Tax Abatement - Good or Bad?

At first glance a Tax Abated condo looks like a really great deal, after all anytime we can pay less in taxes it’s a good thing! However, it is always wise to ask a few questions before jumping into the pool of buyers looking for a tax abated condo.

First question you need to ask is when does the tax abatement end? Do some research if it ends soon and see approximately what the unabated tax will be on the condo. The auditor’s office can generally help you with this type of research. If the abatement ends soon, be prepared to increase your housing budget by that much.

Second question is there a chance the abatement will be extended? If the answer is yes go a little deeper, has the request been made and if so when will they know the answer. Extensions are not a sure thing.

On the positive side if you are looking at a home that is tax abated and it’s going to be quite awhile it can be a really good thing! If you are paying on a $400,000 condo with a tax abatement it drastically reduces your monthly costs. Based on a tax rate of $7000 per year you are knocking off  over $500 in housing expenses per month. So possibly you can get more condo than you expected!

There is a good side to an abatement and a scary side – just be sure you are informed and working with an agent that knows the questions to ask before you  buy. If you are ready to start your home search!

   

When your ready to buy or sell please give me a call for a FREE NO OBLIGATION consultation!

My direct phone number is 330-304-9015 my office number is 614-383-7937

The First Sign of Spring For Sale Signs!

You might look out your window and see grey skies, possible a few snowflakes, maybe  a frosty windshield. So it’s still winter – right?  Not so in the world of real estate!

All over sellers are shining up their homes, pre-packing clutter and getting ready to roll out the welcome mat for you! Every newly listed home represents a choice for buyers.  An opportunity to compare features, condition and prices. While all of that is taking place, buyers everywhere are gearing up for the hunt. The longer you wait to seriously look at houses the more you could end up in paying due to multiple offers.

Multiple offers are good for the seller and cause the buyer to possible pay a little more for a home than they would have if they were to be the ONLY offer. When you make an offer on a home you are really starting a conversation with the seller. You talk about terms, inspections, who pays for what and when you expect to close and take possession. If you are writing an offer on a home that has other offers coming in, you need to give your highest and best (in some markets often above asking) and the least restricting terms for the seller is always recommended.

So what are you doing this weekend? Now is the time to start seriously looking at homes and looking with your eye on potential.  Get on paper your FIVE MUST HAVES, determine your ideal location and a secondary location. Approach each home with the desire to make it your own, consider the potential and don’t forget to take condition into consideration – possibly you can get the seller to take less so you can update. Make sure your agent presents a well-written offer that includes an explanation on your offer price if it’s considerably lower than asking.

If you are thinking of buying or selling, let’s talk! I have over 10 years experience in real estate and many resources to help you get the most value for your money!

Full Disclsoure

Recently Sean Penn has been the talk of all the news channels. Journalists everywhere are either for or against his now famous interview with El Chapo. As the debate rages on regarding the ethics of what he did the thing that hit me was the questions about Sean Penn allowing El Chop to edit the article Penn was writing.

On Fox News, Geraldo Rivera felt Penn was acting a s true journalist and because he fully disclosed at the beginning of the article that El Chapo had full control over the content and Penn had not violated any journalist rules or obligations. With that in mind I started to think about what “full disclosure” means and how it applies to life today.

In so many areas of modern life we need to dig for the truth, we need to ask questions that go three layers deep in an attempt to reveal true intentions. The Internet and social media explosion has allowed people, companies and yes terrorists to hide in the shadows. I personally do not want to conduct my life and my business this way

So in the spirit of full disclosure here is what I want people to know about my professional services as a Realtor. My mission as your real estate professional is:

To provide you with the most relevant market information helping you make a well informed buying, selling, investing decision. As part of my dedication to providing excellent service to my clients I have committed to a variety of educational opportunities to enhance and keep my skills up to date in an ever-changing business environment. I am prepared to help you through every step of your transaction.

As your Realtor I will market your home as though it were my own. I will negotiate to get you the best price with the best terms. When you need a lender, an inspector, etc I can refer you to some of the best in the business – these are people I would use on my own home. I will treat your transaction as though it were my own.

About Pam Kutsick, Accredited Buyers Rep, multi-million dollar producer, over 10 years in real estate. Helping buyers and sellers get the best deal in Central Ohio.

SAVING TO BUY A HOME? DO THESE THINGS FIRST.....

The idea of saving money in itself is daunting, let alone the amount of money you need to buy your first home. So how do you get from I want to buy a home to moving into your new home? Here are some tips that will help you along that journey.

 

Figure out how much do you need. Check out mortgage calculators on sites such as bankrate.com – these will give you an idea of monthly payments in the different price ranges. Keeping in mind ratios the lenders use for income to debt/payment.  Once you have an approximate range plan on putting down at least 3.5% of the total cost of the home as a down payment and another 3-4% in closing costs. With a reasonable offer you can ask the seller to help with closing costs. 

So now you have an idea of what you need in the bank to start your home search. Great now let’s get that money actually into the bank.

The obvious is to look at your expenses and cut out or back discretionary spending. 

Have your payroll department automatically put some of you paycheck into a savings account.

Check and see if you credit card has a cash back option – devote cash back money to your new home fund.

You don’t have to give up an active social life just because you are saving for a home – many Park and Recreation Departments have lost of free events as well as your local Visitor Centers.  Meet Up can point you to many opportunities for social outings that are free or almost free, http://www.meetup.com/

For ideas and inspiration visit this site: https://stefanieoconnell.com/the-best-way-to-make-extra-money/,her site has a wealth of information on opportunities to earn extra money, managing money and living on less.

