++

(607)753-6766(607)753-6766

Team Hage ~Where Knowledge and

Experience Count!We Sell Results –

Not Promises!

4070 West Road (Rte. 281) Cortland, NY 130454070 West Road (Rte. 281),Cortland, NY 13045

JoAnnZech

Lic. Assoc. RE Broker

JerryHartnett

Lic. Assoc. RE Broker

JasonHage

Lic. Assoc. RE Broker

Rose “Marie”Ferro

Lic. RE Slsp.

DeannaDaley

Lic. RE Slsp.

SeanMack

Lic. Assoc. RE Broker

1109 MADDEN LN.4 Bedrooms/4 Baths

Location! Location! Location!Luxurious master suite3,400 sq. ft., 2 acre lot

$498,700 MLS# S1143186Call Jaimie c. 283-6324

CORTLANDVILLE

6 MILLER DR.4 Bedrooms/2 BathsOne level village living

Spacious upgraded kitchenFinished lower level w/FP

$184,900 MLS# S1135964Call Deanna c. 345-7036

HOMER

1163 GALLAGHER RD.3 Bedrooms/2 BathsBeautiful peaceful setting15+ acres on golf course

Bldg. parcel w/well and septic$199,999 MLS# S1136117Call Mike c. 423-3685

CORTLANDVILLE

710 HOLLOW RD.2 Bedrooms

New eat-in kitchenFinished basement

Over 8 acres with barn$164,900 MLS# S1128689Call John c. 745-5407

GERMAN

6153 MAXSON RD.4 Bedrooms/2.5 Baths

2,500 sq. ft., 2.5+ acresFireplace, 2nd �oor laundry

Value packed - priced to sell!$209,900 MLS# S1107213Call Jerry c. 423-4278

HOMER

JohnAspinwallLic. RE Slsp.

75 GREENBUSH ST.4 Bedrooms/2.5 Baths

Walk-in closets in bedroomsKitchen w/dining nook

Gorgeous yard, in-ground pool, patio

$189,900 MLS# S1136046Call Sean c. 745-0200

CORTLAND

6897 N. GLEN HAVEN RD.3 Bedrooms/3 Baths

88’ of lakefront right on the waterOpen �oor plan, oak walls

Fieldstone �replace and more$499,000 MLS# S1143099Call Marie c. 423-0888

SKANEATELES LAKE

JaimieBeers

Lic. RE Slsp.

Michael “Mike”Hartnett

Lic. RE Slsp.

www.hagerealestate.com

3835 VALLEY VIEW DR.3 Bedrooms/3.5 BathsBeautiful tri-level, large rooms

Fireplace, 3 season roomAt the end of a cul de sac

$219,900 MLS# S1144131Call Jerry c. 423-4278

CORTLANDVILLE

347 STEVENS RD.3 Bedrooms/2 BathsSpacious great room

Granite counters, island1st �oor laundry

$179,900 MLS# S1107485Call Jaimie c. 283-6324

GROTON

2140 DARIUS DR.- 19A2 Bedrooms/1.5 BathsHard to beat slope views

Vaulted ceilings, loftWell kept, brand new deck$136,500 MLS# S1113771Call John c. 745-5407

VIRGIL

4034 HIGHLAND RD.4 Bedrooms/3.5 Baths

Inviting open �oor planLarge eat-in kitchen, formal DR

1.1 acres, patio, fenced yard$249,900 MLS# S1124002Call Jaimie c. 283-6324

CORTLANDVILLE

29 SPAFFORD LANDING RD.4 Bedrooms/2 Baths116’ lakefront, 2 decks

Upper and lower cottagesBoth completely renovated$395,000 MLS# S1121917Call Jason c. 283-6200

SKANEATELES LAKE

17 WOODRUFF ST.4 Bedrooms/1.5 Baths

Central locationPotential student housing

Motivated seller$79,900 MLS# S1108301Call John c. 745-5407

CORTLAND

13 EAST AVE.3 Bedrooms/1.5 BathsSolid surface counters

Sparkling in-ground poolPavilion, 3 car garage

$148,000 MLS# S1135027Call Deanna c. 345-7036

McGRAW

Nabih “Neb”Hage

Principal Broker

7026 N. GLEN HAVEN RD.4 Bedrooms/3 Baths

Year round, completely remodeled2,700 sq. ft. plus bunkhouse

94’ lakefront, 2 slip boathouse$649,900 MLS# S1143081Call Jason c. 283-6200

SKANEATELES LAKE

3271 WALDEN OAKS BLVD.2 Bedrooms

Everything on one �oorPrivate setting, covered patio

Near Walden Oaks Golf Course$135,000 MLS# S1144322Call Marie c. 423-0888

CORTLANDVILLE

58 MADISON ST.3 Bedrooms/1.5 Baths

West end charmerNew front porch, fenced backyard

Walk to parks and schools$79,900 MLS# S1132919Call Marie c. 423-0888

CORTLAND

5977 MEEKER HILL RD.3 Bedrooms/1.5 Baths

Brick �replaceHW �oors

Beautiful lot w/mature trees$154,900 MLS# S1144618Call Jerry c. 423-4278

LAFAYETTE

CONGRATULATIONSTo The Top Producers for August,Marie, John and Jaimie!

