Cove Real Estate



Posted by Cove Real Estate on 3/21/2014

Could condo living be for you? For many condominium living can be an attractive alternative to a single family home. The price per square foot of a condo is often less than a single family home. Before you make the leap to condo living make sure to do your homework to see if it truly is the best choice for you. Here is a checklist of a few things you may want to consider before signing on the dotted line.

  • Condominiums have monthly maintenance fees.
  • Check with the condominium association to see what the annual increase in the monthly maintenance fee has been for the past few years.
  • What is the percentage of residents are current with their monthly association payments. Look for about ninety-seven percent of the development's residents to be current with their monthly payments.
  • What percentage of the association fees are dedicated to a reserve fund. A good number would be at least 10 percent of the association's annual budget.
  • What are the condition of the condo's roof and major mechanical systems? When were they last replaced or repaired. When the condo requires big upgrades, costly "special assessment" fees are passed on to the homeowners.
Most importantly try and talk to some of the residents. They can be your most valuable resource for learning about the development's pros and cons of the condominium development.





Posted by Cove Real Estate on 10/18/2013

The first step in home buying is getting a mortgage. Many home owners also find themselves in a maze when they start the refinance process. Navigating the mortgage process can be confusing. There is so much to know between rates, types of mortgages and payment schedules. Avoiding making a mistake in the mortgage process can save you a lot of money and headaches. Here is a list of the biggest mortgage mistakes that potential borrowers make. 1. No or Low Down Payment Buying a home with no or a low down payment is not a good idea. A large down payment increases the amount of equity the borrower has in the home. It also reduces the bank’s liability on the home. Research has shown that borrowers that place down a large down payment are much more likely to make their mortgage payments. If they do not they will also lose money. Borrowers who put little to nothing down on their homes find themselves upside down on their mortgage and end up just walking away. They owe more money than the home is worth. The more a borrower owes, the more likely they are to walk away and be subject to credit damaging foreclosure. 2. Adjustable Rate Mortgages or ARMs Adjustable rate mortgages or ARMs sound too good to be true and they can be. The loan starts off with a low interest rate for the first two to five years. This allows the borrower to buy a larger house than they can normally qualify for. After two to five years the low adjustable rate expires and the interest rate resets to a higher market rate. Now the borrowers can no longer make the higher payment not can they refinance to a lower rate because they often do not have the equity in the home to qualify for a refinance. Many borrowers end up with high mortgage payments that are two to three times their original payments. 3. No Documentation Loans No documentation loans or sometimes called “liar loans” were very popular prior to the subprime meltdown. These loans requires little to no documentation. They do not require verification of the borrower's income, assets and/or expenses. Unfortunately borrowers have a tendency to inflate their income so that they can buy a larger house. The problems start once the mortgage payment is due. Because the borrower does not have the income they are unable to make mortgage payments and often end up face bankruptcy and foreclosure. 4. Reverse Mortgages You have seen the commercials and even infomercials devoted to advocating reverse mortgages. A reverse mortgage is a loan available to borrowers age 62 and up. It uses the equity from the borrower’s home. The available equity is paid out in a steady stream of payments or in a lump sum like an annuity. Reverse mortgage have can be dangerous and have many drawbacks. There are many fees associated with reverse mortgages. These includes origination fees, mortgage insurance, title insurance, appraisal fees, attorney fees and many other miscellaneous fees that can quickly eat at the home’s equity. Another drawback; the borrower loses full ownership of their home and the bank now owns the home Avoiding the pitfalls of the mortgage maze will hopefully help you keep in good financial health as a home can be your best investment. .





