Bo Lee - Coldwell Banker Residential Brokerage

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Posted by Bo Lee on 3/5/2021

This Condo in Berlin, MA recently sold for $435,000. This Townhouse style home was sold by Bo Lee - Coldwell Banker Residential Brokerage.


27 Brook Ln, Berlin, MA 01503

Condo

$429,900
Price
$435,000
Sale Price

7
Rooms
2
Beds
2/1
Full/Half Baths
Meadowbrook's 55+ community finest unit was chosen by the original owners for its location overlooking the hill with flowering dogwood trees. Walk into the soaring 18' foyer and see why this unit is so special. Plenty of open space with natural sunlight flowing throughout this spacious townhome. The living room has 18' cathedral ceilings with a gas fireplace, recessed lights. All new stainless steel appliances in an open kitchen with Corian counters & breakfast nook. The second floor has a loft with an additional bedroom and a bath. Pride of ownership shows throughout with upgraded Berber carpet, First-floor master bedroom with trey ceiling, walk-in closet, soaking tub (never used), separate shower. New roof. New hot water heater. Enjoy community activities; Annual cookout, monthly breakfast outings for men, lunch outing for women. Plenty of storage and closet space, full basement, walk out. Docs attached. Ready for a quick closing. Showing begins Dec. 20th, Open House Noon-2






Tags: Real Estate   Condo   Berlin   01503  
Categories: Sold Homes  


Posted by Bo Lee on 2/28/2021

Photo by Breadmaker via Shutterstock

You may be thinking that your best investments are inside the home: a snazzy new kitchen, a spa-like bathroom or new wood floors, but you can actually get a high return on investment (ROI) if you focus on your home's curb appeal.

The first impression potential buyers have of your home is the outside. If you had to guess, what's the best purchase? If you guessed a garage door, you'd be right! Studies show that the recouped cost of a new garage door is usually around 97%, which means you basically get the whole amount back in home value.

Fixing Up the Outside

Before you go investing $4,000 in a new garage door, though, start by fixing up the existing features of your home. That means repairing or replacing vinyl siding, powering washing the outside and giving it a new paint job if necessary. Make sure windows and shutters are clean and without cracks or dings. Most importantly, if your roof is nearing the end of its warranty, or if you have known problems like leaks, now is the time to fix it. While the ROI on a new roof is only about 60%, roof problems can be a huge turn off for buyers, causing your home to sit on the market for longer and costing you more in the long run.

Landscaping

Start on your landscaping plan by cleaning up your yard. Get rid of the trash and yard debris so the yard stays presentable. If you have a green lawn, now is the time to review it. If your grass is growing well and covering the dirt, great! Keep it mowed and you are good to go. If your lawn is having problems, you may want to consider mixing it with other ground covering like gravel, recycled rubber or wood pellets. They are all much easier to maintain, especially in dryer climates not as well suited for grass. If you have empty or dying flower beds, now is the time to fill them up with seasonal flowers and bushes. These give you great color and make your home seem more welcoming to buyers. 

Before you start shelling out big money for upgrades, have your real estate agent review your home. They can suggest the best options for your market and price range, as well as provide accurate feedback about your homeís curb appeal. They may even have ideas for professional help to get your home in perfect selling shape.




Categories: home improvement  


Posted by Bo Lee on 2/21/2021

Photo by La Miko from Pexels

If you're getting ready to sell your home, then you might suddenly find yourself faced with deciding which home improvements are the best to tackle. Though it can seem like a hassle -- and it's going to cost you some time and money -- the reality is that even a few improvements could be beneficial. You might find that not only does your home sell more quickly than you expect but that the final sale price is above your listing price. 

1. Landscape Your Yard

Your home's exterior is the first thing interested homebuyers see when they show up so make sure the yard is welcoming. In addition to keeping the grass mowed, be sure that any trees and bushes aren't overgrown. Plant some perennials if your yard needs some color or put some in a couple of pots by the front door. 

2. Paint the Interior

Even though painting the interior of your home has one of the lowest costs of all home improvement projects, it also has a high rate of return. About 36 percent of homeowners decide to tackle this project. Be sure to opt for a neutral color though you might need assistance from a professional to determine what that is. It really depends on aspects like the flooring and cabinets, for example. Gray has been trending as a paint color for a number of years so it's a safe choice for interiors. 

3. Replace the Flooring

More than a quarter of home sellers decided to replace the flooring before putting their home on the market. Upgrading to wood or faux woods floors throughout your home has several advantages. It creates a seamless flow from one room to the next. The right kind of wood flooring is also easier to maintain than carpeting. 

If it's too costly to replace all the flooring in your home with wood, then new carpeting can still be a strong selling point. Just make sure that you choose a neutral color. 

