How to Avoid Hidden Expenses When Buying a Home

Dated: March 17 2020

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How to Avoid Hidden Expenses When Buying a Home←Go Back

Category: Align Right Realty South Shore Blog

Have you just found what looks like your perfect home? The area is great, the property looks just like in Houzz magazine, and the price is right, especially if you manage to negotiate with the seller and get a discount.

But the money you pay for a house is just the tip of the iceberg. Don't let extra and often unexpected expenses catch you unaware and ruin your budget.

Before You Buy

When you find the house you want to buy, don't rush into closing the deal. Before you do anything else, hire a home inspector to check the house and make sure it doesn't collapse the next time it snows or rains.

Hiring a home inspector is one of the best investments you can make because that's the only way for you to find out if the house you want to buy has health problems. You know, things like bad wiring, issues with foundations, wood rot, infestations and other problems that we, ordinary people, may not notice. Most of these problems are almost never covered by insurance, so getting an inspector's report can help you make the final decision about your purchase.

Plan for Additional Home Purchase Expenses

For almost all new homebuyers, the upfront cost doesn't end with the down payment. You have to plan for expenses like homeowners insurance, appraisal and lender fees, as well as other closing costs and taxes. While appraisal and lender fees are easy to plan for, some of the other expenses may vary and come as a shock.

Check What Comes with the House

Are the previous owners leaving some furniture and large appliances or are they taking everything when they move out? Buying a new fridge isn't a huge investment compared to buying a property, but replacing all appliances is another matter, especially when you add the cost to your down payment. Make sure you discuss what stays and what goes with the previous owners and/or your agent.

Other things to consider are creature comforts that may or may not be included. Check if the home is wired for cable, has fast Internet and other services you're used to. Also, be prepared that your new utility bills will be higher than they were when you rented.

Plan Ahead for Home Improvements

Buying a home almost always means home improvements. Even if the house you bought is in mint condition, you're likely to want to give the walls a fresh coat of paint and add personal touches here and there. Remember - all that costs money, so don't forget to add home improvements to your budget.

A good way to do that is to see how much cash you'll have after the down payment and associated costs. Allocate some funds for home improvements and other minor expenses (changing the locks is the first on the list). That way you'll get a clearer picture of which properties you can or can't afford.

If you're buying a house that needs some work done, research how much all that work is going to cost you before you make the purchase. Nothing is worse than thinking you can fix that roof for a hundred dollars and then finding out you need to spend a couple of thousand on it.

If you're buying an older property that has an attractive list price, research home insurance premiums for it. The house may not turn out to be a bargain in the end because you could end up paying really high insurance payments.

Buying a home is a lot easier when you know what to expect in terms of additional costs and expenses. Plan ahead, know your budget, and make an educated decision.

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Trish Ellis

MY CLIENT FIRST PHILOSOPHY There are many qualities and skills that go into being an excellent real estate professional – integrity, in-depth community and market knowledge, marketing savvy, effect....

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