OPENING DATE: FEBRUARY 8, 2018
Click on above link for full information on this brand new Destination Resort. Graphic contained in this post is the property of Resorts World Catskills.
Buying a house is one of the best decisions you may ever make, and it’s always a thrill to go through the process. But there are ups and downs on the road to homeownership and sometimes things can get a bit overwhelming. The house you want to buy might seem like the perfect home, but upon further inspection, hiding underneath that dream home could be potentially serious defects that can make your future investment a costly one.
That’s why you should hire a home inspector for every sale. You probably know the general idea behind an inspector’s job—taking a thorough look at the house and finding out if anything is wrong with it—but it’s much more detailed than you think.
A home inspector will do a complete physical inspection of the entire structure and systems of your prospective home. While you may love how beautiful the living room’s wood floors are, your inspector can tell if the flooring itself will stand for another 20 years.
A typical inspector’s report will cover the condition of the home’s heating system; central air conditioning system (temperature permitting); interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; and the foundation, basement and structural components.
Best of all, an inspector is an objective voice that will determine not only the condition of the home, but will also provide details of any immediate or future risks based on what’s in the report. Those are future costs you will need to consider.
A complete inspection will list the positive and negative aspects of the house, as well as the maintenance that will be necessary to keep it in good shape. Once an inspection is over, both parties in the transaction will have a much clearer understanding of the property value and what it needs in terms of repairs and maintenance.
Before jumping into any contract signing, you should hire an inspector to look over the good, the bad and the ugly of what your new home really offers.
For those with children, the neighborhood’s school district may be at the top of your priority list. Check out the public-school ratings, or if you plan on sending your kids to private school, look at the pricing and make sure it’s something you can afford.
It’s also a good idea to look at nearby parks and community centers to check out what type of recreational activities are available for children. Most kids are going to want to play a sport or be involved in an extracurricular activity, so make sure that your potential community offers them.
Are you someone who can’t survive without their daily Starbucks coffee or are you an organic shopper who has a certain store they must shop at? Check your GPS to see how far your favorite locations are from the potential home. While you’re at it, look at local restaurants and read the reviews on Yelp to see where you might be getting that Friday night pizza or where to go for a romantic night out.
Don’t forget to look at how far your new home will be from work and where the nearest public transportation is located if you need that option. And as for train stations, make sure they offer parking spaces—many places are so crowded there is a waiting list. If you do drive, you’ll want to understand the traffic patterns to and from your job. You won’t want to waste half your day in traffic.
Take a gander at the living conditions of the neighborhood. Do you see a lot of fences and “Keep Out” signs? Are there many kids on the block? Do people walk their dogs on the street? Are there posted neighborhood events? Visit on a weekend day to say hello to some of the residents and ask about the neighborhood before putting in an offer.
You’ll also need to learn if your potential new home is part of a neighborhood association and if your community has lawn or construction restrictions. If so, what fees are involved? The last thing you want is to find out you can’t put those holiday decorations up because of a strict town ordinance.
Some people may want to live in a historic neighborhood with a lot of character, while others may want a newer development with more modern features. Everyone is different and you need to make sure that your perfect house is in a neighborhood that meets your needs.
No, we didn’t lose her. She didn’t just wander off down a side road and never come back home. Our short haired, always cold, snuggling min-pin was reaching the end of her breed life expectancy. At almost 13, she was just about 91 in human age terms and not doing well.
Millie, our sleek black with brown markings little lady had contracted Lyme, displayed a rather large benign tumor attached to her throat, was struggling with lameness, and probably had Cushings which we self diagnosed as a plausible reason for her excessive water intake and waking me up at 5 am every morning for her breakfast.
Sleeping almost constantly, I mean more than the normal 18 hours a day, and sometimes wandering around in a daze made it apparent the time was nearing for a serious conversation about putting her down. We were pretty sure Millie was having mini-strokes in her sleep and life just wasn’t going well for her.
I think we love our pets unconditionally as they seem to love us. Having your dog reach out with a paw, rolling over for a belly rub, playing or going on those crazy blitzes – running around in those wild circles and getting out of breath—well it’s just hard to have to face Millie not being here anymore.
With very heavy hearts, we drove out to the vet’s office. Our fee paid, our goodbyes tearfully whispered, off Millie went. We buried her in the back yard and decided we just can’t bury one more close family friend with 4 legs.
