Jersey Home Where Bruce Springsteen Wrote ‘Born to Run’ on the Market

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For $299,000, you can own a piece of rock ’n roll history.

It’s not the kind of ‘celebrity’ home you mind have in mind, but there’s plenty of Hollywood legacy behind the place where The Boss himself penned the infamous album, “Born to Run.”

Bruce Springsteen called this place home for only a year between 1974 and 1975, but what he did within that year would put him on the map. He rented the place after his second album, ‘The Wild, the Innocent & the E Street Shuffle’, didn’t meet the level of success that he had hoped. So he moved back to his birthplace in Long Branch, NJ, where he hunkered down to write his first real break-out album.

The two-bedroom, one-bathroom home might be small at a mere 828 square feet, but it’s in a great spot. Only a couple of blocks from the beaches of Jersey Shore, this property could make the ideal summer home for vacationers who prefer to stay somewhat close to home when school’s out.

The bungalow – complete with a huge American flag waving off the front porch – seems to be priced at a premium, considering similar homes on West End Court and surrounding streets for sale are listed somewhere between $170,000 and $275,000.

Obviously the value of Springsteen’s history is embedded within the price of the home, and any buyer with an affinity for the legendary rocker would be willing to pay that premium.

The home is even featured (very briefly) in ‘Wings for Wheels: The Making of Born to Run’, a documentary made in 2005. Springsteen was filmed outside the property where he admits was the first house that he ever lived in on his own.

The current owners – hard-core Springsteen fans Jerry Ferrara, Ryan DeCarolis, and Kim McDermott – purchased the home in 2009 for $280,000 with intentions to transform the place into a museum-ish tribute to the “Born in the USA” singer, but that never panned out. According to the owners, they simply never ended up having have the time to keep up the intended preservation of the authentic Springsteen nostalgia. Aside from the new roof, new floors and new siding, the planned renovations never got finished.

They hope the new owners will have somewhat of the same intentions that they did, and will preserve the spirit of Springsteen’s classic album that began here.

Up to now, the prospective buyers who have viewed the home and have expressed some level of interest in it have no intentions of actually living in it. Instead, it seems as though people just want to buy it for its history.

And that’s exactly what the current owners want.

 

 

 

 

 

 

 

Keeping Your Home Secure During the Holidays

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Going home for the holidays? You’ll be in good company: one-quarter of Americans take to the open road – or sky – to reunite with family to celebrate the holidays every year.

Besides meaning a time to enjoy the company of loved ones, it also means that thieves are on the prowl, waiting for families to vacate their homes to provide them with an increased opportunity to steal.

If you want to make sure that all your valuables are protected when you’re gone, you’ll need to take measures to secure your property against break-and-enters. And oftentimes that means making it look as if you’re still at home, even if you’re not.

Put a Hold on Your Newspaper and Mail Delivery

Want to send the message out to thieves that you’re not around for a few days? Let your mail and newspapers pile up. Of course, that’s not what you want to happen, so you’d be well-advised to make a call to put a hold on mail and newspaper delivery until you get back. The local post office can hold your mail for up to 30 days, and the newspaper can be postponed indefinitely.

Set a Timer For Your Lights

When you’re out of town, set a timer for all the lights inside and outside your home. Having an automatic timer will set the lights to come on and off at certain times, making it look as if someone is there. Having said that, you should have a close look at any strings of holiday lights before putting them on a timer. Any cords that are frayed or damaged in some way pose a fire hazard. If that’s the case, go buy yourself some new ones.

Make Sure Everything is Locked Up – Including Your Windows

That goes without saying, right? Who leaves their home – for days at a time, no less – without locking the doors or windows?

Lots of people.

It can happen to the best of us. But if you’re in the habit of leaving your doors and windows unlocked more often than not, the holidays are the perfect time to whip into shape. Start making it a habit of asking yourself certain questions before leaving your house, including whether or not the home is adequately secured and locked up. A well-secured home is more of a deterrent to would-be burglars. The easier you make it for them to get into your home, the better the odds of them taking action.

Install Deadbolts on All Exterior Doors

Make it harder for burglars to break into your home by deadbolting all the doors that lead to the outside. It’s just another hindrance for thieves who are scoping out targets in your neighborhood. Even if you’re only leaving the house for a half hour while you pick up groceries, you should deadbolt your doors every time.

