The color of the year – don’t use it to paint your house!

Have you heard, the color of the year for 2018 is ultraviolet. This color is announced annually by the paint manufacturer Pantone. This year it seems to have captured the imagination of everyone from magazine publishers, to television ad producers, to the people who orchestrate the Olympics.

 

It seems to suddenly be everywhere.

 

But that doesn’t make it a good choice for wall paint.

 

In 2017 it was a yellowish green. In 2016 there were two colors, a rose quartz shade and a blue named Serenity. 2015 introduced a darker color – Marsala, a deep wine red.

 

To look back at the color of the year for the past ten years, visit the Pantone website at https://store.pantone.com/uk/en/color-of-the-year.

 

One thing these colors all have in common is that they are vibrant, distinctive, and not for everyone. If you’re planning to sell your Tamaqua home, use one of the new neutrals on your walls. Those include shades of grey, light blues, and sage greens, in addition to the tried and true beiges and off-whites.

 

Even if you’re not selling your home, you might want to avoid these colors, simply because they could “get old fast.”

 

Instead, if you love the color of the year, use it for accents. Think throw rugs and sofa pillows, bedspreads, shower curtains, towels in the kitchen or bath, vases and urns, or even a large and splashy watercolor to dominate a wall.

 

When you’re selling your Tamaqua house, you want it to appeal to the greatest number of buyers. If they take one look and think “I wonder what it would take to cover that paint color?” they’ll probably move on to the next house.

 

This year’s color is vibrant, young, and exciting – but please don’t use it to paint your walls.

 

If you wonder what today’s Tamaqua buyers are asking for, give me a call. I’ll be glad to share what I’ve learned.

Tamaqua Home buyers and sellers: Check those HOA documents!

Many, if not most new housing developments, master planned communities, and condominiums are governed by a set of rules set forth by an HOA. If you’re not familiar with the term, HOA stands for Home Owners Association.

Often, the original developer sets forth the initial rules. Then after a set number of homes or condominium units are sold, governance is turned over to a board composed of homeowners, who can make amendments, set fees, etc.

The rules include “Covenants, conditions, and restrictions” designed to protect the residents and maintain the value of the properties.

Whether this is a good thing or a bad thing depends upon your attitude. If you’re an independent sort who wishes to make your own rules regarding your home, buying into an HOA may not be for you.

The Association can impose limits and exercise control over things like:

 

• Hanging a basketball hoop on the garage.
• Setting a flag pole
• Building a fence
• Painting the house
• Installing a new screen door
• Planting a garden
• Planting shrubs
• Mowing the lawn
• Having pets – or limiting the number of pets
• Parking in your driveway
• Keeping a boat or a motor home on your property
• Having a home business

  What this means is that buyers should read the rules and regulations with care before removing contingencies on their purchase agreement.

 

If you as a buyer would not be happy asking permission to paint your home – and having to submit color samples for approval – you might want to shy away from an association that reserves the right to approve or disallow your plans.

Next – read about the fees. What are they now? What amenities or services are paid for by the fees? Are there any planned increases? Who has the authority to impose increases, and for what purpose?

Remember, there’s no use fighting about it once you’ve made the purchase. That’s a bit like purchasing a home directly under the flight path of an airport and then complaining about the noise. You can complain, but it isn’t going to change a thing.

If you’re selling – you should also read those documents again.

You may find that the HOA has reserved the right to approve of your buyers. If so, your agent needs to know so he or she can warn buyers that they may come under scrutiny by the HOA Board.

In a 2017 case in Florida, a couple with four children made an offer on a 2-bedroom condominium unit. The unit had an office that they planned to convert to a 3^rd bedroom. The HOA board said no – they wouldn’t approve the sale of a two-bedroom unit to a couple with four children.

Since it was not a senior living condo, children were allowed, and the court decided that they could not discriminate. The sale went through, but it took an emotional toll on all concerned.

Whether you’re buying or selling here in Tamaqua, call me. I’ll be happy to do the research for you so you can rest assured that you know the important facts about any existing HOA’s.

