Tag Archives: #marisennottplus

“We’ll just rent it”

We occasionally hear this from homeowners facing job transfers, or those considering for a variety of reasons — maybe they didn’t stay at their Cape house much last summer– to use their property to generate rental income, instead of selling it.

This is an option that has gained some popularity in recent years. According to a Harris Poll survey, 28% of homeowners have considered renting out their homes for additional income.

But is it a good idea?

Owning rental property can be tempting, but you may find the reality challenging. Here are some of the obstacles you could face, if you rent out your home instead of putting it on the market.

A Rental Comes with Responsibilities

Successfully owning and renting a house takes work. Think through your ability to make that commitment, especially if you plan to use a platform that advertises your rental listing. Most of them have specific requirements hosts have to meet, and it takes a lot of work.

Managing a rental property can be time consuming and challenging. Are you handy and live close-by to make some home repairs yourself? If not, do you have a network of affordable and reliable contractors you can reach out to? As homeowners, there are certain inconveniences that we are willing to put up with while waiting for a plumber or electrician. Your renters may not be that patient.

There’s also the responsibility of being a landlord, which means screening tenants, collecting rent, and other tasks. Are you willing do that? If not, you’ll need to pay a property manager to do it for you.

Your House May Not Be Ideal for Your Goals

Not every house ends up being a good rental. Are you thinking about using your home in a quiet residential neighborhood as an Air B&B? (Another idea we sometimes hear.)

If so, are you willing to field calls from former neighbors upset about that group of 20-somethings, who partied all weekend at your old house?

In addition, are you prepared to clean your former home in between renters? Or pay someone to do it? Are you going to be responsible for the landscaping? Or pay someone to do it?

In the beginning, renting sounds like a good idea. If you’re being transferred, for example, you tell yourself you can keep your Cape home and come back “someday.”

The additional income you have plans for? The roof will still need to be replaced.

Isn’t selling your home and putting the proceeds in your bank account a better idea? It’s certainly takes less time and energy.

Over the last few years, we’ve worked with several military families, who bought their homes from us when they were transferred to Joint Base Cape Cod. When they received new orders, some initially considered renting their homes. (One family was being transferred to Alaska!) But after we helped them sift through the options, they all decided to sell.

Bottom Line

There’s a lot to consider before taking the leap and converting your home into a rental. If you are not ready for the work it takes, it could be wiser to sell. With the market readjusting — prices levelling off and mortgage interest rates dropping – – we’d be happy to help you review your options. Let’s connect at 508-360-5664 or msennott@todayrealestate.com. Talk soon…


We don’t like to brag, but….

We’re grateful to all our clients who decided to make their move with Mari in 2022. Is 2023 your year??

Mari and Hank

What Makes a Home Affordable

If you’ve been following the housing market over the last couple of years, you’re likely aware of the growing concern about home affordability.

But according to experts, the key factors that determine housing affordability are projected to improve this year.

The three measures used to establish home affordability are home prices, mortgage rates, and wages. Here’s a closer look at each one.

1. Mortgage Rates

Mortgage rates shot up to over 7% last year, causing many buyers to put their plans on hold. But things are looking different today as rates are starting to come down.

According to Cape Cod Five’s Patti Lotane: “Conforming rates have dropped over the past couple of months. At the end of October we were seeing a 30 year fixed rate for a primary residence at 6.375%/APR 6.431.  Last week we were offering a rate at 5.625% /APR 5.679 for our 30 year fixed rate option.”  

If you’re waiting for rates to drop even further, as some potential buyers have told us, keep in mind that these current numbers are comparable to pre-pandemic figures that no one was claiming were too high. Those 3% rates were a once in a lifetime opportunities.

So, if 7% rates paused your homebuying plans last year, this could be the opportunity you need to get back in the game.

2. Home Prices

The second factor at play is price. Home prices have made headlines over the past few years because they skyrocketed during the pandemic. According to Lawrence Yun, Chief Economist at NAR: “After a big boom over the past two years, there will essentially be no change nationally…Half of the country may experience small price gains, while the other half may see slight price declines.”

