What To Know About Residential Real Estate

Buying a home is, for many people, the single most expensive and life-altering decision that they can make in their lifetime. Whether you are a first-time buyer or you have done this a few times, there are some general principles that you should follow to make sure that your buying or selling process goes as smoothly as possible. Follow these tips provided to you by leading real estate attorney at Cummings Law Firm to make sure that you buy or sell your Connecticut home in the best way possible.

With offices in New Haven County, we serve throughout the state.

Buying A Home

Purchasing a new home can seem overwhelming. You are settling down for a long period of time when you purchase a home, and you want to make sure that you are happy with the home you decide on. Follow these tips to make sure that you are happy with your home:

  1. Hire a real estate agent. While you can buy a home on your own, hiring a real estate agent will make the process much simpler. A real estate agent can work with you to determine what you are looking for, and he or she can use connections in the industry to help you find what you are looking for.
  2. Determine your deal breakers and what you are willing to compromise on. In most cases, the home that you buy will not fit your dream home idea completely. However, there are some things that are very important and that you are not willing to compromise on. Truly think about what you are and are not willing to compromise on to give you an idea of what home you should buy.
  3. Conduct a home inspection. Before you offer a bid on a house, make sure that you know what you're getting yourself into. Conduct a home inspection to make sure that there are no hidden issues with the house. If there are some issues that you originally didn't plan on, you can negotiate with the current homeowner about fixing these problems or purchasing the home for a lower price.
  4. Make a bid on the home. When you've found the right home, snatch it up as soon as possible. Make your bid when you know that you want the home.
  5. Hire a real estate lawyer. At this stage in the process, you want to hire a lawyer to help you better understand real estate law. A real estate lawyer can use his or her experience to make sure that your closing goes smoothly and there are no hidden issues.
  6. Plan your mortgage. Most people have to take out a mortgage in order to afford a new home. You should apply for your mortgage and work out the terms of the mortgage agreement before you purchase the home. The two major types of mortgages are fixed and adjustable rate mortgages. A fixed rate mortgage asks you to make the same payments each month and locks you into an interest rate on the mortgage. The adjustable rate mortgage is fixed for a certain period of time, after which the interest rate can increase or decrease. The adjustable interest rate is more of a risk, but it can pay off in some situations.
  7. Schedule the closing. The closing is your final chance to make changes to paperwork, ask questions that you have and ultimately decide if you want to go through with purchasing the house. Having a lawyer present will help you make the right decision. Once you sign the paperwork at the closing the house is yours!
  8. Selling Your Home

If you are selling your home, there are some factors that you need to consider. I would suggest that you:

  1. Hire a real estate agent. Just as when you are buying a home, hiring a real estate agent can be very helpful when you are selling your home. This is because a real estate agent can help you set a fair price and market your home effectively.
  2. Set a selling price. With the help of a real estate agent and by researching homes that are comparable to yours, you can establish a fair selling price for your home.
  3. Stage your home. Be sure to stage your home for an open house and make it appealing to potential buyers.
  4. Fix up your home. There are many simple fixes that you can make to ensure that your home is appealing to potential buyers. Making paint touch ups, trimming shrubs and getting rid of clutter can go a long way in selling your home.
  5. Hire a real estate attorney. Again, make sure that you hire a real estate agent to help you with the closing. This can make sure that you are not taken advantage of when selling your home.

Talk To Us Today

If you need help buying or selling a home, we can provide the assistance that you need. Contact Cummings Law Firm for information about real estate agents and to make sure that you have legal representation present at your closing. Call 203-754-7779.