When it comes to buying or selling a home, from a financial perspective, there’s more to think about than just the home price. There are a variety of fees associated with a real estate transaction—and, as a buyer or seller, it’s important to understand which of those fees you may be responsible for during the process.

A recent article from realtor.com aimed to clear up the confusion by outlining who covers common real estate fees, including:

• Agent commission: Real estate agents make a commission off of every home sale; while commissions vary by agent, they’re often a percentage of the total sale price—a percentage that is then split between the buyer’s and seller’s agent. (So, for example, if the commission is 5 percent, 2.5 percent would go to the buyer’s agent, and 2.5 percent would go to the seller’s agent). Generally, the sellers pay this fee when it’s subtracted from the proceeds of their property sale at closing.
• Closing costs: Closing costs cover a variety of fees (like loan processing, title company, and insurance fees) that are due at closing—and generally run between 2 and 7 percent of the home’s purchase price. Depending on the home sale—and the negotiating skills on either side—these costs may be covered by the buyer, the seller, or a combination of both.

The Takeaway:

So, what does this mean for you? Whether you’re buying or selling a home, if you’re not sure what fees you’re responsible for (or how much those fees will be), talk to your real estate agent. They can give you deeper insights into what fees you’ll be expected to cover—and how much you should set aside to cover those fees during your home purchase or sale.

So, you finally found your dream home!  This is when the stress really begins to build.  The lender will constantly "nag" you for more and more documents along the way, you have to do inspections, find title companies, moving companies, insurance company, just so much to do, and you then are hit with the overwhelming pile of stuff that you have in your house that now has to get into the new place.  If you are selling your home and moving to a new home, that just exasperates the situation. 

Where do you start?  Well, let's start with some supplies.  First, you should have packing supplies.  Always try to get free boxes, and the egg boxes are certainly a great choice!  Also know that you might need a variety of boxes in size and sturdiness for your all your things. It may be a good idea to invest in some wardrobe boxes as well.  According to Google, here’s a quick look at the approximate number of boxes you’ll need for different-sized moves.

You can certainly use this as a guide.  Of course, if you house is 2400 sq ft, you would need 60 small boxes and 30 large and just keep estimating for the size of your current home.  Keep in mind, however, this can vary depending on whether you have fully utilized your sq footage or if you are more of a minimalist, but this is a good starting point. 

You will also need other items to help you pack.  Do you have picture frames, drinking glasses, dishes, or anything else fragile?  You will want to make sure they are wrapped and protected.  You can certainly purchase packing paper and bubble wrap, or start by saving any bubble wrap from items you purchase, use newspaper, mailer sheet, or other junk mail that might help.  You can also use clothes, sheets, towels etc. too.  You will need to bring your tee shirts, towels, sheets, etc. anyway, so why not use them to protect your breakables?                                                       

Now that your items are protected, you will also need packing tape or any type of tape to secure your boxes as well as a marker to identify items in your boxes.  It is also a great idea to write the room in which each box should go.  This aids anyone helping you move to place boxes exactly where they need to go.

Another great idea is using a portable moving/storage company like PODS.com  you can order a Pod ahead of time to sit in front of your house and load it up when you have time and then they can pick it up and relocate it to your new home for you to unload.  

If you are selling and need to declutter, before you put your house on the market, PODS can help there too! 

For a fast, free quote, visit PODS.com/Remax or call (866) 556-9595 and mention Promo Code: RMAX to save 10% on your next moving or storage project.

Courtesy of Debbi & Rich Rivero and the RE/MAX family!

Whether it is moving to a new house, a family member's home or an assisted living community, you need to complete numerous tasks when transitioning to a different living space. Working with a company that specializes in moving older citizens can make the process go more smoothly. When deciding which option to choose, consider these three services provided by transportation companies that focus on the retirement population. 

 1. Assist With Packing

From market reports to facility reviews, you spend days of research finding your perfect home; therefore, the less work required to settle into your new residence, the better. Professional movers can save you many hours by wrapping and boxing your belongings. 

Some companies provide packing supplies; however, you may save money if you purchase them separately. To help streamline the process, simply label or color-code boxes ahead of time and write down which items need to go where in your new living quarters. 

2. Provide Professional Recommendations

You will need other professional services to get settled into a new home. Since movers help people transition to different dwellings every day, they are a valuable resource for finding other reliable companies. 

