Before You Buy a Home to Renovate in Fairfield County CT

The idea of buying an older property and renovating it into your dream home or a moneymaker is appealing to many people. But with that excitement also comes a lot of potential problems.

It's important that you know what you're getting yourself into. Before taking on a fixer-upper, consider if it's the right type of property for you and what it will actually take to renovate.
Decide What's Right for You

    Pros and cons. While a lower sales price, potential for resale profit, and a sense of personal satisfaction are certainly possible, there can also be a lot of unseen costs associated with buying a home that needs repair.
    Patience is required. Depending on the size of the renovation, a fixer-upper can take anywhere from a month to more than a year to complete. Be aware that you and your family's lives may be disrupted for a significant amount of time. If this doesn't work for your lifestyle, it's best to think about a different type of property.
    Money. Renovations can be very costly. If you won't have much money left over for renovations after your down payment and closing costs, you may want to consider a house you can live in while it's being fixed up. Whatever you decide, remember that there will be extra expenses no matter how carefully you plan.

What to Consider When Looking

    Location, location, location. It's the golden rule of real estate and also applies to fixer-uppers. Do your research. Check average home prices and schools in the area. Take a stroll around the neighborhood to see if the homes are well maintained. Buying the worst house on the best block that you can afford can be a great option.
    Condition. This can vary widely from a house requiring cosmetic repairs to a total gut rehab. If you want to minimize renovation costs, look for a home that has "good bones" — a solid roof and foundation, natural light, good floor plan, quality construction, and a coherent design.
    Layout. Many older homes are chopped up into several rooms and their layout may not work for you. While it is certainly possible to knock down walls and rearrange the floor plan, it can sometimes be expensive or impractical. Keep this in mind when thinking about your renovation budget.
    Configuration. Search for houses that have the approximate square feet and number of bedrooms and bathrooms you desire. While it is possible to add these things when renovating, they can really add up, especially if you expand the footprint of a house.

Repairs and Remodeling

    Budgeting. When considering a property, a fixer-upper calculator can help you get started with a rough estimate of renovation costs. A reputable contractor can also assist in the process.
    Minor renovations. These can include:
        Patching and painting walls
        Refinishing floors
        Laying tile or carpet
        Installing light fixtures and switches
        Fixing broken windows
        Installing new or refacing existing kitchen cabinets
        Replacing doors
        Painting the exterior
        Adding a deck
    Major renovations. These can include:
        Replacing HVAC systems or adding central air
        Fixing foundations
        Replacing the roof
        Installing new plumbing, sewer lines, or wiring
        Replacement windows
        Kitchen and bath remodels
        Building garages and additions
    Financing

    Federal Housing Administration offers a 203k loan that allows borrowers to purchase a property while also financing the cost of rehabilitation.
    Don't over-improve.

    Consider how adjacent houses have been finished. If most have lower-end finishings, it's probably not best to spend your money on granite countertops, copper bathroom fixtures, and marble floors. Your fixer-upper should be in line with — or just slightly above — the standards of homes in your neighborhood.

    Purchasing a home is probably one of the biggest decisions you'll ever make. And while it may seem overwhelming, a fixer-upper can be a great way to get good value for your money. Do your homework, talk to professionals you trust, and make a smart, informed decision.

Article submitted by Brennan Purdy of State Farm Insurance

My vision is to be an insurance professional whose actions are driven by keeping the customer's best interest as my primary goal. My staff will treat all my customers in a caring, friendly, and professional manner. My office will provide warm, efficient, and seamless services to our customers at all times. I expect my business to be comprised of knowledgeable, multiple-line customers who see my office as their first and best choice for all their insurance and financial service needs

For more information on these and other home safety tips, stop by my office or visit www.brennanpurdy.com. My office is conveniently located in downtown Bethel. 203-798-7300.                   211 Greenwood Avenue , Bethel, CT 06801

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The Featured Home of the Week is at 125 Norton Road in Easton  for $1,349,900. See the virtual tour HERE

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like:

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

Best Buyer Tips: Open Houses are NOT the Best Way to Search For Homes

Did you know that just yesterday there were 341 open houses in ALL of Fairfield County? That's not even ten percent of the 4,292 available single family homes!

Yesterday's open houses comprised less than eight percent of all homes listed that were open to the public on Sunday..At that rate, it would take over three MONTHS to see all the houses for sale!

For your own edification, in our immediate area, yesterday's open houses included:
 
 36 open houses in Westport- out of 289 homes for sale, or just  12.45%

 11 open houses in Trumbull out of 159 homes for sale,  or just  6.9%

 27 open houses in Norwalk out of 288 homes for sale ,  or just  9.375%

 58 open houses in Fairfield  out of 426 homes for sale,  or just  13.62%

 9 open houses in Easton out of 80 homes for sale, or just  11.25%
 
So what are open houses good for? Three things.

1. Getting a feel for the market if you are just starting your search.
2. Meeting an agent that you feel would be a good fit to help you in your home search.
3. Meeting an agent to represent you in the sale of your home.

Many homes never have an open house, and one of those homes could be the perfect house for you. When you work with an agent, you won't miss out on that perfect property.

Likewise, if you are looking to meet an agent to represent you in the sale of your home, well...

...  I just happen to know someone :)

Contact me when you are ready to buy or sell your home, and check out my video resume, if you like.