Don’t Advertise Your Vacation on Social Media

People just love posting about all their daily happenings on Facebook and Twitter, whether it’s the new cookie recipe they’ve discovered or how disappointed they were in last’s night’s episode of Grey’s Anatomy.

But one thing you should never post on social media is how much you’re enjoying your vacation abroad. Broadcasting where you are and how long you’ll be there can be a real danger. You’re basically announcing to the world – including criminals – that your home is vacant at the moment.

Keep the fact that you’re nowhere near home offline, and wait until you’re home to post your favorite holiday trip photos.

Install a Home Security System

One of the best things you can do to prevent a break-in during the holidays is to have a professional home security system set up. One of the great things about these systems is that they give you peace of mind knowing that they’re always working – whether you’re asleep, at work, or on vacation. Having your home monitored with a sounding alarm that immediately dispatches the authorities is a fantastic way to ward off thievery.

The holidays are a happy and joyous time – the last thing you want is for this cheerful season to be ruined after having your home ransacked. Take these steps to keep your home and valuables as safe as possible while you’re enjoying your holidays abroad.

5 Weird Color Combos That Totally Work

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When decorating an apartment or home, many people naturally gravitate toward neutral wall colors and flooring, adding splashes of color through furniture and furnishings. But in recent years, home decorators have boldly thrown together unusual color combinations that capture attention in new ways. Because they’re so unique, they stand out in a sea of apartments decorated in beiges and browns.

Once you step outside of traditional choices, you can actually find some interesting color combinations that will make your rooms pop. Here are a few combinations that might not be your first choice, but they’ll work in a way that will refine your living spaces and make entertaining fun.

Pink and Black

There’s something very 1950s about this color combination, especially when pink is used as the dominant color. Designers have gotten bolder in recent years, choosing more vibrant pinks that cover more area. This color combination would be perfect for a bedroom or bathroom.

Orange and Blue

These colors seem as though they’re completely wrong for each other, yet the right shades can make all the difference. This home design photo demonstrates how mango can work beautifully with teal blue, even with multiple other colors thrown into the mix. The bright colors will also open up your rooms and create a bright, airy feel to your spaces.

Purple and Gray

Gray is an often-overlooked neutral color, but it has become trendy in recent months. Pairing it with deep purple can really make a room that stands out. You can choose to paint some of your walls in purple or keep most of the room gray, using splashes of purple to make your color statement. This color combination can look great in any room, even primary use rooms like a den or master bedroom.

Lime Green and Pink

Like the other colors, it might not have been a combination you’ve ever considered. But lime green and pink can work in a variety of ways. This color of green can really jump out at you, though, so be sure you know what you’re getting into if you decide to cover most of a large area in the color. Instead you might consider pink as your primary color and green for your furniture or accent pieces.

Navy and Yellow

Navy and yellow have become popular colors for weddings for good reason. The colors play off of each other well. The combination works best with richer colors of yellow, possibly a canary color. For dramatic effect, start by covering all of your room’s walls in navy and adding yellow furniture, with accent pieces that bring both colors together. The contrast will make the brightness of the yellow stand out, adding brightness to your living spaces.

Traditional color combinations can make a home look dated and dull. By freeing up your mind to accept the many other possibilities out there, you can give your space a unique look that endures for many years. Start with your own favorite colors and search for décor ideas that will make them work together, using one color as a primary and the other for furniture and accent pieces.

5 Questions to Ask When Interviewing Real Estate Agents

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Buying or selling a home isn’t just like any other transaction – these are the big leagues, which means you need a tried-and-true slugger who will cover all the bases and make sure you walk out of the deal hassle-free and with money in your pocket.

But not every real estate agent is created equal. While it might be easy to just go with the neighbor who just happens to be an agent, or with the broker that your sister used to sell her home, a little more research and due diligence is called for.

You’re not just working with your real estate agent – you’re in a business relationship with them. So make sure the agent you choose is right for you.

Here are a few questions you should be asking prospective agents before signing a contract.

  1. How long have you been an agent?

Sounds like a boring interview question, but it’s a relevant one. The longer the’ve been in the market, the better. Being a good real estate agent is a lot more about real-life experiences than about the initial educational courses taken. And if that agent has worked with a ton of clients that are similar to you and your needs, you’ll be better represented.

