Annemarie Torcivia - RE/MAX  Trinity

Posted by Annemarie Torcivia on 2/5/2018

Saving for a down payment on a home is a long process that requires discipline and organization. But we all know that with so many other things going on in our lives it can be hard to spend enough time focusing on your budget.

Fortunately, there are several tools available to soon-to-be homeowners who want to keep track of their spending and make sure they meet their down payment goals. In this article, we’re going to talk about some of the best budgeting apps, websites, and other tools to help you keep yourself accountable so you can be living in your new home as soon as possible.

Why budget for a down payment?

If you’ve saved money in the past for a purchase without a budget you might be wondering why you should go through the effort of creating one now.

However, there are many reasons to have a budget, especially if you’re planning on making an investment as large as a home. Here are just a few:

  • Keeping an accurate budget will let you know almost exactly how much you can expect to save for a down payment

  • Budgeting helps you locate and cut out expenses that would be better used in your savings account

  • Budgeting will give you peace of mind along the road to saving for your down payment

Now that we’ve talked about the importance of making a budget, let’s talk about some of the best ways to get it done.


You Need a Budget, often shortened to YNAB, is one of the most useful tools for learning about and creating a budget. I don’t know about you, but I was never formally taught how to budget in school. But, it would have been a useful class to have!

YNAB combines budgeting tools with educational materials to help you save while you learn more about managing money. It can be easy to feel lost when it comes to learning about personal finance--that’s what makes YNAB so great.

Their basic precept is that you “give every dollar a job,” meaning there won’t be any money in any of your accounts or in your paycheck that doesn’t have a purpose. That doesn’t mean you can’t spend money on yourself every once in awhile, just that you’ll have planned ahead for moments so you can manage them.

You Need A Budget is available for Apple, Android, on Alexa and in your browser.

Saving with your spouse

Planning a budget yourself is complicated as it is. But planning together with a spouse can be even more confusing. However, there are ways to effectively make a family budget to save for a down payment.

First, you should both make sure you have individual budgets to make sure you know how much money from each of your incomes can go into savings. Opening a joint savings account and having a certain percentage of your paycheck direct deposited into that account is a good place to start.

From there, monitor your savings for a month to see if you need to alter this number, and try to stick to your monthly savings goal.

Tags: budgeting   down payment  
Categories: Uncategorized  

Posted by Annemarie Torcivia on 1/29/2018

This Single-Family in Lynnfield, MA recently sold for $535,000. This Cape style home was sold by Annemarie Torcivia - RE/MAX Trinity.

262 Salem St, Lynnfield, MA 01940


Sale Price

Completely redone from the foundation up in 2001 & offering a new addition & new roof in 2014, this home has it all -- a fab commuter location, superb flexible space & an amazing rear yard with 2 decks that'll be the envy of all this summer! Offers quick access to Route 128 & more, yet is tucked away on a sprawling lot & boasts a large driveway + garage under for immediate access inside. Unique floor plan awaits your personal needs: inviting LR w/cozy pellet stove greets you & leads to bonus room w/high ceiling & door to private deck. Large kit w/breakfast bar, fab cabs & roomy eating area opens to generous FR with access to large 2nd deck. But wait – there's more: full bath PLUS BR on this level. Step upstairs to generous MBR suite with skylights, stunning private bath w/sep shower & laundry. 2 more BRs also await, plus you'll enjoy built-in window seats & sep rear staircase. 3rd bath could be added upstairs. Great closets; full basement. Beautifully designed for comfort & utility.

Similar Properties

Categories: Sold Homes  

Posted by Annemarie Torcivia on 1/29/2018

If this is your first time buying a home, you might feel a bit intimidated by the purchase contract. Contracts are often filled with industry and legal jargon, making them difficult to understand for the average buyer and seller.

Contingencies in particular give some buyers cause for concern because their contract depends on the contingencies being fulfilled. However, in most cases contingencies are pretty standard and only serve to protect the interests of both the buyer and seller during a real estate transaction.

In today’s post, I’m going to give you an introduction to contingency clauses and break down some of the most common contingencies you’ll find in today’s real estate purchase contract.

Contingency clause definition

Simply stated, a contingency clause is a statement within a contract that requires a certain event takes place before the contract is considered legally valid. As a result, contingency clauses are used to cancel or invalidate a contract if certain conditions aren’t met before the sale is made final. So, if one party fails to meet the obligation of the contingency, the other party is no longer bound by the contract (or required to buy or sell the house).

Contingencies can get confusing when they are vaguely worded in the contract, making them difficult to interpret. In these cases, a court may decide the specific meaning of the clause or determine that it is too vague to be legally upheld.

The other instance in which contingency clauses can be confusing is when a party includes a contingency that is atypical for a real estate purchase contract. Buyers and sellers alike should be wary of unusual contingencies.

The main contingencies

  • Appraisal contingency. Designed to protect the buyer, appraisal contingencies require that a home is appraised at a minimum amount, which is stated in the contract.

