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tURaHOtMeE s E l a e R YOUR LIFE | YO A special publication of the Petoskey News-Review

Friday, July 27, 2018

WORK WITH CHEMICAL BANK’S TOP PRODUCING LOAN OFFICER IN NORTHERN MICHIGAN!

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Jon Lyons commitment to his customers and his community are the keys to his success. Join the many customers who have relied on Jon’s committed service and contact him today.

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REAL ESTATE - Your life | Your home

131 E. Bay Street

A publication of the Petoskey News-Review • Friday, July 27, 2018

Waterfront Mixed-Use Building Downtown Harbor Springs One of Harbor Springs most sought after livework-play addresses is now offered for purchase. This impressive 3-story building is located on Bay Street at the heart of the waterfront district, and boasts an upscale workspace on the main floor. What makes this property truly irreplaceable is the beautifully appointed, 3-bedroom residence occupying the top 2 floors and featuring 1,300 square feet of outdoor living overlooking the waterfront, Harbor Point, and all of Little Traverse Bay. Please inquire to arrange a private showing, and to obtain details regarding the strong rental history for this exceptional property.

$2,400,000 MLS #455822 PN-508998-1

Graham REAL ESTATE

Listed by Andrew Bowman • abowman@grahamre.com 231.526.6251 • grahamre.com • 198 E. Main Street, Harbor Springs, MI 49740


REAL ESTATE - Your life | Your home

A publication of the Petoskey News-Review • Friday, July 27, 2018

REAL ESTATE GUIDE | BECOMING A HOMEOWNER

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Ready to Buy a House?

uying a house is a big investment – the biggest most of us will make in your lifetimes. When you start looking, it’s easy to get overwhelmed with all the details that you may not know how to make sense of. The Consumer Financial Protection Bureau offers number of questions you can ask yourself as you start this process.

How much can you afford to pay monthly?

In addition to your mortgage payment, include property taxes and home insurance. You can get a rough estimate for insurance based on how much you’re planning to spend on a house, and generally the annual taxes are available through the county or your real estate agent. If you’re putting down less than 20 percent of the total sale, you may have to pay mortgage insurance; ask your lender how much it is. Planned developments often have homeowners associations that require fees, either monthly or semiannually.

How much money do you have?

For most loans, a 3 percent down payment is the minimum buyer must pay. Putting less than 20 percent down likely will require you to pay mortgage insurance. In addition, closing costs run about 3-5 percent of the total cost of a new home. Some of those fees, such as an escrow payment and inspection fees, will be paid throughout the process, but most will be paid at closing.

What’s most important?

Maybe it’s a wide-open layout, a big kitchen or backyard, a preferred neighborhood or

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school district or closer to your place of work. Narrow down what is most important to you and what you’d like to have in a house but are more willing to compromise on.

How much work can you put into a fixer-upper?

Don’t be tempted by a house that’s more affordable because it needs a lot of work. A fixer-upper may be right up your

alley, but include the costs of renovations and repairs when you’re looking at total cost of the house. Be realistic about how much work the house will take before you can live in it or

in the early months. Figure out what you can do, what supplies will cost and how much a contractor will cost, if you don’t want to do the work yourself.

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REAL ESTATE - Your life | Your home

A publication of the Petoskey News-Review • Friday, July 27, 2018

3081 Forrest Avenue

State-of-the-Art Waterfront Home With Beautiful Sandy Beach

Enjoy the most beautiful sandy beach in town! A brand new 4,155 square foot home on Little Traverse Bay. This lovely house offers 4 bedrooms, 4.5 baths, hardwood floors, custom tile, high-end appliances, 2 fireplaces, a large covered lakeside porch, second floor “sunset” balcony, extensive trim, paneling and built-ins. Smart Home technology and lighting, high-end plumbing and electrical fixtures are also featured in this fabulous package. Located in the renowned private association of Menonaqua Beach on the west end of Little Traverse Bay, convenient to Harbor Springs, Petoskey and area resorts.

