Why You Need A Top-rated RE/MAX Farmington Hills MI REALTOR®

Why You Need A Top-rated RE/MAX Farmington Hills MI REALTOR®

Why You Need A Top-rated RE/MAX Farmington Hills REALTOR®: Whether you are a first-time buyer or a seasoned veteran, buying a home in Farmington Hills MI can be one of the most exciting experiences of your life. It can also be a stressful undertaking. Fortunately, there are qualified real estate agents out there who can help you navigate the challenges of buying a home and help eliminate a lot of the stress. Overall, you’ll want to look for a REALTOR® and company you feel comfortable with and trust. Selecting the right one can make the difference between finding the right home for your lifestyle needs quickly and securing an offer or searching unsuccessfully for months.  

Tom Gilliam is a top-rated RE/MAX Farmington Hills MI REALTOR®  with over 17 years of experience. When you choose a RE/MAX professional like Tom Gilliam to help you with the home buying process, you can expect an exemplary level of service. Tom is a local market expert with access to a full complement of real estate tools and resources to ensure a successful home buying experience. With a trusted RE/MAX professional and the right support system, you’ll be able to make the most informed decisions. Tom’s comprehensive, high-quality services can save you time and money, as well as make the experience more enjoyable and less stressful.

Why Choose RE/MAX?

RE/MAX (short for Real Estate Maximums) has been in operation since 1973. The real estate company has since grown to encompass more than 100,000 sales agents working in franchise-owned and operated offices in more than 100 countries. A real estate powerhouse in its own right, and one of the industry’s most recognized brands, RE/MAX  is regarded as one of the country’s most productive real estate sales forces.  

  • When you look for the highest quality real estate service, look to a RE/MAX Associate. RE/MAX Associates are The Real Estate Leaders®. You can depend on RE/MAX Associates to make the sale or purchase of a home as effortless and seamless as possible.
  • RE/MAX agents are The Hometown Experts With a World of Experience®. They are the most knowledgeable agents, with the experience and community connections to assist you in the homebuying process. Across the globe, they are the people next door, or just down the block.
  • At RE/MAX, advanced education is a priority. RE/MAX Associates dominate the Accredited Buyer Representative (ABR), Certified Distressed Property Expert (CDPE), Certified Residential Specialist (CRS), and Seniors Real Estate Specialist (SRES) ranks.
  • Customer SatisfactionThe proof of quality service is in repeat customers and in customers who refer RE/MAX Associates to friends. RE/MAX Sales Associates typically generate a large percentage of their business from past customers and referrals.

Why You Need Top-rated REMAX Farmington Hills REALTOR® -Tom Gilliam 

For buyers interested in Farmington Hills MI homes for sale, Tom can help you every step of the way with real estate contracts, finding the best interest rate and loan programs, and even work with appraisers and home inspectors. If you are relocating to Farmington Hills from another part of the state or country, you’ll need a qualified agent to help you find the right home for your family. As a local expert, Tom can help educate you on the best neighborhoods and communities, the types of homes and features offered, schools, utilities, zoning, surrounding area amenities, commuting information, local community developments, and more.

As your RE/MAX Farmington Hills MI REALTOR®, Tom can go over different financing options and refer lenders that are best qualified to help you. He will take the time to investigate all available properties and has access to many resources to assist you in uncovering the right home for your family. Tom will arrange private showings for homes worth seeing in person based on your specific criteria and assist you in making the best purchase decision by providing objective information about each property. He can also help with negotiations and inspections and will guide you through the closing process to ensure that everything flows together smoothly.

Living in Farmington Hills, MI

 Farmington Hills is a northern suburb of Metro Detroit and the second most-populated city in Oakland County. Farmington and Farmington Hills are often thought of as the same community although the two cities have separate services and addresses. Downtown Farmington is a charming, walkable destination with over 160 businesses from banks, to photography and yoga studios to one-of-a-kind shops along with a variety of local eateries. 

Also located downtown is Riley Park and Walter E. Sundquist Pavilion, home to the popular Farmington Farmers & Artisans Market that is held every Saturday. The best-known park event is Rhythmz in Riley Park, attended by about 500 people every Friday between the months of June and August.  

Several major corporations are located in Farmington Hills including Nissan Technical Center and Nissan Trading Corp, Hitachi Automotive Services, Hino Motors Manufacturing, and branches of Panasonic, Mercedes Benz, and Greenpath. Other top Farmington Hills employers include Robert Bosch Corporation, Botsford Hospital, Quicken Loans, Cengage Learning Gale, and Chrysler Financial Services.  

