Mary Foley Real Estate Inc.
Mary Foley Real Estate Inc.


Posted by Mary Foley Real Estate Inc. on 8/12/2020

This Single-Family in Warren, MA recently sold for $278,000. This Ranch style home was sold by - Mary Foley Real Estate Inc..


641 Little Rest Rd, Warren, MA 01083

Single-Family

$269,000
Price
$278,000
Sale Price

6
Rooms
3
Beds
1
Baths
! Meticulously renovated 3 bedroom ranch on a magical wooded lot, just over the Brimfield line in lovely Warren! This gorgeous 3 bedroom ranch is surprisingly spacious with room for expansion in the huge walk out basement. The living room features beautiful vaulted ceilings with rustic beams, sky lights and wood burning fireplace. There is a second fireplace in the walk-out basement.The sun filled kitchen boasts leathered granite counter tops and stainless steel appliances. Just off the kitchen is the beautiful sunroom, perfect for watching the days go by. Custom architectural details give this home a unique feel. Wood floors throughout! Upgrades include a Brand new furnace and hot water heater! New well with new 3/4 hp pump and new whole house water filtration system! Young roof and replacement windows! Fresh paint inside and out. Rough plumbed for 2nd bathroom in basemen. Huge out-building for storage/ studio/ club house? Absolute privacy without a neighbor in sight!

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Categories: Sold Homes  


Posted by Mary Foley Real Estate Inc. on 8/11/2020

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 Photo by Laura Shaw via Pixabay 

4 Improvements That Increase the Value of Your Home

Home improvement projects add useability, beauty and convenience to your house, and those characteristics make the house more desirable to potential buyers. If you’re considering a home improvement project, here are four that will increase the value of your home.

1. An Addition Increases Square Footage

One of the most impactful home improvements you can make is putting on an addition. Whether a family room, bedroom or home office, an addition adds useable square footage to your house -- and extra space is something that every prospective homebuyer can appreciate. 

While not a perfect measure because value varies with the type of room, you can roughly estimate how much value an addition would have by multiplying the average sale price per square foot in your neighborhood by how many square feet an addition is.

2. A Finished Basement Increases Useable Space

A cheaper alternative to installing an addition, finishing a basement is relatively easy and likewise increases useable space. 

Exactly what constitutes a finished basement can vary. You might simply want some shelves, carpeting and a few games, or you may want a full in-law apartment that’s complete with a bathroom and kitchenette. However you finish your home’s basement, though, the project will add value because anything is more useful than undeveloped storage space.

3. A Complete Kitchen Remodel

If you’re tired of cooking in an outdated kitchen, remodeling your kitchen will improve your day-to-day experience and let you recoup some of your investment. You probably won’t get the full cost of a kitchen remodel back when you sell your home, but you can regain most of the improvement’s cost if you’re wise in the changes that you make. Additionally, a remodeled kitchen can help sell your house faster if you’re in a slow real estate market.

4. A Master Bathroom Remodel

A house’s master bathroom is usually one of the three main rooms that potential homebuyers look at (with the kitchen and master bedroom being the other two). Thus, a master bathroom remodel is an improvement project that many will appreciate and be willing to pay for. 

When you remodel a master bathroom, consider what high-end aesthetics and luxury features would add the most perceived value from someone else’s perspective. Then, pick the ones you think will have the biggest benefit and that you personally like.

Ask a Real Estate Agent

For help deciding how to approach any of these home improvement projects, get in touch with one of our real estate agents. We’re professionals who every day see what attracts prospective homebuyers, and we’d be glad to help you design an improvement that will add true value to your home.





Posted by Mary Foley Real Estate Inc. on 8/4/2020

Photo by 3D Animation Production Company via Pixabay

If you’re retired, own your own home and have trouble making ends meet, a reverse mortgage may seem like the answer to prayers. You get to stay in your house and you’ll have some extra cash to see you through. Before you run to the nearest lender, however, consider the downside as well as upside to these instruments.

What is a reverse mortgage?

A financial institution lends you money, either a lump sum, a stream of payments or a line of credit, against the equity in your home. Unlike most loans, however, you’re not required to pay it back on a regular basis. You can let the loan ride until you die, move or sell the home, at which your home is sold and the proceeds pay off the loan.

While there are several flavors of reverse mortgage, most are insured by the Federal Housing Administration (FHA) under a program called the Home Equity Conversion Mortgage (HECM).

Am I eligible for a reverse mortgage?

Everyone on the title must be 62 or older. The home must be your primary residence, and your equity needs to be at least around 50 percent. Also, you have to attend consumer counseling before signing up.

What are the pros of a reverse mortgage?