NEW

LIST

ING

NEW

LIST

ING

NEW

LIST

ING

NEW

LIST

ING

FRESH

PRICE

23 EVERGREEN ST.4 Bedrooms/3 Baths

2,500 sq. ft., natural woodwork1st �oor BR, BA and laundry

Nice west end location$84,900 MLS# S1143871Call Sean c. 745-0200

CORTLAND

1748 O’SHEA RD.3 Bedrooms/2 Baths

Character and charmBeamed ceilings, 1st �oor BR/BA

3.6 acres, unstoppable views$194,900 MLS# S1127584Call Deanna c. 345-7036

HOMER

NEW

LIST

ING

4383 W. HILL RD.4 Bedrooms/3 Baths

Possible 5th bedroomOpen kitchen/living area

2,000+ sq. ft., 2 car garage$174,900 MLS# S1112107Call Mike c. 423-3685

LOCKE

NEW

LIST

ING

EstateCortland StandardReal

Thursday, Sept. 13, 2018

Featured HomeNEW LISTING! A DISTINCTIVE HOME! Superior quality abounds in this gorgeous 4BR/4BA home nestled on 2 acres! Welcoming 2 story foyer, spacious gourmet kitchen/great room offers convection double oven, SS appli-ances and huge walk-in pantry, formal LR and DR, FR with gas �replace, 1st �oor laundry, master suite features gas �replace, walk-in closet and luxurious bath with jetted tub and walk-in shower. Central air, built-in sound system and central vacuum, new patio and walkways. Minutes from Cortland Country Club, easy commute to Ithaca and Syracuse. Call for your private viewing! $498,700 ~ MLS# S1143186. Call Jaimie Beers, Lic. RE Salesperson, (c) 607-283-6324, Hage Real Estate. For this listing and others visit www.hagerealestate.com or call 607-753-6766.

– 1109 Madden Lane, Cortlandville

Featured Listings

HageReal Estate

HeritageRealty

Howard HannaReal Estate

YamanReal Estate

2A — Cortland Standard, Thursday, September 13, 2018 Real Estate

HOURS:MON.-FRI. 8:30AM-5:00PM

SAT. 9AM-1PM, OR CALL FOR AN APPOINTMENT!

BillWhite

Assoc. Broker745-2754

LindaMuirheadSalesperson423-4256

KarlaService

Salesperson310-625-0115

SteveCinquantiAssoc.Broker/

Commercial Sales423-7800

NickiWynn

Assoc. Broker/Sales Manager745-3942

SandyLudwig

Assoc. Broker745-5181

AnitaBryan

Salesperson220-4727

IngridDunham

Salesperson591-9216

The Premier Name in Real Estate185 Clinton Avenue, Cortland, NY 13045

(607) 753-9644For a complete list of homes for sale, visit:www.yaman.com

Nicely manicured yard with mature perennials.

MLS #S1139545$179,900

Call Linda Muirhead

CORTLAND

Beautiful A-frame home located on 5+ acres.

MLS #S1143874$194,900

Call Pam Williams

TRUXTON

Newly remodeledhome.

MLS #S1143561$89,900

Call Pam Williams

CORTLAND

Front enclosedporch.

MLS #S1144957$100,000

Call Pam Williams

FREETOWN

Large, full fencedback yard.

MLS #S1129415$89,900

Call Tracy Koenig

CORTLAND

Features new roofwith newer siding.

MLS #S1132871$74,900

Call Tim Alger

HOMER

Two single family homes on one lot.

MLS #S1144858$165,000

Call Nicki Wynn

HOMER

Separate space currently used for business, but could be easily added to living area.

MLS #S1060370$250,000

Call Nicki Wynn

FREETOWN

1,657 Sq. ft. of living space that offers an attached garage.

MLS #S1128551$155,000

Call Connie Mack

CORTLANDVILLE

Country setting forthis 3 bedroom.MLS #S1099304

$74,500Call Joan Plew

McGRAW

Colonial is nestled on private acres surrounded by fields.

MLS #S1136147$249,000

Call Tim Alger

Three family homewith low maintenance.

MLS #S1145503$145,900

Call Anita Bryan

MARATHON

Doublewide on over a half acre just outside village.

MLS #S1145884$54,900

Call Kathie Wilcox

MARATHON

Wooded acreage includes mature, marketable timber.

MLS #S1129768$269,900

Call Nicki Wynn

DeRUYTER

Expansive landscaping nestled in a desirable neighborhood.

MLS #S1130258$575,000

Call Tim Alger

CORTLANDVILLE

Perennial gardens sur-round all structures.

MLS #S1131857$169,000

Call Connie Mack

CORTLANDVILLE

Enjoy the process of assisting in the build of your brand new home.

MLS #S1096037$245,000

Call Jamie Yaman

CORTLANDVILLE

Move-in ready home featuring 3 bedrooms.

