Paul W Sullivan & Assoc



Posted by Paul W Sullivan & Assoc on 2/21/2021

Photo by Mostafa Safadel on Unsplash

The penthouse is the pinnacle of real estate in many markets -- and places like New York and Miami -- have plenty of options to choose from. It's easy to get caught up in great decor or fall in love with a view, but there are other considerations as well. Here's what to think about when you shop for a luxury penthouse unit. 

Expect to Pay  a Premium: Most penthouses are priced above similar sized units in the same building, so be prepared to spend a little more for that amazing view and those amenities. A single penthouse spanning the top floor will command more of a premium rate than one that shares the floor with one or more other units. 

You Can Still Negotiate: While a penthouse will command a higher price than any other unit in a specific building or location, you can and should negotiate the best deal. In cities with a glut of inventory in this price range, you may be able to secure a better price, simply by presenting the right offer. Your real estate agent can help you determine how flexible a price is and what fair market value is for a home you are considering. 

Inventory Impacts Price: In high-rise dense cities like New York, there are always penthouse properties available. Outside of cities, though, you may have fewer options  In vacation and resort areas with coveted views, there are only a small number of penthouse properties to begin with, and they are not all on the market at the same time. Act swiftly if a property you truly want becomes available to avoid missing out. 

Visit at All Hours: If you will live in the penthouse property, you should visit it during the day, at night and on weekends. Because this property is near the roof, it may also be near HVAC and elevator equipment -- these can get noisy when in heavy use. Newer penthouses have insulation and soundproofing, but older ones may not, so the home could be noisier than you expect when everyone else in the building is home. 

Is the view guaranteed? A building that faces the ocean and is directly on the beach will have a view that is not interrupted by future construction, but not all penthouses fit this description. You should be aware of zoning and building possibilities -- could a taller building be placed in front of yours -- disrupting your view? Your agent can help you discover if this nightmare scenario is a risk factor in any home you are considering. 

Buying a penthouse is different from other luxury property purchases, because the view and position of the home offer so much and contribute to the price. Be aware of the setup of the building and its location -- and be ready to move if a penthouse becomes available in a market with scant inventory. Your real estate agent can watch for new listings and help you be first in line to view new luxury properties as they arrive in the marketplace and ensure you don't miss out on the home of your dreams. 




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Posted by Paul W Sullivan & Assoc on 2/14/2021

Let's face it stress can be problematic, particularly for a homebuyer who is competing with others to find the best house at the lowest price. Lucky for you, we're here to help you minimize the guesswork associated with purchasing a house, increasing the likelihood of a stress-free homebuying experience.

Now, let's take a look at three tips to help you enjoy a stress-free homebuying journey.

1. Study the Housing Market

The housing market conditions in one city or town may vary from the real estate conditions in another. As such, you'll want to assess the local housing market closely to identify patterns and trends. This will allow you to obtain comprehensive real estate market insights that can help you become a diligent homebuyer.

Of course, don't forget to analyze the prices of recently sold houses in your city or town too. This housing market information can help you differentiate a seller's market from a buyer's one so you can tailor your homebuying journey accordingly.

2. Prep Your Finances

Although you know that you want to buy a house as soon as possible, you still have no idea how you'll pay for a residence. Fortunately, if you prepare your finances today, you'll be better equipped than ever before to enjoy a stress-free homebuying experience.

Consult with a variety of banks and credit unions to learn about all of the mortgage options at your disposal. That way, you can explore a wide range of mortgage options and select one that matches your finances perfectly.

Also, be sure to ask lots of questions when you meet with lenders. These financial institutions employ friendly, knowledgeable mortgage specialists who can help you evaluate all of your home financing options. And if you ask plenty of mortgage questions, you can gain the insights that you need to make the best-possible mortgage decision.

3. Collaborate with a Real Estate Agent

If you want to avoid stress throughout the homebuying journey, it helps to hire a real estate agent. In fact, with a real estate agent at your side, you can get the support that you need to thrive.

A real estate agent will learn about your homebuying goals and help you map out a successful homebuying journey. As a result, a real estate agent will make it easy to identify potential homebuying hurdles and ensure that you can avoid such issues.

Furthermore, a real estate agent delivers extensive assistance at each stage of the homebuying journey. He or she will help you examine a broad array of houses and find a home that is right for you. Plus, after you discover your dream house, a real estate agent will help you submit a competitive homebuying proposal.

As you get ready to enter the real estate market, it helps to plan ahead as much as you can. Take advantage of the aforementioned tips, and ultimately, you can minimize stress as you proceed along the homebuying journey.




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Posted by Paul W Sullivan & Assoc on 12/6/2020

A home showing is a key part of the property buying journey. As such, it helps to plan ahead for a house showing as much as possible. Because if you enter a home showing with a plan in place, you can use this event to help you determine whether a residence is right for you.

Now, let's take a look at three tips to help you get ready for a home showing.

1. Make a List of Questions

A home showing is a valuable learning experience, particularly for a buyer who crafts a list of questions ahead of time. And if a buyer has a list of home showing questions in hand, he or she can gain the necessary insights to make an informed decision about a residence.

Before you make a list of home showing questions, you may want to review a house listing. Then, consider any information that you want to know about a house that is not included in the listing and craft your home showing questions accordingly.

Also, it is important to remember that there is no such thing as a "bad" question to ask during a house showing. If you ask lots of questions during a showing, you can learn about a residence and decide whether to submit an offer to purchase this home.

2. Establish Realistic Expectations

There is no telling how a home showing may turn out. Thus, it is important to plan for the best- and worst-case scenarios.

