You can be a real estate investor! The benefits of owning a multi-family home.

When you think about buying your first home, or your next home, single family houses or condominiums are probably top of mind. But maybe you should take a closer look at the opportunity that a multi-family home can offer you and your family. Purchasing a multi-family (sometimes called a multi-dwelling) home is a great investment and a smart strategy to save for your future.

There are so many possibilities when it comes to owning a two or three family home. Sure, they may come with a bit more upkeep and you will want to do your research and take classes if you are planning to be a landlord, but they also bring great value through their opportunities for income generation. 

Local residents are certainly recognizing the potential of owning a multi-family; they are in high demand in Amesbury as well as on the North Shore and Seacoast. In July alone, I sold these tree multi-families in Amesbury (interesting that they are all yellow!):

Here are a few reasons you might want to consider purchasing a multi-family home:

  • You have a large family who may benefit from living nearby each other

  • You enjoy home projects and renovations

  • You are interested in earning money through rental income

  • You are interested in turning units into Air BnBs

  • You are interested in using real estate to save for the future

If you are intrigued by these possibilities, here are 3 key benefits that I see of owning a multi-family property.

Live in one side, fix up the other

Does your new home need some upgrades? No problem! Often we purchase homes knowing they may need some work, and if you live in a single family home, you end up stuck living in the home or living with family during loud and messy renovation projects. If you have a multi-family, you can renovate one residence at a time without incurring additional costs or headaches. You can then move into the completed unit and begin work on other units in the building.

Mortgage Relief

Once you have taken your landlord law classes and prepped your unit, you are ready to welcome tenants (and monthly rent payments!) Use these payments to offset your own mortgage payments or to pay off your home faster. Remember, even if you have renters, you will want to plan to have enough money available to pay the mortgage on your own each month just in case your tenant is unable to pay. You are still liable to the bank for the whole amount each month.

Saving for your Future

So, what happens if you pay off your mortgage? Or if after a few years you want to move into a single family home, or to a new location all together? That’s fine! You don’t have to sell --  continue to rent every available unit to either pay your mortgage, or use the money as income that you can put towards other financial obligations in your life (like a summer house, retirement, or college!)

Of course owning a multifamily might seem daunting. In my experience, it is very important to do your research and understand your financial obligations as well as landlord rules before you welcome your first renters. Want to scoop one up and take advantage of these benefits? Or maybe you are interested in learning more about the opportunities in the area? Reach out to me and I can assist you with your home search!

Making a Move? February and March are the best times to connect with a REALTOR®.

February and March tend to be slower months for real estate in New England, but they can be a critical time for home buyers and sellers especially if you are considering making a move this year. Why? Because so much goes into a home sale or purchase, and by preparing a plan and speaking with a REALTOR® now, you will be ahead of the game when the market heats up.

Just sold in South Hampton, NH!

23 Jewell St-South Hampton-beauty.jpg

This 3 bedroom Cape in South Hampton NH was listed for $468,900. With 2 acres of land, including a Christmas tree farm and blueberry bushes, this property screamed for a unique marketing approach. In additional to a traditional professional photographer, I hired a drone photographer in order to capture the beautiful country setting and sprawling back yard. In addition, I used social media, print advertising and direct mail to get this home for sale in front of as many potential buyers as possible. Ultimately we received a full price offer within 4 days of coming on the market and closed with happy buyers and sellers!

I’ve noticed that buyers are very interested in South Hampton, NH as the town offers an easy and convenient commuting location, excellent school system, competitive property taxes and plenty of open space to explore with walking trails and the Powwow River.

The busy Spring market is right around the corner. Contact me if you’re considering selling a home in South Hampton, NH, Southern NH or North Shore MA. I’d love to earn your business!

8 homes sold in October!

What a month...8 homes sold in October! 😍 helping my clients with such an important part of their lives. If you're looking for a full-time Realtor in the Greater Newburyport area or Seacoast NH area, contact me. I'd love to earn your business!

All About Accent Walls!

An accent wall can totally transform a room, taking it from boring and drab to bold and exciting. Accent walls create a new focal point for your space, add liveliness and contrast, and are typically a very inexpensive DIY project.

Accent Wall - Staging

The starter accent wall:  You can easily add an accent wall to your room in one afternoon by applying a new paint color. Deep blues and bright oranges are common choices for accent walls, but choose a color that will complement your existing decor and overall design aesthetic.

Interesting textures:  Bright, contrasting paint is a good starting point, but there are other options for accent walls that are even more eye-catching and distinct. Floor-to-ceiling wood planks can make your home seem both rustic and modern all at once and provide a natural, outdoors-inspired feel. It’s more work than simply painting a wall, but it’s still relatively inexpensive. You can source the wood from pallets on Craigslist and stain it yourself before attaching it to your wall. It takes a little extra elbow grease, but it’s worth the effort.

