Monday, October 31, 2016

Real Housewife of Atlanta Porsha Williams Buys a Mansion Near NeNe Leakes

A new “Real Housewife of Atlanta” has arrived in a gated community outside Atlanta — and she’s not even the area’s first.

Porsha Williams paid $1.15 million for a mansion on the same golf course as fellow “RHOA” NeNe Leakes, TMZ was first to report.

The drama factor is sure to rise with two housewives living large so close together. It’s Williams’ first home purchase since her divorce from retired NFL quarterback Kordell Stewart, and she celebrated on social media with the salvos “God bless the child that got his own” and, from Beyonce, “#BestRevengeIsYourPaper.”

This Georgia peach scored a beauty, with more than 5,900 square feet of classic architectural grandeur, from the colonial facade to the two-story marble foyer and great room.

Five fireplaces grace the 5-bedroom, 7-bath mansion, which boasts a chef’s kitchen alongside a breakfast room with its own fireplace and coffered ceiling.

The graciously sized master suite includes a fireplace, sitting area, luxurious master bathroom with a soaking tub, and a closet the size of some bedrooms.

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3 Things to Do When Your Neighbors List Their Home for Sale

Most people think their real estate concerns end once they've closed on and moved into their new homes. But given the constant access to information and the changing nature of society today, smart homeowners know that their real estate awareness should continue after the closing.

When a neighbor's house goes on the market, there can be some important implications for you. Here are some tips for staying real estate aware.

Document important disclosure items

For the most part, good fences make good neighbors. But sometimes the folks on the other side of the fence don't cooperate, and unresolved neighbor conflicts tend to arise when one of the homes goes on the market.

Have a property line dispute or an issue with a broken fence and want to make sure that the new buyer knows about it? While sellers in most states have a duty to disclose issues to potential buyers, not all areas require this.

Do your new neighbor-to-be a favor and alert the seller’s agent to anything the buyer needs to know about your neighbor’s property.

See things differently

Open houses allow buyers to spend some time exploring a home, but these events also present you with a chance to see your home from your neighbor's perspective.

Once, at a busy open house in San Francisco's Noe Valley neighborhood, an open house visitor made a somewhat obvious beeline for the back of the house. He immediately got on the phone, and was clearly communicating with someone about where he was standing, and giving orders to move left and right. It turned out this visitor lived in the home behind, and was checking to see the neighbor's view into his home.

The open house is your chance to check your home's paint job from the neighbor’s yard or simply to see your home from a different perspective.

Know and learn the market in real time

Typical sellers claim and save their home online, but also keep searches going after the fact. Why? To keep tabs on the market, see the comps and have a real-time sense of what's happening nearby.

Just like when you were a buyer, knowing about the area and types of homes in the market is a good move for any homeowner. Take a neighboring home for sale as an opportunity to see what the market bears. You can also learn about the latest trends in home design.

Speaking to a real estate agent can help inform you of changes to property taxes, or how assessments are changing in your town. A smart real estate agent, working their listing, will be an incredible resource to would-be clients down the road. Leverage their experience when your neighbor sells.

Take note when your neighbor goes to sell their home. It's not just a time to nose around, but to document, inspect or learn from the home sale. Some homes get listed once in a lifetime. Take advantage of the opportunity.

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Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.



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Millennials: Ready to Buy a Second Home and Rent Out Your First?

There comes a time in many homeowners’ lives when it’s just time to move on to the next home. Maybe it’s because of a job change, the arrival of a kid (or more kids), a marriage or divorce, or you just don’t like where you live anymore.

Many millennial homeowners - who represent half of all home buyers these days, according to the Zillow Group Consumer Housing Trends Report  - are ready for that next home purchase. Maybe that describes you.

So, now you have a decision to make: Do you sell your first home, or hang on to it and rent it out?

Kate Currett, a millennial homeowner, rented out her first home in Utah for three years while living in her second home in Ohio. Her goal, like most who rent out a property, was to earn additional income.

Sounds simple enough, but there are many factors that you should weigh when making this big decision.

Financial perks and considerations

In addition to having the potential to make some money on renting a house, buying a second home and renting the first is one way to build a real estate investment portfolio.

Millennials, in particular, are typically in a good position to do this: You can convert your primary residence into a rental and “leave your owner-occupied mortgage intact, which was likely (and hopefully) obtained with a down payment and the most favorable mortgage interest rate, as low as 3.5 percent," says Kelly Hannah, a certified residential specialist at Eightline Real Estate.

Contrast that scenario with purchasing a non-owner-occupied property (that is, a house that you’re purchasing specifically to rent out): “[This] typically requires a 20-25 percent down payment with a mortgage interest rate that is generally 1.5 percent (or more) higher than you could get for an owner-occupied property," Hannah explains.