MLS #S1119833$99,000

Call Pamela Cullip

CINCINNATUS

Open floor plan for the kitchen and DR combo.

MLS #S1130490$229,000

Call Pam Williams/Jamie Yaman

DeRUYTER

Pellet stovein the living room.

MLS #S1139047$259,900

Call Tracy Koenig

MARATHON

Bright, updated kitchen.

MLS #S1124564$132,500

Call Nicki Wynn

GROTON

Plenty of privacy and usable acreage.MLS #S1131447

$179,900Call Tim Alger

SOLON

JoanPlew

Assoc. Broker275-7072

TerryHowell

Assoc. Broker423-2385

JamieYaman

Principal Broker423-1369

Our mission at Yaman Real Estate is to be the most respected, reliable, and effective real estate service provider available.

TOP AGENT OF PERFORMER THE MONTH

This two unithas large rooms.MLS #S1145370

$329,900Call Terry Howell

ITHACA

PamelaCullip

Salesperson261-0439

DRYDEN

Located on quiet, country road with 5+ acres.MLS #S1138231

$119,900Call Joan Plew

E. FREETOWN

TracyKoenig

Salesperson423-9745

NEW

LISTIN

G

ConstanceMack

Assoc. Broker745-8802

KathieWilcox

Assoc. Broker423-2638

KarinaMurphy

Salesperson379-9815

NEW

LISTIN

GN

EW

LISTIN

G

NEW

PRICE

Tm AlgerAssoc. Broker423-6174

Pam WilliamsSalesperson745-3731

NEW

PRICE

NEW

PRICE

NEW

PRICE

NEW

LISTIN

GN

EW

LISTIN

GN

EW

LISTIN

G

NEW

LISTIN

GN

EW

PRICE

NEW

PRICE

NEW

PRICE

NEW

PRICE

ANOTHER AUCTION SALE MANAGED BY......

SDZ AuctionsSteven D. Zogg Real Estate

Auction & Cattle Co.607.423.3293

www.SDZauctions.com“A COMPLETE AUCTION SERVICE”

Open House: 9/18 (4-6pm) or by apmnt. Established Restaurant, Bar & Hotel: 9,000 +/- SQFT w/7 updated hotel rooms; (2) 1 BR apartments; Immaculate new bar, dining areas & bathrooms; Insulated w/new drywall; BBQ pit; updated plumbing & new vi-nyl windows; located on a 88’x 154’ x 194’ x 20’ x 134’ LOT w/survey. A BIG opportunity to take an established business to the next level, or buy as an investment & RENT IT OUT! Nice-ly Located 12 miles to Marathon; 16 to Whitney Point; 18 to Cortland & 20 to Norwich, NY & SELLS AT ABSO-LUTE AUCTION TO THE HIGHEST BIDDER REGARDLESS OF PRICE! VISIT: SDZauctions.com for info!

“Circa 1830”ABSOLUTE COMMERCIALREAL ESTATE AUCTION!

BENNETT Restaurant, Bar & Hotel!5763 Telephone Rd. Ext., Cincinnatus, NY

On site 9/22 @ 11 AM* Preview Begins @ 9 AM

Local Landmark w/Cash Flow Potential!SELLS TURN KEY w/EQUIPMENT ($30K Value)

Howard Hanna Featured Property

What isn’t there to like about owning 145’ of a gorgeous lake...and at an affordable price?! Unobstructed panoramic views of Lake Como can be adored from the park-like double lot, waterfront �re pit/patio, dock, back deck & master balcony. Renovated throughout. Dramatic cathedral ceiling and loft in the great room. Wide, wrap-around deck. Kitchen includes new-er appliances. Pine ceilings are highlighted throughout most of the home. 45x35 Morton building includes car lift and is heated by the coal\wood stove. Neighbor only to the left. Low taxes for lake front property. MLS# 313729. $198,500. Call Howard Hanna Real Estate Services at 607-257-0800.

Real Estate CornerCortland CountyBoard of Realtors

By the Cortland County Board of Realtors®

— The Voice of Real Estate

Most people can relate to the compli-cations and complexities involved with moving. Whether you’re relocating to a recently purchased apartment or a starter home, resettling takes time, ef-fort and planning.

Moving with kids requires even more planning and research. Finding a home with the appropriate amount of space, in your preferred school district, and convenient to a job or school location

are often priorities for buyers with families.

According to the National Associa-tion of Realtors® Profile on Home Buy-ers and Sellers, eight in 10 home buyers worked with an agent to purchase a home. Agent use is even higher among buyers ages 36 to 50 (87 percent) and 35 and younger (89 percent) — the de-mographics most likely to have school-aged children.

“Fifty-three percent of families with children under the age of 18 reported that the hardest task in the home search process was finding the right property

in the right location,” said Tim Alger, CCBR President. “Families find them-selves needing a real estate professional with a wealth of local market knowl-edge, hands on attention and a broad range of resources to help find the right home.”