$3,850,000 • MLS #454269

PN-508999-1

Graham REAL ESTATE

Listed by Sam DeCamp & Penny McCready • sam@grahamre.com 231.526.6251 • grahamre.com • 198 E. Main Street, Harbor Springs, MI 49740


REAL ESTATE - Your life | Your home

A publication of the Petoskey News-Review • Friday, July 27, 2018

REAL ESTATE GUIDE | THE PROS

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The Home Buying Team

he home buying process can get tricky. Fortunately, whether you’re both the buyer or the seller, you don’t have to do it alone. Although entering the process without a real estate agent is an option, having that expert as a partner in your corner can be hugely beneficial, especially for first-time homebuyers.

The people with whom you work in looking for and purchasing a home can make all the difference in how smoothly the process runs. The National Association of Realtors offers advice on how to find the right agent for you.

FIND A REAL ESTATE AGENT YOU TRUST

A good real estate agent can make a world of difference. Real estate agents can connect you with local lenders and other resources, they know what questions to ask of other real estate agents and homeowners, and they can point out issues you may not have noticed, like a street that’s busy only at certain times of day or whether a house is in a flood zone. Find a real estate agent early in the process. This will also make sure you’re looking at houses that are actually available. Check online databases for agents or ask friends who have recently bought or sold a house who they used. You should interview potential real estate agents, look up their sales histories and be comfortable with them. Ask questions you think are stupid. You’ll find yourself asking a lot of questions during the process anyway. Make sure they’re willing to advocate for you. Your real estate agent, who is paid by the seller, will also help

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you find a title company and an inspector. He or she will be frontline person who handles most of the work.

FIND A LENDER

Many real estate agents want

proof that a potential buyer can get a loan in the amount offered before they accept the offer, so having a lender early in the process ensures you don’t get held up by paperwork. Look at what different lenders

have to offer. Ask potential lenders what special loan or down payment program they can administer. When you find a lender, get the application process started. You’ll need income tax returns,

W-2s, pay stubs, statements for your bank and retirement accounts and records of other assets. Your lender will tell you what other paperwork is needed. Make sure your credit is not frozen.

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REAL ESTATE - Your life | Your home

A publication of the Petoskey News-Review • Friday, July 27, 2018

475 Glenn Drive Elegant Cottage on Lake Michigan This is a unique opportunity to own a large splittable waterfront parcel in the City of Harbor Springs. 280 feet of fabulous sandy beach accessed by a private road. Potentially 2 nicely sized waterfront lots or a wonderfully large estate sized site to build the home of your dreams. The existing vintage 1930’s summer cottage has lots of charm and character. A wonderful beach house until you’re ready to build a year-round home.

$3,200,000 • MLS #454716

2660 Pennsylvania Avenue Spacious Home in a Resort Area Open concept floor plan, perfect for up-north living. Large living/dining area has enough room for everyone. Generous granite counters and custom cabinetry in the kitchen provide extensive area for cooking and entertaining. 4 large bedrooms upstairs, and a main floor bedroom/den, each with a private bath provide ample room for family or guests. Laundry rooms on both floors.

$1,399,000 • MLS #451323 PN-509000-1

Graham REAL ESTATE

Listed by Sam DeCamp • sam@grahamre.com 231.526.6251 • grahamre.com • 198 E. Main Street, Harbor Springs, MI 49740


REAL ESTATE - Your life | Your home

A publication of the Petoskey News-Review • Friday, July 27, 2018

REAL ESTATE GUIDE | BUYING TIPS

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Making an Offer

ave you found a house that you think could be the house? After you’ve asked all the questions you need to make sure it’s a good fit for you, it’s time to make an offer. This is a document that your real estate agent puts together.

It includes the seller’s disclosure, which may include information about problems, such as a pest infestation or proximity to freeway and the noises, and any homeowners association information, according to the National Association of Real Estate Agents. When you and the seller reach an agreement, you will need to put down earnest money within 48 hours. Talk to your real estate agent about how much you’ll need. This money will eventually go toward your down payment. If you back out of the sale for a reason not specified in the offer, the seller gets to keep this money.

