Compass Greater NY, LLC
Ann Marie Damashek, GRI, CBR, SRES, Compass Greater NY, LLCPhone: (917) 623-0624
Email: [email protected]

4 Expenses New Homeowners Don't Think About Before Closing

by Ann Marie Damashek, GRI, CBR, SRES 05/16/2021

Image by mohamed Hassan from Pixabay

Purchasing a new home is an exciting and life-changing event. While you likely know that you'll need to be able to afford to pay your mortgage each month, there might be other expenses that you aren't as familiar with.

1. Maintenance Costs

It makes sense that you'd need to include money to address the inevitable maintenance costs that a home requires. After all, you probably perform routine maintenance on your car if you own one.

For many people, though, the fact that home maintenance occurs so often and that it takes a sizable amount of money is a surprise. A good rule of them is to plan on spending one to two percent of your home's value in maintenance costs every year. 

2. Utilities

Whether you've never had to contend with utility bills directly before or you're moving from an apartment or condo into the larger space a home provides, your monthly costs for heating, cooling, natural gas and the like could come as a shock. There's a huge discrepancy between costs according to where you live as well. 

Expect to pay more for utilities in large metro areas like New York, Los Angeles and Chicago, for example. Homes in southern states that don't have much of a range in temperatures will likely cost you less in utilities. 

3. Property Taxes

Property taxes are another expense that can span a huge range depending on where you live, the state of the economy and the size of the dwelling. Property taxes can fluctuate frequently when the municipality where your home is located reassesses the homes. 

4. Homeowners Insurance

Homeowners insurance is a must for your home if you are getting a mortgage to pay it off. Even if you are fortunate enough to have the cash to purchase the home in full, opting for homeowners insurance is still a smart move. 

Homeowners insurance that offers you the replacement cost of items that are damaged in a fire or stolen provides you with a better deal. When shopping around for homeowners insurance, ask about any discounts you might qualify for. For example, you might try bundling your vehicle and homeowners insurance together for a discounted rate. 

Plan ahead by exploring what these five expenses could mean for your budget after you become a homeowner. Setting aside a small amount each month can keep them from making such a big dent in your wallet. 

About the Author
Author

Ann Marie Damashek, GRI, CBR, SRES

Ann Marie Damashek has always been a natural at helping people prepare their homes for sale. She started out with a successful business selling goods for people on eBay. "Nine times out of ten they were hiring me because they were down-sizing,” Ann Marie says. "So I decided to get my license. I said, ‘Might as well sell their house too.’” The transition was a smooth one and for nine years she’s had a thriving full-time real estate business that allows her to marry her entrepreneurial spirit with her passion for helping others. With an office in Larchmont, New York, she serves all of Lower Westchester County, with her primary market in the Sound Shore region. The majority of her business is "sphere of influence” with former clients referring her to friends and family. A gifted communicator, Ann Marie quickly builds trust and rapport with her clients by being both thoughtful and responsive; she understands that during the purchase or sale of a home, a quick response time is crucial. "I am very accessible,” Ann Marie says. "I always make time for my clients. They can call me, text me, email me up until 10 o’clock at night and I will respond. I’m available on weekends. I get back to people very promptly. I’m very customer service-oriented.” Her clients appreciate her professionalism, passion and enthusiasm and as a result her repeat and referral rate continues to grow each year. While selling real estate is serious business, Ann Marie knows that at times humor and a moment of levity can be a relief to clients. While she has a laidback and easygoing personality, she can be assertive when needed on her clients’ behalf. She loves being of service to them, and the continually changing nature of the work keeps her engaged and fulfilled. "It’s never boring,” Ann Marie enthuses. "Every day is different. That’s probably what I like most about it. But I also enjoy helping people sell or buy and educating them about the process. I love helping them achieve their goals.” This ethic of service has resulted in well-deserved recognition. Ann Marie has received the Westchester Magazine Five Star Real Estate Agent Rating four years running, in 2015 and 2016 she was the #1 agent in her office, and she’s a Zillow 5-Star Premier Agent. To keep in touch with former clients, Ann Marie sends cards to mark special occasions or reaches out via email. To market her listings, Ann Marie uses Multiple Listing Services (MLS), as well as Listingbook.com, a service that allows both agents and their clients access to MLS data. She also uses a Facebook business page and ads to boost new listings or promote upcoming open houses. "That drives a tremendous amount of traffic,” Ann Marie says. She also uses the most popular real estate websites such as Zillow and Trulia. A strong believer in giving back, Ann Marie sits on the Board of Trustees of her church and is involved in a variety of social justice projects. She’s affiliated with Furniture Sharehouse, a furniture bank for Westchester County, which collects and distributes gently used furniture free of charge to those in need. "I love it on so many levels because as a realtor, it’s helps my sellers downsize through charitable donations. I like the environmental aspect of it as well. And it helps people who truly need things.” She’s also involved in Impact 100, a women’s philanthropic giving organization. In her free time, Ann Marie enjoys gardening, traveling, and spending time with family and friends. For the future, Ann Marie wants to continue expanding her business and developing her brand, and she someday hopes to grow a strong team. But her main goal is to stay in the real estate business, helping her clients to achieve their dreams.