Upstate Real Estate & Home Services April 2019

Real Estate UPSTATE

& HOME SERVICES

Seven steps to become a homeowner Page 6

Green living: what is a net zero home?

Page 11 VOLUME 2 | ISSUE 4 | APRIL 2019

Shiplap: a new rustic design trend Page 18

Real Estate UPSTATE

& HOME SERVICES

A Publication of The Daily Star

102 Chestnut Street, Oneonta, NY 13820 607-432-1000 • www.thedailystar.com PUBLISHER Fred Scheller fscheller@thedailystar.com (607) 441-7214

ADVERTISING DIRECTOR Valerie Secor vsecor@thedailystar.com (607) 441-7235

GRAPHIC DESIGNER Tracy Bender

Tips for choosing a home renovation contractor. . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Seven steps to become a homeowner. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Farmhouse style: five ways to embrace the look in your home. . . . . . . . . . . . 8 Granny pods: the newest trend in senior lving. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Green living: what is a net zero home?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 Tips for marketing your home to millennial buyers. . . . . . . . . . . . . . . . . . . . . . .

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Should you invest in senior housing?.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Making the most of your small entryway. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Overused real estate buzzwords to avoid in your online listing.. . . . . . . . .

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Common new homeowner mistakes to avoid.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Shiplap: a new rustic design trend. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Did you know?

Investing in a home renovation project not only requires money, but also time and patience. While contractors, architects and designers can estimate how long a project may take, it is impossible to anticipate all of the scenarios that can affect that estimated timeline. Information from the real estate firm Keller Williams indicates an average kitchen remodel involving installation of new countertops, cabinets, appliances, and floors can take three to six months. But if ductwork, plumbing or wiring must be addressed, the job may take longer. A midline bathroom remodel may take two to three months. Adding a room to a house can take a month or two. The home improvement resource Renovation Junkies offers similar estimates, with the average home renovation taking between four and eight months. Homeowners need to consider time when planning their home projects.

UPSTATE Real Estate & Home Services

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April 2019 | 3

TIPS

for choosing a home renovation contractor 4

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Home renovation on the horizon? Here are five tips for choosing a qualified contractor.

April 2019

1. Get recommendations. Ask friends and family members who they’d recommend for the job — word of mouth is one of the best ways to find a good contractor. Checking online reviews is another method to search for possible contenders.

2. Ask for credentials. Hire a contractor who holds the necessary licenses and permits to work in your area.

3. Interview several candidates.

Ask each contractor about their qualifications, their experience, how their company works and if they have any suggestions for your project. Don’t forget to get referrals.

4. Check references. Call previous clients to ask if they were satisfied with the contractor’s work, if it was completed on time and whether or not there were any problems or issues during the renovation.

5. Get it in writing. Before the contractor starts, make sure he or she provides a detailed contract that includes the work to be done, the start date, the projected end date, the payment schedule, the materials and products that’ll be used and any subcontractors that need to be hired.

By following these steps, you’re sure to find a trustworthy and hardworking contractor to make your dream renovation a reality.

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Seven steps to become a

HOMEOWNER Ready to take the plunge and finally purchase your dream house? Here are seven key steps to become a homeowner.

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1. Set a budget Start by figuring out how much you can realistically afford to pay for a new home. Remember that mortgage payments aren’t the only expenses you’ll have to consider; you’ll also need to pay for utilities, property taxes, home insurance and repairs.

2. Save for the down payment

3. Find the mortgage that’s right for you

When you buy a house, you have to put down a large amount of money to secure your purchase. The larger the down payment, the smaller your mortgage loan will be.

Keep in mind that if your down payment is less than 20 percent of the total purchase cost, you’ll also have to pay for mortgage default insurance each month. As you’re saving, pay attention to your credit score, which is a determining factor in how good of a mortgage you’ll get.

Mortgages depend on the amount you’re able to pay upfront (the down payment) and the length of time you’ll have to pay the loan back.

Before you start house hunting, you should get pre-approved for a mortgage by your bank or mortgage broker. During the pre-approval process, the lender determines the amount you qualify for. Sellers will be more receptive to your offer if you’re pre-approved.

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April 2019

4. Choose a real estate agent

5. Start house hunting

Your real estate agent is your guide through the home buying process. Take the time to interview at least three different agents who have a thorough knowledge of the housing market in your area before choosing one who’s a good fit in terms of your needs and personality.

As you tour different homes, make sure to keep a list of all the features you’re looking for during the visits and take notes so you can keep track of your impressions.

You should also make a list of questions to ask your agent about each property.

