Essential Tips for Purchasing a VINTAGE Home!

Turn-of-the-century architecture,  20th century rather than 21st that is, is often sought after by the nostalgic home buyer. Vintage homes, circa 1900, were often designed and constructed with unique rooms, window sizes, dormers, front & back porches, nooks & crannies, cedar closets and hand crafted woodwork. Finding an affordable vintage home to purchase that  is rich with authentic details intact can be challenge. Sometimes homes fall into disrepair and many larger homes have been re-imagined into multi-family homes and duplexes over the decades. Sometimes the search for an affordable historic home can take the home buyer across the Twin Cities metro area from Summit Avenue in St Paul to homes along the up on the hill in Stillwater. Vintage homes are sprinkled throughout  quaint neighborhoods in North St. Paul, White Bear Lake and Chisago too. Surprisingly you can find vintage homes in every style and price point throughout the north and east Twin Cities Metro. Whether you seek a lovely old duplex, traditional two story or highly sought after mansion (the original executive home), there are some key considerations in purchasing a vintage home.

Updated with Style—Not current style but did the updates reflect the style of the era when the vintage home was originally constructed. If the updates to the home do not blend well with original home, the value of the home can be compromised.

Upgraded Plumbing and Electrical—If the furnace resembles and octopus and you need fuses for the electrical panel, there will be major updates required to the home at some time in the future.

Charming Windows—Decorative leaded glass and stained glass windows are beautiful. Many vintage homes will not only have beautiful window details but often there will be odd sized windows too. While this adds to the charm, it costs to have custom windows replaced.

Odd Sized Doors—Just like with the windows, often doors are not a standard size. This can lead to additional expense when repairing and/or replacing a door as it will have to be cut to measure.

A Good Foundation—When homes were constructed a century ago, there wasn’t a building code or city inspector. Often a corner of a home would be a “root” cellar without a foundation wall or floor. Sometimes the builder would just skim a thin layer of cement over the wall to make it look nice rather than use cement blocks. Though they have stood for decades, walls can deteriorate over time.

Garages and Sheds—Very few families owned cars or the lawn equipment we require today so when vintage houses were constructed there often weren’t garages. Look closely at any older detached garage as many can be unstable. Finding a vintage home with a large detached garage is a true find! But be advised many attached garages on older homes were probably added on during a remodel. If this is the case, make certain it fits well with the existing structure of the home.

Closets—Homes in the early 1900’s were insured by the number of doors so bedrooms were often constructed without closets. Some closets or dressers were added later under the eaves in the upstairs of a home. Because people did not have the extensive wardrobes that we have today, closets were much smaller than what is expected today.

Original Hardwood—Properly refinished and maintained, vintage hardwood can be a one of the most beautiful features of the home. How do you check to see if the flooring is hardwood ? If the home has carpeting, look at the floor inside a closet or at the edge of the floor under a vent for clues as to what the flooring is like below.

Fireplaces and Chimneys—While beautiful and a focal point, be certain to have any original brick or stone fireplace inspected by a professional chimney expert prior to purchase. Over time bricks can loosen and linings crack which can be costly to repair.

This list is not all inclusive but a starting point of things to consider when searching for a vintage house to call home. The charm of a historical home is that it was handcrafted to be full of charm and not necessarily perfectly constructed.

NEED HELP FINDING A VINTAGE HOME IN YOUR BUDGET? If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of BOARDMAN Realty, a call or visit my website for a FREE Home Buyer Success Guide or FREE Home Value Report. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
 
Copyright 2015 www.terieckholm.com

Home Buying Questions Answered: How Much Earnest Money Do I Need?

Writing an offer on a home is an exciting time whether it is a first time buyer or someone who has purchased a home previously. Going through the offer raises many questions, one of the most important is about earnest money and how much should be written into the offer.  So what exactly is earnest money and how much does a homebuyer need?

Today’s Real Estate Term is:

Earnest money The funds that a buyer submits with their offer or purchase agreement to demonstrate to the seller their seriousness about buying the property. It should be an amount sufficient enough to indicate to the seller that the buyer will not walk away from the deal without good reason. It is not the same as a down payment. If your offer on the home is accepted, the earnest money check will be cashed and placed into a broker’s trust account. The funds will go toward the purchase price of the home.

HOW MUCH Earnest Money Does a Buyer Need? In Minnesota, most sellers expect to see a minimum of 1% of the sale price of the home but that has been increasing. Often sellers want the buyer of their property to have a bit of skin in the game. This is especially true with new construction where up to 5% or more could be required.

