Category Archives: The Move

January 11, 2024 · 10:00 am

Causes of Buyer’s Remorse After Buying a House

Buyer’s remorse, a feeling of regret or doubt after making a significant purchase, can sometimes occur after buying a house. Here are some common causes of buyer’s remorse in the context of homeownership:

  1. Financial strain: One of the main causes of buyer’s remorse is financial stress. If the cost of homeownership, including mortgage payments, property taxes, insurance, and maintenance, is higher than anticipated, it can lead to regret. It’s important to carefully consider your budget and future expenses before purchasing a home to ensure you can comfortably afford it.
  2. Unexpected repairs or maintenance: Sometimes, after moving into a new home, unexpected repairs or maintenance issues arise. These unforeseen expenses can lead to regret if they strain your budget or require significant time and effort. Conducting thorough inspections and getting a home warranty can help mitigate this risk.
  3. Unrealistic expectations: Buyer’s remorse can occur when the reality of homeownership doesn’t meet your expectations. Whether it’s the size of the property, the neighborhood, or the condition of the home, it’s essential to have realistic expectations and conduct thorough research before making a purchase.
  4. Emotional decision-making: Making a home purchase based primarily on emotions, such as falling in love with the aesthetics or feeling pressured to buy, can lead to regret later. It’s important to balance emotions with rational decision-making and consider practical factors such as location, future needs, and resale potential.
  5. Buyer’s market changes: Market conditions can impact buyer’s remorse. If housing prices decline shortly after purchasing, buyers may regret not waiting or negotiating a better deal. However, it’s important to remember that real estate is a long-term investment, and market fluctuations are normal.
  6. Relationship changes or lifestyle shifts: Changes in personal circumstances, such as a job loss, divorce, or a desire to relocate, can lead to buyer’s remorse. Life changes can impact the suitability of a home and cause regret if it no longer aligns with your needs or goals.

To minimize the risk of buyer’s remorse, take your time during the home-buying process. Conduct thorough research, seek professional advice, and consider all aspects of homeownership. Working with a reputable real estate agent like Scott and Mary Tynell who can guide you through the process and help you make informed decisions is also advisable.

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November 9, 2022 · 9:24 am

The Perks of Owning More Than One Home

Many things have changed over the past couple of years, real estate is no exception. One impact is an increased desire to own more than one home. As trends such as remote working and flexible hours took hold in 2021, so too did the flexibility of relocating as well as the growth of second homeownership.

This may be because the pandemic has altered how we think about our homes. Where we live has become, more than ever, our safe space and our getaway. With the rise in remote work, more people are reconsidering where they want to live and buying second homes to give them greater flexibility. If you fall in this category, here are just a few of the perks you will enjoy, and how owning a second home may be a great decision for your lifestyle and your future.

Enjoy a Change in Scenery (or Weather)
When you have two homes, you can alternate between them as the weather changes or as you crave different scenery. Do you want to live in an area with a particular season? Would alternating between a resort and a suburban setting be ideal? With two homes, you have those options. Being able to move between homes based on which location best suits you at the time gives you added flexibility and variety that can help increase your happiness.

Build Your Wealth Faster
You may have heard home equity is skyrocketing, thanks to ongoing home price appreciation. CoreLogic reports the average homeowner gained $56,700 in equity over the last year. With home prices projected to continue rising, if you purchase a second home, you could benefit from rising equity on both properties to build your wealth (and your net worth) even faster.

Be Closer to Loved Ones
The pandemic has also re-ignited the importance of being near our loved ones. One option worth exploring is whether you want your second home to be near the people who matter most in your life. This makes it easier to see your loved ones yet still gives you your own dedicated, private space so you can be nearby for major life events or longer visits.

Lock in Your Expenses
Buying a second home today and locking in your mortgage rate may be a good option if you’re looking to stabilize your housing costs for the long haul. If you are approaching retirement or are looking to use your second home as your permanent residence in the future, buying the house now with today’s rate and price may be a good financial decision. This way, no matter what happens with rates and prices in years ahead, your monthly payment is locked in for the next 15-30 years.

Bottom Line
Having multiple homes has considerable benefits. If owning a second home whether near or far is something you are interested in, let’s connect to explore your options, discuss the benefits, and take the next step to start your home search. We have wonderful connections worldwide.

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October 12, 2022 · 8:54 am

5 Gifts To Leave For The New Owners

Image by Anna Larin from Pixabay

Selling a home is an emotional event. You are leaving behind a house filled with memories and venturing off to someplace new. The people buying your home are excited to create their own memories in a home you loved for so many years. Welcome them with a thoughtful gift that will leave a lasting impression.

Here are some ideas for gifts to leave for your home’s new owners.

