True Costs of Home Ownership
Deciding to buy a home is a big step in life. Even will all the manuals on home ownership, knowing exactly what goes into buying a home can be challenging. Not to fear, our Maryland residential movers at All My Sons Moving & Storage share the things you need to know about buying a home to make your first experience pleasant.
True Costs of Owning a Home
Contrary to popular belief, there is a lot more that goes into buying a home than just making sure you can make the down payment. Unbeknownst to most first-time home buyers, there are a lot of hidden costs to factor in when planning to buy a home. These things include maintenance, utilities, and other reoccurring expenses that come with home ownership. Because of these hidden fees, one of the things to know about buying a home is that you should have the equivalent of at least six months’ worth of mortgage payments saved. This money will cover not only mortgage payments but also any added, unplanned expenses.
Our Maryland movers know that there is no promise your new home will be perfect when you move in, so we have prepared a short list of things to know about buying a home for the first time.
Before buying your first home, remember that you will still need money to pay for the costs of electricity, water, cable, internet, and other monthly expenses. If you have ever lived in an apartment, these costs are usually relatively low. The same is not the case if you own a house. So be sure to budget this amount into your estimated monthly expenses.
Once you have decided to buy a home, make sure that you are financially prepared to take on the cost of any repairs you may need in the first few months of home ownership.
Do not skimp on the inspections! Before buying a home, make sure to have the sellers of the house schedule an inspection and be sure to schedule one for yourself too.
Home Loan vs. Mortgage: What Is the Difference?
If you are planning to finance your first home, then we recommend brushing up on the different types of loans and ways to go about receiving them. As a first-time home buyer, one of the most important things to know about buying a home is the difference between a home loan and a mortgage. Though both terms are used a lot in real estate, they are not the same.
Our Maryland local movers know how easy it is to get confused with all the jargon that goes into home ownership. That is why we want to help you understand the difference between a mortgage and a home loan.
A mortgage is a document that legally provides security to the lender over the property that they have just loaned you the money to buy. When your home loan is approved, your home is now collateral to secure the loan. Should something happen and you are unable to make the payments on your home loan, a mortgage allows the bank the right to seize your home, sell it, and pay off your debt.
A home loan is the money loaned to you by a lender who has the financial means to purchase your home in its entirety.
All My Sons Moving & Storage can help you settle into your new Maryland home. When you are ready to move, give us a call!