Monday, October 29, 2018

Advantages of Buying a Multi Family as a Primary Residence

One of the smartest decisions a home buyer can make is to purchase a multi family home as his primary residence. A multi family home is considered a two family, three family or four family property. These are sometimes referred to as duplexes, triplexes and fourplexes. While the purchase of a single family home is a smart investment, there are definite advantages to purchasing a multi family home.

Income Stream
A multi family home provides an income stream from one or more tenants. This is the single largest advantage because it reduces the buyer’s monthly expenses such as the mortgage, taxes and insurance.

Higher Mortgage Qualification
Most buyers assume that the mortgage qualification guidelines will be stricter on a multi family home but many of the guidelines are the same as a single family home and often the income ratio will look better on a multi family. This is because part of the income the property produces can often be counted as part of the new buyer’s income. This means a buyer can usually qualify for a larger multi family home than a single family home.

Easier to Manage
If your goal is to have rental properties, then having your tenants under one roof is ideal. Rents are easier to collect and the upkeep of the property is easier to manage when you live onsite.

Future Rental
The owner of a multi family can easily decide to rent out their current unit and purchase another property. This makes a multi family purchase as a first time home buyer a terrific option. Many buyers will go on to purchase another multi family and grow their real estate portfolio and others will move onto a single family home to raise a family or for more privacy.

Great Investment
Maintaining the multi family home will make it attractive to tenants and will allow the owner to increase rents over time. This will also make the building more attractive to investors should the owner decide to sell. The more money the property brings in, the more money it is worth.

Retirement
Keep in mind that rents increase over time but mortgage stays the same. Once the mortgage has been paid off, the owner can choose to keep the property as a source of steady income or sell it for a profit. This makes a multi family home a great real estate investment.

Today's New Listings!

5642 Grand Pl, Willoughby

76 S/L Ranally Way, Willoughby

85 S/L Fairway Glenn Blvd, Willoughby

35 S/L Torrey Park Trl, Painesville Township

9834 Johnnycake Ridge Rd, Mentor

Thursday, October 25, 2018

Open Houses and Price Reduction!

Open Houses for October 28, 2018 

11799 Fowler’s Mill, Chardon 
Open 11am-1pm
$194,000 
3bd 2ba
Call 440-413-0588

7300 Hunter’s Trail, Concord 
Open 11am-1pm
$324,900 
3bd 3ba
Call 440-525-3331

8053 North Chariot, Concord
Open 11am-1pm
$279,900 
4bd 3ba
Call 440-339-0603

332 Nautical Way, Fairport Harbor 
Open 11am-2pm
$174,900 
2bd 2ba
Call 440-488-1061

9024 Regency Woods, Kirtland
Open 12-3pm
$479,900 
4bd 3ba
Call 440-221-0075

8240 Talbot Circle, Mentor 
Open 12:30-2:30pm
$425,000 
4bd 4ba
Call 440-479-7379

2965 Rockefeller, Willoughby Hills 
Open 11-1pm
$399,900 
4bd 3ba
Call 440-537-6671

6834 Chapel Rd, Madison
BY APPT
$359,900 
3bd 3ba
Call 440-296-5006

7574 Miami Rd, Mentor-on-the-Lake
BY APPT
$139,900 
3bd 1ba
Call 440-296-5006

7386 Goldenrod Dr, Mentor-on-the-Lake  
BY APPT
$134,900 
3bd 2ba
Call 440-296-5006

2150 Kimberly Ct, Wickliffe 
BY APPT
$379,900 
4bd 3ba
Call 440-296-5006

313 E 330th St, Willowick 
BY APPT
$115,000 
4bd 1ba
Call 440-296-5006

Price Reduction

29952 Phillips Ave, Wickliffe 
$125,900 NEW PRICE!

 

Today's New Listings!

245 Shoreland Cir, Willowick

8724 Munson Rd, Mentor

7913 Sharon Dr, Mentor-on-the-Lake

631 Beacon Dr, Painesville

1143 Lighthouse Pt, Painesville

Monday, October 22, 2018

Why Homeowners Should Work With a Realtor

Some homeowners feel they can sell their home on their own since they know their home better than anyone else. Others feel they are contract savvy so they can handle the purchase agreement and disclosures required to complete a sale. Still others feel they cannot afford the real estate commission so they have no choice. Whatever the reason, Realtors have a vast amount of knowledge and experience with the real estate market and different types of transactions that it is in the homeowner’s best interest to use a Realtor to facilitate the sale of their home.

