The Hidden Costs of Homebuying

So you have found the perfect home in the ideal neighborhood at a price that you can afford.  What’s next?  If you are a first-time homebuyer, you may be surprised that there is more to buying a home than just the final asking price.  As the premier Brea realtor for all your real estate needs, I would like to share with you the following hidden costs associated with buying a home.

Expect the Unexpected

The final asking price and taxes that are associated with this cost are not the final price of your home.  Some of the unexpected costs that you are going to need to budget for include:

  • A home inspection. Before buying a home, it is a good idea to hire a home inspector to see if there is any structural damage or other glaring defects.
  • Home insurance. You will want to insure your home and your belongings against fire, earthquake and flood.
  • Closing costs such as lender fees and lawyer fees. Sometimes these fees are included in the final price of your home.
  • Don’t forget about the moving costs.

The Creature Comforts

Chances are your home is going to be bigger than the apartment that you are moving from.  Part of the cost of owning a home is furnishing it.  You will want to budget for any extra furniture that you may need to buy as well as a budget for replacing any worn out or broken appliances.

If your home has a yard you are going to need the proper tools and equipment to keep up the exterior of your home and you may also need a place to store these items.

Here’s the Deal:

You are now the sole owner of your home and will need to replace and maintain it both inside and outside.  Try to keep a rainy day fund in case any issues arise.

Future Forecasting

It is also good to try to look ahead and forecast any major costs that will be coming up in the future.  This list will include:

  • The condition of the roof. This is something that your home inspector should be able to tell you before buying.
  • Any repainting. Interior, exterior and the fence.
  • Any major renovations or upgrades such as air conditioning, landscaping or furnace.

By budgeting and accounting for these hidden costs, you should be better prepared for homeownership.  If you would like more information about the total cost of owning your own home or are interested in viewing some of the many great real estate options available in and around Brea, please contact me today.  I would love to help you find your dream home.

 

 

 

 

 

 

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