For example, if you decide to purchase an existing home, it is wise to re-key locks to eliminate the risk of others gaining access to your house. Your Real Estate Agent or movers probably have some good recommendations for local locksmiths. Get their feedback or search a site like Angi for locksmiths in your area and research the suggestions to determine ratings and see comments from previous customers.

While it can vary, the average cost of re-keying a door is $50-$150, so get an idea of the price charged by each business. They may even offer specials for new customers. Just be sure to hire a company that is insured, bonded and provides a warranty in case something does not work.

Another great example is storage units. Since many older individuals choose to downsize, you may have items you do not want to part with that won't fit in your new home. Your Real Estate Agent can have coupons for places like PODS and  the movers may have some excellent storage center recommendations to keep your belongings safe. Some moving companies even offer their own storage facility, which saves you the time of finding and dealing with a separate business. 

3. Break Down and Reassemble Heavy Furniture 

According to one report, 33% of people hire professionals when moving. Although reasons vary, one advantage is assistance with furniture. Breaking down and rebuilding furniture can be difficult at any age, but it is especially challenging if you have any physical limitations.

Taking apart and putting together bed frames, desks or tables is also time-consuming. If you need to move a heavy piece of furniture from or to an upper floor, you need a second person to help. This limits what you can get done if you live alone. 

Save yourself these headaches by hiring a moving company that specializes in the older generation. These companies take all those tedious jobs off your plate by tearing down the furniture, wrapping the pieces, moving them to the truck, securing them, driving them to your new home, moving them to the right spot and rebuilding the furniture so it is completely ready to use. 

If you are mature in years and switching to a new residence, hire a professional moving company that focuses on older individuals to enjoy these advantages during your move. The right company provides packing assistance, business referrals and help getting heavy furniture safely set up in your new home.

Rivero Realtors are always here to help and have much experience in Senior Moving, call Debbi at 443.386.1306 to get started.

Blog courtesy of  Michael Longsdon 

@elderfreedom.net

It’s a question homeowners need to answer before putting a home on the market. Should you sell the property or rent it out to qualified tenants? There are advantages and downsides to each option. The answer comes down to what works best for you.

Selling a Home vs Renting It Out

Selling your home puts cash in your pocket, it also relieves you of any obligations to the property. If you’re moving out of state, you may not want to deal with the problems that come up with a rental property.

As the owner of a rental home, you are responsible for the upkeep and general maintenance.

You still are paying property taxes, along with any applicable HOA fees. You also have to find reliable tenants with good credit histories.

You also want to think about the complicated and costly eviction process. Hopefully, you won’t find yourself in this situation, but it does happen. Are you ready to spend the time and money it takes to have a delinquent tenant legally removed? Some laws favor the tenant over the property owner.

Benefits of Putting a Home on the Rental Market

It may seem easier selling your home, but you’re missing out on revenue. Rental properties can be lucrative investments. It does require proper management from yourself or an outside company, but you also have a reliable monthly income stream.

Another reason to consider putting your home up for rent is the property’s sentimental value. It may be a family home filled with memories or have unique architectural features that you’re not ready to give up. You may also plan on moving back to the area at a later date. Renting out your house ensures you still have a home when you come back.

Getting Your Home Ready to Rent

The number of rental properties is up in most U.S. cities, even though 2021 is still considered a seller’s market.

Rental listings in some cities can bring over $2,000 a month in added income, while others are much higher. Getting top dollar from tenants depends on the neighborhood and the home’s amenities. Even if the property isn’t in a desirable area, you can still maximize its rent potential with a few upgrades.

Have your lawn landscaped with hardy shrubs and flowering plants. Give the trim a fresh coat of paint, and power wash patios and sidewalks.

The interior walls may also need painting, and don’t forget to take a look at the fixtures. Update old lights and faucets. You don’t need to spend a lot of money, but these changes will give the  home a fresh, new look.

Home entertainment rooms are at the top of the list for many prospective renters. You don’t have to leave your laser projector behind but having a dedicated space for home movie night increases the property’s rent potential. Inground pools also entice tenants, though make sure it is properly fenced in. You don’t want the pool to become a liability.

Conclusion

Renting out their property isn’t for everyone. There is a lot of work involved, even if you use a rental management company. It does guarantee a monthly income stream, and you still own the property.