There might not necessarily be any magic number as far as number of years of experience is concerned, but you should still keep your eyes peeled for agents who have enough transactions under their belts to easily handle real estate deals from A to Z with little hiccups.

You should also probably consider whether or not the agent you’re interviewing works in the market on a part-time or full-time basis. Lots of agents do this part time and on the side, which means they probably won’t be able to offer the level of expertise and service that a professional who does this every day can.

  1. What areas do you specialize in?

Ideally, you want to work with an agent that works closely in the area that you’re buying or selling in. That way, they’ve got their finger on the pulse of what’s happening in the neighborhood. If you’re buying, they’ll have the inside scoop about which properties are coming up for sale that match your criteria. If selling, they’ll know exactly what buyers are looking for, and will coach you on how to price and present your home accordingly.

Neighborhood expertise is crucial, because different community markets can have different traits and idiosyncrasies. What may be relevant in one specific area may not be in another. For example, the suburbs are much different than city centers. If the agent you’e considering usually works in neighborhoods far from your home, it’s highly possible that he or she isn’t as familiar with your area’s market than necessary.

  1. How will we be communicating with each other?

Being able to stay in touch with your agent at a moment’s notice is important. A lapse in communication of just an hour or two can mean the difference between getting an offer accepted and missing a great opportunity. The agent you team up with should communicate the way it’s most convenient for you, whether it’s via email, phone, or text. It’s the real estate agent’s job is to communicate the way the client wants or needs.

  1. How will you be marketing my home?

You can’t just plant a for-sale sign on your lawn and expect the buyers to come flocking. Marketing a property involves way more than that, and it’s up to you to ask your real estate agent what marketing channels will be used to market your home if you’re selling. Having your home advertised on the MLS is crucial, because it puts your home in front of the eyes of other agents working in your area, as well as buyers who are doing some of their own research.

In addition to the MLS, ask the agent how many other website your home will be listed on. In addition, ask if the listing will be placed in the newspaper, local real estate magazine, or anywhere else where buyers will be looking.

Look at the agent’s past listings, which will show you how well he or she is able to boost the visibility of a property. Also, make sure that the real estate agent you hire uses high-quality images for your online ads, which will show better to prospective buyers in your neighborhood.

  1. Do you work within my home’s price range?

Ideally, your agent should have a decent amount of experience working with homes within your specific price range. That way, your agent will probably have a more skilled ability to see your home through a potential buyer’s eyes. If they’ve got experience dealing with buyers who are looking for properties within the same price range that you’re listing your home at, this will help the agent be more effective at negotiating at the bargaining table.

No matter how formally a real estate agent has prepared a sales pitch to convince you to use their services, make sure that they give you the answers you’re looking for. The agent you’re questioning may be an excellent one, but not necessarily right for you and your specific situation. Be sure to have a list of these questions written down so you don’t miss one, then jot down any additional queries you might have during the interview. The time taken to ask a few questions is well worth it to find the perfect agent.

Can You Combine Two Adjacent Condo Units Into One Larger One?

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You love your home, but you’re starting to outgrow it. An obvious possibility is to expand on it – but what if your home is a condominium?

The answer would still be the same – you could still add on to it by purchasing the adjacent unit and combining them to create a much larger area.

Condo units aren’t exactly known for their expansive square footage, for the most part. But that doesn’t mean you have to forego the dream of added space. If your budget allows for it – and so does the condo corporation – you can realistically combine two smaller units into one, much larger and spacious condo.

In fact, this practice has become more popular over the years. In New York City, for instance, approximately 6% of condos are now combinations, compared to 1.5% four years ago. Many condo residents prefer to stay put in their location instead of move away from their favorite local eateries, shops, theaters, and friends. The most common combinations are those that fuse two-bedroom units with studios, as well as adding a convertible studio to a two-bedroom unit.

The Politics Behind Fusing Two Units Together

Unless the condominium corporation’s rules and regulations specifically prohibit combining any units, an owner can legally combine two individual condo units into one, single new unit.

However, this will require an amendment to the association’s declaration.

As an owner of two adjoining units, you’ll most likely need to submit a written application to the condo’s board of managers to request this amendment to the condominium instruments. The amendment would spell out things such as the combined percentage of ownership for the new, larger unit (which is basically the sum of the percentage of ownership for the two individual units), and the new unit number.

