Additional Costs First Time Home Buyers to Consider, Money Saving Tips
Hidden costs for first time home buyers might surprise people, and encourage to negotiate the house selling prices carefully. Here is a few hidden costs that first time home buyers need to calculate before putting in offers and buying the house. Once potential buyers start to look more closely at the costs, they can change their mind about the deal and also it can encourage home owners to include more into the contract.
You need to get organized and calculate your expenses, consider your budget and additional costs before buying a new home. A home buyer requires to pay mortgage insurance and the amount is based on the cost of the mortgage. It can easily add a few thousand dollars.
Every home buyer, especially a first time home buyer, needs to cover legal fees of a lawyer to do all paper work, checking the title and reviewing the conditions laid out in the purchase agreement.
Addition costs when buying a home
Home inspection can add a few hundred dollars also. Home inspections are always a good idea, because you never know what you could be missing when you are looking at a home, especially at an old house. Whether a home needs a new roof within a year or two, or it is showing signs of moisture seepage, as a home buyer, you need to know this information before buying your first home.
Depending on the time and how diligent the previous home owner and taxpayer is, property taxes for up to several months can increase new owners costs. Painting and repairs can be quiet expensive also, unless you are willing to do some of work yourself. Materials can cost a few hundred dollars.
The cost of buying new window treatments and replacing old appliances, some additional upgrades and small finishing works needs to be calculated before buying a home. Even new lighting fixtures or furniture that is requires for a new home have to be included in the budget before you start.
Moving costs are obvious expenses, but large bills surprise many people when they forget to add the moving cost to their expenses list. Large and small works, services and a little extra needs to be included in your budget. You can save money by renting your own truck and getting friends and family members to help to move.
The extra month rent you might have to pay on your old apartment can be another additional cost to buying a new home. Service hook-up fees are one-time charges that can quickly add up during the first few weeks of new home ownership.
Landscaping services, or garden tools and a lawn mower, ladders and basic tools for repairs are all must-haves for home owners. You might add the cost of a new barbecue, a child playground and outdoor furniture, trees and shrubs, flowers and planters, yard decorations for coming holidays and a fence for your dog to your budget as well.
by Ena Russ
last updated: 23.10.2016
Related articles and sponsored content