EVERYTHING
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Real Estate & Home Services Guide
How to choose between an apartment, condo or house Page 6
When is the best time to sell your home? Page 9 VOLUME 5 | ISSUE 1 | MARCH 2022
What new and future parents should look for in a home Page 17
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Real Estate & Home Services Guide A Publication of The Daily Star
102 Chestnut St., Oneonta, NY 13820 | 607-432-1000 | thedailystar.com 3 tips for creating the ideal dining area. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Home staging: How to depersonalize your property.. . . . . . . . . . . . . . . . . 5 How to choose between an apartment, condo or house. . . . . . . . . . . . . 6 Home to set a budget for your renovation. . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 When is the best time to sell your home?.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 10 signs you’re ready to own a home. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
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PUBLISHER Fred Scheller fscheller@thedailystar.com (607) 441-7214 ADVERTISING DIRECTOR Valerie Secor vsecor@thedailystar.com (607) 441-7235 LAYOUT Tracy Bender tbender@thedailystar.com (607) 441-7232
An aspiring homeowner’s guide to real estate terms. . . . . . . . . . . . . . . Key components of 3 popular home interior styles. . . . . . . . . . . . . . . . . Features to ignore when house hunting.. . . . . . . . . . . . . . . . . . . . . . . . . . . . What new and future parents should look for in a home. . . . . . . . . . . How to shop for a mortgage. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 expenses homeowners pay that renters don’t.. . . . . . . . . . . . . . . . . . . .
Content provided by Newspaper Toolbox and Metro Creative Services.
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3 tips for creating the ideal dining area
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o you want to add a dining room to your open-concept living space? Or perhaps you want to make room for a breakfast nook in your kitchen? In either case, here are a few tips to help you create a beautiful and functional eating area.
1. Use your imagination If your home doesn’t have a designated dining room, you’ll need to get creative. Fortunately, there are plenty of ways to incorporate an eating area into your living room or kitchen. For example, you could:
3. Add a decorative touch To make your dining area more inviting, be sure to include a few decorative accessories. A stylish tablecloth, a vase with fresh cut flowers, a piece of art on the wall and patterned seat cushions are all items that can spruce up the space without making it feel cluttered. To find the furniture and accessories you need for your dining space, visit the stores in your region.
• Opt for an extendable table with bench seating • Use a kitchen island or peninsula as a bar • Set up a few bistro-style tables rather than one large table • Install a corner bench to provide seating and storage • Choose a coffee table with a lift top
2. Define the space If possible, add features that make the dining area distinct from the space around it. This can be done by placing a rug under the table, rearranging furniture to divide the space, using wallpaper to create an accent wall or painting the ceiling above the dining area a different color. March 2022
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Home staging How to depersonalize your property
W
hen staging your home, it’s important to depersonalize your property so potential buyers can imagine themselves living there. Here are a few things you should do:
• Remove most decor and only display plants and wall hangings • Put away paperwork, medications and cleaning products • Remove personal items like family photos and children’s drawings • Put away toys and sports equipment • Tuck away trophies, framed certificates, diplomas and collectables • Remove religious objects, risqué artwork and controversial items Taking steps to depersonalize your property will increase your odds of getting a great offer.
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How to choose between an apartment, condo or house
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o you want to move? Are you trying to decide between renting an apartment, owning a condo or buying a house? If so, here are some things you should know about each option.
Apartment Renting an apartment is ideal for people on a tight budget. It’s also great for individuals who don’t have the time or energy to maintain a property. Tenant insurance is affordable, and the landlord will be responsible for all maintenance and repairs. Additionally, you can easily move out when you’re ready to leave. However, you’ll never get the money you pay for your apartment back, and rental rates increase annually. Additionally, you may have to pay for a parking space or storage locker. Furthermore, your neighbors may be loud, and the landlord might impose rules like a no pet policy. Plus, you may need to restore the apartment to its original condition before moving out. In some cases, you could be forced to leave if the landlord repossesses the apartment.