If you don’t want to worry about your old home, it is a seller’s market.

Need direction?  Don't know where to turn, have questions, call us at 443.386.1306 to discuss your options!  Or visit Our Selling Page for more info.

This Guest Blog written by: Karl Kennedy

Do You Really Need A Home Warranty?

Are the appliances and systems ready for middle school? Are you on a tight budget? Are you not handy?

Ask yourself, do you feel comfortable doing this?

If the answer is no, maybe a warranty isn't a bad idea!  This is one of the many covered items in a one-year home warranty for your brand-new home purchase.

Having a home warranty doesn’t mean a homeowner will never have to spend a dime on home repairs. Purchasing a home warranty can help alleviate some of the financial burden new homeowners face when a major appliance or home system goes out. A warranty is designed to cover items that are in good working condition upon occupancy, and then fail due to normal wear and tear.

In today’s fast paced market, a home warranty is important for a homeowner who doesn’t have an emergency fund or wants to reserve it for other things. A warranty can also be helpful for people who have just depleted their savings to buy a home and want to avoid any additional major expenses.

Your first winter in your house, you can be sitting in your home like an eskimo, or rely on a warranty to ease those possible issues.  Read more

For home sellers, offering the buyer a paid one year home warranty with the purchase may provide a measure of protection against buyer complaints about problems that arise after the sale closes and within that first year

.

Expectations – home warranty vs home owners insurance? A home warranty is not an insurance policy, but rather a service contract that helps pay the cost of repair or replacement of covered items, such as major kitchen appliances, as well as electrical, plumbing, heating and air condition systems. A home warranty should be considered when a home inspection reveals that several of the home’s appliances and systems are nearing their lifespan.  A warranty does not cover windows, doors or other structural features. 

Want to know how much coverage you can get and the cost?  Click here to learn more

Blog written by Marlene Campini @ Old Republic Home Protection

Welcome to 7207 Barry Lane,

Elkridge, MD 21075

OPEN THIS SUNDAY 12:00-2:00pm

$465,000!

This is what you have been waiting for! A four-year-young townhouse with stone front, two-car garage and upper loft level with deck! This house was purchased to mimic the model home, so all the bells and whistles can be found here! Over $50,000 in options when originally purchased! Start at the entry level with den/office area and of course the two-car garage and then the wood steps head up to the main living level. Open concept living - the kitchen is totally upgraded with signature Maple cabinets, Quartz countertops, stone backsplash, stainless steel appliances, gas, five-burner stove, large center island and ceramic tile staggered floor. The large inviting living room is adorned with 3 1/4" Solid Oak shale-colored hardwood floors which also continues to the upper bedroom level. There you will find three bedrooms including the owner bedroom with the hardwoods, a walk-in closet and an exquisite bath with walk-in spa shower, vanity with quartz counters and double vessel sinks and separate water closet. Owners also reconfigured this level in order to house the washer/dryer for maximum convenience! And... one more level to go! On the very top floor, you will find the loft or recreation room with its own powder room and then just steps to your private roof-top deck to enjoy the views. All this and more with the perfect location, that is only a 5 min drive to I95, 10 mins to Halethorpe MARC station, 15 mins to Baltimore City/ Costco/ Arundel Mills! Since this style home is rarely available and extremely desirable, don't miss this opportunity! See it today!!  You can do your own open house now!  Check out our walkthrough tour!

Moving to a new home is always tricky.  However, for seniors, trying to determine your next move poses additional challenges.  From deciding to downsize to finding the right community and choosing which items to keep, the whole process can be very stressful.  There are resources to help, read A Guide on Senior Moving to help you prepare for a smooth and stress-free move.   Many of your options will depend on your personal situation for example, how mobile are you?  What is your health situation?  What is your affordability situation?  Some seniors decide to move in with family members, in fact, one out of every four caregivers lives with the elderly or disabled loved one he or she cares for. This is an option, but check out this list of questions to see if this is the right choice for you and your family.

Source: Caring.com 2017 Caregiver Journey Survey

Other options such as assisted living, nursing home, or a 55+ community are also great solutions but it depends on your needs.  Believe it or not, some of these options are less expensive than retrofitting your current home and hiring a home health aide or similar service.  For additional resources, revisit my blog:  A Quick Guide to Retirement and Affordable Living. 

