Ramblings of a Baltimore area Realtor: July 2018

So, You Are Buying A House - Common Expenses to Plan For

So, You Are Buying a House

Common Expenses to Plan For

In the excitement of buying a home many new home buyers do not anticipate many of the other expenses that are involved in buying a home and some Realtors forget or just flat out do not prepare their buyers for some of the other expenses involved in purchasing a new home and if it has been a while since you bought a home some things may have changed.  So, it's a good thing to always be prepared when the time comes and not be short.  

Closing Costs

This is a major expense in purchasing a home and it is due at closing.  In Maryland closing coasts in include document stamps, transfer taxes, title insurance and settlement and loan company fees.  It is usually a percentage of the purchase price.  A good Realtor will often ask the seller for closing cost assistance, depending on your loan type that can be up to 6% and that seller help can off set a lot if not all of these fees.  

Moving Expenses

Unless you are moving from home or have little to no furnishings and personal belongings this could be a major expense too, be sure to shop around and call several moving companies.  You could also just rent a UHaul and ask your friends and family to help you move.  Moving companies will send someone out to your house and they will take a look at what you have then give you an estimate and several options which could have them packing up your stuff or you packing up yourself.  Don't skimp on moving companies, be sure to use a reputable company with decent online reviews.

Property Taxes

Be sure to ask your lender, title company and Realtor if your property taxes are escrowed or not.  Don't get into your home and 4 to 6 months later have a property tax bill arrive in the mail.  

Escrow Account

Your lender may insist that an escrow account be set up at closing to pay for your property taxes and home owners insurance.  This will usually be included in your monthly mortgage payment. 

Utilities

Unless you are buying a condo, you will have gas and electric and water bills to pay.  Not all homes have natural gas service but all will have electric and water service charges.  You can shop for your electric provider but water usually comes from your municipality.  Your home may also be heated with oil, which is delivered to your home by a local service provider, you won't want to be caught in the middle of winter with no heat.  

Furnishings

You may want to start fresh in your new home with  new furnishings.  Also, your existing furnishings may not be enough to furnish your new home so you'll want to budget for new furnishings, cleaning supplies, linens, paint supplies to decorate with and things like that. 

Landscaping

If you are buying a house or a townhouse you will also have grass, flower beds and exterior maintenance things to take care of.  If you aren't handy with things like that, you'll need a lawn mower, hedge trimmers, weed eater, grass fertilizer, lawn food, lawn seed and things of that nature.  

Inevitabilities

A good Realtor will ask for a Home Warranty in your contract.  This will help you budget for inevitabilities like appliance breakdowns and plumming and electric issues.  You are now a home owner so you are responsible for these things.  A good Home Warranty will give you one phone call about $100 deductible and your item is repaired.  Otherwise, you will want to set aside a little money every month just in case your furnace stops working or your drains get clogged.  

 

 


If you are thinking of buying or selling an home in  Maryland give us a call at 410-292-0100 or start your search here and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling. If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building alone is worth the plunge into todays market.  Remax New Beginnings and I are connected with some of the brightest and best real estate agents in the world and can assist with your move here in Maryland or anywhere in the United States or abroad.  Ask me how.

June Piper-Brandon ~ Associate Broker ~ CDPE, CIAS, ePro, MRP

The Traczyk Team

Remax New Beginnings

City Living Expert

 

 

 

 

 

 

June Piper Brandon - Agent with Century 21 New Millennium

June Piper Brandon - Agent with Century 21 New Millennium

Comment balloon 1 commentJune Piper-Brandon • July 21 2018 05:44PM
So, You Are Buying A House - Common Expenses to Plan For
share
So, You Are Buying a House Common Expenses to Plan For In the excitement of buying a home many new home buyers do not anticipate many of the other expenses that are involved in buying a home and some Realtors forget or just flat out do not prepare… more
Tuesday's Trip to Hell House College
share
Tuesday's Trip to Hell House College Hell House College was the nick name given to St Mary's College in Ilchester, MD. The college was originally set up as a Roman Catholic Seminary in 1868, prior to that George Ellicott Jr. turned his homestead… more
Hungry Harvest - End Food Waste and Hunger
share
Hungry Harvest - End Food Waste and Hunger I recently signed up to receive shipments from Hungry Harvest after a friend of mine told me about it. You can receive shipments when you want, cancel at any time with no penalty. My first box of goodness… more
James and the Giant Peach Playing at Rice Auditorium, Catonsville
share
James and the Giant Peach Thomas Rice Auditorium in Catonsville Last night I went to see The Heritage Players production of James and the Giant Peach at the Thomas Rice Auditorium in Catonsville. What a great production, it was funny, it was… more
July 5 - National Apple Turnover Day
share
July 5 - National Apple Turnover Day Who knew? On July 5 every year National Apple Turnover Day is celebrated. Apple Turnovers were first made in the 19th century and were sometimes called hand pies because they were nicely portable. They are… more
Just Sold - Lansdowne Short Sale
share
Just Sold - Lansdowne Short Sale My team just successfully settled another short sale. This lucky seller lived in Lansdowne for many years and is starting a new chapter in his life. We listed 2229 Smith Ave, Halethorpe, MD 21227 late in September… more
Happy Canada Day
share
Happy Canada Day For those of you who don't know, I'm Canadian. I transplanted to the United States, specifically, to the Baltimore area, 21 years ago and have been here ever since. We celebrate all the Canadian holidays as well as the American,… more