Real Estate Lowdown

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The “Life with Father” days are long gone. Kids don’t live down street and come to “Grandma’s”  for Sunday dinner…as a matter of fact, sometimes they don’t even live in the same time zone! Holiday’s are shared every other year with your kids also-out-of-the-area in-laws and the big 5 bedroom house with a huge dining room table is a thing of the past. So, what do you do when you find yourself maintaining a home for the 2 or 3 times a year that the family is all together? Why not save the time and energy spent on home and yard maintenance to embrace a new lifestyle! Move to the country… move to the city… stay in town but travel more. In our Real Estate Practice we have helped clients address these questions and have discovered there is not just one answer! We have compiled the following transition options we have seen work.

Option #1:     In this first option, you would buy a second home that will become your “Downsize” home. Until you are ready for the transition, you can enjoy it as a get-away and family gathering spot. You should start the actual downsizing process at least 18 to 36 months before the time you actually plan to sell your primary home. Contact a full service real estate agent with experience assisting downsizing clients at any time during this process. You should get counseling and direction from this agent; from how to attack the downsizing process, through suggestions on where to thoughtfully place items you have “thinned out”, to a “to do” list to help you sell your house for the highest possible price. [The actual pricing of your home for sale will have to come later - generally within 6 months of going on the market your agent would start the final planning with you]. Choose an agent you trust, would enjoy working with and who comes recommended with experience in  planning and implementing a downsizing plan. It can take 12 to 18 months to do this and, if done correctly, will alleviate some of the stress associated with “letting go” and moving on.

But not everyone is lucky enough to afford that “Downsize” home before selling. Options #2 & #3 provide other alternatives. The difference between them is that when you are 6 months away from putting your house on the market you need to make the decision… what kind of risk taker are you?

Option #2:     “Sell-first Option. In the “sell-first” scenario, you should start the process 18 to 36 months before your anticipated moving date, just as you did in Option #1.

As a “Sell-first ” risk taker, you must be prepared to look around, but not settle on a new home until you know exactly what you have to spend. Sounds smart, right? Where’s the risk? Well this situation requires that you put your house under agreement and don’t commit to another home until you are absolutely safe - could be with as little lead time as 30 days. If you are the type of person who will sleep better having the proceeds available before committing, then this is the Option for you. You can begin the search for your new home, and if you are lucky you will find the right place and the timing will work. But more likely, you will need to find a house or apartment to rent. But you must be prepared to rent storage space and secure interim housing.

Once you move into your interim housing, you are free to enjoy a little “house freedom” and look around for your new home unencumbered with a house to sell. It has the added benefit of giving you time to get used to smaller space on a temporary basis. You learn what you really need in your new home. Many people actually continue to “thin out” the items they had put in storage.

Option #3:    “Buy-first” Option. A “buy-first” risk taker prefers to be sure they can find their dream home, more than have the financial security of knowing exactly what they will get for their house when it sells. In order to even consider going this route, you must have a good deal of equity in your current property because you will most likely be taking that equity to use in the new home purchase. Talk with your lender to confirm you qualify for this Option. The process should be started 18 to 36 months before your anticipated moving date, just as in Option #1 & #2.

Once you are within 6 to 12 months of your planned moving date, revisit your lender to determine “how much” and “for how long” you are able to comfortably cover the financing. Then you go shopping! You should concurrently be finalizing the staging and market preparation for your house so you can pop on the market the minute you have an accepted offer on the house you want to buy.

It would be a good idea to have already established a relationship with a Realtor who will have a marketing program ready to go and price your house competitively. There is always a possibility you will be able close both properties concurrently. But in any event, being prepared will lessen the time you will have to carry the financing for two properties.

Less traditional, Options #4 and #5 are also possibilities.

Option #4:     Sell your house using either approach described in Option #2 or #3 above. Then buy a small house or condo and a larger home in a vacation area. This would become the “family gathering” spot and also a get-away for your pre-retirement years.

Option #5:     Sell your house to one or all of your children and create an in-law apartment for you to live. Then enjoy retirement and travel!

No matter which approach you consider, the act of selling the family home and moving on to the next stage of your life requires a plan. Be sure you engage a real estate professional who is prepared to help you evaluate your options and see you through the entire 1-5 year process.

What do You think?

Preventive maintenance can mean the difference between maintaining the value in your home or depleting the equity you might have gained; keeping hard earned cash in your pocket, or throwing it into the wind with an unnecessary or unexpected expense.

The best way to help maintain any appreciation and protect your investment is to do minor routine tasks, proactively and systematically, to help keep the home operating and functioning normally. Avoiding major operating malfunctions or complete failures can easily be avoided if homeowners take just a few minutes to do some routine minor household tasks.

