Be Prepared for these unexpected First YTime Buyer - Home Ownership Expenses
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| Be Prepared for these unexpected First YTime Buyer - Home Ownership Expenses |
| You
are buying a new home, but how do you avoid the surprise of new home ownership
expenses. Prepare for the unexpected by asking for cureent heating and cooling
bills, planning for yard expenses and repairs and more. See below . |
| Hidden
Cost of Home Ownership In the excitement of purcahsing a home, many people push their mortgage to the financial limit in order to get the house of their dreams. However, with home ownership come a unique set of unexpected costs that can put your home at risk. We recommend that first time home owners buy a home that is at least 5 - 10 % under what you can afford. We also recommend that you determine your monthly budget comfort level before purchasing a home, this will help you determine when you may need to walk away from so homes. So what are these unexpected cost, that first time home buyers run into? Well they tend to be the little things that you never thought about as a renter. Here are so items that are often overlooked when buying: 1. Lawn and garden supplies, do you need a mower, leaf blower? Plan to plant flowers, shrubs, or take down a tree? 2. If you have winter weather - Snow shovel or snow blower? 3. Get an estimate of heating costs for the summer and winter, a bigger house can mean a larger power bill in many cases. 4. Furniture! with all the extra space. we speculate that you will be buying furniture within the first year. Tip: Hold off on buying your furniture for at least 6 months. Why? Because you will start to understand the true cost of home ownership and should be able to then determine what your furniture budget should be. 5. If you purchase an exsisting home, you'll want to start making it your home with fixtures, fans, flooring, and paint that reflects you. If you purchased new, the may want to paint several rooms to bring your house to life. 6. Tools - New home owners need tools for the simple jobs and the more complex. If possible borrow tools that you may only use once, but purcahse quality tools you will use time and time again. 7. Homeowners Associations - This is one of the most unexpected fees and it can run from hundreds of dollars a year to hundred of dollars a month depending where you live. This cost must be factored into your monthly budget as it will need to be paid every month and these fees tend to increase on an annual basis. Now you are more prepared, to get your new home. Get started working with a Florida mortgage lender today! |
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