So you’re taking the plunge into home ownership. You’re already aware of how much your monthly payments are going to be, but have you thought about all of the other costs?
Buying a home isn’t cheap. On top of the mortgage payment, there are many other costs associated with a home purchase that people often forget about. These extra costs can really add up and need to be taken into consideration during the home buying process.
1. Home inspections. This is one cost people sometimes totally forget about. Within a few days of your offer being accepted, you’ll need to have a home inspection performed. This is important in making sure the home is structurally sound and free of major issues.
2. Closing costs. At closing, it’s important for you to have additional funds in your account in case you need to prorate taxes or homeowners association dues. Bringing some extra cash to the closing table will act as a cushion against the unexpected.
Unexpected and routine maintenance costs alike are an inevitable part of owning a home.
3. Paying the moving company. Once the home is yours, you’ll still need to move. The expense of hiring a moving company is optional. There’s always the choice to order pizza and drinks to entice your friends into helping, instead. If you do go the route of hiring a moving company, remember to have some money set aside.
4. Immediate costs. Even if you aren’t doing any renovations or purchasing new furniture after moving into your new home, you should still take care of a few essential things. First of all, set aside some money to have a locksmith change your locks. Also have funds set aside for any other unexpected costs you uncover after moving.
5. Maintenance costs. Experienced real estate agents will tell you not to be surprised if something breaks down in your first year of homeownership. I personally recommend having at least six months’ worth of savings set aside in the event of something unexpected. Unexpected and routine maintenance costs alike are an inevitable part of owning a home.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.