Category Archives: New home builders

Survey Plats & Easements – how they affect you.

Posted on 08/30/2008 | 3 Comments

When you go to the closing table, the person from the title company will be covering all sorts of important documents with you. One of those documents will be a survey plat of the property you are buying. It will show you what – if any – easements are on the property.

There are several types of easements with the most common being utility easements. These easements give permission to utility companies, (such as electric, water, etc.) to come on your property to maintain or repair their lines. They don’t need your permission to do this or to DIG! If your prize roses or a fence are located in this easement, count on having them removed if the utility company needs to do so.

Sometimes there are drainage easements or identified preserve areas. What you can or cannot do in these easements are usually governed (explained) by the deed restrictions.

In the diagram to the left, I have highlighted in yellow the various easements on a particular property. It has more easements than is found in many plats, but it does a good job of showing the restrictions this particular owner will need to keep in mind when landscaping or building a deck or patio.

To the back of the property is a 20 ft preserve and drainage easement. For this particular lot, the preserve easement states that the owner can’t do anything to that section other than look at it. No mowing, no picnic tables, no plantings. Look but don’t touch. This owner owns the land but can’t use it.

Along the sides of the property, there are drainage easements. This particular lot is sloped so that means that the slope must be maintained such that if there is a very hard rain, any excess water has a natural flow back to the preserve area, to prevent flooding.

It’s not uncommon to have one plat have an easement that the neighboring plat doesn’t. As a buyer, if you are concerned by what easements might be on the home you are considering, you can ask the seller for a copy of the plat survey they were given when they closed on the home. Or you can visit the county Auditor’s office where you can see the plats for neighboring homes as well, to see the BIG picture.

Copyright © 2008. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

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Posted in Buyers, Home buying process, Homes, New home builders, Surveys

Tagged central ohio real estate market news, easements, plat maps, survey plats

New-build home vs existing home … which is best?

Posted on 07/13/2008 | 2 Comments

A couple months ago, I met with a young couple who would be first-time home buyers. For certain reasons, they thought they only wanted to buy a new-build home. They had even met with a lender to become pre-qualified. They had very specific requirements for the floor plan of the new home and they knew exactly what section of southern Delaware County where they wanted the home to be.

Sounds like they’re doing everything right, doesn’t it! Well, yes, sort of.

The specific requirements they had for the new-build home and the location they wanted to be in, would place the price of the home about $25-$50,000 more than they had been pre-qualified for. There would also be an issue with how they wanted to use the home in that it would be forbidden by most new subdivision’s deed restrictions.

I suggested that they consider an existing home that is not located in a subdivision, because it might be more likely that we could find something more closely aligned to their budget and requirements – and not get them in trouble with their neighbors by violating deed restrictions.

During our discussion of “new vs existing homes”, I mentioned that many of the after-costs of a new build are avoided by purchasing an existing home. One of the first major expenses required in a new-build are the blinds or window treatments which can easily add up to thousands of dollars. Another unexpected cost may be the water bill required to keep the new sod alive until it’s well-seated into the soil. Want a garage door opener? It’s probably yours to put in after closing. Dishwashers come with the home since they’re built-in, but the range and fridge may not, especially if people don’t want them added to their 30-yr mortgage.

Most likely a resale home comes with all these items already installed. Plus, you may also get a deck or fence or mature landscaping. So overall, an existing home can offer a better value than the same-price new build home.

When I began discussing these after-cost differences of new vs existing, the expressions changed on this young couple’s faces. They said they had never considered the things they would have to add to a new-build after they moved in. So not only could they not afford the specific style of home they wanted, they couldn’t afford to live where they wanted, and they didn’t have extra cash to be able to add the necessary extras after they moved in. Obviously, it was a disappointing realization for them.

So, if you’re a first-time home buyer, meet with your favorite Realtor® early. Have your wish list in hand, but be flexible to fine-tuning based on your pre-qualification amount, and keep a substantial amount of cash behind in order to be able to add all the extras that make a house a home.

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Posted in Buyers, Home buying process, Home prices, Homes, New home builders

Tagged buying a new build home vs an existing home

Does a new roof qualify as an economic stimulus?

Posted on 07/09/2008 | Leave a comment

Well, I’m having to go through what a number of my clients – or others – have. One too many high wind gusts has deemed that I need a new roof. This past winter and spring’s big storms have finally done it in.

