Real Estate UPSTATE
& HOME SERVICES
Featured
HOME OF THE MONTH 4.75 acres in Milford, NY
Fall in love with navy blue Page 6
Home security for the do-it-yourselfer Page 15 VOLUME 1 | ISSUE 2 | FEBRUARY, 2018
Is a reverse mortgage really a good idea? Page 17
Real Estate UPSTATE
& HOME SERVICES
A Publication of The Daily Star
How to get the most out of your home inspection...............................Page 3 How to choose a manufactured home......................................................Page 4 Fall in love with navy blue.............................................................................Page 6 How to choose a plumber.............................................................................Page 8 Don’t make your house flip flop................................................................ Page 10 The benefits of child-safe home improvement.....................................Page 12 Home security for the do-it-yourselfer....................................................Page 15 Is a reverse mortgage really a good idea?.............................................Page 17 102 Chestnut Street, Oneonta, NY 13820 • www.thedailystar.com • 607-432-1000 2
| UPSTATE Real Estate & Home Services |
February, 2018
Choose a home inspector that has plenty of experience and in-depth knowledge of potential defects.
How to get the most out of your home inspection
Y
ou wouldn’t dare skip the home inspection before you buy a home, would you? An inspection optimizes your chances of satisfaction by making sure you get and pay for exactly what’s there. It saves you from all those gutwrenching reality checks that come as new homeowners begin to realize their investment is a real money pit.
Choose your home inspector carefully Thirty-nine states require home inspectors to have a license; this serves as proof that he or she has received the proper training. Your
realtor can tell you what the regulations about this are in your state. A good way to locate a trustworthy inspector is to ask your realtor for some referrals. Start with at least three, and talk to each of them to get a feel for their skills, experience and credentials. Ask the candidates about their knowledge of home construction and current building codes.
Go along on the inspection One of the biggest mistakes homebuyers make is to rely on a written report instead of going along for the inspection. As you
walk through the house together, from top to bottom, you’ll catch the inspector’s reactions to what he or she finds before it can be tempered. Ask questions as you go along, and take advantage of his or her savvy about defects and potential problems. Above all, make sure the home inspector you hire has a proven track record with happy customers to prove it. If you know exactly what you’re getting and what work needs to be done to make it your home sweet home, you can’t go wrong.
UPSTATE Real Estate & Home Services
|
February, 2018 | 3
How to
CHOOSE A MANUFACTURED HOME SIX STEPS FOR INSTALLATION Transporting Your Home - The manufacturer is usually responsible. Building a Foundation - Your home must have a foundation. Leveling Your Home - It’s critical that your home be leveled by a professional. Securing Your Home to the Foundation Your home should be anchored to the ground or concrete footers. Finishing Your Home - Your home may need finishing work, such as an enclosure around the crawl space, molding and joining carpet on the interior. Connecting UtilitiesYour retailer can help you with your arrangements.
4
Today, your home may be the most exbility, transportability, fire resistance, energy pensive purchase your will ever make, and efficiency and quality. They are complete a manufactured home may be an appealhouses that are simply constructed in a facing option for you. These homes come in tory rather that on a piece of property. a variety of styles, sizes, and floor plans, Choosing a home and range in price to more than $100,000, Manufactured homes come in a variety without land. Manufactured homes can be of sizes and installed on plans that your own land, Manufactured homes come in a variety floor include spacious in a rental comliving rooms, of sizes and floor plans that include munity, or in a dining rooms, planned subdispacious living rooms, dining rooms, fully-equipped vision. kitchen, bedfully-equipped kitchen, bedrooms, Many types rooms, famof structures family rooms, and utility areas. ily rooms, and are built in the utility areas. factory and design for a long-term residential use. In the Depending on the size of your homesite you case of manufactured homes, units are built can choose a single section or large multisection design. Home ranges in size to 2,500 in a factory, under a federal building code administered by the Department of Housing square feet and can be customized to meet your needs and preferences. The interior and Urban Development (HUD), transdesign of your home can include custom ported to the site and installed. The federal standards regulate manufactured housing cabinets; walk-in closets; bathrooms with design and construction, strength and dura- recessed tubs and whirlpools; and wood
| UPSTATE Real Estate & Home Services |
February, 2018
burning fireplaces. Because most manufacturers use computer-assisted design, you’ll have flexibility in choosing variations to floor plans and decor. Awnings, enclosures around the crawl space, patio covers, decks and steps also are available. The home retailer usually can provide information about financing. If you own or plan to purchase the land where you will place your home, traditional mortgage financing can usually be arranged. While your mortgage payment may be your biggest expense, you’ll have other regular and periodic payments. They may include utilities, property taxes, land rental fees, insurance, routine maintenance, and other service fees such as water and sewer. Today’s manufactured homes are built to meet new national energy standards set by HUD. The energy conserving features found in manufactured
$199,995 13.13 ac. Franklin MLS 113454
homes help reduce your monthly energy costs.
