Buying your first home is very exciting! You might be aware of the “typical” hidden costs of buying a home. After you have saved for your deposit, found the perfect place, and put your offer in, there are still a few more things to be aware of.
Sure, any good agent will tell you about the costs associated with appraisals, title searches, and transfer taxes, but it is the lesser-known items that can sneak up on you.
Here are some of hidden costs of buying a home:
When you move into a new home, you will usually find that you want to add your personal touch. Whether that be turning the eggshell walls in the living room mocha, or adding curtains to the master suite, things like paint, drapes, and dowel rods can add up quickly.
Often, decorations from your previous home won’t fit the new space, so you should expect to pay between $30 and $50 a gallon for paint and between $15 and $20 per quality dowel rod.
As a homeowner, you are responsible for all the maintenance on your property. While you were renting, you might have had a landlord to arrange a lawn service or to take care of minor repairs.
So, when you transition into ownership, there are a few “start up costs” you have to consider. You will have to decide if you would like to purchase your own lawnmower or hire a service. You’ll also need things like garbage cans, rakes, and shovels for other lawn maintenance, as well as tools like hammers and drills for repairs around the house.
If you are moving from an apartment into your first home, you may be used to having several common expenses included in your rent. Additional expenses like heat, water & sewer, and garbage pick-up are often wrapped included in your monthly rent. As a homeowner, it is important to plan for these extra expenses in your household budget.
Interested in purchasing your first home? We can’t wait to work with you!