Now that all of your kids flew the nest and beginning the next chapter of their lives, it’s time for you to start the next exciting chapter of yours. By “rightsizing” your home, you could save time and money that could be better spent on things such as traveling, hobbies, and your retirement fund. After all, bigger houses tend to mean more expenses and maintenance.
If you are an Empty Nester and have been considering finding a new home to settle down for retirement, one that you could age in place, here are some things to consider:
- Ranch style home or master suite on first floor. Accessibility is key when looking for a place you can stay in throughout your golden years. Having all the rooms on one level, or at least the rooms your use the most, will prevent you from having to climb up and down stairs frequently.
- First floor laundry. In addition to the points made above, having convenient first floor access to your washer and dryer will prevent the need to haul loads of laundry up and down stairs.
- Sufficient lighting. Having adequate lighting, especially in the kitchen, bathrooms and by any stairs is important to have. Homes with overhead lighting fixtures and plenty of natural lighting are ideal.
- Stand-up shower. A walk-in shower that does not have a curb and is large enough to accommodate a shower chair or bench will be valuable to have as you get older.
- More spacious floor plan. Having rooms with more open space can make it easier to maneuver with a wheelchair or walker.
- Nicer finishes. Having a home with less square footage doesn’t mean you need to sacrifice having nicer finishes such as granite counter tops. By now, you know what you like and it is the perfect time to get those luxurious finishes you always wanted.
- Spaces for hobbies and guests. After retirement, you will have a lot more time for your hobbies. Consider finding a home that has space to accommodate your hobbies such as workshop space or an additional bedroom. The extra bedroom could also double as a room for overnight visitors.
- Location. When choosing where to live, consider what you want to live by such as closer to your family, downtown area or local recreational trails.
- Yard space. If you don’t want to do a lot of yard-work at your new place, consider finding a home with a smaller yard or one with more hardscaping that is easier to maintain.
If you have been thinking about finding a new home to age in place, now is a wise time to do so. Interest rates remain low and the strong Seller’s market continues to dominate the housing market in Oconomowoc and surrounding Lake Country areas. The equity you built could be used towards your retirement fund or for that dream vacation of yours. To find out what your home could sell for in today’s market, request a complimentary home market analysis or call us directly at 262-567-3611.
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IT’S A BEAUTIFUL DAY IN THE NEIGHBORHOOD…
According to the National Good Neighbor Day website, “the spirit of a great neighborhood starts with good neighbors.” Here are 7 ways you can be a good neighbor:
- Make your neighborhood a friendlier place simply by greeting or waving to your neighbors. It might inspire them to do the same.
- Host a tailgate party at home and invite your neighbors over to watch the game. Go Badgers!
- Invite your neighbors over for a cookout or bonfire.
- Help out an older neighbor with a chore such as raking the lawn.
- Do you have extra vegetables from your garden? Share them with your neighbors.
- Join Nextdoor, a free private social network for neighborhoods to stay connected with neighbors and informed about what is going on in your neighborhood.
- Pay attention to the safety and security of your neighbors and their homes.
Together, we can strengthen our communities by being a good neighbor. Show others how you celebrate National Good Neighbor Day by using #goodneighborday.
Besides the purchase price of a home, there are other significant expenses that buyers should be prepared for. From closing costs to expenditures associated with home ownership, here is a breakdown of some of the most common costs to buy and own a home.
CLOSING COSTS:
Closing costs typically range from 2-5% of the purchase price and are due at the closing of a real estate transaction. To put it in perspective, the closing costs on a $200,000 home could cost from $4,000 to $10,000. These one-time fees may include:
- Appraisal Fee: Estimated value of a home by a professional.
- Survey Fee: To verify property lines.
- Wire Transfer Fee: To transfer funds electronically.
- Loan Fees: Charges associated with your loan such as an origination fee for processing a new application for a loan, credit report fee…etc.
- Title Fees: Charges for title insurance and settlement fees.
- Recording Fees: Fees for the government to enter new records such as for the deed and mortgage.
