Posted by Competitive Edge Real Estate Services on 9/22/2020

Image by June Hanabi from Pixabay

Buying a home is never easy, but it can be especially challenging if you're making your purchase from a remote location, like when you're buying a vacation home. If you're purchasing a second home or a vacation property in the next few months, these tips can help you through the process. By doing your homework, working with the right real estate professional, and by making decisions in advance, you can make the purchasing process easier on yourself. Here's what you need to know.  

Understand the Tax & Loan Implications

Mortgages for vacation homes often require a larger down payment than primary residences. In addition, some loans that can be used to purchase primary residences cannot be used to buy vacation homes. For example, you can't pay for a vacation home with an FHA loan. 

You may be able to deduct the mortgage interest from your taxes, but only up to a certain amount. Your accountant can help you understand how the mortgage deduction will work before you buy the house. Call your accountant before getting into the home purchase process, so you can be fully aware of the tax implications before finalizing the purchase.

Know What You Want

Sit down with your family before you start shopping for a home. Have discussions that will focus your search. Ask questions like: Where do we want to buy? How big will the house be? How large should the lot be? Answering these questions in advance will help you narrow your search and keep it focused on houses that are likely to make you happy.  

Research the Real Estate Market

Are homes competitive in the area where you'd like to buy? Do they go fast? Must you act quickly? What's the price range of homes you'd like to buy? What's the forecast for real estate in the area? Having answers to these questions will help you make decisions that will inform your home buying process. Some of this information can be found online, but the best and most accurate way to get a lot of this information is to work with a reputable real estate professional.  

Plan at Least One or Two Trips

Much of the home buying process can be done remotely. PDF document signing technology has made it easy to make offers and send documents to home buyers from out of state or even out of the country. However, it's still advisable to make at least one trip to the area and see the house you'd like to buy in-person before making an offer. 

Very likely, you won't find the house you want to buy in the first trip. Plan to make at least one (and possibly two or more) trips to the area where you'd like to purchase. Plan your trips carefully to ensure each trip is productive. Make a list of properties to see before leaving. Communicate your list of properties with your real estate agent in advance, so your real estate professional can make appointments to see homes before you arrive.  

Find the Right Real Estate Professional

Work with a real estate agent who has facilitated long distance purchases in the past, and who has strategies for helping out of town buyers. To find a real estate agent, interview reputable candidates before settling on the right one for you. The real estate professional you choose should be friendly, communicative and confident in their ability to help. Working with the right real estate agent, you'll be able to get the job done, even when you're not in town.  




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Posted by Competitive Edge Real Estate Services on 9/15/2020

For homebuyers, a home inspection is paramount. This inspection enables you to look closely at a house and identify any problem areas. It also may force you to rethink your decision to buy a house, particularly if you discover a wide range of problems during the inspection.

Ultimately, it pays to consider your options following a home inspection. In fact, if you take an in-depth approach to potential home repairs, you can determine whether to ask a seller to complete these repairs before you finalize a purchase agreement.

Before you ask a seller to perform home repairs, there are several questions that you should consider, and these are:

1. How much will it cost to complete assorted home repairs?

A damaged roof is much more expensive to repair than a defective light fixture. Fortunately, if you assess the costs of potential home repairs, you can differentiate major home repairs from minor ones and plan accordingly.

If a home requires thousands of dollars in repairs, it may be worthwhile to ask a seller to complete these repairs. Otherwise, you'll be responsible for allocating the necessary time and resources to perform costly home repairs after you finalize your house purchase.

On the other hand, minor home repairs may be easy to handle on your own. If you feel comfortable completing minor home repairs, you may want to avoid submitting a request to a seller to perform these repairs. Because if you ask a seller to complete myriad minor home repairs, he or she may walk away from a potential home sale.

2. Are there any required repairs that must be completed right away?

Required repairs, i.e. repairs that will address hazardous conditions in a house, sometimes will need to be completed following a home inspection. These repairs include water penetration issues and local code safety violations.

