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Real Estate and *stuff *

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5 Ways You Didn’t Know You Could Save for a Down Payment!

June 22, 2016

One of the biggest misconceptions of home buying? The 20% down payment. Here’s how to buy with a lot less down.

Buying your first home conjures up all kinds of warm and fuzzy emotions: pride, joy, contentment. But before you get to the good stuff, you’ve got to cobble together a down payment, a daunting sum if you follow the textbook advice to squirrel away 20% of a home’s cost.

Here are five creative ways to build your down-payment nest egg faster than you may have ever imagined.

  1.  Crowdsource Your Dream Home:

You may have heard of people using sites like Kickstarter to fund creative projects like short films and concert tours. Well, who says you can’t crowdsource your first home? Forget the traditional registry, the fine china, and the 16-speed blender. Use sites likeFeather the Nest and Hatch My House to raise your down payment. Hatch My House says it’s helped Americans raise more than $2 million for down payments.

  1.  Ask the Seller to Help (Really!):

When sellers want to a get a deal done quickly, they might be willing to assist buyers with the closing costs. Fewer closing costs = more money you can apply toward your deposit.

“They’re called seller concessions,” says Ray Rodriguez, regional mortgage sales manager for the New York metro area at TD Bank. Talk with your real estate agent. She might help you negotiate for something like 2% of the overall sales price in concessions to help with the closing costs.

There are limits on concessions depending on the type of mortgage you get. For FHA mortgages, the cap is 6% of the sale price. For Fannie Mae-guaranteed loans, the caps vary between 3% and 9%, depending on the ratio between how much you put down and the amount you finance. Individual banks have varying caps on concessions.

No matter where they net out, concessions must be part of the purchase contract.

  1.  Look into Government Options:

The U.S. Department of Housing and Urban Development, or HUD, offers a number of homeownership programs, including assistance with down payment and closing costs. These are typically available for people who meet particular income or location requirements. HUD has a list of links by state that direct you to the appropriate page for information about your state.

HUD offers help based on profession as well. If you’re a law enforcement officer, firefighter, teacher, or EMT, you may be eligible under its Good Neighbor Next Door Sales Program for a 50% discount on a house’s HUD-appraised value in “revitalization areas.” Those areas are designated by Congress for  homeownership opportunities. And if you qualify for an FHA-insured mortgage under this program, the down payment is only $100; you can even finance the closing costs.

For veterans, the VA will guarantee part of a home loan through commercial lenders. Often, there’s no down payment or private mortgage insurance required, and the program helps borrowers secure a competitive interest rate.

Some cities also offer homeownership help. “The city of Hartford has the HouseHartford Program that gives down payment assistance and closing cost assistance,” says Matthew Carbray, a certified financial planner with Ridgeline Financial Partners and Carbray Staunton Financial Planners in Avon, Conn. The program partners with lenders, real estate attorneys, and homebuyer counseling agencies and has helped 1,200 low-income families.

  1.  Check with Your Employer:

Employer Assisted Housing (EAH) programs help connect low- to moderate-income workers with down payment assistance through their employer. In Pennsylvania, if you work for a participating EAH employer, you can apply for a loan of up to $8,000 for down payment and closing cost assistance. The loan is interest-free and borrowers have 10 years to pay it back. Washington University in St. Louis offers forgivable loans to qualified employees who want to purchase housing in specific city neighborhoods. University employees receive the lesser of 5% of the purchase price or $6,000 toward down payment or closing costs.

Ask the human resources or benefits personnel at your employer if the company is part of an EAH program.

  1.  Take Advantage of Special Lender Programs:

Finally, many lenders offer programs to help people buy a home with a small down payment. “I would say that the biggest misconception [of homebuying] is that you need 20% for the down payment of a house,” says Rodriguez. “There are a lot of programs out there that need a total of 3% or 3.5% down.”

FHA mortgages, for example, can require as little as 3.5%. But bear in mind that there are both upfront and monthly mortgage insurance payments. “The mortgage insurance could add another $300 to your monthly mortgage payment,” Rodriguez says.

Some lender programs go even further. TD Bank, for example, offers a 3% down payment with no mortgage insurance program, and other banks may have similar offerings. “Check with your regional bank,” Rodriguez says. “Maybe they have their own first-time buyer program.”