Here on Cape, the median sales price for a single family home peaked in July 2022 at $710,751.00. In January it was $659, 500.00. By December prices were lower than when the year began. ($650,000.00)

3. Wages

The final component in the affordability equation is wages. The graph below uses data from the Bureau of Labor Statistics (BLS) to show how wages have increased over time:

The 3 Factors That Affect Home Affordability | MyKCM

Also, according to the Bureau, the average weekly wage for Barnstable County/Cape Cod is $1,129 or $58,708 per year. The national figure is $1,374.

Don’t forget, as Cape Cod Five’s Lotane notes, that the affordability of a monthly mortgage payment can also be influenced by down payment, credit score, and other monthly debts.

Bottom Line

While affordability hurdles are not completely going away this year, based on current trends and projections, 2023 should bring some relief to homebuyers who have faced growing challenges. According to Mike Fratantoni, Chief Economist at the Mortgage Bankers Association (MBA): “Rates are expected to move lower for the year, and home price growth is expected to cool, both of which will help affordability challenges.”

Buying a home is a scary proposition no matter the economic situation. There always seems to be as many reasons to purchase, as there are not to. (And well meaning relatives and friends telling you to keep renting or sleeping in your in-law’s basement one more year.)

Before making your decision it’s important to have the advice of respected realtors (like Mari Sennott Plus) and trusted lenders (like Cape Cod Five’s Lotane.)

If you have questions, let’s connect at 508-360-5664 or msennott@todayrealestate.com.

You may be closer to owning a home than you think.

Mari and Hank

Have Home Prices Levelled Off?

Whether you’re already a homeowner or you’re looking to become one, recent headlines about home prices may leave you with more questions than answers. News stories are talking about home prices falling, and that’s raising concerns about a repeat of what happened to prices in the crash in 2008.

One of the questions that’s on many minds, based on those headlines, is: how much will home prices decline? But what you may not realize is expert forecasters aren’t calling for a free fall in prices. In fact, if you look at the latest data, there’s a case to be made that the biggest portion of month-over-month price depreciation nationally may already be behind us – and even those numbers weren’t significant declines on the national level. Instead of how far will they drop, the question becomes: have home values levelled off?

Let’s take a look at the latest data from several reputable industry sources (see chart below):

Have Home Values Hit Bottom? | MyKCM

The chart above provides a look at the most recent reports from Case-Shiller, the Federal Housing Finance Agency (FHFA), Black Knight, and CoreLogic. It shows how, on a national scale, home values have changed month-over-month since January 2022. November and December numbers have yet to come out.

Let’s focus in on what the red numbers tell us. The red numbers are the change in home values over the last four months that have been published. And if we isolate the last four months, what the data shows is, in each case, home price depreciation peaked in August.

While that doesn’t guarantee home price depreciation has moderated, it confirms prices aren’t in a free fall, and it may be an early signal that the worst is already behind us.

According to the Cape Cod and Islands Association of Realtors, the median sales price for a single family home in January 2022 was $586, 500.00. In June it was $665,000.00 and by December, the median price was $650,000.00. This certainly suggests that, in general prices, have calmed down.

What does this mean?

If you’re a buyer who stepped out of the market mid-year because of prices, it’s probably time to get back in.

If you’re a potential seller, what are you waiting for?

Either option, let’s connect at 508-360-5664 or msennott@todayrealestate.com. We can provide you with up-to-date information about the housing market that will help you make the best decision for your individual situation.

Talk soon…

Mari and Hank

A Renter Again in 2023?

We can all agree that the costing of housing is high. If you’re renting, there’s a chance you’re paying more than what a mortgage payment would be, if you owned your own home.

And as has been said many times, your rent is actually your landlord’s mortgage payment.

As a renter, you face an important decision every year: renew your current lease, start a new one, or maybe buy a home. 2023 is no different. But before making the decision to rent again, it helps to understand the true costs of doing so.

