Frequently Asked Questions
Question about selling
Yes, a home can depreciate in value due to factors like market conditions, neighborhood decline, property damage, outdated features, environmental issues, and economic changes. Proper maintenance and renovations can help preserve or increase its value.
An older home can be just as good a value as a new home, depending on factors like location, build quality, architectural charm, and renovation history. Older homes may offer larger lot sizes and established neighborhoods but could require more maintenance and updates. New homes typically come with modern features, energy efficiency, and lower immediate maintenance costs.
A broker is a licensed professional who acts as an intermediary between buyers and sellers in real estate transactions. They help clients buy, sell, or rent properties and often provide market advice, negotiate deals, and handle paperwork. Brokers typically have more experience and qualifications than real estate agents and may manage their own agencies.
Yes, you can pay your own taxes and insurance if your mortgage lender allows it. Typically, this is possible if you have significant equity in your home or meet specific lender requirements. However, many lenders prefer to include taxes and insurance in your monthly mortgage payment through an escrow account to ensure timely payments.
The loan process typically takes around 30 to 45 days from application to closing. However, the timeline can vary depending on factors like the lender’s efficiency, the complexity of your financial situation, appraisal scheduling, and how quickly you provide required documentation.
Question about renting
Most rental leases are for 12 months, but landlords may offer shorter or longer terms, such as 6-month, month-to-month, or even multi-year leases, depending on the property and renter’s preferences
Yes, rent can sometimes be negotiated, especially if the property has been on the market for a while or if you’re willing to sign a longer lease. Factors like market conditions and your rental history may influence the landlord’s flexibility.
A security deposit is an amount paid upfront to cover potential damages or unpaid rent. It is typically refundable if you leave the property in good condition and fulfill the terms of the lease.
Generally, any changes require the landlord’s permission. Minor updates like painting may be allowed with prior approval, but more significant alterations might not be permitted. Always check your lease agreement first.
Breaking a lease early can lead to financial penalties, such as paying rent for the remaining lease period or losing your security deposit. Some landlords may allow early termination with notice and payment of a specific fee. Check your lease for any early termination clauses.