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By most people’s definition, luxury condominium buildings feature quality construction and tasteful architectural details. Common areas may be anything from fertile, Eden-like gardens to rooftop sundecks with cabanas and a full bar.

The definition of the “perfect” luxury condo varies by personal taste, but overall, the luxury condo offers superior service to meet the high standards of its residents.

When a building and its amenities cater to your particular lifestyle, you have found the perfect luxury condo.

On-Site Amenities

The best luxury condo buildings have on-site staff that includes a concierge, valet and other members to provide services to the community’s residents. Some of these services may include restaurant delivery, dog walking, and the procurement of theater and sporting event tickets.

Some of the most popular communities feature infinity pools, or at the very least, resort-style pools surrounded by a sundeck. Jacuzzis are standard as is a state-of the art fitness facility.

Ideal luxury condo buildings also employ a valet to park, wash and even detail your car.

The services that you feel are important will define whether or not the condo you are looking at is the perfect one.

Get clear on which services you must have in a luxury condo before heading out to tour them.

The heart of every home

Very often it is the kitchen that makes or breaks the sale of luxury homes, and condos are no exception. Gourmet kitchens are in demand, whether the residents do their own cooking or hires a personal chef.

Top-of-the line appliances, typically with a stainless-steel finish, are common. Professional ranges and dishwashers, granite or other slab countertops and fine wood cabinetry are desirable features for many lux condo buyers.

If you cook, you know the importance of good lighting and luxury condos generally cater to this need. From under-cabinet lighting to brighten up a work surface to overhead lighting, a gourmet kitchen offers it all.

Consider what you need in a bathroom

The bathroom is usually second in importance only to the kitchen, and bathrooms in many luxury condos are magnificent. In fact, think “spa” when envisioning the perfect condo’s bathrooms.

Custom materials, such as imported stone and rich wood set the elegant stage. Other common features include electronic faucets, towel warmers, shower rain heads and heated floors.

Some developers go all out and opt for tanning showers, bubbler tubs with fountains and fireplaces.

A view to die for

Depending upon location, a view may or may not be a part of your picture of the perfect luxury condo. In some parts of the country, a view of the city’s lights or the mountains is so quintessentially luxurious; it’s almost impossible to put a price on it.

The ideal luxury condo also provides dual-glazed windows through which to gaze at the sumptuous view.

If a view is important to you, put it on your must-have list.

Need a guest suite?

Whether you reserve this room for guests or transform it into a library or home office, the extra suite is a must in a luxury condo.

Some newer condos are now offering separate units as suites that you can rent, for a reasonable fee, to accommodate the overflow of guests.

Condos, luxury or otherwise, are attractive for the low-maintenance lifestyle they provide. Life in a condo means not having to concern yourself with grounds up-keep and other home maintenance matters.

Luxury condos provide that freedom, plus all the amenities that make your life easier.

Sure, it’s a sellers’ market and homes in good condition and in popular areas are selling shortly after being listed. How quickly? Nearly 60% of home sellers accepted an offer on their home within two weeks of listing.

Homes are selling for more than the sellers listed them for, as well, at a nationwide average of 100.8% of list price in February.

This is definitely the best time to sell your home. For you to wring every last penny of its value out of it, though, requires preparing the home for the market.

Get the price right to avoid losing money

Keep in mind that if your home isn’t priced correctly, even in a market that is overly kind to sellers, it may sit on the market and become “stale,” until you eventually drop the price.

You may even need to drop the price several times to drum up interest in the home.

Ensure that your listing agent is well-versed on current market conditions and knows how to price a home strategically.

Suggested repairs

If it drips, fix it. If it’s ripped, torn or broken, replace it. If you think the house has major problems, have it professionally inspected before putting it on the market.

Buyers do notice the small stuff so take a tour of the home, paying close attention to the following:

• Cracks and holes in the walls
• Peeling or otherwise damaged paint or wallpaper
• Torn or bent window screens
• Broken or cracked window glass
• Leaky faucets
• Caulking
• Running toilet
• Damaged flooring
• Dirty or damaged baseboards
• Broken floor or counter tiles
• Inoperable lamps and other light fixtures
• Broken electrical outlet and switch plates

Should you decide to make large repairs, the following will net you the most money at the close of escrow:

• Garage door replacement. If it’s old and ratting it will ruin your home’s first impression, thereby lowering its perceived value.
• Front door replacement (make it a steel door to add maximum value).
• Floor repairs or flooring replacement
• Updated electrical.
• Updated plumbing.

