Renting vs Buying

Renting vs. Buying: Deciding What Option is Best for You

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We’ve always been told that purchasing a home is one of the pillars to life’s success. We run through a checklist in our heads of what we hope to have by X age to make us feel accomplished. From marriage and children to a stable job that provides sufficient income and a nice car, a house is one of those achievements that tops the list for most. Rightfully so! Owning a piece of property that we can call our own is no small feat and should be an achievement we celebrate and strive for. Understanding when the right time to buy is key to getting the most out of your purchase. If your waffling between the ideas of buying and renting, consider these factors before making the leap. 

 

Location, Location, Location

 

Are you comfortable in your current location? Is this spot somewhere you can see yourself in 5 years? 10 years? Reflecting on your location is key to deciding whether you should buy or rent in your current area. If you are unsure whether you want to stay put or take up space in another locale within the next 5 years or less, buying may not be right for you at this stage. Often we hear that renting is about pouring money into something that doesn’t belong to us, but in turn for the rent we pay we can get a pretty nice pad to stay in, so it’s not a total loss, especially if you don’t plan to be in the area forever. In contrast, if you feel as though you want to stay where you are for the long run it may be best to start the buying process so that you can invest in a property that belongs to you for years to come.

 

Purchasing power is key

 

Before you can make a sound decision on whether or not purchasing a house works for your lifestyle, you need to gage your overall purchasing power. There are various factors that play into your purchasing power including credit score, savings amount, down payment, debt to income ratio and payment history on major debts such as past mortgages, credit cards and car loans. When determining your pre-approval amount, a loan processor will look at these factors to determine whether or not you are sound enough to purchase a home, along with providing the amount of loan you will be allowed to borrow for your new mortgage. If you don’t meet all of the criteria requirements, or are on the lower end of the spectrum, when it comes to purchase power versus your wish list, renting may be the best option until you are able to bring all aspects to pristine health. During your rental period, focusing on cleaning up your credit and saving money diligently for your down payment are key aspects of growing your purchasing power. 

 

The future is now

 

If you’ve decided that the home purchase route is the right one for you, consider what the future may hold for you. Reflect on questions such as:

  1.     Will I be married or have roommates now or in the future?
  2.     Do I plan to grow my family?
  3.     Do I want pets?
  4.     Do I plan to host holiday gatherings, events or guests at my home often?
  5.     Do I want to build on or renovate a home or do I prefer a move-in ready type?
  6.     What floor plan layout works best for my plans now and in the future?

Although you plan to purchase now, or in the near future, you must contemplate your wants and needs that may arise in the future. This way, your home will fit your changing lifestyle as you, and your family, grows and changes. If you are uncertain of your future plans or prefer not to completely reflect on them at this time, renting would be the best option as you can, oftentimes, choose between a long-term or short-term lease agreement.

 

When deciding whether renting or buying a home is the right option for you, there are many different factors to reflect upon before jumping headfirst into your option. Consider factors such as your financial buying power, your debt to income ratio, your savings and purchase plan and your future personal goals. Understanding the full picture will allow you to make the best choice for you now. Still not sure what the best option is for you? Contact me today, I would love to help walk you through the process to determine the best route for you.

Fall Home Decor

Fall Home Decor Ideas

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As we delve into a new season filled with changing leaves, pumpkin spice, cooler weather, and the unofficial start to the holiday season, we should outfit our home to match. One of the most exciting things about being a homeowner is decorating your home for the holiday, or season, at hand. As we embark on all the changes that come with fall, our homes should be a beautiful autumn-styled extension of who we are. Add little touches here and there to make your home pop this autumn.

 

Create a grand entrance

One of the most impactful, and easiest, ways to decorate our home for fall is to outfit the exterior. Whether you’re expecting more guests or looking to give those passing by your home a glint of the magic of the season, starting on the outside is the way to go. Choose a wreath or door hanging that uses fall-themed colors. Rustic elements and pops of orange, red, and yellow hues are the best options. Add some hay bales, decorative pumpkins, and mums to spice up your front steps. If you are planning on being the go-to spot for trick-or-treaters include fun lights or Halloween décor to excite the little ones. Halloween décor can be pulled out once the holiday passes and replaced with some Thanksgiving-themed items.