Sellers “hope” their house will sell. They want a quick purchase, at the highest price. Delayed maintenance shouldn’t impede negotiations and a comparative market analysis doesn’t mean pricing at current market value. As in” “I want to net out at this number, can’t or will not lose money, will not cut the grass, paint, or complete any fixes that will help sell my home.”
Buyers “hope” they can buy a home of their dreams, that it’s truly affordable, the school system is perfect, the local park is a few blocks away, and the taxes are “reasonable”. “I need a seller’s concession to help with closing costs, a fire place, and finished basement. “If you can’t find that for me Mr. Broker or Agent, I’ll find someone who can.”
Broker’s “hope” their seller understands proper pricing is the number one reason why one home sells more quickly than another similar one down the block. The CMA, Comparative Market Analysis, pinpoints recently sold properties within a short distance of the one to be sold, adjusts some for positive features like an in ground pool, special or extraordinary interior or exterior features (water front-100 acres included-rentable chalet, and so on) or a negative adjustment for substantial delayed maintenance, mold, no landscaping, buried oil tank, etc..
Broker’s “hope” their buyer clients understand you can really only accomplish two primary goals regarding home ownership within a budget-LOCATION AND PRICE or PRICE AND LOCATION. Any additional factor like more acreage, great school district, pool, deck, finished basement, wine cellar, high end appliances are a true bonus.
No one should ever lose hope. But-Sellers and Buyers need to realistically evaluate a broker’s guidance on how best to sell or buy real estate. This advice isn’t about inflating your broker or agent’s ego. It’s about your money and how best to use your real estate professional’s years of experience to get what you want.
These buyer/seller/broker hopes are somewhat stereotypical snap shots. Individual sellers, buyers, and broker/agents vary in great degree. Putting people in boxes does little to forward the real estate process.
If you, the seller or buyer develop the trust and confidence in your real estate professional, stick with that person and listen critically. Then, ask the needed questions, get the answers, and get on with moving in a positive direction toward closing.
I retired from a law enforcement job in April of 2007 after 25 years of service and became a Licensed New York State Salesperson the same month. Realizing my pension and Social Security wouldn’t be enough to see me through into my eighties or longer, I embarked on a real estate career at the worst possible time imaginable.
The world was going into the “The Great Recession”, “Too Big to Fail” was a phrase just coming into public awareness, business and bank failures would soon bring the general economy to a crawl. In short, my decision to try real estate seemed an outrageous business model to pursue.
Being somewhat ambitious by nature and also a part time house painter, I decided to book paint jobs while learning real estate basics. Seemed like a reasonable way to acclimate and break into an unfamiliar business world while still paying the monthly bills.
I interviewed with a local broker, we shook hands, and I went to work answering the phones, learning a new business vocabulary, and having frequent tutoring sessions.
Warren turned out to be a great teacher and mentor. I am grateful for the many lessons he provided and his ability to impart valuable information that made good sense.
Not much real estate business was being conducted anywhere in the country, let alone Sullivan County, NY., but I stuck with it picking up a few sales and began to understand the real estate business in a more process driven way.
After working with my first broker more than several years, I struck out on my own in November of 2012. I took the required courses to achieve Broker status, said thank you to Warren, and opened up my own firm.
The transition from NYS Licensed Salesperson, to Associate Broker, to Broker/Owner wasn’t smooth or without missteps. The school of hard knocks provided some eye opening experiences which prepared me to shoulder the very responsible position of handling untold sums of other people’s money.
It is now Thanksgiving and Holiday Time 2017. I have a basketful of items for which to be truly humbled and grateful. Ten years of real estate experience has given me some perspective and tools to serve an ever increasing clientele during a much better economic climate as measured against April of 2007.
