Are “No-Tresspassing” Signs Fail-Safe?

By on April 13, 2013 in Buyer's Blog, Living in Massachusetts, Massachusetts Law, Sellers

The concept of adverse possession is an interesting law. Its purpose and design leaves many legal experts uncertain of its origin, but its history reflects our pioneer days when explorers went out in search of a better life living off the land.  These pioneers utilized and found purpose in the land and that appears to be the foundation of this unique law.  That land is not meant to remain idle.

The requirements for adverse possession to take place is when a party has Adverse-Possession-Blog-Imageopenly utilized a property consecutively for 20 years. A home owner who has allowed such a practice to take place without interference could lose their ownership rights under this law.

A common occurrence where this law has been used is when a neighbor has encroached upon his neighbors land with a fence.  This possession is referred to as “open and notorious” use.  The possessor has to have utilized the property exclusively and without the title owners consent.  Tacking is a term for adverse possession when multiple owners have received title to the property over a period of years. Again, a property has to be used continuously for 20 years to claim adverse possession.

The message or take away from this article is to be proactive with your ownership rights and to be aware of your boundary lines. Surveys are a great beginning in determining boundary lines and under Massachusetts state law no one is allowed to remove survey stakes.

Another suggestion that can help you but may not be fail-safe is the posting of a “No Trespassing” sign. It gives notice but is very open ended and not specific  Demarcate your property boundaries with fences, hedges, gates or the like to contain your boundaries and document in writing any permissions granted for use of land.

This material is intended to provide basic information and you should consult your attorney to understand all your of rights.

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5 New Introductions to Add Curb Appeal

By on April 2, 2013 in Buyer's Blog, Curb Appeal, Sellers, Weekend Warrior

A recent market research study performed by the National Gardening Association showed that people are doing their own gardening, up 3% over 2011.  I’m sure the economy spear headed this movement but once you are bitten, it is hard to go back. Gardening is a natural stress reducer, provides good exercise for all parts of your body and gets you outdoors.

PicMonkey Collage

Your local nursery this spring will debut 32 new Proven Winners® Color Choice® low-maintenance, colorful shrub varieties. This collection is bred for superior hardiness and continuous bloom cycles with a compact growth habit.  The top five new shrubs for 2013 are:

Tuff Stuff – Hydrangea … a semi-double to double flower with an attractive mass of lacecap blooms that open with creamy centers and deepen to rich pink depending on PH.  Bred for improved bud and stem hardiness blooming on old and new wood.

Bobo – Hydrangea … a dwarf form covered in large white blooms. The strong stems grow and lengthen throughout the season to keep the sizable blooms upright. The fall color deepends to blush then rich pink.

Lo & Behold® “Lilac Chip” Buddleia … offers a soft lavender-pink flower blooming continuously to frost without the need of deadheading. It is a sterile, petite variety with a size of 18-24” tall by 24-30” wide, making them more compact than “Blue Chip”.

Show Off®  Sugar Baby Forsythia … is known to produce more flowers per inch during its impressive spring display than other varieties. It is a miniature, upright plant perfect for small gardens.

Sonic Bloom Weigela Series … is a maintenance free shrub once established. Its tubular flowers engulf this dense reblooming shrub throughout the season. The entire series offers plants that are compact at 4-5 ft. tall and wide, great for hedging or mass plantings. They come in three colors; lipstick red, hot pink, and pearl (white w/yellow throat before edging in pale pink).

Early spring is the best time to plant, grab your gloves, shovel and head outdoors.

 

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8 Steps To Buying a Fixer-Upper

By on April 1, 2013 in Buyer's Blog, Home Improvements

fixer upper

Today’s real estate climate is showing signs of rebounding.  Many people who have been waiting out the storm have decided to join in on the fun. The uptick in buyer activity also brings higher demand with price increases for the more desirable homes.

However, there are still many homes on the market that are in need of some work and a lot of care.  If the lure and love of old homes excites you and you enjoy doing the work or you envision your path to home ownership to be  something like this … you grab a below market value foreclosure in a good neighborhood, put some money and a lot of elbow grease in and then in a few years you reap the increased financial benefits when you sell.

This scenario may play out as such, but often the end result is not what you had originally envisioned.  Fixer-upper homes are known to have many flaws. Unfortunately, homeowners  have been throwing all their money into paying their mortgage and have been unable to maintain their homes needs as it arises. Many of these issues have been neglected over a long period of time causing more damage to occur.  Before you embark on the fixer-upper journey, be sure you have a realistic idea of what lies ahead.

