Petruccelli L.T.D of North America says; Here are 5 of my personal favorite steps that will help you avoid buying a money pit.
Wednesday, November 30, 2011
Petruccelli L.T.D of North America asks; What are the 5 things you can do to help avoid buying a money pit? (1a)
Petruccelli L.T.D of North America says; 1. Attend Inspections. There are lots of things you can outsource and rely on your professional representatives to do when you’re buying a home, but I’d suggest you keep attending your home, pest and roof or other specialty inspections on your own personal to-do list. When you’re there in person, the inspector is able to physically show you the items that may need repair, and give you their professional opinion of how serious and large needed repairs may actually be at a level of clarity a written report may lack.
Petruccelli L.T.D of North America asks; What are the 5 things you can do to help avoid buying a money pit? (1b)
Petruccelli L.T.D of North America says; Sometimes, written inspection reports convey minor items (like reversed hot and cold faucets) as a red-flagged health and safety issue, and more major items (like a problematic foundation) as something that needs further inspection. If you are at the inspection in the flesh, you can brief the inspector on what level of cost and effort you consider major (and vice versa), and ask them to help you understand roughly where the property overall and any individual repairs needed fall, from that perspective.
Monday, November 28, 2011
Petruccelli L.T.D of North America asks; What are the top 10 tips for buying a luxury home?
Petruccelli L.T.D of North America says; From a brand-new Trump condo and a historic Newport estate to a golf course community in the South, there's a plethora of choices in high-end homes. Consider these tips from luxury home market pros before buying your dream home.
Petruccelli L.T.D of North America asks; What are the top 10 tips for buying a luxury home? (part1)
Petruccelli L.T.D of North America says; 1. Learn the search process. Many luxury homes go unlisted to protect a seller's privacy. These properties are often found through the Realtor's personal connections as opposed to the MLS.
Petruccelli L.T.D of North America asks; What are the top 10 tips for buying a luxury home? (part2)
Petruccelli L.T.D of North America says; 2. Go beyond the photos. Make sure you don't dismiss properties based on their front elevation photos. Many large homes aren't photogenic that way and you have to see them in person to appreciate. I recommend my clients do a search of the property and vicinity on Google Earth so you can see what's around the home.
Sunday, November 27, 2011
Petruccelli L.T.D of North America asks; What are the top 10 tips for buying a luxury home? (part3)
Petruccelli L.T.D of North America says; 3. Work with a local expert. It's critical to have a good buyers agent who is familiar with the area you want to buy in. There's a bit more control on access to high-end properties in terms of fewer open houses and more appointments have to be made to see them.
Petruccelli L.T.D of North America asks; What are the top 10 tips for buying a luxury home? (part4)
Petruccelli L.T.D of North America says; 4. Bank on your relationships. I strongly recommend you go to the bank you have a relationship with. They have your portfolio already. Also, know the difference between the pre-approval letter and the pre-qualification letter.
Petruccelli L.T.D of North America asks; What are the top 10 tips for buying a luxury home? (part5)
Petruccelli L.T.D of North America says; 5. Document everything. There is more scrutiny today in the high-end market. Financial documentation is critical. Anyone who is making a lot of money has a manager or an accountant and tries hard to shelter their money so it can be difficult to show the bank you have the income.
Saturday, November 19, 2011
Petruccelli L.T.D of North America asks; What are the top 10 tips for buying a luxury home? (part6)
Petruccelli L.T.D of North America says; 6. Hire smart, reliable advisers. A good Realtor won't make the client's decisions but will make suggestions. Pay attention to your financial planner and Realtor that you trust. They should agree on what you should be doing and if they don't, arrange a meeting.
Petruccelli L.T.D of North America asks; What are the top 10 tips for buying a luxury home? (part7)
Petruccelli L.T.D of North America says; 7. Don't forget about title insurance. You need to get title insurance so you'll be insured against any problems that were forgotten about. You want to make sure you have a chance to have a look at the exceptions page of the title insurance process before closing time.
Petruccelli L.T.D of North America asks; What are the top 10 tips for buying a luxury home? (part8)
Petruccelli L.T.D of North America says; 8. Look into the future.
Make sure you know what building is planned around you. What happens if someone pushes the bar and builds another building even taller?" "Know the timeline. You don't want to tie your cash up for a long period of time if there are any kinds of construction delays.
