Boomers Staying Put
We're familiar with the saying, "When the going gets tough, the tough get going." There's no denying the real estate market has been challenging. I love true-life stories of Americans who face adversity head-on and find creative ways to make it through.
This year's true life story is brought to you by the "Boomer" generation - those born between the years of 1946 to 1964. Many are at the stage of life where they'd typically sell the larger home they raised their family in and downsize to a smaller, more manageable place. Faced with record housing prices and ongoing inventory shortages, it seems the thought of selling has lost its appeal for many. "There's just no incentive to sell and get saddled with a high rate mortgage at this stage of our lives." says homeowner Dennis Wager. "The numbers don't add up for us. It makes no financial sense to make a move."
So what's a Boomer to do? A movement is taking place that finds them staying put in their family homes and renting out extra rooms to those in need of affordable housing Hence the termBoommates. Done right, it can work for renters of any age struggling with high rent costs as well as the homeowner who gains from extra income and pooled resources. "For us, it made more sense to rent out the rooms we weren't using," says Wager. "It's been a win for us and for our tenant who needed a safe, affordable place to stay."
Hats off to the Boomers. Or maybe we'd better hold on to our hats. This isn't over quite yet.
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Schoharie Fall Antique Show
Schoharie Colonial Heritage Association will host their annual Fall Antique Show on September 28 from 10-5 and 29 from 11-4 at the Schoharie Valley Railroad Complex, 143 Depot Lane, Schoharie, NY.
Quilts, jewelry, antique furniture, stoneware, oriental rugs, glass/china, baskets/bowls, and collectibles will be available.
The Railroad Museum's 1865 Station House and 1891 passenger car will be open to the public. The freight shed, which houses railroad memorabilia including a restored 1917 Delaware & Hudson Railway caboose, will also be open. Food & homemade desserts will be available for purchase.
Pay at the door. Free parking. Call 518-2957505 for further information. See our ad on page 8.
Time
To Prep
Schedule a heating system tune-up. Whether you need a furnace tune-up or you have a heat pump system that could use looking over, getting a heating system tune-up is a great way to ensure you're prepared for the cold weather season that's ahead.
“Homeowners can change their filters and do basically everything outside the furnace
but once you go inside the furnace, most people don’t have the technical expertise or equipment to do that safely,” said Jordan Breunig, VP with Harker Heating & Cooling.
The Chimney Safety Institute of America and the National Fire Protection Association both recommend that homeowners call a qualified professional for an annual chimney inspection. Only a qualified professional, will be able to identify and resolve structural and maintenance issues before potential carbon monoxide intrusion and chimney fire hazards risk your time, health or money. Qualified chimney professionals do more than simply run a brush up the flue. They will identify and help address installation issues, identify possible venting issues, provide needed maintenance and help you identify ways to operate your heating appliances more
Brenda Wells Associate Broker
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Schroon Lake Colonial Home - 7 Acres 2631s/f living area, 5 bdrms, primary is 24’ x 30’, handicap bathrm, 2 car garage. Short drive to Schroon Lake.
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360
1399 US Route 9 Schroon Lake, NY 12870 Listing & Selling Properties in the Adirondacks for 45 years Call 518-791-0075 (Mobile) or 518-532-7191 (Office) Gary Glebus Broker/Owner
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Beautiful Log Home on 10 acres overlooking the Lake Champlain Valley, 2280 sq. ft, 3/4 bedrooms 2 baths. Ticonderoga.
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Ticonderoga Duplex Rental Income per month $1700, 2 bedrooms each. Live in one, rent the other.
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Schroon Lake 8 Motel Units -new bathrooms, wiring & plumbing, and sub flooring, 4 efficiency units , office, another area for a home. Lake Rights.
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Waterfront Home on Valentine Pond 4 bedrooms, 2.5 baths, knotty pine, drilled well, gazebo with electric, 125’
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Secluded Mt. View Home on 64 acres with outstanding views of the Adirondack Mts. 2200 sq. ft living area. Great history as an ARBNB.
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Ticonderoga - Owner Financing! Main Street-Business Opportunity Knocks! 2500 sq ft of rental or office space, can have 2 Apts on 2nd level.
466 Acres with views of the Hadley Mountain Range , off grid, secluded, Hunter’s & Hiker paradise, moose are here. $379,000!
