Colleen Griffin - RE/MAX Vision

Posted by Colleen Griffin on 7/13/2020

Image by skeeze from Pixabay

When looking for a luxury home, you can look for the most expensive neighborhood in the United States, or you can choose a luxury neighborhood in the part of the country you want to live in. Before you move to a different state, be sure you'll like the part of the country you choose.

Luxury Home Price Variances

Depending on where you choose to live, the cost of luxury varies — and it varies widely. You’ll find luxurious neighborhoods in Rapid City, South Dakota for a median price of $242,200. The most expensive luxury neighborhood is in zip code 94027 — Atherton, California. This luxury neighborhood has a median home price of $7,313,400.

Other luxury neighborhoods include:

  • 96821 — Honolulu, Hawaii, with a median price of $1,370,900;

  • 85253 — Paradise Valley, Arizona, with a median price of $1,588,200;

  • 60610 — Chicago, Illinois, with a median price of $1,885,900;

  • 06830 — Greenwich, Connecticut, with a median price of $2,056,900;

  • 33921 — Palm Beach, Florida, with a median price of $4,394,000; and

  • 81611 — Aspen, Colorado, with a median price of $4,869,200.

  • You can live in a luxury neighborhood for less money if you choose a state with a lower luxury median price. You’ll find that the cost of living is also less in those states. However, make sure the area you choose has the amenities you want. If you are expecting to have theme parks, upscale shopping and other amenities, you might want to choose a larger city, even though the median luxury price is much higher.

    What to Look For in a Luxury Home

    In some cases, luxury costs under $300,000 – and in other cases, it’s not luxury until you hit several million dollars. Regardless of the median luxury home price, always check what prices homes sold for in the neighborhood and the quality of the materials used to build the home. Other items to check include:

  • Are the appliances upgraded?

  • Did the builder use high-quality fixtures, including faucets and toilets?

  • Are the cabinets real wood?

  • Is the flooring top quality tile, wood or some other covering?

  • Is the carpet high-quality or “builder’s quality?”

  • What kind of windows are in the house? Are they at least double-pane windows?

  • Is the trim in the house made of real wood, stone or some other quality material?

  • Is the yard well-maintained?

  • Does the house have large bedrooms and closets?

  • Does the house have extras, such as a pantry, bonus rooms or a pool?

  • When you check for comparables, don’t forget to allow for those extras. The home you are looking at might not have the same amenities as another home in the neighborhood that is going for the same price. This leaves things open for negotiations if not having something, such as a pool, is not a deal-breaker.

    Tags: neighborhood   luxury   Buyers  
    Categories: Properties  

    Posted by Colleen Griffin on 7/6/2020

    There are a number of steps involved in buying a home. One of the many important things you should do before closing on a new home is to get the house properly inspected.

    Buyers sometimes avoid getting a professional inspection for a number of reasons. Some are on a tight budget and want to save a few dollars. Others have time constraints and want to close as soon as possible. And, many buyers believe that omitting an inspection is a way to show trust in the previous owner.

    In this article, weíll talk about why getting a home inspection is such an important part before closing on a real estate deal.

    Inspection costs

    Closing on a home comes with a number of expenses. Application fees, origination fees, underwriting feesÖ the list goes on. If youíre buying a home, you might be tempted to opt out of getting the property inspected to save money.

    The cost of an inspection ranges anywhere from $200 for smaller homes, to $400 or more for large homes. However, the cost of not getting your home inspected can be much greater. Even if youíre knowledgeable when it comes to houses, there are a number of things that only the experts can diagnose.

    Having a professional inspect the home is the only way to ensure that there arenít any issues that will come back to haunt you (and your wallet) in the months and years to come.

    Saving time

    Many buyers are eager to close the deal and begin moving into their new home as soon as possible. Sometimes buyers need to vacate their old home before a certain date, others try to time their move around holidays or school vacations.

    There are other ways, however, to make sure you get the house inspected in time. First, make sure youíve included a home inspection in your purchase agreement. This will avoid wasted times debating whether or not you are entitled to inspect the home.

    Next, call multiple inspectors in your area for quotes and availability. Delaying this step can make you lose time, and inspectors might charge you more if they have to squeeze you into their schedule.

    The best time to schedule an inspection is as soon as your offer is accepted.

    Maintaining a good relationship with the seller

    It may seem like an act of diplomacy to waive a home inspection. In reality, however, nearly all sellers will understand that you are simply doing due diligence to make sure the process runs smoothly for both of you.

    Sellers might sometimes offer you the findings of a previous inspection that they had done. In this case, itís still important to have your own inspection done so that you can walk through the home with the inspector and listen to their feedback. You canít be sure of the accuracy of any old reports, and the previous inspector is only accountable to the seller.