4. Update the Bathroom

Did you know that your bathroom can make your house seem outdated? Adding a few new touches such as new cabinets, countertops, fixtures and flooring can breathe fresh life into one of the important rooms of the house. Just make sure to go with a minimalist look to make the room look bigger. 

Opting for any of the four home improvements noted above can really boost your return on your investment. If you aren't sure which project is the best one to tackle, ask a real estate agent. Their objective advice is grounded in the realities of what's selling in your area currently. 





Posted by Bo Lee on 2/14/2021

Photo by Jonathan Borba from Pexels

Many home buyers have lots of questions as they go through the buying process, especially first-time buyers. Whether you’re looking for a $50,000 house or a multi-million dollar luxury home, the questions are often the same.

How Much House Can I Afford?

Lenders use several factors in determining whether to loan you money, including your credit score, loan-to-value and debt-to-income. If you are self-employed, you could make $400,000 per year and still not afford a $150,000 home. Lenders look at your income, and if you are self-employed like many luxury home buyers, you use tax deductions and expenses to your benefit. However, doing that lowers your adjusted net income. If your adjusted net income plus depreciation doesn’t meet the debt-to-income bar for the lender, you won’t qualify for the loan. People in this situation need to find a lender who will lend based on bank statements instead of tax returns.

How Convenient Is This Location?

Luxury home buyers often have location concerns. You travel more and have more people — friends and relatives — visit. That means you need a home location that is convenient for travel. If travel convenience is a concern, ask your real estate agent about the distance to the airport, the ability to rent limos, and other travel concerns.

How Much Down Payment Do I Need?

Most loans require 20 percent down if you do not want to pay private mortgage insurance (PMI). However, if you are buying a multi-million dollar luxury home, that might be difficult if you don’t have liquid assets. Before you start looking, get a pre-approval from a jumbo lender, including the amount the lender requires with and without PMI. You can adjust the amount you are willing to spend or take the time to liquidate assets to get the down payment if you have your heart set on a home that requires a high down payment.

What Does My Credit Score Need to Be?

Conventional loans have a cap, which changes depending on your location and whether the Federal Housing Finance Agency (FHFA) increases that cap. If your mortgage is going to be higher than that cap, you will need to take out a jumbo loan unless you put enough down so that you are financing an amount below the cap. When you take out a jumbo loan, you are at a higher risk to the lender, so you have to jump through more hoops, including having a higher credit score.

If you are applying for a conventional loan, especially a loan backed by the VA, Fannie Mae or Freddy Mac, your credit score could be as low as 500. However, with a jumbo loan, your score must be at least 680. Some jumbo lenders require scores as high as 720.




Categories: Buyers  


Posted by Bo Lee on 2/7/2021

Whether youíre a first-time homebuyer or youíre upgrading to a larger house to fit your familyís needs, itís vital to understand just how much house you can afford before you start shopping for homes.

When planning for your future home, there are two main things you need to figure out.

  • What is a smart amount to spend on a home for your budget

  • What are the key features in a home that will give you the most benefits for the cost

These two questions may seem simple, but there are quite a few factors that should go into determining each one.

So, in todayís post, Iím going to walk you through the process of determining what kind of house you can afford so you can make the best home buying decision for you and your family.

A smart home buying budget

To create an effective budget, youíll need to gather some information and possibly create a spreadsheet with Excel (or a free alternative like Google Sheets).

On your spreadsheet, youíll first want to add up all sources of income that your family has. This is the easy part for most people who only have one or two sources of income based on a salaried job.

Next, is the hard part--expenses. We canít just use your current expenses to determine the new budget because we have to account for changes in several areas.

If you arenít sure of the cost of living for the area you hope to move to, try plugging it into this cost of living comparison tool to see get a better idea of the cost of things like transportation, childcare, groceries, and more.

Likewise, itís also a good idea to assume youíll be paying more in utilities if youíre hoping to move into a home that is larger than your current home. Keep in mind, however, that different houses have different levels of energy-efficiency, so itís a good idea to also ask the seller of the homes youíre interested in to determine what your costs might be.

Now, subtract your expenses from your income. The amount remaining should easily cover whatever mortgage payment you receive along with, ideally, 20% of your income going toward savings.

Deciding what you need in a home

The second part of determining how much house you can afford is to find out exactly what youíre looking for in a home. The number of bedrooms, bathrooms, location, the size of the backyard; all of these are questions that have a monetary value.

So, to really answer this question youíll need a strong understanding of what you and your familyís goals are for at least the next 5-7 years, if not longer.

Once you have your long-term goals and a good understanding of your budget, you can start safely shopping for homes with a clearer idea of the type of home youíre looking for and just how much home you can afford.




Categories: Buying a Home   home budget  




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