Home Garden 2016

Cultivate Renovate Decorate Things to Consider when Buying a Condo Page 2

The Owner / Builder / Architect relationship Page 4

Connect to Nature Page 3

CULTIVATE • RENOVATE • DECORATE

2016

Things to Consider when Buying a Condo

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hen talking with clients about what condo might be right for them, I ask them about their plans for the property. Are they going to live in it for many years, use it purely as an investment, or do they Ken Graff plan to live there short term? If they are going to CB BAIN occupy it for many years, things like location and amenities such as a workout rooms may add value for them, and resale value might be less important.

If they are going to buy it purely as an investment, things such as looking into whether the building has been approved by the FHA for financing, or if the building is on the list of Fannie Mae approval buildings is important.

Fannie Mae is the nickname for the Federal National Mortgage Association, a corporation that trades in mortgages.

Lenders want to be able to have their loans secured by Fannie Mae, so it helps resale values if condo buildings are on Fannie Mae’s good list. Not being on the

➻ CONDOS, Page 7

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CULTIVATE • RENOVATE • DECORATE

2016

Connect to Nature,

No Matter Where You Live In this age of smartphones and streaming video, it is easy to forget about the world beyond our little screens. And for the 80 percent of Americans living in urban areas, the natural world can seem even more remote. But experts say it’s important to find the time to disconnect, unplug, and appreciate what nature does for you.

Surprisingly, you don’t have to travel outside your town to enjoy nature or benefit from it.

“Your very own neighborhood is likely home to a wide variety of trees,” says Lisa Allen, Missouri State Forester and chair of the National Association of State Foresters (NASF) urban and community forestry committee.

“From your backyard to the park, trees offer residents improved quality of life and a healthier local environment.”

But trees are at risk from a number of threats, such as invasive pests. So a healthy community forest doesn’t exist without proper planning, management and community investment. Fortunately for urban dwellers, thousands of communities nationwide understand the need for green infrastructure, and are actively working with their state forestry agency to manage these landscapes.

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Beyond enjoying the trees around you, you can get involved by helping to raise awareness about the many benefits trees offer. Start a local eco-appreciation society, get involved in local street cleanups, or ask your children’s school to incorporate environmental education into the curriculum.

Lastly, stay current on community forestry issues.

To learn more about urban and community forestry, visit www. mytreeourforest.org.

➻ NATURE, Page 6

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The Owner / Builder / Architect relationship When contemplating because the typical small or moderate homeowner doesn’t sized remodels, many have the perspective or homeowners wonder if experience to imagine they really need to hire all the possibilities, and an architect. And many builders aren’t trained homeowners who’ve to work as designers. hired an architect Good architects are to design even very Brian Neville good listeners who take large projects often the time to understand Van Zandt wonder if they need what their clients need, development + to keep their architect want, and can afford, and Building OWNER involved beyond the they present multiple design or permitting design options for phase. Having worked as both an the client to consider. It is this architect and a builder and seeing measured, thoughtful approach this play in many different ways, I that results in finished projects can say that the answer to each is that exceed owner’s expectations. emphatically ‘YES!’.

And this CAN be done without Remodeling is expensive, and significantly increasing overall it should result in something costs provided the architect is that addresses the needs of involved during the construction the homeowner in the best way process, and the builder is possible. This is where hiring an engaged during early design. architect can pay huge dividends,

Architects are often criticized for designing things that are beyond the means of the clients they work for, and this is not necessarily undeserved. But architects don’t specialize in cost the way builders do, and this is why it’s important to utilize both early on in the design process. Bringing a builder into the conversation when the

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design is still at the schematic level can help to steer a project down an affordable path. As design moves forward, a lot of decisions are made for very good reasons, but those reasons are not necessarily obvious during construction. Without the continued involvement of the

➻ RELATIONS, Page 6

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Home owners need Builders and Architects ➻ RELATIONS from Page 4 architect, things can easily go in the wrong direction. Even the most well-intentioned builder may make suggestions that deviate from the big picture and result in problems farther along or a finished product that misses the mark in multiple places.

The builder and the architect have very different roles, both

are important, and neither can truly take the place of the other.

Neither can really be completely effective without the other.

