First Time Home Buying
Buying your first home is a very exciting life event. Don’t let surprise costs dampen your experience. Plan ahead for home ownership costs so you aren’t caught off guard.
Home Buying Costs
The Effler Schmitt Team has nearly 50 years of combined experience in Ottawa Hills and the Greater Toledo Real Estate Markets. Our agents are fantastic at getting to know our clients wants and needs, and helping them find the perfect home. Once your purchase offer has been accepted, get ready to start planning your budget. Home buying costs typically include:
- Home Inspection
- Down Payment
- Title Transfer
- Monthly Escrow Payment- which combines your property taxes, your mortgage payments, and private mortgage insurance if required
- Association Fees (where applicable)
- Home Owner’s Insurance
Home Utility Costs
Whether you are new to paying those utilities bills or have been for years, if your new home is larger than your previous living space you can expect to pay more in utility costs. Our agents at Effler Schmitt Co can help you be prepared by getting utility cost estimates for the home you are buying. We also provide you with a handy contact sheet for getting all your utilities transferred to your name. Below are basic utility costs you can plan for:
- Cable/Streaming Service/Internet
Note that every home is different and not all homes will have the same expenses. The list below is intended to cover many common home owner expenses. Some home owners chose to hire out maintenance services while others take the do-it-yourself approach. Your approach to home maintenance care, and your home’s unique maintenance needs, will influence how much you should budget.
- Alarm System annual fee
- Chimney Sweep every 1-2 years
- Driveway Seal coating every 2-3 years
- Gutter Cleaning 1-2 times per year
- HVAC Filter monthly
- Irrigation Winterizing
- Lawn Care
- Septic Tank
- Snow Removal
So there are some of the basic costs you can expect when buying your first home. Now you can enjoy your home knowing that you are financially prepared to maintain your investment.