6. Make an offer

7. Finalize the deal

When you find the home of your dreams, you’ll need to prepare a written offer in consultation with your agent specifying how much you’re willing to pay. It’s recommended that your offer include certain contingencies like the right to have the home appraised and inspected before completing the transaction.

Once you’ve settled on a price, you’ll be able to start making closing arrangements, such as finalizing the payment and mortgage terms.

On closing day, the final documents will be signed and you’ll receive the deed and the keys to your new home.

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Farmhouse style: five ways to embrace the look in your home

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ou don’t have to live on a farm, or even in the country, to embrace a farmhouse esthetic.

Here are five ways to get the look in your home.

outdoors. Use organic materials like wood and stone for the floors and decorate with items made of wool, rattan and reclaimed wood.

for unique pieces of furniture and decor that you love and that say something about your interests or personality.

1. Mix old and new. Farmhouse chic

3. Incorporate light neutrals. Pale,

5. Opt for weathered items. Though

largely stems from mixing styles. In the kitchen, for example, don’t be afraid to combine hand-me-downs and flea market treasures with the latest stainless steel appliances.

neutral colors are hallmarks of farmhouse inspired homes. Gray, white and cream all work well with wood accents. Complement the look with accent colors that are also on the lighter side.

2. Use natural textures. Make your

4. Include one-of-a-kind pieces.

home feel like an extension of the

Search flea markets and estate sales

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April 2019

you don’t want your home to appear rundown, farmhouse style should look well loved, not shiny and new.

There’s a fine line between farmhouse chic and country kitsch, so select items that are charmingly understated and add character to your home.

Search flea markets and estate sales for unique pieces of furniture and decor that you love and that say something about your interests or personality.

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T

here’s a new trend emerging in senior housing: granny pods.

Also known as tiny homes for seniors, granny pods are compact, prefabricated houses that can be assembled in the backyard of a caregiver’s home.

Although the idea of granny annexes or granny flats has been around for decades in the U.K. and in Australia, the first senior-friendly tiny homes in North America were called MEDCottages and launched by a small Virginia company in 2010. Since then, the idea has gained popularity and been adopted by other companies across the U.S. and Canada.

In general, granny pods include an open space containing a bed, living area, kitchen-

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Granny pods: the newest trend in senior living

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April 2019

ette and bathroom. They’re completely accessible to elderly people with health and mobility problems as they’re equipped with hand railings, defibrillators, first aid supplies, cushioned floors, good lighting, wheelchair-accessible doorways and a monitoring system (so that caregivers can keep an eye on the resident).

Many seniors and their loved ones see granny pods as an excellent way to downsize after retirement and a welcome alternative to nursing homes.

These tiny homes allow seniors to continue living independently while receiving the care they need. It also lets families stay together without having to sacrifice space and privacy by living under one roof.

Green living: what is a net zero home?

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et zero homes produce as much energy as they consume. They’re composed of high-quality, energy-efficient materials and integrate sources of renewable energy into their designs.

For a building to have a net energy consumption of zero, it has to be extremely well designed and constructed. Its walls, doors and windows must be highly insulating, and its foundation has to be properly sealed with a product that has a high R-value (an indicator of a material’s resistance to heat flow). There must also be minimal air leakage through cracks and crannies.

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In addition to the above, the house must generate its own energy. Most net zero homes have solar panels installed that produce energy for the home to use. Others use geothermal heating or cooling systems, which use the temperature of the ground to regulate the temperature inside the house.

If you’re planning to build your next home, consider the advantages of a net zero home. It benefits the environment and guarantees long-term savings when it comes to your energy bills. Plus, you can often sell extra solar energy that you produce back to the grid.

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Tips for marketing your home to millennial buyers These days, it’s important to appeal to millennial buyers when putting your home up for sale. Born between the years 1980 and 2000, this generation is becoming the largest demographic in the country buying houses, accounting for 66 percent of first-time homebuyers. Here’s how to get the attention of this young but powerful segment of the housing market.

1. Make your home move-in ready. Because of their busy lifestyles and limited financial resources, millennials want to buy turnkey properties they can move into right away rather than fixer-uppers they’ll have to put time and money into restoring.

2. Create an enticing online

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listing. Since over 90 percent of today’s buyers find homes using the internet, it’s important to perfect your property’s online listing. Consider hiring a professional to help you stage and take photos of your home.

3. Include eco-friendly features. Millennials tend to be more concerned about environmental issues than their parents; they’re looking for “green” homes that are energy efficient, incorporate sustainable materials and include special features like solar panels.

4. Use the latest real estate technology. The first generation to grow up with the internet, millennials rely

April 2019

on technology to obtain information, communicate and make transactions.

Make sure your agent uses the latest mobile apps, virtual tours and e-signature technologies, and has a strong social media presence.