Look at ALL your loan options there are many programs out there to help you get a home.

 In Ohio there is the Ohio Financing Agency https://ohiohome.org/ - they have some wonderful programs that grant you money for a home purchase. This agency is not unique to Ohio all states have some form of this program.

The USDA has an excellent loan program for home purchases in Qualified areas, http://www.rd.usda.gov/programs-services/single-family-housing-direct-home-loans - the beauty of these loans is they do not have Private Mortgage Insurance so payments are lower than if you used an FHA loan.

The VA Loan is a wonderful benefit for Military and Veterans – no money down, no Private Mortgage Insurance http://www.benefits.va.gov/homeloans/

Homes for Heroes program is a program that rebates back part of the purchase money at closing https://www.homesforheroes.com/. This program covers, military, veterans, teachers, law enforcement, first responders, health care workers.

Talk to a knowledgeable Realtor – they can help guide you on loans, price points, special programs and help you find a lender that will guide on the loan process. Remember buyer representation does not cost you money – I am  ALWAYS happy to sit down and get someone started on the home buying journey even if we are a year or more away.

HAPPY SAVING!!

FOR MORE INFORMATION OR RESOURCES,

CONTACT ME AT PamKutsick@gmail.com

Never Forget....

Monday, December 7th - Pearl Harbor Day - I had the honor of attending a beautiful ceremony at the our State House. It was the Wreaths Across America Capitol State House Wreath Laying Ceremony. I was moved by the dedication the organizers have to make sure our Veterans are not forgotten.  There was a few brief introductions, the pledge of allegiance and few spoke reminding us the sacrifice made by others for our freedom. Paul Cline of Rolling Thunder (rolingthunder1.com) spoke poignantly of the soldiers and sailors that became POW's or MIA in all wars and military actions. Their life's work is to correct that and make sure no warrior is left behind or forgotten.

Rebecca Frank of Gold Star Mothers (goldstarmoms.com) spoke not of her loss but of a man that was a Pearl Harbor survivor, a man that helped save many lives as the bombs fell. She spoke of how at the end of his service he quietly went back to Medina County in Ohio and lived out his life without fanfare and without many even knowing his contribution to our country. It was a reminder of all the people that ensure our freedom and do so without asking for acknowledgement or accolades. It's easy to revere the actions of our warriors in the highly publicized missions, lest we forget the thousands of others that serve in ways we will never know. These quiet warriors do their time in the service, come home and quietly assimilate back into civilian life asking for nothing but what they earn.

On Saturday, December12, 2015 at Arlington Cemetery (www.arlingtoncemetery.mil) thousands of wreaths will be carefully laid upon the final resting place of the veterans. These wreaths are placed to carry out the mission of Wreaths Across America. In similar ceremonies at hundreds of cemeteries across the country, veterans graves will have a wreath laid upon them to fulfill the mission statement of Wreaths Across America. Please take some time this holiday season to honor our veterans and remember that freedom is not free.

Turkeys Are Not Thankful For Thanksgiving

It seems like 2015 has just flown by - like others have expressed I cannot believe Thanksgiving is right around the corner. Thanksgiving use to be the kickoff of the holiday season; now it seems like a speed bump as we rush into a flurry of gift buying, parties and seasonal events. I truly miss the days when my large extended family would get together to break bread, catch up and give thanks.

This year we will have a few empty places at our table. As we all move around it becomes harder to gather everyone for this one special meal. My daughter will spend her Thanksgiving overseas with her Navy family. She will be with us in spirit as we will be with her in spirit. We will be grateful to her and all service members protecting this great nation.

I challenge you to not let this day pass without spending time with people you love, admire, rely on. Family is not always defined by shared DNA. Eat, talk, play a game - it doesn't matter what you do just enjoy each other. Please don't buy into the retail driven frenzy of gift giving. The greatest gift we can give is our time, time is something we will run out of - not gadgets, electronics, etc. Make a memory, take a few pictures and don't forget to have them printed and send them to each other, share the moments.

So You Think You Know Your City

Recently we moved to the Columbus area. We have several people we know that have lived in this area for a long time - all of them sing praises for Columbus. Although the eye rolling starts when they talk about the amount of traffic, faces brighten when the very fact you can hop on I270 and get just about anywhere in the area in 20 minutes. Being in the state capital creates an energy you often do not experience anywhere else in the state.

Although we had spent lots of time in the area, when we decided to call it home we hungered to learn where the natives go. We have set out to learn about our new home. As we discovered neighborhood restaurants, checked out boutiques, dug through the internet for events we have found an engaged, vibrant community. It seems like every corner holds a secret treasure. Many of the people we know that have lived here for a long time have forgotten about many of these events and places.

Years ago, when we lived in the Cleveland area,  we had a German student stay with us for part of a summer. We set a goal to really show her around, we wanted to share our American life with her. As we started to research places to go we found a whole new Northeast Ohio we had forgotten existed. It opened our eyes and heart to all the wonderful neighborhoods, market places, museums, events and boutiques we had all but forgotten.

So if you think you know your city do yourself a favor look at it through the eyes of a stranger and make it new all over again. Enjoy a day at the Columbus Zoo, check out German Village and Schiller Park, take a walk through Short North- stop in Revue and experience the amazing items consigned and waiting to be loved by new owners. Take a walking tour from the Columbus Landmark Society and learn a few tidbits of history about Columbus - they may surprise you. Drop by the remodeled Columbus Museum of Art - check out the Topiary Garden in Olde Towne East. Spend a day getting to know an old friend, you might be surprised at how much Columbus has to offer.

A great source of information on events in Columbus is www.columbusunderground.com/,

Happy Exploring!!!