Cathy Lomasney - Specializing in the Real Estate Market in Billerica and Eastern Massachusetts


The cost of buying a house extends beyond a seller's initial asking price. In fact, there are many "hidden" costs that buyers need to consider as they decide whether to purchase a house, such as:

1. Closing Costs

There are various closing costs that a buyer may encounter before he or she finalizes a house purchase, including survey, appraisal and wire transfer fees. As such, it generally is a good idea to prepare for these costs prior to launching a house search. Because if you prepare for closing costs, you can ensure that you have the finances available to cover these expenses when you are ready to complete a house purchase.

Oftentimes, it helps to meet with banks and credit unions prior to starting a home search. These financial institutions can help you get pre-approved for a mortgage and teach you about home closing costs. Best of all, after you get a mortgage, you can start your home search with the financing you need to secure your ideal residence.

2. Property Taxes

Property taxes usually are assessed twice a year, and they vary based on state and county. However, if you learn about property taxes, you can map out your homebuying budget accordingly.

Real estate property tax information is part of the public record. Thus, you can access information about property taxes related to a particular home before you purchase it. And once you have this information at your disposal, you can use it to determine whether to move forward with a house purchase or continue your search for your dream home.

3. Utilities

Utility bills vary based on the size of a home, its location and other factors. If you devote time and resources to estimate your utility expenses, you may be better equipped than ever before to make an informed home purchase.

To assess your potential utility costs, you may want to consult with a seller's agent. This professional may be able to provide you with insights into the current homeowner's utility expenses to help you budget appropriately.

It never hurts to hire a real estate agent to help you navigate the homebuying journey, too. A real estate agent can offer expert insights into closing costs, property taxes and other homebuying fees, as well as help you quickly discover your dream residence.

Let's not forget about the comprehensive homebuying guidance that a real estate agent can provide, either. For instance, if you are unsure about whether to submit an offer to purchase a house, a real estate agent can offer recommendations and tips to help you make the best-possible decision. Or, if you have concerns or questions at any point during the homebuying journey, a real estate agent is ready to respond to them.

For those who want to buy a house, it helps to learn about all of the potential costs associated with a home purchase. If you start budgeting for a home purchase today, you could accelerate your quest to find and buy your ideal residence.



1 Chadwick St, Billerica, MA 01821

Single-Family

$539,000
Price

8
Rooms
3
Beds
1/1
Full/Half Baths
Yesteryear's charm meets today's conveniences! This home has been painstakingly updated over the last 12-14 yrs. Entering you'll notice the wide wood plank flr dining rm w/ crown molding; a great spot to host a dinner party. Perfect your culinary skills in the lrg kitchen w/ a dual fuel range/oven, granite counters, hrdwd flr, crown molding, & commercial grade refrig. Relax in the recessed lit liv rm by the custom built wood fireplace. As you ascend the stairs w/ custom window to the 2nd flr you'll have a view of the vinyl fenced yard. The bdrms offer you hrdwd flrs, updated windows, & recessed lighting. A Master bdrm oasis offers sitting area, cathedral. ceiling w/ skylight, & ceiling fan. The recently remodeled bath w/ tile flr, subway tile shower/soaking tub complete w/ a double vanity. Create your get away space such as a man cave, hobby room or playroom in the LL Family room. Your home is convenient to public transportation via the bus line or commuter rail, shopping, Rtes 495 & 3
Open House
Sunday
July 21 at 11:30 AM to 1:00 PM
Cannot make the Open Houses?
Location: 1 Chadwick St, Billerica, MA 01821    Get Directions

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1 Chadwick St, Billerica, MA 01821