Time is Money
Doing your own research is a tiresome and tedious process that involves going through vast amounts of information. There are hundreds of real estate sites full of information that vary and selecting the correct data may be tricky. Realtors work in the market every day and are already familiar with the sales as well as the differentials that can change or create a comparable sale. Realtors know what your home is worth in today’s market and what to price your home at so that it will sell in a timely manner.

Pricing Your Home Correctly
The real estate market is a fast-passed sector that constantly changes and evolves. Whether you are looking to sell your property or buy a new home, keeping up with all the changes is impossible unless you are a professional who has dedicated his time to the market. Failing to analyze the data may lead to poor and uninformed decisions that will lead many homeowners to price their homes incorrectly. Some are way overpriced causing their property to sit on the market and waste valuable time. Others are underpriced and using a real estate professional actually would pay for itself!

Marketing Your Home
Real estate professionals advertise their properties on hundreds of sites since most buyers start their real estate search online. Marketing a property is key to getting the most visibility and exposure which will give it the best chance to get sold in a timely manner. Homeowners will not have this kind of accessibility.

A Realtor can help a homeowner save time and money when selling their home. According to the National Association of Realtors, in 2013, the typical FSBO sales price was $40,100 lower than a home being represented by a qualified real estate agent. A homeowner cannot afford not to work with a real estate professional!

Today's New Listings!

31 Forest Dr, Eastlake

7390 Jasani Ct, Mentor

205 South Settlers Ln, Painesville

8000 Forest Valley Ln, Concord

8240 Tewksbury Ln, Concord

Thursday, October 18, 2018

Open Houses!

Open Houses for October 21, 2018 

141 Maruba Ave, Ashtabula 
Open 12:30-2:30pm
$84,900 
3bd 1ba
Call 440-813-5762

11799 Fowler’s Mill, Chardon 
Open 12-2pm
$194,000 NEW PRICE!
3bd 2ba
Call 440-289-8213

7300 Hunter’s Trail, Concord 
Open 2:30-4:30pm
$324,900 NEW PRICE!
3bd 3ba
Call 440-289-8213

332 Nautical Way, Fairport Harbor
Open 11am-1pm
$174,900 
Call 440-488-1061

9024 Regency Woods, Kirtland
Open 12-3pm
$479,900 
4bd 3ba
Call 440-221-0075

6834 Chapel Rd, Madison
Open 11am-1pm
$359,900 NEW PRICE!
3bd 3ba
Call 440-525-3331

8240 Talbot Circle, Mentor 
Open 3:30-5:30pm
$425,000 
4bd 4ba
Call 440-479-7379

7574 Miami Rd, Mentor-on-the-Lake
Open 1-3pm
$139,900 
3bd 1ba
Call 440-339-3626

728 Bowhall Road, Painesville Township 
Open 12-2pm
$235,000 
4bd 3ba
Call 440-413-0588

2965 Rockefeller, Willoughby Hills
Open 11-1pm
$399,900 
4bd 3ba
Call 440-279-8585

8053 North Chariot, Concord
BY APPT
$279,900 NEW PRICE!
4bd 3ba
Call 440-296-5006

Today's New Listings!

110 Larimar Dr, Willowick

4186 Buckeye Ave, Willoughby

2412 Pine Valley Dr, Willoughby Hills

SL 34 Azalea Ridge Dr, Perry

SL 21 Azalea Ridge Dr, Perry

 

Monday, October 15, 2018

Tips To Consider When Buying a Foreclosure

So you are looking for a new home, maybe even your first home, and you come across a house that is in a bank's name and you are told it has been foreclosed. The price is incredibly low and you are wondering, what is the catch? A foreclosure can be a good investment for a buyer. Unfortunately it was not a good experience for the homeowner. A foreclosure is when a homeowner loses the rights to their property due to the failure to pay their mortgage and the property is reclaimed by the bank. Once the homeowner involuntarily loses their home, the house becomes the bank’s property. Sellers can go into foreclosure for multiple reasons such as, job loss, excessive debt or personal issues with health or divorce.

Although the money may be right and you are considering a foreclosure, you should do some research first. Here are some tips to consider before buying a foreclosed home.

How long has the house been empty?
The longer a home has been vacant, the more likely it is to have damages. Empty houses can suffer from broken water pipes, stolen copper plumbing, damaged appliances and even mold are just a few examples of the potential problems that may await buyers of vacant properties. All buyers are encouraged to get a professional home inspection prior to purchasing.

