When you are looking to purchase your first home, you may think that you have all your costs planned out accordingly. However, it is important to be aware that random costs may sneak up on you, so you should always leave room within your budget for those types of unexpected costs! Here are some ways in which you can work to always “expect the unexpected” when it comes to all of the costs associated with your first home purchase:
- Account for all appliances in the home. If you are purchasing a home that has been previously lived in, make sure that you touch base with the current owners to align on which appliances they are leaving behind, and which they may be taking with them. For example, if you find out last minute that they are taking their refrigerator along, you will need to account for that purchase right away. This way, you will have more time to plan out and budget for these large purchases.
- Hire a home inspector. When you are budgeting, include pricing for a home inspector. This is vital to ensure that there are no damages that are either obvious or potentially hidden within the home that you are going to purchase. These types of damages can include any weak foundations, rotting wood or bad electrical wiring. Home inspectors are trained to find these damages, and since not all home insurances cover these types of things, it is something you would rather find out before making the final purchase.
- Know what utilities you will be paying. While everyone generally accounts for hot water, heat, electricity and other basic utilities, know what other bills you will have coming your way. This can include cable, WiFi, any trash/recycling costs within your town and more.
By staying ahead of all of the bills that you will have along with your home purchase, you will feel less stressed and will know exactly what you are getting into! Happy home hunting!