OTHER EXPENSES:
Besides the monthly mortgage payment, there are other expenses that many first-time home buyers may overlook such as:
- Property Taxes: Your realtor should be able to provide you with the tax bill information before you purchase a home.
- Home Owners Association Fees
- Garbage & Recycling Fees
- Home Owners Insurance
- Private Mortgage Insurance: PMI usually costs up to 2% of your loan amount annually, if you put less than a 20% down payment.
- Utilities: If you’re moving from an apartment to a single-family home, you should be prepared for a bigger utility bill. In addition, you will likely have to pay for water and sewer if the property has municipal utilities. You can usually find out the average utility costs by calling the provider, but it is important to remember that the average may be significantly lower if the home has been vacant for a while.
- Maintenance: As a homeowner, you will encounter additional expenses to maintain their home, such as repairing or replacing appliances or home systems. Having a home warranty can help you avoid major out of the pocket expenses and give you peace of mind.
Historically, summer is the peak real estate season in Wisconsin. Although there were less WI home sales in June, median home prices increased significantly compared to the respective month last year. Here are some quick stats from the June 2019 Wisconsin REALTORS® Association’s Home Sales Report. If you’re thinking about selling, now is an ideal time. Find out how much your home could sell for by requesting a complimentary comparative home market analysis.
When choosing what home improvements to complete, it is important to consider what upgrades will increase your home’s value and have the highest ROI when it comes time to sell. Here are 7 recommendations to make a better decision on where to spend your money.
- Finish your basement. A great way to add value to your home is to increase the amount of living space. A finished basement helps homes feel more spacious and can be used for a variety of purposes. Refinishing your basement will make your home more appealing to future home buyers that may need space for a children’s play area, rec. room, exercise area, hobby/craft space, and/or an additional bedroom.
- Create or improve an outdoor living area. Another way to increase the amount of living space, which adds value to your home, is to establish or improve an outdoor living area. Having a defined outdoor space for seating, grilling, and entertaining guests is a great way to bump up the amount of living space your home has. Check out these 6 design tips for your outdoor living spaces.
- Make your laundry room more accessible. A laundry area that does not require stairs to get to adds convenience, which ultimately adds value to your home. Consider adding a first-floor laundry area that could also be used as a mud room.
- Add an additional bathroom. It will increase the functionality of your home and therefore add value.
- Complete a minor remodel to the kitchen and bathrooms. Cosmetic updates to the bathrooms and kitchen are cost effective ways to add value to your home. Sanding and painting existing cabinets and drawers, updating fixtures, and adding new flooring can help transform the spaces.
- Upgrade flooring. Besides adding new flooring in the kitchen and bathrooms, the other rooms in your home may also need some updating. Old carpet can be a major turnoff for buyers looking for a move-in ready home. There are many options these days to replace old flooring. If you have hard wood floors, sanding and re-staining them may be all that is needed.
- Replace old windows. Energy efficient windows can help you save money on your utility costs and can be a major selling point to future home buyers.
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Statewide, the median home sales price in May increased over 9% compared to the respective month last year, according to the most recent analysis of the existing home market by the Wisconsin REALTORS® Association. Comparing the same two months, the number of home sales increased just over 3%. Price appreciation for homes has been well above the rate of inflation due to low inventory of homes for sale and demand pressure continuing to build. Affordability has declined but would have much more if mortgage rates did not also drop about a half percent over the last twelve months according to WRA President & CEO Michael Theo. If you’re looking to buy, you can still find some deals but it is crucial to act quickly as they will not stay on the market for long. Working with an experienced REALTOR® who is proficient at writing a real estate offer is highly advised to find success in this tight real estate market.
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Sources for information and data
“Wisconsin REALTORS® Association: May 2019 Home Sales Report.” WRA, 17 June 2019, www.wra.org/HSRMAY2019/.
“Wisconsin REALTORS® Association: Wisconsin Housing Statistics.” WRA, www.wra.org/HousingStatistics/.
