Why Condo Living Can Make Life Easier

Choosing where to live is one of the most important decisions you’ll make in your life. If you are drawn to the idea of condo living as opposed to staying in your single-family home, consider a few reasons why making a move to a condo will may make your life easier.

  1. Downsize is the Right Size

You’ve read about Marie Kondo’s views on the magic of tidying up your life and now believe that your home is too big to bring you joy. Downsizing from a house to a condo can be your next step in fulfilling this need to simplify. There are a variety of condo floor plans available to help you find the right size and layout. Or be involved from the start in choosing finishes and features when selecting a new-build condo option. If you’re ready for less is more, a condo could be the perfect fit.

  1. Chores No More

Condominium living provides a lifestyle free of outdoor chores. The association will organize crews to rake leaves and mow the grass, weed and mulch your colorful landscape or shovel the heavy snow on your driveway and walkways. This gives you more time to do more of your favorite things. Any repairs that need to be attended to, like prepping your furnace for winter or fixing a leaky faucet in the kitchen, will also be taken care of by the association.

  1. Neighbors and Friends

Living in a condominium complex means close proximity to your neighbors, allowing extra opportunities to develop friendships. The association typically holds monthly meetings which provide a chance to become familiar with neighbors and where they live in your community. This formal setting makes for easy introductions for those either new to condo living or interested in expanding their friendship circle. While you still may choose a more private lifestyle, you’ll have more chances to get to know more people living closely to your neighbors.

Think you’re ready to begin the search for a condo? Connect with a Mel Foster Co. agent today to get started.

What to Expect When it Comes to Personal Property and Buying

Don’t assume everything is included in your home purchase. It’s important to get everything in writing so you’re not left feeling cheated. Here are some common house features buyers think are included in the deal, but aren’t necessarily automatically included.

  1. Appliances

It’s not always the norm when buying a home that all appliances are included in the sale. Things like refrigerators, washers and dryers, dishwashers and microwaves may be going with the seller. If you want a specific appliance left behind, make sure to clarify in writing that it’s a condition of the sale.

  1. Window Coverings

Sometimes there are shades or drapes in the home during showings. The shades may be fully fitted for the window and attached, but the seller may be planning on taking them once they sell the home. If you don’t see it written anywhere, get the inclusion of window coverings in writing. Specify you want the existing window coverings either included or removed if you don’t like them.

  1. Mounting Materials

It’s common for homes to have TV’s mounted on the wall with a bracket supporting it. Be sure to ask. It may not actually be included with the sale of the home.

  1. Lawn Care Equipment

If the lawn at the home you are buying is large, you may want to negotiate with the sellers for any lawn care equipment you need. If the lawn requires a riding lawnmower the previous owners may be willing to include it in the sale.

Find more tips for buying in the Mel Foster Co. blog.

Should I Buy Property For My College Student To Use While At School?

Sending your child to college is expensive and room and board is the second highest expense for college students each year. As you weigh your financial options, consider a few pros and cons of purchasing property for your child’s use while in college.

Long-term investment

It’s best to think of a second mortgage as a long-term investment, as some statistics suggest that significant profits begin into the seventh year of ownership. Since most students will complete their education within five years, consider whether you’ll be willing to do maintenance and updates to the property after your child has graduated and moved on. Ask yourself if you’ll be in it for the long haul.

Preparing Your Budget

Rental income from student friends can help pay the mortgage, but tax rules for second mortgages can be tricky. Be sure to consult a tax professional before purchasing property so your budget is realistic. Housing markets fluctuate, so how a property will hold its value is unknown. Keep your profit projections for your budget conservative to start and adjust as you go.

Consult A REALTOR®

The best place to start finding the ideal location for your rental is with a real estate agent. Mel Foster Co. agents are experts in market conditions and communities. As part of a global network called Leading Real Estate Companies of the World, you can find that second home anywhere by starting with your local agent.

