Carla Ness' Blog
More Info on this Property | New Listing Alerts
73 S Union St, Plainfield, MA 01070
If you’re getting ready to buy a home, you know it will be one of the most significant purchases of your entire life. However, are you fully prepared for all of the expenses that buying a home will bring? You don’t want to buy a house to find out that you can’t afford it after all.
Many expenses go into buying a home that you can plan for ahead of time. Other costs aren’t as exact that you will need to add in your budget. Read on to learn more about many of the expenses that throw first-time home buyers for a loop.
Closing costs encompass a whole bunch of expenses that you’ll incur buying a home. These include:
- Application fees
- Attorney fees
- Title insurance
- Recording fees
No matter what the closing costs include, you should plan for these expenses to be about 2-5 percent of the price of your home. Costs can vary widely, but it’s good to have a bit of extra cash on hand.
Maintaining Your Home
While most homebuyers are prepared for the initial costs of buying a home, they don't know how much it costs to maintain a home. Each year, things will come up on your property that needs to be addressed continually. These tasks include:
These routine tasks are independent of other costs like replacing a stove or fixing a furnace. Homeowners need to be prepared for these expenses as well.
Taxes can increase or decrease for any given year. You can lookup taxes in the area where you’re planning to buy a home in order to prepare yourself. You should make sure that your property taxes are comparable with that of other homes in your area.
Utilities are what your home runs on. Depending on the climate you live in the number of utilities you pay can vary. Take into account these things:
- Air conditioning
Most neighborhoods have one or two choices for services, so you can ask people in the neighborhood what providers they [refer and how much their bills are each month.
You’re required to have homeowner’s insurance when you get a mortgage. Even if you don’t take out a mortgage and pay cash for a home, it’s a wise decision to protect your investment. Estimate how much a yearly policy will cost you ahead of time.
This insurance will protect your property from things like theft and fire. You can shop around for the best rates based on policies that suit your needs. It’s easy to price out policies online. See where you can save including discounts for security systems or multiple policy discounts.
If you live in an area where floods or earthquakes are prevalent, you should be aware. You’ll find you need additional policies to cover damage in the event of these disasters. The most important thing about your homeowner’s insurance policy is that you check the details for all of the fine print.
As a homebuyer, entering the real estate market with insights into what it takes to find the perfect house is essential.
Becoming an expert homebuyer, however, may seem impossible at times. Lucky for you, we're here to help you gain the knowledge and skills you need to make your homeownership dreams come true.
What does it take to become an expert homebuyer? Here are three tips to help you do just that.
1. Look at Real Estate Market Trends
The housing market ebbs and flows. Therefore, a seller's market today may transform into a buyer's market tomorrow.
Ultimately, the real estate market fluctuates constantly, and you'll want to learn as much as possible about the housing sector to ensure you can map out your homebuying journey accordingly.
In a buyer's market, there are usually more home sellers than buyers. This means homebuyers may be better equipped than ever before to secure a top-notch house at a budget-friendly price.
On the other hand, a seller's market features an abundance of homebuyers and a shortage of sellers. For homebuyers who operate in a seller's market, they may be forced to submit competitive offers on homes quickly, or risk missing out on a dream residence to a rival.
When you study the housing market, don't forget to check out the prices of residences that recently sold. By doing so, you can gain a better understanding of how much you'll likely need to pay to acquire a first-rate house based on the current state of the housing market.
2. Learn How a Mortgage Works
What differentiates a fixed-rate mortgage from an adjustable-rate option? An expert homebuyer will know the ins and outs of assorted mortgage options and select one that corresponds to his or her finances.
To learn about mortgages and how they work, you'll want to meet with credit unions and banks. These lenders can describe the different types of mortgages and the pros and cons associated with them.
Also, an expert homebuyer will get pre-approved for a mortgage. With a mortgage in hand, this homebuyer will be able to stick to a price range as he or she searches for the ideal home.
3. Collaborate with a Real Estate Agent
Let's face it – no homebuyer can afford to make mistakes. Fortunately, you can work with a real estate agent to receive expert guidance as you navigate the homebuying journey.
A real estate agent boasts the skills and know-how needed to streamline the homebuying process. He or she may have many years of housing market experience and is happy to teach you about the opportunities and challenges associated with buying a house.
Furthermore, a real estate agent will help you accelerate the homebuying cycle. He or she can set up home showings, negotiate with home sellers on your behalf and much more. That way, you can focus on what's important – finding a terrific house at an affordable price.
Take advantage of the aforementioned tips, and you can become an expert homebuyer.
Maybe you have always dreamed of a big yard with lots of space. With a big yard comes significant responsibilities. Are you prepared to care for a large yard? Do you know the disadvantages of having a big outdoor space for your home? Take a look at the advantages and disadvantages to having a big yard below. If you’re shopping for a home or getting ready to sell and find a new place, this information will be beneficial to you.
A Place To Play
One of the biggest reasons for wanting a big yard is kids. It’s nice to have a large area for kids to play in. It’s a safe space for your kids to be if you want to send them out to play.
Another great reason to have a large yard is for pets- dogs in particular. They love to run around and will be much happier if they have a bigger domain to roam.
More Space Between You And Your Neighbors
If you have a large yard, you probably also aren’t right on top of your neighbor. There’s less of an invasion of privacy when your neighbors can’t see into your windows from their kitchen. A large yard gives you that sense of privacy. You can freely have gatherings in your backyard, so the whole neighborhood doesn't have a view of what you’re doing.
It Looks Nice
A big yard just has a bit more appeal than a smaller property. Your home will have definite curb appeal. The key is to keep your yard looking healthy and lush throughout the year.
The Upkeep Can Be Tough
Many homeowners who have a large property pay landscapers to pay for the property. It can be challenging to keep up with all the needs a large yard brings. From mowing to fertilizing and mulching, it can take a professional to keep the yard looking nice. Landscaping is an added expense to owning your property. If the previous owner had an intricate landscape, you might need to cut back on the complexity. Do you need that fish pond? Should you hire a person to care for the pool?
Pro And A Con
At the core, a large yard can be a pro or a con when it comes to selling your home. Some buyers want a large yard for various reasons. Other buyers are deterred by large yard since they don’t want the responsibility of caring for these high maintenance properties. It’s understandable that different people will have different tastes.