What does it take to make the purchase of a fixer-upper worth the investment?

  1. Be “on target” with the actual costs of a renovation project.
  2. Have a home inspection by a highly reputable home inspector.
  3. Bring in specialized professionals to evaluate issues beyond the scope of the home inspector.
  4. Calculate the actual renovation costs, including labor … again, be realistic with this number.
  5. Evaluate closely the recent sold comparables of homes in the neighborhood that match your desired end result.
  6. Subtract your renovation costs from the likely finished product evaluation (after renovation).
  7. Include a buffer of 5 to 10 percent for any unforeseen problems and expenses.
  8. This figure should be your offer.

Another often miscalculated cost for first-time home buyers is the unexpected costs of owning a home. Many first-time home buyers often do not consider the extra cost expenses needed to maintain a home. Repair and replacement costs of water heaters, heating/air conditioning units, appliances, roof repairs, etc.  add up.  An experienced home inspector may be able to give you a potential life expectancy evaluation, but it is really just a guesstimate … anything can happen at any time.

If the notion of buying a fixer-upper still remains irresistible to you, just be sure you do all your leg work beforehand so you can be one of the successful first-time home buyers who benefit at the closing table when you resell your home.

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Massachusetts Lead Paint Law Inflicts Pain on Landlord

By on March 28, 2013 in Massachusetts Law

leadThe Lead Paint Law in Massachusetts is top priority for Attorney General Martha Coakley, who recently won a case with the largest penalty ever recorded, $75,000.

Massachusetts Lead Paint Law is quite comprehensive and the strictest lead paint law nationwide. Attorney General Coakley’s case pertained to a Newton landlord who at the time owned at least  24 residential units in the suburbs of Boston. Prior to her win, he was alleged to have engaged in unlawful and retaliatory practices against tenants with young children, to avoid his responsibility in complying with the state lead law.

This law is no less serious for homeowners of single family dwellings. As a realtor, I am required to provide an 11 page notification package to prospective purchasers  of homes built before 1978, detailing their rights as consumers under this law.  The seller is required to provide a “Property Transfer Notification Certification” prior to entering into a Purchase and Sales Agreement.

The consequences for both sellers and real estate agents who do not meet these requirements are worth noting … civil penalty of up $1,000. under state law; a civil penalty of up to $10,000. and possible criminal sanctions under federal law as well as liability for resulting damages.

It is not my intention to alarm you but to inform you. If the seller has no knowledge of the possible existence of lead in the home, then they would state this on the certificate that they have no knowledge.  The prospective purchaser has the right as a consumer to have a lead inspection or risk assessment performed after they have received written notice and prior to signing of the Purchase and Sales Agreement.  There is no requirement by law to have a lead test or risk assessment performed before a sale.

Understand as a buyer, if you perform a lead test and it shows the presence of lead, this does not guarantee that the seller is going to pay the cost for the de-leading process. This could be a deal breaker  for you, but the seller now has knowledge and must disclose this fact to new prospective purchasers.

If you are aware that you have lead, Massachusetts does offer de- lead paint financial assistance to reduce the costly expense to provide a more marketable and saleable home.

 

This material is intended to provide basic information and you should consult your attorney to understand all your of rights.

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NAR Survey Reveals Home Buyer Preferences

By on March 14, 2013 in Buyer's Blog, Home Improvements, Sellers

home checkThere are many factors that are in play when purchasing a home but what factors are surveying higher among the buyers of today?

The National Association of Realtors examined the home preferences of buyers who purchased a home between 2010 and 2012 in their recent 2013 Profile of Buyers and found that the home feature preferences where different by region, demographics and household composition.

Demographically garages and basements were more popular among new home buyers, Midwesterners and suburbanites while Southerners preferred newer homes, less than 5 years old on a wooded lot with central air conditioning. Southerners typically purchased the largest home at 2000 square feet and the buyers in the Northeast followed closely with 1850 square feet.

A few of the other survey results  were:

65% preferred central air conditioning.

69% who did not purchase a home with air conditioning was willing to pay a median of $2520 more for a home with this feature.

39% preferred walk-in closet in the master bedroom.

94% of buyers who considered central air conditioning, cable, satellite TV and/or Internet ready very or somewhat important, actually purchased the home with these features.

89% of buyers who thought an eat-in kitchen to be important actually purchased the home with this feature.

55% considered a living room to be very important, buyers in the Northeast placed more importance on a dining room.