Has the homeowner damaged the home?
Homeowners may neglect routine maintenance on the home for months especially if they know they will be removed from the home sometime in the future. Other times a homeowner may strip a property of valuable fixtures that should have remained with the home such as kitchen cabinets, wall-to-wall carpeting, interior doors, etc. There are a few homeowners who will even vandalize the property prior to leaving by putting cement down the drains, large holes in the drywall, etc. On the opposite end of the spectrum, there are some foreclosed properties that are in good condition. Either the homeowner took care of the property right up until the time they vacated or the bank made repairs to the property prior to putting it on the market. It is a good idea to view a foreclosure in person prior to purchasing as well as having a professional assist with accessing damages that may not be easily seen.

What kind of offer should I make on a foreclosure?
The main reason buyers shop for a foreclosure is to get a bargain but it is not always that easy. If the home is in a desirable location, there will be multiple bidders, leaving the home to sell at or near the market value. You can still have the benefit of two things working in your favor: the bank is not emotionally attached to the home so there is no irrational expectations about price and the bank loses money every day the house sits on the market. Something else to consider is that the market value will increase once you make renovations to the property. Remember, the home’s real cost is the money you pay the seller plus what you will need to spend on repairs and renovations. Set a firm maximum price that is within your budget and near the property’s actual value and be prepared to walk away if the bank does not accept it.

Should I invest in a foreclosure?
As you can see, there are pros and cons to investing in a foreclosure. Working with a professional real estate agent can help you select an ideal property that is right for you and assist you in navigating these new waters. Obtaining a licensed contractor’s estimate of the repairs needed prior to purchasing is advised as well. Once an offer is accepted, a professional home inspection contingency is key to insure the needed repairs are identified and accounted for. Contact a Realtor today to discuss purchasing a foreclosure!

Today's New Listings!

825 Charles St, Willowick

7547 Monterey Bay Dr #2, Mentor-on-the-Lake

7C Maple Spring Dr, Painesville Township

7540 Wentworth Ln, Concord

12223 Scarlett Way, Concord

12090 Cora Ct, Concord

Thursday, October 11, 2018

Open Houses!

Open Houses for October 14, 2018 

7300 Hunter’s Trail, Concord 
Open 2:30-4:30pm
$334,900 
3bd 3ba
Call 440-339-0603

6744 Bayside Dr, Madison 
Open 12-2pm
$157,900 
3bd 2ba
Call 440-289-8213

2632 Stoneyridge, Madison 
Open 2:30-4:30pm
$97,500
3bd 3ba
Call 440-289-8213

21000 Milan Dr, Euclid 
Open 1-3pm
$75,000 
3bd 2ba
Call 440-479-7379

8240 Talbot Circle, Mentor 
Open 3:30-5:30pm
$425,000 
4bd 4ba
Call 440-479-7379

7386 Goldenrod Dr, Mentor-on-the-Lake  
Open 11am-1pm
$134,900
3bd 2ba
Call 440-251-0791

728 Bowhall Road, Painesville Township 
Open 12-4pm
$235,000 
Call 440-537-6671

2477 Trellis Place, Roaming Shores 
Open 12-4pm
$154,900 
4bd 2ba
Call 440-413-0588

2150 Kimberly Ct, Wickliffe 
Open 2:30-4:30pm
$379,900 
4bd 4ba
Call 440-339-3626

29952 Phillips Ave, Wickliffe  
Open 12-2pm
$129,900 
4bd 2ba
Call 440-339-3626

Today's New Listings!

965 Shadowrow Ave, Willoughby

761 Pebblebrook Dr, Willoughby Hills

8453 Forestview Ave, Mentor

13686 Seeley Rd, Painesville Township

 

Monday, October 8, 2018

Today's New Listings!

4709 Highland Dr, Willoughby

38751 Edward Walsh Dr, Willoughby

9024 Regency Woods Dr, Kirtland

323 Torrey Park Trl, Painesville Township

7351 Mountain Quail Place, Concord

7685 Jo Ann Dr, Painesville

Home Improvement Projects that can Hurt Your Home

Homeowners often renovate their homes to create enjoyment today with hopes of adding value that they can realize in the future. Not every home improvement project will increase the value or sale ability of a home though. Some projects may even hurt a property's chance of selling. Here are a few home improvement projects to avoid:

•    Garage Conversion - Do not convert a garage into living space unless you add another garage to the property. You will exclude many home buyers who want a garage.

