This can be a part of moving that we don’t like to talk about, or even think about.  Sometimes life’s circumstances don’t allow for our furry friends to continue their journey by our sides and they can not make the move to our new home with us.  Whether you are downsizing to apartment living or perhaps moving in with a family member or friend that’s allergic, we owe it to our furry companions to get them into safe hands that will help them find a new forever home.

You may think “Oh no, not my Fido or Whiskers in one of those places!”  Well, the truth is these shelters provided a valuable service.  They will accept your furry companion, give him/her a place to rest, play, food, water and any necessary medical care until they can  find and appropriately screen a new home for him/her.  While our furry friends stay in these shelters, they are visited by volunteers – people that don’t get paid and show up because they want to be there.  These volunteers offer skritches and scratches, cuddling & snuggling, play time & walks, and affection & attention. 

If you should find yourself in the position of needing to find a new home for a family pet, please consider one of the following shelters in the Central Mass Area.

Second Chance Animal Shelter 

111 Young Road, East Brookfield, MA 01515-1801

 (508) 867-5525 ‎

www.secondchanceanimals.org

Worcester Animal Rescue League 

139 Holden Street, Worcester, MA 01606

(508) 853-0030 ‎

www.worcester-arl.org

Sterling Animal Shelter 

17 Laurelwood Road, Sterling, MA 01564

 (978) 422-8585 ‎

www.sterlingshelter.org

BayPath Humane Society of Hopkinton

5 Rafferty Road, Hopkinton, MA 01748

(508) 435-6938

www.baypathhumane.org

People for Animals League c/o Sandy Graeff

6 Kingsbury Road, Spencer, MA 01562

(774) 745-8041

www.people4animals.org

Buddy Humane Society

151 Boston Post Road, Sudbury, MA 01776

(978) 443-6990

www.buddydoghs.com

Dog Orphans Humane Society

90 Webster St (Rte 16)(PO Box 767), Douglas, MA 01516

(508) 476-1855

www.dogorphans.com

Milford Humane Society

289 West St, Milford MA 01757

(508) 473-7008

www.milfordhumane.org

NEADY CATS, INC

P. O. Box 213, West Boylston, MA  01583

(978) 422-5116

www.neadycats.org

Pat Brody Shelter for Cats

PO Box 142, Lunenburg, MA 01462

(978)582-6116

www.catsontheweb.org

– Authored by Liza Tangney of Tangney Properties, Check out Liza’s bio on the Meet Our Team page

Saving To Buy a Home -  Part 2 :

“Playing House – Isn’t just for Kids”

The concept of “Playing House” isn’t a new one – I’m sure some well-intentioned family member has already suggested this strategy to you, but in case they haven’t and you’re wondering why the name of this alleged financial strategy sounds like the dramatic play area in your kid’s preschool class, let me school you on it.

From the day you seriously decide that you are ready to buckle down financially and save up money to buy that first home, first, find out about how much you might qualify for by talking to a reputable mortgage broker.  Then, figure out what your estimated monthly payment would be – not just for the mortgage itself  (principal and interest), but the monthly tax payments and the monthly homeowner’s insurance as well.  Don’t forget about the dreaded PMI (Private Mortgage Insurance) buyers are required to pay if they don’t put a full 20% down on their homes.  Each month thereafter, take the difference between what you’re currently paying for rent and what you will be paying to live in your own home, and bank that amount. 

For example, Suzie is currently paying $750 a month for rent and is thinking of buying a home for around $200,000.  If she puts down 5% ($10,000), gets an interest rate of 5%, pays $3,000 a year in municipal taxes, pays $600 a year for homeowner’s insurance, and pays $130 a month for PMI to her lender, her monthly payment to own her own home would be around $1500.  Each month, she would put the difference between the two ($750) in a bank account and watch that account grow!  In her scenario, it would take less than 2 years to save up that $17,000 we estimated in the previous blog.  Now, if she can add to that account money from her tax returns and any other “discretionary income” she can scrape up, and she’ll save up even faster.

The purpose of this activity is twofold.  The most obvious is to help save money for that new home.  The second is to see how comfortable you’ll be once you move in.  Let’s say in this scenario, Suzie keeps finding herself dipping into that account to pay other monthly bills.  She may find that, although she is technically qualified to purchase a property for $200,000, this is actually not a comfortable amount for her to pay in her current financial situation.  This is a MUCH better time to find out you can’t afford your mortgage, rather than to jump in with both feet and find out later.   Suzie needs to find a monthly amount she is comfortable with and then only shop for homes that she can comfortably afford.