Condo Condos are generally more affordable than houses, and many buildings have a pool, gym or other amenities you can use. If you own one, you’ll be responsible for maintaining your unit. However, you’ll also share responsibility for the upkeep of common areas like 6
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the roof with other condo owners. Consequently, you must pay monthly condo fees in addition to your mortgage. You’ll also need home insurance, which can also be expensive, and your mortgage rate could increase at the end of your term. Furthermore, much like an apartment, you must adhere to any building rules.
House The best part about purchasing a home is that its value will increase over time. Homes offer the most privacy and usually have a spacious yard and parking spot. You also don’t have to pay for amenities you don’t use, which is often the case with condos. Additionally, you’ll have complete freedom over how you decorate your space. However, you’ll be responsible for all maintenance, which could require a lot of time, energy and money. Additionally, home insurance is more expensive than tenant insurance, and you’ll have to pay municipal and school taxes as well. You’re also susceptible to rising mortgage rates. Lastly, you don’t get to choose your neighbors. Therefore, they could end up being just as bothersome as those in an apartment or condo building. Regardless of which option you choose, make sure to hire a realtor. A professional agent can help you find the perfect home.
How to set a
budget for your renovation
If you want to renovate your home, it’s essential that you establish a budget before you get started. This will allow you to determine what you can afford and whether you need to adjust your plan. Here are some tips to help you allocate sufficient funds for your renovation. • Be precise about your project. A surefire way to blow your budget is to improvise. If you want a relatively accurate estimate of how much everything will cost, make sure your plan is as detailed as possible. You should also be mindful of how you spend your money in order to maximize the value you’ll add to your home. • Assess your financing options. If you plan to upgrade the appliances, windows, doors or insulation in your home, find out if you qualify for an energy efficiency rebate offered by the government. If you’re considering taking out a loan to pay for the renovation, be sure to factor the interest into your budget. • Estimate the various costs. Do some research to find out the price of the materials you want to use and the professionals you’ll need to hire. Keep in mind that the size and age of your home may influence the cost of your renovations. If you want a more accurate figure, consider hiring an estimator. • Plan for unforeseen expenses. When it comes to renovating a home, unexpected costs are almost inevitable. Therefore, you should reserve about 15 percent of your budget for contingencies. These funds may be needed to remove mold, bring the home up to code or deal with other hidden issues. Lastly, if you decide to work with a contractor, request a detailed timeline of the project. This way, you can keep track of expenses and spread out your payments. March 2022
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When is the best time to sell your home?
If you’ve decided it’s time to sell your home, you may be wondering when the best time is to put it on the market. Here are some things to think about.
The season The real estate market usually slows down during the holidays and in summer. Therefore, you may want to consider putting your home up for sale in the spring or at the start of the school year. Since buyers are more active during these times, you’ll have a better chance of selling your home quickly.
The market If possible, you should sell your home in a seller’s market. This occurs when there’s more potential buyers than there are homes for sale in a particular area. In a buyer’s market, or when there’s a surplus of available homes in an area, you may find it more difficult to get the price you want for the property you’re selling. If you need personalized advice on how to get the best price for your home, contact a realtor in your area who’s familiar with the local market. March 2022
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FOR SA SOLD 10 signs you’re ready
to own a home
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o you often think about buying a home but aren’t sure if you’re ready to take the plunge? Here are 10 signs you may be ready for homeownership.
1. 2. 10
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You have a good credit score and enough money for a down payment. You’re willing to make sacrifices and change your spending habits to pay off your mortgage and cover the costs of buying a home.
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3. 4. 5. 6. 7. 8. 9. 10.
You’re already looking at real estate ads, staying on top of market trends and talking about buying a home. You have a stable job with a regular income and want to settle down in a particular area. You’re tired of being dependent on a landlord to maintain your living space. You can’t stand hearing your neighbors and want more privacy. You’re resourceful and hard-working and don’t dread the responsibilities of maintaining a home and yard. You’re expecting a child and want to have enough space for them to play. You’d like to get a pet, and very few rental properties in your area allow animals. You really want to own a home and can afford it.
