Condo Living - Are Your Ready?

Under Contact! End-Unit at Deer Hedge Run  - 3 Level Townhouse.
Comfort, Convience, Location! Click for photos and details!
Call today!

A condominium is a shared form of property ownership that includes 1) a divided interest - the inside of an apartment, townhouse, part of a duplex, a unit in a mult-family, or detached home; 2) an undivided interest, i.e. roofs, exterior siding, recreational facilities, elevators, etc.; 3) and there can also be exclusive use areas, i.e. parking spaces, decks, balconies, garden areas.

If you are a first time home buyer, you can generally get more living space for the same price as a single-family home, developments tend to be newer, and some offer amenities such as swimming pools, tennis courts, fitness centers.

If you are just too busy or not interested in working around the house, owning a condominium is a good option for you. Exterior maintenance is taken care of by the homeowner association so you don't have to be concerned about exterior painting, landscaping, snow plowing, roof replacement, etc. - the benefits of home ownership without a lot of the work!

SOLD - New Construction at The Regency in Stow
Attached and Detached Townhouses for Adults 55+

A lot of empty-nesters are ready for a change and have someone else take care of things, especially during the winter months! Wouldn't it be nice to just lock the door and go somewhere warm next winter without having to worry about who's going to shovel?

There are a variety condominium options for people over 55+/active seniors in Sudbury, Concord, Wayland, Hudson, Acton, and many of the nearby towns including resales and  new construction. Click here to see condominiums for sale.

Condo living is a great lifestyle if you're someone who wants easy living; doesn't mind having close neighbors; is OK with letting other people make decisions, or is willing to volunteer to be on the Homeowners Association Board of Trustees (HOA), and won't mind trading some personal freedoms in return for convenience.

Buyers know that condominiums/homeowner associations have rules that govern the community. Any offer to purchase a condominium should include a contingency that says the offer is "subject to satisfactory review/acceptance of all documents..." 

Most HOA (Home Owner association) rules are pretty standard, and your attorney can tell you which ones you can expect to find in most places. However, communities can and do amend the rules over the years so rules can vary. Parking and pets and pools seem to be the biggest issues but there may also be rules about holiday decorations, gardening, decks, facility usage; bicycle and baby carriage storage, rental restrictions - some communities do not allow any rentals. Some associations restrict what vendors you can use to replace the windows and doors... Yes, units owners are often responsible for windows, doors; know what you will be responsible for.

Your lender will review the budget and send a questionnaire asking about the overall well being of the development - i.e. number of owner occupied units, if there are any pending lawsuits, special assessments; but as the buyer, it is really important for YOU to read the rules. Only you can know if you'll be comfortable living by the rules that govern the condo development you'll be sharing; and the best time to do that is before you make an offer. Once you accept the condominium rules (or not) you can move forward and enjoy the lifestyle that's right for you!  

------------------------------------------------

It has been a pleasure representing condominium (including new construction) sellers and buyers in Sudbury and the nearby towns west of Boston for 25+years. If you are planning to buy or sell a condominium, I would be happy to help you. Call 508-596-3501.

Here are some of the condominiums my clients have bought and sold in the towns west of Boston:

 

Audubon Hill, Acton  - 55+

Oak Ridge Maynard

Ingham Lane West Concord

WestRidge Hudson

Springhouse Pond Sudbury

   

Deer Hedge Run Maynard

Regency at Stow

The Gift of Home Tax-free!

December is not only when we give gifts to our loved-ones for the holidays but it's also the time to review tax-saving options for 2019 and plan for 2020 and what could be a better gift than tax-free help with a down-payment for a new home?

Parents, grandparents, aunts and uncles, and even friends can start to pass along/gifting their estates while reducing inheritance taxes and getting to see their family enjoy the benefits of their gift

Under current IRS guidelines (please consult your accountant for tax advice and ramifications) each

parent or relative can give up to $15,000 to each child or relative every year. That would mean that a mother and father can each give $15,000 a year to each son, daughter, and/or grandchild that would amount to $30,000 a year in total per couple for each person that you gift.

If both sets of parents want to help with the down-payment on a house; each of the parents can give each borrower a gift of $15,000 per year. That would add up to $60,000 for both of you! That is a significant amount of tax-free money to help you buy a home for your family! Of course, a gift can also be less than $15,000, so give what you can.

That amount is per calendar year and not based on every twelve months. That would mean that they could give $60,000 (or more) in December 2019 and an additional $60,000 (or more) in January

2020. With less than one-month left , this is the time to bring up the subject with your family. What could make them happier than helping you buy a house and saving money on taxes?

For most types of mortgage loans, you will need to have 5% of the amount of the down-payment on your own, however, there are exceptions. To find out the exceptions and details about how gift money can be applied to your down-payment contact a reputable mortgage broker.