In the past year, both current renters and new renters have seen their rent go up. According to realtor.com: Three out of four renters (74.2%) who have moved in the past 12 months reported seeing their rent increase. The strain from recent rent hikes isn’t exclusive to renters, who have recently moved. Nearly two-thirds of renters (63.2%), who have lived in their current rental between 12 and 24 months, and likely renewed their lease, have also reported increases in their rent.”

If you look at historical data, that shouldn’t come as surprise. That’s because, according to the Census, rents have been rising fairly consistently since 1988 (see graph below):

Avoid the Rental Trap in 2023 | MyKCM

So, if you’re considering renting as an option in 2023, it’s worth weighing whether this trend is likely to continue. The 2023 Housing Forecast from realtor.com expects rents will keep climbing (see graph below):

Avoid the Rental Trap in 2023 | MyKCM

This forecast projects that rents will increase by 6.3% in the year ahead (shown in green). When compared to the blue bars in the graph, it’s clear that the 2023 projection doesn’t call for an increase as drastic as the ones renters have seen over the past two years, but it’s still above the historical average for rent hikes between 2013-2019.

That means, if you’re planning to rent again this year and you’ve not yet renewed your lease, you may pay more when you do.

Homeownership Provides an Alternative to Rising Rents

These rising costs may make you consider what other alternatives you have. If you’re looking for more stability, it could be time to prioritize homeownership. One of the many benefits of owning your own home is that it provides a stable monthly cost that you can lock in for the duration of your loan. As Freddie Mac says: “Monthly rent payments may increase over time, but a fixed-rate mortgage will ensure that you’re paying the amount each month.”

Homeowners also enjoy the added benefit of home equity, which has grown substantially. In fact, the latest Homeowner Equity Insight report from CoreLogic shows the average homeowner gained $34,300 in equity over the last 12 months. As a renter, your rent payment only covers the cost of your dwelling. When you pay your mortgage on a house, you grow your wealth through the forced savings that is your home equity.

There are two stumbling blocks that those thinking about buying often mention to us: interest rates and down payments.

But the facts are these: current interests rates are at or near pre-pandemic levels and no one was suggesting back then that they were too high.

The days of needing 20% for a down-payment are also long gone. For first time home buyers, the amount can be as little as 6%!

Is it time for you to break the rental cycle? If it is, please connect with us at 508-360-5664 or msennott@todayrealestate.com. We can help you put together a plan to get you on the road to homeownership and financial stability. Thanks…


We’re not ones to brag, but our completed number of transactions for 2022 (29) made us the number one agents in the Sandwich office of Today Real Estate. According to the National Association of Realtors, the average realtor in the U.S. completes four transactions per year.

We’re grateful for the trust so many families placed in us last year and are excited about the opportunity to help many more the year ahead. Let us know how we can help.

Mari and Hank

What Makes a House a Home?

Happy New Year! We hope you enjoyed the holidays with family and friends.

It’s during this time of year that we tend to focus on our homes more than at any other. The decorations. The family gatherings. The memories.

We don’t think as much about the long-term financial benefits of owning a home, and today’s housing market may have you wondering if the start of the new year is a good time to buy, sell, or both. While the financial aspects of making a move are important, there are non-financial and emotional reasons to consider, too.

Home means something different to all of us. Here are some of the things that make a house a home.

1. You Can Be Proud of Your Accomplishment

Buying a home is a major life milestone. Whether you’re setting out to buy your first home or your fifth, congratulations will be in order when you’ve achieved your goal. The sense of accomplishment you’ll feel at the end of your journey will truly make your home feel like a special place.

2. You Have Your Own Designated Happy Place

Owning your own home offers not only safety and security, but also a comfortable place where you can relax and unwind after a long day. Sometimes that’s just what you need to feel recharged and content.