If required repairs go unaddressed, your lender is unlikely to provide you with the financing that you need to acquire a house. Thus, you should request a seller complete these repairs as soon as possible.

3. Is it worth my time to ask a seller to complete home repairs?

There is no right or wrong answer to the aforementioned question, as every homebuyer and home seller is different. If you are uncomfortable with a house following an inspection, you should examine the inspection report and determine the best course of action. And if you feel that asking a seller to perform home repairs is essential, it is important to do just that.

Lastly, if you need assistance throughout the homebuying journey, it helps to work with an expert real estate agent. This housing market professional usually will attend a home inspection and help you assess a house. Plus, an expert real estate agent is happy to provide recommendations and suggestions to ensure you can make an informed home purchase.

Take the guesswork out of evaluating a house following an inspection consider the aforementioned questions, and you can determine whether to ask a seller to complete home repairs after an inspection.




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Posted by Competitive Edge Real Estate Services on 9/11/2020

Hot off the presses! Impressive Colonial featuring open concept floor plan located with easy access to most major routes, commuter rail, shopping & more. High end finishes throughout. Gourmet style cabinet packed kitchen offering entertainment sized center island, stainless appliances & granite, slider to composite deck. Oversized light filled family room, custom fireplace, formal living & dining rooms, spacious & inviting foyer. Gleaming hardwoods on first level, staircase & 2nd flr hallway! Second floor master bedroom suite, large walk in closet, master bath, jetted tub w/tiled surround, double vanity. Three other generous sized bedrooms, full guest bath, granite counter. Special features of 2nd floor laundry area and walk up attic with tons of easy storage needs, three car garage. A lovely home in fantastic area, plenty of room for home office space.

More Info on this Property | New Listing Alerts





Posted by Competitive Edge Real Estate Services on 9/11/2020


11 Pinewood Rd, Wilmington, MA 01887

Single-Family

$829,900
Price

8
Rooms
4
Beds
2/1
Full/Half Baths
Hot off the presses! Impressive Colonial featuring open concept floor plan located with easy access to most major routes, commuter rail, shopping & more. High end finishes throughout. Gourmet style cabinet packed kitchen offering entertainment sized center island, stainless appliances & granite, slider to composite deck. Oversized light filled family room, custom fireplace, formal living & dining rooms, spacious & inviting foyer. Gleaming hardwoods on first level, staircase & 2nd flr hallway! Second floor master bedroom suite, large walk in closet, master bath, jetted tub w/tiled surround, double vanity. Three other generous sized bedrooms, full guest bath, granite counter. Special features of 2nd floor laundry area and walk up attic with tons of easy storage needs, three car garage. A lovely home in fantastic area, plenty of room for home office space.
Open House
No scheduled Open Houses

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Categories: New Homes  


Posted by Competitive Edge Real Estate Services on 9/11/2020

This Condo in Chelmsford, MA recently sold for $300,000. This Townhouse style home was sold by - Competitive Edge Real Estate Services.


B16 Scotty Hollow Dr, Chelmsford, MA 01863

North Chelmsford

Condo

$289,900
Price
$300,000
Sale Price

5
Rooms
2
Beds
1/1
Full/Half Baths
Very private end unit in North Chelmsford at Scotty Hollow. Reasonable condo fee with amenities including a pool and tennis courts. Central air and quick access to the highway. This unit has a living room with a wood burning fireplace, dining room, fully applianced kitchen and 1/2 bath with laundry on the main floor. Dining room opens onto a private deck. Upstairs you'll find the master bedroom and second bedroom, each with access to the full bathroom. Master bedroom has a loft (with skylight) which could be used as a home office. Plentiful closet space. On the bottom level you'll find an entry way/mud room with a closet and exterior and garage access. Exterior just freshly painted. Scotty Hollow is a highly desirable complex, with beautiful landscaping, duck pond, walking paths, pool, tennis courts and a clubhouse available for your functions. See it soon! Showings start Thursday, July 30.

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Tags: Real-Estate   Condo   Chelmsford   01863  
Categories: Sold Homes  




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