•    Combine Bedrooms - Do not combine two bedrooms to create a larger bedroom. This will exclude home buyers who are looking for a certain number of bedrooms.

•    Wallpaper - Do not wallpaper your home. This is more of a permanent treatment and is difficult to remove. Paint and pictures look just as nice and are easier to change.

•    Closet Removal - Do not remove a closet to create more space in a bedroom. This will make it more difficult to sell the home and may cause an appraisal issue as well.

Usually home improvement projects will increase the value of a property and help it sell quicker. Sometimes though, it will have the opposite effect. Keep these things in mind when deciding on your next home improvement project!

Thursday, October 4, 2018

Open Houses and Price Reductions!

Open Houses for October 7, 2018 

7300 Hunter’s Trail, Concord 
Open 12-2pm
$334,900 
3bd 3ba
Call 440-279-8585

311 Nautical Way, Fairport Harbor  
Open 12-3pm
$174,900 
Call 440-488-1061

9024 Regency Woods, Kirtland  
Open 12-4pm
$479,900 
Call 440-221-0075

6834 Chapel Rd, Madison 
Open 2:30-4:30pm
$374,999 NEW PRICE!
3bd 3ba
440-525-3331

8240 Talbot Circle, Mentor 
Open 11am-5pm
$425,000 
4bd 4ba
Call 440-479-7379

7386 Goldenrod Dr, Mentor-on-the-Lake  
Open 11am-1pm
$134,900
3bd 2ba
Call 440-251-0791

7574 Miami Rd, Mentor-on-the-Lake  
Open 12-2pm
$139,900 
3bd 1ba
Call 440-289-8213

29952 Phillips Ave, Wickliffe  
Open 2:30-4:30pm
$129,900 
4bd 2ba
Call 440-289-8213

2965 Rockefeller, Willoughby Hills  
Open 12-5pm
$399,900 
4bd 3ba
Call 440-339-0603

Price Reductions

616 S Broadway, Geneva 
$94,900 NEW PRICE!

Today's New Listings!

34031 Beach Park Ave, Eastlake

1545 Westover Dr, Willoughby

62 Ranally Way, Willoughby

76 S/L Ranally Way, Willoughby

166 Amy Ave, Madison

Monday, October 1, 2018

Today's New Listings!

6 Public Sq #2, Willoughby

6 Public Sq #1, Willoughby

6 Public Sq #4, Willoughby

6 Public Sq #3, Willoughby

35977 Ridge Rd, Willoughby

8064 Cotswold Dr, Mentor

22 S/L Torrey Park Trl, Painesville Township

10250 Cherry Hill Dr, Concord

8005 Conestoga Trl, Mentor

8361 Morley Rd, Concord

7921 Augusta Ln, Concord

Do I Need a Realtor When Buying a Home?

You are ready to make the big move. You are going to purchase a home and you are asking yourself if you need to employ a real estate agent. You are worrying about the grueling process of finding the right agent so you ask yourself if you should go through the process of buying a home on your own. Is the real estate process tricky? Will it leave me winded and confused? Is it in my best interest to hire someone who has the appropriate knowledge and experience to navigate through the universe of real estate? The answers to all of these questions are Yes!

Real Estate Experience Matters. Real estate agents carry out multiple duties such as studying property listings, walking clients through home buying steps, producing real estate contracts and talking through conditions of a sale. They also have the negotiating skills to help a client buy, rent or sell a property. The experience adds up and although the internet provides many resources for someone to buy a property on their own, at the end of the day, there is no substitute for a professional who has the knowledge and experience to deal with the ins and outs of real estate.

Save Time and Money when Working with a Realtor. Many of us have a very busy schedule and buying a home on your own can be extremely time-consuming. Getting to know the real estate market is the first step and studying the market takes an incredible amount of time. A skilled real estate agent, who knows the market, can save you time, money and a headache. Real estate professionals have realistic views on what homes are worth. With a professional, you are sure to make a realistic offer and you will have someone keep an eye on the entire process until the deal is closed.

Work with a Realtor to Purchase Your Next Home. The home buying process is full of twists and turns. If you are not knowledgeable about the real estate market, taking on these steps on your own may very well lead to mistakes and repercussions. Buying a home with the help of a real estate agent is the best way to go!

Today's New Listings!

34645 Willow Creek Pl, Willoughby  - $399,000 1331 Bennett Rd, Madison - $329,900 7165 Hawthorne Dr, Mentor - $274,900 4423 Ashwood Ave...