Posted by Cove Real Estate on 9/20/2013

Buying a home is a very important decision. Before you rush into a home you should consider all the factors. Making sure you end up with the right home involves figuring out exactly what features you need, want and don't want in a home. Before starting your search, you should make a "wish list" to decide which features are absolutely essential, which nice “extras” are if you happen to find them, and which are completely undesirable. The more specific you can be about what you're looking for from the outset, the more effective your home search will be. Also keep in mind, that in the end, every home purchase is a compromise. Create your own personalized "wish list" and when you're finished filling it out; share it with your real estate agent. Become an educated buyer •The web is one of the best ways to search for homes today. With this website, you can receive daily emails with new and updated listings from the towns and price range of your choice. •Search the entire MLS for all homes, condos, land, multi family, commercial properties, and past sold properties at your convenience. •View full listing sheets showing amenities, taxes, lot sizes, beds, baths, rooms, siding, fireplaces, garages, room sizes and much more. •Get property addresses and see where the properties are located on MapQuest. •Check schools and community profiles of your preferred towns. •Save preferred listings in your own file to view anytime. •Calculate approximate mortgage payments for specific properties. Home Inspection Once you have made an offer on a home, you will need to schedule a home inspection, conducted by an independent authorized inspector. It is extremely important to hire a reputable inspector so that you know exactly what you are buying. Do not hesitate to ask friends, family, and co-workers for advice. If you are satisfied with the results of the inspection, then you can proceed with the sale. If the inspector finds problems with the property, you may want to negotiate with the seller to lower the price, or to pay for certain repairs. Appraisal Your lender may require you to get an appraisal of the house you want to buy, to make sure it is worth the money that you are borrowing. You may select your own appraiser, or you may ask your real estate broker to help you with this task. Homeowner's Insurance Lenders require that you have homeowners insurance, to protect both your interests and theirs. Like everything else, be sure to shop around for insurance that fits your needs. Settlement or Closing Finally Make Sure Before you Buy Finally, you are ready for the closing. Be sure to read everything before you sign! You should have both your real estate broker and an attorney present at the closing to ensure that all is in order.





Posted by Cove Real Estate on 8/23/2013

There is a lot to know when it comes to senior housing. Thinking about future housing arrangements can be a stressful topic for both you and your family. There are so many options, types of housing and so much to know. In order to find the best fit you will have to learn about the different types of senior housing available, which choices may be best for you, and how to navigate the terminology. A great resource SeniorHousingNet has created a glossary of commonly used terms and the different senior housing and care choices available. You can find it here.  





Posted by Cove Real Estate on 4/5/2013

An Open House can be an integral part of selling a home. Not every home is a candidate for an Open House due to factors like market conditions, location or condition. If you are planning an Open House there are some helpful hints to ensure you have the most successful Open House on the block. Here are some tips on how to have the perfect Open House:

  • In most communities, Sunday afternoon is typical and expected.
  • Two hours is also typical.
  • Avoid conflicts with holidays, community celebrations or special events such as the Super Bowl.
  • If possible try to be aware of the weather forecast, although this may be difficult to do.
There are some things you can do prior to your Open House to help it succeed. At least one week prior to your first Open House:
  • Host a brokers only Open House. Agents and brokers will preview your home and identify possible buyers they have for your home.
  • Make your home look as large as possible by moving large pieces of furniture into storage.
  • Remove items not included in the sale. Remove the chandelier you got for a wedding present and the bookcase that fits so perfectly it looks built-in. If buyers don't see it, they won't want it.
  • Take Fido with you. Make arrangements for your pets to leave the house when it is being shown.
  • Two to Three Days Before Your First Open House Clean the house top to bottom. Get in every nook and cranny, wipe down the walls, windowsills, vacuum the corners and baseboards and yes wash those windows.
    • Clean and buff your appliances, that includes the stove inside and out.
    • Launder all the bedding, towels, rugs and other fabrics in your home.
    • Touch up spots on the walls.
    • Sweep and clean out the garage.
    • Mow the lawn, sweep the sidewalks, and clean up the bushes and flowers.
    24 Hours Before Your First Open House
  • Air out the house by opening the windows.
  • Make your home smell delicious by baking bread or apple pie.
  • Go through each room one by one and try to look for last minute fixes.
  • Add an arrangement of flowers.