Vineyard Open House Blog

'Real Estate Roadshow' to Focus on Flood Zones Fri. Mar 27th, 10 AM to Noon at Vineyard Open House Real Estate

You're... invited to the final edition of our March 'Real Estate Roadshow' series, to be held this Friday, March 27th at our office in Vineyard Haven. Ken Romero of MV Insurance will address ‘The New Flood Zones & You.’

The fourth in a month-long series of public-information events, it will be held from 10 am to noon.

Romero’s focus will be on the newly expanded flood zones and how they can have an exponential effect on homeowner insurance rates. Martha’s Vineyard residents, many of whom live on or near island shores, should pay close attention to these evolving flood zones, says Romero, especially if you are planning to buy or sell a home, or are simply worried about rising insurance rates.

Inspired by PBS Antique Roadshow

The Flood Zone focus is the last of the Friday Real Estate Roadshows which were inspired by PBS’s Antique Roadshow. Previous industry experts appearing at the Vineyard Open House office include Tim Lowe, Vice President at Martha’s Vineyard Savings Bank (Mortgages), Kristin Zern, Realtor, Vineyard Open House (Maximizing Rental Income) and Tammy King, Mortgage Loan Officer at Cape Cod 5 (Mortgages Rates & 1^st Time Buyers).

“We’ve had a lot of fun doing the Roadshows,” says Vineyard Open House Owner David Lott. “Not only did we learn a good deal, but we’ve improved our relations with these top professionals that we work with almost every day. We hope to see a lot more of them in the coming months and years.”

Romero is the Assistant Personal Lines Manager for MV Insurance.  He joined the company in 2010 and has received extensive training in all areas of personal insurance, including flood insurance. He recently organized a seminar for the island’s real estate agents and lenders on the recent changes to the NFIP (National Flood Insurance Program) that will take effect next Wednesday on April 1.

Public Is Invited

The public is invited. Hot coffee, tea, hot chocolate and fresh muffins will be served. Attendees are encouraged to bring their questions for a personal response.

Vineyard Open House Real Estate is located at 10 Union St. in Vineyard Haven (right across from Murdick’s Fudge.)

For More Information: Contact David Lott, Owner/REALTOR, or Kristin Zern, REALTOR at our main office telephone: 1-508-338-2495. Or email us.

 

Our Value of the Week - Log Cabin Road, West Tisbury, Martha’s Vineyard

A lot of house for the money!

Price: $799,000.00         5 Bedrooms/3 Baths,  2,577 Sq Ft, 1.8 acres

Beautiful and spacious back yard, back view of house, deck and outdoor shower

In a Nutshell: Colonial built in 1999, 2,577 Sq Feet, 5 bedrooms, 3 full baths, open floor plan with kitchen and living room, formal dining room first floor master with ensuite bath, (jacuzzi and separate stall shower), wood floors throughout, central air & vacuum, 2 zoned gas forced hot water heat, 1 car attached garage, art studio, 1.8 acres, in Longview area off Lambert’s Cove Road.  

Description: We previewed this lovely house yesterday and fell in love with the setting and the layout and space of this well planned home. You enter through the front door to the spacious foyer and then into the open living Room, dining area and sleek kitchen. Plus, there is a formal dining room off the kitchen.  The kitchen cabinets are good quality, as is the stainless high end stove. There are granite counter tops on the island counter top and on the bar counters.  There is a warmth about this home even though we saw it without any furniture. It is move in ready, freshly painted on the interior and bright and sunny. 

First Floor: Open floor plan, kitchen, living room, dining area, formal dining room, master bedroom with ensuite bath, Office or 5th bedroom, 3rd full bath with stall shower, and mudroom/laundry room.

Sleek kitchen with view of the living room with sliders out to the back deck

 

First floor master bath with jacuzzi and double sinks (stall shower not shown)

Second Floor: There are 3 good sized bedrooms plus a full bath.  There is also a large open loft area that can be used as a playroom, 2nd family room, or teen hangout. This is a real plus if you are planning on renting this home to vacationers. 

The second floor loft perfect for a second family room, kids playroom or study

Basement: There is a large dry basement that can easily be finished to become a welcoming family room, office, and or exercise room. Plumbing also exists to make a fourth bathroom an easy addition.

Bonus: There is a three-season room with AC and a sink that has been used as an artists studio. It can easily be insulated to become a four-season room.

The opportunity you've been waiting for in West Tisbury just half a mile from Lambert's Cove Beach and Seth's Pond.

To find out more about this wonderful opportunity and to buy your home on Martha's Vineyard offered below the assessed value, contact us at Vineyard Open House Real Estate. 

Kristin Zern, Realtor® or via Cell or Text at 914 439-2047

or 

David Lott, Realtor®/Owner or Cell or Text 203 270-9357

5 Tactics for Buying a Retirement or 2nd Home Before You Retire

BY WVH Editors 

Jupiter Country Club is a private, gated country club community on 483 lush acres in upscale Palm Beach County.

 

Financial experts say buying your second home or retirement residence five to 10 years before you stop working is a smart move. 

"[However] buying a second home is not for people who are just getting by," says Patrick Cunningham, vice president of Home Savings and Trust Mortgage in Fairfax, Virginia, “This should only be a choice for people with the income and assets to handle it."

Here are five key factors to consider before you take the plunge.

1. Fund Your 401(k)
Kimberly Foss, president of Empyrion Wealth Management in Roseville, California recommends clients properly fund their 401(k)s. In addition, buyers should have at least 12 months' worth of expenses in the bank as an emergency fund.

2. Refinance the Right Way
For those not paying in cash, homeowners can either finance it as an owner-occupied home, if the buyer resides in the home, or as a second home. 

Interest rates, qualification guidelines and down payment requirements are generally more reasonable on second homes than on investments. An investment loan requires a down payment of at least 20% or 25%.

3. Decide If You Will Rent Your Second Home
One of the primary benefits of buying a home before retiring is rental income. If you use the property as a rental property, you can gain tax advantages as well.

4. Consider the Location
Approach your property as you would any other investment and evaluate the potential resale value based on the location, community amenities and floor plan. Look for an urban-suburban location with nearby amenities, healthcare facilities and cultural opportunities.

5. Be Flexible
Second homes are often in resort areas. If you are more than 10 years away from retirement, rent your second home choice first to see how it fits you and your family.. While renting, investigate the neighborhood and familiarize yourself with the surrounding area.

This entry was excerpted from “Buy a Second Home Before You Retire?” as featured on foxbusinees.com. For the complete article, visit foxbusiness.com.