Kimberly Zecher - Coldwell Banker Residential Brokerage



Posted by Kimberly Zecher on 10/17/2020

If you donít have a lot of cash on hand to secure a home with a sizable downpayment, you might feel stuck. Itís quite a feat to be able to save up the 20 percent cost of a home that is generally required to purchase a home. Your options may seem limited when you want to own a home. There is one option that could be a good idea to consider when youíre in this situation. Thatís the idea of finding a rent-to-own property. 


How Does A Rent-To-Own Property Work?


First, know that these properties are hard to find. Thatís why you may not have thought of it as a first option. When you do find a property like this that suits your needs, you should know all of the ins and outs before you commit to the home. The agreement works just as it sounds, but there are always a few bits of extra text that can make the difference in any agreement in a rent-to-own property. 



Lease With A Purchase Option


With this type of agreement, youíll need to pay what is called an option fee in order to give you the right to purchase the property at a later date. The seller is then required to sell the property to you as a tenant and apply the option fee to the price of purchase. If for some reason you have paid the option fee and decide to walk away from the property after a time, the money that you have paid as an option is simply lost. The option fee is usually a percentage of the purchase price ranging anywhere from 2-7 percent of the homeís price.  


Lease And Purchase Agreement Rolled Into One


In this type of rent-to-own agreement, both the tenant and the seller agree on fixed purchase price for the home, or agree that a purchase price will be determined at a later date through an appraisal. Everything is set up from the beginning including the closing date for the home.


This type of deal in a rent-to-own situation is often considered the better choice. Know that a fixed price option may put you in a better financial position than an appraisal option. Youíll have instant equity in the property when you buy it. This is especially helpful in high competition markets. In any other types of market, you may be better off with an appraisal. This ensures that you donít overpay for the house.


How Your Rent Payments Apply


Rent-to-own gives you an advantage in that you get the added benefit of rent credits. This is where a percentage of your monthly rent payment is applied to the purchase price of the home. The amount of percentage thatís applied will be agreed upon with your landlord ahead of time.


While a rent-to-own option to purchase a property can be a bit more complicated than other ways of purchasing a home, it can be a great way for people different financial situations to become home owners. Make sure you go over everything carefully before you sign anything so that you fully understand the agreement youíre entering into.       

     








Posted by Kimberly Zecher on 10/10/2020

With closing day rapidly approaching, you're almost to the finish line of your home purchase. However, before you complete your home purchase, you will need to conduct a final walk-through of the property.

Ultimately, a final walk-through offers a valuable opportunity to identify any last-minute problems with a residence. If you encounter any issues during a final walk-through, you can ensure that the seller can correct these problems prior to a home closing.

Preparing for a final walk-through is key. Lucky for you, we're here to help you get ready for a final walk-through so that you can complete a successful home purchase.

Now, let's take a look at three tips to help you prep for a final walk-through.

1. Avoid a Closing Day Walk-Through

When it comes to a final walk-through, it pays to be cautious. Thus, you should give yourself plenty of time to set up a final walk-through. This will allow you to avoid the dangers associated with finding home problems on the same day as a house closing.

Try to schedule your final walk-through at least a few days before you close on a residence. That way, if you discover problems with a house, you can ask the seller to respond to these issues and reduce the risk of a home closing delay.

2. Keep an Eye Out for the Seller's Leftover Belongings

A final walk-through gives you an opportunity to view a house that is virtually empty. But if you find that a seller has left behind various belongings, you should not hesitate to ask the seller to remove his or her possessions.

Furthermore, a home seller should leave a house in "broom-swept" condition; this means a home's walls, floors and other surfaces should be dust- and dirt-free. If you find trash and other debris in a home, you can ask the seller to clean the property.

3. Be Ready to Test All Appliances

A homebuyer may acquire a refrigerator, washer, dryer and other appliances as part of a home purchase. These items often are expensive to replace, and as such, you'll want to make sure they work properly during a final walk-through.

If an appliance does not perform as required, you have the right to request that the seller repair or replace the appliance. Or, you may be able to receive financial compensation for the defective appliance.

When it comes to prepping for a final walk-through, there is no reason to work alone. Fortunately, if you collaborate with an expert real estate agent, you can receive plenty of support in the days leading up to a home closing.

In addition to providing homebuying assistance, a top-notch real estate agent is happy to attend a final walk-through. By doing so, this housing market professional can help you identify any potential home problems and resolve such issues as quickly as possible.

Plan ahead for a final walk-through, and you can avoid the risk of discovering assorted home problems after you close on a residence.





Posted by Kimberly Zecher on 10/3/2020

Perhaps the ultimate test of your planning and organizational skills is moving to a new house. If you fail to plan ahead and make the necessary preparations, moving can be a stressful and frustrating experience.

On the other hand, if you approach it in a methodical, goal-oriented way, you'll be pleasantly surprised at how smooth the process will unfold.

That's not to say that there won't be a few bumps along the way, but staying focused on the details can help ensure that the experience won't feel like a roller coaster ride!