Families with children under the age of 18 often times have a greater urgency to sell their home too. Twenty-four per-cent of sellers had to sell their home ur-gently while 46 percent had to sell their home in a somewhat urgent or reason-able timeframe. This is mainly due to a fast moving market and the fact that

most families prefer to get settled in be-fore the new school season starts.

In many cases, families are look-ing to move because their home is too small. Twenty-nine percent of families with children under the age of 18 cited upsizing as the main reason for sell-ing. “Neighborhood choice is another factor: 50 percent of families cited the quality of the school district as a reason for buying their home, and 43 percent decided upon their home because of its convenience to schools,” said Alger.

The type of home purchased by fami-lies tends to differ from those without

kids at home as well. The typical home of families with children under the age of 18 is a 2,100-square-foot, 4 bedroom and 2 full bathroom detached single-family house.

In citing the characteristics of fami-lies with children who are buying or selling a home, it is no surprise that they find themselves in need of a real estate professional to help with the buy-ing and selling process.

————If you are interested in selling or buy-

ing a home, visit www.cortlandmls.com to find a local Realtor.

Moving with kids? No worries

By Jack GuttentagThe Mortgage Professor

Most economists are negative or ambivalent about the provi-sion in the U.S. tax code that allows homeowners to deduct mortgage interest from their taxable income. The major con-cern is that the provision is re-gressive. Up to some limit, the benefit increases with wealth. The wealthier the consumer, the more costly the homes they

buy, the larger the mortgages they take, the higher the interest charge on the mortgage and the greater the deduction.

Some of this ambivalence is reflected in the recently enacted Tax Cuts and Jobs Act. While it did not generate a lot of atten-tion at the time, that legislation reduced the maximum mortgage amount on which interest is de-ductible from $1.1 million to $750,000. However, that legis-

lation did not adapt the deduc-tion provision to emerging new social priorities.

Change in PrioritiesA new priority is the amelio-

ration of the retirement funds crisis, as net worth at retirement declines and life expectancy rises. Since home equity is a po-tential buffer against economic hardship after retirement, the focus of tax deductibility should shift from increasing the afford-

ability of home ownership to inducing homeowners to build equity more quickly. One way to do that is to shift the deduct-ibility provision from interest to principal. Such a shift would re-sult in faster equity growth, and could be implemented in such a way that it did not cost the gov-ernment any more than the cur-rent rule.

Shifting deductibility from in-terest to principal would cause a

swing away from 30-year mort-gages to shorter terms by bor-rowers who can afford them. This would result from the much larger tax benefit on the shorter-term mortgage.

For example, a $100,000 loan at 4.5 percent for 30 years has a monthly payment of $506, of which only $131 is principal in month one. A loan of $100,000

Tackling the role of interest deductibility

Families can rely on Realtors to make a complex situation more manageable

See TACKLING, page 3A

By GARy M. SINGERSun Sentinel

Q: My father lives in a condo that he, myself and my sister all own as “Joint Tenants with Rights of Survivorship.” He just got married, and I am won-dering what his new spouse’s rights will be regarding the property? — Steven

A: To answer this ques-tion, we will need to discuss what “Rights of Survivor-ship” means. Normally, when multiple people own property, they all own an equal share un-less it was agreed otherwise in advance. For example, if Bob and Steve buy a property and put both names on the deed, they will own it 50-50. This is known by real estate folks as “Tenants in Common.” In this

situation, if one of them dies, that person’s heirs, usually a spouse and children, will get their interest in the property.

Sometimes, a co-owner will want the other co-owner to get the property in case one of them passes away. This is sometimes used as an estate planning tool, or for business purposes. In this case, the co-owners can in-stead elect to own the property as “Joint Tenants with Rights of Survivorship,” and then if one co-owner dies, the other will continue to own the prop-erty, in effect absorbing the de-parting owner’s portion. In this case, since the other co-owner gets the full ownership, there is nothing left to go to the heirs.

This situation gets more con-fusing because the property is

your father’s home. Typically, a surviving spouse gets special protections to continue to live in the family home when the property-owning spouse pass-es away. These protections are robust, but there is an excep-tion for property owned with co-owners vested with “Rights of Survivorship.” It seems in your case that the new spouse would not have any interest in the property if your father were to pass on.

However, these sorts of situ-ations can be complicated, and the wording of the deed and other small things can make a big difference. You should speak with an appropriate professional to be sure what is going to happen in your situation.