Twelve Oaks Mall in Novi is located less than 6 miles from Farmington Hills. The mall is the destination of choice of metro Detroit and features nearly 200 distinctive stores and restaurants such as Apple, Coach, Michael Kors, The Cheese Cake Factory, and more.  

For parents with school-age children, most of Farmington Hills is served by the highly-acclaimed district of Farmington Public Schools, which is shared with nearby Farmington and filled with top-rated schools. School districts serving a smaller portion of the community include Clarenceville Public Schools and Walled Lake Consolidated Schools.

Private schools in Farmington Hills include The International School, Maria Montessori Center, Mercy High School, St. Fabian Elementary and Middle School, Schoolhouse Montessori Academy – Farmington Hills, and Steppingstone School. Institutions of higher learning include branches of Michigan School of Psychology, Oakland Community College mi, and Wayne State University.

Farmington Hills has several community parks and facilities, including Costick Activities Center, MI -Dog Park, Fishing Pier, Founders Sports Park, MI – Golf Club & Driving Range, Heritage Park, Ice Arena, Jon Grant Community Center, Longacre House, Nature Center, Riley Archery Range, Skate Park, Splash Pad, and Farmington Hills Community Center.

The 211-acre Heritage Park in Farmington Hills features 4.5 miles of trails for hiking and nature study which are also used for cross-country skiing during the winter months. The park features a large picnic area, splash pad, group picnic shelter, playground, in-ground grills, two sand volleyball courts, an in-line hockey rink, and six horseshoe pits. 

The Great Lakes are the dominant physical resource in the region and a number of inland lakes reinforce the popularity of water sports and water-based activities. Lake St. Clair, the Detroit River, and Lake Erie are all within an hour’s drive of Farmington Hills and attract boaters, swimmers and fishermen. The Upper Rogue River flows from Farmington Hills southward through the north and eastern portions of the City. 

For golfers, the Farmington Hills Golf Club’s pristine 175-acre course offers one of the best golfing venues in the area, with 18 challenging holes measuring 6,413 yards, manicured bent grass tees, fairways and greens, ponds, and gently rolling hills. Other golf courses in Farmington Hills include Copper Creek Golf Course (9 holes) and Glen Oaks Golf Course (9-holes).

Several major highways service the city: Grand River Avenue is a major east-west corridor through downtown Farmington. I-696 is about three miles north and I-275 about three miles west. The M-5 Freeway runs through the City and Eight Mile Road is on the southern border. Because of the excellent highway system, most sections of the metropolitan area are readily available to Farmington’s residents. Suburban Mobility Authority for Regional Transportation (SMART) operates local and regional bus services for Farmington Hills. The closest major airport is Detroit Metropolitan Wayne County Airport located about 30 miles from the center of town. 

Partner with REMAX Farmington Hills REALTOR® -Tom Gilliam 

Whether you’re interested in purchasing your first home, upsizing to a larger home with room for a growing family, looking to buy your dream home or the right investment property, why not take advantage of Tom’s 17-plus years of experience as a top-rated RE/MAX Farmington Hills MI REALTOR®? Tom will look out for your best interests, advocate for you, negotiate on your behalf, and do whatever it takes to ensure the best results possible. Get the homebuying process started today by calling Tom directly at (248) 790-5594 or you can reach him by email.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Direct: 248-790-5594
Office: 248-737-6800
Email: Homes2MoveYou.com
License #314578 

Farmington Hills MI 

Buying A Rental Property in Farmington Hills MI: What You Need To Know

Buying A Rental Property in Farmington Hills MI: What You Need To Know

Buying A Rental Property in Farmington Hills MI:
What You Need To Know

Buying a rental property in Farmington Hills MI is a big decision with big financial implications. When you purchase a rental property, you buy a house (often a multifamily home), find tenants, and take care of the property while collecting monthly rent and paying property taxes. When planned and executed well, a rental property can be a good investment that eventually becomes a source of income and profit.

However, as with any investment, there are pros and cons to consider. Rental properties can be financially rewarding and have numerous tax benefits, including the ability to deduct insurance, the interest on your mortgage, and maintenance costs. The drawbacks of owning rental properties include a lack of liquidity, the cost of upkeep, the potential for difficult tenants, and a declining neighborhood or market.

Let’s take a deeper dive into the pros and cons of investing in rental properties:

Pros of rental properties

As a rental property owner, you will have an opportunity to secure a steady income stream, all the while building equity and letting your investment property appreciate in value. Another benefit to owning rental property is that you will be able to reap a number of tax benefits. 

Tax benefits

Property owners with tenants can deduct numerous expenses associated with generating rental income. These expenses, which may include mortgage interest, real estate taxes, casualty losses, maintenance, utilities, insurance, and depreciation, will reduce the amount of rental income that’s subject to tax. 

