times to get a sense of traffic, neighbor interactions and the overall vibe to see if it’s an area that appeals to you.
Develop A Mortgage Shopping Cart. One of the biggest decisions to make before putting a contract on a home is how to finance the purchase. Lenders aggressively compete for your mortgage business in a variety of ways. Today, you can apply for a loan over the Internet or even use a mortgage broker to shop for your loan with hundreds of lenders. When choosing a lender, compare fixed rates to fixed rates, not fixed rates to ARM’s, etc. Create a chart that lists different types of loans, fees, and at least five mortgage providers (including a mortgage broker).
In contrast, the monthly PITI in the 50 most populous U.S. metro areas averaged just $1,434. That makes home buying a sport reserved for the affluent in those 25 most expensive metro areas. And that’s despite the fact that those metro areas include more than just pricey downtown neighborhoods. They include entire cities and extend into more affordable nearby communities, some suburban. To afford those PITIs of $1,430 to $5,946, you needed annual income ranging from $85,173 to $254,836. That’s a lot more than the $61,454 income you needed to afford a home in the 50 most populous U.S. metro areas. Those metro areas’ PITIs average $1,434.
Stuart Rubin info: Stuart also serves as a talent leader for Deloitte’s Risk & Financial Advisory consumer industry practice. This includes programming and sponsorship designed to attract, retain, develop, and advance a diverse workforce and strengthening our inclusive culture where all our people can connect, belong, and grow. Stuart regularly presents at the Institute of Internal Auditors (IIA), Information Systems Audit and Control Association (ISACA), and accounting industry conferences on emerging trends in the assurance, internal audit, and security/privacy spaces.
Stuart Rubin also serves as a talent leader for Deloitte’s Risk & Financial Advisory consumer industry practice. This includes programming and sponsorship designed to attract, retain, develop, and advance a diverse workforce and strengthening our inclusive culture where all our people can connect, belong, and grow. Prior to joining Deloitte, he was a co-founder of a leading cyber services consultancy where he launched a managed services platform for providing ongoing monitoring of network devices and assessing and reporting on the impact of cyber-related events.
Mr. Rubin had also been one of the founding shareholders of the Private Bank of California. At the time, the Private Bank of California had been the largest Denovo raise for a new bank when founded. Mr. Rubin served on the executive loan committee from founding through the sale and was also an active member of the board through the sale holding various board seats. The company had primarily specialized in added value acquisitions and had created a vertically integrated platform with both management, development, and disposition. Find additional information at Stuart Rubin.