The amendment also must include a revised survey plat that shows the combined unit’s boundaries. An approved amendment only needs to be signed by you, the owner of the combined units, rather than requiring approval by a specified percentage of all the owners of the building.

Keep in mind that once it’s all done, you’ll still have two assessments, two utility bills, two real estate tax bills, two condo fees, and quite possibly two mortgages. You’ll probably wind up with two mailboxes, too. This is because the two units are still considered to be separate, legally speaking. The only change in title will be when you buy the second unit, since title will then go into your name when settlement comes about.

Making the Combination Work

Obviously, combining condo units is a lot easier while the building is still under construction. There are more obstacles to overcome when the building is already complete and assumed.

There could be many mechanical or structural constraints to have to deal with and overcome, for starters. It can be a real challenge to combine two units when you’re dealing with two different mechanical systems.

For instance, two kitchens might not be conducive to smooth and functional flow between two units. And in old buildings where kitchens are backed up against each other and use the same plumbing, it can be nearly impossible to split this plumbing to make one larger kitchen.

The key is getting yourself a contractor that’s experienced with this type of unique construction. He or she will analyze the configuration of both units and tell you if a fusion between the two is possible, and if it will result in an attractive, functional unit.

You’ve got to make sure that your plan is air-tight so that the final product is well-configured. Any mismatched flooring, fixtures, wood tones, and other finishes will just devalue the new unit and make it a lot more difficult to recoup the investment when it comes time to sell.

As with any other type of real estate undertaking, it’s important to consult with an experienced real estate agent when you’re planning a move like this. You’ll get expert advice on whether or not such an endeavor is feasible, and if you’ll be able to recoup the cost associated with it as far as property value is concerned. Combining two condo units into one is a time-consuming and potentially complex project, but if done properly, you could end up with a unit that fits your tastes and lifestyle, and still holds its value.

5 Ways Real Estate Agents Save You Money When Selling Your Home

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It’s understandable – after finally selling your home, it can be tough to fork over the commission fee to a real estate agent. But before you fall into the FSBO trap, consider one very important thing: real estate agents can actually save you money.

That’s right.

While a commission is due at the end of the deal, the cost will pale in comparison to how much you can save through the process. Here are just a handful of ways how agents can save you cash when selling your home.

  1. They’ll Price Your Home Right

Who wouldn’t want to list their home for millions of dollars, regardless of what it’s actually worth? Everyone wants to get as much money as possible for their property, but buyers aren’t dumb – they’re probably working with their own agents who are telling them what they should and shouldn’t offer on a property. There’s this little thing called ‘comparables’, and agents use them to gauge what homes are worth in a specific area. And while buyers’ agents are using these comps, so are sellers’ agents.

Here’s the rub – price your home too high, and you’ll send buyers running in the opposite direction. That leaves your home sitting on the market for weeks and even months without a bite. And the longer your home remains unsold, the more it costs you in the long run.

The other end of the spectrum is just as ugly – price your home too low, and you’re basically leaving a ton of cash on the table. The goal here is to make as much money as possible, which means you need to find that sweet spot as far as a listing price is concerned. With an experienced real estate agent on your side, you’ll have the expertise and tools necessary to price your home perfectly to get you the most money come sale time.

  1. They Give You Awesome Staging Tips

The look of your home can be totally transformed with a few key pointers from your real estate agent. If you’ve had the same set-up and decor for years, that doesn’t necessarily mean that your home shows well to sellers. A seasoned agent will come in to your home and objectively gauge the space, then (nicely) tell you what’s working, and what’s not.

He or she will make suggestions about what you should get rid of and what you can keep, as well as how your present furniture should be arranged to maximize flow and functionality. Rearranging furniture to its optimal visual appeal will make your home more attractive to buyers.

Real estate agents can even bring in a professional home stager to make major changes to the space. These pros bring in their own furniture and accessories, and can make your home look like something that jumped out of a magazine. It’s a fact that homes that are well staged sell faster, and for more money compared to homes that are left as is. So it’s totally worth it to listen to staging tips from your real estate agent or stager if you want more money in your pocket at the end of the day.

  1. They’ve Got Ties With Other Pros in the Industry

The savviest agents are the ones that have an arsenal of experts on the back burner to help you in all sorts of ways along the home selling journey.