New spouse, new condo confusion

++

Cortland Standard, Thursday, September 13, 2018 — 3AReal Estate

LEADING THE NEXT GENERATION OF CORTLAND REAL ESTATE

FOR FULL PROPERTY LISTING DETAILS & OPEN HOUSES VISIT:

HOMETOHERITAGE.COM WE CAN ALWAYS BE REACHED PLEASE CALL: 607.428.0708

OFFICE HOURS BY APPOINTMENT

7 JAMES STREET HOMER, NY 13077

Corrie OustadAssoc. RE Broker

(c) 607-745-0718

Rosemary TaboneAssoc. RE Brkr., CBR (c) 607-423-1068

David DonlickAssoc. RE Broker

(c) 607-279-3849

Diann Potter Assoc. RE Brkr., CBR (c) 607-745-1520

Sally Brown KurtzAssoc. RE Brkr., CBR, GRI(c) 607-345-5353

Marinda MeyersRE Salesperson

(c) 607-591-7824

Joanne M. SweeneyAssoc. RE Broker

(c) 607-423-5623

Carrie St.PeterRE Salesperson

(c) 607-299-0906

Michelle ReynoldsRE Salesperson

(c) 315-559-7737

Susan BriggsAssoc. RE Broker

(c) 607-745-3355

Kaitlin BerryRE Salesperson

(c) 607-745-8767

Adele FetterlyRE Salesperson

(c) 315-378-2663

Jenna GregoryRE Salesperson

(c) 607-591-5101

Tom CumminsAssoc. RE Broker

(c) 607-423-6733

Trevor SydneyRE Salesperson

(c) 607-597-9468

Dana DeckerPrincipal Broker, GRI(c) 607-423-4719

Hage Featured Property

NEW LISTING! Location! Location! Location! Situated on the end of a cul-de-sac, you’ll fall in love with this 3BR/3.5BA tri-level on 1.5 acres. This beautiful home offers an eat-in kitchen with granite counters, formal DR, spacious FR, master suite, 1st �oor laundry, rec room in lower level, large 3 season room with heat, workshop, shed and much more. Call today, you won’t be sorry! $219,900 ~ MLS# S1144131. 3835 Valley View Dr. ~ Cortlandville. Call Jerry Hartnett, Lic. Assoc. RE Brkr., c. 607-423-4278, Hage Real Estate. For this listing and others visit www.hagerealestate.com or call 607-753-6766.

at 4 percent for 15 years has a payment of $739, of which $406 is principal. The deduction in month one would be $275 larg-er on the 15-year term, and the difference increases over time. By month 60, the difference has grown from $275 to $331, and by month 120 it is $398.

Equally important is the swing in the incentive to make extra payments. The present system discourages prepay-ments because they reduce fu-ture deductions. The proposed system would encourage pre-payments because they would generate deductions.

Rules of the GameTo keep the costs down and

the incentives properly aligned, the principal payments that are deductible must be prop-erly defined. They consist of the principal component of the recurring monthly payment, and extra payments that reduce the loan balance by the same amount. They do not include repayments of the loan balance on sale of the house, since there is no reason to reward house sales.

The eligible mortgage is one that was used to purchase the house, or one that refinanced the mortgage that was used to purchase the house. A mortgage placed on a house that does not have a mortgage would not be eligible. This prevents a homeowner from taking out a mortgage in order to pay it off immediately for a large deduction.

Shifting the deduction from interest to principal would probably cost the government a little more because principal payments usually exceed inter-est payments. For example, on a $100,000 mortgage for 30 years at 4.5 percent, principal payments add to $100,000. In-terest payments add to $82, 407 if the loan runs to term, $57,437 if it is paid off in 12 years. If necessary, the cost of the new system could be reduced by scaling down the percentage of principal payments that is de-ductible, from 100 percent to a smaller figure as needed.

TACKLINGcontinued from page 2A

When to reach key financial milestonesBy AmANdA dIxoN

Bankrate.comMaybe you have an idea of

when you’d like to buy your first home or retire from the work-force. But just how realistic are your expectations?

We recently asked Americans to tell us the ideal ages for ac-complishing certain financial goals. Then we ran their re-sponses by 10 certified financial planners living in different parts of the country.

Americans’ expectations overall were fairly realistic. But some experts argue that when it comes to hitting key milestones in life, age is arbitrary.

What’s more important is whether you’re financially ready to make certain decisions, says Jennifer Faherty, founder of Fi-nancial Wealth-being.GettinG youR fiRst cRedit caRd

The ideal age to open a first credit card is 22, Americans say. But according to many financial planners, the sooner you start building credit, the better.

“I think 22 is a little late,” says Dana Twight, a certified finan-cial planner based in Seattle. “I think you want to help your kids or your independent kids and support them in opening a card when they’re young enough to benefit from a parental safety net if that’s possible.”

Parents who want to teach their children how to use credit cards responsibly at a young age can help them sign up for a se-cured credit card. These types of cards require you to make a cash deposit that becomes your credit line. With time, you should have the opportunity to trade in your secured card for a traditional, unsecured credit card.

Another option is to make a teenage child an authorized user on a parent’s account. But any mistakes that are made can im-pact the parent’s credit score.

Lucas Casarez, founder of Level Up Financial Planning in Fort Collins, Colo., used to help clients open their first credit cards when he worked at a credit union. Many of the people he helped were 18 and 19 years

old. He sees nothing wrong with someone that age having a credit card, as long as they have some-one showing them the right way to use it.

Quentara Costa has a different opinion. She’s seen too many col-lege kids with credit cards getting themselves into trouble. Waiting until you’re 22 to open a credit card is a safer bet, says Costa, a certified financial planner in North Andover, Massachusetts.