Looking for more info on the options and costs for senior living in Maryland  Click Here.

When you do decide to make that move, check out the Steps for A Low-Stress Move First

Blog provided by: Darlene Smith

Planning on selling your home or downsizing into a new one? Partner with dedicated real estate professional Debbi Rivero today! 443.386.1306

Welcome to Our Newest Listing!

1469 Allen Way, Westminster, MD 21157

Listed for only $369,900!

        Remodeled home awaiting new owner!   See more photos here

Image via Pixabay

A Quick Guide to Retirement and Affordable Living

Retirement is your reward for a life of service, and usually a cause for celebration. Yet not being in the working world anymore means you have to keep your living expenses affordable so your retirement income can cover your costs. Where you live is one of the most costly expenses in your budget, so here’s a quick and easy guide on keeping your living arrangements affordable -- and your retirement comfortable.

Paying For It All: Saving Money In Retirement

Whether you choose to age in place or you decide moving to a retirement community is your best bet, you’re going to have to find ways to afford everything. U.S.News points out proper money management, including cost-effective living arrangements, is an important step in the right direction, but you also need the funds available to do so. That’s why it’s recommended to do some serious financial planning well before you retire.

If you have questions about what types of retirement savings plans are best, now is the best time to get them answered. Meeting with a financial advisor can help put you on the right path. Are you more of a DIY finance type? Putting your financial details into an online retirement calculator is often eye-opening. Whichever way you choose, taking the time to chart out your path to retirement will help you reap the rewards of careful planning in the future. 

Evaluate Your Hidden Costs

If you’ve got your own home, you may think your retirement living arrangements are covered. Yet in many ways, the hidden costs of owning a home can make this an ongoing and expensive proposition, especially with things like property taxes, utilities, and regular maintenance. Other emergency costs, such as replacing broken appliances or repairing a damaged roof, can hike these costs up even further. RISMedia notes downsizing to a more modest house is one option, but even selling your current home and moving into a smaller, less expensive one doesn’t change the fact that you’ll still be paying for maintenance and upkeep. To assess how much of your income can go toward your housing, run some quick calculations.  

Finally, the allure of aging in place can be further tarnished when it comes to accessibility. Unless you already live in a one-story ranch with senior-friendly design elements, like easy-access bathrooms, extensive renovations could be in order. Additionally, if you have personal care needs, or you require regular medical care, you’ll have to contract a home health aide at an additional cost. 

Retirement Communities May Be the Most Economical

In your search for a new home for your retirement years, don’t discount a retirement community. Not only do these types of living arrangements come in a wide variety that can match your needs, but the costs of moving to a retirement community can also, overall, be much lower than living at home. 

First, all the homes in a senior living complex, whether they’re condos, apartments, or modestly-sized houses, are all designed with accessibility in mind. This means you don’t have to pay out of pocket for costly renovations. Next, the monthly cost of living in a retirement community is all-inclusive of maintenance, repairs, and upkeep; the price you pay per month is usually one flat fee. This makes it much easier to budget your retirement income. 

One of the biggest ways that retirement communities can be a cost-effective option is how they can accommodate any personal care or medical needs. When it’s all said and done, living in an assisted living community, or one that offers continuous care that adapts to your needs, as you age often costs less than it would to live at home and hire a home health aide or similar service.

Don’t let your retirement be a source of sleepless nights. Making smart choices now when it comes to your living arrangements can lead to a more secure financial future, one where you can live out your retirement years in comfort knowing that you’re safe and secure.

Planning on selling your home or downsizing into a new one? Partner with dedicated real estate professional Debbi Rivero today! 443.386.1306

Blog provided by: Harry Cline

HOT NEW LISTING!  Available THIS weekend ONLY!

       Showings start on Thursday, OPEN HOUSE SUNDAY 1-3

                      6688 Hunter Road, Elkridge, MD 21075

                            Competitively Priced at $555,000!

Welcome to this 4 bedroom 2.5 bath home located on a corner lot in desirable Hunt Club Estates.  Hardwood floors on top two levels, finished basement, 2 car garage, brand new architectural shingled roof, new kitchen with granite and stainless steel appliances.  Upper level laundry and additional laundry in basement.  Fenced yard, covered deck and freshly painted.  Nothing to do buy move right in.

Want to do a walk-through of the house now? 

                       Click here for our 24/7 Open House!