The IRS allows you to deduct expenses connected with rental property in the categories of Ordinary and Necessary Expenses, Improvements, and Depreciation. This means that you can deduct your insurance, interest on your mortgage, maintenance costs, and physical wear and tear on your property.

Depreciation may produce a nominal loss, which in turn can be deducted against other income. In other words, you may achieve net positive cash flow from the rental income minus expenses and still have a net loss for tax purposes. But be aware that depreciation also reduces the cost basis of a property for calculating capital gains when you sell your property.

Seasonal Rentals

If you rent your property seasonally, you may use it yourself for 14 days per year—or 10% of the number of days that you rent to others at a fair market price and still be able to deduct your expenses. 

1031 Exchange

Section 1031 is a provision of the Internal Revenue Code (IRC) that allows the owners of investment property to defer federal taxes on some exchanges of real estate. The provision is used by those who are selling one property and reinvesting the proceeds in one or more other properties. In other words, in a 1031 exchange, you can sell a rental property and invest in another of “like-kind” without paying capital gains taxes.

Generally, if you make a like-kind exchange, you are not required to recognize a gain or loss. If, as part of the exchange, you also receive other (not like-kind) property or money, you must recognize a gain to the extent of the other property and money received. You can’t recognize a loss.

Properties are of like-kind if they’re of the same nature or character, even if they differ in grade or quality. For example, an apartment building would generally be “like-kind” to another apartment building.

Renting Extra Space

You can treat a room or area of your home, such as a garage, basement, or accessory dwelling unit, like a rental and write off a percentage of the mortgage interest and other expenses against its income. However, Keep in mind there might be laws where you live that prevent residents from renting to people who are unrelated to them without a license or permit. Make sure to check your city zoning laws to ensure you are proceeding legally.

Cons of rental properties

Though buying a rental property in Farmington Hills MI can be a solid real estate investment, there are a few potential drawbacks to owning one that should be considered, such as:

Non-liquid asset

Real estate is not an asset that can easily be converted into cash in a short amount of time. Liquid assets include things like cash, money market instruments, and marketable securities. Even in a hot market, it can take several months to find a buyer and receive the money in hand from the transaction. And if your timing is driven by an emergency or other unexpected life event, your need to sell fast might not garner the best price.

You could also get stuck in a scenario where your money is tied up in a home you can’t sell, or a home that keeps costing you additional money in maintenance and repairs. Or, you may have to deal with vacancies in between leases, which could leave you having to foot the entire cost of owning that property yourself without the rental income to offset it.

Less than ideal tenants

Despite your due diligence in screening prospective renters, you could end up with less than ideal tenants. They could be needy or demanding, consistently pay late on the rent, forget to turn off the water, and so on. They could also be destructive, in which case the depreciation allowance in the tax code may not be enough to cover the cost.

If a tenant fails to pay rent, it could create potential cash flow issues for you if you require that income to keep up with ownership costs. While vetting tenants and collecting a security deposit can help mitigate these risks, they don’t eliminate them completely.

Declining neighborhood or market

In an ideal scenario, your investment property will flourish amid other well-maintained dwellings and local amenities will improve. As a result, your cash flow will increase steadily and your costs will remain stable. However, there is also the chance that your rental property could decline in value. Neighborhoods can change over time, and sometimes for the worse. 

You’ve probably heard that the key to real estate investing is “location, location, location.” This is true for all different aspects of a property’s location—the larger metro market it is located in, the specific area of town, and even the specific neighborhood. 

A growth market is one of the most critical aspects of any location you choose to invest in. However, there’s no guarantee that a market will remain a growth market and can always switch to a declining market.     

Being a landlord 

Being a landlord is not for everyone. It involves wearing a lot of different hats, including customer service representative, leasing agent, tenant screening professional, bookkeeper, handyman, property inspector, and sometimes bill (rent) collector.

Being busy is one thing but you’ll also have to deal with your share of stress. It doesn’t matter how well-maintained your rental property is or how accommodating of a landlord you are, some tenants are demanding and problematic no matter what. 

As a landlord, you’re also always on the clock as you never know when problems will arise. That could mean rushing over to your property at 2 a.m. to fix a leak or having to chase down your tenants for the rent.

Maintenance and repairs

Except in certain cases, such as battery and light bulb replacement, maintenance and repairs are the physical and financial responsibility of the rental property owner.  Even preventative and regular maintenance tasks that traditionally are left to residents may be better handled by the landlord.

For example, just because your tenants are capable of regularly replacing smoke detector batteries and furnace filters doesn’t mean they will remember to do so.

Also, don’t forget the outside. Trees grow, gutters accumulate debris, faucets and sprinkler systems leak, and hornets build hives. Some property owners can save money by doing the work themselves while others lack the time and skills for home repairs. Expect to shell out periodic contractor fees.  

