Best Home Upgrades When Selling

Cost vs. Value Report
Yesterday I had the pleasure of attending the National Association of Realtor's webinar on cost vs. value.  Every year they publish a report based on the best home repairs and upgrades when selling.  The information was fascinating and I found to be very much in line with the trends here in CT.  In this buyers market, more and more of my sellers are looking for advice as to what improvements will give them the "biggest bang for their buck" while attracting the most buyers.  Here are some of the findings….

Nationally the best upgrade for a home was modifying an older, wood front door to a steel door with a 102% cost recoup; a project I have overlooked.   Typically when I critique a home, I’m going through the kitchen and baths with some fixup tips on light fixtures, hardware, and paint choices...never considering the front door.  The increase in curb appeal and savings in energy are what gives this repair high marks. 

I found the projects for my market area, Hartford, CT, to be fairly accurate with siding being the number 1 project, minor kitchen remodel the number 2 project, and a wood deck addition as the number 3 project. Although I don't have clients specifically requesting vinyl siding, it does improve the curb appeal and thus a client’s first impressions.  The first 10 seconds a buyer spends in your home will determine if they will purchase the home, therefore first impressions are critical.  Minor kitchen remodels I still believe are the best way to recoup an investment.  Between cabinet refacing, new hardware, updated light fixtures, and some neutral paint.. you can make a kitchen shine.  One trend of note is the use of glass back splashes, mid range appliances that mimic high end appliances, and thinner granite with a beveled edge are great ways to add luxury to a kitchen without adding price.

As they mentioned in the webinar outdoor spaces have become the new trend in real estate.  I couldn't agree more! Outdoor patios and kitchens this past year were big items on my client's list of "must haves." We installed a beautiful paver patio at our house this year. It's a great investment if you're staying at your house, but probably not the best investment if moving.

To read more about the survey and see how your area compares, visit www.costvsvalue.com.  For a specific question regarding an update to your home, contact me at julieismyrealta@gmail.com

Julie Tetreault
Wallace Tustin Tetreault Realty
www.MyRealta.com

Step by Step guide to buying a HUD home

With all the buzz of home affordability going up, you have decided to pursue buying a HUD home… now what? Purchasing a HUD home is slightly different than the conventional home buying process. Follow these steps to ensure a smooth transaction.

Step 1: Find a registered HUD broker.  Only a registered HUD broker may show you a HUD home for sale.  These brokers have access to the properties, disclosures, home inspection reports, and are well versed in the bidding process. 

Step 2: Now you’ve found the HUD home you want to buy, next is the bidding process.  Meet with your registered HUD broker to submit your bid via the internet.  The bids are opened at the same time each day with a preference going to the highest net HUD receives on a property.  If a house is listed to sell, it’s most likely in your best interest to bid list price or higher.  Consult with your registered HUD broker for advice.  

Step 3: Congrats! You’re offer has been accepted, now you have 48 hours to submit the hard copy paper work.  Your designated HUD broker will require from you the following: a copy of your driver’s license and social security card.  A certified bank check for your deposit in the amount of $1000 (or $500 if purchasing a house less than $50,000).  You will also be required to sign and initial the purchase and sales contract plus additional addendums.  It is imperative you submit the package to HUD in it’s entirety with NO errors, otherwise they can and will reject the offer and put it back on the market. 

Step 4: The waiting game… About 5 days later you will receive a package from HUD.  This will be your “closing packet.”  Here you will have the information of who to call to ask permission to setup inspections and begin the closing process.  If you are doing a home inspection you assume all risk and liability to any damage caused to the property.  You must also dewinterize and rewinterize the property after completing the inspection.  Utilities must also be placed in the buyer’s name.  Remember when buying a HUD home, it is sold “as-is.”  Therefore HUD will not make any provisions to complete any repairs. 

Step 5: The attorney orders the title search, you obtain your mortgage/bring cash and the house is yours!

It is easy to buy a HUD home for sale, but you want to make sure you’re protected and work with an agent who is familiar with the process. Julie Tetreault of Wallace Tustin Tetreault is a designated HUD broker and is familiar with the process.  Visit her website, www.MyRealta.com for more information or contact her with your HUD home buying questions, julieismyrealta@gmail.com

Coventry Lake Home For Sale

Are you looking to live by the lake year round?  If so, this lake house for sale in Coventry, CT offers the lifestyle you’re looking for.   Located within walking distance to Coventry Lake, this lake home for sale features a double lot with frontage on two roads.  Walk to the sandy beach and enjoy the private beach rights or kayak on Coventry Lake. 

Coventry, CT is a rural town of about 12,000 and is located in Tolland County.  The town offers historical sites, antique shops, two public beaches, and numerous boat launches.  Get the feel of the country while being within a commuting distance to the Hartford area.

Want to see more pictures of this 2 bedroom lake home in Coventry? Check out the photos below.  If you would like to know more about this lake home in Coventry, or other Coventry homes for sale, contact Julie Tétreault of Wallace Tustin Tétreault Realty at 860.539.0263. 

41 Lake Road COVENTRY, CT Cozy Bungalow just a short walk to the beach! 2BR/1BA Single Family House $144,900 Year Built 1940 Sq Footage 971 Bedrooms 2 Bathrooms 1 full, 0 partial Floors 2 Parking Unspecified Lot Size .29 acres HOA/Maint $0 per month Description Short walk to the lake from this cozy Bungalow! Spacious living room and enclosed front porch. Double lot with frontage on 2 road for possible subdivide. Cleared backyard with covered patio and storage shed. Newer thermopane windows and heating system. Property Features Central heat Hardwood floor Tile floor Living room Dining room Refrigerator Stove/Oven Washer Dryer Laundry area - inside Balcony, Deck, or Patio Yard Community Features Lake Other Special Features Oak Grove Subdivision Beach Rights City Sewer Additional Photos Exterior Front Exterior Back Backyard Patio with Pergola Walk to the beach! Contact Info Julie Tetreault Wallace-Tustin Realty REB.0788108 (860) 539-0263 For sale by agent/broker Equal Opportunity Housing