Now, the fun part

Once the necessary repairs are out of the way, decide if you want to take some extra steps to make your home irresistible. Consider staging it to increase its perceived value.

Staging a home gives the impression that it’s move-in ready. Why is this important?

Slightly more than 63% of homebuyers want and will pay more for a home that is in turnkey condition, according to a study performed by marketing research firm Maritz.

A move-in ready home is, first of all, an impeccably clean home. Dirty homes turn buyers off and give the impression that the home isn’t worth much.

Aside from the aforementioned repairs, listing your home at the right time is critical if you want to make the most amount of money possible. List soon to take advantage of the current market before you miss out on it.

Making the home attractive to buyers presents the best opportunity, though, to reap even bigger rewards at the close of escrow.

Any real estate agent can sell a home. But to get the most amount of money possible for it requires an agent who is a fearless negotiator, with experience and well-honed marketing chops.

The road from offer to closing is littered with potholes, each of which can, when navigated by the wrong real estate agent, cause the erosion of your asking price, or worse.

1. Minimize surprises for the buyers

One of the biggest real estate transaction “potholes” is the home inspection. Because negative findings can cause price negotiations to begin anew, and with far more emotional intensity than the original negotiations, minimizing the inspection’s impact on the sale is paramount to getting top dollar for your home.

A professional, pre-sale home inspection will give you a clear idea on what the buyer will learn about the home during the escrow period. Making the necessary repairs before a buyer steps in removes this obstacle.

Even if you choose not to make recommended repairs, we can let the buyer know about them ahead of time. It’s better to lose the buyers before they make an offer and you take the home off the market than weeks down the road.

Now, some repairs may be required by lenders and, less frequently, insurers, but we can discuss this when we see the list of the inspector’s surprises.

Since time is money, closing as quickly as possible should be your goal

Those repairs you decide not to make can go on a list to be handed to potential buyers. This way they know upfront what needs to be done and can make a decision on whether to make an offer.

Keep in mind that some repairs may be required by the lender and, although it doesn’t often happen, even your insurance company can insist on certain repairs. At any rate, it’s far better to have a potential buyer walk away before entering into a contract than after.

2. Head off the home inspection as the get-out-of-the-deal-free card

Even seemingly-harmless items in a home inspection report can become a bone of contention and many times the buyer will use these as an excuse to walk away from the deal.

They may actually be experiencing cold feet or they’ve found another home they like better. There are any number of reasons a buyer may be looking for a way to get out of the deal.

Since most purchase contracts allow the buyer to be released without penalty should the home inspection turn up anything they don’t like, some use it as a get-out-of-the-deal-free card.

A pre-sale home inspection, handed to each potential buyer, should quash this tendency.

Since they are aware of the home’s warts going into the agreement, there should be no reason, short of their own inspection turning up something different, for them to walk away for inspection reasons.

3. A pre-sale home inspection makes brilliant marketing fodder

Nothing instills confidence in a buyer more than a seller who is completely upfront and honest about the home’s condition. Should you choose to fix what’s wrong with the home, the report can and should be used in the in-home marketing materials.

Even if you don’t do the repairs, providing copies of the report to potential buyers shows them that you aren’t trying to hide anything – it provides good faith.

A pre-sale inspection isn’t necessary for the successful sale of your home, but if you know there are items in need of repair, it’s best to let potential buyers know before they sign a purchase agreement, getting rid of one of the major reasons home sales fail.

Ready to list your home? Find out how much it’s worth!

I imagine we don’t need to tell you, but it’s a crazy, overheated real estate market out there. Some homebuyers are so desperate to land a deal that they’re waiving critical inspections and more.

It can be challenging to consider aspects of a home that need some time to ponder when you’re in the heat of a multiple offer situation in which the price of your dream home is escalating.

This is most likely why a recent survey by a nationwide real estate portal finds that “75% of people who bought a home during the pandemic have regrets.”

Fifteen percent of Millennial homebuyers ended up disappointed by the location of their new home.

Before you commit, remember that a home extends far beyond the walls of the physical house. When you purchase a home, you are actually buying into an entire neighborhood and the community that surrounds it.

Taking the time to gather neighborhood information goes a long way toward ensuring many years of happiness in your new home.

Getting around

While home may be where the heart is, we all need to get from home to work, school, shopping and other activities.