WaitinG to buy youR fiRst home

While there may be benefits to getting a credit card at a younger age, postponing the purchase of your first home may be advantageous.

Americans, on average, say 28 is the ideal age to become a homeowner. But many experts recommend waiting until you’re in your early 30s to take the plunge.

Once you graduate from col-lege, Helen Ngo thinks it’s best to wait at least 10 years before buying a home. That way, you have a better idea of where you stand financially and whether you can take on a mortgage.

“At 28, to me that’s still a very young age,” says, Ngo, the CEO and founder of a financial plan-ning practice in Atlanta. “I think those who are able to buy a home at 28 are married at that age and they have dual income to be able

to afford a house at age 28.”Unless you’re in a stable fi-

nancial position and you have access to a lot of cash, it’s prob-ably best to avoid buying a home until you’ve paid off your stu-dent loans, says John Piershale, a wealth adviser in Crystal Lake, Illinois.

homeoWneRship is a lonG-teRm commitment

Generally, buying a home at any age isn’t a good idea if you’re not planning to stay there for at least five years. That’s par-ticularly the case if your goal is to build home equity, Ngo says.

“If you’re purchasing a home, how much time are you going to live in there in order to get the actual equity value out of it? Unless you buy a fixer upper and you put more money into it, and then you’re able to sell it real quick and you might make $100,000 extra out of it. But most people aren’t doing that,” Ngo says.

Even if homes seem affordable where you live, think beyond the cost of the mortgage when deciding whether to become a homeowner. Factor in the cost of property taxes, home repairs and unexpected expenses. Think about the costs involved with selling the home, too, like pay-ing closing costs.

You’ll also want to consider market conditions. Percy Bol-

ton, founder of a financial plan-ning company in Pasadena, Ca-lif., says he wouldn’t buy a home right now because it’s a seller’s market.

“You don’t ever buy in a mar-ket like this. You wait,” Bolton says. “If I was advising a client right now, it’s cheaper to rent.”

savinG foR RetiRementAmericans say the ideal age

to start saving for retirement is 22. According to the financial planners we polled, it’s best to start saving as early as possible. The average age the experts sug-gested was 21.

Costa says it’s important to start saving money at a young age. But starting to save for retirement as a teenager isn’t necessary.

“When you’re younger, you do need to save for things like a car and a down payment and college,” says Costa, founder of a company called Powwow. “I think there’s plenty of time to catch up. I’ve seen plenty of people turn the corner where they haven’t had much savings because they’ve had all these milestones and at 40 they’re fi-nally able to get serious about retirement and they’re fine.”

But Lauryn Williams, a four-time Olympian who founded her own financial planning company, says you can start saving as ear-ly as age 19 in a Roth IRA. The

stereotype of the broke college student is misleading, she says. Even college kids have money that they could be saving.

“Once you get in college, that first year get settled, but then also get saving,” Williams says. “Automate that saving from the very beginning, create that habit and you’ll finish college with a little nest egg for yourself and a little nest egg for retirement.”

Another recent Bankrate sur-vey found that millennials pre-fer cash over stocks. But when it comes preparing for the future, having mostly cash investments will ultimately cost you.

“A far as long-term savings, that’s not a viable strategy to me,” says Donovan Brooks, a certified financial planner in Saint Joseph, Mo. “Based on probably the retirement lifestyle that they have in their mind, cash likely isn’t going to get them to where they need to be long term, unless they have a large income and they’re putting away a ton of money and they envision a very minimal, inexpensive retirement lifestyle.”

the ideal aGe to RetiReAmericans say the ideal retire-

ment age is 61, but the financial planners we surveyed agreed that retiring at 61 wasn’t realistic for most people. What’s more, the way people think about retire-ment is changing.

“I think if you redefine what retirement means, you can retire at different stages in your life,” says Ngo, founder of Capital Benchmark Partners.

Ed Leach, a certified financial planner in Wayne, N.J., says he has clients who are executives and business owners. They sell their businesses and “semi-re-tire” by doing consulting work.

Other financial experts say their clients are retiring later by choice. Sixty percent of her cli-ents would list 70 as their ideal retirement age, Williams says. If you love what you do, you don’t have to stop working.

MetroCreative

By AdrIAN d. GArCIABankrate.com

The home equity picture in the United States looks pretty similar to what it did pre-recession. Collectively, homeowners have $15 trillion tucked away in their proper-ties — about a trillion and a half dollars north of the high mark before the recession, based on federal data.

But this time around, people seem unwilling — or unable — to use their homes to come up with some extra cash.

The percentage of people using their homes to secure loans remains exceptionally low. Some experts view the change in borrowing behavior as a sign that consumers are more financially savvy about avoiding the pitfalls of using home equity witnessed during the last housing boom.

Homeowners held 4.2 mil-lion home equity loans and 10.3 million home equity lines of credit (HELOCs) col-lectively as of March, the lowest numbers in each cat-egory since at least the first quarter of 2008, according to Equifax.

