Columbus home buyer tips Archives - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Columbus Buyers Should Consider Costs of Home Ownership

RealSupport — Tue, 17 Jan 2023 13:05:01 +0000

When buying a Columbus home, think beyond the prices and mortgage rates! Long-term, successful home ownership includes budgeting for ongoing expenses. You can get an idea how much it costs to operate a home by reviewing the property taxes and the seller’s utility bills, but there’s more to the picture.

Homeowner’s insurance premiums vary widely depending on the location, age and condition of the home, and the individual risk assessment of the policy holder. The average homeowner’s insurance premium in Columbus is $960 per year.

Utility bills are affected by a home’s insulation, efficiency of heating/cooling system and the energy efficiency of its appliances. Utility bills will vary dramatically depending on the size of the home, size of the household and individual energy consumption habits. In Columbus, the average monthly electric bill is $193 per month. The average gas bill is $105 per month.

Home maintenance costs are affected by a home’s age, size, condition, quality of construction, type of materials and mechanicals, etc. As a rule of thumb, you should budget annual maintenance costs to run about one percent of your home’s current market value. Home maintenance isn’t always big-ticket repairs; lawn care, tree management, snow removal and cleaning gutters requires equipment – or, the hiring of service providers.

Property taxes in Ohio tend to be higher than the national average, and the effective tax rate varies by location and taxing authority. For example, if your effective tax rate is 1.48%, taxes on a home valued at $100,000 would be $1,480 per year. You can learn more about Franklin County property taxes at https://treasurer.franklincountyohio.gov/About-Taxes/Tax-Rates.

We can help you evaluate your purchase power, and tell you where it goes the farthest! As Exclusive Buyer’s Brokers, we serve your best interests at all times. Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.

Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!

Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

The post Columbus Buyers Should Consider Costs of Home Ownership appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Columbus Home Buyers Should Consider Pet Rules in Home Search

RealSupport — Tue, 13 Oct 2020 07:25:01 +0000

One of the most frustrating things about renting are the restrictions against pet ownership. In the case where a pet is allowed, you might pay a larger security deposit, and perhaps a monthly surcharge on your rent. In most instances though, you’ll see rental advertisements with two clear words: “NO PETS.”

Why do landlords restrict pet ownership? Two main reasons involve property damage and liability. Dogs and cats may bite, chew, scratch and “mark” just about any surface that appeals to them. Most worrisome is the chance that a tenant’s pet may injure someone and cause an expensive lawsuit.

Buying a Columbus home doesn’t mean the pet restrictions are over. There are 3 main concerns to keep in mind:

Homeowner’s insurance restrictions. Insurance companies may not write policies if certain dog breeds are in the household. The list of “banned breeds” is ever-changing and includes dogs you might not consider dangerous! Check with your insurance company before you adopt a dog. Even a friendly dog can accidently hurt someone by jumping on them or getting underfoot, and your liability insurance could be put to the test.
Homeowner’s association rules. Maximum dog size and allowable breeds may be specified in exacting terms. The HOA may also restrict or forbid certain types of outdoor shelters, tie-outs or fencing. You should always check the association’s rules and financial statements as a home buying rule of thumb.
Local ordinance. Your municipality may forbid certain types of dogs in the interest of public safety. You may also be required to purchase a pet license and supply proof of pet vaccinations.

If you already have pets or are considering a new pet, check these considerations before you settle on a specific location or property. This will help ensure a good home choice for all members of your household, including your four-legged friends!

As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.

The post Columbus Home Buyers Should Consider Pet Rules in Home Search appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Closing Cost Basics for Columbus Home Buyers

RealSupport — Fri, 12 Jun 2015 06:50:46 +0000

First-time home buyers in Central Ohio need to be aware of typical buyer closing costs and how to handle them. Understanding closing costs enable you to make wise decisions concerning your mortgage loan and home purchase! Closing costs fall into these main categories:

Origination fees, and other mortgage loan fees
Third-party fees
Pre-paids and line-items, including escrows

For the purpose of illustration, we’re going to focus on lender and transaction fees, taken from our Educated Home Buyer Notebook. Please note that your closing fees will vary, depending on your lender, mortgage type, and the amount of your loan.

Also, please keep in mind that these examples are averages, and show the fees usually paid by the home buyer.

FHA Loans:

Origination Fee (% of loan amount)
Discount Points (% of loan amount)
Appraisal $250 – $375
Credit Report $30 – $75
Lender’s Inspection $50 – $100
Mortgage Insurance Premium (based on loan amount)
Mortgage Policy $200
Survey $150 – $225
Recording Fee $100 – $200
Home Inspection $250 – $450

Conventional loans have a similar fee structure, with the exception of the Mortgage Insurance Premium. Instead of MIP, Conventional loans have Private Mortgage Insurance, known as PMI. You’ll run into PMI if you have a down payment less than 20% of the home purchase price.

Conventional loans also have more fees than those listed above in our FHA example. These additional fees include:

Document Preparation Fee $100 – $300
Underwriting Fee $150 – $400
Tax Service $75
Flood Certification Fee $20
Survey Endorsement $100
Direct Endorsement (varies)
Mortgage Assignment Fee (varies)
Express Mail to Lender $25 – $40

VA loans have the fewest buyer fees, and there is no mortgage insurance requirement:

Origination Fee (% of loan)
VA Funding Fee (2% of loan amount)
Appraisal $250 – $375
Credit Report $30 – $75
Mortgage Policy $200
Survey $150 – $225
Recording Fee $100 – $200
Home Inspection $250 – $450

You will also have escrow for your share of prorated property taxes, and other line-item expenses. It isn’t feasible to list every closing cost here, but we will provide you with more detail, as it pertains to your specific situation, when you become our Buyer-Client. We will also give you your own copy of our Educated Home Buyer Notebook, which is not available anywhere else!

If you are thinking ahead to how you’re going to tackle your closing costs, here are your basic options:

Pay some or all of them at closing.
Roll them in to your mortgage loan, and finance them.
Ask the home seller to pay some of your closing costs.
Combine the strategies above, minimizing what you have to pay out-of-pocket, and minimizing what you would finance into the loan.

If you’re feeling overwhelmed, don’t be alarmed! Your mortgage lender will provide a Good Faith Estimate of your fees and costs, and he or she should explain these items to you. We will refer you to reputable, local lenders who will take the time to explain your options and your costs. We’ll also be happy to take a look at your estimate, and verify if the projected costs are in line.

When you become a Buyer-Client of Buyer’s Resource Realty Services, we can provide financial guidance to you regarding closing costs and typical expenses. We can also negotiate closing costs with the home seller when it’s to your advantage to do so.

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

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