Investing Your Money In Real Estate Is That Still The Best Investment?

As we approach tax season, for many of us we may be looking for ways to invest some of our monies, expected refunds. Long gone are the days for us to just waste the money on unnecessary things we simply buy because we think it is cheaper to shop then to get therapy. We are financially smarter than that. In 2019 we are about taking control of our financial health and building wealth.

So we wanted to find wonderful ways that will not only get you on your way to financial health but depending on how you play your cards, financial wealth.

We caught up with a real estate expert Rich Dec who is based in one of New York’s prime area, The Hamptons. And he gave us the inside scope on how to acquire your Hamptons dream home.

Born and raised in Southampton, Rich Dec knows The Hamptons inside and out. After receiving a Bachelor of Arts degree at Plattsburgh State University, Rich returned home to start a career in publishing. He first made his mark on the East End of Long Island in advertising sales for the East Hampton Independent and then Hamptons Magazine before moving to New York City where he quickly rose to the top of his game working at National magazines including Men’s Journal, Elle Decor, Car & Driver, Metropolitan Home, Boating, and Backpacker.

Rich Dec

After 11 years in publishing and some major life changes, Rich decided to pursue something closer to his heart-a career in real estate sales. His passion began more than a decade ago when searching for his own home on the East End. Over the years, Rich’s personal interest in construction and renovations also led him to developing some speculative properties from Southampton to East Hampton. This knowledge and experience has helped give his client’s and customers an honest, realistic and fresh perspective whether selling or buying a home.

Now servicing Southampton to Montauk, his current place of residence and everywhere in between, he thoroughly enjoys the research, detailed market analysis and the interaction he encounters with clients, customers and colleagues every day. Rich is dedicated to providing excellent customer service, product knowledge and the best opportunities to meet his client’s and customer’s expectations. Rich is currently working as an Associate Broker and his passion, experience as well as knowledge of real estate in The Hamptons will make your experience with The Corcoran Group a truly positive one.

Getting Personal with Rich

Rich Dec is licensed in the state of New York as Richard Dec.

Occupation: Real Estate Professional experienced in Residential and Commercial Real Estate.  My title is NYS Licensed Real Estate Associate Broker.

How long have you been involved in real estate and in what capacity?

 Almost 14 years as an full time agent and I have also completed a few projects over the years (fix and flips) so my knowledge and expertise of the industry is quite extensive.

What changes have you seen in the market?

The market in the Hamptons has been red hot for many  years now with a lot of new construction and some areas of Sagaponack, Sag Harbor and Montauk are probably the most desirable markets at the moment.

For couples planning their new life together, what sort of market is it?

(Buyers or sellers): The market in The Hamptons has been primarily a second home market for many decades BUT there are plenty areas in Southampton and East Hampton where you can get a great starter home.  Also, If you have been established in business and can work virtually like many people these days then The Hamptons is a great place to buy your first home and have all the benefits of living by the beach but be within 2 hours to NYC for a meeting or to cultivate new clients or customers.  It’s an ideal place to raise children and it has wonderful schools but it also gives access to live the Hamptons lifestyle that has amazing cultural opportunities, plenty of nature outlets such as surfing, biking, fishing, sailing, mountain biking and there is a strong sense of community.

What price are we looking at now for homes in New York– in the City- Brooklyn, Manhattan, Queens, Staten Island, and The Bronx?

“I don’t cover those areas of NYC because my expertise is the Hamptons and Montauk but I have many colleagues in NYC and Brooklyn who can guide you to find that fabulous home with value.  I know Brooklyn continues to be on fire sort of speak from the reports I review and through my colleagues.  I lived in Brooklyn over 14 years ago in Park Slope and have seen the transformation it’s been amazing. Queens has been and continues to thrive especially in areas like Long island City especially now with Amazon taking a foot hold in this location. Whether it be Brooklyn, Queens or any other borough the market has been quite soft and continues to be a buyers’ market so now maybe the perfect time to buy.”

What are some of the advantages of going out to locations such as the Hamptons, Upstate NY?

The advantages of areas in the Hamptons is access.  Access to the beach, ocean, nature, wonderful towns that have fantastic restaurants, cultural events and access to NYC so that you have a true balance of the work hard play hard mentality.  I have seen a bit of a shift with some NYC residents looking towards Upstate areas such as the Catskills and upper Westchester as an alternative area to consider for a primary residence or for a secondary home.

How can couples prepare to become homeowners?

The first thing for any new home buyer is to check your credit scores for creditworthiness and then speak with a mortgage consultant to figure out if you qualify for a loan. This process is very important and keeps in mind that you should consider using a mortgage broker to start BUT also reach out to your primary lender and see what they can do for you.  I would also explore additional banks directly such as the Bank of America, Chase, Mr. Cooper, and some other local banks to be sure you can get the best rate possible and favorable terms.  Now is really the time to buy before interest rates continue to climb to levels around 6% or greater.  Home ownership makes sense for many reasons but most of all you start to gain equity when you invest in purchasing a home.  Keep in mind there are programs out there that are designated for first time home buyers and you should take advantage of those programs.  If you want to get more information about home ownership even if you are not in the New York area please feel free to email our friend Rich at rdec@corcoran.com

So before you spend your money sit down with a financial expert, check your credit and plan your next moves. Wealth is not built overnight. But you must take the first step into making it happen.

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