Not so daunting after all, is it? There’s actually a lot of help available to many first-time buyers who want to achieve their homeownership dreams. All you need to do is a little research — and start peeking at those home listings!

More articles like this available HERE.

Excellent investment opportunity in Somerville!

June 20, 2016

VermontSomerville

Attention Investors! Grab this quick! Fully-rented three-family in the hot market of East Somerville! Just steps to Sullivan Square T, Assembly Square Shops, Restaurants & Route 93 you will always have tenants! First floor has individual entrance with central air and basement access. All units have separately metered gas heat. Maintenance free vinyl siding and newer roof. Great private fenced back yard. Each level has 2 bedrooms and 1 bathroom with great details such as hardwood floors and built-ins. Realize over a 5% cap rate with market rate rents! Listed at just $949,999!

What to consider when adding a range hood!

May 19, 2016

By: Yanic Simard.

Get to know the types, styles and why you may want to skip a hood altogether.

The majority of homeowners working on kitchen upgrades will add a new range hood, according to a recent Houzz kitchen survey. And as with any decision during a remodel, the number of options can be overwhelming. If you’re looking to install or upgrade your hood, this guide may make things a little easier. Here you’ll find information on the options available, how to work a hood into your decor and why you may want to do without one entirely.

Do I Need a Range Hood?

Technically, range hoods aren’t absolutely required for all kitchens and aren’t usually mandated by building code (though hoods that are installed are sometimes subject to certain rules).

In fact, I have designed projects that did not include a hood. For example, in this condo kitchen, adding a range with ventilation would have exceeded the budget and eaten into the tight space.

If you think you’d like to skip the hood, check your local building code. Review how well your space is naturally ventilated and consider your realistic cooking behaviors. After all, some people use the microwave for most meals.

Do I Want a Range Hood?

If you don’t cook often with a lot of steam and oil, you can get by without a range hood, but you may actually need one more than you think.

Even if you can’t see dramatic smoke or steam when you’re cooking (from a burning roast or steamy soup), oil particles often get dispersed through the air, which is a nice way of saying that the grease from your frying pan can coat the room slowly over time if you aren’t suctioning the air away. For serious chefs who cook on the range often, a powerful hood is strongly recommended.

Where Should My Range Hood Go?

Naturally, a range hood should be placed directly over or behind a range to be effective, since the farther it is from the source, the less suction power it will deliver where you need it. However, it’s also important to consider that range hoods must ventilate to somewhere, so it’s usually recommended to place them on or near an exterior wall. The less distance the air has to travel to get outside, the less powerful the system has to be to be effective. To save energy and equipment costs, you should consider locating your range with this in mind.

Types of Range Hoods:

Standard over-range hoods. There are two standard forms of over-range hoods: wall-mounted units with no surrounding cabinetry, seen in the previous photo, or under cabinet hoods that are partially enclosed in cabinetry or attached below a cupboard, as shown here. These typically vent back through the wall, though they may run all the way up, venting through the ceiling and roof.

This category includes island range hoods, though they’re much less likely to be attached to cabinetry. Typically, if an island includes a range and range hood, the hood becomes a feature of the room. You can’t really avoid seeing it, so you may as well make it spectacular!

Some modern range hoods come in high-tech-look tilted styles that intrude less into the space and make an interesting futuristic statement. These are still standard over-range hoods, but they generally use more powerful suction to make up for being slightly farther away from the range itself (tucked flatter to the wall). The result is a more airy feel with more headroom open around you as you cook.

Built-in over-range hoods. Built-in over-range hoods are disguised in cabinetry (usually faux cabinetry with no actual storage space inside), so as to be invisible or at least not a focal point. These units typically aren’t finished themselves and must be paneled, or covered with cabinetry fronts, to hide their messy inner workings. This means that you can’t really uncover one later, though you can change the paneling if you change your kitchen style.

Built-in hoods can sometimes be exposed a small amount, which can add a nice visual detail and ease access to controls for speed and integrated lights.