Cautiousness around using home equity — the difference between how much the house is worth and any debts against the home — is a smart move by consumers, says Greg McBride, CFA, chief financial analyst for Bankrate.com.

“The people that got into trouble by tapping home eq-uity during the late stages of the last economic expansion

Use home equity wisely

See WISELY, page 4A

4A — Cortland Standard, Thursday, September 13, 2018 Real Estate

Nothing Means More

Than Having Your

Own Front Door.

Federally Insured by NCUA. *Restrictions apply. NMLS #299582

VISIT any CFCU branch CALL 800-428-8340 CLICK mycfcu.com/home

Make it happen with our No Closing Cost Mortgage!

We’ve Saved Members OUR TEAM OF EXPERTSEast HillKimberly Rozell(607) 257-3282 x3610kimberly.rozell@mycfcu.com

TriphammerJulie Banwell(607) 257-3282 x3410mortgages@mycfcu.com

Over $4.7 Million in Closing Costs So Far.

CFCU Community Credit Union can helpyou achieve your dreams of homeownership.Own your own home and make an investmentin your family’s future-- all at historically lowrates.

With our No Closing Cost Mortgage, you needless money upfront, making the home- buyingjourney even easier.

Port Watson & Route 281Nicole Cottone(607) 756-6968nicole.c ottone@mycfcu.com

Seneca WayMissy Park(607) 592-5295missy.p ark@mycfcu.com

Kate Barth(607) 257-3282 x3257kate.b arth@mycfcu.

com

C O RT LAND

7 bedrooms, 2.5 bath Cape. Sits on 10 acres with huge barn and deck. Master Suite with walk-in closet.

*** Brian DeYoungc.607.275.1234

MLS 313494 $269,000

Br ea t h t a k i ng

***Assoc. R.E. Broker **R.E. SalespersonMLS # IBR/CBR*Money Back Guarantee, certain restrictions apply.

Idyllic setting at the end of a town road on 90 acres. Renovated 1880’s

Farmhouse and outbuilding. *** Joan Portzline

c.607.227.4219MLS 313725/S1122734 $339,500

C O RTLAN D

W a n t P r i v a c y ?

***Mary DeMunnc.607.345.5031

DRYDEN

N i c e L i t t l e Home

Come and rehab the interior of this sweet house. Roof, siding and windows are already updated.

*** Joeseph Giordanoc.607.351.1267

MLS 314626 $99,000

C O RTLAND

W e l l Ma i n t a i n edClose to shopping and schools. 3

bedroom home, eat-in kitchen, full basement and 1 car attached garage.

** Shuryl Menapacec.607.423.3842

MLS 314593/S1142961 $114,900

CORTLAND

Floor plan and zoning allow for multi uses. On-site, paved free parking. �e

possibilities are endless. *** Jolene Rightmyer-Macolini

c.607.339.1559MLS 312057 $195,000

Commerc i a l

CORTLAND

19.48 acres of incredible views and a great back deck. Lots of work has

already been completed. ** Shuryl Menapace

c.607.423.3842MLS 313386/S1115611 $110,900

I n c r ed i b l e Oppo r t u n i t y

C O RTLAN D

Wonderful, quiet neighborhood. 60’s ranch sits on a large corner lot. One

level living with open �oor plan. ** Shana Karnc.607.345.9697

MLS S1139044 $157,900

Lo v e l y Home

36 Main Street, Cortland NY 130452333 N Triphammer Road Suite 1 and 710 Hancock Street Ithaca, NY 14850

607-257-0800HOMER

Beautifully renovated kitchen hardwood �oors, new stainless appliances. Large living Room.

** Melissa Shamesc.607.227.5323

MLS 314093 $175,000

V i l l a g e o f Homer

First Open. First Impression.

Choose an agent who understands the importance of

Find out what your home is REALLY worth atHowardHanna.com/WhatsItWorth

Contact a Howard Hanna agent today to discuss your options and ask how you can get more money for your home!

Yaman Featured Property

1136 E The Park, Cortlandville. A SECOND FLOOR UNIT IS AWAITING YOU in one of Cortland’s only condominium com-plexes. This condo offers comfortable living without any outside maintenance, mowing or snowblowing... just enjoy yourself in comfort. Nestled just outside the City of Cortland, this condo is only minutes from stores, restaurants, golf, skiing, hiking, lakes, trails, Main Street and all it offers as well as SUNY Cortland. And, easy commute to Ithaca area for Cornell, IC, trails, wineries, lakes and more. MLS# S1145585. $124,900. Call Tim Alger, Assoc. RE Broker, (607) 423-6174.

Heritage Featured Property

1143-1145 State Route 13, Cortlandville. $447,000. LOCATED JUST OUTSIDE THE CITY OF CORTLAND in the Town of Cortlandville, this property housed the original Gutchess Lumber. The property is located in the B-2 District and can be used for a multi-tude of different opportunities. Located on a major thoroughfare adjacent to SUNY Cort-land, close to State Rt. 281, and minutes from Interstate 81. Centrally located between Ithaca, Binghamton, and Syracuse! The residence is perfect for office space or for rental income. The 2 out-buildings feature 3 16’ overhead doors and 3 8’ overhead doors, over 9,412 usable sq. ft., and have water, electric, and natural gas on site. On just under 2 acres of land, the property has great road frontage with gated access. MLS# S1126176. Call Dana Decker, Principal Broker, (607) 423-4719 c, at Heritage Realty. For this list-ing and more visit www.hometoheritage.com. Heritage Realty, 607-428-0708 office.