However you decide to save up the dough for your very own piece of real estate, we at Tangney Properties are here for you to answer the pressing questions you have before, during, and even after you buy that home.  If you have any questions pertaining to the content of this post, or any other real estate matters, please visit our website at www.tangneyproperties.com and click on the “Ask an Agent” icon.  

Good luck!

– Authored by Joanna King Conety of Tangney Properties, Check out Joanna’s bio on the Meet Our Agents tab.

SAVING TO BUY A HOME – Part 1: 

How Much Money Do I Need To Buy My First Home?

Gone are the days of 100% financing options, where all you needed was money for a small deposit and a home inspection. You could just about “roll” everything else into your mortgage.  Not the case anymore. Things have changed, so to buy a house, we have to save up; just like the good ol’ days!  The trade-off is that now, home prices are down and mortgage rates are WAY down.  So, it’s definitely worth your diligence to save up for that killer deal.

Here’s a modest list of some of the costs associated with buying a home*:

1.) Buyers’ Agent: $0: This is the best money you’ll NEVER spend!  A Buyers’ Agent will work hard for you, educating you on market conditions, showing you properties, negotiating the best price, and basically guiding you through the entire process from start to finish.  This extremely valuable service is priceless…. literally! In Massachusetts, Buyer’s Agents typically get paid when you close on a property through a co-broke fee paid by the sellers – not the buyer.

2.) Initial Deposit: usually around $500-$1,000.  Can be more depending upon how strong you want to present yourself.   When you close on the property, that amount comes off of your total cost of the property and is part of your total down payment.

3.) Home Inspection:  $350-$500 and up, depending upon the size and age of the home. In addition to a standard home inspection, you can add on other tests such as radon, water, lead paint testing, etc., which will add to the total cost of your home inspection. 

4.) Purchase and Sale Deposit:  Another, more substantial deposit is due when you sign the Purchase and Sale Agreement, which is within 14 days from the day your offer to purchase is accepted.  The amount can vary, depending upon what you are putting down total.  It is customary to put 5% of the purchase price down at the P&S (for a $200,000 home, that would be $10,000 total, so, if you put $1,000 down for your initial deposit, here, you’d put down $9,000 to total a 5% down payment).  However, you are financing through FHA, program options offer as little as 3.5% down – ask your lender/mortgage broker if you qualify.

5.) Bank Appraisal:  Your mortgage broker will let you know when the appraisal is happening and how much you’ll owe.  The bank must have a professional appraisal completed to make sure that the house you’re buying is actually worth what you’re paying for it.  In my experience, bank appraisals typically cost approximately $450.

6.) First Year of Home Owners Insurance:  In order to close on your new home, you will need to purchase a full year of homeowners insurance to be paid in full prior to closing.  Your insurance representative will provide a copy of your policy to submit to your lender for final review of your loan application. Policy price can vary depending on value of home and policy coverage chosen. For our example, we will use $700-1,200 as a ball park.

BREAKDOWN  BEFORE  CLOSING: Approximately $1,500-2,150 for home inspection, appraisal and first year of home owner’s insurance.  Plus $7,500-$10,000 in deposit money based on a $200,000 purchase price and a 3.5% – 5% down payment.  So, the total money needed before closing ranges from $9,000-$11,200

AT  THE  CLOSING:  Yipee, this is the day the home transfers to the new homeowners! There are many closing costs and pre-paids that your mortgage broker will go over with you ahead of time. Be sure to ask questions if there are items on the list that you do not understand. Some buyers can still choose to “roll” a good portion of their closing costs into their mortgage, if the bank appraisal comes in high enough and the sellers agree to a “closing cost credit.” However, if this is not an option for you, you will need to pay your closing costs up front at the time of closing.  Closing costs can vary quite a bit, but a ballpark figure is approximately $3,000-$5,000, give or take.  Again, this is something that you would need to go over thoroughly with your mortgage broker ahead of time to get a more accurate figure.

So, if you can save up around $12,000-$16,200 – you’ll be in business to buy your very first home.

You might be thinking, “Holy Cannoli! That’s a lot of money! How will I ever save up that much?” Which brings us to the next part of the blog series… “Saving Up to Buy a Home – Part 2:  Playing house.”

*The amounts on this list are only APPROXIMATE costs and are specific to the Worcester County area of Massachusetts.  Costs may be higher or lower than listed.  There may be additional costs that buyers may be required to pay that are not included on this list.

– Authored by Joanna King Conety of Tangney Properties, Check out Joanna’s bio on the Meet Our Agents tab.