Don't Overlook These Important Homeownership Costs, Don’t Overlook These Important Homeownership Costs

Don’t Overlook These Important Homeownership Costs

What costs do you need to anticipate if you are planning to buy a home? Often, first-time buyers only look at the cost of the mortgage and utilities… but they fail to consider other expenses that might be incurred. If you are preparing for homeownership, then it is important that you evaluate all of the money that will be needed for the transition. These are some of the most common costs that are incurred when buying a new home:

Moving Expenses

Moving costs will vary based on your decision to hire a moving company. Even if you are planning a DIY move, you still need cash to rent a moving truck. Also, there are always expenses for moving boxes, tape, and other packing supplies. Plan a bigger budget if you have a lot of things that need to be moved.

Home Renovations

There are probably a few small items that need to be addressed in the home before you move in. For example, it is common for new homeowners to change the locks on the doors for security purposes. Some people want to upgrade the flooring or repaint the walls to match the furniture that will be used. If you are planning to buy a fixer-upper, then make sure to have a large budget for these renovation costs.

Maintenance

Even though you put in your due-diligence with a home inspection, there are a few maintenance tasks that might need to be addressed after you move in. Pay attention to some of the common maintenance tasks that are coming up: roof replacement, plumbing, HVAC, windows, and more. Experts say that most homeowners spend between 1 – 3% of the purchase price on home maintenance tasks each year. So, make sure you are ready with a maintenance savings account.

Furniture and Décor

Upgrading to a larger home is essential if your family is growing. But, you also need to consider the cost of the furnishings that will be needed. More rooms mean that you need more furniture. It is common for homeowners to use moving as an opportunity for a fresh start by creating a new theme for the décor.

Utility Bills

Monthly utility costs can be a big surprise if you are moving from an apartment to a home. Find out the anticipated costs for water, garbage collection, electricity, gas, and HOA fees. These costs will change based on the way you use your home. So, you can also make adjustments to the thermostat and electricity usage if you are looking for ways to save money.

Talk to the Best Real Estate Team in Atlanta

Yes, there are extra expenses that will be incurred when you are buying a home. But, it doesn’t mean that you can’t afford to be a homeowner. Talk to us at DUFFY Realty to learn more about the expenses that will need to be paid when you are preparing for homeownership. We are here to help: (678) 318-1700

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