Even though the record-breaking snow fall and frigid winter didn’t slow down a strong start to the Greenwich real estate market in 2015, you still need to make sure you are partnered with an experienced and adept agent. If you are a buyer or a seller it is important to know that the Realtor you decide to work with has the necessary knowledge to complete a successful transaction. The following are some of the Realtors tools that come with experience, motivation and education.
LOGISTICS:
A realtor must know how to navigate the town hall and the departments that have vital information about the property that is being bought or sold.
The Assessor’s office has the tax cards that represent the lot size, square footage of the improvements, the assessment, property taxes and much more. Don’t forget your quarters as these cost .50 cents -- any good realtor could tell you this is the best deal at town hall.
The Records Room is an excellent source of information. If a renovation or addition was done the work needs permits and inspections with a final sign off by the Building Department. Permitted plans for any work that was done to the house are kept on file in the Records Room. This is also where a survey of the property may exist. There are two stamps that need to be placed on the architectural plan. One is blue and says “Plans Reviewed for Zoning Compliance” with a date and a signature of the zoning officer. The other is the final approval which is red and reads “DIV.BUILDINGS. APPROVED. GREENWICH, CONN. with the date of the approval.
HOW WETLANDS IMPACTS GREENWICH RESIDENTIAL REAL ESTATE:
There are major restrictions that the Wetlands Department enforces such as a 35 foot setback, run off, drainage, rain gardens, etc. The G.I.S. Department has the maps on every property in town. These maps show wetlands and contours on the property. This map is a must have both for marketing purposes and buyers knowledge. Not all properties have updated maps so if you’re not sure if wetlands type soils exist on the property it is inexpensive to have a Soil Scientist do a simple study.
GREENWICH HEALTH DEPARTMENT:
There are two of these departments within Greenwich's town hall. The 3rd floor is where you can find the file for the property's septic plan. If not on town sewer, then the home uses a septic system to dispose of waste water. It is crucial to understand the age of the system, its size, condition and design. The amount of bedrooms a house can have is determined by the size of the septic. The amount of bathrooms does not count but access to a bathroom determines what is considered to be a bedroom. For example an attic can’t be finished if it has access to a 2nd floor hall bath and the septic isn’t large enough to support it. If a reserve area is discovered by an engineer by doing “perk tests” then additional bedrooms can potentially be permitted. The reserve doesn’t need to be installed just discovered, designed, and approved by the health department. There are setbacks to a septic tank and leaching fields that can hinder the installation of a swimming pool or expansion of a structure.
FLOOR AREA RATIO (FAR) IN GREENWICH:
A realtor needs to be able to calculate what the F.A.R. is on a property. This determines how many square feet can be built on the lot. The Greenwich Municipal Code has a multiplier for each zone in town that is used to multiply against the lot size. How do you find how many square feet the lot is? You multiply the lot size by a square acre which is 43,560. For example if the lot is .25 and you multiply that number by 43,560 you will discover the lot size is 10,890 sq. ft. The multiplier for the R-12 zone is .315 so the amount of F.A.R. on this particular lot is 3,430 square feet. This includes garage space but does not include finished space that is below grade. To be below grade the first floor cannot be more than three feet above ground. This is discovered by doing a grade plane study with an engineer. The height is calculated on average ten feet away from the foundation around the circumference of the structure. Why is this important to know? Most buyers ask if there is any F.A.R. left on house so it is helpful to give a rough estimate if there is room to expand or is the structure at its maximum potential. Just because there is additional F.A.R. that does not ensure expansion potential.
RESIDENTIAL GREEN SPACE IN GREENWICH:
There is a new restriction on every property in town which is called Green Space. This regulates how much coverage the property is allowed to have which includes patios, driveways, eaves on the roof line of the house, swimming pools and more. The Realtor must know how much coverage there is and the percentage that remains. Thankfully the town hall has supplied the information on their website. One of these days, I'll cover how to navigate GreenwichCT.org the website that hosts many layers of information.
A Realtor must know what their client is buying or selling. Having this knowledge upfront can save a lot of time while searching for the right property or preparing to market a home. To know the market and your future real estate investment you need to know your realtor!