The Five Year Rule for Buying a Candlewood Lake Danbury CT Home

The Five Year Rule for Buying a Candlewood Lake Danbury CT Home

One of the first questions a real estate agent will ask you if you plan to buy a Candlewood Lake home for sale is “how long do you expect to stay in or own the house?” In real estate, there is a certain 5-year rule for buying a house. We will explain the logic behind this in this article.

If you buy a Candlewood Lake home as a primary residence and have future plans of upgrading to a new home after 3 years, there’s a chance that you will lose money. When you buy a Candlewood Lake Danbury CT home for sale, the general rule is that you will own the home for at least 5 years, otherwise, you may take a financial hit.

The first hit will be on closing costs. When selling or buying a home, you need to consider closing costs and other expenses. Depending on your home’s location, the amounts vary, but buyers and sellers always pay something. This can amount to thousands of dollars. Limiting the number of times you have to pay closing costs is always a good idea.

The second hit is on your monthly mortgage payments. Mortgages are structures in a way that you pay the bulk of the interest during the first few years you own the house. It isn’t until you are about 5 years into paying your mortgage that you have actually paid off some of the principal to earn enough equity and make it a better deal than renting a home. As your principal goes down, the interest payments also goes down, so more of your money goes to paying the principal. That is why it makes more sense financially to wait 5 years before selling your home or moving.

If you plan on buying a Candlewood Lake home for sale and do not intend to stay in it for 5 years, there is also the option of renting it out. This is what most owners of Candlewood Lake homes do. They rent out their homes to tourist and those going on vacation.

If you are buying a Candlewood Lake home based on what you can afford based on what the bank says and you don’t plan on renting it out, then you might want to reconsider purchasing the home until you are ready to stay at least 5 years in it to avoid financial losses.

Aside from the 5-year rule, there are still many other factors to consider when buying a Candlewood Lake home or Lake Zoar real estate. Check out the article “8 Things to Look for When Buying Candlewood Lake Homes” on our website https://www.HomesInConnecticutForSale.com

Call Deborah Laemmerhirt now at 203-994-4297 and let her assist you with everything you need to know about buying or selling Candlewood properties. Her years of experience as a preeminent real estate professional in Ridgefield, Redding, Wilton, New Fairfield, Brookfield, Bridgewater, Roxbury, Washington, Weston, Westport, Southbury, Kent, Sherman, Easton, and Bethel, CT, combined with her dedication to providing the finest service will make it easier for you to find your dream home in Connecticut.

 

How a Lake Zoar Real Estate Agent Can Help You Sell Your Lake Property

How a Lake Zoar Real Estate Agent Can Help You Sell Your Lake Property

Selling your Lake Zoar real estate takes preparation and professional marketing with the help of an experienced Lake Zoar real estate agent. 

Here are some ways how an agent can walk you through the important things to know in selling your lake property in Lake Zoar, from understanding the market, to pricing your home, and selling your listing for top dollar.

1. Marketing Your Listing

            Don’t just hire any real estate agent, make sure you select an agent who knows the area and has experience in successfully closing sales in Lake Zoar. A good agent will know the surrounding communities in Lake Zoar and what you need to do with your home to attract buyers as well as apply the best marketing strategies and techniques to sell it.

From preparing your home for sale, to marketing your listing, negotiating a price, and closing the deal, hiring the best Lake Zoar agent will get your lake property sold fast and for top dollar.

2. Determining the Best List Price of Your Lake Property for Sale

            Determining the right price for your lake property is more of a science than an art, and it takes the skill and experience of a Lake Zoar real estate agent to come up with a price that is just right for your home.

If your property is priced too high, buyers and buyer’s agents will pass it over. If it is too low, you lose potential profit on the sale.  When setting the listing price of your home, it should be based on the current market value. Not on emotional factors such as how much you paid for it, how much you still owe on the mortgage, or your personal opinion of how much your home is worth.

If your property is priced right, it will not stay on the market long or become stale.

Hiring a Lake Zoar real estate agent with knowledge in the local market and conditions can give you the important facts you need to know to make the right decision in setting your selling price.

3. Performing a Comparative Market Analysis

            One of the things a skilled Lake Zoar real estate agent can do to help you determine the best price for your lake property is to perform a comparative market analysis (CMA). A CMA will show the most recent sales of comparable homes in the area which will give you an idea of what buyers are willing to pay. 

Hiring an agent with years of experience in the Lake Zoar real estate market makes him or her the most qualified to interpret this data and make good recommendations. 

4. Calculating Costs and Expenses

            Your agent will be able to help you calculate the different costs and expenses associated with selling your lake property that you may overlook like legal fees property and utility tax adjustments, home inspection, renovation and repairs, and moving costs. 

If you want to sell your lake property fast and at the best price, hiring the best Lake Zoar real estate agent is the most important thing you could do. Visit www.HomesInConnecticutForSale.com if you need more information on selling your Lake Zoar real estate or Candlewood Lake homes and how to select the best real estate agent, read Top 10 Tips to Prepare Your Candlewood Lake Danbury CT Home For Sale.

Call Deborah Laemmerhirt now at 203-994-4297 and let her assist you with everything you need to know about buying or selling Lake Zoar real estate. Her years of experience as a preeminent real estate professional in Ridgefield, Redding, Wilton, New Fairfield, Brookfield, Bridgewater, Roxbury, Washington, Weston, Westport, Southbury, Kent, Sherman, Easton, and Bethel, CT, combined with her dedication to providing the finest service will make it easier for you to find your dream home in Connecticut.