Spring Real Estate Sales

»Posted by on Feb 17, 2015 in Blog, Featured, News | 0 comments

Planning on selling your home? Now is the time to prep for a Spring listing! Have you recently decided to sell your home? If the reason includes: too cold, too much snow, very short sunny days – you may want to give the decision a second thought or wait until it gets warmer out – we call that seasonal depression! We all feel this way at one time or another… But, if you truly plan on selling – let’s get to it, now is the time to plan! What do you think your home is worth? Honestly, if you are looking to move on out price it right. If you feel that you are entitled to every penny that you spent, like the money spent on those luxury accommodations that you installed for your enjoyment …you need to understand that some times these should not be included in the sale price – they should be considered attention perks that might place you at a higher level of interest than your neighbor if a similar house is for sale. One site tool that can help you find an estimate value is: https://www.chase.com/mortgage/mortgage-resources/home-value-estimator. So, where are you going? Are you leaving the state? Are you down sizing? Are the costs of living swallowing you up? Do you have children still living with you (if they are 45 years of age, you may consider to ask them to move on…that could be a huge savings right there)? These are questions that you should be working on now, prior to listing your home for sale and searching for a new one. Each one of these questions should have a minimum of 3 answers. Then you may value the best of three and add them to a “Pro/Con” list that will help, both with the sale and the buy? Do not list just with any real estate broker. A lot of our real estate brokers and agents are dear friends who we hold close to our hearts. We love them all. Though, they will agree, each carry a unique value proposition or differentiator. You should consider interviewing a few (since they will be working for you) prior to making a commitment. See how busy each will be at the time you list and search for a new home. Keep in mind that they are not your employee – they have more than one project/client going on at the same time (if they are good)…so, do not expect them to be yours exclusively – you should work as a “team” and see the plan through together. Never make them feel like they are not meeting your expectations, communicate all along the way instead, this will better ensure success. Have you decided what your home is worth? Make a list of items spelling out to the broker what is new and what is not, what is included and what is not. Maybe label 3 columns: 1. What needs improvements… 2. What is new/replaced with date… 3. What is included in the sale (usually an item such a hot tub that is not affixed)… Preparing this list will allow for the chosen real estate broker to sit with you and enter the correct criteria when getting ready to research the “local comparisons”. This also will remove your emotions during the discussions, allowing for them to ask a question for a direct answer. What is your realistic budget for a new home? How much do you want to spend truly? Yes the interest rates MAY climb but nobody knows for sure. Don’t let that push you into a home that may not be suited to your “Pro/Con” list. Spend the time wisely now preparing all your criteria, which will include selecting the right bank and getting your pre-approval. Be sure to have a “household budget” in place. The banks do not do this. You should setup a complete budget with a what it costs to live line, so you do not have a short fall each month trying to pay a mortgage payment. Plan your cost of living right this time – consider it a second chance! Another great site that can help you create a household budget worksheet (you may need to add some fields): http://www.kiplinger.com/tool/spending/T007-S001-budgeting-worksheet-a-household-budget-for-today-a/. Keep those comparisons fresh and stop going back to “2006”! Really, some of my clients still come out with that. It is frustrating to the professional when we’re trying to plan for the best transaction for our client, in their best interest, and they want to (which we need to respect) over price their home. Start studying the market and prepare for listing in the Spring...

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Snow & Home Inspections

»Posted by on Feb 11, 2015 in Blog, Featured, News | 0 comments

Buying a property during a snow storm? Are you allowed to pause or extend the inspection period? As I write this, it’s snowing…again…and it got me to thinking about how many people out there might be in the process of the 10 business day inspection of purchasing an investment property or home residence. Just an FYI here – you do have the right to ask for an extension if you are prohibited from completing the evaluation. Most people think, since the clock is ticking, that you are not allowed to stop it – this is simply not true. You have the right to know all about the investment/property that you are intending to buy. 33{48370f4c7e8d05e54649e612d3c42fc7fd435ea0d0341dced4441d5061938337} of the inspection happens outside: – Roof conditions -Fireplace/chimney -Foundation -Finish grade pitch -Support system for decks and porches -Crawlspace -Drainage -Driveways/walkway conditions -Trees, lawn and vegetation -Swimming pool/hot tub -Running exterior faucets -Septic tank and well evaluation -Condition of an exterior oil tank and filler line It is not your (the buyer) responsibility to remove the snow to review all these conditions. A smart home owner or bank would insist that you do not do such a thing for simple liability reasons and insurance regulations. Be aware that some brokers may encourage you to go forward, maybe for a reason that the home is new, they saw it prior the snow fall, everything looked great to them and disclosures are clean on the property. The bottom line, once this period expires and you perform the inspection, you are not allowed to revisit it unless there are notations or exceptions – so be smart, think ahead and do not be afraid to list as many areas that need to be revisited prior the closing to be certain that there are no issues or defects. The home inspector that you hire (under contract) is not required to remove the snow or give a valuable opinion on what they simply do not know. They are allowed to write “not assessable” in regards to any items that they simply may not be able to get to. Think ahead! If you are currently in the process of searching for an investment property, whether it be commercial, residential, or a home for your family, discuss these situations up front with your licensed real estate broker and get their opinion on how they would address this phase if a snow storm was to hit or if you are left with an abundance of snow in the way…don’t let the storm cover your knowledge! Craig DiPetrillo – DiPetrillo Properties – Planning, Investing, Construction www.dipetrilloproperties.com – info@DiPetrilloProperties.com –...

