Tuesday, January 3, 2017

Out with the Old, In with the New

Are you thinking of making a change this year.  Is moving to a new home or renovating an existing property on your to do list? Although conceptually this may sound like an easy thing, often this morphs into a much larger project than expected.  It is important to know the local permit rules if you want to do a renovation.  This may entail approval by a local building department or conservation commission for example to add a room to an existing home.  Permitting is always required for home improvement projects to be up to code.

If instead you decide to buy a new house,  it is important to become familiar with the areas where you want to live, as well, as the financial requirements to be positioned when ready to make an offer.  You may be a first time buyer and if yes, it is good to understand the process of searching, finding and making an offer on a property.  If you are an existing property owner you will need to consider preparing your own property to sell or rent in addition to starting your own research on new properties.

Before one makes a major change it is always a good idea to start with a plan.  First I recommend writing down a few notes of what your goals are.  Next identify the steps you need to make to reach these goals.  Analyze the costs of if doing a renovation and if they will add value if you decide to sell the property in 5 years.  Do a bit of market research.  This can include reading articles, reviewing local building regulations, driving around neighborhoods to identify things you seen done to other properties,  looking online at magazines and property listing and then learning who the local specialists are in your area to help you make these changes and determine the costs.

Renovating can often take longer than planned and sometimes more money than anticipated.  You may want to weigh the cost benefits of this vs a move.   I would use the location as a major guide.  If you love where you are and there is limited property available a renovation that can add value is definitely worth considering.  If the renovation is very specific to your taste consider if you will be there long enough to enjoy the change as it may be hard to recoup your cost if you do plan to move in the next few years.

I am constantly reading local periodicals to keep on top of new trends and ideas for myself and my clients.  When seeking a new home the attached is a good preparation guide.  http://blog.coldwellbanker.com/new-year-new-home/  As you begin the process remember the local ones are the ones who know the area best.  If I don't know an area well I have a great network of locals in other areas I can refer you to.   I pride myself in being born, bred and now a resident of the metrowest area and am here to help once you are ready to tackle the spring market of 2017 in my area.

Wendy recently joined Coldwell Banker Needham.  She has been a realtor for over 8 years and knowing the area quite well can share a hands on local perspective.  She has also recently earned the SRES  designation and looks forward to helping other baby boomers as they approach their next transitions.  Feel free to contact her directly or click here http://www.wendybcb.com if you would like to learn more.