Single-Family

$539,000
Price

8
Rooms
3
Beds
1/1
Full/Half Baths
Yesteryear's charm meets today's conveniences! This home has been painstakingly updated over the last 12-14 yrs. Entering you'll notice the wide wood plank flr dining rm w/ crown molding; a great spot to host a dinner party. Perfect your culinary skills in the lrg kitchen w/ a dual fuel range/oven, granite counters, hrdwd flr, crown molding, & commercial grade refrig. Relax in the recessed lit liv rm by the custom built wood fireplace. As you ascend the stairs w/ custom window to the 2nd flr you'll have a view of the vinyl fenced yard. The bdrms offer you hrdwd flrs, updated windows, & recessed lighting. A Master bdrm oasis offers sitting area, cathedral. ceiling w/ skylight, & ceiling fan. The recently remodeled bath w/ tile flr, subway tile shower/soaking tub complete w/ a double vanity. Create your get away space such as a man cave, hobby room or playroom in the LL Family room. Your home is convenient to public transportation via the bus line or commuter rail, shopping, Rtes 495 & 3
Open House
No scheduled Open Houses

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Buying a home without of permit for remodeling comes with a lot of risks. Searching for a home to buy can be an exciting undertaking, but there are numbers of factors to consider before purchasing a house. You should find out if the house has a permit for remodeling and if the home you are about to buy has had improvements, you need to know whether those improvements were permitted. 

Most times, homeowners end up with unpermitted renovations to save time and money. Your county building inspector has to ensure that all homes comply with the existing laws that pertain to home remodeling. They also have the authority to enforce the rules. What happens if you are buying a house without a remodeling permit? Here are some risks involved: 

You will not be aware of renovations 

One of the dangers of buying a property without a remodeling permit is that the buyer will not know about the past improvements that have been done. There are disparities in state laws when it comes to the amount of information a seller must disclose to the buyer. It is always better if a seller can still provide a buyer with all the necessary documentation. 

The Buyer will be responsible for fixing the problem 

If the code enforcement department in your locality discovers that you the buyer is working on remodeling without a permit, you are regarded as the current occupant of the home and will be responsible for the payments of penalties and licenses. This applies even if the occupant has just purchased the house and knew nothing about it. To fix the issue, you might be required to make minor changes or tear down some parts and rebuild. You might also be ordered to remove all the unpermitted remodeling. 

You may be asked to pay back taxes 

Owing some taxes is another risk associated with buying a house without renovation permit. If the taxing authority in your locality discover that remodeling took place without permission, the present occupant may be liable for paying back taxes due to the increased value of the home. Apart from paying back taxes, it could also attract penalties and interests which would cost you more than you initially planned for.

If the remodeling work is done without a permit, it may not be covered by your insurance. 

In most cases, unpermitted remodeling is not covered by insurance. Therefore, if anything happens to any unpermitted addition in the home, the claim will be denied by your insurance company which could set you back thousands of dollars in the future.

Make sure to speak with your real estate agent to confirm that you have all the necessary rights to remodel your new home to your taste without penalties.


This Single-Family in Woburn, MA recently sold for $805,000. This Colonial style home was sold by Cathy Lomasney - ERA Key Realty Services.


485 Washington Street, Woburn, MA 01801

Single-Family

$814,999
Price
$805,000
Sale Price

8
Rooms
4
Beds
2/1
Full/Half Baths
Location, convenience, craftsmanship, and comfortability all in one spot! Just two years young, this 2800 sq.ft. 4bed/2.5bath colonial has everything you can ask for. Entering the front door into a welcoming foyer, a clear path to the kitchen emerges. The open concept style is filled with luxuries including an amazing selection of white shaker cabinetry, soft close drawers and accenting granite countertops. A complimenting island is placed perfectly and comes equipped with a built-in microwave and deep-style draws. The family room connects perfectly and adds a great space to watch TV by the fireplace. Next to the kitchen is a beautiful dining and living room combo to fit the whole party and more. Upstairs makes way for the master bedroom w/en-suite bathroom, three generous bedrooms, an additional full bathroom, and laundry facility. Other importancies include a two car garage, full basement, a walk-out deck to a lovely fenced in backyard. Close proximity to I-95/I-93 & local amenities.

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