New Hartford Real Estate Investment: Ultimate Guide

 

 

 

Now is a great time to look if you have ever thought about buying some property in New Hartford. The town has been flourishing in the last few years, and its real estate prices are fantastic. Keep reading to see the ultimate guide to real estate investment in New Hartford, CT.

Buying Property in Connecticut

What do I need to know?

Buying property in Connecticut has a few benefits, especially if you are a first-time home buyer. There are some requirements you need to meet in order to qualify for those loans and tax breaks, so it's a good idea to check with some local real estate experts to figure out what you can get. Along with the state-based loans, there are a few federal-level loans that you also might qualify for, plus grants from the federal government that can help you with your down payment. 

In the state of Connecticut, you can place as little as 3% down if you happen to qualify for a conventional loan from a financial institute. It's a good idea to try and get yourself pre-qualified for a mortgage so you can start looking at homes in your price range immediately. If you do not get pre-qualified, then you have 90 days to apply for your mortgage after you have submitted your final offer on the home you want to purchase.

New Hartford: What is it like?

New Hartford is a 38 square mile town with about 6,600 residents, and it's known by locals for its amazing ski mountain, Ski Sundown. It's located a 40-minute drive away from the state capital of Hartford and 20 minutes away from the nearest larger city, Torrington. Two major highways (Route 202 and Route 44) pass through the city, making it easy for visitors to come and go. 

The town has an excellent school system with three elementary schools in grades pk-6. Older students attend nearby middle and high schools in Winsted, Connecticut. The town also has six places of worship for various religious groups. The local sports field, Browns Corner, plays host to soccer, baseball, and softball games from many of the nearby cities.

 

What kind of properties are in New Hartford?

The area is pretty rural, which means that there are many larger farm properties along with quite a few delightful residential homes that are located in the heart of the city. The town is great for those who are looking for a calm and quiet place that is away from all of the big city noise. 

There are quite a few vacant lots that are for sale, which are perfect for people looking to build a home instead of buying one. The locations are gorgeous, and luscious trees and gorgeous mountains will surround you. The area is a nature lovers' dream, and it's the perfect place for anyone who wants to enjoy the great ski hills nearby. 

Real Estate in New Hartford

Real estate investing is something that can be tricky if you don't know what you are doing. It's easy to find homes that are great prices, but you also need to see the potential of things like location and construction. Let's look at a few of the stats for New Hartford to see the best places for you to make your investments. 

Some of the best homes in New Hartford are located right on the beautiful Brodie lake. Everyone loves a lakefront view, and the houses in this area are incredible. Another great place for waterfront homes is the Farmington River area, where the homes have a great view of the flowing waters. 

Home Values in New Hartford

Homes in New Hartford are selling at an excellent rate. The current market as of June 2022 shows homes selling in the low 300k range at about $185 per square foot. Homes vary quite a bit in price from least to most expensive, with the least in the lower 100k range and the highest at around 4.75 million. 

The home prices are great compared to many of the larger cities in the area. Take a look at a few of these other Connecticut cities to get a good idea of the home prices in New Hartford.

New Hartford (pop. 6,600)- low 300k

Greenwich (pop. 62,000) - $1.7 million

Darien (pop. 21,000) - $1.7 million

Westport (pop. 28,000) - $1.5 million 

Ridgefeild (pop. 7,200) - $800,000

Stonington (pop. 900) - $480,000

Homes in New Hartford are some of the best in the state and are situated in such a beautiful city. It's a great place to buy investment properties for short-term or long-term rentals, and it's easy for you to make a profit in such a perfect vacation town. Whether you are looking for an excellent investment property or looking for a new home for you and your family, New Hartford is a great place to start your search.