It is very important to keep in mind if the offer is accepted and the check for earnest funds will be cashed and held in a broker's trust account. If for some reason all contingencies are not met or a situation arises where the sale does not go through, the buyer does NOT automatically receive a refund of the earnest money. But the seller will not automatically get to keep these funds either. In the event of a cancellation, the buyer and seller must reach an agreement to cancel the contract which will outline the disbursement of the funds.




Copyright 2014 www.terieckholm.com

10 Homebuying Tips when Looking at Vintage Homes

There is nothing that compares to the architecture of a historic home. A turn of the century home often was designed and constructed with unique rooms, window sizes, dormers, front porches, attics, stone fireplaces and hand crafted woodwork are sought after by many. Finding an affordable vintage home to purchase that  has been properly maintained with authentic details intact can be challenge. Sometimes the search can take a home buyer across the Twin Cities metro area from Summit Avenue in St Paul to homes along the St Croix in Stillwater to quaint neighborhoods in North St. Paul and Chisago.

Surprisingly you can find vintage homes in every style and price point throughout the north and east Twin Cities Metro. Whether you seek a lovely old duplex, traditional two story or highly sought after mansion (the original executive home), there are some key considerations in purchasing a vintage home.

Updated with Style—Not current style but did the updates reflect the style of the era when the vintage home was originally constructed. If the updates to the home do not blend well with original home, the value of the home can be compromised.

Upgraded Plumbing and Electrical—If the furnace resembles and octopus and you need fuses for the electrical panel, there will be major updates required to the home at some time in the future.

Charming Windows—Decorative leaded glass and stained glass windows are beautiful. Many vintage homes will not only have beautiful window details but often there will be odd sized windows too. While this adds to the charm, it costs to have custom windows replaced.

Odd Sized Doors—Just like with the windows, often doors are not a standard size. This can lead to additional expense when repairing and/or replacing a door as it will have to be cut to measure.

A Good Foundation—When homes were constructed a century ago, there wasn’t a building code or city inspector. Often a corner of a home would be a “root” cellar without a foundation wall or floor. Sometimes the builder would just skim a thin layer of cement over the wall to make it look nice rather than use cement blocks. Though they have stood for decades, walls can deteriorate over time.

 
Garages and Sheds—Very few families owned cars or the lawn equipment we require today so when vintage houses were constructed there often weren’t garages. Look closely at any older detached garage as many can be unstable. Finding a vintage home with an attached garage means it was probably added on as a remodel. If this is the case, make certain it fits well with the existing structure of the home.

Closets—Homes in the early 1900’s were insured by the number of doors so bedrooms were often constructed without closets. Some closets or dressers were added later under the eaves in the upstairs of a home. Because people did not have the extensive wardrobes that we have today, closets were much smaller than what is expected today.

Original Hardwood—Properly refinished and maintained, vintage hardwood can be a one of the most beautiful features of the home. How do you check to see if the flooring is hardwood ? If the home has carpeting, look at the floor inside a closet or at the edge of the floor under a vent for clues as to what the flooring is like below.

Fireplaces and Chimneys—While beautiful and a focal point, be certain to have any original brick or stone fireplace inspected by a professional chimney expert prior to purchase. Over time bricks can loosen and linings crack which can be costly to repair.

This list is not all inclusive but a starting point of things to consider when searching for a vintage house to call home. The charm of a historical home is that it was handcrafted to be full of charm and not necessarily perfectly constructed.

 
Copyright 2014 www.terieckholm.com

My Headache Today Can Help Homebuyers Avoid One in the Future!

Don’t you hate when you forget the simple things? Like this morning, I have all my vitamins and allergy medications set out to take first thing when I wake up but today I realized at noon, I hadn’t taken them. No biggie…except for the generic Allegra that keeps away sinus headaches. By lunchtime it was too late and the headache had already started. Oh well, it won’t last for too long.

This reminds me of a rather expensive headache that a homebuyer could experience if they don’t take care of the simple things in a timely manner. Filing for homestead is a very simple process. It is a matter of taking the paperwork to the county offices prior to December 31 and dropping it off. It doesn’t even cost anything. But it does take a bit of time out of your crazy moving-in day.

The closer often cautions the buyer to head to the county offices immediately but moving day is busy. Some buyers, especially in the summer months, will opt to wait a few days, or weeks. After all, they have MONTHS before the paperwork has to be filed.

This can be a bad choice. Remember I said moving day is busy right? It is also a very confusing time with boxes, bags and furniture being unloaded. Paperwork can be misplaced and forgotten but unlike my allergies, forgetting to file homestead means a bigger headache (i.e. higher property taxes). And, unlike my headache, this cannot be resolved in a matter of hours. The higher taxes will last an entire year!

So remember to file the homestead paperwork as quickly as you can after closing on your new home and avoid that HUGE tax headache!

Copyright 2011 www.terieckholm.com