  • Financing contingency. Another contingency geared toward protecting buyers is the financing contingency. It states the number of days that a buyer has to secure financing for the home. This allows the buyer to cancel the contract (and offer) if they’re unable to secure suitable financing for the home.

  • Inspection contingency. One of the most important and most common contingencies is the inspection contingency. It allows the buyer to have the house inspected by a licensed professional within a certain number of days. This protects the buyer against unforeseen expenses and repairs that will need to be made in the near future.

  • House sale and kick-out contingencies. A house sale contingency gives the buyer a certain number of days to sell their home before financing a new one. However, since this can be a risky clause for sellers, a kick-out clause is often included. This contingency allows the seller to keep the home on the market and entertain other offers while the buyer secures financing and sells their other home or homes.

Categories: Uncategorized  

Posted by Annemarie Torcivia on 1/22/2018

Many first time home buyers think of the age of a home like a time bomb. With age comes costly repairs and renovations that are often avoided (or at least prolonged) if you buy a newer home. While it is true that older homes are prone to needing more upgrades, they also have many advantages over newer homes. What you don't often hear is that if an old home is maintained properly, it can be as good if not better than living in a newly built one. Old homes often come with perks that are forgotten or ignored in the buying process. In this article, we'll go over some of the best reasons to own an old home, and some of the things to look for when house hunting.

1. With age comes wisdom

Old homes are filled with history. From the people who built and lived in the home, down to the tiny architectural details, these houses will shed light upon what life was once like in your neighborhood. For those eager to learn about the history and culture of their neighborhood, it has never been easier to access historical data from internet archives or your local library. Aside from being historically significant, old homes are also aesthetically interesting. Depending on the architectural style and location of your home, it could have been built using any number of materials and techniques. Today, mass production has made home-building much more streamlined and efficient. Unfortunately, that has come at the cost of some originality in style.

2. Cost

In many instances, old homes are cheaper to buy than new ones. One reason is that sellers assume that buyers will have to pour money into the home to keep it updated and adjust the asking price. Another is simply that your average homebuyer values new homes over old ones. If you enjoy older homes, that gives you a financial advantage. For those homebuyers interested in do-it-yourself repairs and upgrades, buying a "fixer upper" is a great way to save money. However, be aware that some repairs should be better left to the professionals, especially when dealing with hazardous materials like lead paint and asbestos.

3. Location

America is a young country. So the oldest homes tend to be built in centralized and urban areas. That often means easy access to things like grocery stores, schools and highways. Aside from being convenient, old neighborhoods also tend to have developed communities and landscapes. The streets are probably lined with aged trees that provide plenty of shade, and there's a greater likelihood of having nearby parks or ponds.

4. Prime land picks

Older homes tend to have the best plots of land because, well... they got the first pick. As a home buyer, this could be a huge if you're looking for a larger backyard or one with great natural features like aged trees and natural bodies of water.   When you're out hunting for new homes, don't look past the older homes. You might find that they have many benefits that are great for you and your family.  

Categories: Uncategorized  

Posted by Annemarie Torcivia on 1/15/2018

When you think of buying or selling a house, the first thing that comes to mind may not be the legal aspects associated with the process. You may want to reconsider this rather boring part of the process as an important one. Hiring a lawyer can help both buyers and sellers to get through many hurdles that buying a home can present. 

The Contracts

There will be many negotiations and a lot of back and forth throughout the process of buying a home. Everything that’s involved with buying a home needs a contract for it to be legally binding. A real estate attorney will negotiate on your behalf and be sure that the contracts adhere to all state and local laws. The lawyer will also help you to address issues that may affect the future of the property such as botched inspections, liens against the home, and other items that could affect you as the home buyer. 

Title Search

Real estate attorneys will perform what is called a title search. This allows them to see if there are any outstanding liens or judgements against the house. This title search will also make sure that the seller has the right to actually sell the property that’s being sold. An attorney can do all of this much quicker than the average person since they have working relationships with title companies.

Transfer Of Property

If a property is being transferred through a corporation, trust, or partnership, things can get complicated. It’s good to have an attorney who is used to working with these complex situations and understands the legal boundaries within the state or municipality   that the property is in.

If You Choose Not To Have A Real Estate Attorney

Many times, a real estate attorney isn’t required to buy a property. It is advisable to have one, however. Without an attorney you increase your chances of problems arising in the future. You run the risk of:

  • Being sued for failure to disclose information
  • An improper property transaction takes place
  • You could miss relevant facts about the property
  • Failing to file the correct documents at both the state an local levels
  • Deeds are not transferred
  • Building permits weren’t correctly filed

The Takeaway

Having a real estate lawyer on your side is important due to the complex nature of property transactions. While some states require that an attorney be present throughout your property transaction, many states do not have this stipulation. You are smart to hire a competent real estate attorney to protect your own interests as either a buyer or a seller.