3. You Can Find the Space To Meet Your Needs

Whether you want more room for your changing lifestyle (like retirement, dedicated space for a hobby, or a personal gym) or you simply prefer to have a large backyard for entertaining, you can invest in a home that truly works for your evolving needs.

4. You Can Customize Your Surroundings

Looking to try one of those decorative wall treatments you saw online? Tired of paying an additional pet deposit for your apartment building? Or maybe you want to create an in-home yoga studio. You can do all these things in your own home.

Whether you’re planning to purchase your first home in 2023 or are ready to sell and buy a different one to meet your needs, consider the emotional benefits that can turn a house into a happy home.

BTW… Interest rates and prices have stabilized. Those of you waiting for one or the other to significantly drop will be disappointed. So, there are really no excuses to delay your plans any longer.

Last year, we sold our home of 28 years and bought something that better fits our current lifestyle. We will be happy to share our experiences with you. We can also provide you with the most up-to-date information about the status of the housing market. Please connect with us at 508-360-5664 or msennot@todayrealestate.com.

Talk soon….

Mari and Hank

How You Can Use Your Home’s Equity

If you’re currently a homeowner, odds are your equity has grown significantly over the last few years as home prices skyrocketed and you made your monthly mortgage payments. Home equity builds over time and can help you achieve certain goals. According to the latest Equity Insights Report from CoreLogicthe average borrower with a home loan has almost $300,000 in equity right now.

As you weigh your options during these somewhat confusing economic times, it’s important to understand your assets and how you can leverage them. As real estate professionals, we can be a good source of information to help you understand how much home equity you have and suggest some of the ways you can use it.  Here are a few examples.

1. Buy a Home That Fits Your Needs

If you no longer have the space you need, it might be time to move into a larger home. Or you may have too much space and need something smaller. No matter the situation, consider using your equity to power a move into a home that fits your changing lifestyle.

If you want to upgrade your house, you can put your equity toward a down payment on the home of your dreams. And if you’re planning to downsize, you may be surprised that your equity may cover some of the cost of your next home, if not all.

Earlier this year, we used the equity in our home to put us in the position to make a successful offer on our new home without including a home sale contingency. We then marketed our house after our offer was accepted.

If you’re concerned about where you will move when you successfully market your home, your equity allows you to answer that question before listing your property.

2. Reinvest in Your Current House

According to a recent survey from Point, 39% of homeowners would invest in home improvement projects if they chose to access their equity. This is a great option if you want to change some things about your living space, but you aren’t quite ready to make a move.

Home improvement projects allow you to customize your home to suit your needs and sense of style. Just remember to think ahead with any updates you make, as some renovations add more value to your home and are more likely to appeal to future buyers than others.

For example, a report from the National Association of Realtors (NAR) shows refinishing or replacing wood flooring has a high cost recovery. We can advise you on which projects to invest in to get the greatest return on your investment when you sell.

3. Pursue Your Personal Goals

In addition to making a move or updating your house, home equity can also help you achieve the life goals you’ve dreamed of. That could mean investing in a new business venture, retiring or downsizing, buying a vacation home, or funding an education.

While you shouldn’t use your equity for unnecessary spending, leveraging it to start a business or putting it toward education costs can help you achieve other personal goals.

Bottom Line

Your equity can be a game changer. If you’re unsure how much equity you have in your home and how might you best use it, let’s connect at 508-360-5664 or msennott@todayrealestate.com. We’re happy to help.

Mari and Hank

Mortgage Rates Will Come Down, It’s Just a Matter of Time

This past year, rising mortgage rates have slowed the red-hot housing market. Over the past nine months, we’ve seen fewer homes sold than the previous month as home price growth has slowed. This is due to the fact that the average 30-year fixed rate mortgage r has doubled this year, putting the breaks on escalating prices.

This was the goal of the Federal Reserve when it raised rates: to cool down the market.

This month, the average rate for financing a home briefly rose over 7% before coming back down into the 6% range. But we’re starting to see a hint of what mortgage interest rates could look like next year.