More about tax-free gifts and life-time limits: https://smartasset.com/retirement/gift-tax-limits

--------------------------------------

About the author: Marilyn Messenger, a licensed real estate broker, Certified Residential Specialist, and Accredited Buyer Representative, and Certified Luxury Homes Marketing Specialist is associated with Andrew Mitchell and Company in Concord has been representing home buyers and sellers in Wayland, Sudbury, Maynard, Stow, and Concord MA since 1993. www.MarilynMessenger.com for more. Visit www.marilynmessenger.com to see homes for sale, get the latest real estate market reports, and learn about having your own buyer agent on your side.

10 Questions to Find Out if You're Qualified to Sell Your House

Most people think that being qualified is for home buyers and that it means being pre-approved for a mortgage. Being qualified is not just for buyers, sellers also need to be qualified!

Sure, anyone who owns a property can sell it (assuming there are
no legal restrictions) but owning a property does not make for a “qualified” seller. In real estate, the definition of qualified is “ready, willing, and able.” Buyers and sellers both need to be ready, willing, and able; that means financially, logistically and emotionally.
Here are some questions to answer to determine if you are qualified to sell:

1.   Do you have enough equity in your house to cover closing and moving costs or else have enough cash to bring to the closing table?

2.   Are you and everyone involved committed to selling? Do your spouse and/or children want to move? Do you have adult children who have their own ideas about the house and what you should be doing?

3.    Is your house ready to go on the market? Has it been de-cluttered with everything in working condition, fixed or replaced, fresh paint, refinished floors, lighting, landscaping, etc., with updates that will appeal to today’s buyers?

4.   If you plan to sell “as is” and are you willing to reflect that in your list price?

5.   Do you have a place to go when you sell?

6.    Do you have the money/financing to buy a new property before you close on your current home?

7.   If you need to sell before you can buy, is temporary housing a realistic option for you, your family, pets…until you can find the right home? Inventory is extremely low right now, it could take a while.

8.    Are you willing and able to make some compromises/trade-offs?

9.      Do you have a realistic understanding of the current market and will you listen to feedback? 

10.   Are you ready to detach yourself from the memories you made in the house?
Selling your home is a lot of work and can certainly be stressful. Making sure you are qualified/ready, willing and able will make the process easier and result in a better outcome for everyone involved!

----------------------------------------------
Marilyn Messenger is a licensed real estate broker, Certified Residential Specialist, Accredited Buyer Representative, and Certified Luxury Homes Marketing Specialist/Million Dollar Guild Member associated with Andrew Mitchell and Company, Concord. With 25+ years of experience in Concord, Sudbury, Wayland, Maynard, Stow and the towns west of Boston, Marilyn will make the selling and/or buying process efficient and cost effective for you. Visit http://www.MarilynMessenger.com for more.

4478 Reasons to List Your House For Sale Over the Holidays

Holiday Season is a Great Time to Sell!

The holiday season is such a hectic time for people. Getting together with family and friends, traveling, shopping, decorating, company parties, charity events... 

So why would a home-seller keep their house on the market and even more, why would anyone list their house for sale during this busy time? A lot of real estate agents (who don't work over the holidays) will tell you that no one buys houses over the holidays anyway and you'll get more money if you wait until Spring like everyone else does, right?

Well actually, there are 4478 reasons why! That is the number of single-family and condominium home sellers in Middlesex County who accepted offers on their houses last year between Thanksgiving and January 2. That includes 6 in Sudbury, 14 in Wayland, 17 in Concord, and 8 in Maynard. In Weston, there were 14, 10 in Hudson, and in Acton there were 14.

Sale prices for the properties that accepted offers during the holidays ranged from $160,000 for a condominium in Acton to $5,345,000 for a luxury estate in Weston; and all prices ranges in between. 

So why do houses sell over the holidays? Because:

• Buyers have time to look; unused vacation days; companies give their employees extra time for shopping.
• Holiday/year-end bonuses.
• Pay-raises.
• Motivated buyers who missed out or were out-bid in the Spring, Summer and Fall markets.
• New jobs - companies hire for the new year. Relocating buyers need to make decisions soon.
• People get engaged, married, combine households and need more space.
• Visiting family brings out the nesting instinct.
• Down-payment holiday gifts - click here to out how your family can give money tax-free.
• Good deals; buyers are seeing price reductions from sellers who are ready to move.
• People are in the mood to shop and there's nothing better than buying a house!

As for selling for more money in the Spring, if you are selling your house you are most likely going to buy another place to live. If prices are higher in the Spring, then you will also pay more for your next house. You may sell for less at this time of year but you will also pay less. If your end-goal is to buy another house, then understand that selling is just a step n the process toward buying. You will be ready to act as soon as houses come on the market while other buyers are waiting to sell.

So if your house is currently on the market, hang in there; the inconvenience can be worth it. If you are planning to sell, do it now. You'll be ahead of the competition and be ready to move forward.

--------------------------------

If you are ready to buy or sell in Concord, Wayland, Sudbury, or any of the towns west of Boston - call Marilyn at 508-596-3501 or visit www.marilynmessenger.com to see homes for sale in Massachusetts.