 

Add pops of plaid

Plaid is the unofficial pattern for fall, right? Add touches, outside of your wardrobe, to your fall décor. Buffalo plaid, white and black checkered, is the go-to pop to add between your reds, oranges and yellows. Consider adding plaid placemats or centerpieces to your Thanksgiving table, or an easy runner to your dining table for the entirety of the season. Add pops throughout your living and guest rooms with throw pillows or blankets.

 

Warm up the feels indoors

Nothing says falls like cozy interior touches. Now is the time to pull out the extra throw blankets for the sofa. If you have an interior fireplace consider decorating the mantle in a subtle, but eye-catching fall theme. Fall scented candles add an extra bit of ambiance to a cozy space by transporting us back to our best memories of fall. Consider scents like warm apple pie or spiced pumpkin to add to your living room table, for both the scent and color palette. Don’t forget to add fall flowers in rustic vases throughout your home to pull the outdoors in.

 

Add fall flair to your interior wall décor

Seasonal changes should be transitional pieces that speak to the particular holiday or season at hand without requiring a full interior makeover. When changing up your décor for the season, don’t forget the wall hangings. Add rustic touches to staple year-around wall pieces to accentuate your current décor while also adding a pop of holiday flair. Consider changing out your focal piece in key rooms to match the season and rotating them throughout the year.

 

Fire up the outdoor sitting area

With a change of season comes a change in the weather. While the temperatures are dropping don’t feel like you need to lose your outdoor space. Cozy up outdoors by changing out your outdoor set-up. Opt for throw pillows and blankets for your outdoor furniture. Add in a few heat lamps throughout your outdoor space along with a fire pit, gas or wood, in the center of your seating area. This added feature can add fun to your fall activities, including s’mores making and wine nights by the fire. Add in some string lights throughout your backyard oasis to set the mood and light up the dark nights. Pull in pops of fall by including some fall décor in the backyard deck or porch. Jack-o-lanterns don’t just have to outfit the front porch.

 

A new season brings about a sense of renewal for us. Carry that same sentiment and approach into your home. Enhance your interior and exterior to fit the mood of the season. The seasonal touches will bring forth a sense of change and refresh in your home that you will look forward to for seasons to come.

The Benefits of a Home Inspection

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So, you think you’ve found the home of your dreams! All that stands in the way of your dream home becoming a reality is some paperwork, a plethora of signatures and a few meetings, right? How exciting! Before you decide to dive headfirst into this impending purchase, you need a home inspection. The benefits to this extra step far outweigh the small additional time it may take to secure your home. Not to mention the peace of mind that comes with knowing the full ins and outs of your potential purchase.

 

Inspections save you money and unneeded surprises

 

Home inspections, based on the findings, can pay for themselves. Home inspectors detect things such as water leaks, roof damages, foundation issues or unseen safety hazards that could be extremely costly, for the new buyer, once noticed. Knowing, up front, what potential problems lie ahead allows you to plan for repairs or, even, ask the sellers to chip in for or make repairs prior to your purchase agreement.

 

You may be able to bid less on your prospective home

 

Once a home inspection is complete the potential buyer receives a full, and thorough, list of suggested repairs and findings. Depending on the size (and number) of repairs proposed by a home inspector’s report, you may be able to negotiate a lower price on the cost of the home should you agree to take on the issues and fix them yourself once purchased. 

 

Sellers can make needed repairs

 

As part of your home buying agreement, you may ask the seller to make the outlined repairs noted by the home inspector. You can negotiate on having them handle the larger repairs while you agree to take care of the smaller, less hazardous issues. If they agree to make the repairs, you may have to agree to asking cost for the home (or higher) to appease them based on the additional out-of-pocket money they have to fork over for the repairs. The good news with that is it should still be within your purchasing budget, so don’t stress it too much! 