Many of these items can be done by the homeowner, cutting costs significantly, although the cost of hiring a professional is usually better than not performing the maintenance at all. Having to spend money on replacement appliances and installation costs can be several times more costly than the simple maintenance of them.  

Maintenance Check-List
1. __ Service heat & a/c system once a year.

2. __ Change the filters in your heat & A/C system once a month.

3. __ Drain hot water heater once a year.

4. __ Don’t leave light sockets without bulbs.

5. __ Periodically run a pitcher of ice cubes through garbage disposal to sharpen blades.

6. __ Replace dripping faucets immediately to conserve water.

7. __ Don’t allow toilet tanks to drip - replace ballcock assembly.

8. __ Check weather stripping around doors for air leaks.

9. __ Visually look at roof after high winds to detect loose shingles.

10.__ Visually look around outside roof line to find holes where animals might enter.

11.__ Check batteries in smoke detectors monthly/replace annually.

12.__ Wrap outside pipes in winter to prevent freezing.

13.__ Remove garden hose from and shut off outside faucet in winter.

14.__ Water around foundation during dry periods to prevent cracking or shifting. REMEMBER: When the time comes, a better maintained house will sell faster & for a higher price! We are available for a 1-3 year relocation audit. Just let us know the best time for us to meet.

  There have been suggestions that granite countertops could emit radon gas. As with so many things, the answer depends on whom you ask. The Environmental Protection Agency “does not believe sufficient data exist to conclude that the types of granite commonly used in countertops are significantly increasing indoor radon levels.” Read more about their position on this issue here.

The Marble Institute of America says in a white paper ”that radon levels associated with natural stone countertops in homes are low in comparison to background levels of exposure and natural stone is a minor contributor compared to other sources of radon gas.” Some environmental groups believe there may be a danger. See a discussion at Green Building Elements. 

HOLIDAY ARTISANS

BAZAAR

Come Shop for Handcrafted Gifts - Have some hot cider & Cookies

Artisans will be donating a portion of their proceeds to the Lexington Food Pantry

RE/MAX Landmark

*On the Lexington Holiday Festival Night*

Friday, December 5, 2008 from 5 – 8:30 P.M.

15 Depot Square      Lexington, MA

Jewelry, Pottery, Hand-turned Wood Items, Notecards, Fabric Accessories

SWEDART Unique Swedish Jewelry & Gifts    

POTTERY by Lynne              

BEACON TEA BREADS : Fine Artisan Tea Breads

SCARFS, HATS, ETC by Beatriz & Sheena

POLYMER JEWELRY from Jackie Katz

CRYSTAL & BEADED JEWELRY by Marie Perkins & Norma Currie

WATERCOLOR DESIGN NOTE CARDS by D’Ann Brownrig

TRANSFORMATIONS: Wood Turning Designs  By Bobbi

*DON’T FORGET to get your goodie bag before you leave! *

Sponsored by: RE/MAX Landmark Agents

* Julie Duncan * Beatriz Dominguez * Janet Halloran * Sharon Kelly *Judy Moore *  Marie Perkins * * Sheena Santos * Debbie Spencer * Bobbi Tornheim *

 

Don’t get caught with an expired license! Effective immediately the Registry of Motor Vehicles will no longer be mailing out License renewal applications or reminders to renew your driver’s license 

It is now the drivers responsibility to know when their license is expiring and renew it. You may not have heard this, and that’s no surprise, because there has been no public information sent out about these changes. It is only on the RMV web site - -don’t know about you, but not a site I check regularly! It is a huge cost savings for the state, but it might have been nice to send one more notice out to let us know!

You can check the web site to see what other items will no longer be receiving mailings  (http://www.mass.gov/rmv/ under ‘Alert’). 

We suggest you pull out your license, take note of your expiration date and make sure you renew it on time!

And please be careful on the roads during the upcoming holiday season.

Thanks for stopping by!

Julie & Sharon

Kitchen Countertops - A Value Added Upgrade

By: Roselind Hejl

The material that covers your kitchen counters is one of the most visible and memorable features in your home.  It helps to establish the design, color theme, and level of finish out.  Today there are new choices in countertops, and old ones are making a comeback.  If you are thinking of making a change, here are a dozen countertop choices for you to choose from:

Granite:  This has been the most popular choice in recent years.  Granite is a strong, heat tolerant, and stain resistant countertop.  Its natural look is inherently beautiful, and it makes a strong statement.  To lower the cost, tiles can be used instead of slab granite.  On the negative side, color selections are limited, the cost is high, and the shiny polished surface is less in demand than it has been.     