I give thanks to: (BTW–not an all inclusive list)
My creator for keeping me alive and useful at 66 years of age
My wife who has more than filled her role and cherished me for more than 4 decades
My Family Tree for bringing a history, time table, and genetic understanding forward
My children and grandchildren who continue to grow and mature
My pet dogs who have loved me unconditionally, each in their own way and time
My guitars, microphones, bass, equipment rendering untold hours of personal enjoyment
My musical experiences with partners, band members, and the general public
My ability to read and comprehend
My clients who have provided me the ability to buy beer and pizza every time I want a beer or pizza pie
My clients who have chosen to review my services on Zillow and Trulia–Heading towards 100 Five Star Reviews
My customers who aren’t quite sure yet if they will become clients
My agents Amanda Ferrantello-Scott Cortright-Lisa Miller-Lonnie Smith & Andrew Lorenc who continue to build their own business while allowing me to supervise
My recommended providers including attorneys, mortgage brokers, lenders, banks, home inspectors, title companies, plumbers, electricians, surveyors, chimney sweeps, wood suppliers, general contractors, builders, pest control specialists, and more
My attorney’s legal assistants at law firms we do business with
Realtors®, The National Association of Realtors®, The New York State Association of Realtors®, The Sullivan County Multiple Listing Service. Hudson Gateway MLS, Hudson Gateway Association of Realtors®, and many more
In short, were it not for a wide ranging cast of supportive individuals, circumstances, and timing, my gratitude would have no meaning. Thanks to all and everything that has contributed to my development, well being, and perspective.
‘Rapid Price Increases Will Not Last Forever’
The answer is likely not, according to a recently released realtor.com® report. Building is lacking in many markets—one hallmark 10 years ago was over-construction—and credit standards are more stringent, says Danielle Hale, chief economist of realtor.com.
In 2016, home prices (the national median home sales price) were 2 percent higher than they were in 2006, the report reveals. Pre-recession prices have returned in 31 of the 50 largest metropolitan areas.
In contrast with 2006, however, are today’s credit conditions. Currently, the median FICO score for a mortgage is 734; the median in 2006 was 700.
“Lending standards are critical to the health of the market,” says Hale. “Unlike today, the boom’s under-regulated lending environment allowed borrowing beyond repayable amounts and atypical mortgage products, which pushed up home prices without the backing of income and equity.”
Additionally, economic indicators point elsewhere. Employment was healthy then and is now, but inventory is limited more today—at a 20-year low. Presently, the average months supply is 4.2; in 2007, the average months supply was 6.4.
For more information, please visit www.realtor.com.
Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at email@example.com.
Hiding your cash under the mattress used to work when we were a cash driven culture. Now that we’re all on line for almost every conceivable service and product, it’s imperative to protect yourself. Large scale hacking of personal and private information will only increase. View the video and implement these strategies to mitigate some dangers to your on line information.
After detailing your income, expenses, down payment and a monthly mortgage you can afford, a lender will run a credit check and should be able to tell you the best options for the interest rate and loan product.
Here are some questions to ask as you comparison shop for a lender:
What’s the interest rate?
This will be based on your loan and credit score, and determines your monthly payment. The lower the interest rate, the lower the payment. Improving your credit score can help lower the interest rate you qualify for.
Fixed rate or ARM?
Fixed-rate loans have the same interest rate for the life of the loan, from 10 to 30 years. Interest rates on adjustable-rate mortgages, or ARMs, change after an initial period, such as a year, and then at regular intervals.
Ask how often an ARM rate will change, the index its tied to, and what the cap is on the interest rate during one period and the life of the loan. Make sure you can afford the higher rate. An ARM will have a lower interest rate than a fixed-rate loan, and can be a good idea if you’re not planning on living in the home for long.
How much is the monthly mortgage?
Answering the first two questions will get you to this answer. It’s a number you should already have in mind before looking for a house, and should be an amount you can afford.
Be sure to include other monthly costs, including insurance, taxes and, if required, private mortgage insurance, or PMI. This insurance is often needed if you don’t have a 20 percent down payment and is meant to protect the mortgage company if you default on the loan.
One-time fees called “points” are due at closing and each point paid will lower your interest rate by 1 percent. Another option is to not pay any closing costs upfront and to have them rolled into the loan in exchange for a higher interest rate.
If you want to lock in the interest rate and points for a certain amount of time in case rates go up, you may have to pay a fee.
Also ask if there are fees for making extra mortgage payments so you can pay off the principal amount early. Some loans don’t have prepayment penalties, but some do.
A lender should be able to help you find the best home loan for your finances. Just be sure not to sign a contract with them until you’re satisfied you’re getting the best deal with the best mortgage lender you can find.
I hope you found this information helpful. Please contact me for all your real estate information needs today!