What's It Worth?
Ask someone the current value of their home and they'll most likely use their phone to come up with a value based on what comes up on one of the popular real estate websites.
The information you get this way is known as an Automated Valuation Model - or AVM. Using algorithms to identify and compare information such as comparable sales, property characteristics, and local/regional pricing, computer programs come up with an estimate of a property's worth. Because AVMs are quick and easy, agents say clients ask about using AVM information when setting an asking price, submitting an offer or submitting information to financial lenders.
AVM estimates are easy to access and a good starting point for casual research into gaining a general understanding of a property. Their value pretty much ends there which is why lenders rarely accept an AVM as a true depiction of a property's value and require an appraiser to make that determination.
One of the most significant differences between AVM's and appraisals might be the quality and quantity of the data obtained. Remember the old adage; garbage in = garbage out? AVM's azalyze data using complex models but the data they are analyzing may not always be complete or up to date. Appraisers are required to be licensed to provide appraisals to federally regulated lenders. They are highly trained individuals who understand current real estate market conditions in your area. An AVM could be considered the starting point. An appraisal happens after an offer has been accepted and it's one of the final steps in the process.
A lot of money changes hands in the home buying and selling process and there are a lot of steps to consider. If you're throwing you hat in the rink, we suggest you work with a qualified real estate professional- like those you'll find in this month's issue. They'll explain the process and use up-to-date resources to determine an accurate home value and help you get the best deal.
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DoesX ...homeowners insurance cover swimming pools?
Summer is the time for getting the most out of your swimming pool. Take a minute to review your homeowner's insurance to make sure you're fully covered if you have a pool. Here are four things to think about when reviewing your insurance:
1. The basics: Many homeowners policies provide minimal or no liability coverage for swimming pools. Talk to your insurer or agent about the right amount of coverage for your pool.
Property coverage for damage to pools varies with different policies:
• If your policy makes the pool part of the home, make sure the value of the pool is included in the replacement value of the home.
• If your policy lists the pool as a separate structure, there may be limits on how much your homeowner's policy will cover.
• If you have an above-ground pool, it is likely covered as personal property. Limits on this type of coverage are tied to the replacement value of the home.
2. Enclosures: Many insurers – and city ordinances – require pools to be enclosed by a fence and locking gate.
3. Diving boards and slides: A diving board or slide may be tempting, but be aware that your insurer may not provide liability coverage for a pool with those features.
4. Maintenance and landscaping: Some insurers will not renew coverage for a pool that hasn’t been properly maintained. Also, coverage for trees, shrubs, plants and lawns can be limited. If you put in decks or landscaping around the pool, consider including its value in your policy, too.
Talk to your insurance company or agent if you have questions or need to discuss increasing your coverage.
( tdi.texas.gov/tips/swimming-pools)
Fixed-rate vs Adjustable-Rate Mortgage (ARM) Loan Understanding The Difference
With a fixed-rate mortgage, the interest rate is set when you take out the loan and will not change. With an adjustable-rate mortgage, the interest rate may go up or down.
Many ARMs will start at a lower interest rate than fixed-rate mortgages. This initial rate may stay the same for months, one year, or a few years. When this introductory period is over, your interest rate will change on a regular interval, and the amount of your payment is likely to go up.
Part of the interest rate you pay will be tied to a broader measure of interest rates, called an index. Your payment goes up when this index of interest rates increases. When interest rates decline, sometimes your payment may go down, but that is not true for all ARMs. Some ARMs set a cap on how high your interest rate can increase at any time or over the life of the loan. Some ARMs also limit how much your interest rate may decrease at any time or over the life of the loan. The caps may be different for the initial change versus the subsequent regular
interval changes. Your actual rate and the time of change will be based on the new index plus a set margin, subject to any caps. The margin is a number of percentage points added to the index by the lender that sets your interest rate.
Know how your ARM adjusts. Before taking out an adjustable-rate mortgage, find out:
• How high or low your interest rate and monthly payments can go with each adjustment
• How frequently your interest rate will adjust
• How soon your payment could go up
• If there is a cap on how high your interest rate could go
• If there is a limit on how low your interest rate could go
• If you will still be able to afford the loan if the rate and payment go up to the maximums allowed under the loan contract
( consumerfinance.gov)
Costly Clutter
The Real Cost of Clutter, a comprehensive study quantifies the actual real estate value Americans surrender to unused possessions and documents how clutter creates a cascade of hidden costs affecting both finances and well-being.
Based on a survey of 1,000 Americans, the report reveals that 21% dedicate over 500 square feet –roughly the size of a small apartment – purely to storage, effectively paying $113,500 in real estate value to house their belongings.