My home is only 13 years old and loosing shingles during storms with winds over 30 mph, has been a continual problem during the 11 years I’ve owned it. A couple years after buying it, I contacted the builder thinking it might be under warranty. They said it was out of their warranty and that I should contact the manufacturer of the shingles. That manufacturer said there was nothing wrong with their shingles, but that the problem was with the subs who installed the roof. So, I went back to the builder and they said they don’t track who the subs are on a given job.

Is anyone out there surprised that I got this run-around?

We had strong winds again a few weeks ago, so I lost a few more shingles. Once again, I called my favorite roofer. He promptly came out, but the news was not good this time. There were a lot more shingles missing that I couldn’t see, plus many of the tabs were lifted, meaning that the next strong wind would send THEM flying.

He delivered the bad news. IT’S TIME … I really need a new roof.

So I called my insurance agent and filed a claim – only my second one – after paying the insurance for 20 years of home ownership. The other claim was when lightening hit the home. No fire but it killed a number of appliances.

Today the insurance adjuster and the roofer came to do the inspection. Thankfully, the adjuster agreed that my roof was ca-put, so the next step is for him to process the claim and send the check so I can get the roofer started. Both guys said the original problem was that the roof was put on with staples, not nails. The adjuster said that using staples no longer meets building codes.

Gee, wish they’d changed the codes before my home was built.

When I took the photo above, I told them I wouldn’t do their job for ANY amount of money – don’t like heights. They told me they didn’t think they would like MY JOB either, given the real estate market in the past year. Oh, well … whatever floats your boat.

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Posted in Central Ohio, Delaware County, Fix-ups, Homes, New home builders

Tagged Benchmark Roofing, Building codes, State Farm Insurance

Want to buy a condo? Powell has many that are for sale.

Posted on 04/23/2008 | Leave a comment

OK, by now you’ve probably mowed your lawn at least once. And just maybe you’ve noticed the house needs a fresh coat of paint. Oh, and those shingles that blew off during one of the winter storms, need to be fixed.

If you’d rather be spending weekends kicking-back or on the golf course, then perhaps it’s time to consider a lifestyle change to condo living.

But wait you say … we have all this furniture and we still want the kids to come home for holiday events.

Relax! Condos are no longer small converted rental townhouses with paper thin walls. Builders knew the empty-nesters didn’t want to give up their big rooms or decorating luxuries just to avoid exterior maintenance. Now you can buy large condos built specifically to address this consumer market.

Beginning this weekend, April 26, through May 4, the Building Industry Association (BIA) will hold their CondoQuest to showcase participating builder’s new-build condo complexes. Most likely, other currently-owned condos that are for sale will have open houses as well.

The Powell area has many such luxury condos available for sale – both new and resale. They are priced in the $300′s to high $400′s. For the above ground living space, they range from 1900 sqft to 3000 sq ft. Their price may or may not include a finished lower level. This is particularly true for the new-builds.

Here’s a chart that shows the condos that are currently for sale in the Powell area (near Sawmill Pkwy) and what size of home you might expect for the various price ranges:

**Powell Area Condos For Sale**
Price Range	# For Sale	Avg Size	Avg Price	$/sq ft
$100′s	26	1559	$178,094	$116
$200′s	29	1997	$248,833	$127
$300′s	16	2539	$342,563	$139
$400′s	7	2648	$453,720	$175

If you specifically want a large luxury condo with a finished basement for additional entertaining, then you currently have 9 homes to select from in the Powell area. They average around 2800 sq ft at an average price of $432,293. However, I must caution you in that the sq ft provided in the Board’s MLS system sometimes includes the finished basement and sometimes doesn’t.

I have a luxury condo for sale that offers 2750 sq ft above ground and an additional 1000 sq ft in the lower level. It’s priced at $409,900. Sometimes during open houses I’ve had guests mention that they can buy another similar sized condo for much less money. However, as we chat, I learn that it is a new-build where the finished basement ISN’T included in the base price they were quoted. Or we may determine that the sq ft includes the finished basement, meaning that the above ground living space can be quite small – less than 2000 sq ft.

So, it’s important to make sure you compare apples-to-apples, and relying on the MLS data or info on the Internet, is not very accurate. The upgrades included or as options differ quite a bit as well.

This weekend’s CondoQuest will give you a good opportunity to make all those comparisons for yourself. Be sure to include my listing at 7979 Hillingdon in the Village at Kinsale on your tour. It’s located off Sawmill Pkwy, just north of Rutherford Rd. It will be open both Saturday and Sunday afternoons.