32% of buyers were willing to pay a median of $5420 more for a waterfront property.

40% of buyers were willing to pay a median of $5020 for a home less than 5 years old.

Today’s buyers are taking their time and doing their research when making this very important life decision. Of all, 97% of the recent buyers were satisfied with their home purchase. Even the most satisfied home buyer would like more storage space and larger closets with nearly half preferring a larger kitchen and 2 out of 5 would like a larger home overall.

Interestingly, within 3 months of their initial home purchase, 53% undertook a home improvement project and the typical buyer spent $4550.

Click to read the full complete article by the National Association of Realtors.

 

 

 

 

 

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5 Interior Plants To Enhance Your Home

By on March 7, 2013 in Home Decorating & Design, Sellers

stage plantWhen you think of plants for home staging your thoughts usually conjure up lavish exterior green spaces that will enthrall the potential buyer and entice them to come inside to take a look.

But have you given thought to the greenery inside your home?  If plants can heighten your home’s exterior curb appeal, think of what they can do for you inside. Over and beyond the health benefits of boosting oxygen, interior plants are known to remove toxic vapors such as formaldehyde – a common indoor air toxin released by floor coverings, fabrics, adhesives and other building materials.

Five plants known to improve indoor air quality are the spider plant (chlorophytum comosum), Golden Pothos (Epipremnum Aureum), Snake Plant (Sansevieria Trifasciata), Gerbera Daisy (Gerbera Jamesonii) and the Chinese Evergreen (Aglaonema Crispum).

Interior plants can provide the spark a dull or empty room has when it feels as though the walls are closing in and provide balance in proportion to the furniture walls and ceilings.   When designing with plants, larger lush plants yield more impact than many smaller plants.

Some Ideas Include:

Soften the hard edges of adjoining walls and disguise awkwardly-shaped spaces.

Fill an empty corner space with an elevated full container planter on a pedestal style stand or table draped with a colorful cloth.

Break the monotony and create a focal point highlighting a beautiful piece of sculpture with greenery.

A tall plant in a small room with a high ceiling will extend your eye upward visually enlarging the space.

Liven your space with one larger pop of contrasting colors, such as a royal blue pot with a lush variegated green and yellow pothos plant.

Non-working fireplaces are a great spot to add attractive low light foliage and again, softening the surrounding hardscape.

This time of year when the sun is a little brighter and the days a little longer, I notice that my plants are the first to tell me spring is just around the corner. They are a little perkier with new growth sprouting.  So when you are out shopping for the right plant for your space, be sure to have them do double duty and clean your air.

 

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Protect Your Home Equity With the Massachusetts Homestead Act.

By on March 7, 2013 in Buyer's Blog, Massachusetts Law, Sellers

The State of Massachusetts has offered homeowners a wonderful mechanism of home equity protection through the Homestead Act. This law has been on the books awhile but was more recently amended with additional protection on March 16, 2011.

umbrellaBasically the law allows homeowners of owner-occupied homes or homes intended to be primary residences an automatic $125,000 exemption against unsecured creditor claims and the option to protect up to $500,000 of your homes equity by filing The Declaration of Homestead at the Registry of Deeds at a cost of about $35.00. It is designed to prohibit the forced sale of a home to pay unsecured creditors.

Some Specifics of the Law Include:

To qualify for homestead protection, a home can be described as a single-family; 2-4 unit multi-family; condominium unit; mobile home; manufactured or cooperative housing unit.

There are three types of Homestead Declarations.  The Automatic Homestead, The standard Declaration and The Declaration for Elderly or Disabled People.

If you sell your home, the proceeds of the sale are protected until you buy a new home, or for one year, whichever comes first.

Protection does not include federal, state or local taxes; liens, mortgages secured by the home, court orders of spousal or child support, attachments to land not your primary residence and specific court ordered judgments.

The Declaration for Elderly and Disable People is for people 62 yrs or older and the Homestead defines disabled people as an individual meeting the requirements of SSI.

A married couple, each individually meeting SSI requirements and sharing ownership in the home can receive up to $1,000,000 of protection.

The Homestead Act remains in effect after a mortgage refinance, an addition of a second mortgage or if a home equity loan has been secured.

A home held in a Real Estate Trust is eligible and protected under the new Amendment.

To file a Declaration of Homestead contact your local Registry of Deeds. It can be filed easily by mail or in person.  This material is intended to provide basic information and you should consult your attorney to understand your all of rights.

