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Teatown Lake Reservation | Cross River Real Estate
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Daily Archives: November 25, 2014
Home prices up more than expected: S&P/Case-Shiller | #Katonah Real Estate
U.S. single-family home prices showed a stronger-than-expected rise in September on a yearly basis, but the rate of the increase decelerated from August, a closely watched survey showed on Tuesday.
“The overall trend in home price increases continues to slow down,” David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in a statement.
The S&P/Case Shiller composite index of 20 metropolitan areas gained 4.9 percent in September over September 2013. In August, it rose 5.6 percent on a yearly basis. A Reuters poll of economists forecast a 4.6 percent increase.
Economist Robert Shiller told CNBC’s “Squawk on the Street” the reading was not exciting, and he noted that the winter season is historically slow for home sales.
”We haven’t expected exciting growth for a while, but it does look like seasonally adjusted home prices are still growing,” he said.
On a seasonally adjusted monthly basis, prices in the 20 cities rose 0.3 percent in September. A Reuters poll of economists had forecast an increase of 0.1 percent.
read more…
http://www.cnbc.com/id/102214295
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Tiny add-on homes for in-laws or millennials | Pound Ridge Real Estate
The hottest trend in real estate these days is carving out some space for your in-laws, the Wall Street Journal says.
And it has the potential to lift your home value as much as 60 percent.
Known informally as “in-law suites” or “granny flats” and formally as “accessory dwelling units” (ADUs), these little homes, usually somewhere between 300 and 800 square feet, are going up in backyards across the country. The multigenerational living trend has been picking up steam through the Great Recession, both as millennials return to their parents’ homes and as boomers (and their parents) age.
To skirt zoning rules, in-law units often lack stoves. Click photo for a slideshow.
The main obstacle is zoning. Cities generally restrict the number of residences that can exist on a property. But often there are ways around that, if the structure is short enough, and/or if it’s small enough in proportion to the property. In such cases, it’s viewed not as a residence but as more of an outbuilding, skirting neighborhood restrictions.
Strangely — and perhaps highlighting the dated way many of these zoning laws regulate residences — the stove is frequently the dividing line over whether or not a structure is considered a home or not. So some developers add in small kitchenettes, but not stoves, simply because of zoning.
Kevin Casey, the CEO of New Avenue Homes, has been helping homeowners build these backyard cottages for about five years using his project planning software. “It’s not a cultural shift; it’s a reversion to the norm,” he says. “If you go to Europe or Asia, this is what it’s like. This is the way families have been living for centuries.”
Despite the benefits, there are many design and regulatory issues to contend with, says Seattle-based architect Ross Chapin, who designs what he calls “right-sized homes” as well as these cottages.
read more….
https://homes.yahoo.com/blogs/spaces/in-law-cottages-124550246.html
Standard home insurance doesn’t handle these situations | Bedford Corners Real Estate
If you’re like many homeowners, you bought your home insurance policy, got standard coverage and haven’t given it another thought. Unfortunately, that type of thinking could lead to gaps in your coverage.
A standard homeowners policy offers coverage for a wide variety of perils — theft, vandalism, fire, wind, lightning and ice, among others — but not for everything. Here are six situations where you need to bolster your policy to get help.
Mold
Mold in your home is bad news. It can cause major health problems for you and your family, and can even make your house uninhabitable. Insurance providers handle mold in a variety of ways. Some limit coverage for damage caused by mold, while others don’t cover mold at all.
Every state except Arkansas, New York, North Carolina and Virginia has adopted an ISO mold limitation for homeowners insurance coverage, which allows insurers to exclude coverage unless the condition results from a covered peril. For example, if the water from a burst pipe in your home causes mold, your insurer might cover it.
The solution: If you find out that you aren’t sufficiently covered for mold, you can purchase a separate rider to cover mold in your home.
Pests
From mice and rats to termites and bed bugs, standard home insurance policies do not cover damage from pests. That means if a rat chews through your electrical wiring or termites destroy the wood support for your roof, you’re on your own.
The best way to tackle this issue is through prevention. Keep an eye out for signs of pests around your property. If you see something suspicious, call an exterminator before the problem gets out of control.
The solution: Schedule annual termite inspections. By the time you see damage, it could be too late.