How much space do you need in your new Tamaqua home?

Trends in housing come and go. While families in the 1940’s and 1950’s were perfectly content with 900 square feet, by 2000 many believed they needed two or three thousand.

 

This happened in spite of families growing smaller. For a while it looked as if most believed every family member needed 900 square feet. In addition to shared living spaces, each person needed a spacious bedroom plus their own private bath.

 

In 2016, many new home builders were sticking in the 2,400 to 2,600 range – while others were embracing the concept of the tiny house. I can’t envision living year round in less than 100 square feet, but some individuals enjoy it.

 

When you choose your new Tamaqua home, the question should not be “What is the trend?” because that trend will change from year to year.

 

The questions should be “How much room do I (or we) actually need?” and “How much room will I (we) actually use?”

• Do you need both a living room and a family room?
• Do you need a separate dining room?
• Do you need one bedroom per child?
• Do you need a master bedroom large enough to double as a private retreat?
• Does each family member need his or her own bathroom?  
• Do you need an office or a craft room – or perhaps an exercise room?
• Do you need space for something large – such as a grand piano?
• Do you need a garage? If so, for how many vehicles?
• Do you need a workshop separate from the garage?

Cost is the next issue.

Naturally, a larger home will have a higher price tag, but that’s just the initial expense. The more space you have, the more upkeep it will take, both in terms of time and money.

 

So the next considerations should be about cleaning, maintenance, and  cost. Even if you’re a do-it-yourselfer, it takes some money to maintain a home.

 

These are questions and considerations to discuss with those who will share your home, because your final choice will affect everyone.

Whether you’re looking for a 100 square foot “tiny home” or a 10,000 square foot mansion here in the Tamaqua area, call me. I have access to every home listed in the Schuylkill, Carbon or Lehigh Multiple Listing Service, and I’d be glad to help you choose the one that’s just right for you.

What about that earnest money?

Both buyers and sellers here in Tamaqua ask questions about the earnest money check. What is its purpose? When is it cashed? Where is the money held? Can the seller have it right away?

 

The purpose, of course, is to show good faith. It’s also to indicate that the buyer does have the means to go forward with the purchase. The amount varies depending upon customs from place to place.

 

Here in Tamaqua the earnest money is usually 1%-3% or for lower priced homes around $1,000.

 

The check is cashed as soon as the buyer and seller have come to agreement on the price and terms. Then it is held in a trust account until the closing, when it is applied to the purchase.

 

The trust account may belong to the brokerage or to the title company responsible for the closing. Either way, the account is for the sole purpose of holding earnest money. Earnest money is never legally comingled with operating funds.

 

Although the seller might believe he or she should have that money immediately in exchange for taking the house off the market, it doesn’t work that way. It merely acts as a safeguard, telling the sellers that the buyers are serious so taking the house off the market is less risky.

 

Buyers should take care to see that the account has sufficient funds before writing an earnest money check, since an offer could be accepted immediately and the check cashed the same day.

 

What if the transaction fails to close? Who gets the money?

The answer depends upon the circumstances and the reason for the failure. If the agreement contained contingencies that cannot be met, the money goes back to the buyer. On the other hand, if the buyer simply says “I changed my mind,” the money would likely go to the seller.

 

If the seller suddenly changes his or her mind, the money goes back to the buyer.

 

However, before it comes out of the trust account, both parties must agree to its disposition in writing.

 

There are numerous reasons why a transaction might fail to close, and thus numerous reasons why the parties might feel that the money "belongs" to them. When they cannot agree, the issue will go to mediation, arbitration, or a full-blown lawsuit.

 

A purchase and sale agreement is a legal contract, and the terms of that contract should be clearly stated so there is no question about the disposition of the earnest money.

 

When you choose me to represent you as either a buyer or a seller, I will make sure that your contract terms are complete – with no questions left unanswered and no “gray areas” to give rise to a dispute should your transaction fail to close.