The takeaway

There are pros and cons to every aspect of investing. But as long as you are aware that it won’t be smooth sailing all of the time, buying a rental property in Farmington Hills MI can be a profitable and rewarding experience. Having a tenant pay down your mortgage or provide you with monthly cash flow can be a wonderful thing.

However, if you are a beginner real estate investor and about to buy your first rental property, then you might want to consider finding an experienced Farmington Hills MI REALTOR® to work with as buying investment rental properties without an agent requires experience in real estate.

Partner with top-rated Farmington Hills MI REALTOR® – Tom Gilliam

With a passion for real estate and a commitment to his clients, Tom Gilliam has been serving Farmington Hills and the surrounding Oakland County area for nearly two decades. Tom is known for his friendly demeanor and professionalism. His personal approach to the real estate process allows him to connect with his clients and find the right property for them. He will quickly ascertain your needs and goals and create a plan of action based on your specific criteria. 

Tom is someone you can trust and feel good about working with. His clients appreciate his honesty and transparency and feel it helps them as they make important real estate decisions. An excellent communicator, Tom always makes himself available for his clients whenever they have questions or concerns. He promptly returns phone calls, texts, and emails.

Having someone like Tom to advise and guide you means there is one less thing you need to worry about. He will protect your interests, advocate for you, negotiate on your behalf, and go the distance to ensure the best results possible. Get the home buying or selling process started today by contacting Farmington Hills MI REALTOR® – Tom Gilliam at (248) 790-5594 or send him an email.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Direct: 248-790-5594
Office: 248-737-6800
Email: Homes2MoveYou.com
License #314578 

Map Farmington Hills MI

Urban Dwellers Are Choosing To Move To The Suburbs

Urban Dwellers Are Choosing To Move To The Suburbs

Urban Dwellers are Choosing To Move To The Suburbs – Urban trends of the last 50 years are showing signs of being reversed. A combination of the coronavirus pandemic, economic uncertainty, and social unrest is prompting folks to move from large cities and permanently relocate to more sparsely populated areas.

Metropolitan areas across the U.S. are experiencing residents of all ages and incomes moving in record numbers to suburban areas and small towns – places where social distancing is more of a built-in part of everyday life. The trend has been accelerated by shifting attitudes and technology that makes it easier than ever to work remotely.  

According to data from a recent Harris Poll survey, nearly a third of Americans are considering moving to less densely populated areas as a result of the pandemic. “Space now means something more than square feet,” Harris Poll CEO John Gerzema said. “Already beset by high rents and clogged streets, the virus is now forcing urbanites to consider social distancing as a lifestyle.”

Urbanites (43%) were twice as likely than suburban (26%) and rural (21%) dwellers to have recently browsed a real estate website for homes and apartments to rent or buy, the survey showed.  

The shifts happening during this pandemic are not only challenging and far-reaching, but they could continue long after a vaccine or treatment is found. “People will be much more cautious about living in high-density areas with so many people nearby,” predicts Lawrence Yun, chief economist at the National Association of Realtors.  

More than half of the nation’s 100 largest metropolitan areas are seeing increased interest in the suburbs.  Recent data from Realtor.com suggests people are interested in moving and there seems to be an increasing appeal in properties outside of cities. 

Realtor.com figures, which compared this June to June of 2019, found that homes in rural and suburban zip codes saw the biggest jump in average views per property. Homes in urban zip codes had a 19% increase in views compared to last year. But homes in suburban zip codes had a much larger 30%  jump. Homes in rural zip codes saw a 34% increase in views.

Although property views are not sales, these numbers do reflect at least an interest in getting out of the most densely packed areas and into communities that are more spread out. The demand for homes is fuelled not only by fears that coronavirus infections in densely populated urban areas could rise again next winter but also by fundamental shifts in demand from in-office to remote workers. 

Many experts say that It’s not yet clear how the pandemic will reshape cities in the long run, but it has definitely accelerated trends that were already underway before the coronavirus outbreak. If the allure of cities declines further due to the risk of disease, an uncertain economy, and a future of telework, the flight to suburbia and rural safety will continue well after a coronavirus vaccine or treatment becomes available.

Partner with Top-rated Farmington Hills MI REALTOR® – Tom Gilliam 

2020 Best of Farmington Hills REALTOR - Tom GilliamA top-rated Farmington Hills and Oakland County MI real estate agent like Tom Gilliam can show you more properties and save you thousands of dollars when buying a home. You need an agent who knows the area, processes a vast network of local connections, and has the skills to negotiate like a pro.