151 Acres Outstanding views of Schroon Lake and the Adirondack Mts, short drive to public beach, and state boat launch, borders state land. $289,000!
1850 Renovated Farmhouse on 129 acres near the High Peaks Region in the Town of North Hudson. Adjoins thousands of acres of state land.
Schroon Lake 10 Acres with Home & 9 rental cabins all in need of serious renovations. town water. Acreage is Prime, Location!1 mile from lake.
Acres with 1 mile on Daley Creek bordering thousands of acres state land. Secluded, off grid, hunter & hikers paradise.
Custom 1850 Vintage Home with Exceptional views of Lake Champlain. Arbnd separate Cottage.
Renovation and Home Improvement Tips for Fall in Upstate NY
As the leaves begin to change and the air turns crisp, fall is the perfect season for home renovations and improvements in Upstate New York. This period offers a great opportunity to enhance your home’s comfort, efficiency, and value before winter sets in. Here’s a detailed guide on the best renovations for the fall season, when to opt for DIY projects versus hiring professionals, and which upgrades provide the best return on investment (ROI).
The Energy Information Administration (EIA) Best Renovations for the Fall Season
1. Insulating and Sealing: Fall is the ideal time to inspect and improve your home’s insulation and sealing. Proper insulation can significantly reduce heating costs during the cold Upstate New York winters. Start by checking the insulation in your attic and adding more if necessary. Look for drafts around windows and doors by feeling for air leaks and using weatherstripping or caulk to seal any gaps. Insulating pipes and ductwork can also prevent heat loss and save on energy bills.
2. Roofing Repairs: With winter storms on the horizon, ensuring your roof is in top condition is crucial. Fall provides the perfect weather for roof inspections and repairs. Look for damaged or missing shingles, cracks, and other signs of wear and tear. Clean your gutters to prevent water backup and ice dams. If your roof is over 20 years old, consider replacing it to avoid potential leaks and structural damage.
3. Gutter Cleaning and Maintenance: Leaves and debris can clog gutters, leading to water damage and ice dams. Clean your gutters thoroughly in the fall, removing all debris. Consider installing gutter guards to keep them clear throughout the season. Properly functioning gutters direct water away from your home, protecting your foundation and landscaping. Inspect downspouts to ensure they are directing water at least five feet away from the foundation.
4. Heating System Check-Up: Before the temperatures drop, schedule a professional inspection and maintenance of your heating system. A wellmaintained furnace or heat pump ensures efficient operation and reduces the risk of breakdowns during the winter months. Replace filters, clean ducts, and check for any issues that need repair. Consider upgrading to a programmable thermostat to improve energy efficiency and control heating costs.
5. Landscaping and Yard Prep: Fall is an excellent time to prepare your yard for winter. Planting trees
and shrubs now allows them to establish roots before the ground freezes. Rake leaves, trim branches, and mulch garden beds to protect plants and improve soil health. Aerate your lawn to promote root growth and apply a fall fertilizer to strengthen grass for the winter.
DIY vs. Professional: When to Tackle Projects Yourself and When to Hire Experts
DIY Projects:
Painting: Interior painting is a relatively simple and cost-effective DIY project that can refresh your home’s look. Fall’s moderate temperatures are ideal for ventilation during painting. Choose high-quality paint and invest in proper preparation to ensure a smooth finish.
Gutter Cleaning: Cleaning gutters is a straightforward task that most homeowners can handle with a ladder, gloves, and a garden hose. Ensure safety by using a stable ladder and having someone spot you. Regularly clean gutters throughout the fall to prevent clogs.
SealingWindows and Doors:Applying weatherstripping and caulk to seal drafts around windows and doors is a manageable DIY project that can yield significant energy savings. Use a caulk gun for precise application and select weatherstripping materials suitable for your specific windows and doors.
Professional Help:
Roof Repairs: Given the safety risks and complexity, roofing repairs should be left to professionals. They have the expertise and equipment to handle the job efficiently and safely. Hire a reputable roofing contractor with experience.
Heating System Maintenance: A professional technician should inspect and maintain your heating system to ensure it operates safely and efficiently. Regular maintenance can extend the lifespan of your system and prevent costly repairs.