Depending on how many weeks you have before your actual move, you'll probably want to get rid of stuff you don't need, want, or have room for. Planning a garage sale and a donation truck pickup are often among the first orders of business for families on the move. If a lot of your excess belongings are of questionable value (to anyone), you may want to call a junk removal service. For some people, renting a dumpster is a convenient and affordable way to have household junk hauled away.

Since one person's junk is another man's treasure, you can also get rid of things you don't want by posting them on social networking and classified websites. If the items you want to pass along are even marginally useful, the word "free" will almost always generate a few emails and phone calls from interested people looking to save or make money.

It also helps to have plenty of packing supplies on hand. That would include an ample supply of cardboard boxes, packing tape, permanent markers, and cheap packing material. Although you may be able to get your moving company to "throw in" some wardrobe boxes and other containers into the price of their service, cardboard boxes, bubble wrap, and packing paper are often free for the asking -- especially from friends, neighbors, relatives, coworkers, and sometimes retail stores.

One word of caution when it comes to cardboard boxes: Flimsy containers often have a way of tearing and falling apart at the most inopportune times! Another mistake people make is filling large boxes with too many heavy items. Not only are heavy boxes difficult to move, but it also increases the probability of dropping them or having the boxes tear while you're carrying them.

If you're hiring a professional moving company to transport your belongings to a new home, it usually pays to get two or three quotes. As is the case with other services and contractors, you can often save headaches and hundreds of dollars by comparing prices, terms, incentives, and online reviews.

Probably one of the most important methods of making sure things get done in a timely way is writing out your own detailed to-do list and revising it on a regular basis. Unless you commit goals, priorities, and tasks to paper (or a computer file), there's a good chance it will be forgotten about or left to the last minute.





Posted by Kimberly Zecher on 9/26/2020

Image by Annie Gray from Unsplash

If you are handy with home repair, you could buy a more expensive house if you are willing to put some work into it. Many foreclosures are often sold “as is,” and require some work. The seller may also be more open to negotiating a lower price based on the number of repairs that need to be done. You could save quite a bit of money if you can do a lot of the work yourself.

The Down Payment

If you budgeted $300,000 for a home, you probably have the 20 percent down payment saved up already. Instead of putting all of that down payment on a $300,000 house, you could purchase a home that would be worth $400,000 if it didn’t need work. Instead, the sellers have listed the home for $200,000. Instead of putting $60,000 down on a home that is ready to move into, you could get a larger home and put down with a $40,000 down payment. That gives you $20,000 that you already saved to put into repairs.

Special Loans

Some lenders have loan programs that are specifically for fixer-uppers. They lend you the amount needed to purchase the home and extra money to make repairs to the house. However, you will have to follow the lenderís rules. The rules vary from lender to lender, but could include:

  • Doing a percentage of the work yourself;
  • Living on the property; and
  • Completing a portion of the work within a specific amount of time.

If you already plan on doing most or all of the work yourself, youíve met that condition. If you are required to live on the property, you could set up an RV or live in a section of the house that doesnít need extensive repairs. You could even convert an outbuilding to an in-law apartment.

The hardest part is committing to completing a percentage of the work within a specific amount of time. If you work all day, you only have nights and weekends to work on the house.

Know What Has to Be Done

Before you commit to a loan with terms for extra money to fix up a home, go through the house to make a list of everything that absolutely must be done. You might make a second list of things that you would like to do, but do not stop you from living in the house. Determine the costs of the “must-do” repairs to make sure you have enough money to make those repairs. Then, estimate the amount of time it will take you to make those repairs. You might want to pad the time since Murphy’s Law loves to interfere with your best intentions.

Once you determine that you have enough money to at least get the house habitable and can do it within the lender’s terms, you are ready to make a bid!




Categories: buying  


Posted by Kimberly Zecher on 9/25/2020

This Condo in Malden, MA recently sold for $430,000. This Low-Rise style home was sold by Kimberly Zecher - Coldwell Banker Residential Brokerage.


22 Auburn Street, Malden, MA 02148

Condo

$419,900
Price
$430,000
Sale Price

6
Rooms
3
Beds
1
Baths
You'll love this beautiful and well maintained first floor 3BR located in the heart of Malden! Incredibly bright with gorgeous hardwood floors throughout, the unit has character and charm! Upon entering, youíre welcomed by a large living room (great for entertaining!) with an additional study/den attached! All three bedrooms are spacious with great closet space (master bedroom has a walk-in). Updated bathroom and eat-in kitchen with recently installed cabinets, quartzite countertops, and recess lighting. One off-street deeded parking space along with additional dedicated storage area in the basement and in-unit laundry. New water heater installed recently. High owner occupancy rate (over 80%)! Location is as good as it gets, just blocks from the newly reinvigorated Malden square, the Orange Line, shops, restaurants, easy access to highways and much more. This unit is a must see!!

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Tags: Real Estate   Condo   Malden   02148  
Categories: Sold Homes