If you agree with the above statements, it may be time to start shopping for a mortgage.
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An aspiring homeowner’s guide to real estate terms
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f you’re looking to buy your first home, you might feel a little overwhelmed by all the real estate lingo being thrown your way. Here’s a short glossary of some common terms to get you started. Amortization: The process of gradually paying off your mortgage with regular payments. Appraisal: The process of determining how much a property is worth, typically used by a lender to decide how big your loan should be. Comparables: A list of recently sold properties in the area that can be used to determine the market value of a similar property, also known as comps. Contingency clause: A condition or action that must be met in order for a purchase offer to become binding. Deed: A legal document that states the official owner of a property, also called a transfer.
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In escrow: A period of time after a buyer makes an offer and the seller accepts during which the property is transferred to a third party until the transaction is complete. Lien: A legal claim to a property if the owner defaults on mortgage payments or has unpaid tax debt. Maturity date: The last day of a mortgage term, at which time the loan must be repaid in full or a new agreement must be reached. Principal: The amount borrowed from a lending institution. In mortgage payments, this doesn’t include interest. Equity: The percentage of a property’s value owned by the homeowner (its market value minus the amount still owed on it).
Title insurance: A policy that protects a homeowner against challenges of ownership to a property or other problems related to the title of a home.
Foreclosure: A legal process that allows a lender to recover money owed on a defaulted loan by taking ownership of the property and selling it.
Remember, a real estate agent can be an invaluable ally when it comes to navigating the language and processes of buying a home.
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Three of the more popular styles, traditional, modern and farmhouse, each have certain key components that can ensure a home ends up with a look homeowners are aiming for.
Key components of 3 popular home interior styles
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onsiderable thought goes into designing a home’s interior. From which color to paint the walls to the size of the living room couch, homeowners must make a variety of decisions when planing their home interiors. One way to simplify interior design decisions is to choose a style. Interior design styles run the gamut from traditional to modern, and each style has its own unique look and feel. Though homeowners need not feel beholden to any particular item associated with a given style, three of the more popular styles, traditional, modern and farmhouse, each have certain key components that can ensure a home ends up with a look homeowners are aiming for.
1. Traditional Homes with a traditional interior style give a formal yet welcoming feel. Many individuals associate crown molding and wainscotting with traditional interiors, so that’s something homeowners aiming for this style should keep in mind. Minimal or modern furniture pieces don’t fit with the traditional style, which tends to utilize period pieces made from real wood.
2. Modern Modern interiors may differ depending on which style of modern homeowners are aiming for. Midcentury 14
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modern typically features unique furnishings that some might see as retro. However, many companies now offer updated takes on midcentury modern that call to mind a bygone era but don’t make individuals feel as though they’re living in a museum. Urban modern is another popular modern style, and home interiors fashioned in this style tend to be light, airy and not crowded with furnishings. Calm, soft tones are a go-to with urban modern interiors, helping to create the serene settings many homeowners are hoping to create with this style.
3. Farmhouse Farmhouse has become very popular in recent years. In fact, a recent survey from the interior design service Modsy found that farmhouse was the most popular design style in 26 states. Farmhouse is beloved for a variety of reasons, not the least of which is its association with a simpler lifestyle. The rustic charm of the countryside is never far from the mind when in a home with a farmhouse-inspired interior. Traditional farmhouse and modern farmhouse are different styles, but natural materials and bright colors, particularly white walls, are elements shared by both. Traditional, modern and farmhouse are three popular home interior styles. Each has its own unique components, and homeowners can supplement their favored style as they see fit. – MCS
Features to ignore when house hunting
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f you’re perusing listings online or visiting a property in person, there are a lot of red flags to watch out for. However, there are also several features that shouldn’t affect your decision to make an offer on a home.
Paint colors and wallpaper Painting a home is easy and affordable, even if you need to remove a bit of wallpaper first. In fact, you shouldn’t let any of the seller’s questionable decor choices distract you from seeing the potential of each room.