GET AN INSPECTION

The home inspector looks for any reasonably discoverable issues the house may have, such as a leaky roof or plumbing, termites, broken appliances, cracks in the walls or a host of other issues. The buyer does not need to be there during the entire inspection, but will want to be present at the end to get questions answered and get a good idea of what repairs may be needed. The inspection must happen within an inspection period determined in the offer, and the buyer must list desired repairs to the seller within the same period. The seller must respond with-

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in a designated amount of time.

GET THE APPRAISAL

The appraisal, which your lender handles, determines the value of the house; a lender will not loan you more than the value of the property

you’re buying. The appraiser does not work for the buyer or the seller; their fees are paid as part of the closing costs. Communicate with your lender regularly to make sure the appraisal is done in a timely fashion.

BUY HOME INSURANCE

Your lender will require you to have home insurance before the loan can go through. Make sure your policy covers everything that’s required (only certain areas need flood insurance, for example) and that it’s enough

to rebuild your house and replace what’s in it should you experience a total loss. If you have an HOA, ask what they cover. Some HOAs cover the entirety of the structure and you only need to insure your belongings; others don’t cover any part of the structure.

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REAL ESTATE - Your life | Your home

A publication of the Petoskey News-Review • Friday, July 27, 2018

R E A L E STAT E SA L E S A boutique real estate firm focused on YOU. Let mint help you and your family find the perfect place to call home.

All listings receive complimentary professional photography and staging. It’s time to consider a fresh approach to real estate. Contact us today to understand the difference. PN-509003-1

231-838-2241 ChooseMint.com

JASON BISKNER

Brokers Lic #6505404576


REAL ESTATE - Your life | Your home

A publication of the Petoskey News-Review • Friday, July 27, 2018

REAL ESTATE GUIDE | SELLING TIPS

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How To Sell Your House

n some ways, selling a house isn’t much different from buying. You still need an agent early in the process, there’s a lot of paperwork and back-andforth when negotiating price and making repairs and you’ll spend a fair amount of time working with your bank. But the seller has other responsibilities as well, which the National Association of Real estate agents lays out in a guide.

DETERMINING THE VALUE OF YOUR HOME

Working with your real estate agent, look at the prices of similar homes in similar parts of the city. Consider repairs that will need to be done. What upgrades have you made – hardwood floors, landscaping in the backyard, a redone kitchen? Do your own research to compare to what your real estate agent brings you. Pricing your house appropriately is likely to help attract buyers.

MAKING A GOOD FIRST IMPRESSION

Potential buyers are going to see your home online first, so take good quality pictures of a clean, well-organized house. Get pictures of every room from different angles so buyers can get a good idea of the size and layout of each room. Play up your house’s best features. Take this oppor-

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tunity to deep clean and declutter, which will make preparing the house for showings that much easier.

CONSIDERING OFFERS

Go over offers with your real estate agent. You can determine whether to accept or make a counteroffer, including a multiple counter if you get more than one offer. When

considering offers, don’t just look at the asking price. Look at the given contingencies, or provisions that must be met for the sale to go through. An offer with fewer contingencies is more likely to go through in a timely fashion. The size of the down payment, when the buyer wants to move in and the closing date all could factor into your decision. Your

real estate agent can walk you through the pros and cons of each offer.

NEGOTIATING AND THE FINAL WALK-THROUGH

Your real estate agent will take the lead in negotiating counteroffers and post-inspection repairs. Purchase agreements require a home inspection, after which the

buyer can request that certain repairs be made at the seller’s expense. Which repairs are made can be negotiated as well. In lieu of making repairs, the seller may offer to pay for some closing costs or make other concessions. Immediately before closing, the buyer will do a final walkthrough looking for any last-minute issues.

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REAL ESTATE - Your life | Your home

A publication of the Petoskey News-Review • Friday, July 27, 2018

Take Two Condominiums

New Luxury Condos With Water Views in Downtown Harbor Springs

With highly desirable Main Street addresses, owners will enjoy views of Little Traverse Bay and rooftop decks with outdoor kitchens and stunning 360-degree views of downtown Harbor Springs. “Take Two” is located steps from exceptional downtown amenities and marinas. Additional features include an elevator, custom kitchens, professional appliances, sliding glass doors opening to a 25-foot-long “regatta” porch, a private garage, and lower-level space for a wine cellar or exercise room. Inspired interior design by Cottage Company Interiors and construction by Cottage Company Builders.