 

Confidence in your purchase is established

 

There is nothing quite like reassurance when making a large life-changing purchase. Knowing the intricate details of your potential home is priceless when it comes to buying power. This is, most likely, the largest purchase of your life, so details definitely matter. Review the report with the home inspector, in detail, and ask any questions you have for clarification. It is important to understand the report in its entirety so you can make sound decisions on the next steps in your potential purchase. 

 

When it comes to buying a home, it is vital that you understand the full scope of your purchase, even if that includes some not-so-great but needed repairs. Knowing details from the structural makeup to the appliances current standings helps you make an informed decision on your purchase. Working alongside the home inspection and seller will, more than likely, lead you to a collaborative decision on closing. If you are in the midst of house shopping and want more advice on home inspection don’t hesitate to reach out to me. I would love to discuss this more with you!

Preparing Your Home for a Seller’s Market

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As you prepare for the adventure of selling your home, there are certain tips to follow to ensure you entice potential buyers and get offers that excite you to sign on the dotted line. Oftentimes, because we’ve been living in our homes for years, we overlook little details that potential buyers may be looking directly at. Following these tricks of the trade will ensure your home is ready to sell quickly allowing you to move on to your next purchasing journey quite seamlessly.

 

Make necessary repairs

 

This one seems like a no-brainer when it comes to getting your home ready to sell, but don’t overlook the small stuff. Patch up any holes in the wall, replace any broken windows, clean the gutters and ensure there are no leaks in your roof. Buyers are extra particular when it comes to checking for repairs, especially if they are not the fixer-upper type.

 

Clean up the exterior

 

The outside of the home is the first thing that potential buyers see when pulling into the driveway for the first time. Make sure that your landscaping is up-to-date, and your lawn is mowed neatly. A clean appearance sets others at ease almost instantly. A messy exterior can give potential buyers the impression that you are slacking off and immediately push them to question whether you are neglecting the inside of the home too. Create trust with a clean exterior. Bonus points if you clean up garden beds, prune the shrubs and replant window boxes to keep everything in tip-top shape. Curb appeal is key, even to potential buyers. 

 

Depersonalize and neutralize

 

Everyone’s style is unique. If your home is over personalized with bright wall colors, custom wall hangings and eclectic furniture, consider switching things up and toning it down a bit. While some unique features may be considered selling points, an overabundance of personal style may become off-putting to some. Creating a color palette that is inviting and neutral will attract and retain more potential buyers. The wider the range of buyers, the better the options you have when accepting an offer.

 

Organize closets and storage spaces

 

Potential buyers will scan your house meticulously. Ensuring all areas, including closet spaces and storage rooms (such as an attic or basement) are organized is key to a successful showing. This tactic also helps with personal privacy as numerous potentials are scouring through your belongings to see if your spot is the one for them. If you notice, while organizing, that you have a lot of excess clothes, belongings or furniture that you’d rather keep out of the house during the showings, consider renting a temporary storage unit to safely house your things. 

 

 

Clean the interior from top to bottom

 

This seems like common sense, I know, but it’s something that can be overlooked with all of the other checkboxes on your home selling list. Vacuum and shampoo carpets and shine wood floors. Dust ceiling fans and tops of cabinets. Deep clean countertops, appliances and bathrooms. Make sure your house looks pristine for your potential buyers. Afterall, you want them to love the place as much as you did when you purchased it, right?

 

Preparing your home for a successful sale takes a lot of work and planning, but it’s worth it to find buyers who pay the price tag. Pay attention to the details within your home and set it up to sparkle. You want your home to stand out from all the others that they may be looking at, so following these simple, yet effective ideas will knock your home out of the park. Need a bit of extra guidance on your current home’s condition along with ways to get it ready for sale? Contact me today! I would love to walk you through the process to sell your home.

Understanding HOA's

Understanding HOAs: Is it Right for You?

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When purchasing a home, there are many boxes on your checklist to mull through to ensure you are finding the perfect fit for you and your family. Aside from location, home size, loan details and wish list items you may be posed with the idea of a Homeowner’s Association (HOA for short). Understanding an HOA and determining if it is right for you is key to buying success.