Step number one, then, is to ensure the homes you like are in areas with convenient roads, access to highways and freeways (if you commute) and good public transportation for yourself and children.

Drive around the neighborhoods and maybe even take a test drive to work during rush hour. Neighborhood information such as this is invaluable when buying a home.

Schools

Even if you don’t have children, schools are a vital factor in choosing neighborhoods because of the dramatic effect they have on home prices and resale value. The local school district should be able to provide you with information including:

• average class size
• percentage of students who graduate
• percentage of students who go on to college

Go online to the various school ranking sites for test scores, district and school boundaries rankings and more. Head to schooldigger.com and greatschools.org.

You may also want to visit local schools to see if they are in good condition and if teachers seem competent and motivated.

Community life

Every neighborhood has its own unique feel. Informed home buying involves spending some time in the neighborhoods you are considering so you can decide which is a good fit for you. Here are a few ideas to help you get a feel for a neighborhood:

• Check out the closest hospitals, houses of worship, museums, parks, sporting fields and theaters.
• Find out if the neighborhood has a community association with guidelines you will have to follow.
• Learn about interesting organizations you may want to get involved in, such as a community theater, 4-H club or historic trust.
• Have lunch in local restaurants and cafes.
• Shop in local stores, especially the supermarket.
• Take a walk around the neighborhood and chat with people you meet.
• Test your cell phone for area reception.

Neighborhoods and crime

Crime is up across the country. If this is a concern to you, a little research will help to ensure that you are considering homes in safe neighborhoods:

• Contact the local police department for a history of crime in the area, and crime statistics.
• Examine the neighborhood for signs of vandalism or neglect.
• Scan crime tracking websites, such as spotcrime.com, neighborhoodscout.com (there is a fee)
• Learn more about crime tracking for specific neighborhoods at areavibes.com and safewise.com.

Utilities

An often-overlooked factor in choosing a house to buy is utilities. The type of utilities available in a neighborhood will affect both your budget and quality of living.

• Does the house use a sewer, cesspool or a septic system?
• Is the house hooked up to town or well water?
• See if your prospective neighborhood is hooked up to natural gas or homes are heated by electricity, oil, propane or solar energy.
• Will you be cooking on a gas or electric stove?
• Don’t be afraid to ask the seller how much her average water, gas, electric sewer bills are.

Yes, we’re in a red-hot market and yes, it moves quickly. To avoid regret with your purchase, however, it pays to take a bit of time to consider the neighborhood and surrounding community.

A homeowners association (HOA), also known as a community management association, is a nonprofit organization that serves to:

• foster a sense of community
• govern rules in a particular community
• maintain common areas of the property
• provide services for the homeowners

If you buy a condo, townhouse or single-family home in a community managed by a homeowners association, you are required to become a member of this HOA and pay dues.

Types of Homeowners Associations

Homeowners associations typically fall into three categories:

Condominium: In a condominium, homeowners own their individual unit, but not the property boundaries or land. In addition, each resident owns a small percentage of the common area.

Cooperative: In a cooperative, a corporation owns the entire property, including the individual units. Homeowners have a shared interest in the property and exclusive rights to “rent” their individual unit. Cooperatives are rare, accounting for only 5 to 7 percent of all HOAs.

Planned community: Homeowners in a planned community own not only their individual unit, but the lot on which their property lies. The homeowners association maintains ownership of the common areas, such the grounds, roads and facilities. Planned communities are the most common type of HOA.

What to Expect from Homeowners Associations

People who own property run by a homeowners association agree to a set of covenants, conditions and restrictions (CC&R). The CC&R lays down the rules and establishes the monthly dues for all homeowners in the community. Some common restrictions in a CC&R include:

• limits on the number of residents allowed in a single unit
• noise ordinances
• operating times for common areas, pools and fitness centers
• property improvements that are allowed (painting, gardening, etc.)

The CC&R are usually reasonable, and it exists to supply all owners in the community with a pleasurable living experience. Naturally, there are those that contain unreasonable expectations, which is why you should always read all documents from the HOA before agreeing to purchase a home in the community.

Homeowners Association Advantages

Homeowners associations help maintain a pleasant community for their residents. The CC&R help regulate the appearance of properties, conduct of residents and their guests and noise levels.

Many community management associations offer amenities such as playgrounds, pools, clubhouses and gyms for their members to use. Others offer services such as landscaping and repairs.

