Buyer Resources - Articles

Buying Your Home - Finding the Right Home

What are the pros and cons of buying or renting?    

Don't buy if you don't plan of staying for a few years. With the expenses of buying a home, you might end up losing money.

Always start by checking your credit.

Most likely you will need a mortgage to buy a home. Make sure your credit history is clean, fix any problems.  Speak with your local bank to decide how much you qualify to borrow and what type of loan fits your life style the best. Here are some suggestions:

Elmira Savings Bank-Jackie Newton: 607-749-7251

CFCU-Kim Rozell: 607-227-1419

Generations Bank-Melissa Flask: 315-255-0147 ext. 3151

Common Fund Mortgage-Kim Gage: 315-255-2911

Tompkins Trust Company-Carol Burgess: 607-662-0376 ext11436

Syracuse Securities-Jim Netti: 315-253-3239

First National Bank of Groton-Christopher Phelps: 315-497-2707   
 

As for the return on your investment, home-price appreciation is hard to predict. In the late 1980s, and again 10 years later, the more expensive move-up housing appreciated wildly. But during the recession that followed, smaller homes tended to hold their value better than more expensive ones.

How do I get the real scoop on homes I am looking at?
Home inspections, seller disclosure requirements and the agent's experience will help. Work closely with Roland or Judy Bean, always ask questions.

Roland Bean, Lic. R. E. Broker: 315-730-3733

Judy Bean, ABR, Lic. R. E. Agent: 315-406-3880

What do all of those real estate acronyms in the ads mean?
If you find yourself stumbling over weird acronyms in a real estate listing, don't be alarmed. There is method to the madness of this shorthand (which is mostly adopted by sellers to save money in advertising charges). Here are some abbreviations and the meaning of each, taken from a recent newspaper classified section:
* assum. fin. -- assumable financing
* dk -- deck
* gar -- garage (garden is usually abbreviated "gard")
* FDR -- formal dining room (not the former president)
* frplc, fplc, FP -- fireplace
* grmet kit -- gourmet kitchen
* HDW, HWF, Hdwd -- hardwood floors
* hi ceils -- high ceilings
* In-law potential -- potential for a separate apartment. Sometimes, local zoning codes restrict rentals of such units so be sure the conversion is legal first.
* pvt -- private
* pwdr rm -- powder room, or half-bath
* upr- upper floor
* vw, vu, vws, vus -- view(s)
* Wow! -- better check this one out.

Roland H. Bean, Lic. R. E. Broker
Roland H. Bean, Lic. R. E. Broker
Judy Bean, ABR, Lic R E Agent
2481 Jugg Street Moravia NY 13118