Over half of Americans (54%) sacrifice between 100-500 square feet to house possessions they rarely use. 31% of respondents report their garages are at least half-filled with clutter, while 9% cannot park in their garages at all.
Nearly one in six homeowners (16%) have delayed or avoided selling their homes because of the overwhelming task of decluttering. Nearly threequarters (74%) of Americans report experiencing stress or anxiety when confronted with cluttered areas, with 23% describing this stress as significant or extreme.
56% purchase storage and organizational solutions at least once per year, with 29% spending up to $750 annually on bins, shelves, and organizers.
( https://info.storable.com/the-cost-of-clutter)
This magnificent 3 story home is situated on 2 acres of pristine property. One of the many stunning features includes uninterrupted views. As you enter the gates you can’t help but see the renowned design and exquisite originality outside, wait till you see inside.
This estate exudes class with lighting, a second-story guest home (above the garage), and 3 story panoramic views that make this the perfect home for families and guests.
The Catskills provide a range of year-round activities, from hiking and antiquing in the warmer months to skiing at Windham Mountain. East Durham is charming with/ inns and family resorts like the Blackthorne Resort and Rose Resort, which offer unique cultural experiences.
A rare blend of elegance, luxury, and seclusion awaits you.
Custom Built A-Frame Offering Charm and Sophistication
562 Travis Rd, Jordanville
Welcome to this stunning rustic custom-built home, a true sanctuary offering the perfect blend of charm and sophistication. This exquisite 4-bedroom, 2-bath residence is set on 2 acres, showcasing breathtaking views from every angle.
As you enter, you’ll be captivated by the spacious bright living room that leads onto a large deck with breathtaking views and serene sunsets. Overlooking the living room is a loft that can serve for many purposes such as an office, den, or an additional bedroom.
The heart of the home is the beautiful kitchen, boasting custom cabinets and countertops, complemented by elegant hardwood floors that flow throughout. The main level also includes one bedroom and one full bathroom. There is a thoughtfully designed custom addition that serves as a dining room/family room combo, equipped with a gas fireplace, perfect for gatherings.
As part of the addition there are three additional inviting bedrooms, one of which is a master bedroom with a full bathroom and laundry room. Ascend the open stairway to find two large bedrooms upstairs, adorned with brand new carpet, creating a warm and inviting atmosphere.
Two stall detached garage, perfect and convenient for your outdoor storage needs. Equestrian enthusiasts will appreciate the 18 x 24 horse barn, equipped with electric and water, ready to accommodate your equestrian needs.
This remarkable property is a true retreat, offering stunning vistas and a slice of paradise. Don’t miss the chance to make this elegant home your own!
Peacefully located in Madison County, this impeccably updated traditional home embraces elegance and privacy with supreme craftsmanship of every detail o ering a lifestyle of refined luxury.
Abundant natural light from many casement windows designed with Cremone bolt hardware, reveals the
generously sized living spaces and hardwood flooring, with an inviting view of the woodland and a natural waterfall.
Conveniently located 30 minutes from Cooperstown, yet peacefully secluded, this home promises a lifestyle of refined luxury.
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We are Family Owned and Specialize in Listing and Selling Vacant Land, Camps, and Residential and Commercial Properties of All Sizes!
Escape to your dream log cabin nestled in the heart of Herkimer County’s serene, wooded landscape. This meticulously maintained 3-bedroom, 2-bath residence offers the perfect blend of rustic charm and modern convenience. Enjoy year-round comfort with a forced air propane furnace, backed by coal and electric baseboard heating.
The attached 2-stall garage provides easy access to both the basement and main living areas. Low county taxes and tranquil rural living are yours, just 30 minutes from Utica. Embrace outdoor adventure with nearby snowmobile trails and the Hinckley Reservoir for boating and skiing. A charming gazebo and children’s playground create an idyllic family oasis.
Optional private community lake access offers kayaking, swimming, and fishing, just 8 minutes from the Hinckley boat launch. With a whole-house propane generator and central air conditioning, this retreat combines comfort and natural beauty. Don’t miss the chance to make this peaceful sanctuary your forever home.
Escape to Your Dream Cottage on the Black River! 9237 Hawkinsville Road, Boonville • $474,900
Discover year-round living in this charming 2-bedroom, 1-bathroom cottage nestled on 1.7 picturesque acres along the stunning Black River near Boonville, NY. Enjoy endless summer days wading into the river to swim or fish for trout in several natural pools. With 1,080 sq ft of beautifully designed living space, the open concept living room and kitchen boast vaulted ceilings and gorgeous wood accents.