Need a few repairs to your home before you put it up on the market? An agent can set you up with a contractor. Apprehensive about the mortgage process? Your agent can put you in touch with a trusted mortgage specialist. And what about all the legal stuff that comes along with selling a property and transferring title? Agents have a lawyer they can recommend to you.

Trying to find professionals such as these that are both experienced and trusted can be a full-time job. Luckily, that’s a hefty chore that you can strike off your list when you work with a competent real estate agent. Forget about throwing money in incapable hands – the experts you work with will come highly recommended, and maybe even with a discount.

  1. They’ll Negotiate More Money on the Sale Price

The art of negotiation comes in really handy at the home selling table. Real estate agents are masters of this skill, and will pull all the stops to help you get the highest dollar for your home. The more money you make on your home, the more money goes into their pocket, so you can be sure that they’ll do their darnedest to squeeze every dollar out of the deal possible.

Whether the strategy is to sightly under-price the home to stimulate a bidding war, or to focus on super-motivated buyers that put up a sizeable deposit and offer a quick closing, agents are there to help put the most money in your pocket. And when it comes to deciding whether or not to accept an offer, counter it, negotiate the closing date, or change the contingencies, your agent is there to navigate these negotiations to get you the best deal.

  1. They Save You Time

You’ve heard the saying before – time is money. Well, this phrase doesn’t ring any more true than during the selling process. Those who are inexperienced with the ins and outs of selling a property have no clue about how incredibly tedious and time-consuming it can be. It’s certainly not as simple as slapping up a For Sale sign, throw up a few photos online, allow the heards of buyers to flock, then accept the first offer that comes in.

There’s a lot more to it than that, and it can really suck the time out of your schedule. Who has time to take care of all the back-end stuff that comes along with successfully selling a home? Instead, leave it to a real estate agent to take care of all of that – after all, this is their full-time job, and they’re good at it.

Do yourself a favor – avoid the temptation to go the FSBO route in an effort to “save” some money. If you really want to save yourself some cash, work with an agent. Besides saving you money, real state agents will also save you a ton of hassle and headaches. That alone is well worth enlisting their services.

Home Staging Tips Using the Five Senses

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To sell a home quick, real estate agents will often recommend higher-income clients hire a home stager. The stager comes into a home, removes extra furniture, and makes aesthetic changes that make the home easier to sell. The end result is the type of home you’ll normally see on HGTV or in a home-decorating magazine.

But the vast majority of homeowners aren’t selling multimillion-dollar properties. Those sellers have a need to move their own homes as quickly as possible. Some real estate agents have the expertise to advise a homeowner on a few changes they can make to improve a home’s aesthetics. However, unless something stands out as likely to repel potential buyers, they likely will leave it up to the homeowner to make big changes. Before you put your home on the market, take a look at each of your rooms through the eyes of a potential buyer, using all five senses. Here are a few things to examine as you look around.

Sight

This sense generally gets a homeowner’s full attention, since it is the one factor that works on a conscious level. To be truly successful as a home stager, however, you need to see your home through the buyer’s eyes. Go through pictures of homes for sale online and notice the things that appeal to you, as well as those that don’t. Remove extra items that make rooms look cluttered and reposition furniture to make rooms look open and airy. These tips can help.

Smell

Like the rest of the senses on this list, smell is something that will work on a subconscious level. Homeowners looking at a combination of new and used homes will likely walk through home after home that smells like fresh paint. Set your home apart by adding scents that make your house feel like a home. Light a fire in the fireplace or cook a batch of cookies just before the buyer arrives to ignite the senses.

Taste

Taste is a tough one but if you’ve baked cookies, leave them on the counter with a sign inviting buyers to take one. This is a popular tactic at open houses to lure customers in and make them feel at home.

Hearing

Before you put your home on the market, listen to the sounds potential buyers will hear. If you hear absolutely nothing, keep it that way. Homebuyers will notice that outside sounds are sufficiently masked and be drawn to the house because of it. If you can hear street sounds or other undesirable noises, light a fire in the fireplace or run a water feature in the family room to demonstrate those sounds can be replaced by something more peaceful.

Touch

Wander through your rooms and touch various surfaces. Make sure when buyers open your refrigerator or touch door handles that they are completely clean and smooth. Touch railings and entry trim to make sure those surfaces are dust-free, as well.