Bottom line, it will likely cost less to convert the house you live in now into a rental and buy a second home to use as your primary residence than to purchase a second home to use as a rental property.

The financial hurdle you will have to leap is qualifying for a second mortgage. "In the beginning, [it was difficult] making sure we could qualify for a dual loan," Currett admits.

But if you have a lease in place on your first home prior to closing on your second home, "your lender may allow a portion of those future rents to count as income in their calculation of your debt-to-income ratios," Hannah says.

However, lenders "prefer to see that you have property management experience in order to count those future rents as income," he warns.

Tax advantages

As for tax advantages to renting out one of your properties, Leigh Anne Bernal, a property consultant with cityhomeCOLLECTIVE, advises making it a priority to speak with an accountant, as tax rules can be complicated when renting out a property.

Generally, "the most substantial tax advantages to converting your current home into a rental come in the form of depreciating that property, the deduction of maintenance expenses, and the deduction of your mortgage interest," Hannah explains.

The ideal rental property

Before you make any moves toward converting your home into a rental, you need to assess whether or not your home is  rentable.

Generally speaking, a "one- to three-bedroom home is going to be easier [to rent] than a larger home," Bernal notes.

She suggests researching who the renters are in your city and the types of properties they rent. "The broader the appeal, the more luck you will have," Bernal says.

Hannah adds that the best way to determine whether your home is an ideal rental property is to meet with a professional and "create a comprehensive strategy tailored to your individual situation and specific market."

How to assess rental fees

Needless to say, rental rates vary greatly, "especially with respect to single-family homes and condominiums," Hannah says, as rental rates for privately owned homes are not easily tracked.

Currett agrees, and notes that a tough part of owning a home while renting out another was balancing having a competitive rental rate and still making a profit.

However, a reliable way to determine the rent for your first home is to search the rental market for homes similar to yours.

"This will allow you to see what rental rates are in real time and space, and price your rental competitively," Hannah notes.

"Do your homework,” Bernal says. “Take all of the costs into consideration, including property taxes and insurance."

Perhaps the most difficult aspect of renting a property is being a landlord for the first time. Costs can come at you from all sides, from repairs to late or unpaid rent from tenants to property damage. Go in planning on incurring expenses beyond the mortgage payment.

"Some of this can be handled with a property management company, but that comes at a price, so make sure you have that included in your math," Bernal advises.

Words of wisdom

When it comes to renting out your extra home, "Do it,” is Hannah’s advice. “Buy and hold is almost always a good idea."

But Bernal recommends really analyzing your situation before making a leap: "If you’re in a seller's market, that can make it tougher to get into your new home without cashing out the equity in your first home. You may be able to refinance your first home to get some of that equity out."

Get more Landlord Resources or check out our Guide to Rental Property Management.

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Friday, October 28, 2016

AHA Learn to Homebrew Day - Date: November 5, 2016 8:00 AM

Location: Fort Myers - We are happy to invite anyone interested in homebrewing to stop by from 8am to 2pm on Saturday, November 5 to join the fun! Members of the Hangar 41 Brew Club will be here brewing both extract and all-grain recipes on their personal equipment, we will have MOFOS, a local food truck, here at 11am, and we are expecting several of the local professional brewers to swing by during the day.

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Favorite Halloween Traditions of the Past and Present

11 Fall Maintenance Tasks to Do This Weekend

By Shannon Ireland

Scents of pumpkin spice lattes and warm apple cider have started to fill the air, sweaters populate the fronts of closets, and trees prepare to unveil the full extent of their beauty by changing leaf colors from green to vibrant hues.

But before you cozy up with a fleece blanket and your favorite horror film, it's crucial to tackle a few home maintenance projects.

Why is seasonal maintenance important?

The answer is simple: Seasonal maintenance can help keep your home looking and functioning properly, and save you money because you'll catch problems before they get out of hand.

Plus you'll get the added bonus of sleeping easier at night knowing you've taken all necessary precautions.

'Tis the season to …

1. Rake it in

Few things are more beautiful than a yard speckled with crimson, golden, and tangerine-colored leaves. But failing to dispose of them can kill your grass and inhibit growth in the spring months.

Grab your rake and enjoy the crisp temperatures of the season. You can always treat yourself to a pumpkin treat when the raking is done.

2. Clean the gutters

Speaking of leaves, when they clog your gutters, rainwater can't flow through and will eventually spill over. So what, right? This overflow can damage your home's siding, roof, and/or foundation.

It's better to remove the leaves from your gutters than to chance the buildup turning into a costly problem.

3. Check the roof

While we're on the subject of the roof, fall is a great time to check that all shingles are in place and in good shape before winter snowstorms pop up on your radar.

4. Conduct a walking inspection

Take a walk around the exterior of your home, keeping an eye open for damage along the pathways leading to your home. Cracks could mean loose cement or gravel, increasing the likelihood that someone could trip or slip and fall.