Inflation Is the Enemy of Long-Term Interest Rates

As long as inflation is high, we’ll see higher mortgage rates. Over the past couple of weeks, we’ve seen indications that inflation may be cooling, giving us a glimpse into what may happen in the future. The mortgage market is eagerly awaiting positive news on inflation. As Ali Wolf, Chief Economist at Zondasays: “We are watching for any additional stability in the MBs market, signs of cooling inflation, and/or less aggressive Federal Reserve action to give us confidence that mortgage rates are past their peak.”

What Does This Mean for the Future of Mortgage Rates?

As we get through the inflation battle and start to see that coming down, we should expect mortgage rates to follow. We’ve seen nods of this over the past couple of weeks. As the Federal Reserve works to bring inflation down, mortgage rates will come down as well. Bill McBride from Calculated Risk says: “My current view is inflation will ease quicker than the Fed currently expects.”

Not every mortgage lender is the same. They offer different options and different rates. For example, local banks that have their own portfolios and don’t sell their mortgages to investors have different financing opportunities when compared to mortgage finance companies that do sell their mortgages. So, it’s important to shop around.

As a buyer, it’s a questionable strategy to sit on the sidelines waiting for your magic number when it comes to interest rates. We know for sure that the chances of seeing rates of 3% or less are almost non-existent. Consider meeting with your financial advisor or lender and determine what the impact of rates in the 4% to 6% rate range, can have on your personal financial situation. You could miss out on the home you really want while waiting for a rate that will never be available.

And remember: mortgages can be re-financed to lower rates.

If you don’t have a working relationship with a lender, we can recommend several who we work with on a regular basis. Please contact us at 508-360-5664 or msennott@todayrealestate.com. With inventory increasing every day, be in the position to make your move when you find your next home.


We were happy to host our Third Annual Thanksgiving Pie Party last Tuesday at JD’s Burgers and Sushi in Sandwich. More than 70 of our client-friends turned out to re-connect with people they met last year and make new acquaintances.

We donated the pies that were not taken to the Sandwich Food Pantry, which reminds us that tomorrow is Giving Tuesday. Please take a moment to support a charity or non-profit that is close to your heart. Thanks…

Mari and Hank

Selling Your Home Before the Holidays

As you look ahead to the winter, you’re likely making plans about what you want to accomplish before 2022 ends. If the location or size of your current home no longer meets your needs, finding a house that better suits your lifestyle may be a top priority. But with today’s cooling housing market, is this really a good time to sell, or should you wait?

If you’re ready to make your move, here are three reasons why you may want to decide selling before the holidays.

1. Get One Step Ahead of Other Sellers

Typically, homeowners are less likely to list their houses toward the end of the year. That’s because people get busy around the holidays and deprioritize selling their home until the start of the new year when their schedules and social calendars calm down.

Selling now, while other homeowners are holding off, can help your house stand out. Start the process today so you can get your property on the market and be ahead of your competition.

It’s also around the holidays that we often complete minor maintenance projects, because relatives and friends will be visiting. We paint the extra bedroom, fix a broken step on the back deck or give the guest bathroom a quick touch up. These are all tasks that will also help in marketing your home.

2. Get in Front of Serious Buyers

Even though housing supply has increased this year as buyer demand has moderated, it’s still low overall. That means there aren’t enough homes on the market today, especially as the millennial generation reaches their peak homebuying years. As Mark Fleming, Chief Economist at First Americansays: “While not the frenzy of 2021, the largest living generation, the Millennials, will continue to age into their prime home-buying years, creating a demographic tailwind for the housing market.”

Serious buyers will continue to look this winter and your house may be exactly what they’re searching for. If you list your house now, you’ll be able to get in front of the eager buyers, who are hoping to make a move before the year ends or by early in 2023.

3. Seize a Great Chance To Move Up

Don’t forget, that as a homeowner you quite possibly have a substantial amount of equity. According to CoreLogic, the average amount of equity per mortgage holder has climbed to almost $300,000. That’s an all-time high. That means the equity you have in your house right now could cover some, if not all, of a down payment on your next home. (That’s what we did.)

