For many home buyers, a condominium offers an excellent lifestyle and an affordable alternative to buying a single family home. If you’re considering  buying a condominium in Andover or any other community, be sure to take time to find out everything you can about your condominium association. 

Before you buy, contact the condo board with the following questions. In the process, you’ll learn how responsive—and organized—its members are. Start by asking the condominium board  with the following 10 questions.

1.      What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.

2.      What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can’t rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.

3.      How much does the association keep in reserve? How is that money being invested?

4.      Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs. To determine if the assessment is reasonable, compare the rate to others in the area.

5.      What does and doesn’t the assessment cover—common area maintenance, recreational facilities, trash collection, snow removal?

6.      What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board’s fiscal policy.

7.      How much turnover occurs in the building?

8.      Is the project in litigation? If the builders or homeowners are involved in a lawsuit, reserves can be depleted quickly.

9.      Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer’s report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren’t in good repair, they become your problem once you buy.

10.  Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you’re buying, may require separate assessments.

Reprinted from RealtorMagazineOnline with permission of the National Association of Realtors. Copywrite 2005. All rights reserved.

As your real estate consultant, I can help you find the answers to these and other important questions. So contact me anytime or search the MLS for condominiums.

With so much news about the financial markets it’s no wonder home owners are concerned about the value of their homes and home buyers are wondering if prices have stabilized or if further adjustments can be expected.  Wise investors have always understood that real estate has always been a local, long term investment .  The time to buy or sell a home is always about what’s right for you–not about the emotional highs and lows of the daily news.  Still, many people wonder when the national real estate market will begin to recover.  For an interesting perspective on this topic take a look at this recent  article by James Cramer published in the New York Magazine.

This mornings financial news is indeed disconcerting. With the bankruptcy  of Lehman Brothers, the failure of Merril Lynch and Hurricane Ike in the Gulf of Mexico it makes sense to take time to consider any major purchases carefully.  Buying or selling a home is without a doubt the largest single  financial decision most of us ever make.  This is why I believe it is even more important to have the best professional advise you can have at your finger tips.  Current real estate market conditions are extremely fluid. If you’re considering buying or selling a home in Andover, North Andover, Boxford or any of the surrounding communities here in Massachusetts, contact Paulette Zuena at REMAX Partners in Andover, for up to date real estate information and advice.

If you’re considering a home improvement project consider the latest trends in home fashion and design.  Take a look at some of these recent innovations in home design. 

Surfaces: Engineered stone is more affordable and less porous than granite.  Reflective glass tiles are becoming more popular than traditional ceramic tiles.

Flooring: Bamboo is tougher and more eco-friendly than wood flooring, but beware that low-cost versions risk warping. Concrete slabs are now retro-chic, along with exposed brick or steel in walls. Cork has become a hip, durable and quiet floor.

Home Automation Systems:  Household functions including lighting, climate control, personal computers, window coverings and home entertainment systems can be wired and controlled by a single on-site or off-site control system.

Garage Conversions:  Flooring, enclosed walls, lighting and furnishings can add usable living space and still provide for storage.  Purpose-specific spaces are also popular in other parts of the home.

Contact me, Paulette Zuena at REMAX Partners, Andover, MA  for more ways to improve the value of your home.

© 2008 Buffini & Company All Rights Reserved. Used by Permission

Is your home ready for a change?  Even if you aren’t looking to spend a lot of money on a major remodel, there are many options that will give your home an instant facelift and provide a great return on your investment. Across the county, homeowners are looking to upgrade their homes with purpose and style. Whether to increase value, add functionality or create a more enjoyable living environment remodeling projects account for about 40% of all residential construction spending and about 2  per cent of the U. S. economy.  Homes that lack features of other homes in the neighborhood tend to sell for less and stay on the market longer.  Still its important to remember that some home improvement projects will give you a better return on your investment than others.  For example, the addition of a new office, extra bath or a spare bedroom are projects which add the most value to your home while a "lifestyle" home improvement project  such as a swimming pool  or tennis court may be important to you as a home owner but may not add measurable real estate value.  For more information about the latest trends in home design or to find out more about which projects will give you the greatest return on your home improvement investment, give me a call or contact me, Paulette Zuena, RE/MAX Partners in Andover, MA.

Without a doubt we are living in an extraordinary  information age. Media reports, statistics, advertising and market data are all truly at our fingertips.  The key is understanding how all of the market reports, trends and mortgage options impact your unique personal, financial and family needs.  Like all major financial decisions it’s important to have advise and knowledge you can depend upon. As a REMAX agent with expert knowledge of the Andover, North Andover and Boxford real estate markets I can help you find the facts you need to make a wise home buying decision. In my decade of experience helping both buyers and sellers with their real estate needs I understand that no two home buyers or sellers are alike.  Please contact  Paulette Zuena, to learn  how I can help you find the home that’s right for you.

What exactly is a "buyer’s market?"  According to the National Association of Realtors, a "buyer’s market" occurs when there is more than a 6 month inventory of homes for sale in a particular market area. The concept is similar to that of other goods and services and relates to the more familiar economic principle of "supply and demand." For buyers who are able to qualify for a mortgage, this is truly an excellent time to consider purchasing a home and an experienced, professional real estate agent can guide you through the complicated process of buying a home.  Whether your a first time home buyer or currently own a home and are looking to move let Paulette Zuena guide you through the maze of financing options, legal documents, inspection procedures and disclosure requirements so important in today’s market. As an expert in the Andover, North Andover and Boxford Massachusetts communities, I can help you find the home and neighborhood that is right for you.

"Has the housing market reached the bottom or will prices keep falling?"  I get asked this question several times a day and while it seems like a logical question to ask when thinking about when to buy or sell a home, the truth is, housing prices are only part of the equation to be considered.  I came across an interesting statistic…actually presented to me by my colleague Mike Elias, Senior Loan Officer at the Mortgage Network.  Did you know that mortgage interest rates have only been lower than this month’s fixed rate for 48 out of the past 447 months?  It’s important for buyers to remember that a small increase in interest rates can quickly offset any savings they might realize by a reduced asking price.  This chart clearly illustrates this point.  For a copy of this report and other valuable information, contact Mike Elias at the Mortgage Network or Paulette Zuena at ReMax Partners in Andover, MA.  Together we can help you with all of your real estate needs.