Hidden Costs for First Time Home Buyers

You have finally found your dream house in the perfect neighborhood at a price that you can afford.  This is just the beginning of the home buying process and your down payment is only the beginning of the true cost of purchasing your first home.  As the premier real estate agent for Brea homes for sale, I would like to share and prepare you for some of the hidden costs associated with purchasing your first home.

Expect the Unexpected

Unfortunately the down payment on your first home is just one of the costs that will come with your new home.  Other hidden or unexpected costs that you will need to budget for include:

  • Home insurance – you will want to protect your new home from theft, fire, and other disasters. You will also want to insure your personal belongings.  Talk to your local insurance provider and make sure to get a few quotes.
  • Closing costs – make sure to budget for costs such as appraisals, lending fees and lawyer fees. Sometimes these fees are part of the closing cost, but make sure to set aside money if they are not.

Another cost that is a wise investment is hiring a home inspector before buying your home.  A home inspector can tell you:

  • If the structure and foundations of your house are sound.
  • If there is any rot in the wood or under the siding.
  • The condition of your roof.
  • If there is any faulty wiring in the electrical.

Here’s the Deal:

Rarely are any of these types of problems covered by your house insurance, so make sure to either renegotiate the price or walk away from the house and find one with less problems.

Services and Connections

Do not forget about the costs associated with the services in your new home.  Cable, internet and even electricity and gas may have connection fees.  Now that you are a new home owner, you will also be paying property taxes as well as a fee for services such as garbage and recycling collection, water and other services provided by the city of Brea.  Make sure to account for these extra costs.

You may be surprised about the cost of your monthly utility bills as well.  It costs more to heat, cool and power your new home.  Make sure to set aside a monthly budget for these costs.

Look Ahead

When you are purchasing your home, make sure that you have budgeted for any projects or renovations that you feel are necessary.  What you do not want is to be house poor and unable to afford the necessary landscaping or repairs that will make your house complete or even livable.  Make sure to plan ahead and be proactive rather than reactive.

Finding the right real estate agent can make all the difference when it comes to understanding the true cost of buying your first home.  If you would like more information about some of the hidden costs or would like to see the exciting new Brea properties that are available, please contact me today.  I look forward to working with you soon.




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