As you weigh the reasons to sell before winter, don’t lose sight of why you’re thinking about moving in the first place. Maybe it’s time to buy a house that’s in a better location, has the space you and your loved ones have been craving, or simply gives you that sense of home.

Bottom Line

If you’re thinking about selling your house so you can find a home that better suits your needs, don’t delay your plans. Let’s connect at 508-360-5664 or msennott@ todayrealestate.com so we can develop a marketing plan for your current home and begin the search for your new one.

The Friday, November 11, is Veterans Day, a federal holiday set aside to honor the men and women who have served in our Armed Forces.. We thank all of them for their service and sacrifices. We are forever grateful.

Mari and Hank

Why Today’s Housing Market Isn’t Like 2008

With another uptick in mortgage interest rates and all the media talk about a shift in the housing market, you might be thinking we’ve entered a housing bubble. But the good news is, that there’s concrete data to show why this is nothing like the last time.

There’s Still a Shortage of Homes on the Market Today, Not a Surplus

For historical context, there were too many homes for sale during the housing crisis (many of which were short sales and foreclosures), and that caused prices to fall dramatically. Supply has increased since the start of this year, but there’s still a shortage of inventory available overall, primarily due to almost 15 years of underbuilding.

The graph below uses data from the National Association of Realtors (NAR) to show how the months’ supply of homes available now compares to the crash. Today, unsold inventory sits at just a 3.2-months’ supply at the current sales pace, which is significantly lower than the last time. There just isn’t enough inventory on the market for home prices to come crashing down like they did last time, even though some overheated markets may experience slight declines.

3 Graphs Showing Why Today’s Housing Market Isn’t Like 2008 | MyKCM

On Cape Cod, there is a little over a two month’s supply of homes. While this is certainly an increase over past months, it’s not would be considered a normal market. So, with demand still strong and inventory tight, prices will remain steady. Decreases will come on a house-by-house basis determined by the initial asking price, condition, competition, buyer interest, etc.

Mortgage Standards Were Much More Relaxed Back Then

During the lead-up to the housing crisis, it was much easier to get a home loan than it is today. Running up to 2006, banks were creating artificial demand by lowering lending standards and making it easy for just about anyone to qualify for a home loan or refinance their current home.

Back then, lending institutions took on much greater risk in both the person and the mortgage products offered. That led to mass defaults, foreclosures, and falling prices. (Mari recalls going to closings where buyers signed paperwork for three loans!)

Today, things are different, and purchasers face much higher standards from mortgage companies.

The graph below uses Mortgage Credit Availability Index (MCAI) data from the Mortgage Bankers Association (MBA) to help tell this story. In that index, the higher the number, the easier it is to get a mortgage. The lower the number, the harder it is. In the latest report, the index fell by 5.4%, indicating standards are tightening.

3 Graphs Showing Why Today’s Housing Market Isn’t Like 2008 | MyKCM

This graph also shows just how different things are today compared to the spike in credit availability leading up to the crash. Tighter lending standards over the past 14 years have helped prevent a scenario that would lead to a wave of foreclosures like the last time.

The Foreclosure Volume Is Nothing Like It Was During the Crash

Another difference is the number of homeowners that were facing foreclosure after the housing bubble burst. Foreclosure activity has been lower since the crash, largely because buyers today are more qualified and less likely to default on their loans. The graph below uses data from ATTOM Data Solutions to help paint the picture of how different things are this time:

3 Graphs Showing Why Today’s Housing Market Isn’t Like 2008 | MyKCM

Not to mention, homeowners today have options they just didn’t have in the housing crisis when so many people owed more on their mortgages than their homes were worth. Today, many homeowners are equity rich. That equity comes, in large part, from the way home prices have appreciated over time. According to CoreLogic: “the total average equity per borrowers has now reached almost $300,000, the highest in the data series.”