Pop-up vents. Also known as “behind cooktop hoods” or “downdraft vents,” this high-tech option isn’t really a hood at all, but rather a slim vent that applies suction right at the source of the smoke or steam, and pulls it down into ductwork in the floor rather than up into the ceiling. These vents are generally able to pop up into place when needed and tuck back down to be flush with the counter when not in use.

Pop-up vents are useful when the ceiling over a range isn’t able to house appropriate ventilation ducts. The fact that they take up little visual space can give a beautifully open look, especially when used in an island.

However, they tend to be the least powerful option by far, so for serious chefs who often cook with a lot of steam and grease, the pop-up may not be sufficient.

Pop-ups are a fairly modern style in general, but they can still work in more traditional kitchens, especially when combined with stainless steel chef’s-kitchen appliances and a more dramatic range hood to act as a focal point.

A pop-up vent is typically sold as part of a coordinating range, so the price will be included in the range cost.

Microwave combo hoods. Finally, range hoods are often combined with a microwave to handle two functions at once in a small space, which can be a smart choice for compact kitchens. These combination units don’t usually have as much power as a stand-alone hood, but they can be sufficient for typical home cooking or those who rely on the microwave heavily.

Style Ideas:

Range hoods can be integrated in your decor a number of ways without being paneled. First, simply choosing a white unit (rather than stainless steel or black to match typical ranges) lets it blend in with white cabinetry for a breezy kitchen atmosphere. It’s OK for the unit to be a somewhat different white from your cabinetry finish as long as the hood isn’t mismatched with any other white appliances or fixtures.

If your kitchen includes a lot of stainless steel, a large and simple stainless hood will continue this material and become part of the decor. You can pick up on this metal in smaller ways too (if, say, you don’t have quite a spectacular fridge) through accents like cabinet handles, faucets or steely pendant lights.

The pendants here go for beautiful contrast, adding warmth to balance the silvery coolness. This can be a good way to keep your kitchen cozy and inviting even with so much exposed steel.

Adding a special backsplash that runs just from your range to your range hood can be a practical way to avoid grease-stained walls and a beautiful detail that integrates the two pieces into one showstopping feature. Repeat a stainless steel finish to continue the industrial kitchen appeal. Or use a coveted feature tile here to get a splashy look without splurging on a full wall.

This range hood is partially obscured by sliding cabinetry doors. The hood is still visible, but being behind glass like this makes it feel a little less “in your face” and softens the crisp metal finish.

This built-in hood gets a little highlight with wood trim at the bottom edge, picking up on other wood finishes in the room. Adding a trim detail like this helps make a hood feel like an integrated part of the space. It also helps make a large unit look less bulky by breaking it up with a visual stripe.
If you can afford to lose some storage space, a huge trend is to skip the upper cabinets and let a sleek range hood be the sole feature on an otherwise underdressed wall. The result is a room that feels vast, with only beautiful jewelry-like details in your sightline and lots of open space (and clean vented air) so you can breathe easy.

Make your small space seem bigger!

May 12, 2016

By: Jamie Wiebe

These backyard ideas will make your small space seem bigger!

Don’t think of your microscopic yard as a curse. So what if it’s technically a small concrete slab that barely accommodates a half-sized Weber grill? Or if your flagstone patio is just big enough for you, a lounge chair, and a good book? Your tiny outdoor spot is actually an opportunity to get creative.

To live large with a small footprint, try these functional tweaks to make your minuscule outdoor space feel like a palatial retreat.

  1. Divide the Space!

Wait, what? That’s right. Even if your square footage is relatively small, dividing your outdoor space into two areas can actually make it seem bigger.

“Creating a space within a space makes it seem larger because it gives you a separate experience,” says Joy Diaz, chief marketing officer at Land Care Inc.

Diaz recommends a small wood pergola, which you can purchase at home improvement stores or even build yourself without too much effort. You can also use walls to divide the space. We’re not talking about bulky concrete barriers here — try using short trellises, arbors, or vine-covered wooden fences to separate your loungers from your patio table.

“It says, ‘I’m in one place, that’s another place, and if there’s room for two places it must be big,’” says J. Scott Williams, a landscape architect at YardApes in New Milford, Conn.

As an added bonus, walls prevent visitors from walking in a straight line from one end of the patio to another, instead creating a winding path that makes your small space feel expansive.

