Town of the Week - Chester CT
Chester Chester is a charming, quaint town dating back to its corporation in 1836. It’s an eclectic environment for all to find something to love and is home to artists, museums, and shops, all worth a visit. Many weekends of the year you can find a pop-up event or planned market for visitors and locals to find the perfect gift or treat. The town also touts several delicious and mentionable restaurants and plenty of outdoor activities. Chester is a town with a family-like community. Head to their town website to search for upcoming events hosted most months of the year that will surely bring the whole family around; ice sculpting, chili cook-offs, and tractor parades, to name a few. Shoutout to YMCA Camp Hazen for over 100 years of bringing kids and families together. Camp Hazen has given opportunities to youth offering afternoon and overnight programs and to young adults in leadership training. From swimming to hiking and the all-around camping experience during the summer, this camp serves the community and beyond. Visit: Honeycone Ice Cream: 23 Main Street Cedar Lake: West Main Little House Brewing: 16 Main Street Tugboat ride to Gillette's Castle: Access from Rte. 148. Dates of Operation: Apr. 1-Nov. 30 Chakana Sky Alpacas: 36A Turkey Hill Rd. Chester Holiday Market: Main St Chester Village
Town of the Week - Old Saybrook
Old Saybrook Old Saybrook, located at the mouth of the Connecticut River, was the home of the peaceful Algonquin Nehantic Indians prior to the European arrival. They farmed in the area and had their own village at Saybrook Point. The name “Old Saybrook” comes from honoring Viscount Seye and Sele and Lord Brook, who were two of eleven that were included in the Warwick Patent. Old Saybrook is the oldest town on the shoreline and was an important center for coastal trade and transshipment. Interested in learning more about Old Saybrook’s history? The Chamber of Commerce office has a detailed walking tour brochure of the town including the old buildings that are left on Main Street and select historic buildings! In addition to the breathtaking views the beaches of Old Saybrook have to offer, it is also home to many beautiful museums and must-see places. The newly renovated Katherine Hepburn Museum showcases the historical impact of Hepburn and her family through photos, home movies, wardrobe pieces, and personal letters written for her family for the public to see. Want to spend quality family time outdoors? Saybrook Point Mini Golf is the perfect place to do so! You can enjoy a few rounds of mini golf with your family while taking in the beautiful view of where the Connecticut River meets Long Island Sound. Old Saybrook offers countless dining options that you will not want to miss! Whether you prefer seafood, sandwiches, pizza, pasta, or salads, Old Saybrook has what you are looking for. Take a stroll down Main Street to see a glimpse of what restaurants Old Saybrook has to offer! Old Saybrook has special events offered to the public throughout the entire year. From the Winter Wildlife Eagle Cruise to the Arts and Craft Festival in the Fall. Old Saybrook has it all! Check out these upcoming events Old Saybrook has to offer: Classic Car Show – June 4th 10am – 1pm Sidewalk Sale – August 5-7th Chamber of Commerce Scarecrow Fest 2023 – October Small Business Shout Out: The Monkey Farm Café, located at 571 Boston Post Road, is a must-try in the town of Old Saybrook. 1978, The Monkey Farm got its name after being purchased by Harry Corning in 1968 as the Saybrook Inn. Today, you will find Harry’s three children running this one-of-a-kind café. Offering items like appetizers, sandwiches, steaks, salads, pizza, and more, the Monkey Farm has everything you could want and more! Stop in The Monkey Farm and try it out! You will not be disappointed! Presented By: Alyssa Gambell
CAN YOU BUY A HOUSE BEFORE YOU TURN 21?
