Real Estate FAQ
What are closing costs?
Closing costs are the fees for services, taxes or special interest charges that surround the purchase of a home. They
include upfront loan points, title insurance, escrow or closing day charges, document fees, prepaid interest and property
taxes. Unless, these charges are rolled into the loan, they must be paid when the home is closed.
What if I don't want to hire a real estate agent, where can I find homes?
Internet and newspapers but also drive frequently the "target" area you are looking in. Since you are competing with Buyers who have
agents you have to be on ball to get a chance at the new listings. Since the agents have MLS access they know about homes for sale
before the "for sale" sign even goes up on the property. Having a good agent when you are looking to purchase a home gives you just
a little bit of an edge in seeing the homes new on the market. The seller pays their commission (actually it is a split of the Listing
agents commission) so it doesn't really cost you anything.
What is the best time of year to buy a home?
Because many buyers prefer to move in the spring or summer, the market starts to heat up as early as February. Families with children are anxious to buy so they can move during summer vacation, before the new school year begins.
The market slows down in late summer before picking up again briefly in the fall. November and December have traditionlly been slow months, although some astute buyers look for bargains during this period.
Can a single family home be turned into a multi family home?
It all starts with accurate planning- In most situations you can make the basement level a separate unit and then divide the house in half. Depending on the configuration of the house, you will have to decide whether to divide in vertically or horizontally. Each section should have its own entrance, kitchen, bedroom, full bath, hot water, gas, and closet space. Utilities must be divided as well if the occupants will be responsible for paying their own bills. If a landlord or homeowner's association will be paying for utilities, water and gas can be shared, however, in most states the law requires that each unit has its own breaker panel dedicated to that unit.
There have to be provisions for what is considered private areas and which areas are considered to be "common" or shared amongst the other occupants.