Connect with a Mel Foster Co. agent near you.

 

How To Find The Perfect Neighborhood

Finding a great home in an ideal neighborhood is a homeowner’s dream. Whether you are new to the area, looking to downsize or seeking more space for your growing family, follow these steps to identify the right location.

Search It Online

House hunting online is a great place to start. Searching online can provide quick, easy and extensive information on neighborhoods to consider. You’ll be able to gather facts like proximity to schools and restaurants, what crime rates are in those areas and what future plans of that city look like. Take advantage of the information highway at your leisure so you’re ready when It’s time to see houses in person.

See It For Yourself

Seeing is believing when it comes to neighborhoods. Visit your top prospects in person at different times of the day and think about how what you see makes you feel. What’s the traffic flow like? Are the roads in good condition and cleared for easy driving? If you’re a nature lover, are the streets lined with trees filled with chirping birds? How tidy are the other homes nearby? Imagine what you’d like to come home to every day and ask yourself if what you see on your visit matches this vision.

Think About It

Aside from the things you can see while you’re visiting the neighborhoods, consider other things you can’t see but are still important in your decision-making. Research what property taxes will be, so you have an accurate budget to start. Consider the commute to and from work and if it aligns with the amount of time you want to spend in the car each day. Does it feel safe in the neighborhood? You’ll want to feel at ease in your new place.

Search for new listings or find an agent if you’re ready to be more active in your search.

 

Three Benefits To Condominium Living

Choosing condominium living over the single-family home ownership has some noteworthy benefits. Consider a few factors that can help you weigh your options, start your search and find your ideal home.

  1. Convenience

The responsibility for upkeep and maintenance with a condo falls on the association, which conveniently frees up your time for things you prefer to do. The landscaping will stay fresh, the driveway will be clear of leaves and snow and you won’t have to worry about setting aside money for an eventual roof replacement if you chose condo living. Someone will be readily available to fix the water heater or air conditioning unit when issues arise.

  1. Value

With maintenance covered by your association fees, you may find a condo gives you a better value when compared to owning a single-family home. If you are looking for a smaller one or two bedroom condo, you’ll need less square footage in your home than if you needed a three or four bedroom home. This can help lower your utility costs with a smaller home to heat and cool making a condo a solid financial option for savings.

  1. Community

Living in close proximity to your neighbors allows a community to develop. You recognize your neighbors as you come and go and see each other at the mailbox or taking out the trash. This familiarity creates friendly relationships and knowing your neighbors helps to build trust. It’s comforting to know your neighbors and that you will help keep a watchful eye out for one another.

Think you’re ready for condominium living? Contact a Mel Foster Agent today to get started on your search.

Preparing to Buy in the Competitive Summer Housing Market

Home Buying Tips

This summer will be a competitive season in the housing market where demand will be higher than supply. If you’re planning on buying a home, here are some tips to help you prepare.

Get Your Finances in Order Ahead of Time

Before you begin looking for houses, make sure you’re financially prepared to be a homeowner. This includes doing a credit check, gathering your employment and salary history, getting a current bank statement that shows savings and checking balances, making a list of your debts and anything else that could contribute to your net worth.

Be Prepared for High Prices

If you see a house you love, chances are someone else loves it too. Many sellers are receiving multiple offers and will often receive offers close to their asking price. Be prepared for firm prices and difficult negotiations. Determine your needs vs. wants when it comes to selecting a home and be willing to compromise so you can act and make an offer quickly.

Work with a Professional Real Estate Agent

Having a real estate agent on your team can make a big difference. An experienced agent can recognize what might make or break a deal. Your agent will offer the sellers your whole package and not just an offer number, making your offer more appealing to the seller. Your agent’s ability to negotiate on your behalf gives you peace of mind that you’re getting the most out of the deal.

To contact a Mel Foster Co. agent today visit our website.

What to Expect When it Comes to Personal Property and Buying

What is included in your purchase?