Major Renovations: For extensive projects like kitchen remodels, bathroom upgrades, or structural
changes, hiring a professional contractor ensures quality work and compliance with local building codes. Obtain multiple quotes and check references to find a reliable contractor.
ROI on Renovations: Which Upgrades Provide the Best Return on Investment
1. Energy-Efficient Upgrades: Investing in energyefficient windows, doors, and insulation can provide substantial long-term savings on heating and cooling costs. These upgrades often have a high ROI due to their appeal to energy-conscious buyers and the immediate reduction in utility bills. Consider energyefficient lighting and appliances as well.
2. Kitchen Remodel: A minor kitchen remodel can offer a significant return on investment. Focus on updating countertops, cabinets, and appliances. Modern, functional kitchens are a major selling point for potential buyers. Incorporate energy-efficient appliances and timeless design elements.
3. Bathroom Renovation: Upgrading bathrooms, particularly the master bath, can yield a high ROI. Consider replacing outdated fixtures, adding new tiles, and improving lighting. A fresh, modern bathroom enhances the overall appeal of your home. Install water-saving fixtures to increase efficiency.
4. Exterior Improvements: Curb appeal matters. Investing in new siding, a fresh coat of paint, or landscaping can increase your home’s value. Exterior improvements not only enhance the look of your home but also protect it from the elements. Add features like outdoor lighting and updated entryways to boost appeal.
Whether you choose to tackle DIY projects or hire professionals, these upgrades can provide significant returns on investment. By focusing on the most impactful renovations, you can ensure your home is well-prepared for the colder months ahead.
(LifeandHomes)
Prime Location - Professional Offices
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Affordable Luxury From Our Country Workshop To Your Kitchen
Love the look of custom cabinetry but disappointed with the options at local stores? Our Amish craftsmen offer quality, handcrafted cabinets at prices often lower than factorymade cabinets you’ll find at local big box stores.
Crafted in our family-owned workshop, each cabinet is custom-crafted with skill and expertise passed down through the generations.
From the initial design and layout discussions to the custom creation and installation phases, our expert craftsmen will
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With a variety of select wood types, cabinet styles, and finishes to choose from, each piece is designed to last a lifetime. Made to order, our cabinets not only promise superior quality but also showcase affordability at its finest.
Check out your options at the big box store then let us show you what we can offer!
Experience the grandeur of this Baronial English Tudor set magni cently on 1.5+/- acres of gorgeous landscaped private park-like setting. Classic, re ned, and tasteful with original details and updates that matter. Walk in and fall in love!
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At the top of College Hill Road, you’ll nd this hidden enclave of ne homes. This 1850+/square foot 3-bedroom 2.5 bath fabulous home with every amenity will impress.
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Aerial View
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Real Estate
STERLING REAL ESTATE GROUP
Providing high-performance spray foam insulation to create energy efficient homes. Reliable service and attention to detail. Call for your free estimate.
Pools/Spas
SWIM SPAS & POOLS
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Since 02/18
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First-Time Homebuyer’s Guide for Fall 2024
The journey to homeownership can be both exhilarating and daunting, especially for first-time buyers. With the right guidance and preparation, you can navigate this process smoothly and confidently.
Navigating the Home-Buying JourneyStep-by-Step Process:
•Assess Your Financial Situation – Before diving into the home-buying process, it’s crucial to evaluate your financial health. Review your savings, income, and credit score. A higher credit score can secure better mortgage rates, so take steps to improve it if necessary.
•Determine Your Budget – Establish a realistic budget by considering your current financial status and future goals. Utilize online mortgage calculators to get an estimate of how much you can afford, including down payment, monthly mortgage payments, property taxes, insurance, and maintenance costs.
•Get Pre-Approved for a Mortgage – Getting preapproved for a mortgage provides a clear picture of what you can afford and shows sellers that you are a serious buyer. Shop around for lenders to find the best rates and terms. Pre-approval involves submitting financial documents, such as pay stubs, tax returns, and bank statements.
•Hire a Real Estate Agent - A knowledgeable real estate agent can be invaluable. They can help you find properties that meet your criteria, negotiate with sellers, and guide you through the paperwork. Look for an agent with experience in the local market and a good track record.
•Start House Hunting - Make a list of must-have features and nice-to-have amenities. Schedule private tours to get a feel for different properties. Take notes and photos to remember each home’s details.