Starting at $1,675,000 • MLS #454497

Graham REAL ESTATE

PN-509002-1

Listed by Andrew Bowman • abowman@grahamre.com 231.526.6251 • grahamre.com • 198 E. Main Street, Harbor Springs, MI 49740


REAL ESTATE - Your life | Your home

A publication of the Petoskey News-Review • Friday, July 27, 2018

REAL ESTATE GUIDE | EXPENSES

Homeowners Associations A

n increasing number of planned communities have homeowners associations, which is a governing body for the neighborhood. Sometimes these are professionally managed, but the board is generally made up of members of the community.

HOAs can regulate things such as paint color, how front yards look, and noise while also offering services such as lawn care, snow removal, park cleanup or meeting facilities. Some HOAs charge little and do little; others may charge hundreds of dollars a month and take care of the structure of your house. An article on Lawyers. com answered a number of questions to help buyers determine if such a community is right for them.

KNOW THE RULES AND PENALTIES

The covenants, conditions and restrictions can cover how the exterior of your home looks, what you can plant, where you can park, pet restrictions, putting up satellite dishes who can live in a home, whether you can do Airbnb or run a home business and more. The HOA will send you a list of the rules. Also ensure you know the consequences of not getting behind on payments or not adhering to the rules. Depending the violation, a homeowner may just need to fix it – painting the house an approved color, for example – or the homeowner may have to pay a fine. Depending on the state, HOAs may be able to foreclose on the home.

ADVANTAGES OF AN HOA

The biggest benefit of a properly run HOA is in protecting the value of your home. Roads and common areas are maintained, the exterior of the houses surrounding yours are more likely to look nice and you won’t have cars parked in people’s yard. HOAs can also

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enforce noise ordinances and other rules that contribute to quality of life but that police are unlikely or unable to enforce. You may also get access to amenities like a pool, gym or golf course.

DISADVANTAGES

The big disadvantages of an HOA are cost and control. Dues that you pay each month do not go toward your mortgage. If your HOA doesn’t have enough money in reserves to

cover needed repairs, you could be required to pay a special assessment. And, when it comes to the public-facing part of your home, you’re not able to do whatever you want. It must be in line with regulations.

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REAL ESTATE - Your life | Your home

A publication of the Petoskey News-Review • Friday, July 27, 2018

NORTHERN MICHIGAN

Leaders in Lending Online Mortgage Applications:www.cnbismybank.com

Sharon Coppernoll Direct: 231-627-8311 Cell: 231-818-6879 NMLS: 514722 coppernolls@cnbismybank.com

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Steve Crusoe Direct: 231-627-8308 Cell: 231-420-2566 NMLS: 514716 crusoes@cnbismybank.com

Michelle Miller Darren Selden Direct: 231-627-3850 Direct: 231-627-1963 Cell: 231-268-1727 Cell: 231-818-0631 NMLS: 972032 NMLS: 685509 millerm@cnbismybank.com

seldend@cnbismybank.com


REAL ESTATE - Your life | Your home

A publication of the Petoskey News-Review • Friday, July 27, 2018

REAL ESTATE GUIDE | FINANCE

Finding the Right Loan

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he Consumer Finance Protection Bureau offers a breakdown of the different types of loans available and the pros and cons of each. Talk to your lender to see which loan is best for you.

CONVENTIONAL LOANS

Conventional loans are just what their name suggests – a typical loan made through a lender with no additional programs. These loans usually require a 20 percent down payment or for the borrower to pay mortgage insurance. The government sets maximum loan amounts for conventional, or conforming, loans.

FHA LOANS

Federal Housing Administration loans are from private lenders but are regulated and insured by the FHA. These loans allow down payments as

low as 3.5 percent and don’t require borrowers to have as high a credit score as conventional loans. This loan is best for borrowers with lower credit scores or who have less than 10 percent of the loan to make as a down payment.

VA HOME LOANS

The Veterans Affairs Administration offers low-interest home loans to current and former military members and eligible surviving spouses. These are through private banks and mortgage companies, but the VA guarantees a portion of the loan, which

means better terms for the borrower. According to the VA, these do not require a down payment or charge mortgage insurance.

