< PreviousMOVERS SHAKERS & REAL ESTATE LEADERS | HOME IMPROVEMENT | RENTALS OF THE POCONO MOUNT AINS Cell 570-656-7752 amantearealestate.com jenn@amantearealestate.com RGBhomes.com Call Today! 570-424-6870 Experience Isn’t Expensive... It’s Priceless! Quality Never Goes Out Of Style 2621 Route 940, Pocono Summit, PA 18346 info@classicqualityhomes.com Spread Eagle Realty, Inc. (570) 421-7725 (800) 421-7725 447 Office Plaza 200 Plaza Court East Stroudsburg, PA 18301 www.SpreadEagleRealty.com We “Charge” Very Reasonable Rates Cresco, PA frisbieelectrical@gmail.com 347-853-0352 Estimates are always free • On Call 24/7 Besthorne Services LLC Family Owned & Operated! Licensed & Insured 973.392.7318 570.595.2382 Renovation & New Home Construction Electrical & General Contracting 800-276-4000 570-839-3200 O: 570-213-4884 C: 570-242-4400 kellyrealtygroup.com JENNIFER-LYNN AMANTEA, BROKER Serving Residential & Commercial from The Poconos to Lehigh Valley! 570-807-2445 570-460-0111 KMBPlumbing.com John “ J.R.” Rutkowsky Jr. cell 570-350-9360 email sylvester@kw.com web www.askforjr.com Brick Quinn RE/MAX of the Poconos Office: 570.421.2345 Direct: 570.517.3686 Email: brickq@ptd.net Jennifer Ace Direct: 570.460.3111 570.236.1430 Jennifer@JenniferAce.com HEATING & COOLING PLUMBING ROOFING CONSTRUCTION 570.476.7606 naumaninc.com #PA120236SHOULD YOU BUY A VAC ATION HOME ? Many people opt for buying a second home or a vacation home. Before you start your search, you’ll need to make sure you can commit to buying that vacation home. Here are some signs that you can pull it off: SIGNS YOU SHOULD Creative Living 54 Digest.indd 35/24/19 2:21 PM1. YOU CAN AFFORD IT. You don’t want to buy a home that will leave you over your head in debt, but if your finances allow you to comfortably afford it, go ahead. Keep in mind, you’ll need to pay utility bills, maintenance fees and insurance premiums. And depending on the neighborhood, there might be homeowner’s association fees too. A quick checklist can help you determine whether you have the funds to support the purchase: • Do you have emergency savings (at least three to six months’ worth of take-home pay)? • Can you make a 20 percent down payment? • Have you put away enough money for retirement? • Have you calculated the potential return on your investment? • Does it fit in with your long-term investment strategy and financial goals? 2. YOU PAID ATTENTION TO THE MARKET. If you keep track of changes in sales prices in your desired market, you’ll be able to time your purchase carefully. Pay attention to seasonal demand as well – if you wait until the winter to buy that beach house, you might get a better deal. 3. YOU DID YOUR RESEARCH. When visiting an area that you’re considering for a future home, enjoy yourself, but also take the time to understand what the surrounding area also has to offer. Also, be sure to visit during different parts of the year, so that you can get a feel for what it’s like to live there during different seasons. And if you plan to retire in this vacation home, make sure there are things like hospitals, doctors, and other amenities nearby. 4. YOU HAVE A PLAN. Buying a seasonal home can be worth it if you have a plan in place. If you plan on renting the house out on Airbnb or Vacation Rental by Owner (VRBO), look at what similar houses are renting for. Then you can plan accordingly to determine how much income the property might bring in. Creative Living 54 Digest.indd 45/24/19 2:21 PMHOW TO KNOW IF YOU’RE PAYING THE RIGHT PRICE FOR YOUR HOME With bidding wars commonplace, and so much information on home prices available, it can sometimes be tough to know whether you’re paying a fair price for your home. If you’ re working with a real estate professional whose expertise and guidance you trust, chances are they negotiated the best possible price for you. But here are some other ways to know if you’ve paid the right price: Creative Living 54 Digest.indd 65/24/19 2:21 PM1. CONSIDER THE NEIGHBORHOOD. Location really is everything when it comes to a good real estate investment, so if you bought in a great area odds are you’ve made a good investment and your home’s value will appreciate over time. Ask your agent to show you “comparables” of what other homes in the area sold for and are valued at. 2. PAY ATTENTION TO THE INSPECTION REPORT. If the inspection report comes back with any issues that will require a major investment to repair, this should be refl ected in the price you pay for the home. If the owner didn’t pay for the repair, that cost should come out of the purchase price. 3. USE AUTOMATED VALUATION MODELS (AVM) TO GET AN IDEA OF THE VALUE OF YOUR HOME AND THE NEIGHBORHOOD OVER TIME. Ask your real estate agent to recommend a couple they believe are most accurate. The AVM may reveal that while you feel you’re paying too much, the appreciation in a few years’ time makes the investment well worth it. 4. TAKE YOUR PERSONAL CIRCUMSTANCES INTO ACCOUNT. Ultimately, what you pay for the home has everything to do with your personal situation. If the location is extremely important to you, or the design or style is your absolute dream home, then the price is worth it. Taking all these factors into consideration can provide you great peace of mind or provide some necessary concern. Work with your real estate agent to determine whether you’re paying the right price – they will keep your mind at ease and provide helpful guidance. It’s also important to consider how long you intend to live there. If you’re in it for the long haul, odds are you’ll regain your investment. If you’re there for a shorter term, being able to make a quicker profi t or rent will be very important. Your personal situation is a critical factor in the price you’re willing to pay. Creative Living 54 Digest.indd 75/24/19 2:22 PM16201.31.13.016.qxp_FILLER2 10/5/20 12:58 PM Page 1Next >