Just Listed Private Oasis in Norwich 22 York Ave

The Secret to Buying a Home in Any Season

Unlock secrets to buying a home in Winter, Spring, Summer or Fall! Are you thinking of buying, but keep hearing about the seller’s market, and offers going over list price?

Learn from an experienced agent tips on finding a home in your price range. Low-inventory real estate markets in CT, RI, and MA may prevent you from getting out there to buy a house. Educate yourself and learn how you can make the best home purchase in any market.

Enter your information in the form to download the secrets!

Renting vs. Buying a Home: 5 Steps to Make a Decision

1. How long are you planning on living in the same place?

Are you planning on putting down roots in your community or are you hoping for more flexibility to move?

 If you feel certain you will be staying in this location for 5 years or more, buying could be a better financial & emotional decision. When buying a home, it is easier to personalize and make it your own. With renting a home, it could be more of a short term benefit if hoping for the flexibility to move to a new location within a time frame of a few months/years. 

2. Cost of Renting vs. Buying

In some situations, renting could be cheaper, given the costs involved upfront that comes with buying a home. 

Just because you are pre-approved for a mortgage, does not mean that you are fully capable of paying all expenses that come with buying a home. In addition to a monthly payment, you’ll also have property taxes, and homeowners & mortgage insurance. 

Alternatively, purchasing a home could be cheaper in the grand scheme of things because it allows for the opportunity to build equity on the property. According to the National Association of REALTORS, after 6 years a homeowners mortgage payment is lower than a renter's monthly lease payments. 

3. Flexibility vs. Establishing Roots

Thinking about your current life situation, is having mobility more important or are you looking to find a long term area to grow with? 

Are you going to have to move in order to accommodate a family? Or will you be looking for a home, ready to fill its space with your future children and get established in a community?

4. Understanding Risks

Although building credit is a large asset to buy, there is a chance that the real estate market could change & you could lose money that you put into renovating and upgrading your home if there is a decrease in the market. There are also a lot of expenses that come along with maintenance to a home including heating & cooling, landscape, and plumbing issues. 

On the other hand, renting a house means you won’t have the chance to build equity like you would with buying. The cost of rent could increase at any time and you must abide by your landlord's wishes with the property, including the risk of being asked to move out or doing maintenance. 

5. Assess your finances & find a real estate agent

Once you have estimated the costs of buying vs renting a home, assess if you will be able to afford the additional costs that come along with buying or renting a house.

Find a real estate agent you trust. An agent can help tremendously assessing your decision and finding a property that works for you. Contact Molly Bruno with Atlantic Property Team at eXp Realty to help you find a home that works for you, whether you are renting or buying! mollybrunorealestate@gmail.com 860-961-8627

Home Buyers Checklist

What are you looking for in a home?

When in the search for your dream home, it is important to consider many factors in the things that you & your family need in your new space. 

1. Single Family, Multi-Family or Condo/Apartment?

What type of home works best for your personal lifestyle? If you are looking at this purchase as an investment property, buying a multi-family style house may be a great choice in order to rent out a portion of the property.

 Depending on the amount of people living with you and the work you are willing to do maintenance wise, buying a condo may be a great option. In most condo associations, landscape and snow removal will be done for you. 

Do you want this home to be entirely yours and have your own space? With a single family home you are not sharing walls with neighbors & have your own outdoor space as well. 

2. Amount of Bedrooms & Bathrooms

How many people will be living in your home? Will children be sharing rooms/bathrooms? When looking for your dream home, think about the amount of people that will be sharing your space and the areas required to comfortably accommodate all people and pets. 

3. Lot Size & Land

The amount of outdoor space that you want is also a factor in your buyers checklist. Consider any pets and children if you would like to have a certain amount of space available for them to play outdoors.

Would you like an outdoor space and/or a pool? Many homeowners consider this important depending on their lifestyle and a love for entertainment purposes. 

4. Move in Ready or Fixer Upper?

Are you willing to do renovations to make this house your dream home or would you like the required features to already be in your house when purchasing?

5. Important spaces?

Think about the people that will be living in your house and the types of spaces they will require.

• Office

• Finished basement

• Laundry Location

• Bonus area

• Storage 

6. Floor Plan

Do you prefer an open floor plan or the separation of living spaces?

7. Location

Think about who will be living with you and where you would like to be in close proximity to.

• School district

• Shoreline

• Proximity to highways

• Close to work

• Type of neighborhood

Whether you are downsizing, looking for your forever home, or thinking about a vacation home, reach out for your complementary consultation today. Call Molly Bruno, eXp Realty, 860-961-8627.