WINTER 2022
HOMES
THE TIMES
Real estate financing options
The decision to buy a home is significant. Real estate is the biggest investment the average person will make in his or her lifetime, which underscores just how significant the home buying decision can be. The real estate experts at Zillow recently reported that the national median price of a home in the United States is $272,446. However, since the National Association of Realtors reported a record low housing inventory late in 2020, the average house price has been rising rapidly nationwide. The Federal Reserve Bank of St. Louis estimates the median home sales price at $374,900, and certain states have much higher prices. WOWA, a real estate and finance technology company, says the average sale price of a home in Canada was $679,051 in July 2021.
is one of the most common ways to fund a home purchase. Personal credit score as well as credit history help determine eligibility and interest rates for conventional loans. Availability of assets as well as income level are some additional determining factors. Conventional loans are traditionally 10-, 15- or 30-year notes and will require a certain percentage as the down payment to secure the loan. The bank will determine the down payment requirement, which is typically somewhere between 3 and 20 percent.
Most people do not have $300,000 to $600,000 in savings on hand to purchase a home in cash. That means they’ll need to rely on financing to pay for their dream homes.
FHA loan A Federal Housing Administration loan is issued by an FHA-approved lender. These loans are designed for lowto-moderate-income borrowers, according to the financial guide Investopedia. FHA loans require lower minimum down payments and lower credit scores than many conventional loans. FHA loans also require mortage insurance up front, plus annually for 11 years or the life of the loan depending on the length of the loan.
Conventional lending Conventional lending refers to when a bank or another financial institution loans a home buyer money to buy a home. This
HELOC A Home Equity Line of Credit, commonly called a HELOC loan, borrows against the available equity in your home to
2 Winter 2022 - The Times - Starved Rock Country Homes
create a line of credit, much like a credit card. These funds can be used for large expenses or to consolidate higher-interest rate debt on other loans, according to Bank of America. It may be possible to use a HELOC to secure funding to make improvements to a home for those who want to flip it as an investment property. Private money lenders Individuals investing in real estate who do not intend to use a property as a primary residence may turn to private money lenders. These investors can tap into capital from personal connections and lend at specified interest rates and payback periods, according to Fortune Builders, a real estate investing resource. Keep in mind the interest rate will likely be higher with a private lender than through a conventional lender. The repayment term also will be shorter. VA-backed loan The U.S. Department of Veterans Affairs has a program for acquiring loans through conventional lenders that will be partially guaranteed against loss through the VA. This enables a lender to give better loan terms, such as the option to pay no down payment. Interested parties need to qualify for a Certificate of Eligibility and then work with qualified lenders.
People have several options to finance the purchase of a home. These loans can help make the dream of home ownership a reality. Potential buyers are urged to speak with mortgage professionals or financial planners to consider their options.
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620 N. Division Di i i St. St Utica Uti (815) 667-9990 667 9990 www.starvedrockrealty.net t d k lt t
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728 N. 2853rd Rd, Utica
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The Times - Starved Rock Country Homes – Winter 2022 3
good. But the home improvement experts at BobVila.com note that not all floors can be polished, and determining which ones can depends on the finish. Floors with waterproof barriers such as urethane will benefit from routine polishing. However, floors with penetrating finishes like tung oil will need to be waxed rather than polished. What finish is on the floor? The Hardwood Distributor’s Association recommends a simple way for homeowners to determine which type of finish is on their hardwood floors. Homeowners are advised to rub a finger across the floor. If no smudge appears, then the floor is surface sealed. If a smudge is created, then the floor has been treated with a penetrating seal. The HDA also notes that recently installed wood floors are likely surface sealed. How often should floors be polished or waxed? Wood flooring professionals recommend polishing floors that can be polished once every few months. Waxing wood floors does not need to be done as frequently, and most can benefit from a fresh coat of wax every 12 to 18 months. What can I do on a daily basis? Some simple tricks and daily maintenance can help wood floors maintain their impressive look.
How to maintain hardwood floors Hardwood floors have long been sought after by home buyers. In its 2019 “Remodeling Impact Report,” the National Association of Realtors® revealed that new wood flooring was the fourth most popular project to attract buyers. Of course, hardwood floors aren’t just for buyers. Homeowners who already have hardwood floors know just how impressive these floors can be, especially when they’re well maintained. Maintaining wood floors is not necessarily as straightforward as it may seem, and homeowners may benefit from a tutorial on how too keep the floors under their feet looking good. To polish or not to polish? Polishing floors is an inexpensive way to keep them looking 4 Winter 2022 - The Times - Starved Rock Country Homes
• Utilize floor mats. The HDA notes that floor mats near entryways can reduce the time it takes to clean hardwood floors and reduce the wear and tear they endure. For example, tiny particles like dirt can scratch the floor and contribute to the kind of minor damage that adds up to significant scarring over time. Floor mats near entryways ensures that most of that dirt never makes it to the wood floors. • Vacuum without a beater bar. Some vacuums contain beater bars, which are designed to pick up human hair, dog hair and other things that conventional vacuums may not be able to pick up. The HDA advises vacuuming without the beater bar, as it can contribute to small scratches in the floor. Sweeping with a high-quality broom or microfiber cloth is another way to pick up dirt without damaging floors. • Use manufacturer-recommended cleaning products. Local home improvement stores sell a host of hardwood floor cleaning products, but the HDA notes that many flooring manufacturers now sell their own hardwood floor cleaners designed specifically for their floors. These products are likely homeowners’ best bets. Homeowners who can’t find them can seek recommendations from a local flooring retailer. Hardwood floors are attractive for many reasons. And they look even more stunning, and last much longer, when homeowners make an effort to maintain them.
Beth Girot Managing Broker / Owner Arrow Realty Group, LLC 529 Main St. Marseilles, IL 61341 2669 N 2409th Rd., Seneca
$69,000
Build your dream home on this heavily wooded 3.12 acre lot in Hickory Hills Subdivision; the last lot available ~ Seneca school district
515 Jefferson St., Marseilles
$126,750
S OL D
$179,000
S OL D
$179,000
$269,000
Spacious two story home with 4-5 bedrooms and 3 full baths ~ As you walk into this beautiful home you’re greeted by the 8x40 covered front porch ~ The 1st level offers a cooks kitchen with custom cabinetry and a breakfast bar ~ Open concept kitchen / living room with hardwood and sliders to the partially fenced backyard ~ Separate dining room with crown molding and gleaming hardwood floors ~ 1st floor bedroom and full bath ~ Sitting room with built in lighted shelving ~ An enclosed, heated sun / Florida room with tongue and groove knotty pine, vaulted ceiling, exterior access and a closet ~ The 2nd level offers a majestical master suite with a walk in closet, extra deep jetted tub, private full bath with dual sinks and shower, 10x20 loft overlooking the master suite and an additional storage room (2nd furnace location) ~ Two additional bedrooms, full bath, bonus room and 2nd floor laundry ~ 2 1/2 car detached cedar sided garage; 32x36 with wood burner and 2 electric ceiling heaters, 200 amp service and 10’ ceilings ~ 12 x 21 shed ~ Partial basement ~ Roof is 5 years old ~ 2 furnaces & 2 A/C units ~ On demand hot water heater ~ Crown and dental molding throughout ~ Anderson windows throughout ~ A MUST SEE!!
$167,000
Well maintained family home on 2 lots beautifully landscaped. Fenced back yard is an oasis. 2 patios a concrete patio off the back door and garage second a brick patio shaded serene. 3 bedrooms. 2 baths. Heated front porch open to living room well lit and many possible uses. Kitchen boasts lots of cabinets and drawer storage. A coffee bar, pantry and Hardwood floors and lots of room. 2 main floor bedrooms and a bath. second floor has 4 inch wood plank floors built in drawers, canned lighting, ceiling fan and full bath. 2 car tandem garage plus an additional room that walks out to patio. Truly a must see! All measurements approx.
393-399 Main St., Marseilles
$179,000
Currently Gleasons Hardware ~ Two storefronts ~ 399 Main is a 4,800 square foot building with a 2nd level that is currently unoccupied ~ Full unfinished basement ~ 393 Main is 4,800 square feet with one level and full unfinished basement ~ Inventory is estimated value at $175,000 can also be purchased ~ Seller wants all buildings sold as one - MLS#11090736 & MLS# 11090793
407 Main St., Marseilles
Currently part of Gleason’s Hardware Store ~ 6,900 square foot metal building on three city lots ~ Two hanging furnaces ~ Metal roof - rubber coating ~ 6” gutters ~ New sump pump ~ 200 amp service ~ Rear access only ~ Full unfinished basement ~ Seller would like all buildings sold together - MLS# 11090736 & MLS# 11090798
838 Armstrong St., Marseilles
$114,000
This is the one you’ve been waiting for ~ Captivating 3 bed, 1 bath home ~ As you walk in you’re greeted by a sun filled enclosed front porch ~ Open concept living room, dining room and kitchen; the living room has been freshly painted and has new vinyl plank flooring, the dining room has plenty of room to roam and the innovative galley kitchen has ample cabinet and counter space; all appliances are included - easy access to the second floor ~ Main floor bedroom - currently used as an office; new carpet, freshly painted and new closet doors ~ Main floor laundry room with additional sink and sliders to access the fenced backyard with a concrete patio ~ Spacious main floor full bath with updates ~ The second floor has an additional two bedrooms that have been freshly painted and new vinyl plank flooring ~ 2 1/2 car detached garage ~ Double concrete driveway - plenty of parking ~ New front exterior door and two new screen doors on the porch ~ Full unfinished basement ~ Fantastic starter home ~ A MUST SEE!!!
907 Magnolia St., Marseilles
Desirable 3 bed, 2 1/2 bath two story that’s in move in condition with great curb appeal on a cul-de-sac ~ The pristine main floor offers a well-lit living room with great space and new carpet in 2019 ~ The freshly painted kitchen has new vinyl plank flooring, ample cabinet and counter space, a breakfast bar and sliders leading out to the 12 x 14 deck ~ Main floor laundry with new vinyl plank flooring, a walk in closet; access to the 5’crawl and an additional closet ~ Updated 1/2 bath ~ The 2nd level has an spacious master suite; with a private bath; dual sinks and stand alone shower ~ Two additional bedrooms with great closet space ~ Additional full bath, 5’ concrete crawl with easy access ~ Fenced back yard ~ 2 car attached garage ~ Updates include: New furnace in Fall of 2020, New A/C in 2018, New water heater 12/20, Roof is approximately 7 years old,All new windows and exterior doors in 2017 - on the lower level, New carpet on the 2nd level and in living room - 2019 ~ A MUST SEE!!
389 Main St., Marseilles
Visit our website www.arrowrealtygrp.com
686 Washington St., Marseilles
4 bedroom home on a very large lot. Big eat in kitchen. Bright and sunny living room with hardwood floor. Enclosed front porch. Open stairway to 2 bedrooms on second floor. Main floor laundry. Full basement with many possibilities. Detached 2 car garage. All measurements approx.
2105 Fox Hill Lane, Ottawa
815-795-3800 Office 815-343-6222 Cell 815-795-3802 Fax
$189,000 Fantastic opportunity to own a two story brick building on busy Main St ~ 407 Main has a beautiful storefront with exposed brick, recessed lighting; all LED, trey ceilings and new flooring ~ This building is connected to “Gleason’s Hardware” it has no furnace or A/C ~ Full unfinished basement with access from the interior and exterior ~ The 2nd level has two updated apartments with 1 bed and 1 bath - open concept living room / kitchen ~ Separate mechanical room with two hot water heaters, separate 100 amp electric, shared furnace and A/C with damper system and ability for stackable washer and dryer ~ Each unit rents for $800 per month-that includes all utilities ~ 405 Main was a barber shop for many years ~ Approximate square footage 385 (7x55) ~ This unit has a furnace but no A/C ~ 1/2 bath ~ Crawl space under this building ~ Separate electric and gas ~ Seller would like all buildings sold together ~ MLS# 11090798 & MLS# 11090793
2644 E 2425th Rd., Marseilles
S OL D
$275,000
Just outside of Illini State Park - one of a kind ranch home on 4.53 acres ~ 4 Bed, 2 Bath with full, partially finished basement ~ The main level offers a bright and spacious living room, galley kitchen with plenty of cabinets, bonus room just off the kitchen with access to the back deck and pool, dining room, 3 bedrooms and a full bathroom ~ The full basement offers a fourth bedroom and family room - they are framed out and need to be finished, full bath, laundry room and mechanical / storage room ~ 2 car attached garage ~ 30’ above ground pool with deck ~ Additional 14x24 back deck and 10x21 front porch ~ Pole barn with breezeway access between the buildings ~ Also included is a 2 Bed, 1 Bath mobile home with spacious deck ~ 4.53 wooded rolling acres ~ Doesn’t get better than this!!
