Tenant Thursday - Bed Bugs in Baltimore. Ever heard of bed bugs? Yup, they're for real, and they are a real problem. The cost and inconvenience of removal is enormous.
Last year, one of my tenants in a multi family unit had a bed bug problem. As an accomodation, I treated the property using a licensed professional and the property was cleared of bed bugs. The tenant claims they complied with all of the instructions provided to them by the pest removal service.
Fast forward, one year later. The tenant has bed bugs again. Fortunately, it is only this one unit. The other units in the property are bug free.
The tenant works in Baltimore City, and is in and out of the city's high rise project homes. These homes are notorious for their rampant bed bug infestations.
I've checked with the Baltimore County Department of Health and was referred to the Maryland Department of the Environment who told me to again check with the Department of Health. I've given up, and am checking with my attorney.
In the meantime, I'm interested in your opinion - in this scenario, who should undertake the expense of this second infestation?
Howard County Homes on Acreage. If you are looking for a home in Howard County, and would like the privacy and serenity of owning several acres, you first have to determine what a ‘acreage' means to you, what's available in the area, how much you should expect to pay, and what you can get for the value.
In Howard County, to me, a large lot is one that is at least 5 acres. There is not an overabundance of these properties available, and where you would like to be in the County plays a large role in what you will find and how much you will pay.
In Western Howard County, the homes on acreage will be more expensive, and more remote, with further driving distances to commuter routes, shopping and conveniences. Fulton and Highland offer a few properties that have large, private lots, as well as a shorter commute to both Washington DC and Baltimore than Western Howard County communities. Fulton and Highland have the unique appeal of being close to Maple Lawn, a planned development that provides true one stop convenience with retail, business, medical and conveniences all in one nearby location.
When looking at Howard County homes on acreage, if privacy is of importance to you, consider reviewing the neighboring properties to see if any new construction, be it commercial, residential or agricultural, could affect your peace of mind.
Other appealing amenities of Howard County homes on acreage is that some of the homes back to parks, reservoirs and forest preservation areas. You may even have walking trails and fishing right in your own back yard. Further, many of the homes have been custom built and offer unique architecture that you wouldn't find in a tract home. As you search, note that some properties may allow you to keep horses or other animals.
Howard County Homes on Acreage
Mortgage Rates are Low - What on Earth Does that Mean if You Would Like to Buy Instead of Rent. You see it on the news, you see it in the paper, you see it on the internet...mortgage rates are low. In fact, they are lower than they have been in recent years. Today's average mortgage rate for a conventional fixed 30 year mortgage is just 4.4%.
But what does this mean? I think most people who would like to buy instead of rent are confused about how to translate this rate into actual dollars and cents saved over the long term. Below, I've tried to give the simplest guide I can to explain what these low mortgage rates mean, and how if you are renting, you can leverage these low rates to save money both now and over the long term.
For this example, I will use one of my Single Family Home listings in Parkville: 8109 Conduit Road. Currently, this 3 Bedroom 1 Bath Renovated Home is listed for $210,000. Veterans have zero down financing options available, but most buyers would need to select an FHA loan, which requires a 3.5% Buyer contribution to get into the home.
To get down payment funds, you could access your savings, potentially borrow from your 401(K) as long as you have discussed it with your lender, or receive gifts from family members to get to the 3.5%.
A common misconception is that you have to have your 3.5% down payment plus closing costs. With an FHA loan, you have to have 3.5% of the negotiated sales price in the deal, and the Seller can contribute up to 6% toward your closing costs, which should cover the rest needed. For our example, the estimated funds to close amount is $13,929. Of this amount, you would have to have $7,350 of your own funds to qualify for an FHA mortgage for this home, and the Seller could contribute to the rest.
As far as the payment goes, your payment on an FHA 30 year fixed loan at a final negotiated sales price of $210,000 would be $1,380. This includes your mortgage principle, interest, tax and insurance.
Looking at what's currently available for rent in the area, 3 and 4 bedroom townhomes are running at approximately $1300 - $1500. If you would like to buy instead of rent, for the same monthly rent payment of a Parkville townhome, you could have the advantage of owning your own single family home, along with all of the tax advantages and equity benefits that come along with homeownership.
If you would like to buy instead of rent, and have any questions about the financial benefits of owning a home that I've discussed here, or about anything that I've discussed here, please don't hesitate to contact me. I love working with first time buyers and guiding them through the process.
*These figures are approximate, and based on today's mortgage rates only. Your lender can give you exact figures once you have completed and submitted a loan application.
Market Report Monday - Howard County Real Estate Market Update, July 2010. Real Estate Market Statistics for Howard County, July 2010. Includes median price, closed listings, pending listings and days on market for Howard County, MD.
Open House Report for August 14-15: Catonsville, Ellicott City, Elkridge, and Columbia. Below are this weekend's Open Houses:
If you have any questions, please feel free to contact me.
Open House information has been provided by the listing agent, and is not guaranteed to be correct.
Helping Clients Buy, Sell and Invest in Maryland Real Estate for more than 25 years. Serving Baltimore, Howard and Carroll Counties.
For the past 25 years, I have worked tirelessly to identify what matters most to each and every client. I realize that while every client's end result may be the same (to buy or sell a home), your own personal motivations are often vastly different.
Your motivation - what's most important to you - is also what's most important to me. By asking thoughtful questions and connecting with your core values (what it is that matters to you), I am able to customize my approach and deliver a superior level of service.
Working with clients in Howard, Baltimore and Carroll Counties, I bring a fresh approach to what is often thought of as a "gut wrenching" process. I hold Realtor and Associate Broker licenses, as well as the GRI designation, and I pride myself on keeping my finger on the most innovative trends and research in the industry, something my clients benefit greatly from.
If you are looking to buy or sell a home, give me a call today to find out how strongly I feel that what matters to you, matters to me.
Tim McIntyre
Ellicott City Realtor, Catonsville Realtor
Serving Howard, Carroll and Baltimore County
for more than 25 years.
tmcintyre@cbmove.com
410-480-3555
www.timsellshomes.com
Testimonial:
I wanted to extend my thanks for the incredible service from one of your agents: Timothy McIntyre. I just completed the sale of my house in Arbutus. Since I live in California, Tim had to be my "man on the ground" for this sale. He went above and beyond, with no detail was too small or overlooked. He proved to be trustworthy, dependable, and responsive. He did an outstanding job with the sale, especially considering the market right now.
I employ about 100 people in my company. I wish that I had 100 "Tims" working for me. Thanks again!
Bob P
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2013 ActiveRain Corp. All Rights Reserved