Patterns, murals, and more: Paint and wood are bold enough on their own to transform a room, but they’re still pretty subtle compared to other accent wall options. A chalk paint accent wall is a creative idea for any room and makes for some fun moments when you’re entertaining. There are also endless options for wallpaper and stenciling if you want some patterns or you can get really bold with a mural or oversized art print.

If you're thinking about selling your home, don't hesitate to contact me. I'd be happy to discuss the process and provide staging recommendations.

What Happens at a Home Inspection?

After your offer is accepted, you will want to hire a licensed home inspector. The home inspector will look through the house from top to bottom, inside and outside. The heating and cooling systems will be checked, the inspector will look for structural problems and you have the opportunity to test for radon in the air and water. See this great article from House Logic for what to expect during a home inspection.

Visit houselogic.com for more articles like this.

Copyright 2018 NATIONAL ASSOCIATION OF REALTORS®

2018 Tax Rates

2018 Tax Rates in MA and NH

Understanding real estate tax rates are a very important part of real estate.  Homebuyers need to pay attention when it comes to tax rates as it will impact your monthly mortgage payment.  It is important to understand that the tax rate is based on the home’s assessed value and not the sale price.  Here is a list of tax rates in the Greater Newburyport Area and Southern New Hampshire.

Greater Newburyport Tax Rates

Amesbury Tax Rate: $18.99

Georgetown Tax Rate:  $15.88

Groveland Tax Rate:  $14.69

Haverhill Tax Rate:  $14.26

Ipswich Tax Rate:  $14.24

Merrimac Tax Rate:  $15.76

Newbury Tax Rate:  $10.90

Newburyport Tax Rate:  $13.26

Rowley Tax Rate:  $14.58

Salisbury Tax Rate:  $11.78

West Newbury Tax Rate: $14.56

Southern New Hampshire Tax Rates

East Kingston Tax Rate:  $24.77

Exeter Tax Rate: $26.77

Kensington Tax Rate:  $22.39

Kingston Tax Rate:  $25.78

Newton Tax Rate:  $26.58

Seabrook Tax Rate:  $16.25

South Hampton Tax Rate:  $19.24

 

 

Hampton, NH Ranch Just Sold!

This property located at 4 Heather Lane in Hampton, NH recently sold for $382,000. Erica Puorro of Stone Ridge Properties represented the buyers.

4 Heather Lane Hampton NH.jpg

List Price: $379,000   |  Sale Price: $382,000   |  Multiple Offers!

I had been helping my clients in their home search for about 9 months. During this time, we had submitted offers on other properties, only to be outbid by other buyers. When they saw 4 Heather Lane come on the market, they knew they had to act fast. We visited the open house and my clients decided to write an offer; we knew we'd be competing with multiple offers. In a multiple bid situation, I always advise my clients that it's a fine line of not wanting to overpay but wanting to be competitive with the other offers so that the sellers consider your offer. In addition, it's important to be flexible with the closing date and have as few contingencies as possible. In the end, my client's offer was accepted and we had a great transaction. The buyers were especially happy that the home appraised for above the sale price so they have instant equity!!

If you're looking to buy a home, the Fall real estate market is a great time to be out and about! Many sellers are motivated to sell their home before the winter, so you may find a great deal out there.  Contact me today to get started!

Oh, What a Week!

I just finished up 7 closings in 7 days.  It was a very busy time, but with the help of amazing lenders, efficient co-broke agents and awesome clients, we did it! 

All in all it was super rewarding to see families and friends move to their home sweet homes!  If you are looking to buy or sell real estate in Massachusetts or New Hampshire, contact me anytime.

Condo sold in Amesbury

This property located at 2 Birchwood Court #302 in Amesbury MA recently sold for $142,500. Erica Puorro of Stone Ridge Properties represented the buyers.

List Price: $142,500   |  Sale Price: $142,500

I was so happy to represent my clients who were first time home buyers purchase this awesome condo.  As soon as this condo came on the market, we scheduled an appointment to see it right away.  We knew it would go fast and I quickly wrote up an offer to purchase the same day we toured the condo.  I prepared my clients for a multiple offer situation, and I was able to successfully advise them on how to present their strongest offer: full price, flexible close date and fully pre-approved by an excellent lender.  Ultimately our offer was accepted and we had a great transaction from beginning to end.  I know my clients will enjoy catching the rays by the pool this summer!! 

If you're thinking about buying a new home, contact me to get started.  In this seller's market, it's important to choose a Realtor who has the experience, professionalism and proved track record to help you win multiple offer bid situations.

Another Sold in South Hampton!

This single family home located at 28 Main Ave in South Hampton NH recently sold for $263,000. Erica Puorro of Stone Ridge Properties represented the seller.

28 Main Ave Sold.jpg

This home was very unique.  Built in the 1800's as a dormitory for the farm workers across the street, this antique Cape was loaded with charm - cool exposed beams, wide pine floors and custom built ins. However, older homes come with some challenges - steep stairs and slanted floors!  Not every home is a piece of cake to sell, but over the course of a year, we had two offers and ultimately one was accepted and brought to closing.

If you're in the market to buy or sell this Spring, contact me to get started!