Skip to content

Tips For First Time Home Buyers In Reno, Nevada: 7 Hidden Costs Of Owning A Reno Home

Most first time home buyers in Reno think that their mortgage is their biggest expense. But, buying a home is not only about the monthly mortgage or the twenty percent down payment.

You must be aware of the hidden cost of purchasing a home if you are one of the first time home buyers in Reno.

Mortgage Interest Rate

The mortgage interest rate can vary, depending on differrent factors. This could include your income, credit score, or the amount of your existing debt. But, the current average mortgage interest rate in the state of Nevada is at 3.85 percent. If you buy a home that costs $279,000, youll have to pay an annual interest rate of $9,971.50 for your mortgage loan. Thats a lot of money!

Home Insurance

Your home is one of the most valuable possessions youll ever have, so it makes sense to pay for home insurance. This insurance covers damage from storms, vandalism, fire, and theft.

Home insurance in Reno costs around $550 to $750 every year. Thats around $45 to $62 a month. Its definitely a significant part of the house expenses list.

Property Taxes

Property tax is one of the hidden costs of owning a home. The property tax in Reno as of 2015 is $3.66 for every 100 dollars of the home value. This means that if your home costs $300,000, youll have to pay $10,980 property tax every year. Thats money that you can spend on a one week Europe tour!

Physical Maintenance

Are you one of the first time home buyers in Reno? Then, you should include physical maintenance in your total home cost. You need to set aside money for regular maintenance. This includes house cleaning and minor repairs. You may need to hire a plumber every now and then. An average homeowner spends around three thousand dollars in maintenance each year.

Furniture

When youre renting a home, you dont need to buy a lot of stuff. But, if you own a home in Reno, youd most likely invest a lot of money in high quality furniture. A sofa set costs $1000 and a bed would cost around $400. Youd also need to buy a couple of appliances which may cost up to $1500 or even more.

Lawn Care

Most houses in Reno have a spacious lot area so lawn care is one of the common hidden cost of home ownership. Of course, you can avoid this by doing the yard work yourself. But, if youre busy, you can always hire someone else to do the job for you. Besides, lawn equipment usually costs around $290, so if you dont need to do it often, you might can more money by getting someone else for this task.

Home Inspection

A qualified home inspector needs to examine the condition of the house. They would often recommend repairs, should they find that it is needed. Their home inspection fee is something you have to pay up front when purchasing a home. It costs around three hundred to five hundred dollars and its one of the bills to pay when owning a house.

Renovation

Old houses are usually cheaper than the actual home cost. But, buying a 20 year old house can mean huge repair and renovation costs. You must consider the possible renovation cost when deciding to buy an older home. If you pay thousands of dollars to repair an old $150,000 home, it might be a better idea to just go with a brand new $200,000 house.

Conclusion

Buying a house is one of the most significant milestones in your life. But, before you make the decision, you must also be aware of the hidden costs associated with owning a house. You must follow these tips.

Study the pricing trends before you buy a home.

Check the property tax in the area you want to live in.

Youll save money if you buy a resale home. But, if you dont want to pay up front for repairs and renovation, consider buying a brand new home. If you decide to buy an old home, make sure to set aside a few thousands of dollars for repairs.

Get help from a loan officer to avail of great financing programs.

If youre one of the hundreds of first time home buyers in Reno, Jill Reid from Fairway Independent Mortgage, can help you with a variety of mortgage related matters, including mortgage planning, in Reno, Carson City, Dayton, and Gardnerville.

She has been in the real estate industry for almost 30 years. She helps home buyers find funds to cover hidden costs of purchasing a house.

Watch the video below to find out more about Jill Reid:



5 Tips On How To Become An Automotive Locksmith



Locksmith is a time old tradition and is one of the oldest professions in the world. With almost everything now having a lock, from your house, to your car and even to the desks and drawers in your home, a locksmith is needed to install, repair or adjust locks to best suit your needs. As there will always be a need for locks especially with the rise of crime rates in the world, the demand is high to ensure that you have the high level of security and this is where locksmiths come in.

Car locks are a special kind of lock that are generally different from your standard door locks. You need a professional who is specifically trained to work on unlocking, installing, repairing and replacing broken automotive locks. This is a special skillset and not all locksmiths are trained to work on them.

If you ever found yourself in a situation where you unwittingly got yourself locked out of your car, you know how much of a hassle that can bring especially if you are in a hurry to get somewhere. Car or Automotive locksmiths are becoming popular these days with the rising number of cars and different vehicles that are popping up every day in the city. They are very useful as many do experience having themselves locked out of a car with all their important belongings inside.

If you are interested in becoming an automotive or car locksmith, you will need to do the following:

1. Complete a comprehensive car locksmith program. As mentioned before, car locks are distinctly different from regular door locks, so lots of training is involved to even just familiarise yourself in the inner workings of car locks and how to disassemble and assemble car locks. While there are online training programs, it is suggested that you take a course onsite so that you can get practical working experience with a lock.

2. Earn a certified automotive locksmith designation. A professional industry association or locksmith monitoring body is crucial in making sure that locksmiths are always accredited. A certification from a governing body allows you to seem more qualified to your customers. It tells everybody else that you have passed a certain standard set by a governing body and that you can be trusted.

3. Practice makes perfect. Even if you have the best experience and the best equipment, it's sometimes better to keep practicing until you get the desired result. In fact, studies show that the more you practice the art of a locksmith, the faster you can get better and become a well-known locksmith.

4. Make sure to get a license as an automotive locksmith. In some areas, you need a license to operate as a locksmith. Try to get that license as an automotive locksmith. Usually you will be required to complete a test before getting licensed. A license creates more credibility and allows users to trust you as an automotive locksmith expert.

5. It's all about passion. Many locksmiths who got into this trade did not do so because of the money but because they have enjoyed doing so. It can be difficult at first to learn the ropes of working as a car locksmith, however, those who aren't passionate enough may quickly fall away and try other things. There needs to be a commitment that you want to do this for the long haul.

Hopefully, these five tips will help you decide what you need to do to become an automotive locksmith.