If you’re buying a home, you’ve likely already determined what your down payment needs to be and how much your mortgage will be every month. However, there are several other costs associated with buying a home that you might have forgotten about.
After you get your mortgage pre-approved, you still have to have an appraisal done on the property. You should also have the home’s structural and mechanical systems inspected for issues. Although these two buying expenses are not incredibly high, they can still contribute to the upfront costs associated with purchasing a home.
In most situations, buyers aren’t allowed to acquire a mortgage unless they have homeowner’s insurance. This will likely hold true for you, as well. Keep in mind that depending on where you live, you may want to add additional coverage to your policy to protect your property from certain risks.
If you’re like many people buying a home for the first time, you’re probably going from a smaller space to a much larger one. For this reason, you may have to buy new furniture, appliances, and other things to fill up your new home.
Maintenance and Renovations
Once you move into your new home, it will probably need a certain amount of work done on its exterior and interior every year. Keep in mind that things like fixing your home’s wiring, updating its plumbing system, replacing its roof, putting up a fence, painting, and other maintenance tasks will all need to be accounted for in your budget.