Buying the home Most manufactured homes are sold through retail sale centers. Retailers offer a variety of products and services, they will help you choose your home and its features and, if you want, place a custom order with the factory. Typically the retailer is also responsible for coordinating the delivery and installation of your home. As with any major purchase, check out a potential retailer or manufacturer with your local Better Business Bureau and state or local consumer protection agency. They’ll tell you if they have any unresolved consumer complaints on file.
Installation If you’re having the home installed on your own land, you may be responsible for site preparation. But it’s
Beautiful home w/impressive renovations.Lg open beam3 ceiling living room,full bar,Cherry $179,900, bds/2 bths, Davenport, MLS 114121 floors,covered stone fireplace, atrium Beautiful homedeck, w/impressive renovations. Lg open beam ceiling livingwith room,full bar,Cherry floors,covered doors.Backyard country views. Spacious deck, stone fireplace, atrium doors. Backyard kitchen,center island, granite,SS appliances, with country views. Spacious kitchen,center island, granHuge closets,Outside wood furnace also propane ite,SS appliances, Huge closets,Outside wood furnace heat, Invitingheat, outdoor entertaining space withspace also propane Inviting outdoor entertaining loads of loads perennials,firepit and sm.pond. with of perennials,firepit and sm. pond.
$499,900 9.91 ac. 4bds/2 bths Davenport MLS 113418 Elegant Country living.Hand painted tiles in kitchen.9.91 Custom stone bths, fireplace in greatMLS room 3 $499,900, ac., 4bds/2 Davenport, 113418 floors of spacious Pond, balcony, master Elegant Countryliving. living. Hand painted tiles suite. Wrap around porch withfireplace distant views. in kitchen. Custom stone in great room 3basement floors ofwith spacious living. Pond, Finished gas fireplace and more balcony, suite. Wrap around porch living area.master Bring your guest to this Delaware with distant views. Finished basement with County Gem.
$169,900 15.36ac. 4 bds/2bths Walton MLS 113920 Move in ready nice home on 15.36ac. Large rooms, spacious with lots of custom oak $169,900, 15.36ac.,kitchen 4 bds/2bths, Walton, MLS 113920 cabinets, nook and on plenty of Move in breakfast ready nice home 15.36ac. Large countertops. Onekitchen floor living beofachieved rooms, spacious withcan lots custom oak cabinets, breakfast nookonand of counterwith this home. Laundry firstplenty floor with tops. One floor living basement can be achieved with this master suite. Finished with additional home. Laundry on first floor with master suite. bedrooms/office/den/craft/workout rooms you Finished basement with additional bedrooms/ decide. office/den/craft/workout rooms you decide.
BR
Delivery In most instances, your home will be transported from the factory to the retail center. There, it will be inspected by your retailer. Manufacturers must provide instructions for property home installation. Usually, the retailers will install your home or use a contractor. Typically, the price of your home includes installation services from your retailer. Be sure to read your contract before you sign. If installation isn’t included, you may have to hire a professional. Ask your retailer for recommendations.
$179,900 3 bds/2 bths Davenport MLS 114121
Open floor plan,window frames countryMLS views113454 and $199,995, 13.13wall ac., Franklin, beautiful sunsets. Cathedral beamed ceilings, Open floor plan,window wall frames country views and beautiful sunsets. pine tongue/grove. Spacious lawn plus wooded Cathedral beamed pine will tongue/ area w/wildlife, berryceilings, bushes. Owner have grove. Spacious lawn plus wooded area access to Crystal a 10 acre lake will owned by w/wildlife, berryLake bushes. Owner have association. access to Crystal Lake a 10 acre lake owned by association.
gas fireplace and more living area. Bring your guest to this Delaware County Gem.
also a good idea to have your retailer or installer inspect the site. While you may be able to do some of the site preparation, most tasks, such as grading and compacting soil, require professional expertise. Otherwise, you could do damage to your home.