By Gary M. SinGerSun Sentinel

Q: I own a home that my sister is living in, where she pays the mortgage and is supposed to take care of it. She has been letting it run down, and it needs extensive repairs that she was supposed to maintain. I don’t have the time or money to deal with this and want to sell the property. What are my options? — Janice

a: Your first step is to speak with your sister and let her know the scoop. Tell her that you need to sell the place and set up a timetable for her to move out. In my law practice, I have found that good communication will solve most problems.

Unfortunately, this does not always work, and even family sometimes will not cooperate despite the prior help you may have given. If this turns out to be your situation, you will have to go to court to get her out of the property.

It is vital that you do not try to “self-help” and just throw her and her stuff out the door. Since she is paying rent, in the form of paying the mortgage, you would need to terminate her lease rights before you can evict her. You must provide her with written notice to leave in the form set out in the Landlord/Tenant Stat-ute. If she does not move by the deadline, you would need to file a lawsuit to evict her. You can do this based on your verbal lease arrangement. When there is an oral lease like this, either party can end it with proper notice, and once it is terminated, the tenant must vacate.

Even when leasing to family or close friends, it is better to have a written lease agreement. Memorializing your agreement in writing will have the effect of making sure each party knows what is expected of them and help avoid disagreements later.

———ABOUT THE WRITER

Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He practices real estate, business litigation and contract law from his office in Sunrise, Fla. He is the chair-man of the Real Estate Section of the Broward County Bar As-sociation and is a co-host of the weekly radio show Legal News and Review. He frequently con-sults on general real estate mat-ters and trends in Florida with various companies across the nation. Send him questions on-line at www.sunsentinel.com/askpro or follow him on Twitter

When relatives make bad tenants What are the

options?

Call 756-5665Cortland Standard De l i ve r ed .

Loca l News .

On your door s t ep .

were the people that weren’t tim-id at all,” McBride says. “Those that were timid and hesitant were better protected when home pric-es fell.”

Homes are not atmsFrom 2003 to 2007, hom-

eowners were extracting more than $350 billion per year to free up cash for a variety of purposes, from renovating the kitchen to purchasing a new car, according to the Federal Reserve Bank of New York’s Liberty Street Econ-omists blog.

“There were a lot of people drinking the Kool-Aid of ‘home prices will never decline,’” McBride says. “One of the con-sequences of that was people

took out equity that evaporated a couple years later. Then they were on the hook for a loan, and that’s why the percent-age of underwater homeowners skyrocketed.”

Home prices hit a high in Feb-ruary 2007 and then steadily fell until February 2012, a 35 percent drop, based on the S&P/Case-Shiller U.S. National Home Price Index.

Drilling down on exactly what people used equity for is tricky. In 2007, the U.S. Census Bu-reau released a brief showing the main reason people took out HE-LOCs in 2001 and 1991 was for home improvements. The second most popular reason, according to the brief based on the Resi-dential Finance Survey, was debt

consolidation.About 10 percent of HELOC

borrowers indicated they used the equity they extracted from their homes to make a vehicle purchase, according to the census brief. Research from economists at the Federal Reserve Bank and a graduate student at the Univer-sity of California-Los Angeles shows that home equity extrac-tion funds about 1 to 2 percent of both new and used car purchases and was largely unchanged dur-ing and after the housing boom. Later research from the team shows some borrowers may have been using home equity to help make down payments and then turning to a traditional auto loan to cover the rest of the auto purchase.

Home equity’s untapped potential

HELOC balances have been steadily declining since 2010. Decreasing originations coupled with the decline in open accounts reaching their end of draw led to a 5.9 percent drop in balances in the second quarter of 2018 compared with the year prior, according to data from the lat-est TransUnion Industry Insights Report.

Economists at the Federal Reserve suggest the decline in home equity is contributing to

people spending less overall.The HELOC market presents

a lot of potential for lenders, says Kristen Bataillon, senior manag-er of financial services research and consulting at TransUnion.

“Given that the percentage of borrowers with delinquencies is back at 2007 levels, market shrinkage is likely due to the lack of product promotion as opposed to lender caution. And given that homeowners equity prices are up, this really is an opportunity,” Bataillon said during a webinar Thursday.

smart ways to use Home equity

McBride warns homeowners not to believe every dollar they use in home equity to add a new deck or make other home im-provements will be added to the value of the home — a $20,000 new kitchen in a $300,000 home doesn’t necessarily make the property worth $320,000. And in the case of repairs like fixing a hail-damaged roof or dealing with termites, the money from home equity might go toward preserv-ing the current value of the house.

WiSeLycontinued from page 3a