Should you rent or buy?

By Richie Vraux

Should I rent or should I buy? There are many things to consider whether you rent or buy today.

Richie Vraux is a Real Estate
Broker/Realtor with Pine Tree
Realty of Maine in Windham.
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The world has so many uncertainties so consider what will work best for you and your family.

Consider the 5-year plan: If you move around or travel a lot you might find renting to be a better option while those wanting to create roots in a single location will find buying to be a better choice. It is really a decision you want to choose wisely.

Consider the time and money needed to maintain a home: If you rent and something breaks or something doesn’t work effectively, you can call your landlord to fix it.

But when you buy a home, you will be the one keeping up the maintenance of your home. It is always good to set aside money for a rainy-day fund to have extra money when those issues occur, and yes, they always do.

Make sure you carefully weigh in on all the factors of renting versus owning.

Buying a home is a big commitment but can have many benefits. If you enter into a 30-year mortgage agreement, you have several tax benefits of buying.

Renting really has no tax benefits unless you work from home or similar work-related benefits.

Yes, you do have property taxes that need to be paid every year and don’t forget insurance to cover any loss you may have, but I believe owning has many more benefits than renting.

Buying a home is typically best if you have a stable job and plan on remaining in your home for several years. Renting a home provided more flexibility. However, it can also result in higher costs as housing costs continue to rise.

This is because rentals are usually short term and have a12 month window, or longer depending on yours or the landlord’s situation. But at the end of your lease, there is no guarantee the rents may increase. It’s always a crap shoot. There is no current cap on landlords’ fees, so you just never know.

On the other hand, unless you are in a variable rate mortgage or have a mortgage rate less than 15 or 30 years, it will stay the same until it is paid off. You will not have to pay taxes if you are renting, that is up to the landlord.

The cons of renting are your monthly housing costs are not stable year to year. You don’t get to build equity with each rental payment. The landlord gets all the rental benefits here. In the rental market you do not have control whether the landlord sells the property. At that point you are under the gun to find a suitable rental within a short period of time. Then you want to stay in the same school district for your children.

Renting is a good idea when you move out of mom and dad’s home, and you are off to college, or your job makes you move from place to place.

Purchasing a home is the American Dream people always want, but some people don’t want commitments and are certainly satisfied renting. Paying off a mortgage over 30 years is usually cheaper than renting but may not be the best choice for everyone.

Many factors in different markets affect affordability, making it difficult to determine which option will work best for you. Deciding to purchase a home is a personal choice that only you can answer.

If you need advice about choosing which way you should go, feel free to contact me. Richie Vraux is a Real Estate Broker/Realtor with Pine Tree Realty of Maine, 76 Tandberg Trail, Windham. Call him at 207-317-1297 or reach him by email at richardjvraux@gmail.com <

Homeowner’s Guide to Fall Home Maintenance

Compiled by Jonathan Priest

Fall brings colorful leaves and cooler temperatures, but seasonal home care should also be on the calendar because winter has no mercy on homes unprepared for its surprises.

Roof and Exterior

A visual inspection of a home, from the chimney to the foundation, can help reveal vulnerabilities that lead to trouble when wind, freezing temperatures, snow or winter rains rule. Homeowners can use a drone or binoculars to look for debris, which will need to be cleaned up, and missing or loose shingles, which should be fixed or replaced before they lead to leaks. Overhanging tree limbs should be trimmed, so they can’t come down, potentially puncturing the roof and causing leaks, water damage and mold.

Fall and winter are also prime time for rodents to come indoors for warmth; seal up even the smallest holes and gaps in the foundation, attic or crawl spaces. Firewood should not be stored against the house because it can cause a beetle and/or termite infestation.

Gutters

To keep gutters running well, check them monthly for twigs, leaves and other debris. Plan bigger cleanings — including running water down all the downspouts — both before autumn leaves fall and again after trees are bare, to be sure fall and winter rain and snowmelt can flow down and away from the house — instead of into the walls, which can cause rot and mold and invite insects.

Clogged gutters — along with poorly ventilated roofs and under-insulated attics — are also a common culprit for damaging ice dams. Ice dams form when rooftop snow melts and refreezes, building up thick layers of ice that eventually push into joints and cracks in the roof and cause leaks.