Carpets and popcorn ceilings With so many attractive low-cost flooring options,
there’s no need to be dissuaded by ugly carpets. Similarly, an expert can take out a popcorn ceiling in no time. For the sake of convenience, just be sure to have both removed before you move in.
Privacy and curb appeal Don’t be discouraged if you’re not wowed when you first see a property. Landscaping the yard and repainting the front door can make a big difference. And you can always add hedges as fencing for more privacy. Finally, don’t judge a home by its age. In many cases, an older property will have higher quality materials — not to mention more charm and character — than a new build. March 2022
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What new and future parents should look for in a home
I
f you’re a new or expectant parent, buying a family home may be on your to-do list. While you can’t anticipate everything you’ll need in the coming years, here are some essential features to keep top of mind as you shop for your dream home. • A home on a quiet street in close proximity to a playground. Ideally, the route to the park should have sidewalks the entire way. • A mudroom with plenty of storage to keep jackets, dirty shoes and other clutter from spilling into the main living space. • Bedrooms on the same level. This is practical for
nightly feedings and gi ves both you and your kids peace of mind. • A bathtub, preferably one that’s easy for kids to access and has an extra hand-held shower head. • Stairs that are easy to baby proof. Avoid wide staircases that won’t fit a safety gate and railings with large gaps between the rungs. • A powder room on the main floor. This is helpful for potty training so your child has quick and easy access to a toilet. To ensure you find the right home for your family, work with a real estate agent who’s familiar with the area where you want to live. March 2022 |
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How to shop for a
MORTGAGE If you’re buying a home, you probably need to secure a loan. However, it’s important to shop around for one with terms and conditions that meet your needs. Here’s what you should do if you’re looking for a mortgage.
Start looking early It’s a good idea to begin shopping for your mortgage three months before you visit any properties. This will give you time to evaluate your options. You should make sure that the amount you borrow is within your budget, and that you’ll be able to pay it back even if the interest rate goes up.
Consider various lenders In addition to banks, there are trust companies,
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credit unions and insurers that offer mortgages. The more loans you compare, the more likely it is you’ll find one that meets all your requirements.
Analyze the loan terms You can save money by negotiating the interest rate on your mortgage. Keep in mind that the contract terms, amortization period, payment schedule, interest type and amount you borrow will affect your home loan payments. Therefore, it’s important to ask questions and ensure you fully understand the pros and cons of each option. Are you having trouble making sense of getting a mortgage? If so, talk to a mortgage broker for personalized advice.
4 expenses homeowners pay that renters don’t
Do you want to become a homeowner? While there are many benefits to owning property, there are also numerous costs. In addition to the price of the home, here are just some of the expenses you’ll need to factor into your budget.
1. Property taxes If you own a house or condominium, you’re responsible for paying taxes to your local government to fund services such as garbage collection, road maintenance, policing and more.
2. Homeowner’s insurance Although tenants typically pay for renter’s insurance, it’s important to be aware that homeowner’s insurance is a lot more expensive. This is largely due to the fact that if you own the property, you need to insure the actual structure of the home, not just its contents.
3. Mortgage interest This is an expense you’ll have to pay for the duration of your mortgage. The amount required will depend on the time over which your mortgage is amortized, the frequency of your payments and the rate and type of interest.
4. Maintenance and repairs Gone are the days of simply calling the landlord if an appliance stops working or there’s no hot water. From simple electrical repairs to replacing the roof or flood-proofing the basement, all home maintenance tasks are the homeowner’s responsibility. Before you decide to buy a home, it’s a good idea to consult a financial adviser to ensure you’re making the right choice based on your needs and circumstances. March 2022 |
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EVERYTHING
HOME
Real Estate & Home Services Guide
EVERYTH
ING
HOME
Real Estate &
s Guide
Home Service
EVERYTH
ING
HOME
Real Estate &
ntage How to take adva ket of a seller’s mar Page 5
4 hacks for your at-home office Page 10
improving
tips for Home5your it score cred Se rv ice Page 18
s Guide
3 | AUGUST 2021 VOLUME 4 | ISSUE
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