USDA LOAN PROGRAMS

The U.S. Department of Agriculture offers a loan program for low- to moderate-income potential homeowners who want to buy or build in a rural area. According to USDA, the Single Family Housing Direct Loan does not require a down payment and offers a lower mortgage insurance rate. Check with a local lender to determine what areas in your region

qualify as rural.

DOWN PAYMENT ASSISTANCE PROGRAMS

Look into what your local government or nonprofits are offering. Some cities and counties offer help to employees who are relocating or for public service employees like teachers or firefighters. These loans often have a higher interest rate than a conventional loan or may require you to repay a prorated portion of the assistance if you move before a certain time. Ask a local lender for what resources are available.

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REAL ESTATE - Your life | Your home

A publication of the Petoskey News-Review • Friday, July 27, 2018

Graham A Harbor Springs Landmark Since 1972 REAL ESTATE

693 E. Lake St. Wonderful Location! Close to parks, schools, & downtown! Main house offers tons of charm & character, waiting for your vision to bring it back to life. $189,900 • MLS #455760

5113 Mountain Watch Dr. This

348 E. Third St. Downtown, below

1051 Beach Dr. Nice unit with large

4251

Terpening Rd. Charming classic home situated on 14 acres just north of Harbor Springs, less than a mile from Lake Michigan. Recently completely renovated. $679,900 • MLS #454999

8675 Ramona Park Dr. 5-bedroom

14 & 15 Cook Point Waterfront

867 Beach Rd. 2 lot over an acre each with 100 feet of Lake Michigan frontage, east of Harbor Springs. Some wetlands, mostly wooded, stream & rocky shoreline. $995,000 • MLS #443525

Glenn Dr. These unbeatable waterfront

meticulously maintained custom home is located between Harbor Springs & Petoskey. 3+ bedrooms, 2.5 baths on a double lot. $369,900 • MLS #455231

the bluff home. 4-5 bedrooms, 4 baths, walkout lower level, great rental history, 2 blocks from restaurants, shopping & more. $419,900 • MLS #449951

PRICE REDUCTION

kitchen, wet bar, fieldstone gas fireplace. Each bedroom has private bath. Views of Little Traverse Bay & beach access. $599,000 • MLS #454028

building site located just 2 miles from downtown Harbor Springs. Beautiful views of Lake Michigan & over 200 feet of beach. $800,000 • MLS #454213

4.5-bath home with an open floor plan offers 2 master suites, 2 gas fireplaces, guest room with full bath over the garage. $1,365,000 • MLS #455369

parcels offer sunset views, sandy beach & a short walk to town. Rare opportunity available for the first time since the 1920’s. Starting at $1,950,000 • MLS #455525

Bob Humphrey • Barb Harbaugh • Jim Hart • Andrew Bowman • Nate Graham • Jan Parsons • Cathy Meyer • Kevin Olson Carolyn Sutherland • Penny McCready • Sam DeCamp • Drew Bartlett • Tom Graham • Heidi Kresnak • Will Baker PN-509001-1

231.526.6251 • grahamre.com • 198 E. Main Street, Harbor Springs, MI 49740


REAL ESTATE - Your life | Your home

A publication of the Petoskey News-Review • Friday, July 27, 2018

REAL ESTATE GUIDE | HOMEOWNERSHIP BASICS

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Other Things to Know

here are dozens of small questions throughout the home buying and selling process and even when you’re already settled into your home. The Consumer Financial Protection Bureau remains a good resource, and you can still reach out to your lender and real estate agent with questions.

Do I need a home warranty?

Home warranties cover any number of issues within the house, including plumbing, fixtures like the air conditioner or heater, and more. You can buy these for a year or two years or even longer. You typically would pay a set fee for each repair that needs to be made. According to Consumer Reports, this can be a good deal, but before you purchase one, consider what the warranty will and won’t cover and the likelihood of needing it. If you’re building a new home, the items inside are likely still covered by the manufacturer’s and builder’s warranties. You can also include a home warranty in your offer.

What is the difference between interest rate and APR?

