How long do you usually recommend that first time homeowners own their "starter home" before upgrading???

I love receiving questions from people seeking real estate advice.  Below is a question I received via Facebook last week.  Please contact me if you'd like your question answered as well. 

Wondering if I could pick your brain. How long do you usually recommend that first time homeowners own their "starter home" before upgrading??? And also how do you advise them on upgrading in terms of what they can afford???

Regarding keeping your "starter home"... Honestly it comes down to your needs. Have you outgrown it? Do you need more space? Is the space not functioning for you in anymore? Perhaps you want to upgrade and take advantage of the lower interest rates and home prices. There really is no set time for upgrading it all comes down to life changes. I'm finding I have young clients who want to upgrade their homes to take advantage of the lower prices and rates but they don't have enough equity to do so. Many of them are keeping their condos or starter homes and renting them out. That could also be an option for you. I have one couple that wants to get out of their 1 BR condo to start a family and have a yard for their dog. So you can see it's all about lifestyle changes.

Regarding upgrading and affordability... yes be sure you go over the numbers over and over with your mortgage broker. I recommend my clients download the mortgage calculator app for their smart phone so as they go through homes they will know how much the house will cost them monthly. I have a DROID and use Karl's Mortgage Calculator which is awesome. The only thing it doesn't do is calculate PMI so you would need to just verify the final numbers with your lender but it will give you a ball park figure.

Also consider the extra utility cost of upgrading your home (heat, electricity, taxes, water bill, sewer bill, etc). I tell my clients for general maintenance of a home consider about 1-2% of the homes price every year in repairs. Some years will cost more than others but it gives you a ballpark of what to expect for updating, broken items, etc.

If you can afford to do a 15 year loan, now is the time to do it. The rates are so ridiculous.. in the 2s! You will build equity twice as fast and have a fabulous rate. Again, if you can afford to do it go for it. 

Sparkling 3 BR Colonial in Broad Brook, CT
Fantastic 3 BR Colonial in Broad Brook, CT just over the South Windsor town line.  Absolute pristine, move-in condition on cul-de-sac street.  Economical gas heat, hardwood floors, central air, and open floor plan.  Unwind and warm up in the sundrenched 4 seasons room overlooking the private lot!  Contact me today to see this gorgeous 3 BR Colonial in highly desirable neighborhood!

Julie Tetreault
Wallace Tustin Tetreault Realty
C: 860.539.0263
B: 860.644.5667 x135
E: JulieIsMyRealta@gmail.com

3 Value Adding Landscaping Tips

It took long enough, but the spring weather is finally here!  The warm weather always makes me anxious to get outside and spruce up my yard.  Landscaping is a great way to get exercise, add curb appeal, and increase the value of your home.. talk about a productive activity!  Below are some tips to consider before getting your hands down in the dirt:

-          You want to redo your landscaping but aren’t sure on a budget, well consider this… About 10% of a homes value should be in its landscaping.  So let’s say you have a $200,000 house, about $20,000 of that value should be in the plants, walkways, trees, etc.  That $20,000 isn’t just product, also consider labor expenses. 

-          Okay I have the budget, but how big should I go? When designing the front of home, your landscape design should extend half the distance of the height of your home.  For example, let’s say you have a 30 foot Colonial, your landscaping should extend 15 feet from the foundation into the front yard.  A landscaped yard following these specs will add curb appeal and provide for a grand look.  

-          Curves and winding paths are in.. straight lines and rigid corners are out!  I come from a family of engineers and they find this concept hard to grasp. Having all your little shrubs in a row like soldiers does very little to add curb appeal. In fact it’s more barricading than inviting.  Create a more natural surrounding with bunches of flowers and a winding walkway.  Kidney shaped flower beds and soft curves create a more park-like setting. Experiment with pavers and add curves for a softer more welcoming feel.

If you’re feeling a little overwhelmed or would like a professional I do have resources who can provide landscape designs and estimates.  Happy landscaping!   

Zillow To Add Rental Zestimate

I read a pretty interesting article today about Zillow offering a "Rent Zestimate."  Similar to their "Home Zestimate", the Rent Zestimate will provide an estimated monthly rent payment.  Based on the fact that 75% of tenants don't negotiate their rent, Zillow feels their Rent Zestimate will be fairly accurate.

This is going to be a great tool and resource for us as Realtors to use.  I know I sometimes have difficulty coming up with a rental price because the MLS isn't flooded with rentals.  I typically go to Craig's List to get a better idea of what an area is bearing for rental prices.  I'm looking forward to what Zillow has to say for our market area.

Top Immediate Energy Payback Projects

Everyone is looking to save money and energy these days and make their home more efficient.  The truth is buyers are also looking for these details in the homes they are seeking.  Here are a few tips to make your home more efficient, put more money in your pocket, and appeal to a wider range of buyers!

Projects with Immediate Payback (0 to 6 months)
Wrap the Water Heater Until you're ready to upgrade to a super-efficient, on-demand water heater (which costs about 25% less to operate than the big tank in your basement because it heats only the water you need), get the most from your existing one by covering it with a water heater blanket.  This insulated jacket fits over the tank to help reduce the gas, oil, or electricity that's required to keep hot water and at the ready.  You can install it in just a few minutes.  And while you're at it, insulate the first five feet of hot-water pipe after it exits the tank and the last five feed of cold-water supply before it enters the tank.  Together, these fixes will yield an immediate 15% reduction in the heater's operating costs.                      
COST: $30                                      PAYBACK: up to $50 per year.

