 The Chris Fritch Team is a full-service Real Estate team with over 27 years experience. As a team, our roles are defined so that each team member can focus on "the one thing" that makes each one of us an important asset in your Real Estate experience.
So What Does That Mean For You?
When it's time to find your next home...
We have a full-time buyer specialist, dedicated to finding YOU the right home! Find a Home Here. You need a specialist who knows this area inside and out! He will work with you to find the right home at the right price for you, including all the neighborhood amenities that matter - not to mention the essential criteria you have for your ideal home.
Search All Anoka County Homes to Buy
It's true, finally! The market has shifted and we're seeing good things for both home sellers and home buyers. Things haven't always been so good when it comes to purchasing a home. Consider how times have changed. If you're a first-time home buyer or a move-up buyer, chances are you're probably stretching your dollar a lot further than your parents had the opportunity for.
Things are looking up for Anoka County Homeowner's! The low interest rates are giving home buyers the opportunity to stretch their dollar and come out on top. When considering purchasing your first Anoka County home or a second Anoka County home for that matter, there's many things to consider:
Buying Costs
Services that need paying:
- An earnest money payment or (money to show intent to purchase)
- A buyers inspection fee ~ in order to make sure the property is structurally sound, in working order and safe
- An appraisal to confirm a reasonable market price for the property
- Your down payment or funds you wish to pay up front instead of adding them to your mortgage
- Your closing costs charge to you by the lender (in many states you can ask for your closing costs to be paid for by the seller)
Moving Costs
Moving into a home can involve major expenses for packing, storing and transporting your possessions and yourself. If you are moving across the country, the costs could be significant. Even  moving across town can cost more than you planned for truck rental, movers,equipment and more. It's always better to solicit a handful of family and friends will to help cut costs.
Utilities
Setting up your telephone, electricity, gas and water—did you budget for these expenses? When looking into a homes affordability have your Real Estate Agent inquire what the average utility bills are. Keep in mind usage and household members can cause this estimate to differ.
New Stuff
The excitement of a new place can seem overwhelming. Make sure when you're out purchasing new items for the home that you're budgeting for the important monetary items listed above.
Maintenance and Renovations
Trees fall on roofs. Gutters need cleaning. Driveways need repair…. A standard rule of thumb is to budget at least 1% of your home’s purchase price each year for home maintenance costs.Maintenance can include things such as painting, replacing roof shingles, fixing or upgrading plumbing and wiring. The amount you will need to pay for maintenance can depend on the age of the home, the previous owners upkeep and the climate.
Homeowner’s Insurance
You won’t be able to obtain a mortgage without homeowner’s insurance covering both the property and its contents. However, the standard insurance may not cover natural disasters such as floods, tornadoes and earthquakes. Depending on where you live, you may want to consider taking out additional insurance to cover such risks, especially if water intrusion is a possibility. As a new home buyer, you can always shop around for Homeowner's Insurance to find a competitive rate. At the time of closing you will usually escrow money to pay the homeowner's insurance in advance.
Private Mortgage Insurance and Title Insurance
If the down payment on your home was less than 20% of the purchase price, you will have to pay for Private Mortgage Insurance. PMI protects your lender in case you default. Several programs are still available (if you qualify) to get by without paying this fee. If you need a lender referral, please let us know. This fee is typically standard, and fees vary. Double check with your lender and your specific loan, but usually once you have paid down the mortgage so you owe less than 78% of the purchase price, you can drop the PMI payments.
Title insurance and/or an owner's policy offers protection for you (and your lender) if you later discover that someone else could lay claim to the title, and therefore ownership, of the house.
If you're lucky enough to avoid paying for PMI, you find a low-cost lender, and you purchase a modern, energy-efficient house, these expenses can still add up. For more Anoka County first-time home buyer tips, or to schedule a buyers consultation, contact The Chris Fritch Team ~ Anoka County Residential Real Estate Specialists. Thank you for reading The Chris Fritch Team ~ Anoka County residential Real Estate Specialists blog, "Cambridge New Construction model ~ Open House!"
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