FACT: Your Condo Neighbors Can Affect Your Ability to Obtain a Loan

Did You Know There is a 15 Percent Rule for Buying a Condo?

When you embark upon the buying or selling process for a condominium, your fellow unit owners have a lot to do with your ability to obtain a loan. HUH?  Yes, you read that right.

There are two ways that the ability to obtain financing  can be affected by your fellow unit owners.

1. How many units are owner occupied? Most lenders will not finance a unit if more than half of the units are occupied by tenants, and some lenders won't finance a loan if more than 30 percent of the residents are renting, so if enough of your fellow unit owners have opted to lease their respective units, it may affect you.

2. ... and the biggie- If more than 15 percent of unit owners are delinquent in paying their common charges by 60 days or more, it is virtually impossible for you to obtain a loan on that property. NOTE:  exceeding that percentage is not all that common, but it does happen, especially considering the economy  that we have experienced over the last few years.

3. If one person, (or one entity) owns more than 10 percent of the units that may also be of concern to the banks.

Also, important- If there is one or more lawsuits pending against the complex, that can also present an issue.

Have a question as to whether the condo that you are interested in buying or selling could have any of these issues? Call me- if I am your agent,  you are all set, and should have no worries- that's all standard operating procedure with me to find out this information  for all of my clients.

Sellers, take note, too. This absolutely and without a doubt affects your buyer pool.

Call me if I can be of assistance (203) 257-5892

Buying or Selling a Condo 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: Find out more about Judy here

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

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

The Lofts on Lafayette- It's Connecticut's Little Bit of SoHo!

In a word, "HIP". The storied SoHo artsy district loft townhouses of NYC have just met their match in the affordable Park City!

"The Lofts" are just one hour away from Grand Central Terminal, and there  much history behind these brick buildings that were originally built in 1890. Nine buildings that comprised the Warnaco garment factory now are now home to  140 condominium units, and this particular townhome is one of only five of the largest and most exclusive in the entire gated community.

Rebuilt and meticulously  reconstructed for residential use beginning in 2004, a wealth of charm is immediately evident, and  while many of the original details of the original structure have been left intact, this 3,280 square foot home was built with today's modern luxuries, amenities, and styling.

There are plenty of exposed brick walls,  newly fashioned iron railings,  structural beams, and  strategically placed pendant lighting - all of which are perfectly befitting of such an artsy style loft home.... CLICK HERE FOR MORE INFO, AND A VIRTUAL TOUR!

or just call or text Judy Szabak at (203) 257-5892  for  your private showing.

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *

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

Condominium Unit Owners in CT Need Property Insurance, Too!

You finally decided that your residence should be a condominium. Condos can be an appropriate choice for a number of reasons – fewer maintenance worries and no yard work are only some of the benefits. But, what about insurance on your property?
In most cases, homeowners insurance differs from condominium unit owners insurance. Homeowners insurance protects the building structure and the items inside, whereas condominium unit owners insurance protects the items you keep within your unit. Also, unit owners insurance may be needed to protect any additions or alterations you have made to your unit.
Know your responsibility. The condominium association insures the building structures and the common areas, like the club house or the swimming pool with the master policy. But master policies vary widely and it’s important to read the bylaws and know what is covered by your association and what items are your responsibility to insure.
As a unit owner, there are several insurance coverage options to consider.
·    Personal property – protects personal items such as clothing and furniture
·    Building property – protects the additions or alterations you made to your unit
·    Loss of use – coverage for the necessary costs to maintain your standard of living after a major fire, tornado or another insured catastrophe
·    Personal liability – protects you if someone makes a claim or brings a lawsuit against you for bodily injury or property damage for which you or a member of your family are responsible
·    Rentals: If you own a unit that is rented to another party most of the time, ask your insurance agent about any special insurance coverage arrangements
Learn to protect your personal property while living safely within your condominium community.

The information in this article was obtained from various sources. While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. These suggestions are not a complete list of every loss control measure. The information is not intended to replace manuals or instructions provided by the manufacture or the advice of a qualified professional. Nor is it intended to effect coverage under any policy. State Farm makes no guarantees of results from use of this information. We assume no liability in connection with the information nor the suggestions made.

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

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *

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

www.CThomesAndRealEstate.com - Westport, Fairfield, Easton and Trumbull Homes for Sale

We are pleased to announce our newly revamped sister real estate website!  If you are looking for an easy way to find your next home in Easton, Fairfield, Norwalk,  Trumbull or Westport, or Fairfield County Connecticut, we invite you to also visit us online at www.CThomesAndRealEstate.com, and this state of the art site now includes additional features not available on theCtrealtyBlog.com, such as our easy  to use Exclusive OneClick EZ Home Search. Try it!

There are 36 custom searches already prepared for you, where all you have to do is click once to find that special home of your dreams, whether it be new construction, waterfront homes,  condos, contemporaries, properties with acreage,  rentals, property searches by town,  cape cod style homes, foreclosure and short sale properties or any of our other custom searches that anyone is bound to find very useful.  You can also do your own advanced custom home search as well. Check it out, please- and let us know what you think.- and yes, you can find our blog posts on that site as well :)

We also have a companion facebook page for www.CThomesAndRealEstate.com and would appreciate a like if you are so inclined.

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *

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

Condominium or Co-op? What's the difference, and which is best for you?

You may not have ever known there was a difference, or even cared, for that matter.  However, if you are about to embark on a purchase of a condo,  you have probably  seen a co-op or two in your search. It's certainly an appropriate  time that you know and understand  the difference.

Both condominiums and co-operatives are considered Common Interest developments (CID's) The terms 'co-op' and 'cooperative,' are short for 'cooperative housing project.' Cooperatives are fairly common in New York and are found more in the Northeast than in any other part of the country. There are only a handful of co-operatives in Fairfield County, so if and when you run across one, you  should be quite clear on the differences, so when given the choice, you can make the best decision

• Condominiums are  individual homes that are owned by the the Unit Owner, with  fee simple title. The Unit Owner also owns an undivided  interest in the common elements, such as hallways, exterior walls, recreational areas and roofs. Each unit has their proportionate share of expenses, called Common Charges, or Common Fees. When you receive your by-laws, there will be a section that lists your particular unit's percentage of the complex. Common fees  vary from complex to complex in monthly charges, and also what is included, so again- check those by-laws to see what exactly is covered by your fees.

• Cooperatives are owned by a Cooperative housing corporation.  I usually refer to ownership in  this way- You are buying shares of stock in a corporation, and rather than getting a dividend payment each month, you get a place to live. The corporation owns the common areas. So you do not OWN the co-op, the corporation does. The upside of co-op ownership? They are typically a lot less expensive than condominiums

• There  are roughly about 3200 co-ops in Fairfield County-  including over 2100 in Bridgeport alone. There are two in Stratford, and Norwalk has one cooperative complex. Stamford also has a number to choose from. Whether  you are in the market for a coop or a condo, your resident expert (That's me!)  is just a phone call, or email away.