Bordinger Realty, LLC 365 Main Street-Oneonta, NY 13820 Realtor@bordingerrealty.com
607-432-9173 UPSTATE Real Estate & Home Services
|
February, 2018 | 5
interior decorating
Fall in love with
navy blue Chic, sophisticated navy blue is a shade of choice when it comes to adding character to your interior. And this trendy hue isn’t just for nautical-themed decors anymore.
6
How to use it
Where to put it
Which colors to pair it with
Navy blue carpets, linens, furniture and accent pieces can all add depth and charm to your decor. Take the trend a step further by painting entire walls in this inspiring shade.
Navy blue is a versatile color that can look great throughout the home. It’s especially suited for modern kitchens, elegant bedrooms, cozy living rooms and serene bathrooms.
In addition to white, grey and pale pink, which create a delicate, feminine look, warm hues such as golden yellow and burnt orange are perfect complements to navy blue decor.
| UPSTATE Real Estate & Home Services |
February, 2018
Things to consider before building your own home
A
re you thinking of acquiring a lot, hiring various subcontractors (maybe even doing some of the work yourself) and otherwise building your own home from scratch? While such an ambitious project could save you a ton of money, it requires both time and energy and involves a fair share of risks and challenges. Here are some key points to keep in mind to ensure that everything goes smoothly.
The blueprints The first step of your project will be to secure
quality blueprints. You can either go with pre-existing plans or else entrust the drafting to a professional if you want something that’s fully customized to your tastes. In any case, make sure that the blueprints conform to your local bylaws and construction regulations. And make several copies, just in case.
Budget and financing As soon as possible, and before starting the work, find out how much money you can borrow, then open accounts with your suppliers. Make sure your budget is comprehensive and
accounts for the cost of materials, labor, permits, legal fees, and, of course, the inevitable unexpected scenarios. A good thing to keep in mind is that your bank or lending institution will likely only distribute funds incrementally, at certain predetermined stages of the project.
Rules and regulations Make sure to acquire all necessary building permits and thoroughly research your legal obligations. In addition to the paperwork, you’ll be responsible for paying your workers and ensuring the safety of the jobsite. In some circumstances, hiring workers requires you to register as an employer.
Insurance Having public liability, fire and theft insurance is strongly recommended for the duration of the project.
Loan insurance may also be a wise investment.
The schedule Ideally, aim to spread out the work over a six- to eight-month timeframe, and schedule a buffer period between each subcontractor so that you can attend to any issues that might arise. Being prepared for potential delays could save money on postponement fees. Finally, if you want to become an owner-builder, it’s useful to have certain technical skills and a good understanding of the scope of the work to perform. This will help you evaluate quotes from suppliers and coordinate efficiently between the different contractors present on the jobsite.
UPSTATE Real Estate & Home Services
|
February, 2018 | 7
How to
CHOOSE A PLUMBER WHAT TO CONSIDER Find a plumber before you need one. Ask about the cost & time of a job. Consider a company with 24 hr. Emergency Service. Ask about warranties. Ask for references.
8
If you’ve ever had to choose a plumber, you know that can be a hard decision. If you’ve ever had plumbing problems, you also know that when you need a plumber, you need them as soon as possible. It’s always good to know what plumber you want to use before you actually need one, that way you’re not in a panic trying to find one while your house is being flooded by water. When choosing a plumber you may want to choose one that offers 24 hour Emergency Service. When choosing a plumber you should always ask for references, then call and talk to his customers about the quality of his work, service and dependability. Talk to your plumber about service agreements and warranties in case something they’ve done goes wrong.
| UPSTATE Real Estate & Home Services |
February, 2018
Talk to your plumber about the cost of a job, as well as the possibility of the job being bigger than you originally thought. Sometimes what seems like a tiny job can really be the start of a long drawn out process, so it’s good to have a professional doing the job to keep it as small as possible. Ask how long the job will take. Find out when they can get to it and make sure they’re not going to leave your plumbing broken just because its 5:00 and their day is made. If you’ve never had to do it, you’ve probably never thought about it. But choosing the right plumber can actually prove to be a pretty big decision to make, especially if the job you need done is a big one. It’s easy to overlook, but the plumbing systems in your home are important to your family’s
comfort, safety, and health. When you do have to pick a plumber, you’ll really want to think about hiring a qualified, full-time professional and not just a “handyman” that does this type of work on the side. Again, this applies especially to bigger jobs, but even the smallest job can quickly turn into a big (and expensive) one if not handled correctly. Paying a little extra for quality may save you a bundle in the long run. Here are a handful of helpful hints to consider when looking for a plumber:
When choosing a plumber you should always ask for references, and then call & talk to his customers about the quality of his work, service & dependability.