Consider the following: • Does it make sense to spend money to build something that is poorly designed? Of course not. So hire an architect if you

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are planning to do some remodeling work. The cost of design and architectural oversight is low relative to the cost of construction, and the return is well worth it.

• Does it make sense to spend money to design something unaffordable?

Obvioulsy, no. So engage a builder early to provide input on cost and feasibility (which is really just another word for cost) to avoid having your plans turn into a pipe dream.

• Does it make sense to spend money building something that is not what was carefully imagined by the designer? One more time, No. That wastes money at the front end and the back end. So keep your architect engaged during construction.

In the years that I’ve been involved in residential remodeling, I’ve seen a lot of successful projects, and I’ve some that left a lot to be desired. The ones that stand out are those where the owner got more than they wanted without spending more than they were prepared to spend. More often than not, this is what happens when a builder is brought in early and an architect is kept engaged all the way to the end.

Happy Remodeling!

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➻ NATURE from Page 3 You can also consider ordering “My Tree—Our Forest” tree tags.

Each recyclable, weatherproof tag informs people on the ways that trees make oxygen, keep drinking water clean, save money, make city life fun and keep streets safe. Along with your school or community group, hang the tags on local trees (be sure to check local ordinances for permission!) to remind your neighbors to take care of the environment. Then spread the word on social media using the hashtag #MyTreeOurForest.

Remember, you don’t have to leave your beaten path to enjoy the benefits of trees. Thanks to efforts happening at the local level, trees are a vital component of many densely populated communities across the country. (Statepoint)

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CULTIVATE • RENOVATE • DECORATE

2016

So, you wan to buy a condo? ➻ CONDOS from Page 2 good list might hurt resale value.

Your Real Estate Broker can research owner occupancy percentages. Some lenders have restrictions on the number of rentals allowed. Note that a recent Court of Appeals ruling might make enforcement of rental restrictions by homeowner’s associations difficult. This could affect resale value.

If you are buying a condominium to live in, it is wise to visit a few times, and at different times of day and on different days of the week.

Can you hear the neighbors?

Are there barking dogs, or loud music? If you meet residents, ask them how they like living there. Ask them what they like and dislike about the building.

I have found that residents of condos I meet while touring can be valuable and sources of information.

Consider your monthly homeowner’s association (HOA) dues in your budget. These dues can vary greatly. HOA dues that are too low can be a red flag.

Roofs need to eventually be replaced, elevators and common areas require maintenance and if there are not sufficient funds in reserve, homeowners in the building will face an assessment to pay for the projects. Reserves are pretty much a bank account that all owners hold in common.

If there are sufficient reserves to maintain the property, or to deal with unexpected issues, then homeowners are unlikely to face a mandatory assessment.

When writing your offer, your REALTOR® should include Northwest Multiple Listing service form 22D in the offer and request this information, and make the closing contingent upon your approval of these items: • Complete copy of the house rules, and the CC and R’s.

(Conditions, Covenants and Restrictions) • Condo association meeting minutes from the last two years.

• Condo association board of

director’s meeting minutes from the last 6 months • Association financial statements from the last two years, and current operating budget.

The CC&Rs govern how owners can use or improve the property and the rules that they and all residents must live by.

Review the CC and R’s to make sure that your intended use of the property is allowed and that you are comfortable with the rules of the association.

Read the meeting minutes carefully. The association is required to let you know of any current assessments, but in reading the minutes, you might learn of a project that may be on the horizon that could one day cost you money. Look in the minutes for any recurring issues residents are facing. Unresolved recurring issues could mean ineffective management of the building.

Review the financial statements to see how much money the association has in reserve. Low reserves could mean assessments down the road. You want to protect yourself from future financial difficulties of the association.

Keep an eye out for an unusual amount of foreclosures, a large amount of homeowners delinquent in paying their HOA dues or a high number of vacant units. The HOA may need to increase monthly dues to compensate for the losses of revenue.

It is important to make sure you are working with a REALTOR® who understands these issues and can explain your options to you. Condominiums can be great investments, but you must understand the risks, and how the purchase fits with your financial goals.

Ken Graff is a native Seattle REALTOR® named to Coldwell Banker Bain’s International President’s Circle for his exemplary record of success.

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