The Times - Starved Rock Country Homes – Winter 2022 5
3 factors to consider before converting an attic
At the onset of the COVID-19 pandemic, many homeowners suddenly found themselves in need of more usable square footage in their homes. Required to work from home due to social distancing recommendations, millions of working professionals suddenly found themselves setting up shop at kitchen tables or islands, in alcoves, garages, or even walk-in closets. Those makeshift offices were never supposed to be permanent, but as companies loosen workplace policies and embrace full remote or hybrid working arrangements, professionals are seeking more permanent home office solutions. Home additions are a possibility for homeowners who need more usable square footage, but add-ons may not be the right option for everyone. If adding on won’t work, homeowners may want to look up ... at their attics. Attics with ample space can make for ideal home offices, as they’re away from the hustle and bustle of a home’s main floor. That can make it easier to concentrate when everyone is in the house and reduce the likelihood that video calls with colleagues and clients will be interrupted by kids and pets. Attic conversions are not always possible, and the following are three important factors homeowners may need to consider before they can go forward with such projects. 6 Winter 2022 - The Times - Starved Rock Country Homes
1. Dimensions
Both the renovation experts at This Old House and the real estate experts at UpNest indicate that at least half of a finished attic must be a minimum of seven feet high and seven feet wide and 70 square feet. Requirements may differ depending on where homeowners live, but that 7-7-70 guideline is generally the minimum requirement. An attic that fails to meet such requirements won’t necessarily be a lost cause, but it might be costly to make adjustments that ultimately align with local codes.
2. Access
Access is another aspect that must adhere to local safety guidelines. Many attics are accessible only through pulldown ladders, but that will have to change if homeowners repurpose their attic spaces. A staircase that complies with local laws will need to be installed, and contractors can work with homeowners to build that and estimate the cost. Homeowners who simply want to put desks in their attics without going with full-fledged conversions are urged to adhere to local access requirements anyway, as they’re intended to ensure residents can safely escape attics in the case of a fire or another emergency.
3. Climate control
Attics are converted to provide residents with more livable space. Converted space is only livable if the climate within the attic can be controlled so it’s cool in the summer and warm in the winter. An existing HVAC unit needs to efficiently heat and cool an extra room. If it can’t, bills might spike because the rest of the home likely won’t be as comfortable, forcing homeowners to adjust thermostats to offset that discomfort. That also could affect the unit’s life expectancy. Before going forward with an attic renovation, homeowners should contact HVAC professionals to determine if attic spaces can be serviced with the existing units and ductwork, or if an alternative arrangement must be worked out to make the spaces livable.
Attic conversions can be great ways to make existing spaces more livable. Homeowners considering such projects should pay attention to three important variables as they try to determine if attic conversions will work for them.
Tara Stefanich Mortgage Originator Ottawa 815.433.3727 NMLS #688620
Ashley Rzasa Mortgage Originator Streator 815.673.4381 NMLS #1900504
firststatebank.biz | 800.362.9623 SM-CL1944985
The Times - Starved Rock Country Homes – Winter 2022 7
How to determine if it’s time to downsize Individuals work hard to save enough money to purchase their homes. And the hard work doesn’t end there. Once homeowners settle into a new home, they may set their sights on renovations that suit their individual needs. And even when buyers find a home that needs no such work, maintenance requires homeowners’ utmost attention. All that hard work is perhaps one reason why seniors may be a little reluctant to downsize as they advance through their golden years. In addition to the sweat equity homeowners put into their homes, all the memories they’ve made within their walls can make it harder to put a home on the market. Downsizing is a difficult decision that’s unique to each homeowner. Seniors who aren’t quite certain if downsizing is right for them can consider three key factors to make a decision that’s in their best interests.