Cozy up by the propane-fired fieldstone fireplace or relax on the back deck while the soothing sounds of the river flow by. This cottage is well-equipped with modern amenities, including a newly renovated bathroom, insulated water lines, and a new roof. Plus, with RV hookups and a drilled well, your adventures can extend beyond the cottage!
The property features over 640 ft of river frontage and stunning swimming holes for those hot summer days. Located just minutes from Woodgate Pines Golf Course and nearby snowmobile trails, this location is perfect for outdoor enthusiasts. All furnishings can stay for a negotiable price. Pack your bags and move right in! Call today to schedule a showing and experience the best of Adirondack living in this beautifully crafted cottage!
This splendid property offers a host of features to enhance your lifestyle. 3 Bedrooms, 2 Bathrooms, attached garage, overlooking the tranquil brook. Separate workshop with in-ground pool in back. The master bedroom is a retreat in itself, featuring an en-suite bathroom. Enjoy peaceful moments on the enclosed balcony attached to the master bedroom. Relax and unwind in the spa tub, a luxurious touch to the master en-suite.
Cozy up by the fireplace in the spacious living room. Finished room in basement was previously used as a game room. This versatile space could be converted into a 4th bedroom. Includes a washer, dryer, and freezer in the basement for added convenience. Central Air and water conditioner throughout the home. Hot Water on Demand is efficient and convenient.
The property also features a separate workshop/garage and an inviting in-ground pool, perfect for summer gatherings. Great location with easy commutes to Rome and Utica. Convenient access to SUNY Poly and WalMart Distribution Center. Close to local amenities and attractions. Easy access to major highways for convenient travel This home offers a perfect blend of tranquility, modern conveniences, and accessibility. If you are looking for a home that provides a peaceful escape without sacrificing convenience, this is the one for you!
Asking $349,000 • Reduced Price
Turn-Key & Profitable Seasonal Business Opportunity
Inside Scoop • 9005 State Route 365, Floyd NY
Immaculate, established ice cream parlor & mini golf course located on just under 4 acres on high visibility Route 365 in Floyd Strategically located on the popular main route to the Adirondacks, 1.5 miles from schools and 800 ft. from Dollar General. Currently run as a seasonal business. New owner could easily make this a profitable year-round business.
Natural gas, city water, low taxes. Fully equipped with everything needed to successfully operate this established, popular community gathering place.
• Black top parking lot for 25-30 cars w/ curbing
• Attached crushed stone parking lot for RVs/Trucks
• 8 x 10 outdoor storage shed
• 24 x 32 pillion w/ commercial round tables, electric & lighting
• 2 side patio w/ tables and chairs
• 24 x 32 covered patio addition w/ electric, concrete
• New 100 amp sub amp panel. Potential to enclose.
• 18 hole mini golf w/ 10 x 16 building
full electric, A/C, power, cash register, slushy machine, popcorn, huge assortment of clubs/balls.
• Beverage/ flurry station
• Assorted stainless commercial tables
• 3 bay stainless sink, sundae bar, refrigerator
• 2 C-712 Taylor ice cream machines
• Double head milkshake machine
• Pepsi fountain head machine w/ice station
• 2 Hershey 24 unit ice cream freezers
• 24 flavor ice cream machine
• New programable cash register
• POS system in tact
• Assorted freezers and coolers
Plenty of space for extra events including band nights w/ chicken BBQ, Friday movie nights, kid’s day, classic car shows and more.
• Security system, 8 cameras, full DVR • 2 lg. commercial fryers with built-in timers • 4 foot flat top grill • 6 foot sandwich prep table, new
** Attention Realtors - Buyer Protected ** Owner also willing to train, if desired.
Creative Commercial Financing Available! Seller’s Financing Options. Contact us today!
Embracing
Parking on site w/ option to acquire add’l. 412 Main is part of the amazing downtown mixed use renaissance! Located in the heart of Utica’s Historic Bagg Square District. Easily accessible to business, medical & educational facilities plus easy access to all travel routes.
Completely renovated in 2011, this property is a true statement piece that embodies the “life-work” blend of functionality, charm & uniqueness.
Two ground floor offices (total 2660 sqft) include common ADA restrooms & break room that caters well to the needs of businesses & ensuring accessibility for all.
The entire 2nd floor (2600sq ft) is a large residential loft boasting spacious living quarters, unique architectural features plus the inclusion of the rooftop terrace. An oversized 2 stall attached garage that’s rarely found in an urban setting.
The entire building has income potential via lease or Airbnb. A testament to design & revitalization efforts!
Amish-Made Custom Cabinets
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
work with you to ensure your kitchen, bath, office or other specialty cabinet reflects your tastes, fits your budget, and exceeds your expectations.
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!