  • You stay in your home. You keep the title until you sell, move or die.

  • There are no required monthly payments. Any previous home loans are paid before you receive your proceeds.

  • If you choose to make payments, there’s no prepayment penalty.

  • The money you receive is not taxable, nor does it affect your Social Security or Medicare eligibility.

  • The loan is non-recourse. Regardless of your loan balance, you'll never have to pay back more than the house is worth.

What are the cons of a reverse mortgage?

  • Unless you make payments, the loan amount will continue to increase. It’s unlikely you’ll pass the home on to your heirs.

  • You must continue to pay taxes, insurance and necessary maintenance and repairs. Failure to do so can lead to foreclosure.

  • There are upfront and ongoing mortgage insurance premiums as well as a loan origination fee. These (and interest rates) trend higher than for other mortgage loans.

  • Your favorite bank may not offer reverse mortgages. Most issuers are small banks, credit unions and online lenders. Some lenders have made misleading claims that understate the risk.

  • If you go into a nursing home you will have to sell the home and pay off the loan.

  • While Social Security and Medicare are not an issue, reverse mortgage income can affect your eligibility for Medicaid and Supplemental Security Income.

Should I apply for a reverse mortgage?

If you plan to stay in your home well into retirement and are having trouble with ongoing expenses, it may be right for you. However, if you aren’t cautious about what you’re getting into, or if you’ll have trouble paying taxes, insurance and upkeep even with the extra money, it isn’t a wise choice.




Categories: Uncategorized  


Posted by Mary Foley Real Estate Inc. on 7/28/2020

This Single-Family in Orange, MA recently sold for $112,000. This Colonial style home was sold by - Mary Foley Real Estate Inc..


182 N Main St, Orange, MA 01364

Single-Family

$95,000
Price
$112,000
Sale Price

6
Rooms
3
Beds
1/1
Full/Half Baths
Come see this charming colonial in Orange with 3 bedrooms, 1.1 bathrooms and a total of 1,852 square feet of living space. Spacious first floor with a large kitchen with plenty of cabinet space along with an area for a large table. Off the kitchen leads to a deck overlooking the rear yard and above ground pool. There is a formal dining and living room located off the kitchen. Spacious bedrooms which all feature hardwood.1 car detached garage. Full basement for added storage. Make this home yours today!

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Categories: Sold Homes  


Posted by Mary Foley Real Estate Inc. on 7/28/2020

When it comes to adding your residence to the real estate market, it is always better to err on the side of diligence.

Ultimately, there are many reasons to become a diligent home seller, including:

1. You can price your house competitively from the get-go.

For those who want to become diligent home sellers, it is paramount to set a competitive price from the get-go. By doing so, a diligent home seller can stir up plenty of interest in his or her house and boost the chances of a quick home sale.

A diligent home seller will allocate the necessary time and resources to learn about the real estate market. As such, this home seller will have no trouble establishing a competitive price for his or her residence from day one.

In addition, a diligent home seller will examine the prices of available houses that are similar to his or her own. With this housing market data in hand, a diligent home seller can establish a price range for his or her residence.

2. You can identify home improvement opportunities.

A diligent home seller likely understands that his or her residence has various pros and cons. At the same time, this property seller recognizes home improvement opportunities.

To learn about home improvement opportunities, a diligent home seller usually will conduct a home appraisal. This appraisal enables a property inspector to evaluate a residence and provide the home seller with an in-depth report about the house's condition. Then, the home seller can use these property insights to streamline his or her home improvement efforts.

Completing a series of home improvements can make a world of difference in the eyes of homebuyers. In fact, a diligent home seller will prioritize home improvement projects and finish assorted home interior and exterior tasks to transform an ordinary residence into a stellar one.

3. You can keep your cool in stressful negotiations with a homebuyer.

Let's face it no home seller wants to worry about stressful negotiations with a property buyer. Fortunately, a diligent home seller will know what it takes to remain calm, cool and collected as home selling negotiations proceed.

A diligent home seller will understand the true value of his or her house. Thus, this home seller can enter negotiations with actionable data to help him or her make informed decisions.

Plus, a diligent home seller will maintain an open approach throughout negotiations. This approach will enable a home seller to listen to what a homebuyer has to say at all times. And if a home seller maintains an open approach, he or she increases the likelihood that all parties involved in negotiations will get the best possible results.

If you ever need extra assistance as you prepare to list your residence, you can always reach out to a real estate agent too.

Even a diligent home seller will collaborate with a real estate agent to get home selling guidance. That way, a diligent home seller can move one step closer to optimizing the value of his or her residence.




Categories: Uncategorized