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Frequently Asked Questions (FAQ)

Stuck? No problem! We've compiled some of the most often repeated questions in the real estate world. Feel free to browse around and remember that everyone needs help at some point in time! If you are unable to find what you are looking for after sifting through our FAQ, please feel free to contact us. Thanks!

Should I buy or rent?
Some people buy a vacation home with the idea of turning it into a permanent retirement home down the road. Others like the tax benefits or wish to expand or diversify their investment portfolio. Owning brings the benefit of having your own place, becoming part of the community, blending into the daily fabric of the area, and living in all its seasons. Ownership brings great benefits, but also the responsibilities of home management and maintenance. Income property, on the other hand, generally must be owned, else turning a profit on it is impossible as it isn't yours to lease or rent.

When is a good time to buy?
Although the Fall of 2001 saw significant changes in our economy, The United States is still experiencing an active real estate market. Pricing has adjusted somewhat to current market conditions, resulting in a moderate softening of prices. There is a slight increase in the number of available listings, providing potential buyers with greater choice of properties from which to select. Additionally, interest rates are at, or near, 20-year lows. These factors combine to make this a great time to buy property.

What costs will come along with owning a 2nd home?
As with ownership of any property, there are mortgage, utilities, insurance, and maintenance and repair costs. If you’re thinking of renting your property, or using the property seasonally, it’s best to have a property manager or caretaker who can check in on the property and deal with issues that arise. If you’ll be renting the property, you will also have agency commissions associated with each group of tenants. Many owners prefer to have lawn care and cleaning services to keep the place in ready-to-use condition.

What is the difference between a REALTOR(c) and real estate agent?
Anyone who has completed their real estate certification course can show you properties and act as a real estate agent. REALTORS®, however are a group of agents who have achieved higher levels of professionalism and adhere to a strict and monitored code of ethics.

What is the difference between an offer and a purchase & sale?
The Offer is the legal document, which is signed by both parties when a buyer and seller agree on the initial terms of the sale. The Purchase and Sale is a more detailed, lengthy legal document, which is often executed after certain contingencies (such as inspection) have been completed. When either document is signed by both the buyer and seller, they constitute a legally binding agreement. Be sure to consult with your attorney before signing any legal documents.

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