Sherri Pinelli-Real Estate Services

New listing....4 unit complex in Upland. All units currently occupied. Contact me for more information or to schedule a showing. Property has been upgraded with new kitchens, baths, tankless water heaters, heating and a/c.

NEW listing....4 units fully occupied in Upland. Contact for more information or to schedule a showing.

Tips for buying a townhouse If you’re like many home shoppers, you understand that there are differences between condos and townhomes but you don’t quite understand what those differences are. This is because there are also similarities, most notably that townhomes are frequently governed by a homeowner association and condos almost always are. I don’t know about you, but when I think about condos, I picture a large structure with lots of units. This is typical of many of our... condo communities. The problem with describing the home in this manner, however, is that the word condominium is a form of ownership, not a type of structure. There are three main types of homeownership: Fee Simple: Ownership of the land and the home Condominium: Sole ownership of one unit in the community and joint ownership of common areas. Cooperative: Ownership of shares in a corporate-owned building with the right to live there but the person doesn’t actually own the unit. The condo owner owns only what is between the walls of his or her unit and has an ownership share in the common areas. The word townhome, on the other hand, is a structure that usually has at least two stories, it is attached to at least one other home but each home has its own front door to the street, not a hallway as many condos do. To make it even more confusing, townhomes can be owned as condominiums or fee simple meaning the homeowner not only owns the home, but the land on which it sits as well. Let’s take a look at two of the most significant questions you should ask when you’re considering buying a townhome. 1. Homeowner Association Buying a home in a managed community means that you’ll be required to pay monthly HOA dues and other fees. These can be quite significant, so take them into account when determining how much you can afford to spend on housing every month. Also, ask questions about anything in the HOA documents that you don’t understand. 2. Getting Financed If you’ll be taking ownership of a townhome as a condominium, rather than fee-simple, the lending process is a bit different. The lender may look at the owner-occupancy rate in the community. If the tenant-occupied rate is more than 30 percent, you may have to search long and hard for a lender who will take it on. The lender will also peruse the documents to determine the number of homeowners that are behind in their dues payments. If that number exceeds 15 percent of all homeowners in the community, you’ll have trouble finding a loan. Townhome living is ideal for those that want the benefit of homeownership at a cheaper price and without some of the maintenance chores that come with a detached home. Do a bit of homework, however, before agreeing to purchase.

Renovations and Home Values In our last post we took a look at some events and conditions that negatively impact home values. As promised, this time we’ll expose conditions that have a positive impact on value and some of this may surprise you. The appeal of graveyards... A few years ago a large real estate news site published the results of a study that surprised many in the industry. People actually like living near a cemetery. In fact, the study finds that, although homes within 50 feet of a cemetery take longer to sell, when they do sell they bring in more money than homes further away from the cemetery. School District No surprise here; the effects of a good school district on nearby home values are well documented, and this is true nationwide. In Florida, for instance, homes in what the state calls an A district are worth $50,000 more than comparable homes in districts with lower ratings. There’s no dollar amount on extra value placed on homes in Washington State’s Bellevue School District the highest rated in the state. Studies conducted there claim that homes in that school district are worth, on average, 15 percent more than comparable homes in other school districts. The National Association of Realtors did their own study of homebuyers, asking if they were willing to pay more for a home in a good school district. Over half of them said yes. Large Retailers Just the mention of the possibility of a Walmart Super Store moving into a neighborhood is enough to send homeowners scrambling for their real estate agent’s phone number. But, should they? A joint study from Brigham Young University and the University of Chicago found that a Walmart store in a neighborhood causes home value to increase up to 3 percent if you live within one-half mile of the retailer. If you live a mile away, plan on your home’s value to increase up to 2 percent. The story is almost the same when a Whole Foods Market moves in. This retailer deliberately seeks somewhat rundown neighborhoods in which to build. From there, gentrification sets in so home values naturally rise. So, a Whole Foods Market moving into a neighborhood can be said to have an indirect impact on home values. Finally, a Duke University study finds that homes within a 1 to 5 mile radius of a shopping mall increase in value. From homes located near rail systems to those with quick access to freeways, there are many aspects to the location, location, location mantra that may prove surprising to some, but because they impact home values, they are all well-worth knowing about.