From first-time homebuyers to multi-million dollar investors, Tom continually strives to provide top quality service for his clients. With access to the most up-to-date MLS listings for Farmington Hills and Oakland County MI properties, Tom is able to match his clients’ lifestyle needs with the perfect home.

If you are ready to list your current property, Tom has the experience and skills necessary to handle the marketing and sale of your home. Tom employs the latest technology to deliver massive exposure that will drive mega-response from qualified buyers.   

Search the MLS for Properties in Farmington Hills MI

With over 25 years of local real estate experience, Tom will protect your interests and work hard for you in order to ensure a smooth and successful transaction. If you or someone you know is interested in buying or selling Farmington Hills MI real estate, please give top-rated Farmington Hills MI REALTOR® Tom Gilliam a call today at 248-790-5594 or you can get in touch here.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Call: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578

Article sources:

Buying a Home in Farmington Hills MI: 5 First-Time Homebuyer Mistakes to Avoid

Buying a Home in Farmington Hills MI: 5 First-Time Homebuyer Mistakes to Avoid

Buying a Home in Farmington Hills MI: 5 First-time Homebuyer Mistakes to Avoid – Having a home to call your own is the “American Dream.” Whether you’re planning to be there for four years or forever, buying a home will be one of the most important personal and financial decisions as well as one of the largest purchases you’ll ever make. Hence the reason why it’s important to know about the common pitfalls that many first-time homebuyers make so you can avoid them.

Here’s a list of typical home-buying mistakes to avoid when buying a home in Farmington Hills MI, which will save you some significant stress on your home buying journey:

1). Not Partnering with A Qualified REALTOR®   

Since finding homes online is fairly easy these days, you may even question whether or not you need to hire a real estate professional. However, the home buying process includes a lot more than just finding a home that you like in the neighborhood you want to live in. It also involves hundreds of details that need to be planned for and navigated in order to achieve a successful transaction. In addition, you’re probably not even seeing the most accurate and updated listings online. A home you fell in love with online today may already be under contract, which is an often occurrence.  

A qualified Farmington Hill MI REALTOR® like Tom Gilliam is an invaluable resource. He is aware of new inventory as soon as it becomes available, ensuring that you have immediate access to the best homes and securing an offer. He is also highly knowledgeable about the area where you want to move and can inform you about the different neighborhoods and communities, the types of homes and features offered, the builders, HOAs, school districts, surrounding area amenities, local community developments, and much more.

An experienced and skilled agent like Tom, who is an area expert and transaction-management ace, will keep you informed every step of the way, protect your interests, advocate for you, and handle the maze of transaction details for a smooth and successful outcome.

2). Buying More House Than You Can Afford  

Although this one may seem obvious, it is a common pitfall among many first time homebuyers. Taking on more mortgage than you can afford is like taking a sledgehammer to your budget. You’ll end up wiping out all your other financial goals and struggle just to pay your basic utilities. Before you begin your home search, you’ll want to figure out exactly how much house you can comfortably afford and still have a life.

A good rule of thumb is that your house payment, including principal, interest, property taxes, homeowner’s insurance, private mortgage insurance (PMI), and homeowners association (HOA) fees (depending on your situation), shouldn’t exceed 25% of your monthly take-home pay.  Also, when buying a home, you’ll typically need enough to cover six factors: the down payment, closing costs, moving expenses, repairs and maintenance, the first few months’ mortgage payments, and your emergency fund.

These factors, when added together, will allow you to calculate a ballpark figure for how much you’ll need to save up to be able to afford a home. If you do the math and would be barely able to scrape by, consider holding off until you’re in a more stable financial position.

3). Not Getting Pre-Approved for a Loan

If you start home shopping before you get pre-approved for a mortgage loan, you could get a nasty surprise when you apply for a loan and discover you qualify for much less. It can be tempting to pull up listings online and schedule appointments to see your favorite choices before filling out a mortgage application. But if you don’t already have a preapproval letter in your pocket, that can be a mistake.

A mortgage preapproval helps you understand how much house you can afford before you begin your home search, makes you more attractive to sellers and alerts you to problems that may affect your ability to actually get a loan. To get preapproved, you’ll need to provide the lender with documents they will use to verify your personal, employment, and financial information.

Keep in mind that a lender might approve you for a loan amount that’s realistically more debt than you can comfortably carry month-to-month. Consider that you’ll need to pay homeowners’ insurance, taxes, and possibly flood insurance on your new property or PMI on your loan.  

4). Not Understanding Your Down Payment Options

One of the biggest headaches and obstacles for many first-time homebuyers is the downpayment. – the money that you contribute to the total cost of the purchase. If you don’t have a certain amount to put down on your home loan, you might find yourself paying private mortgage insurance (PMI) on the lifetime of the loan.

