A Real Effect

Real estate impacts all our lives on Cape Cod. It seems like wherever you go, someone is excited or angered by the real estate industry.

Whether you live here on Cape Cod year round or seasonally, rent or own, the happenings in each of our beloved towns carry lasting effects that can drastically change property values and rent amounts. These influences can ultimately shape our lives for the better or not.

Upcoming segments of The Closing Table will address some of these issues that impact the real estate market and home ownership. Current market conditions, property management, foreclosure, renting, affordable housing and other topics will be covered.

Sell the Pilgrim?

Happy Memorial Day week and thus another tourist season is kicked off here on Cape Cod.

In this buyers market, just to be silly this week, I wonder, how has the value of the pilgrim monument been impacted? 

With the market showing signs of rebounding in the first quarter, this excitement could be used to market the monument and get it sold. Use the wow factor of the view and privacy. What an opportunity. However, not to be a gloomy Gus, with projections of a flat real estate market for the next year, how will this impact the value?

Who knows, perhaps some eager real estate developer will see fit to make an offer and convert it to condos. That could drive a nice price….Can you imagine Monument Heights Condo Association? Hmm. Weirder things have happened.

What about its marketing qualities? ...well let's see...it does have an incredible view from its yard, of which green grass of any size is a rarity here. There are also stellar views from the top floor, However, the walk up is a killer -- deduct for no elevator! It is made of stone, so the structure is solid. However, it can't be demised into condominiums so deduct more from its value. The parking lot yields many spaces so no anxiety there, however you need to climb more stairs to the door. Imagine carrying groceries and perhaps a baby? And let's not even mention the title V. 

Of course I jest, and on this Memorial Day week, let's take time to think about those who have passed on before us, both family, friends and the unknown especially those whom the Pilgrim monument is dedicated.

To all of us who live here year round...have a great season on Cape Cod.... and I’d like to extend a special Closing Table welcome to tourists and seasonal residents. Have a good summer and remember to be patient and smile.

Headache-free Home Improvement

Renovation is a big topic. I will summarize what work needs a permit and who can do the work.

Generally in residential work, interior finishes such as painting, wall covering and floor covering don’t require a building permit.

Assume that all other work does require a building permit, including windows and siding.

With a building permit, a homeowner is allowed to perform work on their own single or two family dwelling.

Also, with a building permit a registered Home Improvement Contractor is allowed to perform renovations to a 1 to 4 family owner occupied building.

And, the most regulated, a state Licensed Construction Supervisor can perform all residential renovations.

Keep in mind that licensed trades such as plumbing and electrical may be required.

I want to reiterate that this is a very simplistic summary.

It’s always important to ask questions of the building department early and if you are having problems contact a good designer or contractor.

Lease: To sign or not to sign?

I’ve been asked to discuss whether or not a lease should be signed when renting an apartment. In my opinion, in most cases, the answer would be yes to protect both the renter known as the lessee and the landlord known as the lessor. However, it all depends on personal circumstances.

A lease should clearly define the amount of rent due, names of both parties, the rental start and expiration date.

The Lessee is protected by the terms of a lease. The property must be kept habitable per the criteria stated in the Massachusetts sanitary code. Also, the rent amount stays fixed per the lease. The only time a lessor can increase the rent is at the end of the lease upon renewal. This should be done with at least a thirty days notice. The lessor cannot ask the lessee to vacate the property prior to the expiration date unless the lessee is in violation of the terms of the lease. The lessor must give at least a thirty days notice when planning on not renewing a lease.

The Lessor is also protected in a lease. The lease guarantees the lessor that the property will be rented for a specific period of time for a certain amount of rent. There may also be certain terms that the lessee must abide by that can protect the lessor’s property. Many leases have clauses that prohibit smoking, clutter and loud noise. Most leases allow only the lessee to live in the rented space to avoid overcrowding. The lessee must also give at least a thirty days notice when planning to vacate upon the expiration date.

If there is no lease, a tenancy at will is in effect. In Massachusetts, this unwritten, and sometimes written, agreement is subject to all tenant landlord laws, including the thirty day notices to vacate or increase rent.

Lengths of leases vary from one year to one week depending on the owner’s or renter’s needs.

The tenant landlord laws are lengthy and complex. This short description only covers the basics.