Rick Sharga, Executive VP of Market Intelligence at ATTOM Dataexplains the impact this has: “very few of the properties entering the foreclosure process have reverted to the lender at the end of the foreclosure. We believe that this may be an indication that borrowers are leveraging their equity and selling their homes rather than risking the loss of their equity in a foreclosure auction.”

This shows that homeowners are in a completely different position this time. For those facing challenges today, many have the option to use their equity to sell their house and avoid the foreclosure process.

Bottom Line

So, if you’re concerned that the same decisions that led to the last housing crash are being made again, this information should help alleviate your fears. Concrete data and expert insights clearly show why this is nothing like the last time.

If you have questions and concerns, please let’s connect at 508-360-5664 or msennott@todayrealestate.com. We’re in touch with experts not only on Cape, but across the country. We’ll give you honest answers and help guide you to the best decisions for you and your family.

Please be careful tonight as trick or treaters will be out at the same time as many of us are coming home work. They’re not always easy to see, so please be careful, especially on dark streets.

Let’s make it a Happy Halloween.

Mari and Hank

Consider Condos as Part of Your Home Search

When looking to make their move, many buyers don’t consider purchasing a condominium as an option.

Overall, housing supply is still low. So, if you need more choices, expanding your search by adding additional housing types, like condos, could help.

Exploring Condos Could Add Options That Fit Your Budget

While condominiums generally differ from single-family homes in average space and floorplans, that size difference is one reason why they can be a more affordable option. According to a recent report from realtor.com, condo buyers paid roughly 7% less for their home than buyers of other housing types last year. With rising mortgage rates and home prices, the relative affordability of a condo could be worth considering.

Remember, your first home doesn’t have to be your forever home. The important thing is to get your foot in the door as a homeowner. Buying a condo now can springboard you into a bigger home later on.

An article from the Urban Institute explains: “Because condos…are generally more affordable, they tend to help first-time homebuyers step onto the first rung of the homeownership ladder. These buyers often use the equity in their condo to then purchase a larger, single-family home.”

In other words, owning a condo will help you start building wealth in the form of home equity. In time, the equity you build can fuel a future purchase should you decide you want to buy a new home.

Condo Living Provides Several Great Perks

Boosting the number of options during your home search is just one reason to consider condos, but there are several other benefits to condo living.

First, they tend to require minimal upkeep and lower maintenance. A recent article from Bankrate highlights this, saying: “…if the roof is leaking or the carpet in the lobby needs to be replaced, that’s not your responsibility – the condo association handles those duties.”

The association also is responsible for outside maintenance, snow removal, parking lot and road repair, etc. relieving owners of many traditional home upkeep costs. This should increase the opportunity to save money for the next move.

Condos often have amenities like swimming pools, tennis courts, and walking/biking trails that first time home buyers can only dream about. Many are also conveniently located near restaurants, shopping and highway access.

Too often condos are seen as options only for younger buyers without children or those looking to downsize. That’s simply not the case. Our new condo is 1,300 sq. ft. — just 300 sq.ft. less than our three bedroom, two bath Cape where we lived for 28 years. The 300 sq. ft. difference easily represents the living space we weren’t using. (And we have a full basement that we could finish if we needed additional living space.)

When living in a condo, you do have to factor in the monthly HOA (Homeowners Association) fee. You need to compare the amount with the benefits and amenities that the property has. In our situation, we concluded the HOA was worth it considering what the complex offered.

Ultimately, owning and living in a condo can be a lifestyle choice. If that appeals to you, condominiums can give you the added opportunities you need when looking for your your first home.

Curious about how condos can help you meet your homeownership goal? Let’s connect at 508-360-5664 or msennott@todayrealestate.com to start reviewing your options.

…and BTW, we’re not limited anymore to assisting our clients and friends on Cape Cod. Over the last several months, Today Real Estate has expanded its footprint and we now have an office in Norton, which will allow us to work with our long time friends and acquaintances in the Attleboro area.

Talk soon….

Mari and Hank