Depending on your credit score, the bank, and other factors, PMI can cost between 0.5 percent to 1 percent of the total loan amount. Most banks require at least a 20 percent down payment before they will waive the need for PMI on the loan. For a $300,000 home, you would need a $60,000 downpayment to avoid PMI. So, how much should you save for a down payment?

Typically, it’s recommended that you have at least 20% of the total house price to avoid paying PMI, a type of insurance that protects your lender from losing money in case you can’t make your mortgage payments. However, there are loans that allow you to put as little as 3 percent down on the home which is more attainable, especially for first-time homebuyers. Some government organizations offer free down payment grants or loans to qualified buyers.

Depending on your age, income level, credit score, and other factors, you could qualify for free money to wrap into your down payment; a full rundown of programs is available at downpaymentresource.com. For example, USDA loans and VA loans each have a very specific set of criteria you need to meet in order to qualify for a zero-down mortgage.

5). Not Waiting to Make Other Big Purchases Before Closing 

You’ve been pre-approved for your first mortgage loan, you’ve found the perfect home, your offer has been accepted, the home inspection passed and your loan officer has locked you in at a favorable rate. All that being said, its not the time to go out and buy yourself a big screen TV or furniture for your new house just yet because you won’t officially be a homeowner for another 30 days, give or take.

Even if your lender has approved your mortgage loan, they will check your credit again just before your closing date, prior to granting you the funds. You want to keep your finances stable and opening a line of credit or making a big purchase after mortgage approval is a common mistake. A change in your credit score can actually make you ineligible for the loan, so wait until after closing to make any other financial moves, just to be on the safe side. 

The Takeaway

If this is your first experience buying a home in Farmington Hills MI or it’s been many years since your last home purchase, knowledge is key. Along with knowing what issues to avoid, it’s important to glean first-time homebuyer tips so you know what to expect and what questions to ask your agent.

Partner with Top-rated Farmington Hills MI REALTOR® -Tom Gilliam  

2020 Best of Farmington Hills REALTOR - Tom GilliamA top-rated Farmington Hills and Oakland County MI real estate agent like Tom Gilliam can show you more properties and save you thousands of dollars when buying a home. You need an agent who knows the area, processes a vast network of local connections, and has the skills to negotiate like a pro.

From first-time homebuyers to multi-million dollar investors, Tom continually strives to provide top quality service for his clients. With access to the most up-to-date MLS listings for Oakland county MI properties, Tom is able to match your lifestyle needs with the perfect home.

If you are ready to list your current property, Tom has the experience and skills necessary to handle the sale and marketing of your home for the optimum results. Tom employs the latest technology to deliver massive exposure that will drive mega-response from qualified buyers. Tom also partners with the most talented home stagers to ensure that your home is thoughtfully staged to highlight its features and amenities.

Search the MLS for Properties in Farmington Hills

With over 25 years of local real estate experience, Tom will protect your interests, advocate for you, and go the extra mile to ensure a smooth and successful transaction. If you or someone you know is interested in buying or selling real estate in Farmington Hills, MI, or in surrounding Oakland County. please give top-rated Farmington Hills MI REALTOR® – Tom Gilliam a call today at 248-790-5594 or you can get in touch here.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Call: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578

7 Good Reasons To Consider Buying a Home in Farmington Hills MI

7 Good Reasons To Consider Buying a Home in Farmington Hills MI

7 Good Reasons To Consider Buying a Home in Farmington Hills MI – If you are like most first-time home buyers, you may have mixed feelings about purchasing a house. Having reservations is normal. You may be worrying about getting tied down and taking on a lot of debt. However, the more you know about the benefits of buying a home, the less intimidating the entire process will seem.  

Here are 7 good reasons why you should consider buying a home in Farmington Hills MI if you can afford it:  

1). Pride of Ownership

The number one reason why most people want to own their own home is the pride of ownership. Buying your first house is a major accomplishment and an important life milestone. In a recent survey conducted by the National Association of Realtors, buyers ranked “desire to own my own home” as their primary reason for buying a house. 

You’ll have the stability and emotional security of owning your own home. No more worrying about rent increases, negligent or bossy landlords, or the possibility your building will be sold and turned into a condo.

You’ll be able to live in your house as long as you like, fix your monthly payments for as long as 30 years and you’ll be in charge.

Homeownership also gives you the freedom to paint the walls any color that tickles your fancy, decorate any way you desire, and choose the types of upgrades and new amenities that appeal to your individual lifestyle. 

2). Roots Within A Community

When you buy a house, you’re not just another tenant swinging through a rental property’s revolving door. Buying a home gives you roots. Remaining in one neighborhood for several years allows you and your family time to build long-lasting relationships within the community.