Request an estimate It’s always a good idea to talk to your plumber about the overall cost of the job, even if it seems like its going to be a small, inexpensive one. Also, try to remember that the lowest estimate shouldn’t be the only criteria you consider when choosing the right plumber. Consider the other items below…
Check for a license There are plenty of people out there, in every profession, who are ready to pretend that they are what they aren’t. What the ‘faux’ licensed plumbers don’t know could really cost you. Just ask for your plumber’s license number. This can be hard to do; no one wants to look like they’re accusing complete strangers of being charlatans, especially if they’re going to be working on your house. But, besides giving you peace of mind in the knowledge that you truly do have a licensed plumber, you’ll be showing your prowess at finding the right person for the job, and be giving off signals that you aren’t to be trifled with (aka ripped off).
Ask for a time frame You may be surprised at how busy these guys are, especially if you’ve found someone reliable and in demand. Make sure you discuss with your plumber when they’ll be able to get to the job in the first place, and how long it will take to complete. This should always be done; sometimes what seems like a tiny job can really be just the tip of a long, drawn-out iceberg (cross your fingers that it isn’t!)
Discuss the option of service agreements These days many plumbers offer service agreements and/or warranties, which provide periodic check-ups to your plumbing system. These checkups can prevent big problems and really be lifesavers. They usually apply to the bigger jobs, but are well-worth looking into any time you need to call a plumber.
Ask for references I realize that it begins to sound like an interview, but its always a very good idea to ask for references. Homeowners and clients for whom the plumber has previously worked are always a valuable source of information. When you get the references, make sure you follow up and call them; just having a few names and numbers doesn’t necessarily mean your guy is as reliable as he’s telling you. You need to speak with his clients themselves and ask them opinions on his work. UPSTATE Real Estate & Home Services
|
February, 2018 | 9
to flip or not to flip
Five steps to a successful real estate flip
W
10
hat’s a flip? Buy cheap, renovate and resell for a profit. Are you thinking about embarking on a real estate flip? Whatever you do, don’t go into it blindly. Take the time to plan your project and learn about this type of real estate transaction in order to avoid making rookie mistakes. Here are the most important
steps to follow to turn your project into a resounding success.
| UPSTATE Real Estate & Home Services |
February, 2018
1. Find the perfect property The first step is to find a suitable property to flip. The challenge is to find a good deal, wherein you acquire a property that might require some major renovations but that has great potential to be resold at a decent price. It is also essential that
the property is located in a desirable neighborhood. In other words, you need to know the market in order to identify what constitutes a good selling price. After all, the purchase price largely determines the achievable profit on resale, which is generally about 10 to 15 per cent. You’re going to be looking for the lowest possible prices, so start your search
with properties that owners want to sell quickly.
2. Do your calculations Before you buy, you should evaluate all project expenses, including the costs of purchase (purchase price, inspection, lawyer fees, transfer taxes), possession (mortgage, property taxes, utilities, insurance, snow removal) and selling. Don’t assume that you’ll be able to sell the property without a realtor. Obviously, you should also evaluate the costs of the renovations. To do this properly, ask a general contractor to visit the property with you. He or she will estimate the work required and the associated costs. However, bear in mind that renovations usually involve a few surprises, so leave some leeway in your budget for unforeseen expenses. Also, be careful not to do too much in the way of renovations; if you want to recover your investment when you sell, don’t exceed the potential value of the property. A licensed appraiser and a real estate broker can help you evaluate the resale value of the property once it has been renovated.
3. Find financing Contact a mortgage broker to determine your borrowing capacity. Do you have the required down payment? Can you get a loan to finance the renovations? Are you eligible for some subsidies? Are you thinking of going into a partnership for this project?
