Real Estate – Navigating Boston Property Taxes

Purchase Valuation

One of the hardest things as a buyer is determining what a property is worth. This can be especially difficult if you are emotionally invested in a home that you saw. The process of valuation should rest on the shoulders of your agent. You should trust the information is accurate and do not hesitate to ask questions on how the suggested value (or offer price) was determined.

When evaluating a property for a buyer the agent should factor in comparable sales, current market vs these comparable sales, quality of building/structure, quality of interior/finishes, forecasted improvements needed and when, condition/age of mechanicals, general maintenance, projected growth for given location, natural light exposure, ceiling height, layout, lot design and quality, exterior space or ability to improve such, general amenities such as sqft, beds/baths; etc. In order for a buyer to have a chance at securing a property (without over-paying) these contributing factors of value must be analyzed. If you do not have representation to effectively determine value, the chances of you making a bad investment and/or purchasing a property that has compounding costs are exponentially higher. It is essential that proper and detailed evaluation be completed prior to offer submission.

Additionally, I also caution buyers to not put much emphasis on estimates provided by Zillow, Redfin, or the like. These are often inaccurate and highly influenced by the asking price. I have seen many of these “estimates” on my own listings adjust to at/around asking price once a given property hits the market. So, by the time a buyer sees the “estimate” it may already have been influenced by the asking price. These website algorithms are impressive technology… but they are far from perfect and do not factor in many of the mentioned variables that can greatly impact value. This is especially true in areas such as Boston where the age, the style, and the location within a small neighborhood can vary wildly.

When making what is most often the biggest investment of your life, ensure you have the proper representation to eliminate costly mistakes. This will significantly increase the likelihood you have a strong return on investment when the time comes to sell.

Remember: a buyer agent only gets paid when you buy… so do your best to make sure your motives are aligned!

As we get in to the colder months, here is a list of things to do prior to the deep freeze!

1. Service HVAC or Boiler.

2. Drain outdoor spigots.

3. Install storm windows (if you do not have thermal layer windows).

4. Service/clean fireplace.

5. Cover wood store or keep in a dry place such as garage (if you have a wood fireplace).

6. Clean gas fireplace (if it is not an enclosed insert).

7. Check attic and basement for any holes created by animals. These can lead to drafts that can lead to freezing pipes and/or high heating bills.

8. Clean gutters. This will help prevent ice dams.

9. Put up reflector poles along driveways, walkways; etc. before ground freezes.

10. Evaluate tree limbs around house that may fall/break under weight of snow.

11. Evaluate roof to make sure shingles or rubber are not peeling. These are more difficult to repair in the freezing cold!

12. Insulate any exposed pipes. Simple pipe insulation can be purchased at any hardware store. This most often applies to unfinished basements.

13. Make sure any ceiling fans are counter-clockwise. They should be pulling air UP not pushing DOWN. This creates circulation throughout the room and distributing the warmer air that collects around ceiling.

14. Test snow blower is BEFORE it snows.

15. Stock essentials that may run low during a storm (non-perishable food, water snowmelt, shovels, candles, matches, flashlights, batteries, firewood, gas for snow blower; etc).

Trusted Techs:

If you own a home, then you know issues with inevitably arise. This is an unavoidable consequence that comes with the territory of a “physical asset”. If you are unprepared, or do not have the right resources/vendors when an issue arises, it will compound the problem.

For example, losing heat in the winter = NOT FUN. But, losing heat in the winter + nobody will answer your call for help = EVEN LESS FUN. Having a trusted plumber can eliminate tremendous stress and headache during times like these. Not only will this plumber answer your call and complete the job in a timely manner, they will (usually) not overcharge you. I write “usually” this way because the cost of trade-work is at an all time high… so these days even the current market price can feel like you are being taken advantage of. One thing I will always suggest –> negotiate, negotiate, negotiate. Often times a vendor will reduce price if you ask the right way (hint: nicely!).

On the Real Estate side, this type of trusted network is something I provide to all my clients whether you bought/sold last week or 10 years ago. Having vetted dozens of vendors in each trade through my 20+ years in real estate, I have intimate knowledge of who is reliable. When a situation arises for a client, my first step is to always ask questions to understand the issue. Then, if any basic troubleshooting can be applied I make suggestions. If this does not work or it is not a potentially “simple fix”, then I provide my vendor contact. I also notify the vendor with name of the client reaching out and outline of issue. This helps them be prepared and ready to respond. *Note: I never accept kick-backs from any vendors I recommend. All I ask is they do a good job and charge fair market.*

Long and Short: whether it be a plumber, electrician, handyman, roofer, painter, flooring; etc – having a rolodex of people you can rely on will be a tremendous relief when in a pinch.