Buying a home is a big investment, but owning one comes with a new set of expenses you may not have had while renting. It is important to keep in mind that your mortgage payments are just one piece, and a fraction of what the cost will be once you move into your new home.
When you purchase a home, there are several thing to take into account when putting together your budget. Here is a list things to think about when planning for your home purchase.
- Home Owners Insurance. Insurance needs to be purchased before you can get a mortgage. Insurance premiums vary greatly due to the type of home you are purchasing, the location among other items.
- Property Taxes. Your property taxes are based on the value of your home, so the more expensive your home, the more tax you will be required to pay.
- Utilities. If you were paying utilities when renting, you are familiar with this expense, but more space and rooms requires more utilities usage.
- Appliances. Most homes come with most major appliances, but you may have to purchase one or two - most commonly the washer and dryer.
- Furniture. Moving from a well furnished one-bedroom apartment to a two or three bedroom house makes one realize how much space there is to fill.
- Home repair & Maintenance. This expense comes and goes from one month to the next, but be prepared for something to pop up at anytime when owning a home.
- Yard Care. Caring for your yard requires large expenses such as a lawnmower and possibly a snow blower if your location is known for heavy snowfalls. Not to mention smaller tools like shovels, rakes, trimmers and so on to complete your yard care arsenal.
- Remodeling. From small projects, like painting, to larger items like new kitchen cabinets, hardwood floors, carpeting or a complete gutting of a bathroom, the expenses for remodeling projects vary, but often add value to your home.
I hope you have found this little tip helpful! I wish to much success in your house hunting and may you enjoy the many benefits of home-ownership.
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