 

What is an HOA?

In short, a homeowner’s association is a group established within a specific community that manages the common areas, community amenities and set of rules and regulations. The association is made up on member’s elected by neighbors within the community. HOA’s are most commonly found in condominiums, townhomes and planned single-family neighborhoods. Within HOA’s you can usually find a document known as the Declaration of Covenants, Conditions and Restrictions (CC&R). This document outlines the community rules and regulations that each resident needs to follow. 

 

Is there a cost for HOAs?

Yes. Generally speaking, the more amenities, the higher the cost. The HOA fee is separate from your mortgage and covers the cost of the community upkeep and amenities. Fees can sometimes differ within a community based on home size and upkeep requirements for specific locations. In most buying situations, you’ll have the opportunity to speak to an HOA representative prior to purchase, so make sure to ask about fees, increases and coverage so that you have a good handle on what to plan for budget-wise.

 

What amenities are included?

Amenities are based on specific communities. Some include a gated entrance for added security, a community pool, tennis courts, a community center for use during personal gatherings, free events, lawn maintenance or golf course access. Lesser, yet still important, amenities that are normally included are trash and recycling pickup and additional guest parking lots. A full list of amenities should be included with each home showing.

 

Do HOAs impose restrictions on residents? 

It’s possible. The CC&R outlines the rules and regulations of your specific community. Some HOAs are strict on things such as lawn care, exterior home décor, parking, and, even, things like whether or not a garage door can be left open during the day. Make sure to review the rules in detail prior to making a final decision on your HOA home purchase.

 

What are the biggest pros of HOAs?

HOAs keep things running smoothly within a community if they operate effectively. Their rules and regulations assist in keeping the community safe and clean. HOAs give you access to amenities normally not included with a standard home purchase. HOAs have been shown to increase your home value by as much as 4.2%. 

 

What are the biggest cons of HOAs? 

Depending on your viewpoint, the controls imposed by HOAs can be considered a con. If you like to be fully in charge of your home decisions an HOA may not be right for you. The additional fee may also be looked at as a con depending on your budget. If an HOA is run poorly, lack of attention to the CC&R, additional fees and mismanagement are con contenders.

 

Deciding whether an HOA is the right choice for you depends on your home buying requirements. If you are looking to be part of a community that has additional amenities an HOA may be a great choice in your home search requirement. Consider both the pros and cons prior to deciding how you wish to proceed with your next home purchase.

Real Estate and Continuing Education

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Why the Two go Hand-in-Hand

I love being a realtor, and am always working to hone my craft and create a great experience for buyers and sellers alike!  Here’s a bit of information about some certificates that I’ve recently completed – they qualify me to work with seniors, veterans, and people who are relocating.

Senior Real Estate Specialist (SRES)
I specialize in working with Seniors, and I’m certified to do so!  My knowledge of aging in place, downsizing, over 55 communities, and assisted living communities is extensive.  My hands-on approach and focus on reducing the stress of moving helps seniors and their families feel more comfortable.

USAA Certification
As a child of a veteran, and a step-mother to an active duty step-daughter, I feel strongly in helping our veterans and military find the home of their dreams. The VA loan is an excellent product that veterans and active duty military have earned. I work closely with mortgage broker Steve Lewis, who is extremely knowledge on VA financing and how to make home buying feasible for our military members.

Cartus Certification
Moving to a new city or town can be overwhelming – let alone a new state or country!  I thoroughly enjoy taking clients who are relocating to this area out to see houses.  I often take them in my car and drive through the North Shore, pointing out all the local hotspots, driving by the ocean, and showing off all the great schools, facilities, and parks in our area.  If we have enough time, I love to grab a bite to eat or a coffee.

My favorite part about being a realtor is the people.  If you’re in the market to buy or sell a home, I would love to talk to you about your plans!

Let’s Talk!

Want to learn more about me and how I work?

About Me • Real Estate for Seniors • Community Contributor Program

500 Cummings Center
Suite 1550
Beverly, MA 01915

978.835.8954
[email protected]
[email protected]

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