4. Ask about current regulations and
get insurance Make sure that the work you want to undertake will be accepted by the municipality concerned. Ask about the necessary permits, and make sure you understand the impact of the flip on your taxes. Insure your investment and check that the professionals with whom you are dealing have all the necessary permits.
5. Do as much work as you can, then delegate Of course, your project will be more profitable if you do as much of the work yourself as possible. However, you must be able to acknowledge your limitations and find competent professionals for tasks requiring special expertise, such as electricity or plumbing. Real estate flips are demanding and stressful, with the possibility of overloaded credit cards, water supply cut offs and the risk of selling at a loss. Are you mentally prepared for the challenge? If so, dive in!
A TIME FORGOTTEN MEETS MODERN APPEAL! Available now is this Beautiful centercity Oneonta 4 Bedroom, 2 and 1/2 Bath Victorian situated on a private corner lot including its original Carriage Barn/ Garage with bonus loft above! This home boasts a COMPLETELY REMODELED AND UPDATED KITCHEN that compliments the original Butler’s Pantry and Formal Dining Room. A MUST SEE GRAND FOYER requires a moment’s pause to relish the quality, natural lighting, architectural detail and flow of this stately residence. Location, Curb Appeal, Classic Detail and Price all in one FABULOUS HOME! 37 Elm Street Oneonta, NY 13820 PRICE REDUCED! $219,900 Adam Pierce NYS LICENSED REAL ESTATE SALESPERSON, PSA Phone: 607-431-2540 x110 Mobile: 607-287-2956 adampierce@kw.com
UPSTATE Real Estate & Home Services
|
February, 2018 | 11
safety first
12
The benefits of -safe home improvement
All family members should be considered when home improvements are being planned, especially the youngest household residents who may not be responsible enough to avoid accidents and injuries. According to a recent Vital Signs report from the U.S. Centers for Disease Control and Prevention, accidental injuries are a leading cause of death among the country’s youth – with one fatality occurring
every hour from something entirely preventable. The CDC notes that the leading causes of child injury include suffocation, drowning, poisoning, fires, and falls. More can be done to keep children safe, and many strategies start at home.
| UPSTATE Real Estate & Home Services |
February, 2018
Install security systems A security system can be just as effective at keeping little ones inside as it is at keeping unwanted
guests outside. Alarms can be set to sound anytime a window or door is breached, which can deter curious children from trying to leave the house without permission. Pair the alarm system with secure locks and high latches that can also stop children in their tracks.
Remove fall hazards Safety devices installed on windows that are above ground
level can keep children safe. Stair rails should be secure and in good working order. Temporary gates can block kids from getting on stairways. Improve lighting around staircases to help children and adults avoid falls, and remove any obstacles.
Anchor heavy furniture The U.S. Consumer Product Safety Commission warns that unanchored televisions and top-heavy furniture can tip over onto children and cause severe injuries and even death. Everyday furniture can be tempting to climb; therefore, using anchors to secure furniture to walls for security is a must.
Install locking cabinets Locking cabinets can keep medications, household chemicals, home improvement paints and solvents, and other potential
poisons out of reach.
Erect fencing around pools and yards Install fencing around pools to keep children from wandering close to the water’s edge. Towns and cities may require certain fence heights or self-latching gates to keep little ones safe. Young children should never be left to their own devices around any source of water, whether it’s a pool, tub or toilet.
Test and replace smoke alarms Smoke and carbon monoxide detectors are only useful if they are functional. Homeowners should inspect such devices regularly to ensure proper operation and promptly replace old or faulty detectors to improve safety. UPSTATE Real Estate & Home Services
|
February, 2018 | 13
ABCs of real estate
Let’s demystify some real estate jargon
A multiple listing service allows your realtor to connect you with thousands of potential buyers or sellers. 14
| UPSTATE Real Estate & Home Services |
The ABCs of real estate are pretty lengthy and complex; that’s exactly why you hire a realtor when you want to buy or sell a property. Here’s a look at three terms that might leave you a bit better equipped to follow along throughout the process. A multiple listing service or MLS is a continually updated private network used by realtors across the country. This database enables realtors to share their listings with each other. Brokers earn commissions for their own listings, and when they help sell a property as a buyer’s agent they receive partial commissions. The MLS-brand network operated by the National Association of Real tors (NAR) is currently the main Internet marketplace for realty in the U.S. As a seller, you benefit from an MLS listing because it disseminates your property listing to a very wide audience of realtors representing buyers. As a buyer,
February, 2018
it gives your realtor access to specific details about properties, including vacancy, street address, taxes, and any criteria that are part of your search. Comparative market analyses (CMA). Also known as “comps,” comparative market analyses are done by your realtor to determine a suitable selling price for your property. An analysis looks at which other properties are listed in your area, what they feature and how much they’re selling for. Internet data exchange. The NAR allows certain information to be made public for individual buyers on its online realty tool, MLS®. This Internet Data Exchange doesn’t short-circuit the role of the realtor, as the available information is limited to protect the privacy of sellers. However, it allows buyers to refine their search criteria from home and develop an idea of the current market conditions.