Landscaping

Some experts note that grass will fare better if it is fertilized after the hottest days of summer are over, when the fertilizer can encourage blade growth and strengthen the root system for winter. Rake off all leaves and give the lawn a final mowing once it stops growing. (A local garden center can guide you on fertilizer formulas suited to your climate and lawn.)

Fall is also a good time to cut dead branches off trees, according to the Arbor Day Foundation, but pruning for shape and size should wait for late winter or early spring.

Outdoor furniture

Umbrellas and furniture that could be blown over can be brought inside or stacked and weighted down, to reduce the risk of damage. Grills should be moved indoors and outdoor appliances, such as mini fridges, should be unplugged.

Doors, windows and other drafty spots

To keep houses warm without sending heating bills through the roof, and to save energy, the federal Environmental Protection Agency recommends sealing spots where cold air can sneak in, focusing on the attic, foundation and around windows and doors. Caulking, weather stripping and door draft guards can be inexpensive DIY fixes.

For single-pane windows, adding plastic film or storm windows reduces heat escape and cold penetration. Replacing them with insulating double-paned windows is a more expensive option.

Heating

A good time for an annual HVAC system check — to look for wear in parts like the blower motor — is before having to turn on the heat, according to the International Association of Certified Home Inspectors.

Also, check with local utilities to see if they offer free energy audits or rebates for energy-efficient appliances, including furnaces. It is also good practice to change furnace filters every 60 to 90 days.

Thermostat

Using a programmable thermostat or adjusting a manual thermostat before leaving the house or going to bed, can cut the heating bill by as much as 30 percent while still keeping a home cozy, according to the EPA. Consumers can find Wi-Fi-enabled thermostats, which can be managed remotely via smart phone, for about $100 to $300.

Basement

Along with cleaning gutters, making sure a basement is ready for winter means checking the foundation for cracks, which freezing water can widen and make for a very expensive repair. Sump pumps need to be checked for wear.

The big payoff is savings on repairs — and peace of mind.

This article was brought to you courtesy of Farmers Insurance agent, Jonathan Priest, with an office at 57 Tandberg Trail, Suite 7, Windham and StaySafe.org. Call him at 207-893-8184 or send him an email at jpriest1@farmersagent.com <

Why does it seem like everyone is moving to Maine?

By Carrie Colby

Maine’s rising popularity is a fascinating trend influenced by several factors that resonate with a diverse range of people. Here are some key reasons why more folks are calling this beautiful state home:

1. The Weather

Maine’s climate presents a unique blend of experiences. While winters can be brutally cold, the summers are a highlight, offering mild temperatures and plenty of outdoor activities without the oppressive heat found elsewhere. Residents can enjoy hiking, biking, and water sports in the warmer months, making the most of the state’s stunning natural landscapes.

2. Air Quality and Climate Change

With climate change impacting many regions, Maine has emerged as an appealing refuge. Its relatively stable weather, lower incidence of natural disasters like hurricanes and wildfires, and overall good air quality attract those looking for a safer, more sustainable environment.

3. Quality of Life and Peace of Mind

Safety is a major draw for many. Maine consistently ranks as one of the safest states in the U.S., making it an ideal place for families. The sense of community is strong, and many residents appreciate the slower pace of life. This environment fosters peace of mind, where people feel comfortable letting their kids play outside and engaging with neighbors.

4. Remote Work Opportunities

The pandemic accelerated the trend of remote work, allowing many individuals and families to relocate without the constraints of proximity to their offices. Maine’s serene environment and access to nature have proven irresistible for those looking to enhance their work-life balance.

5. Outdoor Recreation

Maine is a haven for outdoor enthusiasts. From hiking the Appalachian Trail to kayaking in its many lakes and rivers, and even skiing in winter, the state offers abundant recreational opportunities that appeal to nature lovers and adventure seekers alike.

6. Community and Culture

Maine boasts a rich cultural heritage, with vibrant arts, food, and local traditions. The state’s renowned seafood, particularly its lobsters, is a culinary draw, and many towns host festivals that celebrate local culture and community spirit.

