Buyer FAQ

Why should I buy, instead of rent?
Most homeowners love the feeling of having something that's all your own, and the pride of ownership.  Also, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. The interest will compose nearly all of your monthly payment , for over half the number of years you'll be paying your mortgage, which adds up to a lot of savings at the end of each year. 

How do I determine if I’m ready to buy a home?

1. Do you have a steady job history?

2. Do you have an established and favorable credit profile?

3. Have you saved the money for a down payment and closing costs?

4. Can you afford monthly mortgage payments for the house you want?
 

Is an older home as good a value as a new home?
It's a matter of personal preference. Both new and older homes offer distinct advantages, depending upon your unique taste and lifestyle.  New homes generally have more space in the rooms where today's families do their living, like a family room or activity area. They're usually easier to maintain, too.  However, many homes built years ago offer more total space for the money, as well as larger yards. Taxes on some older homes may also be lower.
 

What questions do I ask a home seller?
When you find a home you may be interested in buying, make sure you ask the owner the following questions:

• How much money do you pay for monthly utilities?

• Have you had any problems with water or dampness in the basement?

• Are there any defects or problem areas that need to be fixed right away?

• How old is the furnace and central air conditioning system?

• How old is the roof? Have you experienced any leaking?

Seller FAQ

Who is a real estate agent?

The terms agent, broker and real estate agent are often used interchangeably, but have very different meanings. For example, not all agents (also called salespersons) or brokers are real estate agents. It is important to learn who is a real estate agent and the reasons why you should use one.  In order to sell real estate, a person must be licensed by the state they are working in, either as an agent or as a broker.

Is there a best time of year to sell my home or property?
Selling can be affected by various situations.  In real estate, supply and demand, as with other products, will always affect timing and pricing. Weather, market, economic conditions and local government rules and regulations are other obvious factors.  In our geographic location, we realize selling in the winter months is more difficult as buyers time their viewing appointments based on travel time, distance, and weather conditions. Many best-laid plans to view property can easily be affected by mother nature.  As sellers, we also hesitate to move during winter months as well.

What are my obligations to disclose?

This is a very important factor in selling your property. It is obvious that any material facts that could affect value or condition needs to be disclosed up front. In New York as well as Connecticut, State laws have been passed for sellers to disclose the condition of their properties to potential buyers. There are financial penalties should the seller decide not to disclose these conditions. Make certain you understand your obligations by law. You may wish to consult your attorney to protect your best interests.
Take disclosure seriously, as people who have nothing to hide usually have nothing to lose.
Things to consider other than property condition are: homeowner association dues, whether your property meets local zoning and building codes, any environmental issues that affect your property, the presence of radon gas, deed restrictions, building permits and certificates of occupancy for any renovations.

How do I get the most money for my home?

Each home is unique and a lot of thought needs to be put into pricing it right.   To get a good price for your home, have a qualified real estate professional evaluate its true market value.  A good broker or agent will also help qualify buyers and negotiate a good price on your behalf.  Buyers these days are very knowledgeable because they have lots of information available about comparable homes.  When qualified buyers see a desirable home at a fair price, they usually make an offer close to the asking price.