  1. Plant a Privacy Screen!

A peaceful space always feels roomier than one crowded with noise and other distractions — like the pressure to strike up an awkward conversation every time you lock eyes with the nice lady next door. Keep your evening soirées and morning coffee blissfully secluded with a few cleverly positioned plants.

There are a few ways to achieve this goal. Along the very edges of your space, plant a tall, wide bush, like the purple smoke bush, a fantastic, easy-to-care-for container plant that can grow six or seven feet every year. Just be sure to keep on top of trimmings to keep it from overgrowing your patio — you want it growing up, not out — but as long as you do so, it makes an excellent privacy screen.

“A larger plant in a small space is dramatic,” says Williams.

You can also privatize your patio without sacrificing any square footage with the oldest trick in the book: Install some climbing vines on a trellis to clearly tell your neighbors, “This is my special space.”

  1. Add a Water Feature!

A dramatic focal point can really add some intrigue to a mini yard. And a water feature, like a bubbling birdbath or wall fountain, can do just the trick.

Williams suggests choosing an element with a black bottom, which will create a darker surface that reflects sky and trees, making your outdoor space feel bigger. Just make sure your water feature doesn’t overwhelm your porch — you can skip the long, vanishing edge-style pool.

“I wouldn’t put a longer element in a small space, which might make it look smaller,” Williams said. “Add a smaller water element into a small space, and make it seem larger.”

  1. Use Vertical Space!

Distract from your lack of horizontal yardage by really maximizing your outdoor space’s most abundant dimension: vertical space.

Use your walls, fence, or railings as extra space by adding vines or a living wall filled with flowers, herbs, and other eye-catching greenery. For a simple change, prop an attractive ladder — think barnyard chic, maybe? — against the wall and use its rungs as shelving for plants or other decor. The internet is bursting with other vertical planter and shelving ideas, too, using everything from pallets to chicken wire.

“It draws the eye up and outwards, and gives it a green and completely different look,” says Diaz. “It can change the atmosphere of the area. You’ve walked into a different experience from your home — it’s a psychological and emotional change.”

  1. Expand Space with a Mirror!

“Mirrors really make space feel more expansive,” Williams says. On a small porch, place a tall mirror on the ground behind a portico or a patch of greenway, which “makes it look like a doorway into another garden.”

You don’t need to go huge on the mirror to have a huge impact. Even hanging a normal-sized mirror, like one you might find over a dresser, can make a tiny space feel much larger. But whichever you choose, make sure to weatherproof your mirror first using a mirror edge sealer (you’ll also want to add sealant to the frame, especially if it’s made from wood) to prevent moisture damage — unless you like the weathered look, that is.

Small spaces don’t have to be limiting. With a little bit of creativity — and perhaps a reflective surface or two — there’s no reason you can’t feel like you’re living in your very own Versailles.

6 improvements to increase home value!

May 6, 2016

Not all home improvements are created equal. These will reward you the most when it comes time to sell.

Dreaming of stainless this and marble that, with a dash of hip color? Sloooow down. See what your wallet has to say first. Some projects will protect your dollars more than others, especially if you’re planning to sell in a few years.

How do we know? Since 2002, a trade magazine for contractors and builders called “Remodeling” has been tracking common home improvement projects and how much of the cost of each project is recouped when the home sells.

We sifted through years of past results and aggregated the numbers to get an idea of what projects made the most of your dollars year after year. Then we overlayed that background with the data from the NATIONAL ASSOCIATION OF REALTORS®’ “2015 Remodeling Impact Report” to determine current project costs and the cost recovery percentage, and to get some other fun facts, such as how satisfied homeowners are with the projects when finished.

They also have a few things in common. The projects are:

  • Low-maintenance
  • Good — but not necessarily the highest — quality
  • Energy-efficient
  • Not too costly

These projects are the best long-term remodeling investments you can make:

  1.  Replacing Your Front Door:

Your faithful front door works tirelessly — day in and day out — to usher in you and your guests, and to seal your house up tight. But when Old Faithful gets tired and worn out, don’t hesitate to call in a replacement. Year in and year out, replacing your old front door with a new steel door is a project that kicks up curb appeal and yields the best payback.

