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Thursday, March 28, 2019

SECOND HOME CONSIDERATIONS


Buying a second home requires different considerations from buying a primary home.  Yet, we often see buyers apply similar standards, such as, square footage, acreage, number of bedrooms.  Or  buyers dream of a historic home, farm house, or waterfront home, without weighing environmental or maintenance issues.  

Here are some thoughts to mull over when you buy:

·        Take your future plans into consideration when evaluating the size and location of a second home.  A small beach house or a large spacious home with bedrooms for all the grand-kids is alluring, but if you are planning to move-in full time, within 3-5 years, you may want to consider a home that gives you enough space and storage to live comfortably and yet not so much space or so many bedrooms that you will have to move when you decide to retire. 

·        Privacy and space is often an important consideration for city dwellers.  Just remember large tracks of land come with outdoor maintenance that will consume precious weekend time, unless you budget lawn service upkeep.

·        Also plan for maintenance like exterior and interior painting, carpentry repairs - add more if you buy an older home.   An older home can be renovated, insulated and restored to the level of a new home and become a true gem, if you can swing it!

·        Invest in technology so you can run your vacation home remotely.  There are very good systems that regulate heat remotely from your phone. They also provide warning alerts if the heat goes off. Remote cameras act as motion detectors and tell you what’s going on from your phone.  Ask any twenty-year old to help you!

Once you have purchased your second home, the most important thing to do is to view your weekends on the North Fork as a vacation, leave all your week’s stressors behind, unwind and enjoy the natural environment we are so blessed to be able to experience! 




Thursday, March 21, 2019

RETIRING IN-PLACE ON THE NORTH FORK


Southold Town’s population includes a significant number of retirees, and “retirees-in-the- making.”  Many of our clients view their second home as a future retirement home and look forward to spending full time on our beautiful, tranquil North Fork!  Awareness is growing about an aging demographic, working longer and with longer life expectancy than previous generations.  The baby boom bulge will definitely affect our community and we should be preparing for it.
If you are planning to retire on the North Fork or if you have retired and wish to spend the rest of your life in your own home,  it may be a good time to assess your home environment and retrofit your home, or consider selling if the home you have is too large or not easily retrofitted to suit aging-in-place.
Here are a few things to take into consideration:
1. Think Smaller.  A large home is welcoming to friends and family but as time passes and you’re your children have their own homes, it may be more practical to sell and downsize to something more manageable with less maintenance.  A ranch style versus a multi-story home may be the way to go.
2. Retrofit.  Structural modifications to your existing home may be more economical than assisted living. Also, if you doing any remodeling, think about accessibility and ease of use.  Replace hardware, such as lever-handled doorknobs versus  round balls, and sturdy handrails along stairs, single-handled faucets and "comfort height" toilets.  For a comprehensive list, see the "Aging-in-Place Remodeling Checklist" at www.nahb.org.
3. Use Technology.  You can take advantage of technology to control your heating and electric expenses. You can also make use of existing tech tools that help you stay in touch with family, caregivers and community, as well as monitor your health and provide for security.
4. Tap Your Equity.  If you have substantial equity in your home, you have multiple ways to pay for improvements, such as a cash-out refinance of your mortgage, a home-equity loan, or a reverse mortgage.  If improvements to your existing home is too costly or not the way you want to go, then consider selling and buying a home that works for you. 
               If you’d like to talk about aging-in-place, we’d be happy to meet with you and share ideas, discuss alternatives and resources.  At Beninati Associates, “we listen and we care…”


Source:  Aging in Place Technology Watch, Laurie Orlov, March 2019; Kiplinger's Personal Finance, Pat Mertz Esswein, Associate Editor, May 2015; www.nahb.org.




Thursday, March 14, 2019

TAKING CARE OF LIFE’S IMPORTANT TASKS


Last week, we lost a dear friend, only in his 50s - he died suddenly.   The loss is great and we mourn with his wife and family.  The sadness is powerful and causes us to stop and recognize how fleeting life can be.  Even the best of health, good eating habits and exercise are not enough to prevent some catastrophes -  the recent deadly crash of the Ethiopian Airlines jet on Sunday, is another sad reminder.

These losses move us to look at our lives, and above all, reaffirm our love for all of those dearest to us.  It also causes us to reflect on our lives and reassess.  Are we living life the best we can?  Are we taking care of our health? Are all of our affairs in order?  Do we have a plan if something happens to us?  Have we put some of our life ambitions and goals on hold, just because? 

If you’re like me, work can take over and cause you to put off personal affairs or plans until you have “time.”  But we can and should find the time to do those things that are important.  We can learn to prioritize and perhaps spend less time on Facebook, or watching TV and take care of those things that matter most to us and our families.

So let’s not waste the time God has given us and let’s put our important tasks on the front burner and have no regrets when we look back. 

Our friend, lived life to the fullest, took care of the important things in life and made God his Partner.  We wish him God’s Speed!  We will miss his big presence and his big heart!



Thursday, March 7, 2019

NEW RENTAL CODE AFFECTS EVERYONE


Even if you don’t rent your home - seasonally, yearly or occasionally, all Southold Town residents will be affected by the new rental code.  The cost of government has been increased, the cost to the homeowners who rent their home has been increased by a $100/year fee, and other costs. The cost of renting will be increased as these costs most likely, will be passed on to tenants. It’s also likely that less homes will be rented and rental rates in the town will increase as the economics of supply and demand kick in.  Also, a more troublesome concern is the so-called “blighted” homes will likely not file for a rental permit and possibly turn out their tenants, who may not be able to find suitable housing that they can afford.  Problem solved or problem exacerbated?  Only time will tell.
The code has been passed and was adopted December 18, 2018.  Any homeowner who rents or intends to rent this year, should get a copy of the code and the rental permit application from town hall.

Here are the key aspects of the code:
1.      $200 fee for two year permit.
2.      Smoke and carbon monoxide detectors (already part of NYS code).
3.      Valid certificate of occupancy or pre-certificate of occupancy.
4.      Inspection by Code Enforcement Official with consent of owner, or owner may use a licensed architect, engineer, or home inspector.
5.      Payment of rent is presumed but can be rebutted for relatives.
6.      Tenant cannot occupy and realtors cannot market any rental premises without the owner securing a rental permit.
7.      Renewals will require a new inspection.
8.      Violation of the code carries a fine of $500 to $5,000 or imprisonment or both for first offense and $1,000 to $10,000 for the second offense within 5 years. Each week that the violation continues,  will be considered a separate additional violation.
9.      Owners have until August 1, 2019 to file their completed application with all requirements.

We encourage all home owners who rent or expect to rent their homes, seasonally or annually or monthly, to go to the building department at the town hall annex  at 54375 Main Road, Southold and secure the rental application, and the rental code, Chapter 207 and submit the same by August 1, 2019.