Homeowners Association Drawbacks

An HOA exists to protect the rights of the residents in the community, but it can cause some inconveniences while doing so.

I also costs money. Homeowners association dues can be expensive. In Manhattan, NY, for instance, “Monthly maintenance fees … have soared to an average of $1.70 per square foot,” according to Robert Frank at msnbc.com.

We’ll do the math for you: “… a 1,200 square foot condo will cost you $2,000 a month in maintenance fees, on top of your mortgage, utilities and (usually) property taxes,” Frank concludes.

Another drawback is that some HOAs are intrusive and some homeowners feel that they take away too much of the homeowners’ freedoms.

To add insult to injury, the HOA can fine homeowners who break the rules. Furthermore, if these fines aren’t paid in a timely fashion, the HOA can put a lien on the property and threaten the owner with foreclosure.

It’s regulations such as these that created the nickname “Little Governments.”

Again, read each document from the HOA thoroughly and, if needed, consult with an attorney for clarification of anything you don’t understand.

Holding off your home sale until spring? Although winter homebuyers are out in droves, the spring market should prove to be even better.

Although spring is right around the corner, you still have some time to knock out at least one of the more time-consuming projects. That weekend Netflix binge will wait, so let’s get started on the house.

Set the stage

Staging a home for sale can get expensive, but it doesn’t have to. The first step in staging is to clean each room from top to bottom.

Then, go through each room and ensure that they advertise their purpose. Bedrooms should look like bedrooms and not bedroom-gym hybrids. The same goes for living rooms: No living room/kids playroom fusions.

What happens when you try to multi-purpose a room is that the home gives the impression that it’s cluttered and cramped. “There’s not enough room,” is definitely not the impression you want potential buyers to walk away with.

Curb appeal is what gets them out of the car

Give the landscaping a good cleanup, mow the lawn if the weather permits and consider fresh mulch for all of the beds.

Then, get busy planting. If you want spring color from bulbs you probably should’ve planted them in September. This doesn’t mean your landscaping will lack color. Head out to the nursery and look for the following plants:

Helleborus–Plants in this genus bloom in very early spring and sometimes even in February. Don’t try to start them from seed if you’re seeking instant curb appeal; they may take years to develop enough to bloom.

Primula–This genus includes the popular common primrose, the English primrose and cowslip. You’ll have a lot of choices when it comes to color.

Rhododendron–Get those buyers out of the car and into the front door by wowing them with two outstanding plants in the Rhododendron genus: ‘Stewartstonian’ or ‘Golden Oriole’ azaleas. The former blooms in show-stopping red while the latter is a more subtle yellow.

Is that a garage or an oversized junk drawer?

“Real estate men testify that the first question asked by the prospective buyer is about the garage,” say the folks at blueskybuilders.com, quoting “… a 1925 writer in the Atlantic Monthly.”

“The house without a garage is a slow seller.”

Today, a home without a garage, or at least a carport, is almost unheard of in many areas of the country. Buyers in these regions expect a place to store their cars (and all the other miscellaneous stuff they can’t find another place for).

How long it will take you to declutter the garage depends on whether yours resembles that kitchen catch-all drawer or it’s a bit tamer.

The important thing is to get cracking on giving buyers the impression that not only can they park their cars in this garage, but it has plenty of storage as well.

Hang the garden tools, stash smaller items in bins and consider overhead storage solutions.

Take it one project at a time and you’ll soon be the proud owner of the belle of the spring real estate market.

Think of what buying a house would be like without a real estate agent. Oh, I know – that sounds a little self-serving, right? But imagine finding a home for sale that you want to purchase . How do you know that it’s worth the asking price?

Do you know how to determine the market value of a home? Odds are good that you don’t.

But your real estate agent does and any agent worth their salt will quickly compile a comparative market analysis (CMA) to determine if the asking price of a home for sale is accurate.

Before we jump into the nuts and bolts of this, keep in mind that there are many factors that influence home value. These include, among others, the current economy, the economic outlook, the job market and the current inventory of available homes.

Then there are more specific factors, such as location and condition, which is what we’ll address here.

There are the two basic steps of the evaluation process:

Step 1: Research home sales within one mile of the home in question and compile a list. This list should, if possible, be restricted to homes which sold in the past 6 months.

Step 2: Compare the subject property to the homes on the list, known as “comparables.” Factors used in the comparisons include age, size, number of bedrooms and bathrooms, amenities and any improvements made to the home. Value is added or deducted from the subject home based on how it stacks up to each comparable.