“It gives you the best bang for your buck in terms of transforming the look and feel of your home,” says Brandon Erdmann, president of the remodeling firm HomeSealed Exteriors in Milwaukee. “Plus, old exterior doors can be a huge source of energy loss. So you’re improving the look of your house, improving energy efficiency, and you’re able to do it without breaking the bank.”

It’s also a relatively low-cost project. According to the “2015 Remodeling Impact Report,” a new steel front entry door has a national median cost of $2,000 installed, and can recover 75% of that cost at resale.

  1.  New Siding:

What to choose? Both vinyl and fiber-cement siding are good replacement options.

Vinyl siding is low-cost, durable, and easy to install, and it hits all the right notes when it comes to getting a return on your home improvement dollars. Best of all: It’s a low-maintenance feature that frees up your time.

Today’s vinyl siding includes fade-resistant finishes and transferrable lifetime warranties that are much better than the 10-year guarantees of just two decades ago. There’s good payback, too. According to the “2015 Remodeling Impact Report,” the $12,000 national median cost of a vinyl siding replacement job returns a solid 83% if you should decide to sell your home.

Fiber-cement siding also shows a strong payback of 79% in the “2015 Remodeling Impact Report.” Although its national median cost of $19,100 makes it the pricier option, it has one thing vinyl still lacks — the perception of quality.

And quality matters. In a survey from the National Association of Home Builders (NAHB), “quality” was the one of the most important traits that home buyers focused on when shopping for a house. A final word: 100% of homeowners responding to the “Report” said they were happy or satisfied with the result of their fiber-cement siding replacement project.

  1.  Kitchen Upgrade:

“People are always willing to update their kitchens,” says Dale Contant, 2016 president of the National Association of the Remodeling Industry (NARI) and owner of Atlanta Build and Design. “It’s the hub of the home.”

Although the ROI on a kitchen update is relatively modest — the “2015 Remodeling Impact Report” says you can expect a return of 67% on the $30,000 national median cost of a kitchen upgrade — you’ll get lasting satisfaction. Eighty-two percent of homeowners said their updated kitchen gave them a greater desire to be at home, and 95% were happy or satisfied with the result.

  1.  Deck and Patio Additions:

One big reason is that decks and patios are a sweet way to expand living space at a low cost of $8 to $35 per square foot — a bargain compared to the $150-and-up per-square-foot cost of a new addition.

  1.  Turning an Attic into a Bedroom:

When it comes to romantic rooms, a bedroom retreat is hard to beat. But a treetop boudoir is much more than a daydream — it’s a good investment. You’ll gain living space without having to add on to your home’s footprint — the walls, floor, and ceiling already exist. That helps keep remodeling costs under control.

There are code restrictions you’ll have to navigate when converting an attic to a bedroom, but if your house qualifies and you can cover the cost (about $65,000 says the “2015 Remodeling Impact Report”), chances are you won’t regret your decision. Some 94% of homeowners responding to the “Report” said they were happy or satisfied with their new attic space.

  1.  New Garage Door:

No surprise that a garage door replacement project made it onto our list of all-time winners — a new garage door provides a big boost for your home’s curb appeal at a relatively modest cost. That’s especially good news if you’re thinking about selling your house.

A project that replaces an older, two-car, embossed steel door has a current cost of about $2,300, according to the “2015 Remodeling Impact Report.” If you sell, you can expect a healthy ROI of 87% on your investment.

There are options galore, too. A host of factory-finish colors, wood-look embossed steel, and glass window insets are just some of the possibilities that’ll give your doors bankable personality.

Find the best agent to sell your home!

May 4, 2016

By: G.M. Filisko

Ask detailed questions about their experience and skills to help you find the right agent for your home sale.

Working with the right real estate agent can mean the difference between getting prompt, expert representation and feeling like you’re going it alone when selling your home. Here are 10 questions to ask when you’re interviewing agents.

1. How long have you been selling homes?

Mastering real estate requires on-the-job experience. The more experience agents have, the more likely they’ll be able to handle any curveballs thrown during your home sale.

2. What designations do you hold?

Designations like GRI (Graduate REALTOR® Institute) and CRS® (Certified Residential Specialist), which require that agents complete additional real estate training, show they’re constantly learning. Ask if agents have designations and, if not, why not?

3. How many homes did you sell last year?

Agents may tout their company’s success. An equally important question is how many homes they’ve personally sold in the past year; it’s an indicator of how active and aggressive they are.

4. How many days on average did it take you to sell homes?

Ask agents to show you this data along with stats from their local Multiple Listing Service (MLS) so you can see how many days, on average, their listings were on the market compared to the average for all properties in the MLS.

5. How close were the asking and sales prices of the homes you sold?

Sometimes sellers choose their agent because the agent’s suggested listing price is higher than those suggested by other agents. A better factor is the difference between listing prices and the amount homes actually sold for. That can help you judge agents’ skill at accurately pricing homes and marketing to the right buyers. It can also help you weed out agents trying to dazzle you with a lofty sales price just to get your listing.

6. How will you market my home?

The days of agents putting a For Sale sign in the yard and hoping for the best are long gone. Look for an agent who does aggressive and innovative marketing, especially on the Internet.

7. Will you represent me exclusively?

In most states, agents can represent the seller, the buyer, or both in a home sale. If your agent will also represent buyers, understand and consent to that dual representation.

8. How will you keep me informed?

If you want weekly updates by email, don’t choose an agent who plans to contact you only if there’s an offer.

9. Can you provide references?

Ask to talk to the last three customers the agent assisted. Call and ask if they’d work with the agent again and if the agent did anything that didn’t sit well with them.

10. Are you a REALTOR®?

Ask whether agents are REALTORS®, which means they’re members of the NATIONAL ASSOCIATION OF REALTORS® (NAR). NAR has been an advocate of agent professionalism and a champion of homeownership rights for more than a century.

Price drop on commercial land in Millville!

May 2, 2016

20

This is an amazing commercial property opportunity located at 83A Central Street in Millville. Listed at just $499,999, this land spans across 4 acres and is located near routes 122 and 146, also near the Rhode Island border. Located in a great neighborhood and is available to be part of the sale of the antique colonial house that borders this land. Call us today!

Single-Family House for Rent in Worcester!

February 29, 2016

Check out this 3 bed, 1 bath single family house for rent located at 37 Rockdale Street in the Greendale area of Worcester!

photo 1 (1)

This renovated antique home offers a great flexible floor plan with plenty of general living space and large bedrooms. The first floor features an eat-in kitchen, dining room, living room with an abundance of natural light, full bath and laundry. The second floor has two spacious bedrooms with double closets and a very large master bedroom with hardwoods and accessory bonus room! Full basement is available for storage. Pets allowed at owner’s approval! Come check out this unique opportunity to rent! Credit check and application with references required. Tenant to pay all utilities. No smoking.

3 Bed, 1 Bath Single Family Home for Rent at 37 Rockdale St., Worcester!-$1,900/month!

February 22, 2016

Check out this 3 bed, 1 bath single family house for rent located at 37 Rockdale Street in the Greendale area of Worcester!

photo 1 (1)

This renovated antique home offers a great flexible floor plan with plenty of general living space and large bedrooms. The first floor features an eat-in kitchen, dining room, living room with an abundance of natural light, full bath and laundry. The second floor has two spacious bedrooms with double closets and a very large master bedroom with hardwoods and accessory bonus room! Full basement is available for storage. Pets allowed at owner’s approval! Come check out this unique opportunity to rent! Credit check and application with references required. Tenant to pay all utilities. No smoking.

3 Bed, 1 Bath Single Family Home for Rent at 37 Rockdale St., Worcester!-$1,900/month!

February 15, 2016

Check out this 3 bed, 1 bath single family house for rent located at 37 Rockdale Street in the Greendale area of Worcester!

photo 1 (1)

This renovated antique home offers a great flexible floor plan with plenty of general living space and large bedrooms. The first floor features an eat-in kitchen, dining room, living room with an abundance of natural light, full bath and laundry. The second floor has two spacious bedrooms with double closets and a very large master bedroom with hardwoods and accessory bonus room! Full basement is available for storage. Pets allowed at owner’s approval! Come check out this unique opportunity to rent! Credit check and application with references required. Tenant to pay all utilities. No smoking.