If you’re putting your home on the market, you likely hope it sells quickly. By engaging all five senses as you walk through your own house prior to selling it, you can identify things that will work on both a conscious and subliminal level to lure in potential buyers.

Britney Spears Lands SoCal Mansion for $7 Million

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Pop queen Britney Spears has just landed a swanky getaway from her stint in Las Vegas: an expansive estate perched on a hilltop in Thousand Oaks, California.

The songstress dropped $7.4 million on the massive 5-bedroom, 7.5-bathroom mansion, which is situated on a 20-acre piece of land filled with olive and magnolia trees, just outside L.A.

It should come as no surprise that the “Toxic” singer would have that kind of cash lying around to spend on her new digs, considering the fact that she signed on for another 2-year residency at Vegas’ Planet Hollywood Resort.

The home has been on and off the real estate market for a couple of years now, which started off at nearly $12 million back in early 2013. So it appears as if Ms. Spears has landed herself a deal.

With 13,264 square feet, there’s plenty of room for such opulent and decadent spaces in this gem. An enormous great room with an echo-inducing 35-foot high ceiling can be accessed via the marble-floored foyer, which features a colossal fireplace surrounded by built-in media cabinets. The oak-panelled library boasts built-in bookshelves, a fireplace, and gorgeous Parquet de Versailles flooring.

The kitchen is a gourmet chef’s dream, with a sprawling center island kitchen that has all the frills a private chef would covet. A separate dining area can be accessed directly from the kitchen, which comes complete with a towering bay window and fireplace.

The majestic master suite features a fireplace, two large walk-in closets, two bathrooms, and a private balcony overlooking the rolling hills of the property. The other four bedrooms stem off of the master suite.

There’s much to look at outside the walls of this palatial palace, including hand-carved fountains, a plethora of patios with fabulous views, meticulously manicured lawns, lush flower gardens, and even an orchard.

This Italian-esque estate is meant for entertaining – there’s a large media and game room on the upper level of the main house, as well as a 1,200-square-foot poolside pavilion that’s outfitted with a full kitchen, bathroom, and a temperature-controlled wine cellar that can hold 3,500 bottles of wine. And outside, Britney and her pals can enjoy the infinity pool and spa, a motor court, a lit-up tennis court with a viewing level, and a three-green golf course.

Spears is no stranger to dabbling in SoCal real estate – she’s held title on a number of other properties in Malibu, Beverly Hills, and Hollywood, and even rented a few estates all over L.A. Just three years ago the singer dished out nearly $6.8 for a humongous Spanish-style mansion inside Sherwood Country Club’s gated community – also in Thousand Oaks.

Turn Your Property Into a Dreamy Airbnb Destination

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Just as Uber has revolutionized the transportation market, sites like HomeAway and Airbnb have dramatically changed the way travelers search for accommodations. Vacationers are no longer forced to rely on hotels when they need a place to stay while on the road. Homeowners across the country simply rent out their own homes to travelers. Airbnb even allows homeowners to rent only part of a residence to a fellow Airbnb member.

If you’re considering renting out your home using one of these services, there are several things you’ll need to do before you get started. These steps will help you get ready to welcome a stranger into your home without offending your neighbors.

Determine Viability

If you’re considering listing your property on Airbnb, the first step is to make sure there’s regular interest in accommodations in your area. If your city sees heavy tourist activity, you’ll likely have a winner. If you depend solely on the occasional business traveler or a few annual events, only you can determine whether it’s worth it. Search for similar properties in your area and make sure the market isn’t oversaturated.

Check Local Restrictions

Unfortunately, for many homeowners, vacation rentals are not an option. Many cities limit transient rentals to hotels and inns that hold government-issued licenses. If it’s allowed in your city, your homeowners’ association may prohibit it. Even once you’ve determined that legally you’re okay, make sure your option to rent all or part of your space won’t upset your neighbors. Consider where guests will park and make sure you have sufficient space for at least one extra vehicle.

Create Your Private Space

If you plan to remain in the home with the guest, you’ll ideally have a separate area that will give both yourself and your guests privacy during their stay. In the best case scenario, your guests will have a separate bathroom and bedroom at the very least. If you can’t provide this privacy for yourself, make sure you’re prepared to share a bathroom and other living spaces with strangers on a regular basis. Whether you’ll remain in the home or not, you’ll still likely want to add locks to closets, rooms, and cabinets that you’d like to keep private from guests.

