| Below are answers to common real estate questions. If you can't find the answer to your question here or need additional information, please ask us
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Select a question to review the answer:
Why should I buy instead of rent?
What's the difference between a condo and a loft?
What are condominium “monthly fees”?
What is a condominium association?
Do I need title insurance?
Should I buy a house or a condominium?
Is it less expensive to own a condominium rather than a house?
Why do I need a buyer's agent
How much is my home worth? How do I get it appraised?
When shopping for new homes, should I work with their salespeople?
What is a mortgage?
How large of a mortgage can I get?
What's the difference between a fixed-rate and adjustable-rate mortgage?
What does "Under Contract" mean?
What does "Closing" mean?
What are closing costs?
What will my property taxes be?
Should I have a property inspected before closing?
Should I buy instead of rent?
You shouldn't necessarily buy instead of rent! However, in most cases, it makes more sense to buy a home rather than rent. There are several advantages to home ownership: federal tax reductions that can result in annual savings of thousands of dollars, 'building equity' with every mortgage payment, future appreciation, and of course the right to do whatever you want with your home. To have a free consultation with an agent, call us at 848-KEYS.
What's the difference between a condo and a loft?
A condominium is a form of real estate ownership, where a group of individuals share ownership of common elements (such as land, or a building in which many units are housed).The owners are responsible for the interior living spaces and most of the time can alter the interiors only. A loft is an architectural style – specifically, an open floor plan that usually incorporates creative use of a building's historic structure and the introduction of innovative finishes. A loft usually has the same restrictions and benefits of a condominium
What are condominium “monthly fees”
Most condominium associations have monthly fees. These vary greatly from one property to the next. It is very important to check out per project what these fees cover. Downtown properties may even include valet parking, and other unique services. Most”true” condominiums cover the insurance on the outside of the building, the grounds maintenance and common area upkeep. Others might even cover water and sewer. This is what makes it important to have an agent who is knowledgeable in the condo market…Call us for details about any complex you may have questions.
What is a condominium association?
A condominium association is a group of individual home owners that share ownership of some common spaces. This could be land, a building, a roof, a workout room, etc. The association members must all contribute to the association through monthly payments (usually called 'Association Dues'). Moreover, all members must abide by various rules that the association sets to ensure a harmonious living environment in all shared spaces.
Do I need title insurance?
No, but we always recommend it! It is a one-time fee that will protect your ownership interest in your property for as long as you own it.
Should I buy a house or a condominium?
This is a question we hear frequently. The answer depends on many factors. Some of the main things to consider are maintenance requirements and desires. Do you like to mow the lawn?? Do you want to have a garden?? Do you like to care for a home?? When considering condo living, you will have neighbors and more rules about upkeep. There are certainly advantages to both.
Is it less expensive to own a condominium rather than a house?
Cost factors are not the reason to look for a condominium in most cases. We generally ask clients to consider maintenance and lifestyle questions so that they can determine their needs.
Why do I need a buyer's agent?
The home buying process can be simultaneously intimidating and exhilarating. From the first steps of qualifying for a mortgage and deciding what's important in a home, to making a strong offer, coordinating appraisals and inspections, and getting to the settlement table, every transaction is as unique as the people and properties involved. Buyers' agents specialize in representing the particular interests of homebuyers. On top of having someone knowledgeable working for you, the fees are paid by the seller. In other words, you get great help and it is free.
How much is my home worth? How do I get it appraised?
Home values are constantly in a state of change. Many homeowners check the tax value and think that is the value of their home. Others look at websites such as Zillow and rely on that information. In today’s market, the only way to find out your homes value is to ask a professional agent or appraiser. Call our expert, Charlene Fairman, to schedule an appointment. Or, if you like, we can suggest appraisers in the area.
When shopping for new homes, should I work with their salespeople?
We talk to people all the time that think they don’t need an agent when talking with a builder. This is not the case. Even though the salespeople for the builders are generally knowledgeable and forthright, keep in mind “THEY WORK FOR THE BUILDER”. We as agents work for you the buyer. There are sometimes negotiations that we can oversee and get you a better value. Even more important, we are there to look out for your best interests. That is our business. And for you the buyer, again, no cost and the builders don’t discount the home if you don’t have an agent…the price is the same.
What is a mortgage?
When a bank lends you money to buy a home, you give them a mortgage (that's right; you give them a mortgage, contrary to popular belief!). That is to say, you agree to certain terms and conditions to repay them for your home. Your home is then used as collateral for the money the bank lends you.
How large of a mortgage can I get?
That depends on a number of factors: income, credit history, debt, etc. The Gold Key Experts partner with three different lenders to offer you flexibility and the opportunity to get different outlooks and quotes. Please call us for the list. Another advantage of working with us is Charlene’s background as an accountant. We offer you a unique understanding of the mortgage analysis.
What's the difference between a fixed-rate and adjustable-rate mortgage?
Banks lend money at interest rates – the rate of money they charge you in addition to the principal for the right to borrow their money. This rate can remain 'fixed,' or the same rate for the span of the mortgage (typically 30 years), or it can change based on a number of different variables. Contact us today for a more detailed explanation of fixed vs. adjustable rates and what makes the most sense for you.
What does "Under Contract" mean?
'Under Contract,' or 'Contingent,' means that two parties have agreed upon the price and terms of a transaction. When a property is Under Contract, any further offers would be second in line and only valid if the “contract” was voided.
What does "Closing" mean?
Closing is when all terms of the contract have been met and both parties meet to transfer title of the home from the Seller to the Buyer. That is to say, this is when you officially become a homeowner! (Or you have officially sold your home, depending on circumstances.)
What are closing costs?
Closing costs are a myriad of fees associated with transferring property. Most of a Buyer's closing costs are generated from borrowing money from a bank. For Sellers, closing costs are a function of the cost to market and sell the property as well as transferring it to the Buyer. These costs should always be reviewed by both parties prior to the closing. Your agent and lender will go over them with you in advance of closing. Also, when applying for a mortgage, a buyer should always get a statement from the lender called “Truth in Lending” which will set out in detail an estimate of all the costs in the transaction.
What will my property taxes be?
It depends on your home's assessed value, its location, etc. This information is found on the Columbus MLS for resale homes. When purchasing a new home, your agent will guide you in the tax rate for the area that you are purchasing. Also, you can check on the county auditors site for the tax rate in your county. (see link on our website)
Should I have a property inspected before closing?
Absolutely! Always inspect a property before closing on it.
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