Aaannddd, we’re back! Our website was under a total rehab to better serve our clients and community. There is still some work to be done, but we did not want to hold off any longer on our tips, tricks, and design blogging!
While many folks take August easy with vacations and time off, others are starting their pre-fall house hunt. As they say, the early bird catches the worm! So, for you early birds, here are some items to consider when purchasing your home.
Did you know in Baltimore City that your home is reassessed for taxes every 3 years? There may be a chance that your taxes will increase, or if you are lucky, decrease. But, as it’s always best to err on the side of caution, don’t let it catch you off guard if you see your taxes increase. If you feel your assessment was too high, you can always go through the reassessment appeal process.
Oh, the hidden costs of home repair. Once you sign on that dotted line, it’s yours. The good. The bad. And, the expensive. We’ve all heard the horror stories of appliances breaking or pipes bursting within the first month of purchasing a new home. These things do happen [and, unfortunately, even I know first hand]. So, make sure you have money reserved for the just-in-case. And, while we are this note of repair, even basic maintenance can hit a new home buyer like a ton of bricks. “What do you mean it will cost $500 to repair that garage?!” “Three hundred dollars to replace that part in our heating unit?!” Oh, the joys. You can’t predict what will happen, but it’s good to do research and gain basic knowledge of repair costs before you buy a home. Once you buy, keep track of how old your appliances and systems are, and what repairs were done along with the costs, so over time it won’t be as much of a surprise.
Special assessments. The city can apply a special assessment cost to your taxes. Does your street need a light post? Does the sidewalk need repaired in some sections? The maintenance is addressed as a special assessment over the group of homes it covers. This is the most common type of special assessment which is given from the city, county, or state. The other type is one that is given in an HOA community that has insufficient funds to pay for communal maintenance. Speaking of HOAs, their fees can rise, which is another “ghost cost” to be up on when you purchase a home.