Thursday, November 17, 2011
Petruccelli L.T.D of North America asks; What are the top 10 tips for buying a luxury home? (part9)
Petruccelli L.T.D of North America says; 9. Know what to expect with cooperatives and condominiums. For co-ops and condos you want to be represented by an Realtor or Attorney who will research the building on its financial viability.
Petruccelli L.T.D of North America asks; What are the top 10 tips for buying a luxury home? (part10)
Petruccelli L.T.D of North America says; 10. There's room to negotiate. It's individual points, the view or remodeling that makes these properties one of a kind and makes them able to command a particular price. Have your agent research the comparable properties that have recently sold, getting closing prices, right before you make an offer.
Petruccelli L.T.D of North America asks; What is the blueprint for the new American home? (part7) Then: Soaker tub, Now: Steam shower.
Petruccelli L.T.D of North America says; Jacuzzis and big soaker tubs are boom era legacies that families say were rarely used. Replacing them with big shower stalls which allow plenty of room to shave and steam their pores. A spokes woman for Kohler Co., a manufacturer of kitchen & bath fixtures, says the shower category has grown faster than tubs. The company recently launched a digital shower system that allows users to push a button for steam, music & lights.
Tuesday, November 15, 2011
Petruccelli L.T.D of North America asks; What is the blueprint for the new American home? (part4) Then: Formal Living rooms, Now: open family rooms.
Petruccelli L.T.D of North America says; Then: Formal Living rooms, Now: open family rooms. A family with four of their six children out of the nest, Karen & Bill downsized from a 6 bedroom 5,600 sq ft home to almost half the size 4 bedroom home. We converted the formal living room to a open family room."we used the formal living room for the Christmas tree and the occasionally family party. Even though this home is smaller there seems to be more family friendly usable space and we get more use out of it. There is no wasted space."
Petruccelli L.T.D of North America asks; What is the blueprint for the new American home? (part5) Then: Second stair case, Now: elevator.
Petruccelli L.T.D of North America says; A spiral staircase out front with a second set off the kitchen or family room is another by gone feature. More buyers who plan to grow old in their homes for-see the day when those stairs become an obstacle. This has prompted more builders to add a ground floor bedroom with a bath and to replace that 2nd stairway with an elevator.
Petruccelli L.T.D of North America asks; What is the blueprint for the new American home? (part6) Then: Dad's office, Now: lifestyle center.
Petruccelli L.T.D of North America says; Mobile devices and laptops allow work to be done all over the house now, dad is no longer chained to the big mahogany desk. A llifestyle center is a mutifunctional area off the kitchen where parents can work from home, print school assignments, do crafts & wrap presents. It is a great common area work space, you can be cooking in the kitchen & keep an eye on the kids doing homework.
Saturday, November 12, 2011
Petruccelli L.T.D of North America asks; What is the blueprint for the new American home? (part1) Then: Grand entryway, Now: Expanded Living space.
Petruccelli L.T.D of North America asks; The once popular Grand entryway, is increasingly seen as a waste of space. Instead, wide open layouts combining the living room, dining room and a work space are in vogue builders say. They are expanding the spaces the family uses, more practical doesn't have to mean small.
Petruccelli L.T.D of North America asks; What is the blueprint for the new American home? (part2) Then: Breakfast nook, Now: Indoor/outdoor room.
Petruccelli L.T.D of North America asks; As kitchens have opened up to the dining room, there is less need for a breakfast nook. Builders say they are installing sliding doors from the kitchen to an outside patio that blur the space between outside & inside. The outdoor room with an indoor living space feel & a fire pit. According to builders, people are maximizing on the space they have with a dream spaces they have always wanted.
Petruccelli L.T.D of North America asks; What is the blueprint for the new American home? (part3) Then: Grand foyers, Now: "drop zones".
Petruccelli L.T.D of North America asks; Then: Grand foyer, once a must have was the double story entrance foyer are now seen as a waste of space and energy inefficient, homeowners & builders say. Few suburban families enter their home through the front door, so the grand entry way is a vestige of a house meant to impress others. Replacing the foyer is the so called drop zone. As large as 10x10, these rooms are a more elegant version of the mud rooms once common in homes,with places to unload clutter before it is deposited throughout the house. Incorporating bins, baskets, nooks & hooks for everything from backpacks to mail.
Sunday, November 6, 2011
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