Phone (203) 257-5892  or email at Judy@BestAgentsOnline.com

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The Featured Home of the Week is at 125 Norton Road in Easton  for $1,349,900. See the virtual tour HERE

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like:

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

Offer Agreed Upon, But Not Signed? Don't Count on that Deal Yet!

It can  sometimes be an emotional rollercoaster when you are looking for homes. Especially now, when inventory is low, and there is competition from other buyers on the house that you want.

Even if the sellers have verbally agreed to your price and terms,if they haven't signed your offer to purchase, you do NOT have an enforceable contract.

What do you think would happen if the sellers only agreed to your offer verbally, and then a much higher offer came in?  ... You're right if you think you wouldn't have a leg to stand on if the sellers chose that offer over yours.

Let's suppose  that there is more than one owner of the property- in that case, you need ALL the owners signatures for an enforceable agreement. One signature when three are needed does not consitute an enforceable contract.

The important thing to remember is that you have a valid signed agreement that is authorized properly by all parties involved.

NOTE: Spending money on any kind of building inspection before you have the correct documentation may end up being money wasted.

Bottom Line? It is most important to contact your attorney for clarification, and legal advice.

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The Featured Home of the Week is at 125 Norton Road in Easton  for $1.4M. See the virtual tour HERE

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like:

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

Connecticut Financing Update and Today's Mortgage Rates 4/13/2013

Rates remain low with the second week of April coming to an end.  I would have to say that for the 8th week in a row I heard and read more about a real estate market that has turned into a seller's market which means more demand and less inventory.  If you are looking to close in the next few weeks then I would suggest locking in a rate with your lender and if you are looking to close in 30+ days then I would probably let your rate float to see how rates fare over this long period of time.

The above rates are based on a loan amount of $417,000 for a single family home, a borrower’s middle credit score of 780 and a 20% down payment.  If you would like a customized rate quote for your own specific loan scenario then please feel free to email me at nima@primeres.com or call me directly at 203.913.6016.

This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change at any time and without notice. This is not an offer to enter into a rate lock agreement under any applicable law.

*Note: I currently have a Spring Special $555 off coupon for your closing costs if you're looking to refinance or purchase a new home.  Contact me for more details.

 Today's Mortgage Rates

Conventional 30 year fixed          3.625%                 APR 3.678%

Conventional 15 year fixed          2.875%                 APR 2.965%

Conventional 5/1 ARM                3.25%                   APR 3.301%

Conventional 7/1 ARM                3.00%                   APR 3.051%

With more than 10 years of mortgage lending experience, Nima specializes in  Conventional Mortgages,  Jumbo Loan Financing, Refinance, First Time Home Buyers and Federal Housing Administration/Veterans' Administration (FHA/VA)

782 Clinton Avenue

Bridgeport, CT 06604

Phone: 203.913.6016

Email: nima@primeres.com

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The Featured Home of the Week is at 125 Norton Road in Easton  for $1.4M. See the virtual tour HERE

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like:

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

Does it Matter Which MLS Your CT Home For Sale is Listed in?

You may think of the MLS as just a database of homes, and you would be essentially correct. However, Realtors utilize the MLS and its power to get your home sold in ways that you may not have thought of.

The MLS ( Multiple Listing Service ) is essentially an agreement between brokers that incorporate the amount of compensation offered to the buyers agent upon completion of a sale. Listing Brokers want to get your home sold, and buyers brokers want to find their client a home, and this is a great tool for both.

In Connecticut, there are two highly dominant MLS service areas, as well as a few local MLS regions which are mostly in the southernmost part of Fairfield County.

The Greater Fairfield County MLS (GFC-CMLS) serves all of Fairfield County and 7,500 local agents (except that Greenwich, New Canaan and Darien's listings are served primarily by another MLS, and not always placed on GFC-CMLS)

The CTmls.ctreal covers the entire state, however, the Fairfield County listings are quite sparse on this site. If you are listing your home, or looking to purchase a home in New Haven County, New London County, Tolland or Litchfield Counties, this MLS is absolutely the place to be.

The other night, a seller client asked me if I would place her home on the statewide MLS. (Her home is in Fairfield County) Now while that seems to be like a good idea, the vast majority of the thousands of agents of the Fairfield County MLS (the GFC-CMLS) DO NOT BELONG to the statewide MLS,  for the simple reason that it does not effectively cover their service area.

Case in point: A search for all Fairfield homes for sale in the statewide MLS  (ctmls.ctreal) turned up just 15 results, where the GFC-CMLS turned up 330.

So, in order to effectively and properly represent this particular client, it is imperative to list it within the GFC-CMLS service area. That's where it would get the most exposure.

I am not saying that listing it in the statewide MLS would do any harm, it would just be in addition to. It would be most important to utilize the statewide MLS in addition to the local MLS when a home is very unique in some way.

Incidentally, if you have noticed duplicate listings on Realtor.com, Zillow, and Trulia, it is primarily because the home has been listed in two separate MLS areas.

PLEASE NOTE: My www.CTfeaturedHomes.com  incorporates ALL of the state's MLS systems, so you won't miss any property anywhere ;)

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The Featured Home of the Week is at 125 Norton Road in Easton  for $1.4M. See the virtual tour HERE

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like:

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY