"... grant me the serenity to ignore the fabulous Pottery Barn ensemble on the main floor ..."
In the home buying process, we often encourage clients to NOT accept the things they cannot change. If you do not like those things then don't accept them - reject the property. It is important for buyers to focus on those things you cannot change when considering a home. Lot, location and architectural style are all things you cannot change economically. Make sure that those fixed factors fit your search first. It is important that you are just as in love with your home five years from now as you are now. Kitchens, fireplaces, bathrooms all can be changed. If you have done a good job of choosing the fixed factors, you and a good contractor can tackle some of the things you have decided to live with for awhile.
Be picky about the things you can't change. Focus on those things first. In a buyers market you can add other qualities to the list but, start there. Ask yourself what are the important fixed factors. Do you mind a busy street? Do you want quick access to the freeway. Do you want a deep neighborhood with lots of social potential? These are great questions.
When I see you falling in love with the mosaic counter top in the upstairs bath, I may perform an intervention and strongly suggest you fearlessly consider the neighbors welding shop. Assessors focus on lot, location, architectural style, bedrooms,bathrooms, above ground square footage, and foundation size. Appraisers do too. It is a good place to start. If you hate something down the road that you can't change, you'll be moving sooner than you may have wanted to.
Monday, July 25, 2011
Sunday, July 24, 2011
Carefree Living?
Everyone has moved on. You just spent three hours working on the house. You have thoughts of a loft on the river that you and Smoochie can lock up and leave without worrying about the yard etc. No need to meet the air conditioner guy on Tuesday at 12:00pm or the tile guy at 2. There you are, walking down the hall, headed to the airport, key in your pocket. Gone.
There is alot of merit to that scenario. We help people do it all the time. I have one piece of advice before you pull the trigger. As much as it is a pain to manage the maintenance of a single family home, it can be equally as painful to be involved in an association dealing with those very issues. You think it's a pain to get your gutters redone? Try coordinating it with 35 others through a long standing president who never liked you and prefers you fax things to him. If you have ever been a part of an organisation that manages through consensus, you know what I am talking about. Nothing will make you feel like the life is being sucked out of you faster than sitting in an association meeting. It will make you wish you were back home listening to the tile guy go on adnauseum about his dog. At least you can walk away from him in a split second purposeful move,finger raised, and still have some level of confidence that the project will happen in this biennium.
There are a few factors we look at when evaluating things. All associations provide documentation regarding the financial health of an association. You can get an idea of the reserves on hand for bigger projects. A home inspector can be a good person to talk to regarding any deferred maintenance issues that would result in major cash outlays down the road. I like to review information about construction. When was it built, by whom, how many units are there, what is the non-owner occupied to owner occupied ratio etc. Exterior issues like the roof, walks, paint, driveways can be an indicator of what is coming down the pike and if they are planning for it. If they are, then off you go. Down the hall to the airport. Key in hand. If they haven't and the people running the association have personality issues as well as management skill deficiencies, lordie lordie... you'll be calling your old painter just to check in.
There are many wonderful, well managed developments. God bless the people that run them. The association fee you pay often times you pay gladly not to have to mess with the hassles of owning. Just know that there is a level of involvement in a townhome or condo development. Research the association as much as the unit. After you do, you may decide to keep this weeks appointment with your lawn guy.
There is alot of merit to that scenario. We help people do it all the time. I have one piece of advice before you pull the trigger. As much as it is a pain to manage the maintenance of a single family home, it can be equally as painful to be involved in an association dealing with those very issues. You think it's a pain to get your gutters redone? Try coordinating it with 35 others through a long standing president who never liked you and prefers you fax things to him. If you have ever been a part of an organisation that manages through consensus, you know what I am talking about. Nothing will make you feel like the life is being sucked out of you faster than sitting in an association meeting. It will make you wish you were back home listening to the tile guy go on adnauseum about his dog. At least you can walk away from him in a split second purposeful move,finger raised, and still have some level of confidence that the project will happen in this biennium.
