We've added these real estate trivia questions for your enjoyment. And you might learn something new in the process! Have fun...
Q
What document must lenders provide within three days of receiving your application for financing?
A
The "Truth In Lending Disclosure Statement" will give you complete financial information about the loan.
Q
What does "contingency" mean in real estate?
A
A contingency is a specified event that must take place before a home purchase contract is binding; for example, a sale can be said to be "contingent upon the sale of the buyer's current residence."
Q
Where is the world's largest mud building?
A
The Grand Mosque in west Africa measures 328 feet long and 131 feet wide, and has been carefully maintained for centuries by local craftsmen, especially during the rainy season.
Q
What 45,000 sq.ft. home on 5-acres on Lake Washington is described as an 'adventurous house' by its owner?
A
The home of Microsoft's Bill Gates ($40+ million) has a wall of 24 video monitors featuring art and film and a 60-foot pool.
Q
Which law allows a person to give another individual up to $10,000 a year without any tax consequences?
A
The Federal Gift Tax Law allows both parents to give a child (or anyone) $10,000 each in one year.
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"A model of how the Internet can facilitate the process of deciding where to send your children to school" - America's Best School Profiles by The Heritage Foundation
One of the most important factors that affect the value of property is obviously location. Wise investment philosophy suggests that you invest in a sound property in a more modest area that will increase in value in the future. Buying into an area that is being gentrified, or that is otherwise coming back, is one way to do this.
Timing is everything, however! Most investors don't want to risk too much by being a pioneer, but want to get involved early enough so that there is still considerable room for appreciation in value. Being a pioneer is fine if you are a risk-taker with a lot of patience and cash is not the primary issue. Otherwise, it is safer to buy into an area after the restoration trend is unmistakably established.
Neighborhoods that are ripe for restoration have some common characteristics. They are next to a prestigious area or in a good walk-to-work location and have houses that are basically in good condition or "fixer-uppers" with realistic price tags.
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Charlie and Barbara Kaylor, The Dream Team, have over 24 years combined residential real estate experience. Charlie, Broker Associate, has been awarded the RE/MAX International Platinum Club status for outstanding sales volume and is ranked the #5 RE/MAX Agent in Connecticut. Barbara’s marketing and promotional material has been recognized as the best in the area. The Dream Team is an enthusiastic, knowledgeable and dedicated team of professionals with a genuine love for The Farmington Valley and West Hartford. Partners in business and in life, The Dream Team can’t be beat! Please visit our website www.CTDreamTeam.com to read over 25 testimonials from our clients!
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