Extra Expenses to Prepare for When Buying a Home
If you are familiar with the home buying process, you probably already know all about the usual expenses involved, such as mortgage rates and tax payments. And after doing your research, you may have already crunched some numbers, reviewed your income and expenses, and decided what you can realistically afford to spend on a new house. However, besides the actual property costs, there are also a few other expenses related to buying a house. These additional expenses, when added up, may overwhelm you if you don’t prepare for them early. Here are a few other expenses involved with purchasing a new home, so that you can factor them into your budget:
1. You will need to set funds aside to pay for various services such as an appraisal, a home inspection, and your buyer’s agent fee. Depending on where you live, you may also need to pay attorney’s fees, and depending on the type of property you’ve chosen to purchase, you may also need to cover a homeowners’ association fee.
2. Once you’ve sealed the deal on your new home, you’ll have to start thinking about moving into it—which of course will come with moving costs. Moving into a new house always involves packing, storing and moving expenses, especially if you are going to move a long distance, like across town or to an entirely different state. Don’t forget to budget enough cash to cover the truck or moving van rental, moving equipment, and to pay your movers. If you are moving long distance, remember to set aside funds for food and lodging if you have to stay overnight along the way to your new home.
3. Don’t forget to set aside funds to set up the utilities at your new house. These include water, electricity, phone and cable. If you are moving into a larger home or moving from a rental, these may cost more than you’re already used to, so be sure to factor the difference into your budget.
4. New things and upgrades. You may need to purchase new furniture or appliances for your new home, especially if you are moving into a bigger house or if you’ve recently expanded your family. While it’s always fun to shop for new things, if you aren’t careful to set a budget and to stick to it, it can be very easy to let your spending get out of hand.
If you are looking for a real estate agent who can assist you in buying a new home, I would be more than happy to help make the process go as smoothly as possible for you. Give Robin a call at 714-812-3535 or send me an email at [email protected] to talk about your real estate needs!