There are a few factors we look at when evaluating things. All associations provide documentation regarding the financial health of an association. You can get an idea of the reserves on hand for bigger projects. A home inspector can be a good person to talk to regarding any deferred maintenance issues that would result in major cash outlays down the road. I like to review information about construction. When was it built, by whom, how many units are there, what is the non-owner occupied to owner occupied ratio etc. Exterior issues like the roof, walks, paint, driveways can be an indicator of what is coming down the pike and if they are planning for it. If they are, then off you go. Down the hall to the airport. Key in hand. If they haven't and the people running the association have personality issues as well as management skill deficiencies, lordie lordie... you'll be calling your old painter just to check in.
There are many wonderful, well managed developments. God bless the people that run them. The association fee you pay often times you pay gladly not to have to mess with the hassles of owning. Just know that there is a level of involvement in a townhome or condo development. Research the association as much as the unit. After you do, you may decide to keep this weeks appointment with your lawn guy.
Friday, July 22, 2011
Buying here in this market.
When I was a kid, we built forts. We averaged at least a fort every six months depending on whether some deed wielding property owner discovered us. We weren't concerned about title at that point in our lives. We chose a location and then we started building. We relied on the material that made itself available from the closest legitimate build job and reprieve from the mosquitoes. I was a bit more enthusiastic about it than my friends. You can actually carry a full sheet of plywood on your back while riding a ten speed - go easy into the corners.
There is something in my DNA related to real estate. My Grandfather came from a stretch of hardscrabble in Norway to homestead in North Dakota. My other Grandpa farmed in Walnut Grove. You can't shake that in a couple generations. You can't leave that packed in a box in a rented apartment too long.
Buying may make sense in this market if you are planning to own for at least the next six or more years. The mechanics of a wise purchase include decent rates, ample inventory, and a solid local economy. Those three factors exist in the Twin Cities. The grandpa that used to farm in Walnut Grove had it out with the old man, packed his bags, and joined two guys that were starting a bank called Twin City Federal. He rode the street car selling pass book savings accounts. The ride was a nickle. The bank was good to him. He still had an office there when he was 90 years old. He always said that we are insulated here. Milling, Technology, Agriculture, Health Care, a diverse entrepreneurial economy. We never go as low as the rest of the country and we recover faster.
There is something in my DNA related to real estate. My Grandfather came from a stretch of hardscrabble in Norway to homestead in North Dakota. My other Grandpa farmed in Walnut Grove. You can't shake that in a couple generations. You can't leave that packed in a box in a rented apartment too long.
Buying may make sense in this market if you are planning to own for at least the next six or more years. The mechanics of a wise purchase include decent rates, ample inventory, and a solid local economy. Those three factors exist in the Twin Cities. The grandpa that used to farm in Walnut Grove had it out with the old man, packed his bags, and joined two guys that were starting a bank called Twin City Federal. He rode the street car selling pass book savings accounts. The ride was a nickle. The bank was good to him. He still had an office there when he was 90 years old. He always said that we are insulated here. Milling, Technology, Agriculture, Health Care, a diverse entrepreneurial economy. We never go as low as the rest of the country and we recover faster.
Thursday, July 21, 2011
house poetry
House on the hill with lawn so green
what are your issues unforeseen
You got me with your sweet location
are you worth the yearly amortization
that seems to make the whole thing work
the seller seems like kind of a jerk
his mother lived there all those years
I just don't know if you'll bring me to tears
OK let's just think this through
possession, inspection, arbitration too
third party report in lieu of disclosure
appraisal, work order addendum moreover
let's throw in a few what if's
like that credit report car payment miff
underwriting might spit me out
on account of the questionable credit clout
better get an agent to stand in for me
the listing agent would rather see
the full price paid for that old place
my agent though has pulled out an ace
a sale that happened two doors down
that has the property value 'round
two thirds of what there asking
including repair of the sewer run leaking
The Grotting Group
www.thegrottings.com
Subscribe to:
Posts (Atom)