 

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3 Pointers in Designing a Homework Workstation

By on February 20, 2013 in Home Decorating & Design, Home Improvements, Sellers

bookcasedeskcomboThe value of homework has been a controversial topic in recent years. Homework teaches many things to children; time management, ownership of their own education and learning how to prioritize projects are just a few.

Therefore, a well-designed workstation will produce positive results yielding less temper tantrums while boosting grades in school.

Teenagers can work efficiently and independently in their bedrooms, but younger children need the guidance and support of a parent. Unfortunately, the kitchen table, counter, the family room floor and sofa are impromptu work areas we’ve become accustomed to and where chaos reigns supreme.

Creating a dedicated work station where your student can relax and get organized not only helps them to succeed but also increases the resale value of your home. If you have a small home, designing a multi-function space that flows well can be a challenge, but it is worth the effort in the end for you and your student.

Another option if space is limited is to create a simple portable supply cart on wheels that houses all the necessary items your student would need and then stow it away outside the main living space or in a closet.  With a little reconfiguration, an armoire can be a great compact workstation that when not in use is a beautiful complimentary piece of furniture adorning the room.

Whatever you choose, a few pointers to consider are ….

Location, Location, Location. Have you heard that one before?  A good location in real estate is the number one component for increasing value in your home so why would it be any different for increasing your student’s opportunity for success in school?

Lighting.  Proper window treatments that allow your student to control the flow of natural light coming into the room will reduce the glare on the computer monitor.

Organization.  In lieu of drawers, a handy ready-made desk organizer keeps all the necessities at a hands reach. Adding bookcases and wall cabinets keeps order. Cork boards work great for utilizing wall space and de-cluttering the desk area.

When all is said and done, you will have established a warm, comfortable and harmonious environment that you will enjoy while enhancing your home.

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8 Common Home Buying Mistakes For First Time Buyers.

By on February 11, 2013 in Buyer's Blog, Living in Massachusetts

FTHomeBuyersEverything has aligned, interest rates are historically low, homes are plentiful and affordable and you feel it is the right time to take the plunge and buy your first home. But where do you begin?

Before you even step out the door and begin on your magical rollercoaster ride of emotions, be sure you are aware of the common pitfalls of many first time home buyers before you.

Costs That Go Beyond The Mortgage

While you know you can afford the monthly mortgage payment, don’t forget that the cost of owning a home includes much more … taxes, property insurance, utility costs (water & electric) maintenance costs and possible association fees.  Some of these costs tend to increase over time.

The Value of the Credit Report

Check your credit report! Your credit report will define your path.  Understand what your credit report says and work to clean up any items now before you actually make an application to a lender.  There are many types of loans available but the costs associated with those loans vary, by the thousands.

Why You Need A Preapproval BEFORE You Shop

Once you feel confident that your credit report and score are in good standing contact a reputable mortgage lender for a preapproval. There is no cost or obligation with completing an application for a preapproval. Mortgage lenders normally do this for free in hopes of acquiring the loan when the time is right.  This preapproval will direct you in looking at appropriate homes that you can afford as well as prevent you from falling in love with a home and having your Offer declined by a seller who refuses to accept an Offer from a buyer who hasn’t secured financing.

The Value Of A Good Realtor

A good real estate agent, like me, will have a few reputable mortgage brokers, which they work with that can guide you in getting a preapproval.  That being said, you need to find a good realtor who will work as your representative in the transaction. The selling or listing agent has a fiduciary relationship with the seller and you should have an agent in your corner representing your best interest.  You are investing in your largest asset and you want to hire an agent that can be objective and truly offer independent advice.

Defining the Important Criteria

When you begin your process you will have a laundry list of must haves. Your realtor will assess the market and find the homes that meet your wants and needs but do not be surprised to learn that you just cannot have it all.  Step back and define the things that you are willing to work with and the ones which you are willing to sacrifice.  You are just starting out and your “dream” home may be your next home or maybe the home you retire to.  Be realistic!

Waiving the Inspection

There is never a good sound reason to waive the inspection! The potential costs of an issue that appeared minor becoming major will cost far more than the initial inspection cost.  For example, a small crack in the foundation wall in the basement may seem normal for frost zones but if this crack turns out to be structural, the repair could possibly be in the tens of thousands.

Buyer Beware! Do Your Due Diligence

You are the person buying the home, living in the home and paying the mortgage. It is your responsibility to ask the questions of the right people and learn everything you can about the town, schools, neighborhood, etc.  Do your research. Remember, this is your largest financial investment and treat it as such.