COST
Perhaps no variable affects senior homeowners’ decisions to downsize their homes as much as cost. No one wants to outlive their money, and downsizing to a smaller home can help seniors reduce their monthly expenses by a significant margin. Even homeowners who have long since paid off their mortgages can save substantial amounts of money by downsizing to a smaller home or even an apartment or condominium. Lower property taxes, reduced insurance premiums and the need to pay for fewer repairs are just some of the ways downsizing can save seniors money. 8 Winter 2022 - The Times - Starved Rock Country Homes
Space
Many people love the extra space that single-family homes provide. But seniors can take a walk through their homes and see how many rooms they still use on a consistent basis. If much of the home is unused, seniors can probably downsize without adversely affecting their daily lives.
Market
The real estate market is another factor to consider when deciding if the time is right to downsize. A seller’s market can help seniors get the biggest return on their real estate investment, potentially helping them make up for meager retirement savings. For example, home prices skyrocketed across the country during the COVID-19 pandemic, making that a great time for sellers to put their homes on the market. Seniors selling to downsize may capitalize on such spikes since they won’t be looking to turn around and buy larger, equally expensive homes once they sell their current place. If the market is down and seniors can withstand the work and cost a little longer, it may be best to wait until things bounce back in sellers’ favor. Downsizing requires careful consideration of a host of variables. No two situations are the same, so seniors should exercise due diligence to determine if downsizing is right for them.
Tips to organize your cluttered kitchen Kitchens serve as the heart of many homes. Thanks to the popularity of open floor plans, kitchens also tend to be highly visible from nearby spaces, such as family rooms and even main entryways. A messy, cluttered kitchen can be an inefficient eyesore that’s visible from various locations in a home. That makes getting organized in the kitchen a worthwhile goal. The following are some tips to help homeowners organize their kitchens. Start with the utensils Utensils come in all shapes and sizes. Take inventory of your utensils, discarding or donating items you don’t use. Next, designate drawers or countertop storage solutions for the utensils you use most often. Place them within easy reach, and take into account your dominant hand for placement. Categorize your pantry Empty the pantry, paying attention to staples you regularly use. Then figure out a system for categorization that works for your household. Perhaps place all baking essentials together, such as flour, oil, baking soda, and cocoa powder. Maybe you need to designate a “kids corner” in the pantry where you keep fruit snacks, granola bars and breakfast cereals. Use uniformly shaped containers to store packaged foods so you’re not contending with oddly shaped boxes and bags.
Organize under the sink It can be difficult to keep cleaning products tidy and within reach. Try installing a short tension rod inside the cabinet and use it to hang spray bottles, rubber gloves and cleaning cloths. Use kitchen cabinet rollouts A shortage of storage space in cabinets can be remedied with rollouts. They provide additional capacity to cabinets and make it easier to find items, instead of having to dig at the back of dim cabinet recesses. Tame your container collection It’s tempting to save all of those take-out containers or empty margarine tubs for leftovers. But if there’s an avalanche every time you open up a cabinet to reach for a container, you probably have too many. Invest in one type of storage container so you can nest the containers and lids for ultimate organization. An organized kitchen is more attainable than it may seem. Some simple strategies can help homeowners make these home hubs less cluttered and more calming.
Use extra wall or ceiling space Large pots and pans can eat up cabinet space or clutter the inside of an oven for those who don’t have any other space. While your decorative enamel Dutch oven might fit nicely on a shelf or counter, cast-iron pans and skillets can be hung from durable hooks over an island or near the stove.
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The Times - Starved Rock Country Homes – Winter 2022 9
7 things to know before replacing windows The decision to replace windows often comes down to aesthetics and necessity. Drafty windows can reduce energy efficiency in a home, requiring HVAC systems to work harder to keep interiors comfortable. The harder the HVAC must work, the more homeowners will pay in energy costs. Old windows also may be points of entry for water and insects. Despite the importance of windows, Money magazine advises that new windows make up only a fraction of the home’s total exterior “envelope,” resulting in only about 5 to 15 percent of total energy savings.
