Frequently Asked Questions
Below are answers to common real estate questions. If you can't find the answer to your question here or need additional information, please ask us using the form at right.
Select a question to review the answer:
Why should I buy instead of rent?
What's the difference between a condo and a loft?
What's the difference between a town home, a landominium, and a house?
Do I need title insurance?
What is a condominium association?
Do I have to pay for utilities in a condo or loft?
What am I responsible for maintaining in a condo or loft?
How much is my home worth? How do I get it appraised?
Which neighborhoods have the highest appreciation rates?
What is a mortgage?
How large of a mortgage can I get?
What's the difference between a fixed-rate and adjustable-rate mortgage?
What is the interest rate?
What does "Under Contract" mean?
What does "Closing" mean?
What are closing costs?
What will my property taxes be?
Should I have a property inspected before closing?
Should I have a property surveyed before closing?
Why should I buy instead of rent?
You shouldn't necessarily buy instead of rent! However, in most cases, it makes more sense to buy a home rather than rent. There are several advantages to home ownership: large federal tax breaks that can result in annual savings of thousands of dollars, 'building equity' with every mortgage payment, future appreciation, and of course the right to do whatever you want with your home. What makes sense for you? Contact Mary, our Buyer's Agent, and find out today!
What's the difference between a condo and a loft?
A condo (condominium) is a form of real estate ownership, where a group of individuals share ownership of common elements (such as land, or a building in which many units are housed). A loft is an architectural style – specifically, an open floor plan that usually incorporates creative use of a building's historic structure and the introduction of innovative finishes.
What's the difference between a town home, a landominium, and a house?
A single family home, which is what we refer to as a house most of the time, is just that – a building on land – and you own it entirely yourself. A town home is a single family home, but is usually more vertically oriented since it is on a smaller piece of land in an urban setting. A landominium is a form of condominium ownership in which you own your home and your land but must join and contribute to an association to maintain your land – landscaping, garbage collection, etc.
Do I need title insurance?
No, but we always recommend it! It is a one-time fee that will protect your ownership interest in your property for as long as you own it. Dino, Team Chabris' financial guru, can explain title insurance in great detail.
What is a condominium association?
A condominium association is a group of individual home owners that share ownership of some common spaces. This could be land, a building, a roof, a workout room, etc. The association members must all contribute to the association through monthly payments (usually called 'Association Dues'). Moreover, all members must abide by various rules that the association sets to ensure a harmonious living environment in all shared spaces.
Do I have to pay for utilities in a condo or loft?
It depends on the association. In most newer Cincinnati condominium associations, gas and electric are almost always paid for by the individual owners. Some associations include water in their dues.
What am I responsible for maintaining in a condo or loft?
Certainly everything inside your unit is your responsibility. Some associations include additional responsibilities. You will have the opportunity to review the association's rules during your contract contingency period.
How much is my home worth? How do I get it appraised?
Home values are constantly in a state of change. Contact Peter Chabris, Team Chabris' listing agent, to review your homes current value, which is a free service. Or you can hire an appraiser to appraise your homes current value. Team Chabris has several we can recommend – just ask!
Which neighborhoods have the highest appreciation rates?
This varies year to year, but recently Hyde Park, Mt. Lookout and Oakley have seen solid appreciation. Columbia-Tusculum has seen incredible appreciation as well.
What is a mortgage?
When a bank lends you money to buy a home, you give them a mortgage (that's right; you give them a mortgage, contrary to popular belief!). That is to say, you agree to certain terms and conditions to repay them for your home. Your home is then used as collateral for the money the bank lends you.
How large of a mortgage can I get?
That depends on a number of factors: income, credit history, debt, etc. Dino Re, Team Chabris' financing expert, works personally with each Team Chabris client to ascertain what kind of mortgage – and how large a mortgage – is best for you.
What's the difference between a fixed-rate and adjustable-rate mortgage?
Banks lend money at interest rates – the rate of money they charge you in addition to the principal for the right to borrow their money. This rate can remain 'fixed,' or the same rate for the span of the mortgage (typically 30 years), or it can change based on a number of different variables. Contact Dino today for a more detailed explanation of fixed vs. adjustable rates and what makes the most sense for you.
What is the interest rate?
It varies day to day, but today's rates still remain at historically low levels, which is why you should seriously consider buying vs. renting! To find out what interest rates are like today, contact Dino.
What does "Under Contract" mean?
'Under Contract,' or 'Pending,' means that two parties have agreed upon the price and terms of a transaction (in this case, the sale of a home). When a property is Under Contract, no one else may attempt to purchase the property.
What does "Closing" mean?
Closing is when all terms of the contract have been met and both parties meet to transfer title of the home from the Seller to the Buyer. That is to say, this is when you officially become a homeowner! (Or you have officially sold your home, depending on circumstances.)
What are closing costs?
Closing costs are a myriad of fees associated with transferring property. Most of a Buyer's closing costs are generated from borrowing money from a bank (Contact Dino for more info). For Sellers, closing costs are a function of the cost to market and sell the property as well as transferring it to the Buyer. Contact Peter today to get an estimate of what your closing costs would look like.
What will my property taxes be?
It depends on your home's assessed value, its location, etc. Usually this information is listed on the Cincy MLS (Cincinnati Multiple Listing service).
Should I have a property inspected before closing?
Absolutely! Always inspect a property before closing on it.
Should I have a property surveyed before closing?
Surveying a property is always a good idea, though it is not always necessary. This will depend on a number of variables (is the property a large lot with irregular boundaries; is it a condominium; has the property changed hands recently, etc.). Mary will be able to help you make that decision when you buy your home.
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