Unexpected Expenses When Purchasing a Home

7408506410_715acb5f6f_zPurchasing a home is an exciting and often overwhelming time especially for first time home buyers. Finances are undoubtedly one of the most important factors when purchasing a home, so it’s important to stay on top of your finances and understand what expenses are coming your way. The following are a few of the expenses that come from purchasing a new home, once you are aware of these you should have peace of mind throughout the home buying process.

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Repairs & Maintenance

Minor repairs and some maintenance may be needed when you move into your new home. Depending on the condition of the home you purchase, maintenance may be as simple as painting or as big as replacing cabinetry or flooring. Many of these items will be based on your preferences, so when planning home improvement projects right out the gate, keep in mind that you will be working with a limited budget and many projects can be done once you have settled into your new home. HGTV has great recommendations on home improvement whether you’re looking to paint a wall or renovate a kitchen!

6812497415_092496ff3b_bHome Owners Association Fees

Before crossing all the Ts and dotting all the Is, Home Owners Association Fees will be discussed. These fees often range from $200 to $400 per month, according to Investopedia, so it’s a good idea to keep this in mind when deciding on your budget for a new home. It’s also important to review the HOA guidelines and regulations before purchasing a home and moving in.

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Moving/Packing/Storage Costs

Depending on your needs, moving costs can range from simply collecting boxes and paying for gas to transport your belongings from your hold home to your new home or moving costs can include a storage facility, moving vans or trucks, and hired help. There are many ways you can cut costs when moving locally, check out these 5 hacks from The Huffington Post for a few quick, effective moving tips.

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Furniture & Appliances

Regardless of whether you move your furniture from your old home to your new home or not, at least some furniture will likely need to be purchased in order to complete your new home. Evaluate which rooms are the most important to you and your family and start there. If you hold a garage sale when leaving your old home, these funds can help you purchase new furniture that fits your new home. HGTV offers some great advice in regards to selling old furniture and decorating your first home.

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Utilities

Yes, utilities cost regardless of where you live. However, in some areas your same cable provider or other utility services may not be available so you may have to make a contract with a new company. With new contracts sometimes deposits are required and the first bill may not be the same as you are accustomed to. Hotpads offers a comprehensive list of utilities you will need to setup or transfer from your previous home. This list will vary depending on the area you live in as well as your specific needs, however it’s a good idea to work from a list to make sure nothing is forgotten.

 

With a great Buyer’s Agent such as Bill Shields, those who are new to the home buying scene can feel confident that everything from home inspections to homeowners insurance will be discussed. However, it’s still a great idea to take a look at these less obvious and sometimes unexpected costs to prepare yourself before beginning the search for your new home. Contact us today to make your first steps towards purchasing a new home.

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