Vacation rental

I have been recently investigating vacation rentals in Ohio as a possible source of income.   Upon further investigation, I am finding a variety of possibilities.  Do you intend on enjoying it and supplementing or off setting costs.  Loking for a weekend, week long or daily rentals with air b n b?  I have noticed increasing interest and use in air B and B particularly for families or properties close to entertainment venues.  However They may only command as low as 50$ a night, and require daily attention.  Weekend getaways to the hockimg hills, Lake Erie or Amish country are popular if it is located close to a tour site such as cedar point.  Marblehead and the Lake Erie islands are a popular week long destination but it is hard to find a quality place, thus there may be a niche here to fill.  I found a gorgeous Luxury resort on the shores of both Lake Erie and the Sandusky bay offering beach access, marina, pool, tiki bar and shopping onsite.  There are a few lots left to build, but this may be a great week long rental to offset costs as a second vacaction home.  The season is limited, thus reducing opportunity for a good return on investment.  However the potential income may offset costs as a second vacation home close to home.   When looking into a home check HOA fees and rules on renting.  This property does not allow less than weekly rental.

I also found a modern apartment in the short north of Columbus, a popular location for entertainment.  This would make a great air B and B, commanding over $100 a night potential.

Also, I found a bare bones cabin near the hockimg hills.  It is a much lower price point, rustic probably 3 season rental.  This property has a fishing pond and is close to a swimming beach.

If I was purchasing myself to enjoy and rent to supplement, I would go for the luxury rental on Marblehead.  But strictly income producing, maybe the cabin in the woods, or condo in Columbus.

For more info on any of these properties please contact me!

jenny.fusco@herrealtors.com

Advertisements

Sales within a year

When a client wants to sell their home and they have only lived in it for one year, it is likely one of two situations:  either they are getting divorced or relocated.  In my last situation it was the former.  A nice young couple, barely married purchased their first home together.  Unfortunately, the rigors of life, marriage, and an older home got the best of them, and they had to sell and part ways.    When this happens, they are often lucky to break even (even in today’s market), particularly when the home is in need of repair.

Most homeowners in town in suburbia, Columbus Ohio, can expect roughly a 6% increase (or more) in home value over the course of a year.  The cost of sale to pay  the realtor fee’s is generally 6% of purchase price, and there are often costs associated with sale in form of repairs/remedies to help the deal go through.  In addition, there are other associated fee’s with title, transfer fee’s, ,etc…   at closing.  Some sellers may bring money to the table if they paid a premium price for their home to begin with.  In a good scenario, if a home was purchased at a good value, and improvements were made to the property such as a remodeled bathroom/kitchen then someone may walk away with money in their pocket.  In this case, general maintenance such as new roof, windows, HVAC, does not always fit into this category.  It may make the home more saleable, but does not guarantee increase in value at sale.  A last thing to consider is how much money was put down at closing when purchasing the home the first time- will this be recouped? Something to ponder when deciding on a final purchase price.

In my client’s situation, they had a lovely home in a nice location with some updates.  They lived in their home a little over a year, but they did not have to bring money to the table, and had a little in their pocket at closing…win.

 

 

When is the best time to put my house on the market?

The answer depends in part on when you want to move.   Its a given that many prefer to move when the weather is optimal.  For us in Ohio, that is certainly anytime between April and October.  The weather gets a little less predictable in November through March.   In addition, many families prefer to move during the summer months when the kids are out of school, and the pace may slow a bit.  So does that mean that I just wait until June to list my house? Not necessarily!  In fact the answer is usually no, that is too late!  For my clients I like to do a real estate timing analysis.  This is a basic guideline that I use to decide when would be the best time to list the house.  It is a fantastic tool that I can use to show people how long it really takes to sell a house so that they  will know when to list and not miss the prime time in this market.   The Real Estate Timing Analysis begins with todays date.  I speak to my clients about different pricing methods such as retail vs. wholesale pricing.  If they want to sell the house very quickly, they may want to  price it below market value.  If time is no issue, and money is more important, I may price it higher, but factor in extended time.    I then add in the cumulative average days on market for that particular home’s neighborhood based on sales within the past year.  I generally add time to that to account for homes that sold “for sale by owner” that are not included, and usually take much longer to sell.  I throw out any “anomalies” that I see that don’t fit the market, maybe one strange house that threw off all the numbers to get an average number.  I add in the processing time once the  house goes into contract.  In this market, many lenders  and title agents are backed up and it can take 45 days or more to move the process of inspections, appraisal, remedies, etc. before close.  I add to that number the possession time (when will tenants  move out based on a lease agreement?, for example).  All of these numbers added together can give me a true picture of how long it will take for a house to sell.   I add that number to todays date if we listed today, to get a number of days from today that they will likely be moving from their home if all things in the market stay the same.  It may come as a shock to many sellers to see how long the process may take from start to finish!  It is also important to bear in mind that the market may change at any time!   It could slow down if interest rates rise, thus prolonging this period.  Before you sell your home, its important to speak to your local real estate agent about a real estate timing analysis.