To ensure the safety of visitors, seal any cracks you see. Be sure to inspect the siding and foundation while you're at it, and tackle any repairs as soon as possible.

5. Cracks and gaps can cause problems indoors, too

When you shut doors and windows, make sure there aren't any spaces allowing air to escape. If there are, seal them.

You may not think much of these little gaps right now, but you will when you open your heating bill and see how much you're paying to keep the whole neighborhood warm, or when you find out that a mouse has made your cabinet his home for the winter.

6. Store summer staples

Patio furniture is susceptible to damage from winter weather. Since you probably won't spend as much time outside - except for roasting marshmallows over the fire pit - move outdoor furniture, trampolines, and other summer staples into storage.

7. Make it a clean sweep

Schedule a time to have your chimney and heating system cleaned and maintained, including swapping old filters for new ones. It's important that everything is in good working condition to decrease the likelihood of house fires.

8. Pipe down

Shut off the water supply to exterior faucets and insulate your pipes before the weather dips below 32 degrees. This will help prevent pipes from freezing, bursting, and flooding your home.

9. Take time to vent

Your dryer vent, that is. Cooler weather means more static electricity, which means lint buildup in your dryer can ignite more easily. Clean your dryer vent to help prevent this problem and keep it working more efficiently.

10. Testing … 1, 2, 3

Test safety devices, such as smoke alarms, and check the expiration date on your fire extinguisher. In case a fire ignites, it's important to know that you and your family will be alerted and able to get out of the house quickly and safely. And that you'll be able to extinguish smaller fires before significant damage is done.

11. Check your home insurance coverage

Can your insurance weather the storm? The final item on your fall home maintenance checklist should always be to call your insurance agent. Arrange a time to walk through your coverage to ensure your home will be protected, no matter what situation may arise.

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Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.



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Tour the Haunted Ghost Town That Could Be All Yours (If You Dare)

Looking for someplace to spend quiet time alone? This deserted Connecticut mill town is just the ticket - as long as you don’t mind the company of a few ghosts.

Johnsonville, which is actually located in the midst of East Haddam, was a small, but thriving mill town established in 1802. The community was home to the Neptune Twine and Cord Mill that made binding rope for fishing, and used the Moodus River nearby as a power source.

"Back in the day, the mills would create their own towns to house their employees to keep them safe and close by," says Sherri Milkie, who holds the property’s listing with William Pitt and Julia B. Fee Sotheby’s International Realty. "There were houses and a little church and school [in Johnsonville]."

The mill was successful until it was struck by lightning and burned in 1972. After the fire left the town deserted, Raymond Schmitt, a successful aerospace manufacturer who had purchased the entire parcel in the 1960s, began to restore the town to its former beautiful Victorian glory.

Schmitt routinely opened the town to visitors, and several weddings were even hosted in the picturesque setting, but it was never an official tourist destination. He also brought in antique buildings from other parts of the country to add to the vintage charm of the town.

The town changes hands

When Schmitt died in 1998, his estate sold off some of the antique pieces he had acquired, which included some of the buildings in the town.

With no one to care for it, Johnsonville began to decay, and sat empty until hotel management company Meyer Jabara purchased it about 10 years ago with the idea of turning it into a senior citizen community.

However, plans changed as the economy wavered, and development stalled, once again leaving the town deserted.

Now, the entire town of Johnsonville, which includes 62 acres of land, four Victorian-era houses, a school, a church, an old post office, and several retail buildings, including a restaurant, are up for sale for an adventurous buyer, with a listing price of $1.9 million.

The permanent residents

Along with the sprawling acreage and historic buildings, Johnsonville's buyers will also be inheriting some ghosts - or at least the stories that people have about them.

It’s rumored that the ghosts of mill workers haunt one house on the property. The sightings have been in the parlor area, where bodies were customarily laid out before they were buried.

Others have seen Schmitt's ghost around the property, undoubtedly walking around the beloved town that he wanted so much to preserve.

Loaded with potential

Whether they’re interested in the town for its investment opportunity, its ghost sightings, or to continue Schmitt's vision of restoring the Victorian village, Milkie hopes interested buyers will be excited about the endless possibilities for the property.

"This is an area that's really popular for tourism,” she notes. “I could see someone opening a local brewpub, because there's lots of open space for growing hops. You could also monopolize on having the lake with some rides, or open a farm-to-table restaurant and bed-and-breakfast featuring organic and homegrown vegetables.”

When the prospective buyer takes on Johnsonville, they will not only be getting a whole town, but also a small piece of pop culture. Johnsonville may look familiar to some as the setting for Billy Joel's music video for "River of Dreams," or from some scenes of the 2014 film "Freedom" starring Cuba Gooding Jr.

Photos courtesy of William Pitt and Julia B. Fee Sotheby’s International Realty.

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