    Having a home professionally inspected is almost always a good idea. It can save you time and money in repairs that could have been avoided.

    Posted by Colleen Griffin on 6/30/2020

    This Single-Family in Worcester, MA recently sold for $265,000. This Ranch style home was sold by Colleen Griffin - RE/MAX Vision.

    14 Birmingham Rd, Worcester, MA 01606


    Sale Price

    **Multiple Offer Situation - Dead Line for all offers is Thursday May 21St at 6pm****Welcome to 14 Birmingham Rd! This Quaint Two Bedroom Home is Located in the Desirable Upper Burncoat Area of Worcester ~ Offering a Spacious Living Room with Fireplace ~ Generous Size Master Bedroom ~ Ample Closet Space Throughout ~ Kitchen with Updated Appliances, Deep Cabinets for Storage and Updated Flooring ~ Dining Room with Built-Ins and View of the Picturesque Back Yard ~ Gleaming Hardwood Flooring Throughout ~ Full Bath ~ Full Basement ~ One Car Garage ~ Beautiful Flat Lot Dotted with Perennials ~ This Lovely Home is just Minutes to Rte 9, Rte 290, Rte 146, Umass Medical, Biotech Park and Commuter Rail ! This Will Not Last!

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    Categories: Sold Homes  

    Posted by Colleen Griffin on 6/29/2020

    This Single-Family in Worcester, MA recently sold for $255,000. This Ranch style home was sold by Colleen Griffin - RE/MAX Vision.

    14 Fairlawn Dr, Worcester, MA 01602


    Sale Price

    ***Offer Deadline Wed April 22nd @ 7pm*** ~ This Warm Inviting Home Offers an Open Living Room, Dining Room, Kitchen Floor Plan with Gleaming Hardwood Floors, Some Updated Appliances, Updated Counter Tops, Ample Storage and Freshly Painted Interior ~ Spacious Bedrooms Offering Good Closet Space and a Warm Color Pallet ~ Updated Roof, Updated Windows, Updated Garage Door, Updated Vinyl Siding, Updated Bathroom, 3 Season Room Completely Remolded, Updated Slider leading to a Beautiful Flat Yard Perfect for Summer Time Activities! **Showing will follow all Covid-19 Guidelines**No Overlapping Appt*** No More than two people and buyer agent allowed into the home at the time of showing** ***All Showings by Appointment Only, NO OPEN HOUSE, Showing Appointment Times Available below Mon April 20th 3-6 pm, Tues April 21st 3-6pm Wed April 22nd 11-1pm

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    Categories: Sold Homes  

    Posted by Colleen Griffin on 6/29/2020

    Photo by Photo Mix via Pixabay

    For many investors, purchasing a property to rent out just makes sense. But finding properties that'll help you meet your long-term goals can be tricky. Whether you're considering a turnkey property or a property to rehab and rent yourself, keeping these tips in mind will help you weed out low-performers while you're hunting for a solid investment.

    Tip 1: Run the Numbers 

    For experienced investors, this is probably a no-brainer. For beginners, it's a smart reminder. When you're seriously considering any property, you need a solid expectation of the expenses associated with the property:

    • How much your mortgage will cost 
    • How much you'll pay in property tax and insurance 
    • Fees charged by a property management firm, if applicable 
    • HOA fees, if applicable 
    • Vacancy and repair costs 

    Compare those numbers with the amount you can expect to receive in rental income each month. Ideally, you'll receive more each month than you'll be spending on the property. In some cases, a property might be worth purchasing even if you aren't going to pocket money each month. That comes down to your long-term goals and the market where you live. 

    Tip 2: Buy in A Market You Know 

    Though sometimes the best markets are far from home, and we'll the last to discourage investors from looking outside their own county, it's vital to understand the area. Some examples: 

    • College alumni might choose to buy near their alma mater
    • Retired or active duty military might choose to buy an investment property near a military base
    • Nurses might purchase an investment property catering to short-term nurses near their hospital 

    If you're able to land an investment property in an area that caters to your niche, you'll already have valuable insight and an "in" when it comes to renting it out and understanding the real estate market in the area. Use your insight to give you an edge. 

    Tip 3: Consider a Small Multi-Unit Property 

    By purchasing a duplex, triplex, or quad you can live in, you can take advantage of an FHA mortgage--with its low down payment and interest rates--and secure a primary residence as well as a rental property (or two, or three). Although this type of investment can require more hassle, more tenant screenings, and more time in managing tenants and repairs, it can be a solid place to begin an investment portfolio. 

    Tags: Investing   finance   Rentals  
    Categories: General Finance