Considering Resale Value in Today’s Market

This can be a controversial subject with other realtors. Some believe you need not worry about resale value because you have no idea where the market is going to be when you decide to sell. But I believe there are inherent issues that could diminish value in either market, so be wise and learn from the past mistakes of “others”.  The housing crash we just experienced proves my point.  All those people who paid top dollar for homes in an appreciative market that had a defect such as abutting high-tension wires or open to a deep drainage culvert cannot find a buyer today and if so, they cannot command the same type of dollar as those similar homes that are situated in a neighborhood or location without these defects.  I’m not saying you should not purchase such a home, just be aware of the risks beforehand.

I hope I have given you food for thought and contact me should you have any questions.

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Your First Impression Brings the Bucks In The 2012-2013 Cost vs. Value Report

By on February 4, 2013 in Buyer's Blog, Home Improvements, Sellers
From Google Images

From Google Images

This year’s cost vs. value report is shaping up to be a good year for home owners.  The past few years have battered home owners when ROI dropped in almost all categories. This year Remodeling Magazine is showing an uptick, with both spending and ROI up on your remodeling investments.

Now let’s not forget that your remodeling dollar recoup is relative to the specifics of the project but it still remains a positive sign for us all.

Your homes first impression took 7 of the 10 spots this year. These include exterior projects like siding, window and garage door replacements.  With the influx of neglected foreclosures on the market I am not surprised by this response.  Buyers have come to realize the value in these items when out shopping for their new home.

The steel entry door topped the survey with 85.6% of the costs recouped at resale and is also the least expensive of the 35 midrange and upscale remodeling projects, costing on aver $1,137. Let’s look closer at the breakdown:

Top 10 Midrange Projects

Top 10 Upscale Projects
1. Entry Door Replacement (steel) 1.  Siding Replacement (fiber-cement)
Job Cost: $1,137 Job Cost:  $13,083
Resale Value:  $974 Resale Value:  $10,379
Recoup:  85.6% Recoup:  79.3%
2 Deck Addition (wood) 2.  Garage Door Replacement
Job Cost:  $9,327 Job Cost:  $2,720
Resale Value:  $7,213 Resale Value:  $2,046
Recoup:  77.3% Recoup:  75.2%
3. Garage Door Replacement 3.  Siding Replacement (foam-backed vinyl)
Job Cost:  $1,496 Job Cost:  $13,818
Resale Value:  $1,132 Resale Value:  $9,926
Recoup:  75.7% Recoup:  71.8%
4. Minor Kitchen Remodel 4.  Window Replacement (vinyl)
Job Cost:  $18,527 Job Cost:  $13,055
Resale Value:  $13,977 Resale Value:  $9,295
Recoup: 75.4% Recoup:  71.2%
5. Window Replacement (wood) 5.  Window Replacement (wood)
Job Cost:  $10,708 Job Cost:  $16,361
Resale Value:  $7,852 Resale Value:  $11,194
Recoup:  73.3% Recoup:  68.4%
6. (tie) Attic Bedroom Addition 6.  Grand Entrance (fiberglass)
Job Cost:  $47,919 Job Cost:  $7,088
Resale Value:  $34,916 Resale Value:  $4,528
Recoup:  72.9% Recoup:  63.9%
6. (tie) Siding Replacment (vinyl) 7. Deck Addition (composite)
Job Cost:  $11,192 Job Cost:  $34,403
Resale Value:  $8,154 Resale Value:  $20,532
Recoup:  72.9% Recoup:  $59.7%
7. Window Replacement (vinyl) 8.  Major Kitchen Remodel
Job Cost:  $9,770 Job Cost:  $107,406
Resale Value:  $6,961 Resale Value:  $64,113
Recoup:  71.2% Recoup:  $59.7%
8.  Basement Remodel 9. Bathroom Remodel
Job Cost:  $61,303 Job Cost:  $50,007
Resale Value:  $43,095 Resale Value:  $29,162
Recoup:  70.3% Recoup:  58.3%
9.  Major Kitchen Remodel 10.   Roofing Replacement
Job Cost:  $53,931 Job Cost:  $33,880
Resale Value:  $37,139 Resale Value:  $19,194
Recoup:  $68.9% Recoup:  56.7%
10.  Deck Addition (composite)
Job Cost:  $15,084
Resale Value:  $10,184
Recoup:  $67.5%
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