It also offers children the benefit of educational and social continuity. An ongoing 80-year study by Harvard proves a sense of community is essential to living a long and healthy life, all the more reason to stay awhile.  

3). Appreciation

Historically, real estate has had a long-term, stable growth in value. Real estate moves in cycles – sometimes up, sometimes down. Yet over the years, real estate has consistently appreciated. 

In fact, median single-family existing-home sale prices have increased on average 5.2 % annually from 1972 through 2014, according to the National Association of REALTORS®. Even in the most recent 10 years, which included a few very bad years for housing, values are still up 7.0% on a cumulative basis. 

4). Property Tax Deductions

You can deduct the interest you pay on your mortgage from your taxable income. The value of this tax break depends on factors like your personal tax bracket, the size of your mortgage, the rate of interest you pay on it, and how long you’ve held the mortgage.

As a rule, the newer the mortgage, the greater the amount of interest you pay each month, and the bigger the tax break. Recent buyers with young mortgages tend to get the greatest benefit. IRS Publication 530 contains tax information for first-time homebuyers.  

5). Capital Gain Exclusion

Building equity in your home is a ready-made savings plan. When you sell your home, the capital gains on the sale are exempt from capital gains tax.

Based on the Taxpayer Relief Act of 1997, if you are single, you will pay no capital gains tax on the first $250,000 you make when you sell your home. Married couples enjoy a $500,000 exemption as long as you have lived in your home for two of the past five years.

You don’t have to buy a replacement home or move up.   

6). Mortgage Reduction Builds Equity

Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home. With each mortgage payment, you pay down your debt and accumulate equity in your house. 

Each month, part of your monthly payment is applied to the principal balance of your loan, which reduces your obligation. The principal portion of your principal and interest payment increases slightly every month. It is the lowest on your first payment and highest on your last payment.   

7). Home Equity Loans

You’ll be able to use the equity in your home for low-cost loans for other purposes. You can access the paid-up equity you accumulate in your home in the form of a home equity loan or a home equity line of credit.

Because they are secured, home equity loans and lines of credit generally carry a lower interest rate than other types of consumer loans, such as auto loans. Consumers can borrow against a home’s equity for a variety of reasons such as home improvement, college, medical, or starting a new business. Some state laws, however, restrict home equity loans.

The Takeaway

Yes, buying a home in Farmington Hills MI is a major commitment, but the financial and lifestyle benefits are well worth the cost. If you can afford to buy now, you’ll thank yourself in the long run, and whenever your friends get their annual rent increases.

Partner with Top-rated Farmington Hills MI REALTOR® -Tom Gilliam  

A top-rated Farmington Hills and Oakland County MI real estate agent like Tom Gilliam can show you more properties and save you thousands of dollars when buying a home. You need an agent who knows the area, processes a vast network of local connections, and has the skills to negotiate like a pro.

From first-time homebuyers to multi-million dollar investors, Tom continually strives to provide top quality service for his clients. With access to the most up-to-date MLS listings for Oakland county MI properties, Tom is able to match your lifestyle needs with the perfect home.

If you are ready to list your current property, Tom has the experience and skills necessary to handle the sale and marketing of your home for the optimum results. Tom employs the latest technology to deliver massive exposure that will drive mega-response from qualified buyers.

Tom also partners with the most talented home stagers to ensure that your home is thoughtfully staged to best showcase its features and amenities. With over 25 years of local real estate experience, Tom will protect your interests, advocate for you, and go above and beyond your expectations to ensure a smooth and successful transaction.

If you or someone you know is interested in buying or selling Farmington Hills MI real estate, please give Tom a call today at 248-790-5594 or you can get in touch here.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Call: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578

Farmington Hills MI Homes for Sale 800,000 and Up

Farmington-Hills-MI-Homes-for-Sale

FARMINGTON HILLS MI HOMES FOR SALE 800,000 AND UP

Welcome to Farmington Hills MI Homes for Sale 800,000 and Up! Farmington Hills is a small, affluent city in Oakland County, MI, and part of the northwestern suburbs of Metro Detroit. Farmington Hills was recently ranked as the fifth-best city in the state in which to live by Chamber of Commerce (digital-based company). TIME Magazine also picked Farmington Hills as the best place to live in Michigan based on strong economic and educational performance, convenience, safety, and pleasant way of life. Homebuyers will find a wide range of affordability in Farmington Hills from entry-level market-rate homes to multimillion-dollar estates - providing abundant opportunity for families to move here and enjoy a strong sense of community with access to top-rated, public schools.

