Archive for the ‘HomeBuyer Education’ Category

Condominium living has its advantages; however, it poses challenges as well. How can you know if a condo is right for you? How can you be sure to make the best choice? Condominiums are also called common interest communities. Connecticut common interest communities come in many shapes and ... Full story

The media coverage of the national real estate market has been overwhelmingly negative. We have less demand and more inventory, because of a reversal in the supply-demand curve. This phenomenon has occurred slowly over the last three years. The resulting drop in home prices has been significant. The banking industry has tightened credit, and far fewer buyers can now purchase a home. This action has ... Full story

In today’s economic climate, especially with what has happened over the past year with mortgage lenders, special programs from housing authorities have become more important than ever. Two such agencies are the Massachusetts Housing Authority (www.MassHousing.com) and the Connecticut Housing Finance Authority (www.CHFA.org). These two organizations have one goal: making home ownership possible. It is ... Full story

The Affordability Factor How can you decide whether or not you can afford to buy a home? The biggest part of house affordability is the interest rate because it determines your monthly principal and interest payment. Let’s look at a $100,000 loan amount, a thirty-year fixed rate mortgage, interest rates, and monthly payments. The table below shows the difference the interest rate can ... Full story

From Canton to Old Saybrook, towns can’t find enough volunteer firefighters because many potential volunteers can’t afford to live in those communities. In Falls Village, the new kindergarten class has only five children enrolled because young parents can’t afford to live in Litchfield County. In Groton, skyrocketing housing costs have caused the Pfizer ... Full story

What’s the warranty? Ask this question to a salesperson at your local electronics or appliance store, and instantly you’re presented with right-off-the-top-of-the-head answers like “ninety days,” or “one year parts and labor,” which might put your mind at ease when you make a major purchase. Even automobile manufactures aggressively tout their respective warranties to assure you of their product’s soundness and reliability in relation to ... Full story

The three most important words in real estate are location, location, and location. Nothing has a greater impact on the value of a home than its physical location, yet nothing is more beyond the homebuyer’s control. While a buyer can change the color of the house, add a bathroom, or update the kitchen, there is little one can do alone to improve the neighborhood or ... Full story

Before you close on your home, you have the right to conduct a final walk through. Usually performed either the day of or the day before the closing, the final walk through is your last opportunity to inspect the property and ensure that it is being conveyed to you in the condition you expect. You will check for the following: The condition of the ... Full story

For homes with a septic system and/or private water system, have the septic system inspected by a licensed septic company. The state of Connecticut recommends that water well testing be done by a Connecticut certified environmental laboratory annually.  The following basic tests can identify common contaminants in your well water: Total Coliform bacteria Sodium PH, color, and turbidity Hardness Iron and Manganese Chloride Nitrite/Nitrate Sulfate Other ... Full story

COMMUNITY ASSOCIATIONS offer choices, lifestyles, amenities, services, and efficiencies that people value. More than fifty-four million Americans choose to live in condominiums, cooperatives, subdivisions with homeowner associations, and other planned communities.   For many, a condominium or planned community can be the most affordable way to own a home. Others are drawn to the architectural uniformity of the neighborhood or ... Full story