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Spend More To Make More

»Posted by on Feb 9, 2015 in Blog, Featured, News, Uncategorized | 0 comments

Will a remodel make a difference when selling? This one’s for the realtors (or financial institutions with properties to sell)… Say you have a residential property that you’re selling for an investor – the investor has made it clear that they want to move it fast. You can price it low and try to push it that way or have you thought about suggesting to the owner that investing a little more money in a renovation might help you not only sell it quicker but for a profit instead of a loss? We work with many financial institutions and often get called to provide a renovation analysis — working with small budgets and short turnaround times has saved our clients from suffering a loss and turned them a profit instead. So often it’s the little things… -We know that kitchens and bathrooms are eye candy and seeing one less major project can seal the deal for the potential buyer. -Maybe an addition was added and that addition has different siding than the rest of the house? Convincing your client to finish the siding might be well worth the expense. -How about previous water damage where the root cause was fixed but a stain still remains? A little paint or patchwork can take a ‘red flag’ and make it a ‘green light’! -How’s the landscape? Is there a retaining wall that is compromised? How about some woody shrubs that have grown out of control? Investing in some of these projects, that are minor to you but major to someone else, can make all the difference. -Is there mold on the North side of the house? How about recommending a power wash? These are just a few examples that can make all the difference between sitting on a property for months, or even years, to moving it in weeks. It doesn’t always work that fast, with many other obvious variables to consider, but we know from experience that if you can convince your clients to invest and you have the right design and construction team(s) in place that can provide that quick turnaround on the work and adhere to a tight budget…it’s money in the bank and a win/win as the buyer will have a move in ready house! Interested in Planning, Investments or Construction in the RI Real Estate Market? Let’s have coffee! Craig DiPetrillo – 401.232-7552 –...

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Understanding Supply & Demand

»Posted by on Jan 25, 2015 in Blog, Featured, News | 0 comments

…trends in Real Estate Investing is so important! Are you looking to invest in the real estate market? A few key factors that should be at the top of your list: 1. Demographics. Where are you looking to invest and why? Do your research and run comps and stats on what is selling and what has sold. Figure out what properties are selling for ($$$) and what kinds of properties are selling, etc… Are the types of properties (residential or commercial) you’re looking at in that area continuing to sell or have they been sitting for awhile? Does it seem like they are on the upswing or coming down from a good run? 2. The Economy. Reports say we’re in a good place right now in the real estate market, that the economy is on the upswing and that residential real estate prices are continuing to rise and that sales are continuing to pick up. Take that one step further though and look (through a microscope) at how the economy – past, current and projected – has effected and continues to affect the area where you are looking to invest. 3. Interest Rates. Having a clear understanding of what’s happening in the mortgage industry is HUGE. Discuss your options with a trusted advisor and research your options. Here’s a great article that covers the basics…read more. Overall 2015 is looking good so far – happy investing!...

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Build a better bridge

»Posted by on Jan 21, 2015 in Blog, Featured, News | 0 comments

Communication in a construction project…doh! A recent commercial construction client project gave us the idea to share some very valuable information that could potentially save you thousands of dollars by avoiding having your construction project (and dollars) tied up in the often confusing process of dealing with the different officials and/or zoning issues (and so on) that can arise during a residential or commercial renovation, upgrade, repair, etc… So often we are brought in when the problem is already occurring and most of the time it’s really just a matter of language – yes, language! Understanding where each ‘side’ is coming from, e.g. what everyone is trying to say or simply what they are looking for…which happens to be what we specialize in and that simply comes from a breadth and depth of experience working on all different sides of the planning, investments and construction industry for decades. I guess you could say we’re a bit like a bridge and can usually look at each situation through an objective lens then help all the parties involved find a comfortable resolution to whatever the problem is. A few great suggestions to help avoid getting into these situations in the first place: 1. Make sure the engineers, architects, general contractors, landscape designers and any others that are on your team all understand each other, the process andhave someone ‘leading’ the project that clearly understands the entire scope of the project, thus being able to avoid unexpected issues as much as possible. 2. I would add to #1 that the town & state officials involved are also part of the teamand clear communication between all parties is essential. More often than not the issues could have been avoided if clearer communication had happened from the beginning!?! 3. Not reacting with emotion but responding with a clarity and an understanding of the real problem is key and if #’s 1 & 2 were followed…then if or when an issue happens most involved will be able to work together to find a quick solution....

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