Install a Programmable Thermostat Turning down the thermostat 7 degrees at bedtime will knock 10% off your heating costs, but who wants to wake up to a frigid house?  A programmable thermostat automatically drops the heat at night and cranks it up in the morning, so the house is warm before your alarm clock rings.  Program it to lower the heat again while you're at work and the kids are in school all day and you'll reap additional savings.  Best of all, many of these battery-operated units are easy to install yourself.  COST: $30 to $80                           PAYBACK: $100 to $250 per year

Seal Gaps and Cracks Check the attic floor and basement ceiling for gaps around pip and wire penetrations and fill them with insulating foam, such as Great Stuff, which expands to fill any void you find.  Check doors and windows for air leaks and seal with self-adhesive weatherstripping.                                   COST: $50 for all the Great Stuff and weatherstripping you'll need    PAYBACK: $100 to $250 per year

Use Compact Fluorescent Bulbs If you replace conventional incandescent light bulbs with CFLs, you can slash as much as 15% off your household electricity bills.  Look for bulbs with the highest Color Rendering Index you can find - generally in the low- to mid-80s, compared with early CFLs which scored about 70, and incandescents, which have a CRI of 100.                                                                               
COST: about $3 each; $60 to replace 20 bulbs, two-thirds of the bulbs in a typical house                 PAYBACK: as much as $10 a year for one high-use bulbs; $150-$170 a year for 20 CFLs

The BEST Italian Pastries in Connecticut

One of the greatest perks of being in sales is the ability to drive around the state and explore the wonderful mom and pop shops.  Being Italian I am a sucker for authentic homemade Italian pastries.  Lucky for me on my way back from a listing I took in Cromwell, I found Patty Cakes!

Patty Cakes is a truly authentic Italian pastry and deli shop.  They are located on RT 3 (948 Cromwell Avenue, Rocky Hill, CT 06067).  I was greeted by a friendly staff and was asked to sample their cannoli filling.  O-M-G! Hands down the creamiest, smoothest, richest, and best filling I have ever experienced.  Couple that with a fresh, crunchy cannoli shell.. you have a match made in heaven! 

In addition to purchasing 3 cannolis I tried a ricotta square and pistachio cake.  Both equally delectable in freshness and quality.  The ricotta square was sweet, moist and had morsels of chocolate chips in every bite.  The pistachio cake was unlike any cake I’ve ever had.  I was pleasantly surprised to taste that yummy ricotta filling in the cannoli in the cake!

Although I couldn’t contain myself in sampling before I snapped a shot, here is what the pastries look like. 

I HIGHLY recommend everyone tries Patty Cakes in Rocky Hill.  I know I will be there for their zeppoles on St. Joseph’s Day.  Happy eating!! :)

Top 5 Home Upgrades When Selling Your Home

Updating and upgrading your home can add value, but what repairs really recoup your investment?  Home sellers in the Greater Hartford area are facing the harsh reality of falling home prices.  One way to ensure top dollar for you home is to make small upgrades. Use this list as a guideline for investing into your home’s appearance prior to selling it to get the biggest bang for the buck. 

1. Vinyl Siding Replacement (85%) – Siding your home will run about $12,000 but you will recoup over $10,000 of the repair.  Remember, first impressions are EVERYTHING!  Ensuring your home has curb appeal will covert drive-bys into showings.  Also, vinyl siding in maintenance free, another plus for your potential home buyer. 
2. Minor Kitchen Remodel (79.7%) – A minor kitchen remodel generally runs about $23,000 with a recoup of $18,000 of the cost.  Here are a few tips to maximize your budget.  Reface old cabinets rather than purchase new.  Add new hardware to modernize the feel of your kitchen.  Splurge on glass backsplashes which add color and a luxurious feel. Thinner granite countertops with a beveled edge are a great way to add value without busting your wallet.  Look for mid-range appliances that mimic the high end.  If you have funds to only replace one appliance, go for the fridge and do stainless.
3. Garage Door Replacement (79.4%) – A new steel garage door runs about $1,400 and you will recoup about $1,100 of this expense.  Only replace the garage door if it is worn and tired looking.  Again, the garage door increases the curb appeal of your home.  Consider this repair especially if you have a front facing garage door. 
4. Wood Deck Addition (70.4%) – A wood deck in general will cost $12,000 and you will recoup about $8,700 of the investment.  This is a quick way to add outdoor living space; one of the hottest trends in real estate.  Consider wood over the composite materials.  Composite will run you about 25% more in the cost of materials and will only increase your return by about 4%.
5. Attic Bedroom Remodel (69.6%) – Building an attic bedroom (with full bath and living area) runs about $58,700 and will add an additional $41,000 to the value of your home.  Buyers are becoming more aware of homes with additional living space.  By 2008, 20% of young adults 24-35 years old are living in their parent’s home; up for 11% in 1980. This is one of the cheapest ways to add living space.

These are the top 5 home upgrades to consider when selling your home in Hartford or Tolland County.  This list was compiled from the National Association of Realtors in their annual Cost vs. Value Report.  To view the report in it’s entirety visit http://www.costvsvalue.com/  To have your property specific questions answered on a home upgrade for resale purposes contact Julie Tetreault at julieismyrealta@gmail.com