•Make an Offer - Once you find the perfect home, work with your real estate agent to make a competitive offer. Your agent will help you determine a fair price based on comparable properties in the area. Be prepared for negotiations and possible counteroffers.
•Home Inspection and Appraisal – After your offer is accepted, hire a professional home inspector to identify any potential issues with the property. Additionally, your lender will require an appraisal to ensure the home’s value matches the loan amount. These steps protect you from overpaying and uncovering major problems after purchase.
•Close the Deal - The closing process involves signing numerous documents, finalizing your mortgage, and transferring ownership of the property. Ensure you understand all the terms before signing. Once complete, you’ll receive the keys to your new home.
Financial Planning: BudgetingTips and Mortgage Advice:
•Save for a Down Payment - A larger down payment can lower your monthly mortgage payments and reduce the total interest paid over the life of the loan. Aim to save at least 20% of the home’s purchase price to avoid private mortgage insurance (PMI).
•Understand Your Mortgage Options - Research different types of mortgages, such as fixed-rate and adjustable-rate mortgages (ARMs). Fixed-rate mortgages offer stable payments, while ARMs may start with lower rates that can increase over time. Choose the one that aligns with your financial situation and long-term plans.
•Consider Additional Costs - Beyond the down payment and mortgage, budget for closing costs, which typically range from 2% to 5% of the home’s purchase price. Don’t forget to account for ongoing expenses like property taxes, homeowners insurance, utilities, and maintenance.
•Create an Emergency Fund - Homeownership comes with unexpected expenses, such as repairs and maintenance. Build an emergency fund with three to six months’ worth of living expenses to cover unforeseen costs.
Mistakes to AvoidCommon Pitfalls and How to Sidestep Them:
•Not Getting Pre-Approved - Skipping the preapproval process can lead to disappointment if you find your dream home but cannot secure financing. Pre-approval helps you understand your budget and strengthens your offer.
•Overlooking Hidden Costs - Many first-time buyers focus solely on the purchase price and mortgage payments, overlooking additional costs like closing fees, property taxes, and insurance. Factor these into your budget to avoid financial strain.
•Skipping the Home Inspection - Forgoing a home inspection to save money can be a costly mistake. Inspections can reveal issues that might require expensive repairs. Always invest in a thorough inspection to make an informed decision.
•Making Large Purchases Before Closing - Avoid significant purchases, such as a new car or furniture, before closing on your home. These can affect your credit score and debt-to-income ratio, potentially jeopardizing your mortgage approval.
•Ignoring Resale Value - While buying a home is a personal decision, it’s wise to consider its resale value. Look for properties in desirable neighborhoods with good schools and amenities. A home with strong resale potential can be a valuable investment.
Case Studies: Learning from Real Experiences-
•Case Study 1: Emily and Jake, a young couple from Syracuse, saved diligently for a down payment and worked on improving their credit scores. By getting pre-approved, they had a clear budget and avoided falling in love with homes they couldn’t afford. Their real estate agent guided them through negotiations, and a thorough home inspection revealed minor issues that were easily addressed. Their careful planning paid off, and they are now happy homeowners.
•Case Study 2: Sarah, a first-time buyer from Albany, underestimated the additional costs of homeownership. She focused on the purchase price and mortgage payments, overlooking closing costs and maintenance expenses. Shortly after moving in, she faced unexpected repairs that strained her finances. Sarah’s experience highlights the importance of budgeting for all aspects of homeownership and having an emergency fund.
Buying your first home is a significant milestone that requires careful planning and informed decisions. By following a step-by-step approach, understanding your financial options, and avoiding common pitfalls, you can navigate the home-buying process with confidence. With diligence and preparation, you too can enjoy the rewards of homeownership. (LifeandHomes)
Creative Commercial Financing
Contact us to learn about high LTV (up to 100%) nancing for commercial purchase and re nance projects.
• Programs for the purchase or re nance of real estate.
• Programs for purchase of businesses with or without real estate.
• Working capital can be added to the loan for improvements, building etc.
• Each project is di erent so call us to see what we can structure for you.
There are three ways a business can qualify for 100% financing when the business owner occupies 51% of the subject property:
Your financial journey starts here - take control today