Home security
for the do-it-yourselfer
F
eeling secure at home is a priority for many people. Many people consider installing security systems in their homes to improve their sense of well-being. Whether one owns or rents, individuals may be surprised to learn that do-it-yourself security systems can be savvy investments. The right system can help people protect their belongings and their families, but sorting through the various security systems on the market can be a daunting task. While full-service setups that include professional installation and monitoring are available, some homeowners may want to investigate the highly customizable DIY kits now available. Some include personal monitoring, while others are self-install technologies with professional monitoring. Before getting started, homeowners and renters can ask themselves a few questions to help narrow down their options. • What is your budget? Professional installation and monitoring will likely cost more than DIY kits. • How large is the home? • Are you tech-savvy? • How frequently are you out of the home on vacation or extended trips? • Do you desire emergency response? • Do you want an entire package or just some deterrent devices?
Once men and women have answered these questions, it’s time to start shopping. Here are some DIY security system items that may be of interest.
Smart home security systems These home security systems connect to a home’s Wi-Fi network so they can be monitored and controlled using a smartphone app. Others may be accessed through an application on the internet. It is important to look for a system that has the extra security of technology that is not easily hacked.
Some systems make it easy for homeowners to listen in on what’s going on at home and even talk to anyone within the camera’s range. Others can be paired with cloud storage for recording video.
Professionally monitored Residents who are away from home frequently or are too busy to constantly monitor security systems may like the peace of mind of professionally monitored kits. Services like Frontpoint®, Link Interactive® and Scout® are just three that have affordable starter kits and video monitoring. Monitored alarm systems can be set to call the police or other emergency services if necessary.
Entry-level or advanced systems
Security cameras Some people may only want to watch the inside and outside of their residences. It can take mere minutes to set up wireless security cameras around the house. These devices connect to a Wi-Fi network and give customers free access to a constant stream of video.
Entry-level systems typically include a few door and window sensors, a motion detector and a hub that communicates with these sensors. This may be enough for someone in an apartment or small house. More extensive systems may include additional sensors, door locks, garage door openers, surveillance cameras, lights, sirens, and even water and smoke detectors. Do-it-yourself security systems represent a new wave to safeguard one’s belongings and family. Kits continue to evolve and have become more seamless than ever.
UPSTATE Real Estate & Home Services
|
February, 2018 | 15
style vs function
Tips for choosing an entryway rug A good entryway rug is a must-have for many reasons. It protects your floor from the dirt that gets tracked into your home on peoples’ shoes and keeps the mess from spreading to the rest of your house. It also prevents slips and falls when the floor is wet, which is often the case on rainy or snowy days. If you’re in the market for a new entrance mat, follow these tips.
1. Rugs made with
2. Avoid thick-pile
4. Footprints tend
5. Make sure that the
synthetic fibers are the most durable, which makes them ideal for your main entrance and other high-traffic areas.
to stand out against solid colors, so choose a rug with a pattern.
16
| UPSTATE Real Estate & Home Services |
rugs, as they tend to dry more slowly and are harder to keep clean than ones with thinner piles.
rug you choose isn’t so thick that it gets in the way of opening and closing the door.
February, 2018
3. Pick a rug with
rubber backing to protect your floor against water damage.
Is a reverse mortgage really a good idea?
