Jill Finkelstein - Compass



Posted by Jill Finkelstein on 5/19/2019

Called “common-interest housing” condos, co-ops, flats, townhomes, and apartments have different meanings to different buyers and even have different colloquial meanings than the official real estate industry meanings. Below you'll find a breakdown of the differences between these housing types along with the advantages and disadvantages of each. 

What is “Common Interest Housing”?

Before going too deep, it is essential to understand just what "common-interest housing" actually is. This type of real estate involves a combination of individually owned areas and shared areas in a single property. Shared areas often include pools, parking, and clubhouses, but it can also mean shared landscaping, exteriors, fences and roofs depending on the type of property. A property manager, homeowners association (HOA) or a combination of the two maintains common areas.

Condos and Co-Ops

Condominiums, more commonly called condos, are single home units in a shared property. A homeowner separately owns each unit. The shared property types range from high rise buildings, also called apartments or flats, to conjoined homes townhouse-style. A single family home in a planned community or a mobile home in a community or park can also be condos. Instead of a specific type of home style, "condominium" is a legal term in the United States that refers to the ownership status, so homes of any form, connected or not, can qualify if they are part of a shared property community. 

A co-op, short for cooperative housing development, is another thing entirely. While similarly structured with private and shared areas, co-op owners purchase and own shares in the real estate development instead of their specific portion of the property. All the shareholders have a voice in the real estate corporation, and their investment includes the right to live in a unit. Usually, the monthly expenses of the real estate corporation split between shareholders, so this can be an extra expense you need to plan for. Similarly to condominium, "co-op" is a legal term that refers to the ownership style of the building or neighborhood instead of the building's structure. Depending on your area, you can find co-ops in apartment-style buildings, single family home neighborhoods and townhome style shared wall housing. 

Flats, Townhomes, and Apartments

You’ve noticed the words flat, apartment and townhome in the descriptions of condos and co-ops above. This is because apartments, flats, and townhomes don't have such specific legal meanings. The term "apartment" most often refers to rental units, usually in a single building or set of structures. These are generally not owned, but instead leased or rented from the owner of the entire building or complex. However, since apartments are just a building style with several units that have shared walkways and entryways, apartments can be rentals, condos or co-ops depending on the situation. 

Townhomes refer to a specific building style where the house connects to another house on at least one side. Just like apartments, townhomes could be rentals, co-ops, condos or single-family homes. The true townhome design requires both homes to have separate side-walls even though they touch. However, a lot of condo, co-op and apartment designs look like townhomes without actually meeting the construction requirements. Do this by styling the front or backs of each unit differently, even if constructed as part of a single building. 

Are you thinking of buying a condominium or co-op? Talk to your real estate agent about what's available in your area!




Categories: Uncategorized  


Posted by Jill Finkelstein on 5/12/2019

As a home seller, receiving the first offer on your residence can be an exciting experience. However, the initial offer on your home may prove to be insufficient for a number of reasons, including:

1. The offer fails to meet your expectations.

Ideally, a home seller will allocate the necessary time and resources to fully analyze a house before adding it to the real estate market. This will enable a home seller to establish realistic expectations for his or her house and price it accordingly.

Conducting a home appraisal offers a great starting point for a home seller to determine the true value of a residence. This appraisal ensures a home inspector will examine a residence's interior and exterior. Then, the inspector will provide a report that details a house's strengths and weaknesses.

With a home appraisal report in hand, a home seller should have no trouble establishing a "fair" price for his or her residence. And if an initial offer falls short of this price, a home seller can politely decline the proposal and wait for additional offers.

2. The homebuyer has submitted a "lowball" proposal.

In some instances, a homebuyer may submit a "lowball" offer in the hopes of acquiring a terrific house at a budget-friendly price. If a home seller cannot differentiate between a reasonable offer and a lowball proposal, he or she risks missing out on an opportunity to optimize the value of a residence.

An informed home seller should examine the prices of available houses that are similar to his or her own. By doing so, this property seller can see how his or her residence stacks up against the competition and map out the home selling journey accordingly.

Moreover, an informed home seller will mow the front lawn, trim the hedges and do whatever it takes to enhance a house's curb appeal. This home seller likely understands the importance of making a positive first impression on homebuyers, and as a result, will perform assorted home exterior improvements to help reduce the risk of receiving a lowball initial offer.

3. The offer does not correspond to the current state of the housing market.

For a home seller, it is essential to work with a real estate agent who can provide full details about the current state of the housing market.

A real estate agent can help a home seller differentiate between a buyer's market and a seller's market. Plus, this housing market professional can provide honest, unbiased recommendations about whether a home seller should decline an initial offer on a home.

Many real estate agents are available in cities and towns nationwide, and these housing market experts are happy to help home sellers in any way they can. If you employ a real estate agent before you list your home, you can reap the benefits of unparalleled guidance at each stage of the home selling journey.

There is no reason to settle for a subpar initial offer on your residence. Instead, consider a first offer closely, and you can make an informed decision about whether to decline or accept it.




Categories: Uncategorized  


Posted by Jill Finkelstein on 5/5/2019

A chandelier is a beautiful piece to get when you are looking to improve your home design and luxurious feel. It is sure to spice up the interior of your home, giving it a more elegant look and bringing in a whole new wave a fresh air to your decor. As exciting as it sounds, there are some essential things you need to do first before deciding to get a chandelier. Here are five tips to consider:

Judge your space 

Before choosing a chandelier, you might want to take a second and closer look at where you want to hang it. An excessively large fixture can cause an overwhelmingly negative effect on your space, such as affecting the sight lines in the room. It is advised to measure the space of the room and the height of the ceilings so you can have a reference guide when you go shopping for that chandelier.

Your lighting needs 

Not all chandeliers necessarily light up a room. So if you need it for lighting purposes, go for a model with multiple bulb features that will enhance the color of the room and overall vision without being too harsh. If you want to increase the lighting a tad more, you could opt for more powerful LED lights although that could affect the temperature of the room. You could also go for multi-colored bulbs if you want that color variation. You should consider this for a while and decide what fits your taste and comfort. There are also multifunctional chandeliers that can tick several boxes for you.

Estimate the cost 

Make sure not only to choose a chandelier that fits your style, but that also fits into your budget. If the light is too massive or the wiring is too complicated, you should consider calling a professional, making sure to clear things up with them about additional hardware and the final installation cost. However, if the wiring is basic and you feel you can handle it, you should make sure to plan out your time well to install it to avoid any form of rushed work.

Go with a warranty

Who wouldn't want to be on the safer side when buying a new fixture for your home? Having a warranty on your purchase reduces the feeling of anxiety when you think about it getting damaged. Some stores provide repairs, and some even let you try it out for some days to see if it meets your needs. 

Lots of Research 

Check a variety of chandelier types online and in your local lighting store. If you find it difficult to decide, you could check out the pictures in magazines or online with a friend. Getting a chandelier does not just stop there; you should do your homework on cleaning and maintenance tips to prepare you for the purchase.

The perfect chandelier may change how your home appears to potential buyers, so discuss any lighting changes with your selling agent.




Categories: Uncategorized  


Posted by Jill Finkelstein on 4/28/2019

For those who want to buy a house, it helps to consider your options closely. That way, you can make an informed home purchase.

Now, let's take a look at three factors to consider as you prepare to conduct a home search:

1. The Local Housing Market

Assess the local housing market before you dive headfirst into a home search – you will be glad you did. If you analyze the housing market in towns and cities where you want to live, you can determine if a buyer's or seller's market is in place. Then, you can map out your homebuying journey accordingly.

To differentiate a buyer's market from a seller's market, you should find out how long recently sold houses were available before they were purchased. You also may want to track houses as soon as they become available and see how long it takes them to sell. If residences linger on the housing market for many weeks or months, the real estate sector likely favors buyers. Or, if houses are purchased shortly after they become available, the real estate sector may favor sellers.

2. Your Home Must-Haves

Think about the features you want to find in your dream house. This will help you hone your house search to residences that match your expectations.

Oftentimes, it helps to enter the housing market with a list of home must-haves. This list can be updated throughout your house search and may help you simplify your quest to find your dream residence.

As you craft a list of home must-haves, be sure to include any house amenities you simply cannot live without. For instance, if you require a home that boasts a state-of-the-art air-conditioning system, you can search for a residence that offers this amenity. On the other hand, if you need a home that is located just minutes from your office in the city, you can search for a house in or near the city itself.

3. Your Homebuying Budget

You may have only a finite amount of money to spend on a house. If you get pre-approved for a mortgage, you will know precisely how much money is at your disposal. You then can search for a house that corresponds to your budget.

To get pre-approved for a mortgage, you should meet with a variety of banks and credit unions. These financial institutions can teach you about your home financing options and help you select a mortgage that suits you perfectly.

Lastly, as you get set to embark on a house search, you may want to hire a real estate agent. This housing market professional can offer expert insights into the homebuying journey. Plus, he or she is ready to respond to your homebuying concerns, at any time.

If you want to streamline the process of finding and buying a wonderful residence, it helps to plan ahead for the homebuying journey. Thanks to the aforementioned tips, you can review your options and boost the likelihood of enjoying a successful homebuying experience.




Categories: Uncategorized  


Posted by Jill Finkelstein on 4/21/2019

After you receive an offer to purchase your house, you likely have only a short period of time to make your decision. Ultimately, determining whether to accept, reject or counter a homebuyer's proposal can be tricky. But if you plan ahead, you should have no trouble performing a comprehensive analysis of a buyer's offer, regardless of how much time is available.

Now, let's take a look at three tips to help you review a homebuying proposal.

1. Weigh the Pros and Cons

Creating a pros-cons list may prove to be ideal, particularly for a seller who is struggling to decide how to proceed with an offer. With this list in hand, you can evaluate the advantages and disadvantages of accepting a proposal and determine the best course of action.

Furthermore, it may be beneficial to assess your homebuying goals relative to an offer. If you goal is to maximize your profits, for example, you may want to accept an offer only if it matches or exceeds your house's initial asking price. Or, if your goal is to move out of your current residence as soon as possible, you may be willing to accept a proposal, even if it falls short of your home's initial asking price.

2. Assess the Housing Market

Housing market data is readily available that may help you make the best-possible decision about a home offer. If you analyze this information closely, you may be better equipped than ever before to decide whether a buyer's proposal is "fair" based on the current real estate market's conditions.

Oftentimes, it helps to conduct a home appraisal before you list your residence as well. Following a home appraisal, you'll receive a property valuation that may help you price your residence and evaluate home offers down the line.

3. Consult with a Real Estate Agent

There is no need to examine a home offer on your own. Instead, collaborate with a real estate agent, and you can receive expert recommendations as you assess a homebuying proposal.

A real estate agent is happy to work with you at each stage of the home selling process. This housing market professional will make it simple for you to list your house and promote it to the right groups of buyers. Next, a real estate agent will set up home showings and open house events to showcase your residence. And once you receive an offer on your house, a real estate agent will allocate the necessary time and resources to help you make an informed decision.

Lastly, if the first home offer that you receive fails to impress, there is no need to worry. You should not feel pressure to accept the initial offer on your house. In fact, you can always counter this proposal to set the stage for negotiations with a buyer, which could increase the likelihood of a successful home sale.

Get ready to review a homebuying proposal – use the aforementioned tips, and you can fully assess any offer that you receive.







Jill Finkelstein