Stock Supplies

Airbnb suggests that hosts provide clean linens, towels, and basic amenities to guests, so before you put up a room for rent, fully stock a closet with the items a guest will need. Travel sizes of items like shampoo, toothpaste, and shower gel will add a nice touch. Also consider how you’ll handle cleaning up and changing linens after your guest leaves. This will add additional work to your already busy schedule unless you choose to outsource it to a professional cleaning service for a fee.

Airbnb is a great way for homeowners to make a little extra money by renting rooms that aren’t being used. It’s important that homeowner determine a property is a good fit for Airbnb, while also reading over the site’s Responsible Hosting Recommendations, before making a final decision about being a host.

Condo, Strata, HOA & Co-op – What’s the Difference?

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For a lot of urban dwellers, buying a property in a common interest development (CID) is an affordable option. Not only are the prices typically a lot cheaper than your average freehold home, the location and amenities of such properties are usually a lot more desirable.

But when it comes to CIDs, there are a few options, including condominiums, strata, homeowners association (HOA) and co-op associations. Many people might use these terms interchangeably, but they actually each have their own unique characteristics.

Here’s a run-down of each, and a brief explanation of how they differ.

Condominium

condo

A condo is a unique type of property ownership that lets the homeowner fully own an individual unit in a multi-unit complex. These owned spaces are considered to be everything inwards of the walls of the unit. Homeowners in these complexes also have undivided interest in common areas – like the lobby, elevators, hallways, and building amenities – as well as exclusive or semi-exclusive use of specific common property, including balconies, patios, parking spaces, and lockers.

These common areas are owned and managed by a condo corporation that’s made up of the owners of the units. Condos charge a fee that covers expenses such as landscaping, repairs, building and property maintenance, and charges for amenities.

Strata

strata

Unless you live in Australia or British Columbia, Canada, there’s basically no difference between “condo” and “strata,” where the latter term also includes townhouses.

The term “strata” was initially used to describe apartment blocks that had two or more levels. But strata pretty much has the same concept as a condo, which deals with individually-owned units with shared common areas.

Homeowners Association (HOA)

HOA

HOA’s oversee any changes or developments that could and should be carried out in a shared property. It’s a non-profit organization that’s put in place to improve the overall community, and has different responsibilities and purposes than the condominium association. An HOA isn’t limited to apartments; it can be put in place in just about any residential community with homes. Unlike a condominium, HOA bylaws aren’t recorded in land records.

An HOA is a group of homeowners who live in a development or community, and are involved in the maintenance and repair of certain facilities, as well as the enforcement of the covenants and restrictions that have been previously accepted by the community.

Common areas of the development are owned by the HOA, which the lot owners do not have ownership interest in. While owners are free to use these common areas, they must do so according to the covenants and restrictions. If an owner violates these regulations, these rights can be suspended.

Like condo associations, HOAs charge owners a set of monthly fees to help cover the expense of maintaining the property and carrying out any necessary repairs. However, these fees are typically a lot less compared to those of a condo association because of the reduced maintenance, repair, and insurance obligations of the HOA.

Co-Op Associations

coop

A co-op association owns a certain property and its common areas and facilities. Residents own a share in the co-op association in order to be allowed to occupy a unit. They are free to use all common amenities, and can even vote in members to be a part of the Board of Directors.

The major difference between cooperative housing associations and condos is the fact that residents do not actually own the units – instead, they merely have a share in the co-op.

Basically, residents in a co-op association buy shares in a not-for-profit corporation, and have the right to lease their units within the complex. The monthly fees that are charged not only cover maintenance and repair costs, but also mortgage payments, taxes, and management fees, which is why they’d typically be a lot higher compared to those of a condo.

Shares in a co-op association are considered intangible personal property, which means residents most likely wouldn’t be able to get a line of credit or home equity loan against ownership because nothing is actually owned. Any shares in a co-op would be passed on to an executor after the resident passes on, which are then subject to certain regulations.

Don’t just assume that every complex that involves the sharing of common areas is necessarily a “condo.” Make sure you understand that these separate options are available to you, and that each come with their own sets of traits. Do your homework to find out what these differences are so you can be sure to pick the one that’s right for you. Luckily, your real estate agent will be able to cut trough the confusion and lead you in the right direction when it comes to home ownership.