Home ownership may be more affordable and rewarding than you think! There are many advantages to buying a home and can be a better financial decision in the long run compared to renting. Here are some common advantages when you buy a home.
- Build equity and credit. When you buy a home, a primary financial benefit is that you are able to build equity and your credit. You can build equity in two ways: when the property value increases and when the amount of debt you owe on your home decreases.
Besides home improvements and routine maintenance, property values can increase due to rising prices in real estate markets. In the Oconomowoc real estate market for example, prices of houses for sale in Oconomowoc and the Lake Country area have been on the rise. This is mainly due to demand for homes in the area outweighing the supply of homes on the market.
Some benefits of building equity include:
- Receive it as cash after you sell your home
- Borrow against it with a home equity loan or line of credit
- Use it as a down payment for your next home
Some benefits of building your credit include:
- Better chance of credit card/loan approval
- Higher lines of credit
- Lower interest rates on loans/credit cards
- Fixed payments. When you have a mortgage, typically you have a fixed monthly payment. In contrast you can expect annual rent increases when you rent. Furthermore, rental rates are rising faster, especially in areas where there is a shortage of houses for sale such as the Oconomowoc real estate market.
- Tax advantages. If you rent, your Landlord is getting the tax benefits while you pay the rent. Homeowners can receive tax benefits such as deducting mortgage interest, property tax payments, and even other expenses from their federal taxable income.
- Stability. In most circumstances, you decide when to move. When you rent, your Landlord could force you to move unexpectedly such as if they no longer want to rent the property or if they want to put it up for sale.
- Freedom to personalize. When you buy a home, you can personalize it without having Landlord restrictions or having to get permission first. Owning your home gives you the freedom to do things such as paint walls and replace appliances and fixtures.
If you think you can afford monthly mortgage payments but not the initial down payment on a home, there are down payment assistance programs that you may qualify for. Check out some of the helpful resources below to learn more.
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Oconomowoc and the Lake Country Area is a great place to be during summer. Here is a list of kid friendly activities and community events taking place throughout the summer season. Please make sure to visit the corresponding business or organizations’ websites that are hosting an event to confirm and view event details.
- Visit Dirty Kettle at Concord General Store.
Dirty Kettle, a fur-trading, mountain man visits Concord General Store a few times during summer to showcase the ways and traditions of the Plains Indians and Mountain Men of the 1800’s. Visit his 16’ teepee and other items to transport back in time. While you’re there, stop at the free Concord Zoo to feed some animals.
- Moon Lit Movies. A classic summer event in Oconomowoc that is free and family friendly. Watch a movie at dusk twice this summer at Fowler Park Come early for kid activities, bounce houses, and to catch the Badgerland Water Ski Show on Fowler Lake.
- Tour the Oconomowoc Area Historical Museum. The perfect place for kids (and adults) to learn more about Oconomowoc’s interesting history.
- Imagination Station at Roosevelt Park. A universally accessible playground in Oconomowoc, located along the Lake Country Bike Trail. The unique playground incorporates the history and culture of Oconomowoc.
- Rent a Water Craft at City Beach.
Get out on Lake La Belle by renting a watercraft at City Beach such as a canoe, kayak, paddleboard or paddle boat.
- Independence Day Celebration. Watch the Independence Day parade downtown Oconomowoc before the fireworks show over Fowler Lake.
- Catch a Show at the Summer Stage of Delafield. Watch a show at the outdoor Summer Stage of Delafield at Lapham Peak State Park.
- Dousman Derby Days. The event features the famous frog jumping championship, parade, music, food, carnival, and soft ball tournament.
- Visit Honey Acres in Ashippun. Learn about the history of bee keeping by visiting the free honey museum at Honey Acres. The family owned and operated business was established in 1852.
- Kids Fest at Roosevelt Park. Enjoy games, arts and crafts, inflatables and entertainment at Roosevelt Park during festival week in August.