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Posted in Buyers, Central Ohio, Condos, patio homes, Delaware County, Golf course communities, Golf Village, Kinsale, Homes, Homes for sale, New home builders, Powell Ohio

Tagged BIA, Building Industry Association, central ohio real estate market news, CondoQuest

Advice for First-time Home Buyers

Posted on 01/23/2008 | Leave a comment

With the interest rate drop this week, I’m sure there will be many first-time home buyers wanting to take advantage of this opportunity to buy their dream home. There’s ample inventory both in existing homes as well as new builds so it’s a good time to act quickly.

People that have owned several homes usually have a pretty set idea as to what features they want, or more likely, what they DON’T WANT in a new home. First-timers may not have such a clear-cut idea.

In such instances, I recommend they develop three lists under the headings of: (1) Must have; (2) Like to have; (3) Don’t want. Even experienced home buyers may want to create such lists as it helps prioritize their thought process.

When creating your list, consider your lifestyle.

Envision what your weekday mornings are like and the steps you go through from waking, to fixing your coffee, to getting ready to go out the door to get into the car for work.
Then reverse the process when you come home from work or carry in the groceries.
What do you do after having dinner?
Do you work on your computer and need space for a mini-office or a full-blown den?
Does the entire family crash in the Family Room around the TV?
Or do you want a quiet corner to curl up with a good book?
Do you entertain often or just at the holidays?
Do you like open, high ceilings or is a traditional floor plan more to your tastes?

I often find that experienced buyers have definitive opinions for the “less glamorous” areas of a home, such as where the laundry is located, or the separation of the owner’s bath from the bedroom, especially if one needs to wake and shower on a different schedule than the other person. People with children or pets have access and visibility to the backyard high on their priority list, AND whether the door to the backyard requires entry and exit over carpet.

You’ll also need to consider your budget in developing your list. Be realistic.

Another thing to keep in mind is that it is unlikely you’ll find a home that is 100% perfect. You might expect 80-90% at best. Try to find a home where the 10-20% that isn’t perfect are those things that you can change later. For example, if you have your heart set on hardwood floors, and the home has carpet, you can change that in the future. But if you want a first floor laundry and the current laundry is in the basement, that probably is something that can’t be changed.

Give your final list to your Realtor®. The agent can enter your search into the MLS to retrieve homes that meet your criteria. Some of the criteria may require viewing the interior photos to determine whether the home will be appropriate or not. Having your agent work with your list will save a lot of tiring time viewing homes that simply aren’t a good fit.

You’ll find your dream home much faster with much less effort using this method.

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Posted in Buyers, Home buying process, Homes, Homes for sale, New home builders

Tagged first-time home buyers

I am woman … see me BUY!

Posted on 12/29/2007 | 4 Comments

Did you know that single women make up 20% of the home buyers nationwide? That’s according to the most recent issue of REALTOR® magazine, published by the National Association of Realtors®.

WE’VE COME A LONG WAY BABY!

They report that this up 50% during the past eight years. AND, 83% of those women are choosing single-family homes versus condos! That’s exciting news.

YOU GO GIRL!

I know I’ve read where females now make up more than half the college population, so with their higher-earning power, it stands to reason that they’re in better position to afford homes. They’re also more savvy with their finances, and more aware that it’s better to place their money in a home rather than “throwing it away” by renting.

My client base probably is similar to the 20% single women statistic. It’s especially fun to work with them as they buy their first home. I know how they feel, and share in their excitement.

BEEN THERE … DONE THAT!

I purchased/built my first home in 1987 and easily remember all the up & down emotions of going through that process. Signing the initial papers was easy and didn’t seem much different than buying a car. Reality set in when I stopped by the lot on the day they dug the hole for the basement. I stood there staring at the heavy equipment, thinking “OMG, I’m PAYING for that big digger! What have I done!”

I didn’t use a Realtor® (and wasn’t one at that time) so I had to “fight my battles” with the builder alone. That builder is no longer building homes, and that’s a good thing. Knowing what I know now, I wish I had thought to use a Realtor® to be there with me and to know what to watch for.

The other thing I didn’t know was that I could have a home inspection prior to closing. That would have been a good thing to do because I found out later that some of the subs were angry with the builder and sabotaged the home as payback. They plugged the outgoing sewer line with a soda bottle, which didn’t cause a back-up into the house until a day after closing as showers were taken. Three months later (in the Fall) when I couldn’t get the furnace pilot light lit, a neighbor who worked for the gas company found that a small slice had been made in the gas line. I could have gone Woman power “POOF” had it not been for the neighbor. The builder did similar things to the other homes, so we were on the look-out for such things.

I now have a strong urge to break out with the Helen Reddy song ………..

Copyright © 2007. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

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Posted in Buyers, Home buying process, New home builders