  • Personalized Key Rings: Mark this milestone in the new owners’ lives by giving them a special key ring. Engrave it with their initials, the date of the move, or even a special message from you. Not only is this thoughtful, but it’s a practical gift as well.
  • Mailing labels and stationery: Personalized gifts go a long way. Create mailing labels with the new owners’ names and new addresses; if you want to go the extra mile, create personalized stationery for them as well. Leave these paper gifts on the kitchen counter with a nice note to surprise the owners.
  • Monogrammed Doormat: Doormats are something that may not be at the top of a new homeowner “to-buy” list. Give them a monogrammed one or one that fits well with the decor of the home. They will surely appreciate this gesture.
  • Practical Items: If you are skeptical about buying personalized gifts, stick to practical home items. Things like unpacking supplies or even a utensil organizer are useful to new homeowners. They will be so busy when they first move in, and these are essentials that they should have immediately.
  • A Neighborhood Guide: Write a detailed list of your favorite places in the area. Mention your favorite restaurants, boutiques, gyms and more. They’ll love having your recommendations on hand when they start to explore!

All of these gestures are incredibly kind and memorable. It’s a nice way to welcome new people into the home and neighborhood you have loved for so long.

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July 27, 2022 · 7:07 am

Keep Your Home Address Private

There is a myriad of reasons buyers do not want their names associated with their home address. Certainly, celebrities or professional athletes aren’t eager to give up their home info, nor are public officials, police officers, or survivors of domestic abuse. In fact, the same applies to any homeowner who finds it unnerving anyone with Google access can find their home address.

Whether it’s a matter of privacy or personal safety and security, keeping exactly where you live away from prying eyes is possible. And hiding a real estate purchase is available to everyone regardless of socioeconomic status. Do you not want your name to pop up when someone searches real estate records? Here is how to hide your home purchase.

Ask around in your network

It’s likely someone in your personal or professional circle has faced privacy issues when buying a home. So ask your various contacts for recommendations for real estate professionals. Then ask those agents about their experience in keeping purchases private. Buyers who are looking for confidentiality should work with agents who show they are taking steps to safeguard their clients and clients’ information from the very beginning. Agents have fiduciary obligations which require them to ensure, among other things, confidentiality, obedience, care, and loyalty to the client. That is just the legal and ethical side of it. And if they are speaking about other clients freely to you in detail, they are likely doing the same about you. You should not trust that agent. So chat with real estate professionals in your area, and discuss your privacy concerns. Be sure you feel comfortable and confident in their ability to guide you through the buying process. Having the wrong person can skew your entire purchase.

Erase your home’s internet history

Most multiple listing services require homes to be pulled off online sites within 24 hours of a closing. So confirm with the listing agent of the home you want to buy this duty will indeed be performed in a timely manner. Removing the listing will purge the home’s information from online systems. Then there would be only one way someone could find out whether you own a property. They would have to visit your local town hall and look up real estate transactions.

Hide a real estate purchase using a trust

People form trusts as part of estate planning. Trusts specify how assets—such as a house, money, or heirlooms—are distributed to loved ones after death without the hassle and costs of probate court. Yet trusts can also be used to hide real estate purchases. Your trust will own the home and be listed in the public records as the owner. If you have children, you should have a trust anyway. You can call the trust anything you want. Most people use their last name. But you don’t have to, so people can’t associate the trust’s property with your real name.

Hide a real estate purchase with an LLC

Another way to maintain your privacy and keep your address out of sight is by forming a limited liability company, or LLC. The IRS states an LLC is for a business structure. But you don’t have to own a business to form an LLC to hide your real estate purchase. Regulations vary by state, yet most states don’t restrict LLC ownership. This means an LLC can be designated to a single individual, several members, corporations, other LLCs, or even foreign entities. You can learn more about setting up an LLC through your state’s business formation website. Like a trust, your LLC will be listed as the owner of your property, which means you can keep your name off the official records—and keep your privacy intact.

Contact an attorney

In most states, you can set up a single-member LLC. But consider that you might miss a few important details forming a company on your own. You should speak with an attorney about how to set up a trust or an LLC correctly.

See article from July 3, 2022 Buying a House Under an LLC at https://blog.myhomeonthecape.com/2022/07/03/buying-a-house-under-an-llc

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July 2, 2021 · 8:39 am

Why Waiting To Buy Is Costing You

Many people are sitting on the fence trying to decide if now is the time to buy a home. Some are renters who have a strong desire to become homeowners but are unsure if buying right now makes sense. Others may be homeowners who are realizing their current home no longer fits their changing needs.

To determine if you should buy now or wait another year, you need to ask two simple questions: Do I think home values will be higher a year from now? Do I think mortgage rates will be higher a year from now?

What will homes cost in a year?

If you average the most recent projections from the major industry forecasters, the expectation is home prices will increase by 7.7%. Let’s take a house that’s valued today at $325,000 as an example.

