Noah Levy: November 2011

Giving Thanks, North Shore Edition

As Thanksgiving approaches I'm feeling incredible gratitude. Next week my husband will tackle the turkey (it's like a religion for him) while I whip up the sides and we gather around the table with family to celebrate and reflect. In that spirit, I am thinking about my local and online communities and wanted to share a few thoughts.

I am thankful for many things -

- I am thankful to work as a Realtor in Highland Park, IL. I feel lucky every time I meet a new client and have a chance to show them the possibilities here. I am part of an incredible business community here, and I'm fortunate to work with some of the best brokers, inspectors, mortgage bankers and contractors in the game.

- I am thankful for the amazing schools here on the North Shore. Hard to believe, but by now I have learned the ropes of the local preschools, elementary schools, junior highs and high school. My kids are getting a top notch public education.

- I am thankful that we have a thriving local business scene and residents who choose to support it. Our local businesses have a friendly, personal vibe that gives the North Shore much of its wonderful character.

- I am thankful for the natural beauty all over Highland Park and the North Shore. I can visit the Botanic Gardens, walk the Ravines, boat on the lake or just peek outside. Sometimes I just need to slow down on Green Bay Road to let a deer cross the street. In a few weeks I'll probably be snowshoeing!

- I am thankful for the online community of real estate professionals that I have met through Active Rain. I have learned so much from all of you and appreciate all of your stories and insights.

Happy Thanksgiving!

Budgeting For New Home Expenses

I've seen it happen with rookies and seasoned home owners alike - buyers determine their budget, get approved for a mortgage, factor in taxes and purchase a home, only to get sticker shock on some big ticket items. There are great real estate deals right now in Highland Park and all over the North Shore, but prospective buyers still need to approach the costs of home ownership with eyes wide open. Here are some of the major expenses that buyers often overlook when budgeting for a home purchase.

Window Treatments - Great natural light is a huge selling point, but those gorgeous windows need to be dressed for light blocking and privacy. Window treatments for standard windows are available at all price points, but most windows are custom sizes. It's not uncommon to spend hundreds on a single window, and higher end textiles and hardware can easily go into the thousands. Even capable seamstresses who make their own curtains will have considerable costs associated with expenses. Look around online or visit a home decor shop to get a sense of pricing.

Landscaping - As we move into the winter months this can be particularly tricky. Soon yards will be blanketed with snow and buyers may not know what lies beneath. Clients of mine moved to Highland Park from the city; when we negotiated the deal in late winter it just looked like their new home had some grass and a few plants, but by the time they moved in spring it was obvious that they had an elaborate garden that required professional care. They love their spectacular yard, but not the annual landscaping bill that's equivalent to an additional mortgage payment. In-ground lawn sprinklers require maintenance and annual turn-on and shut-off service by a professional. A heavily wooded lot may require scheduled care by an arborist.

Snow Removal - One thing I can guarantee any buyer on the North Shore is that they will get snow. Plan on hiring a service or purchasing equipment to DIY.

Recurring Service Visits - Good maintenance is the best way to protect your home investment and enjoy it without any surprise repairs. Plan on bi-annual service calls for HVAC maintenance and routine checks of the sump pump and battery back-up system. Many home owners find that a service plan is the most cost-effective solution, and I encourage my clients to support local businesses like Ravinia Plumbing and Heating of Highland Park and American Weathermakers of Northbrook. This area has abundant natural beauty, but the downside to that can be unwelcome critters. Be sure to budget for pest control.

These are just a few of the basics, and specifics will vary with each home. Sometimes a home's biggest selling points can require extra service and care. Pools require maintenance, specialized equipment and chemicals, natural stone needs to be carefully maintained and periodically resealed, and fireplaces need regular cleanings and inspection. Buyers who think about these costs up front won't get caught off-guard.

The above article, Budgeting For New Home Expenses, was written by Noah Levy - A REALTOR assisting buyers and sellers with their real estate needs along Chicago's North Shore.