Jenny Ryan Fusco, HER Realtors

The Jeannine Ryan Smith Team

jenny.fusco@herrealtors.com

 

A seller’s market

 

It has been a busy fall at my office. The annual convention, many CE classes, meetings, and of course work with clients.  The buzz is heard over and over about the “seller’s market”.  So what is a seller’s market?  It can be simply described as when the housing inventory is low and the demand is high- thus, sellers have the advantage.  They may get full price offers, fewer request to remedies,  earnest money deposit, multiple offers and even on occasion a  bidding war.  When a house is listed, if it is priced right and in good condition, it may go pretty fast.  (Although, in our market, like many, some neighborhoods  may go faster than others).

So how can you take advantage of this seller’s market?  If you are thinking of selling your home, you may consider contacting a local real estate agent that can run a comparable market analysis to find out what your home may be worth.  There is no obligation to use an agent if you are just getting a CMA, and it is free!  Working with an agent that lives in your neighborhood can be a bonus as well, she/he may know the area well and provide good market comparisons.

Like the seasons, the fashion, and your age… the market will change, and probably sooner than you think. It always does!

 

Considering Selling in central Ohio area?  Let me run a Comparable Market Analysis for you!

Jenny Ryan Fusco

jenny.fusco@HERrealtors.com

The Jeannine Ryan Smith Team, HER Realtors

HERrealtors_es

Buying a home when you have a child with Autism Spectrum Disorder

img_6476

As a licensed and certified speech/language pathologist for over 20 years, I have been working with many families that have a child with special needs, many of which have a child on the autism spectrum (ASD).   Over and over again  parents have shared with me that they chose their particular home and/or location because of their child with special needs.   There are important factors to consider when looking for a home if you have a child in your family with special needs.

First, consider the location in regard to both public and private schools.  Not all public school systems are created equal in regard to their programming and funding for special needs services.  Some districts may be highly regarded for their services, while others may not be as well funded or supported.  In addition, if private school is a consideration, there may be chartered schools that specialize in the care and education of children with ASD.  In our community, there are at least 6 centers I can think of just off the top of my head that specialize in servicing children on the Autism Spectrum.   Many of these schools in our community are within the same region of town (i.e. the north side).  In addition, some of the schools may offer transportation.

In addition to the school district, the county in which a child lives may have a large impact on funding available for services.  For example, within local communities, several school districts may be highly regarded for servicing children with special needs, but there may be county lines within these communities in which each county offers completely different levels of funding and support, such as in the case of early intervention, therapy, transitional and/or respite services.  One side of the street a child may get all EI services paid for by the county in which they live, and across the street, very limited EI services are paid for because the county is different.

Communities also offer different recreational facilities, parks, and children’s programs.  Check to see if the community has accessible parks, sidewalks, and/or trails.  Do the parks have playgrounds with equipment for special needs children?   Having a nearby playground with a swing that you can walk to everyday may be great for the child that seeks that particular sensory input.  Check to see if there is a local recreation center, and if it has a year round indoor pool, or special recreational classes for children with special needs.   There are many more recreational and extra-curricular options for children these days such as art studios for children, music/movement classes, sports, etc..  Check to see if there are any in the community that you are looking into, and if they offer support for children with special needs/ASD.

Last, consider the proximity to local Children’s or specialized hospitals, or your doctor.  Is there easy access to a highway, and is it easily accessible any time of day (i.e. during rush hour) if there is an emergency?  How are the emergency services in the area?  What is the response time?

Taking the time to investigate a community thoroughly before you move may be very helpful if you have a child with special needs and/or ASD.  If you are in the Columbus, Ohio area, and you need any help locating a new home, I would be happy to assist you!

Jenny Ryan Fusco, M.A. CCC-SLP and Realtor

Jeannine Ryan Smith Team,  HER Realtors

jenny.fusco@HERrealtors.com

HERrealtors_es