Elaine Pavasaris | Berlin Real Estate, New Britain Real Estate, Plainville Real Estate


If you don’t have a lot of cash on hand to secure a home with a sizable downpayment, you might feel stuck. It’s quite a feat to be able to save up the 20 percent cost of a home that is generally required to purchase a home. Your options may seem limited when you want to own a home. There is one option that could be a good idea to consider when you’re in this situation. That’s the idea of finding a rent-to-own property. 


How Does A Rent-To-Own Property Work?


First, know that these properties are hard to find. That’s why you may not have thought of it as a first option. When you do find a property like this that suits your needs, you should know all of the ins and outs before you commit to the home. The agreement works just as it sounds, but there are always a few bits of extra text that can make the difference in any agreement in a rent-to-own property. 



Lease With A Purchase Option


With this type of agreement, you’ll need to pay what is called an option fee in order to give you the right to purchase the property at a later date. The seller is then required to sell the property to you as a tenant and apply the option fee to the price of purchase. If for some reason you have paid the option fee and decide to walk away from the property after a time, the money that you have paid as an option is simply lost. The option fee is usually a percentage of the purchase price ranging anywhere from 2-7 percent of the home’s price.  


Lease And Purchase Agreement Rolled Into One


In this type of rent-to-own agreement, both the tenant and the seller agree on fixed purchase price for the home, or agree that a purchase price will be determined at a later date through an appraisal. Everything is set up from the beginning including the closing date for the home.


This type of deal in a rent-to-own situation is often considered the better choice. Know that a fixed price option may put you in a better financial position than an appraisal option. You’ll have instant equity in the property when you buy it. This is especially helpful in high competition markets. In any other types of market, you may be better off with an appraisal. This ensures that you don’t overpay for the house.


How Your Rent Payments Apply


Rent-to-own gives you an advantage in that you get the added benefit of rent credits. This is where a percentage of your monthly rent payment is applied to the purchase price of the home. The amount of percentage that’s applied will be agreed upon with your landlord ahead of time.


While a rent-to-own option to purchase a property can be a bit more complicated than other ways of purchasing a home, it can be a great way for people different financial situations to become home owners. Make sure you go over everything carefully before you sign anything so that you fully understand the agreement you’re entering into.       

     






This listing was recently rented for $1,475.

979 Farmington Avenue, Berlin, CT 06037  

Rental
$1,475
Price
$1,475
Rental Price
5
Total Rooms
3
Bedrooms
1
Baths
Newer 3 bedroom 2nd floor apartment located in mixed use building. Freshly painted, central Air, gas heat. Walk to nearby restaurants, train station, close to all major highways, located in the heart of Kensington. credit check, 1 month security.


Buying a home should be a fun, exciting experience, one that ends with you moving into your dream residence. However, problems sometimes can arise that prevent you from accomplishing your ultimate goal.

No homebuyer should be left in the dark, especially when it comes to navigating a competitive real estate market. Lucky for you, we're here to help you kick off your homebuying journey on the right foot.

Now, let's take a look at three tips to help you launch a successful homebuying journey.

1. Know Your Homebuying Budget

You know that you'd like to buy a house, but how much can you afford to pay for a residence? With a homebuying budget in place, you can determine exactly what you can afford.

Getting pre-approved for a mortgage enables you to enter the real estate market with a budget in hand. Many credit unions and banks are available nationwide, and each lender is happy to provide details about a wide range of mortgage options. That way, you can select a mortgage that matches your finances perfectly.

Also, don't forget to consider the costs of utilities when you budget for a home. And if you need to commute to work or school, you may want to consider your transportation expenses as well.

2. Examine the Housing Market

The housing market usually features a large collection of high-quality houses. Take a look at some of the houses that are currently available, and you can better plan for your homebuying journey.

For example, if there is an abundance of homes available in a city or town where you'd like to live, now may prove to be the ideal time to enter the real estate market. The sheer volume of residences indicates a buyer's market may be in place, so you might be able to boost your chances of acquiring an exceptional house at a budget-friendly price.

On the other hand, if homes are selling quickly in a particular area, it likely means a seller's market is in place. As such, you will need to be aggressive if you want to secure your dream residence at an affordable price.

3. Consult with a Real Estate Agent

The homebuying journey can be daunting, particularly for those who are interested in purchasing a house for the first time. Fortunately, a real estate agent can help you seamlessly navigate the homebuying journey.

A real estate agent possesses comprehensive housing market experience. He or she can share real estate insights with you to ensure you can purchase a great house that meets or exceeds your expectations.

Furthermore, a real estate agent will keep you up to date about new properties, set up home showings and negotiate with home sellers on your behalf. And if you ever have concerns or questions, a real estate agent can respond to them immediately.

Ready to make your homeownership dreams come true? Use the aforementioned tips, and you can enter the real estate market as an informed homebuyer.


Vinyl siding can be a an area of intense debate in construction circles. There are many advantages and disadvantages to buying a home with vinyl siding or in deciding to install it on your home. Here, we’ll break down the pros and cons of the popular siding material and how to decide if it’s right for your home. Over the years, advancement in the makeup of vinyl and advances in the technology itself has made it a more popular choice among home owners and builders. Vinyl was introduced in the 1950’s as a replacement for aluminum siding. Originally, vinyl was notorious for fading, cracking and buckling. Now, the material has been perfected to a new, higher standard. Advantages To Vinyl Siding:
  • Cedar is 2 1/2 times more expensive than than vinyl
  • Vinyl siding never needs to be painted
  • Easy to install
  • The material is versatile
  • The color will outlast paint
  • Water resistant
  • Helps to prevent damage from rain and snow
The biggest advantage of vinyl siding is the fact that it simply needs to be power washed from time to time and painting is not necessary. While power washing is an expense, it’s still less expensive than painting the entire house every five years. In the right conditions, the siding also usually holds its color for a long, long period of time. However, there are always exceptions to these rules. Cons Of Vinyl Siding:
  • There’s no time frame of how long vinyl siding will last
  • The durability of vinyl siding depends upon how the material itself
  • Vinyl siding is often installed over old siding, so existing problems could still remain
  • It’s flammable, so grills and other items could pose a hazard
  • It may be hard to find a replacement piece in a matching color when you need it
  • The siding could increase your home’s chances of developing mold on the outside
  • Susceptible to cracks
  • Seasonal maintenance is required
The cons listed above are mere warnings of the problems that could arise when vinyl siding is installed. There are pretty strict construction codes surrounding the installation of siding to help prevent these problems, yet, you should keep them in mind. The problems that could arise with siding also depend upon the type of material that’s used to make the siding. It’s good to do some investigating before you fully decide on the best material for your home’s exterior So, while vinyl siding isn’t a foolproof choice for a damage-free home, it does have some significant advantages over wood siding and paint. Depending upon the climate you live in and the type of look that you’re going for on your home, the decision is ultimately up to you.

56 Homecrest Drive, Berlin, CT 06037  

Residential
$211,000
Price
6
Total Rooms
3
Bedrooms
2/1
Full/Half Baths
Rare find! This one owner, Home Sweet Home Beauty offers 3-5 bedrooms perfect for the growing family. The 2 upper level bedrooms each have adjoining rooms which can be used for additional bedrooms or for an office/study. Featuring an eat in kitchen with brand new stainless steel appliances, Formal dining room, fireplaced living room, Hardwood floors, New roof, Replacement windows with lifetime warranty. Natural Gas is on the street making it easy to convert. Great for CHFA, FHA, VA Buyers. Plus there is a one year home warranty on all mechanicals. Subject to Probate Court Approval




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