Try our easy-to-use website to search the MLS, where you’ll find the most accurate and up-to-date listings for Farmington Hills MI homes for sale 800,000 and up. You’ll be able to save your search, create a free account, and receive email alerts of new listings that match your home criteria delivered directly to your email.  

Explore Farmington Hills MI Homes for Sale 800,000 and Up

$4,400,000
Land For Sale
Active
7.25
ACRES
OAKLAND
COUNTY
30755 Grand River Avenue
Farmington Hills, MI 48336
 
$1,900,000
Single Family Home For Sale
Active
5
BEDS
8
TOTAL BATHS
6,305
SQFT
28501 Fourteen Mile Road
Farmington Hills, MI 48334
Franklin Oaks - Farm Hills Subdivision
$1,370,000
Single Family Home For Sale
Active
5
BEDS
9
TOTAL BATHS
6,497
SQFT
36933 Howard Road
Farmington Hills, MI 48331
 
$1,125,000
Single Family Home For Sale
Active
6
BEDS
7
TOTAL BATHS
6,577
SQFT
26363 Ballantrae Court
Farmington Hills, MI 48331
Trillium Occpn 785 Subdivision
$1,110,000
Single Family Home For Sale
Active
4
BEDS
5
TOTAL BATHS
5,570
SQFT
20925 Metroview Road
Farmington Hills, MI 48335
Suprvr'S Plat No 8 - Farmington Hills Subdivision
$929,000
Single Family Home For Sale
Active
4
BEDS
4
TOTAL BATHS
3,500
SQFT
29010 Wintergreen
Farmington Hills, MI 48331
Halsted Estates Condo Occpn 1906 Subdivision
New Listing - a week online
$925,000
Single Family Home For Sale
Active
4
BEDS
5
TOTAL BATHS
4,600
SQFT
37227 Timberview Lane
Farmington Hills, MI 48331
Whispering Woods Estates Subdivision
$910,000
Land For Sale
Active
6.3
ACRES
OAKLAND
COUNTY
28740 Bartlett Street
Farmington Hills, MI 48334
Suprvr'S Muer Estates No 1 Subdivision

A qualified local agent holds the key to finding the most desirable properties, negotiating the best terms and price, and facilitating a smooth and successful transaction. Tom Gilliam is a top Farmington Hills REALTOR® with over 20 years of experience helping families find and get into their dream home in Farmington Hills or sell their existing property. Offering a wealth of knowledge and local market expertise, Tom has all the resources and information you need for making the best home purchase decision. Get the process started today by giving Tom a call directly at (248) 790-5594 or you can get in touch with him here!  

Living in Farmington Hills, MI  

Thriving in business and leisure activities, Farmington Hills is fueled by a strong economy and home to a number of large corporations including the Nissan Technical Center and Nissan Trading Corp. as well as Hitachi Automotive Services, Hino Motors Manufacturing, and branches of Panasonic, Mercedes Benz, and Greenpath. Downtown Farmington is a vibrant, walkable destination with over 160 businesses from banks, to bead stores to photography and yoga studios along with a variety of eateries and one-of-a-kind shops. Most of Farmington Hills is served by the highly-acclaimed district of Farmington Public Schools, which is shared with nearby Farmington and filled with top-rated schools. Other public school districts serving the community include Clarenceville Public Schools, and Walled Lake Consolidated Schools

Institutions of higher learning in Farmington include branches of Michigan School of Psychology, Oakland Community College, and Wayne State University. Farmington Hills has plenty of neighborhood and community parks for spending quality time outdoors. Heritage Park features trails for hiking and cross-country skiing during the winter months along with a splash pad, playground, volleyball courts, an in-line hockey rink, and more. The beautiful 18-hole Farmington Hills Golf Club course offers one of the best-golfing venues in the area. The closest major airport is Detroit Metropolitan Wayne County Airport located about 30 miles from the center of town. 

Top Farmington Hills REALTOR® – Tom Gilliam

Whether you’re looking to buy a home in Farmington Hills or its time to list your current property, experience matters most in a changing market. Serving the local community for nearly two decades, Tom provides the kind of knowledge, skills, dedication, and the personalized service you need and deserve. He will take the time to listen to your needs and concerns and will always have your best interests in mind. With Tom as your personal agent, you’ll have an expert by your side who will protect your interests, advocate for you, and handle all the details of your home purchase or sale for a smooth and successful transaction. If you would like to find out more about buying or selling Farmington Hills MI real estate, feel free to call Tom Gilliam directly at (248) 790-5594 or get in touch with him here!

Tom Gilliam, REALTOR®

RE/MAX Classic

29630 Orchard Lake Rd.

Farmington Hills 48334

Call: 248-790-5594

Office: 248-737-6800

Email: [email protected]

License #301741

Map of Farmington Hills MI

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