Don’t assume everything is included in your home purchase. It’s important to get everything in writing so you’re not left feeling cheated. Here are some common house features buyers think are included in the deal, but aren’t necessarily automatically included.

  1. Appliances

It’s not always the norm when buying a home that all appliances are included in the sale. Things like refrigerators, washers and dryers, dishwashers and microwaves may be going with the seller. If you want a specific appliance left behind, make sure to clarify in writing that it’s a condition of the sale.

  1. Window Coverings.

Sometimes there are shades or drapes in the home during showings. The shades may be fully fitted for the window and attached, but the seller may be planning on taking them once they sell the home. If you don’t see it written anywhere, get the inclusion of window coverings in writing. Specify you want the existing window coverings either included or removed if you don’t like them.

  1. Mounting Materials

It’s common for homes to have TV’s mounted on the wall with a bracket supporting it. Be sure to ask. It may not actually be included with the sale of the home.

  1. Lawn Care Equipment

If the lawn at the home you are buying is large, you may want to negotiate with the sellers for any lawn care equipment you need. If the lawn requires a riding lawnmower the previous owners may be willing to include it in the sale.

Find more tips for buying in the Mel Foster Co. blog.

Why You Should Buy During the Winter

Buy in the Winter.

House hunting during the colder months may not be the most popular time of year to look, but there are several upsides to consider.

  1. You Face Less Competition in the Winter

Approximately 50% of homes sold during the year are sold during summer months. If you purchase in the winter, you may avoid stressful bidding wars and sellers can be more eager to close quickly as they have fewer offers to choose from. They may also try to sweeten the deal with additional incentives when you buy during this time frame.

  1. Sellers are Motivated

A motivated seller is great news for the buyer. If they’re trying to sell quickly due to relocation or other time constraints, they’ll be more flexible when it comes to price. It’s also possible the house has been on the market for an extended period of time, maybe since last summer, meaning the seller is ready to close as quickly as possible.

  1. Interest Rates May Increase

Interest rates can have an impact on your budget when buying a house. The direction of interest rates is never certain, but many analysts think the rates will increase, maybe even multiple times in the year, due to a strong economy. Consider that the sooner you buy, the further your money will go.

  1. Housing Prices are Rising

Housing prices on average have steadily increased the past several years. This upward trend is expected to continue according to real estate analysts.

Find a Mel Foster Co. agent in your town.

Tips for Being in a Home Owners Association

Home Owners Association Tips
Home Owners Association Tips

Home Owners Associations or HOAs can have a powerful impact on your rights as a home owner. Before moving into an HOA neighborhood, be sure to consider these factors.

  1. Learn Your HOA’s Rules

Every HOA is different. It’s important to take the time and familiarize yourself with your association’s rules. What happens if you break a rule? Is my home currently meeting all HOA rules before I buy it? Pay particular attention to any rules resulting in a fine.

  1. Consider Your Temperament

If you’re not a fan of being told what you can and can’t do, an HOA might not be for you. One of the largest benefits of being a home owner is changing your home as you see fit, so be sure your goals and your HOA’s goals aren’t at odds with each other.

  1. Be Careful of Under-management

Often people are worried their HOA will be overbearing and watching their every move. This is just as troublesome as when an HOA isn’t fulfilling its duties. If the HOA board isn’t making repairs, attending meetings or resolving their residents’ problems, it may be cause for concern. Make sure your needs are going to be met when you join an HOA.

  1. Consider the Fees

In addition to your mortgage, you will also have HOA fees and dues. Be sure to understand these charges, as you don’t want to be caught off guard. You need to determine whether or not the services the HOA provides are worth the annual cost.

  1. Always Stay Up to Date

If you decide to join an HOA, do everything you can to ensure you’re informed of any changes. Attending meetings, or requesting minutes from the most recent meeting, is a great way to be notified of any changes the HOA makes.


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