Are you buying a property in Connecticut? You might be happy about your new property and want to get it over with, as soon as possible. All you need are a couple of tips on how to make your move hassle-free and you’re good to go. Don’t forget that you might need some time to adjust to the climate if you are moving from afar. But, you really shouldn’t jump the gun. Buying a property is a very important investment, so it’s safe to say it can be a long and complex process. Such a large investment requires a lot of research in order to have all the information for making a good decision. So, let’s go step by step and see what it takes.
Buying a property in Connecticut
When buying a property in Connecticut, there are certain steps you need to take. Some are related to your own financial situation, and some are related to the real estate market. Other steps have to to with how these two come together. The end result is you owning a good property with as little effort as possible. All you need to do afterward is move. And luckily moving to Connecticut is easy with reliable company. So, let’s focus on having a good place to move to.
Be aware of your financial situation
Before you even begin considering what property to buy, you should know your buying power. To get it out of the way, buying a home is one of the largest investments you might make in your lifetime. The median home price in Connecticut is around 224,500 dollars. So, if you consider that down payment is usually 20 % of the price, that means that you need a hefty amount in the beginning. So, you might want to start saving as soon as possible. You will need some money for local packers and movers too.
A high credit score
With credit score, there are several things to know:
- If your credit score is not high enough, you might not even be qualified for financing
- Even if you are qualified for financing, the rates might simply not be enough for your financial situation.
- Before applying, you should pay off any debts you have.
You should get information from several banks about your credit score. And that’s even before you apply for financing. This will help you know what kind of rates you can expect from your mortgage.
Pre-qualified or pre-approved?
In order to get pre-qualified for the mortgage, the lender will have to get a lot of your financial information. It’s actually easier to report them yourself and to get pre-approved for the mortgage. This is, first of all, an easier process. And it also shows the buyer that you are serious about buying the property in Connecticut. This will give you an advantage among the other property buyers.
Real estate agent
Having a good real estate agent by your side is very important for the whole process. Your friend can recommend a good agent to you, or you can find one yourself. Be sure to check the reviews and compare them to find the right one. When you think of it, it’s similar to finding a good moving company. When you are moving, you are choosing among the moving companies to find the right one. You might look up the reviews on reliable platforms, such as USA Moving Reviews. The same goes for a real estate agent. They will find the property at the best possible price, according to your budget. And the best part is that the seller will actually pay the commission, so you basically get the service for free.
Time to research the local market trends
Before you decide on buying a property in Connecticut, it’s necessary to research the local real estate market trends. And you will find that it’s a hot market indeed. First of all, the median home price is around 244.500 dollars. And the price actually increased by around 2.5 percent since the last year. And not only that, but it’s expected to increase even more during the next year. But, if you take a look online, the prices that are listed are around 80.000 dollars higher. That basically means that the home sellers expect the real price to go up. But, it also means that they will sell the property for a lot less than at the listed price.
When to buy a home?
Of course, you want to save some money in the process. There are some budgeting tips for people who hate budgeting. But, you can also simply consider the time of the year to move. Prices change throughout the year, but, the first three months of the year are the best if you want to get a lower price. The reason is that it’s harder to sell a home during this time of the year because it takes longer time on average. Either because of cold winters in Connecticut or because people are still enjoying the holidays. But, to be absolutely sure, contact your real estate agent and get this information.
Finding the right property
First of all, you should know what kind of neighborhood and property you want. Things like a busy, noisy neighborhood and a lack of day-light can mean a lower price. Also, know that the prices in some cities in Connecticut have gone up since the last year, while prices in some places have gone down. So, have this information before buying your new property.
The final steps
Once you do all of the steps that involve your buying power, your preference for property and your choice of agent, you can proceed with these:
- Making an offer will result in your offer being accepted or refused. If refused, you can increase it and enter negotiations.
- You should have an inspector inspect your property and see if there are deal-breakers or ways to get it at a lower price.
- Finalize the deal with the closing step. Don’t forget the closing costs that go up to 5 percent of the final price. They involve different taxes and fees.
As you can see, packing or decorating on a budget is not the only way to save money when moving. You can buy a property at a low price, as it depends on many factors, and of course, negotiating is a very important one. Now you have enough information to make an educated decision when buying a property in Connecticut! Good luck!