If you make a 10% down payment ($32,500), they’ll end up borrowing $292,500 for their mortgage. Applying the projected rate of home price appreciation, that same house will cost $350,025 next year. With a 10% down payment ($35,003), you would then have to borrow $315,022.

Therefore, as a result of rising home prices alone, a prospective buyer will have to put down an additional $2,503 and borrow an additional $22,523 just for waiting a year to make their move.

What will mortgage rates be in the year?

Today, mortgage rates are around 3%. However, most experts believe they’ll rise as the economy continues to recover. Any increase in the mortgage rate will also increase a purchaser’s cost. The projections average out to 3.6% among these Freddie Mac, Fannie Mae, the National Association of Realtors , and the Mortgage Bankers Association forecasts, a jump up from where they are today.

What does it mean to you if home values and mortgage rates increase?

A buyer will pay a lot more in mortgage payments each month if both of these variables increase. Assuming a buyer purchases a $325,000 home this year with a 30-year fixed-rate loan at 3% after making a 10% down payment, their monthly principal and interest payment would be $1,233.

That same home one year from now could be $350,025, and the mortgage rate could be 3.6% (based on the industry forecasts mentioned above). That monthly principal and interest payment, after putting down 10%, totals $1,432.

The difference in the monthly mortgage payment would be $199. That’s $2,388 more per year and $71,640 over the life of the loan.

Add to that the approximately $25,000 a house with a similar value would build in home equity this year as a result of home price appreciation, and the total net worth increase a purchaser could gain by buying this year is nearly $100,000. That’s a small fortune. When asking if you should buy a home, many potential buyers think of the nonfinancial benefits of owning a home. When asking when to buy, the financial benefits make it clear that doing so now is much more advantageous than waiting until next year.

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June 7, 2021 · 7:09 am

Are Toys Taking Over Your Home? How To Reclaim Your Space

Toys are important for many reasons – but that doesn’t mean they don’t drive you crazy when you constantly trip over them! Having toys take over your space can cause stress and tension, but we have some suggestions to make your life a little easier! 

1. Be Selective

Making your kids happy is important, but you can be picky when doing so. Try to purchase toys that are age-appropriate, not excessively large, and not poorly made. Encouraging family to do the same will keep your toy collection full of items that your kids love and will actually want to play with.

2. Reduce Clutter

No matter how organized you are, too many toys can take over your home. It may sound like a challenge to get your kids to pick toys they no longer want, but there is a trick to doing so! Create an opportunity for them to explain what they enjoy, and then encourage them to donate things that no longer fit the bill.  Getting rid of toys they no longer use can help them rediscover the toys they love.

3. Establish “Family Toys”

Some toys, like play dough, would be great to add to a “family toy” grouping that stays in a bin on a top shelf in your home. Adding messy toys to this bin can save you the headache of scrubbing gunk out of your carpet and make them something the kids will look forward to doing with you.

4. Create Boundaries

Even if you don’t have a playroom, establish a place in the house where play is allowed. Let your kids know that toys can be played with in that room, but not in other places. Setting clear expectations for the kids will allow them to enjoy their play time while maintaining your sanity.

5. Make A Place For Every Toy

Forget the toy bin – at least a general one, anyway! When there is no organization, kids will clear out that bin every time to find the toy they’re looking for and your floor will be covered. Instead, buy a group of matching plastic bins and line them up along the wall where your child can easily put away and retrieve toys on his own. Designate a box for each type of toy and make it a fun goal for your kids to keep them in the right spot!

If you are searching for someone to help you declutter or clean your home, give us a call at 508-563-0112.

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April 15, 2021 · 8:51 am

Don’t Forget To Update Your Address When You Move!

Moving can be overwhelming. From selling your home or wrapping up a lease to finding a new place to live and all the packing and planning in-between, sometimes things can fall through the cracks. One thing to add to your to-do list so you do not forget it is updating your addresses. While the main changes are obvious – like utilities and bills, sometimes the others can be easy to forget. Here are the services you will need to make sure you update when you move!

Credit Cards + Banking

All banking and credit card information should be first on your list to update. Many places that accept cards require up-to-date billing information to operate properly.

Subscriptions

From magazines to vitamins to cleaning supplies, many people today depend on subscriptions like these. Check to make sure all of your subscriptions have been updated with your new address before their monthly ship-out dates. This is especially important if you subscribe to food services like HelloFresh where perishable items are being delivered.

Insurance

While most in-state moves don’t have too many changes when it comes to insurance, you will want to make sure your address is updated anyway. If you’re moving out of state, make sure your vehicle and home insurance is updated with your new address as there may be changes in fees as well.

Delivery Services

If you frequently use services like DoorDash or Amazon, make sure your deliveries end up at your new home! You don’t want to be the person looking for their food an hour later only to realize it was dropped off at your old residence.

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