Sewage back-up
Backed-up sewers can wreak havoc on a home, causing thousands of dollars in damage. Most agents will ask you about this coverage when you’re buying a home insurance policy, but many consumers ignore the topic.
The solution: Add this coverage to your policy — it generally only tacks $40-$50 onto your premium, according to the Insurance Information Institute (III).
Floods
That’s right, standard home insurance policies do not provide coverage for flood damage. For flood coverage, homeowners must purchase a flood insurance policy through the National Flood Insurance Program.
While many mortgage lenders require flood coverage as a loan condition, homeowners in moderate- to low-risk flood zones have the option to forgo it altogether.
Before you decide to take a chance, you should know that 25 percent of all NFIP claims come from people outside of mapped high-risk flood areas.
The solution: Purchase a flood insurance policy; they start at as little as $129 a year in low-risk areas.
read more…
http://www.zillow.com/blog/things-home-insurance-doesnt-cover-164964/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+ZillowBlog+%28Zillow+Blog%29
Always dreamed of having your own mountaintop chalet? | Chappaqua Real Estate
If you’ve ever wanted a ski home, now is your opportunity: superstar Tom Cruise just listed his getaway estate in mountain hot spot Telluride, CO. All you need is $59 million, and the 10,000-square-foot-home on 298 acres is yours.
If that’s a bit out of your price range, it doesn’t mean you can’t attain your goal of having your own mountain getaway. A ski home can be yours in five easy steps.
1. Understand the total cost of owning a ski home
First, determine what you can afford. To do so, have your lender look at the following:
- Cash available for down payment, closing costs and reserves.
- Total monthly cost on your existing home, plus the total monthly cost on the ski home (including principal, interest, taxes and insurance for both homes).
- Total cost to manage the ski home, including homeowners’ association (HOA) dues.
You also need to consider budget items that lenders don’t use in their qualifying calculations, but that are still important for your own financial planning:
- Gas, electric, cable TV and internet, if these items aren’t covered by the HOA dues.
- Housewares such as dishes, cookware and linens.
- Travel costs to reach your ski home for your desired number of visits each year.
- Ski passes and outdoor gear (for winter and summer): skis, boots, poles, snowboards, mountain bikes, kayaks and more.
- Property maintenance like snow removal, cleaning and general upkeep, if these items aren’t covered by the HOA dues.
2. Decide between second home or investment property
Before estimating your costs for the purchase transaction, you first need to consider how you intend to own the property and how much you intend to use it. There are two options:
- Second home. In this scenario, you’d own your ski home with the intent of using it only for your family and friends. Mortgage rates for second homes are the same as they are for primary residences, so your rate will be the lowest it can be. Most lenders require as little as 20 percent down for a second home. Your full primary residence housing cost plus your full second home cost will be used to qualify your loan. The fine print of most lender terms on second homes prohibit renting the home.
- Investment property. You’ll use this scenario if you intend to rent the home in addition to using it as a family property. Mortgage rates are .25 percent to .375 percent higher than second home rates, and minimum down payment requirements are 30 to 35 percent. You can use rental income to help qualify for the mortgage, and the extra income from renting the property when you’re not using it might also make owning a ski home more financially feasible.
3. Review monthly and transactional cost line items
Supposed you wanted to purchase a property in Telluride, CO selling for $525,000. Here’s how much it would cost to buy it as a second home versus an investment property.
- Second home. If you put 30 percent down, your estimated total monthly cost would be $3,586, and your estimated total cash to close would be $177,750. The monthly cost estimates include $1,781 for a 30-year fixed mortgage at 4.125 percent, $1,625 HOA dues, $30 insurance and $150 property tax. The cash to close estimates include $157,500 for 30-percent down payment, $15,750 for 3-percent Telluride transfer tax, $2,500 lender fees and $2,000 title/escrow/inspection fees.
- Investment property. If you put 30 percent down, your estimated monthly cost would be $3,667 (before any rental income you’d receive), and your estimated cash to close would also be $177,750. The monthly cost estimates are $1,862 for a 30-year fixed mortgage at 4.5 percent, and the same as above for HOA dues, insurance and property taxes. The cash to close breakdowns for a 30-percent down payment are the same as above.
read more….
http://www.zillow.com/blog/buy-a-ski-home-in-5-easy-steps-165022/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+ZillowBlog+%28Zillow+Blog%29