Appealing to millennials may require extra effort, but it’s worth ensuring that your home is catching the eye of all interested potential buyers.

Should you invest in senior housing?

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enior citizens are the fastest growing segment of our society. Fifteen percent of Americans are currently 65 years or older, and that percentage is expected to rise to 24 percent by 2060. As a result of these demographics, many investors are cashing in on the rapidly growing elderly population by investing in senior housing.

Senior housing is a hot commodity on the commercial real estate market. With more and more baby boomers retiring every day, there’s a growing demand for housing options to meet their needs as they age. In addition to nursing homes and assisted living facilities, developers are increasingly building independent senior living communities and memory care centres for

people living with dementia.

There are different ways to invest in the senior housing sector. You can purchase a unit in a senior living facility and rent it out until you’re ready to live in it yourself. Or, there are Real Estate Investment Trusts (REITs) that focus on the senior housing market.

When choosing an REIT, make sure to select one with a diverse portfolio that includes many types of senior housing developments (independent living, assisted living, memory care, skilled nursing, etc.).

If you’re looking for real estate investment options, senior housing is a good way to take advantage of demographic trends while investing in infrastructure you’ll need when you reach your golden years.

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Making the most of your

SMALL ENTRYWAY

If you have a small entranceway, you probably struggle to keep it organized without making it feel cluttered. Here are some tips to maximize the space.

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April 2019

Wall hooks.

Hang your coats, bags and hats in style with an assortment of hooks along the wall. Go for a retro feel with big dots arranged at different heights, or opt for a more traditional style with a neat line of hooks or pegs.

Bookshelves.

Shelving units can do more than just hold books. Put one in your entryway to store shoes, bags and anything else you want.

Storage bench. This piece does double duty: it gives you a place to stash your outdoor gear and somewhere to sit while you put on your shoes.

Console table.

If you need a place to toss your keys and mail when you come in, a high but slim console table is a great choice. Place decorative boxes underneath to hide things you want to keep handy.

Floating shelves.

A shelf placed high above your hooks, storage bench or console is a great place to put baskets or boxes to hold things you don’t regularly use.

By being smart about how you design your space, you’ll make your entryway functional, organized and stylish.

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Overused real estate

to avoid in your online listing

Some words have been used so often in real estate listings they’ve become clichéd, meaningless and misleading. Here are a few words and phrases to stay away from when putting your home on the market.

Words that are too vague Words like “luxury,” “charming,” “updated” and “gorgeous” are too general to have meaning and don’t reveal anything substantial about the property.

The phrase “priced to sell” doesn’t add valuable information to your ad, as all homes should be priced to sell.

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April 2019

Words that send the wrong message Descriptions like “handyman special,” “great potential” and “needs TLC” turn off buyers by implying that a lot of time and money is needed to restore the home.

“Up-and-coming neighborhood” is often taken as a euphemism for a rough neighborhood, while “quaint” and “cozy” can be seen as enticing ways to describe small, cramped spaces.

Instead of falling back on clichés, try to be specific, transparent and unique when describing your home in writing for potential buyers.

Common new homeowner

mistakes to avoid Now that the papers are signed and you’ve finally moved into your new home, it’s time to think about the responsibilities that come with owning property. Here are three mistakes to avoid when you first become a homeowner.

1. Ignoring maintenance and repairs. When you’ve rented for a long time, you may not realize all the work that goes into property upkeep. Be sure to stay on top of

routine maintenance tasks — checking smoke alarms, changing furnace filters, inspecting the roof, etc. — from the moment you move in.

2. Making changes too quickly. Give yourself time to get used to your new home before making major renovations or even smaller alterations like painting the walls or redoing the floors. Living in the space will help you figure out what changes need to happen to make it

feel more like a home.

3. Taking on repairs yourself.

Don’t DIY repairs and renovations that you don’t have professional experience with. Trying to do major repairs on your own — especially ones that involve pipes or wires — can have disastrous results.

Avoiding these pitfalls will help you get the most out of your new house and prevent many headaches down the road.

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Shiplap: a new rustic design trend

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ou may have heard the term mentioned, but do you know what shiplap really is? In point of fact, shiplap is a type of horizontal wood paneling that was originally used as airtight and watertight siding for buildings and ships. Currently, shiplap is making a big impact on home design.

Shiplap lends a rustic or nautical charm to any room where it’s placed, regardless of whether

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it’s painted white or stained to showcase the color of the wood.

To get the look in your home, you can select either shiplap made of real wood or shiplap made of medium-density fiberboard (MDF).

In both cases, the boards should be cut with grooves cut into each side so that they fit perfectly together.

If you’re interested in decorating with shiplap, you can find what you need at most hardware stores.

April 2019

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