7. Affordable Living

Compared to many urban centers, Maine offers relatively affordable housing options. This affordability can be especially attractive to those moving from high-cost areas, allowing for a higher quality of life without breaking the bank.

In summary, Maine’s combination of stunning landscapes, a strong sense of community, safety, and growing remote work opportunities makes it an appealing choice for many people looking to relocate. Whether seeking a peaceful lifestyle, better air quality, or simply a place to enjoy the outdoors, Maine is increasingly becoming a top destination.

Carrie Colby is a Broker with Allied Real Estate, 909 Roosevelt Trail in Windham. She can be reached at 207-232-5497. <

Is a condo right for you?

By Nicole Foster, Broker/ REALTOR

A growing segment of the residential single-family real estate market is struggling to keep pace with the strong demand from buyers of all ages who are seeking the condo living experience.

A condominium, often referred to as a "condo" for brevity, is a unique type of residential property that is privately owned but located within a larger complex or community. Condos can take various forms: they might be situated within a multi-story building, share walls with neighboring units, or even be standalone structures often termed “house-a-minimum” allowing for different living experiences, catering to a range of lifestyles and preferences depending on its location.

Condos are particularly appealing to individuals seeking to simplify their lives, such as those looking to downsize after a larger family home or first-time buyers eager to transition from renting to owning. Many find that condos provide an excellent opportunity to start building equity, as they are generally more affordable than traditional single-family homes. This affordability makes them an attractive starter home option for many, enabling buyers to invest in real estate for less money.

Living in a condominium typically entails fewer responsibilities compared to homeownership, fostering a more relaxed lifestyle with increased leisure time. This can be especially beneficial for those who wish to spend less time on maintenance and upkeep and more time enjoying their surroundings and pursuing personal interests.

One of the primary distinctions between owning a single-family home and a condominium lies in the ownership structure. When purchasing a single-family home, the buyer acquires both the dwelling and the land it sits on. In contrast, when you buy a condo, you own your individual unit but share ownership interest of the land and communal areas with all the other residents within the complex. This shared ownership model often results in a collaborative living environment.

In terms of maintenance responsibilities, condo owners enjoy a significant advantage. In a single-family home, the homeowner is responsible for all aspects of property upkeep, including repairs, landscaping, and snow removal. However, in a condominium, many of these tasks are managed by the homeowners’ association (HOA) or a property management company. This arrangement can be particularly appealing to individuals who wish to own real estate without the burden of owning and maintaining tools and equipment, such as lawnmowers or snow blowers.

The costs associated with condo living typically include monthly fees that contribute to the overall maintenance of the community. These fees can range significantly, often falling between $100 and $700 or more, depending on the amenities and services provided. Most frequently, these fees are collected on a monthly basis, although they can also be charged quarterly or annually. For complexes with upscale amenities—such as swimming pools, fitness centers, or concierge services—the fees may be higher. It’s essential for prospective buyers to inquire about what these fees cover and how frequently they are collected. Additionally, owners may be subject to one-time assessments for upcoming repairs or improvements within the complex, which can also impact their financial obligations. Owners usually have options regarding payment for these assessments, whether in a lump sum or through installment plans.

Living in a condo also means embracing a sense of community, which comes with adhering to the rules and regulations set forth by the homeowners’ association. These guidelines can be quite comprehensive, covering a range of topics such as parking restrictions, quiet hours, clothes lines, pet policies, guidelines for outdoor grilling, and regulations regarding the renting out of units—an important factor that can influence resale value. It is crucial for potential buyers to thoroughly review all governing documents to fully understand their restrictions and responsibilities as a condo owner.

Before purchasing a condo, it is critically important to assess the overall financial health of the condominium community. Prospective buyers should request access to the most recent financial statements and accounting records to ensure the community is well-managed and financially stable.

If you are contemplating purchasing a condo as your next home, be sure to have a discussion with your lender. The financing for a condominium can involve additional considerations and requirements compared to a traditional home purchase and understanding these aspects will help determine if your loan would be suitable for a condo.

Nicole Foster is a real estate Broker with nineteen years of experience and a Windham parent. Follow on Insta @207nicolefoster or Facebook facebook.com/sellingmaine <