Matt Mooneyham
Brenna Funk
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10 Winter 2022 - The Times - Starved Rock Country Homes
But there are still plenty of reasons to invest in new windows. 1. Vinyl or aluminum may be best. Lumber is farmed rather quickly today and solid wood products may not stand up to elements as well as wood used a half-century ago. To avoid rot, vinyl windows often are an affordable and durable choice. Homeowners also have the option of wood windows with aluminum cladding, which are long-lasting. 2. Moisture problems indicate windows need to be replaced. Condensation that shows up as fogging between double-pane windows or on the inside of windows indicates that the windows are starting to fail. If installing a vapor barrier in the basement or crawl space, ventilating properly when showering or cooking, or using a dehumidifier indoors does not remedy the situation, it might be time to replace windows.
3. Windows add curb appeal. Beyond functionality, replacement windows immediately update the look of the home and can improve curb appeal since they are one of the most prominent features on the exterior of a home. If a house needs an update, replacing windows and can be a quick and affordable update. 4. Consider other energy-efficient upgrades. Sometimes older windows can be salvaged, especially if they are not damaged and only moderately drafty. Replacing panes, sash cords, weather stripping, and even glazing may be less expensive than replacing a window. Plus, older homes with attractive windows complement one another. To keep energy bills down, think about adding insulation to the attic and basement — which is a good idea even if you are replacing windows. 5. The wrong windows can adversely affect home value. The National Association of Realtors says homeowners get about 73 percent of their replacement window investment back when they resell a home. But choosing the wrong windows might lower the value of the home. It’s important to match the look of the original windows, including window material and the divided light pattern (the number of panes in each window) with the original windows. 6. Think about soundproofing, too. When upgrading windows, also think about how certain windows can cancel out
noises and make homes more soundproof. Some windows can help reduce outdoor distractions like leaf blowers or lawn mowers. 7. Proper installation is key to longevity. Replacement windows are only as good as their installation in many cases. Poor installation and orders of standard rather than custom sized windows could result in poor fitting and seals. Homeowners should carefully vet and review window replacement contractors to find the best professionals for the job.
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The Times - Starved Rock Country Homes – Winter 2022 11
What to know before installing built-ins
organized. Customized built-ins also can give homes their After purchasing a new home, buyers often want to put their own unique character, though it’s important to note that proown fingerprint on the property. Homeowners anticipate the day when their homes are transformed into spaces that reflect spective buyers may or may not appreciate that uniqueness. their style and not the preferences of previous owners. Are there disadvantages to built-ins? The permanence of built-ins may not appeal to some buyers. When deciding how to renovate interior spaces, homeownIf buyers don’t like built-ins at all or are not fond of the look ers will make some relatively temporary changes, but they also may consider some permanent adjustments. Built-ins fall of customized built-ins, that may be enough to convince them into the category of permanent adjustments, and while realty to walk away from a property. However, Realtor.com notes professionals note that built-ins tend to provide a good return that functional built-ins, like built-in bench seats with storage capacity, appeal to modern buyers and their preference for as on investment, homeowners can learn more about built-ins much storage space as possible. before deciding if they want to install them in their homes. What are built-ins? Realtor.com defines built-ins as any feature that is built into the interior of a home. The term “built-ins” may immediately conjure up images of bookshelves, but built-ins also include benches and entertainment centers. Why install built-ins? Built-ins can be both utilitarian and aesthetically appealing. Built-ins are functional because they provide storage space that homeowners may otherwise find hard to create. Built-ins are embedded in walls that may otherwise be useful only to hang artwork. This can provide much-needed storage space in homes with limited square footage. Professionally installed built-ins also can transform rooms, making them appear more 12 Winter 2022 - The Times - Starved Rock Country Homes
Permanent built-ins also can be costly. The home remodeling resource Fixr.com notes that built-in entertainment center installations can cost between $8,000 and $9,500. Built-in seating and bookshelves are not as costly, but such projects still cost more than simply buying premade furniture. Some buyers also may see built-ins as limiting what they can do with a space. That can be a major disadvantage as more professionals work from home and seek multi-functional spaces in their homes. Built-ins can dramatically change the look of a room and provide some much-needed storage space. But it’s imperative that homeowners give ample thought to built-ins before deciding to install them in their homes.