Marble:  Marble offers more color choices than granite, and is available in a variety of tile sizes, such as 16 x 16, or larger.  There are several surface finishes for marble - from shiny polished, to matt honed, to rustic tumbled.  The honed matt surface is smooth, cleans easily, and makes a good kitchen workspace.  Marble is slightly more porous than granite, and must be sealed after installation. 

Soapstone:  Soapstone is a very durable and non-porous stone with a matt finish, but the color is limited to grey/black.

Limestone:  Various kinds of limestone, such as Jerusalem stone, are available.  They may be too porous for the high use and food stain environment of a kitchen countertop.  Frequent sealing may be necessary for maintenance.

Slate:  Slate is used for floors and has been used as a natural stone countertop.  However, some might consider the texture to be too rough for the kitchen counter.

Ceramic Tile:  Ceramic tile offers a wide variety of colors and textures.  New tiles are introduced frequently.  Tile has been out of favor in recent years as the countertop of choice, but could be a good fit with some kitchen styles.  The grout joints in ceramic tile are wider than stone tile.     

Stainless Steel:  Stainless steel is an interesting choice, and could be a perfect for some kitchens.  For others it may be too modern or cold.   

Concrete:  Concrete is coming on strong in many areas.  It offers a soft color palette, but there are concerns over stain resistance and durability.      

Plastic slab:  Plastic slab material, such as Corian, is very hard, easy to clean, and practical.  It was popular, but has lost favor in recent years because of its manufactured look.   

Plastic Laminate:  This is an affordable, colorful choice that is making a comeback for some urban style homes.    

Engineered Stone:  Engineered stone, such as Silestone, is a slab material made of stone pieces held together by epoxy plastic.  This is similar to Corian, but with quartz and other stone chips added for a more natural look. 

Glass:  Several types of glass composite counters are gaining in popularity.  One, such as EnviroSlab, is made of glass chips bound in plastic.  Another, such as Icestone, is a colorful countertop made of glass chips bound in concrete.  The green movement has brought these to the forefront because recycled material can be used.   

Nothing updates a home more than a new kitchen countertop, and nothing dates a home more than a poor one.  The kitchen counter is a feature that can add immediate value to your home.  But, before making this upgrade, make sure that your new countertop is compatible with the overall design style and colors of your home. 

October - Here are a few Maintenance Items to tackle:

Check the gutters and downspouts: Are they unclogged and free of litter? Are the joints tight? Are extenders and splash blocks under the downspouts? Any leaves in the roof valleys? Check for tree branches overhanging roofs. See if the septic tank needs pumping out. Be sure the pool is properly shut down and winterized. Check/provide snow fences if needed to direct the snow away from the house. Assess your back yard for winter: Is the BBQ put away and covered? Are lawn and garden tools stored in the shed or garage? Has the lawn furniture been winterized? Make sure there’s room in the garage for your car(s). Have hose bib covers handy for a freeze. Check the nooks and crannies for snakes, spiders and scorpions that will be looking for winter warmth. Check windows: Are they tightly caulked? Have window screens been removed and cleaned? Is your weather stripping tight? In the North: Have something handy to de-ice walkways and steps.

Check the gutters and downspouts: Are they unclogged and free of litter? Are the joints tight? Are extenders and splash blocks under the downspouts? Any leaves in the roof valleys? Check for tree branches overhanging roofs. See if the septic tank needs pumping out. Be sure the pool is properly shut down and winterized. Check/provide snow fences if needed to direct the snow away from the house. Assess your back yard for winter: Is the BBQ put away and covered? Are lawn and garden tools stored in the shed or garage? Has the lawn furniture been winterized? Make sure there’s room in the garage for your car(s). Have hose bib covers handy for a freeze. Check the nooks and crannies for snakes, spiders and scorpions that will be looking for winter warmth. Check windows: Are they tightly caulked? Have window screens been removed and cleaned? Is your weather stripping tight? In the North: Have something handy to de-ice walkways and steps.

For What It’s Worth:

There was an article in the 8/28 Lexington Minuteman that I found to be interesting. I’ve always wondered who to call for very tipsy looking phone poles, so here it is.

State law says double-poles must be removed within 90 days. Ha-ha!! Double poles are installed when the old ones need to be replaced. To have the double. poles removed, you can contact Peter Bowman, Verizon VP of external affairs, 617-743-8874 or peter.t.bowman@verizon.com or Stan Usovicz, Verizon Reg Dir of Ext Affrs, 781-224-2005 orstanley.j.usovicz@verizon.com.

Well, it’s happened to everyone at some time, but that doesn’t make it any easier to accept. Due to a technical snafu, we have lost all of our previous blog posts and comments. We are trying to recreate the blog posts but aren’t too optimistic. Some relating to market history are out of date so check back regularly for new posts on home care and real estate market data and community information.

Thanks for stopping by!

Julie & Sharon