House Only Account - A Tip For Buyers

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

 

 House only account, do you have one?

The seller of 8 Gala Lane is offering a seller concession-to pay the monthly condo fees in advance. ( Check with your lender.)

Most townhouses are not condos. Younger buyers tend to purchase townhomes where they can get more living space for less.

8 Gala Lane new kitchen

 No condo fees for a year. How does that sound? Perfect for new buyers.

A savvy buyer could set up a separate “house only” account.

At the beginning of the month, the new owner deposits an amount equal to the condo fee into a private account. Label this account as “ house only''.

The habit and the fact of having the funds available for the following year grows.

Warning and discipline are needed. This is used for “the house” nothing else.

It’s nice to have a separate stash for the necessities of owning your home.

This suggestion is also for buyers while they are looking for that new home. Put your spare change to good use. When you resist an impulse purchase, add  the savings to that

''house only account.''

Do you have tips to share with buyers?

 

Margaret Rome

 

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Rainmaker
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Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

No condo fees for a year is a pretty big incentive for homebuyers, Margaret!

Feb 09, 2019 10:48 AM #1
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
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Myrl Jeffcoat Since this is a townhouse and not usual that there are condo fees... we are hoping this will be the incentive for the right buyer.

Feb 09, 2019 10:58 AM #2
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Margaret Rome, Baltimore Maryland  Wonderful idea for the right buyer and certainly an eye catcher

Feb 09, 2019 01:32 PM #3
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
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Hannah Williams It's always good to see you. Now to find the right buyer for this lovely townhouse condo.

Feb 09, 2019 01:35 PM #4
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Margaret Rome, Baltimore Maryland  with you marketing this townhouse I am sure to see a post soon that says under contract

Feb 09, 2019 01:48 PM #5
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

We've offered this in the past, and it was a pretty nice selling point for the couple who purchased the unit. And you're right, a house only account is a great idea - and does take restraint. 

Feb 09, 2019 03:20 PM #6
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Margaret Rome, Baltimore Maryland
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Debb Janes EcoBroker and Bernie Stea JD Hope this is the selling point. House only account is a good concept.

Feb 09, 2019 06:10 PM #7
Rainmaker
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Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Hi Margaret,
A house only account is a great idea.  I did this with my first home. When I took in a roommate and I also put her rent money into it.  All the expenses came out of that one account.  Very easy to track expenses that way. 

Feb 10, 2019 06:53 AM #8
Rainmaker
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Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Congratulations. Your post has been Featured in the Bananatude Group

Feb 10, 2019 07:53 AM #9
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
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Carol Williams Great tip! I am going to use your comment on my noon radio show today...of course giving you credit!

Feb 10, 2019 07:59 AM #10
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
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Carol Williams Thank for the Bananatude feature!!!

Feb 10, 2019 08:00 AM #11
Rainmaker
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Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Thank you, Margaret. I'm honored.

Feb 10, 2019 08:18 AM #12
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