In the best-case scenario, a buyer will discover his or her ideal residence during a showing. On the other hand, in the worst-case scenario, a buyer will find that a home fails to meet his or her expectations.

Oftentimes, a buyer will need to attend several home showings before he or she discovers the right residence. And if you fail to find your dream residence during your first home showing, there is no harm in continuing your house search and attending other showings in the future.

3. Work with a Real Estate Agent

A real estate agent is a homebuying expert, and he or she is happy to help you prepare for a house showing. First, a real estate agent will offer lots of insights into a home and respond to any of your concerns and questions. He or she next will attend a showing with you. After a showing is complete, a real estate agent will meet with you and help you determine the best course of action.

In addition, when you discover your dream home, a real estate agent will do everything possible to ensure you can acquire this residence without delay. A real estate agent will help you submit a competitive offer to purchase your dream home. Plus, he or she will negotiate with a seller's agent on your behalf to help you get the best price on this residence.

Ready to attend a home showing? Use the aforementioned tips, and you can plan for a showing and boost the likelihood of a successful home search.




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Posted by Paul W Sullivan & Assoc on 11/8/2020

The homebuying journey is rarely problem-free. Fortunately, homebuyers who know how to address challenges throughout the property buying journey should have no trouble making their homeownership dreams come true.

Now, let's take a look at three tips to help you develop an effective approach to address any homebuying challenges that come your way.

1. Be Diligent

When it comes to homebuying challenges, it helps to be diligent. A diligent homebuyer allocates time and resources to understand problems and address them from every angle. As such, this buyer may be better equipped than others to find the right solution to any homebuying challenge, at any time.

Furthermore, a diligent homebuyer often learns about the housing market and analyzes real estate market patterns and trends. With this information at his or her disposal, a homebuyer can use real estate market data to gain an advantage over rival property buyers. And as a result, a diligent homebuyer can use housing market data to make fast, informed decisions throughout the property buying journey.

2. Understand the Worst-Case Scenarios

No one likes to think about the worst-case scenarios. Yet considering potential challenges that could arise during the homebuying cycle may help a property buyer plan ahead for these problems.

As a homebuyer, it is important to prepare as much as possible for all stages of the property buying journey. If a buyer understands potential challenges, he or she may be able to address such problems without delay. Perhaps best of all, this buyer can minimize the risk of encountering possible hurdles that otherwise may prevent him or her from finding the right house at the right price.

3. Work with a Real Estate Agent

Dealing with a homebuying challenge on your own can cause immense stress. Lucky for you, real estate agents are available who can help you identify and resolve any homebuying challenges before they escalate.

A real estate agent is a homebuying expert who can guide you along each stage of the property buying journey. First, he or she will learn about your homebuying goals and craft a custom property buying strategy. A real estate agent next will keep you up to date about new homes that match your property buying criteria, as well as set up home showings. And once you find a house that you want to buy, a real estate agent will help you submit a competitive offer to purchase this residence.

Let's not forget about the assistance that a real estate agent provides after a seller accepts your offer to purchase a home, either. At this point, a real estate agent will help you schedule a house inspection and ensure that you are fully prepared for closing day. And if you have concerns or questions along the way, a real estate agent is ready to respond to them.

Want to become a confident homebuyer? Use the aforementioned tips, and you can bolster your homebuying confidence and address any homebuying challenges with poise and integrity.




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Posted by Paul W Sullivan & Assoc on 11/1/2020

As a condo buyer, it is important to find a property that matches or surpasses your expectations. At the same time, you'll want to do everything possible to avoid paying too much for a condo.

What does it take to shop for a condo and avoid the risk of spending too much to acquire your dream residence? Here are three tips to ensure you can pay the right price for any condo, at any time.

1. Browse the Real Estate Market Closely

An informed condo buyer will be able to differentiate a mediocre property from a great one. Plus, this condo buyer will know what it takes to avoid paying too much for a property that is unlikely to deliver long-lasting value.

Take a close look at the current housing market to understand the prices of condos in various cities and towns. By doing so, you can determine the price range for condos that fit your needs.

Don't forget to check out the prices of recently sold condos in your area too. That way, you can understand how long condos typically are available before they sell and map out your condo buying journey accordingly.

2. Get Pre-Approved for a Mortgage

Pre-approval for a mortgage will allow you to define how much you can spend on a condo. It also will enable you to reduce the risk of stretching beyond your financial means to acquire your dream condo.

To get pre-approved for a mortgage, you'll want to meet with several banks and credit unions before you kick off your condo search. This will allow you to learn about both fixed- and adjustable-rate mortgages and the pros and cons associated with these mortgages.

Furthermore, don't be afraid to ask lenders how different types of mortgages work, as this will enable you to select a mortgage that corresponds with your budget both now and in the future.

3. Consult with a Real Estate Agent

Employ a real estate agent to assist you along the condo buying process you'll be happy you did. This real estate professional will do what it takes to help you land an exceptional condo at a budget-friendly price.

A real estate agent understands the differences between a buyer's market and a seller's one. As such, he or she can offer tips at each stage of the condo buying process, ensuring you can buy a top-notch condo without spending too much.

In addition, a real estate agent will take the guesswork out of going from condo buyer to condo owner. This housing market professional will set up condo showings, negotiate with condo sellers on your behalf and much more. That way, you can accelerate the process of acquiring a great condo.

Buying a condo at an affordable price may seem impossible at times, but a real estate agent will make it simple for you to do just that. Consult with a real estate agent today, and you can improve your chances of securing a condo without the risk of overspending.




Tags: Buying a home   buyer tips   Condo  
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