- Kids Day at City Beach.Have a fun day at the beach with kid activities, games, and a sand castle building contest during festival week in August.
- Festival of the Arts at Fowler Park. Enjoy art, food and family entertainment at the annual August festival.
- Light up the Lake.
Another Oconomowoc tradition during festival week in August! Watch the boat parade on Lake La Belle as boaters show off their boat decorations for the occasion. Stay for the fireworks show that they display over the lake.
The low inventory of homes for sale continued to suppress the number of home sales and put upward pressure on home prices across Wisconsin. Comparing the number of home sales in April to the respective month last year, home sales were down nearly 10% statewide according to the Wisconsin REALTORS® Association’s most recent home sales report.
In Waukesha County, home sales for the first four months of the year slightly trailed behind the number of sales during the same period last year but median home sale prices increased over 6%. There were more new listings this April, but the total number of listings were down. The combination of strong buyer demand and low supply of homes for sale has pushed up housing prices substantially. Although affordability has decreased, we would have still seen more sales if there were more homes available to purchase.
It has been a strong Seller’s market for the last couple years but Buyers can still find some good opportunities. Make sure you have your financing ready and be prepared to act quickly when you find the right home. Working with a REALTOR® that has extensive knowledge and experience in real estate contracts is key to successfully buy a home in today’s tight market.
Source for information and data: “Wisconsin REALTORS® Association: April 2019 Home Sales Report.” WRA, 20 May 2019, www.wra.org/StdContent.aspx?id=2147498345&sso=1.
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Buying a condominium may be a great alternative as opposed to purchasing a home. Maybe you’re retired and wish to travel more; maybe you want to finally buy your own place to break free of renting. Whatever the reason, you should first consider what condo living entails to determine if it’s the best route for you. Here are some common benefits and drawbacks of condo living:
BENEFITS:
- Less maintenance. A major perk of condo living is that most of the chores are done for you such as mowing the lawn, snowplowing, and exterior repairs. This means you can have more free time and avoid additional expenses on maintenance equipment.
- Can be more affordable. Condominiums can have a lower purchase price than comparative single-family homes which also means a lower down payment. Understandably, the price of the condo depends on a number of factors such as location and amenities offered.
- Amenities. Frequently, condominium communities offer several amenities to residents that may be out of reach for most home buyers. Common amenities may include an elevator, fitness center, pool, and clubhouse. Some condos in Oconomowoc even offer amenities such as a dog wash station, guest suites for visitors, and shared boats for condos on a lake.
- Social life. Living close to others and sharing the common amenities can make it easier to get to know your neighbors. If you like to socialize or live alone, this could be a terrific benefit.
- Proximity to downtown. Condo developments can be near downtown areas which may allow you to walk or bike to work and to all of the downtown’s offerings. You could save money on fuel costs and steer clear of having to sit in rush hour traffic which also saves you time. The headaches of finding parking can also be averted which is especially nice during downtown events.
DRAWBACKS:
- HOA fees. Common amenities are nice to have but come at a cost. Monthly home owner association fees should be expected for any condominium. The monthly HOA fee for condos in Oconomowoc can range from $130 per month upwards to $450 per month. Neighborhoods with single family homes may also charge a HOA fee but are typically on an annual basis.
- Restrictions. Condo living can be more restrictive compared to owning a single-family home since condo associations can establish their own restrictions. Typically, condominium communities set pet policies that may limit the number, breed, and even the weight of your pets. Some condominium associations may also have age restrictions for residents and may require that the majority of owners are at least 55 years old. You may also be limited on what type of renovations you can do and likely will need permission from the association.
- Noise/Privacy. Similar to the structure of an apartment, condominium units share walls. You may even have neighbors above and/or below you. Living close to your neighbors can result in hearing more noise. If you’re looking for peace and quiet, living in a condo might not be the best option for you.
Buying a condominium can be the perfect decision for some people. If you’re looking to find a condo for sale in Oconomowoc, there are plenty of options. Follow the links below to browse condos and homes for sale in Oconomowoc.
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