As I said, these are the absolute basic steps and will give a rudimentary determination of value. To get as close as possible to what an appraiser might determine, however, takes a deeper dive into the data.

1. Location is paramount

All other factors being equal, the location of a home trumps everything. Now, this isn’t just where in the world the home is located, but the state, city, neighborhood and the actual physical location within the neighborhood.

A home located on a large lot is generally worth more than one on a small lot (remember, to filter this through the “all else being equal” lens) and one that is in a less-travelled part of the subdivision is worth more than one that is subjected to heavy traffic or backs up to a busy thoroughfare.

A home next door to a hoarder or a sex offender will experience diminished value compared to one in the same neighborhood that is located further away.

So, “location” includes many aspects, and each one should be examined.

2. Condition

Homes that have been cared for are worth more than dilapidated homes – that is obvious. But, you will also pay more for a home that’s been updated, especially with green features such as energy-efficient windows and ENERGY STAR appliances.

Remodeled homes are often more in-demand as well, thus upping their value, especially if the kitchens and bathrooms have been updated.

In the end, it’s the appraiser’s determination of value that matters and he or she will assign an “effective age” to the home.

Based on the updates and general condition of the home, this age has nothing to do with the home’s chronological age and everything to do with its value. So, the condition of a home is a key factor in determining home values.

Keep this in mind when you become a homeowner if you hope to maintain or even increase the home’s value.

From the moment you enter into the homebuying arena you’ll notice that you need to learn a whole new language. From the mortgage process to the title process and more, there is a lot to learn.

The mortgage process seems to offer up the most confusing terms, according to our clients. One of those is “conforming loan.” Yes, it sounds boring, but you really should know all about it. So, let’s dive in.

The definition

A conforming loan is, in a nutshell, a conventional loan. But there’s more to the definition.

“A conforming loan is a mortgage that meets the dollar limits set by the Federal Housing Finance Agency (FHFA) and the funding criteria of Freddie Mac and Fannie Mae,” according to Troy Segal, finance writer at Investopedia.com.

This basically means that conforming loans have a dollar limit and it adjusts annually.

Lenders love these loans because they’re sellable on the secondary mortgage market. Segal claims that they “… typically offer lower interest rates than other types of mortgages as well.”

Here comes the lingo

Let’s get to know the players in the conforming loan game.

The Federal National Mortgage Association, also known as FNMA or, more commonly, Fannie Mae. FNMA is a GSE, or government-sponsored enterprise.

The Federal Home Loan Mortgage Corporation, also known as FHLMC, or, again, more commonly as Freddie Mac. FHLMC is a GSE.

What is a GSE and why should you care?

Let’s take the last part of that question first. You should care because GSEs were created to “… help the American consumer,” according to the experts at Quicken Loans.

Like FHA loans, a GSE doesn’t underwrite mortgages. “Instead, a GSE can guarantee a third-party loan … to borrowers, rather than issue them directly,” say the experts at Quicken.

But here’s the real benefit, they say:

“By having that third-party guarantee the loan, banks can then lend money to home buyers who seek a mortgage, but may have lower credit or lower income than would typically be required.”

Also, because GSE mortgage loans have the power of the federal government behind them, many GSE mortgages come with lower interest rates as well.

Ok, back to conforming loans

As mentioned earlier, a conforming loan is also known as a conventional loan. It differs from a non-conforming loan, such as a jumbo loan, in that it meets the requirements to be sold by either Freddie Mac or Fannie Mae.

For you, the homebuyer, the conforming loan has one big advantage over its non-conforming cousin: Lower interest rates.

“For first-time homebuyers taking out Federal Housing Administration (FHA) loans, for example, the down payment can be as low as 3.5%,” according to Troy Segal at Investopedia.com.

Conforming loans are limited as to the amount a consumer can borrow. This limit changes every year. In 2022, for example, the limit is “$647,200 for most of the United States,” claims Segal.

In higher-cost markets such as New York City and San Francisco, the 2022 limit is $970,800. Then there are special “statutory provisions” which establish the loan limits for borrowers in Hawaii, Alaska, the U.S. Virgin Islands and Guam. Those limits, in 2022, are also $970,800.

Additional qualifying rules for a conforming loan include:

• Credit score
• Credit history
• Debt-to-income ratio
• Loan-to-value ratio

Yes, the mortgage process is confusing for newbies. But it pays to be informed.