There’s a general worldview that the younger generations will never be able to achieve homeownership because housing values have outpaced wage growth for decades. This is absolutely true, and we’re not downplaying the seriousness of affordability issues … but, actually, you can become a homeowner well before 30. In fact, if you want to, there’s little to stop you from buying a house before you turn 21; you can legally obtain a mortgage loan at 18, though your ability to do so isn’t at all guaranteed. Is that really for you, though — and how would you do it? Ask yourself these questions to determine how ready you are to buy and start taking appropriate steps to get there if you decide it’s right for you. Are you going to stay in the same area for at least a couple of years? Unlike rent, homeownership isn’t a lease you can cancel after a few months so that you can move on to greener pastures. You’ll be paying a mortgage for at least a decade, if not three decades. You can, of course, sell your house before it’s totally paid off, but you’ll discover that selling a home is much, much more involved than finding a new place to live, packing, and moving. And it won’t necessarily happen on your timeline; it could be months after your house goes on the market before it sells. As a general rule of thumb, don’t buy a house if you think you might leave the area in the next two years. If you don’t live in the house for at least two years, and there aren’t certain extenuating circumstances surrounding your move, then you’ll have to pay capital gains taxes on the property, which could potentially wipe out most or all of the equity you build in two years. How is your credit? You can get mortgage financing for a house with a credit score as low as 580 through some government programs, but the higher your credit score is, the better deal you’re going to get on your mortgage terms. The best mortgage loans have low-interest rates, and lenders will offer you lower interest rates if your credit is good. This can actually be one of the biggest prohibitions for young aspiring homeowners. Credit is built over years, and if you weren’t able to start building yours before you turned 18, you’ll have a limited credit history to reference, which could mean less desirable loan terms — or no mortgage loan at all. Many mortgage brokers can refer you to resources that will help you build or repair your credit. Do whatever you can to increase that credit score number; it’ll pay off, literally, later on. How much money do you have saved? Next to the credit score, a lack of savings is another giant roadblock to getting a mortgage. You’ll probably have to put at least a little bit of money down on the house because most mortgage loans require at least 3.5 percent, and 20 percent is ideal; with a 20-percent down payment, you won’t have to pay private mortgage insurance, which can save you thousands of dollars over the years. That said, saving up a full 20-percent down payment is incredibly difficult if you’re trying to do it before you turn 21. It may be a better financial move to save whatever you can and pay the mortgage insurance; on many conventional loans, the mortgage insurance disappears after you’ve acquired a certain amount of equity in the home. What can you afford? Many first-time homebuyers are often surprised to learn what they can afford to buy — they might have been able to buy years ago if they’d only known! So don’t assume that you can’t buy a house just because you’re young and haven’t reached your full earning potential. It’s entirely possible that you could be pre-approved for a mortgage loan today. But that loan might not cover the house of your dreams. You’ll need to get a good idea of how much you can afford to spend on your mortgage every month, what that means for the range of home prices you want to consider, and whether that price range makes sense for your metro area. Where can you afford it? Within metro areas, there is often a wide variance in price range. You have your entry-level starter homes and your massive estates, and all the homes in between, typically grouped near other homes like them. Maybe you’ve got your heart set on a certain neighborhood that’s simply unaffordable for you right now, and the neighborhoods where you can afford to buy don’t appeal to you at all. This may be the point where it’s beneficial to talk to a real estate agent. They buy and sell homes all over your area, and it’s quite possible they know about nooks and areas where you can afford and where you’d actually like to live — and that you had no idea existed. Do you understand the additional costs of homeownership? Your mortgage loan is going to include both principal (the balance of the loan) and interest (additional money charged for borrowing). But some buyers don’t realize that it also includes taxes and homeowners’ insurance, all packaged into one payment. This means that to truly understand what your monthly payment will look like, you might need to get some quotes on homeowners’ insurance from a local insurance agent and research property taxes. Some online affordability calculators have some of these metrics baked in, but they aren’t always accurate — especially insurance rates. So double-check them before you decide to trust them. Is your household going to grow anytime soon? This doesn’t necessarily mean getting married or having a baby; maybe you want to get a dog in the near future. If you think you might be making changes to your household in the next few years, wrap them into your home search. That way you can ensure you’re buying a place that will grow with you, so you can be comfortable there for the immediate future and then some. Can someone help co-sign? One solution to the problem of low or no credit and a low down payment is to have a parent or other family member co-sign on your mortgage loan. This is a huge favor to ask, and you should be aware that if you default on your loan, your co-signers on the line for whatever you owe. It’s not something to ask or give lightly, and if someone does offer to co-sign for you, make it your top priority to pay your mortgage on time so that you can preserve that relationship for years to come. Are you set on a single-family home? For many young buyers, a single-family home with a yard might not make the most sense. If you want a place of your own, looking at townhomes or condos, or even a multi-family property like a duplex up to a four-unit apartment building, could be a much better decision for you than holding out for a single-family house. If you’re in a townhome or a condo, you are still building equity that can be leveraged if or when you do decide to move up to a house in the future. And if you have the ability to purchase a building with multiple units, you could wind up paying off most or all of your mortgage by renting out the additional units. (And you’ll still get all the advantages of living in your property, including lower rates on homeowners’ insurance.) Could you rent out some rooms to help pay the mortgage? Even if you can’t afford to purchase a building with multiple dwelling units, maybe you can get a place that’s a little bigger than you’d need on your own and rent out one of the bedrooms to a friend. That way you could supplement your mortgage, or possibly pay it off entirely, with rental income. Some homeowners vacate on weekends to rent their places on Airbnb, which could be another option for you. How stable is your life in general? If you’re prone to changing jobs frequently, wanderlust, and generally don’t have — or want — a lot of stability in your life, homeownership might be a big stretch for you right now. It’s OK to put the goal on pause if you’re not sure you’ll be able to achieve it immediately; just wait until things settle down (and work on that credit and savings in the meantime!).
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