Your lender will quote you two numbers when you secure your loan. According to the Consumer Financial Protection Bureau, the interest rate is the cost you pay annually to borrow the money. The annual percentage rate, or APR, accounts for points, upfront but receive a lower mortgage broker fees and interest rate. other fees you are charged for the loan. Points let the borWhen should I consider rower make a tradeoff between refinancing? upfront costs and monthly Refinancing allows you to payments. You may pay more get a lower interest rate on

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your loan so you can pay less in interest and pay it off more quickly. According to Bankrate, it can be beneficial if interest rates have dropped since you took out your loan or if you want to replace an adjust-

able-rate mortgage with a fixed rate loan or to eliminate the need for mortgage insurance. However, there are closing costs with a refinance, so to determine if it makes sense for you, determine the break-

even point: total closing costs divided by monthly savings. If it will take you longer to break even than you plan to stay in the house, it may not be a good move. Talk to your lender if you’re interested.

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REAL ESTATE - Your life | Your home

A publication of the Petoskey News-Review • Friday, July 27, 2018

Bay Harbor Announces Groundbreaking and Construction at The Ridge Bay Harbor, Mich. (July 27, 2018) - Bay Harbor Village Company is pleased to announce the groundbreaking of construction at The Ridge. With the recent groundbreaking, Lakeview Builders has begun construction of two special building opportunities. These special home packages are now available for immediate purchase in Bay Harbor’s newest neighborhood. With spectacular sweeping views of the Little Traverse Bay and custom-designed floor plans, both options present comfortable and convenient living in the Village at Bay Harbor. Owners will enjoy a main floor master suite, gourmet kitchen, walk-in closets and plenty of garage space including room for a GEM. Living spaces are light-filled and expansive. Build features include a comprehensive list and include Quartz countertops, Trex® decking, and stainless appliances. Select the Luna design on lot 3 at $799,000, 2010 square feet and three bedrooms on the main and upper levels and 685 square feet on the lower level with the option of an additional bedroom. This plan offers exceptional luxury living. The larger Rigel plan on lot 9 provides four bedrooms with 2366 square feet on the

“The New Ridge homes provide unique open living spaces which provide maximum opportunity to experience tremendous sunsets and sunrises while being able to walk to The Village, and also benefit from daily rental management if homeowners desire.” — DAVID V. JOHNSON BAY HARBOR DEVELOPER AND CHAIRMAN OF VICTOR INTERNATIONAL CORPORATION main and upper levels at $999,000. This plan includes an additional 1393 square feet of living space on the lower level with a roughed-in recreation room, bath, and fifth bedroom. With over 3700 square feet of living space, the Rigel is designed for extraordinary northern Michigan living. “The new Ridge homes provide unique open living spaces which provide maximum opportunity to experience tremendous sunsets and sunrises while being able to walk to The Village, and also benefit from daily rental management if homeowners desire,” states David V. Johnson, Bay Harbor Developer and Chairman of Victor International Corporation.

The newest residential community at Bay Harbor has eleven distinctive home sites with uncompromising Lake Michigan sunrise and sunset views, and an urban lifestyle. The home sites overlook the Village at Bay Harbor and feature gorgeous panoramic views of the Little Traverse Bay. Within strolling distance to unique shopping, casual waterfront dining, events, world-class boating, golf, activities, and the Great Lakes Center for the Arts, homeowners will experience incomparable resort living at its finest. These properties are currently offered for sale by Harbor Sotheby’s International Realty. For more sales information, please contact Brad Rellinger, Managing Broker at 231.838.6055, or email brad@harborsir. com. You may also contact the Bay Harbor office of Harbor Sotheby’s International Realty at 231.439.2000 or send an email to info@harborsir.com. Bay Harbor is an award-winning development best known for its environmentallysensitivecommunitiesandhomesites,designed in ecological harmony with the land. Bay Harbor is situated on 1,200 picturesque acres along the Lake Michigan shoreline and exceeds previous standards for planning, quality, and world-class luxurious amenities. For more information, contact Bay Harbor at 231-439-2500, or visit www.bayharbor.com

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Real Estate July 2018  
Real Estate July 2018