I
f you’re 62 or older, and if you occupy your deeded home as your main residence, you are eligible for a reverse mortgage. When economic times are tough, and your retirement funds aren’t stretching out as well as you’d always hoped they would, a reverse mortgage can seem like tempting relief. Depending on your circumstances it may be just that; however it’s extremely important to look at every angle of the question before deciding. First of all, the Consumer Financial Protection Bureau has clearly said that reverse mortgages are complicated products to understand. If you want to borrow money by tapping into your home equity in this way, you should get legal advice
before seeking approval for a reverse loan mortgage.
The best way to find out if a reverse mortgage is a good idea for you is to get some legal advice. How it works After you’re approved for a reverse mortgage loan, you are no longer obligated to make monthly mortgage payments. When you don’t, interest is added to the balance of your
loan. Typically, you may arrange to receive the loan as a lump sum of cash, a line of credit or as a monthly loan payout. The homeowner is still responsible for paying all home insurance costs and property taxes. In most cases, if your loan balance grows to exceed the cited value of the home, you’re not going to be pressed into repaying the balance. Be sure to check into the obligations and restrictions in your jurisdiction and with your loaning institution. Don’t forget, the “honest” intention of the reverse mortgage is to help senior citizens make ends meet. If any individual or institution puts pressure on you to agree to such a plan, seek legal advice immediately.
UPSTATE Real Estate & Home Services
|
February, 2018 | 17
space maker
Need more space?
Check the attic! F
rom a home office to a playroom to a guest bedroom and beyond, finishing your attic offers endless possibilities when it comes to adding space to your home without encroaching on your yard. Such an ambitious project requires a hefty dose of preparation, though. Here are some important points to consider before you dive in. • Structure. Certain types of attic, such as chevronbeam structures, are easier to convert into living spaces than others. You’ll also need to consider the total available space as well as the slope of the roof. All in all, it’s best to have an expert assess how doable your project actually is before starting any work. • State of the roof. Before starting any finishing work, make sure to properly inspect the roof for any traces of mold, parasites or water infiltration. • Insulation and ventilation. You’ll likely need to add insulation and ventilation for your attic to stay comfortable in all seasons. Insulation can be done from the inside, or, if you want the beams to show, from the outside. The latter option is more expensive. • Flooring. In most cases, the floor will need to be
18
| UPSTATE Real Estate & Home Services |
February, 2018
reinforced to support the increased strain caused by foot traffic and new furniture. • Stairs. Building a safe staircase to the attic is an important investment that you shouldn’t take lightly. • Lighting. For the room to benefit from sufficient natural light, you may need to install skylights or other types of windows. Otherwise, choose your light fixtures according to how you plan on using the space. • Rules and regulations. Make sure you’re aware of your local bylaws and other rules when it comes to adding a new space to your home. Also ensure that the project will be completed up to building and fire safety codes. Finally, when it comes to decorating, use things like mirrors and light-colored walls to create the illusion of a larger space. Carpets and room dividers are two ways to separate different sections of a large room. Smart storage solutions are also helpful in maximizing the space available in your attic. For everything else, be creative, and try to highlight the architectural character of your attic. Use your imagination!
making the move
How a transition specialist can help
you sell
M
aking the decision to sell your home is a big one; it can be particularly stressful if you’re a senior. Realtor members of the Certified Relocation and Transition Specialist registry can help A transition specialist can help seniors manage a move to a smaller home. seniors manage the logistics of this kind of complicated life • You want to relocate mate and therefore need change. only a smaller, three-seato be closer to exten Here are some of the son home. ded family or important situations that call for the services, such as public A la carte or turnkey services of a transition transportation lines, hosservices specialist: pitals and grocery stores. You can further simplify • You want to down• Your family home is too the relocation process size because in your big and you’d feel more by rounding out your retirement you can no comfortable in a smaller transition team with the longer afford the upkeep condomi n ium or apartfollowing services: of a family home. ment. • A downsizing and • You are ready to move • You plan to spend your decluttering specialist will into an assisted living home. winters in a warmer cli take you through your
home, room by room, and designate things to give away, store or liquidate through sales or by giving away to charities. • A liquidation specialist can pack up and label your clutter and items to be stored or given away. • A home-stager will suggest ways to optimize the look and layout of your home for better real estate viewings. • A packing and moving service will help you when you’re ready to leave your home. Ask your transitionspecialist realtor to recommend any or all of these services to help make your move a smooth one.
UPSTATE Real Estate & Home Services
|
February, 2018 | 19