Items New Homeowners Often Forget to Include in Their Housing Budget

Items New Homeowners Often Forget to Include in Their Housing BudgetAfter purchasing a new home there is more to your housing costs than just paying for your monthly mortgage bill. There are things to budget for that come with owning a home from buying new furnishings to maintaining the property. 

Many first-time homeowners think that they can take a breath of relief after they get closing the purchase of the property out of the way but there are several additional costs of home ownership that can add up and should be budgeted for before agreeing to that monthly mortgage payment to ensure that you can afford homeownership.

Here are some additional costs to include in your home buying budget

Paying for movers

If you plan to hire a moving service to help you get your belongings from your old home into your brand new one you want to make sure that you budget for the cost the company will charge you. If you do not hire a moving company there will be the cost of renting a truck or maybe offering a friend with a pickup truck some gas money. Then of course there is the cost of moving materials like boxes and tape and bubble wrap.

Cleaning your old home and possibly your new one

Since you are moving out of a rental and into your first home you will want to make sure that you clean up your rental as much as possible to avoid losing out on that deposit you placed when you moved in. You can either hire someone to do this for you or do the cleaning yourself either way it should be budgeted in for the cost of cleaning materials or to hire professional services.

Likewise, when you move into your new home it may not have been cleaned by the previous owner. To ensure your home is in top condition make sure that you ask what cleaning services were performed by the homeowner before they moved and then fill in with anything that might still need to be done. Often this can include things like carpet cleaning and deep cleaning. These are best done by a professional before you move your items in.

Furniture and appliances

Even though you have some things from your previous place of residence you may want to purchase some items to fill in the extra space in your new home. In your purchase agreement, it is communicated what appliances will be staying and leaving but it is not uncommon for a new homeowner to receive a surprise when something they thought was staying in the home ends up missing.

It is a good idea to budget for home necessities when you move into a new home.

Property taxes

In addition to paying off the purchase price of your home and interest on your mortgage loan, you will also be required to pay property taxes to your local municipality. In a majority of locations, this is the second largest housing expense after paying your mortgage. The amount can fluctuate annually as it is determined by the current local property tax rate and the value of your home.

Insurance

It is smart for every homeowner to carry an adequate amount of homeowners insurance coverage to protect them from any unforeseen damage or destruction caused by unforeseen natural events or theft and vandalism. This insurance can also help to protect a homeowner from any injury that occurs from someone visiting their property. It is always best not to pay the bare minimum of coverage and make sure you have adequate coverage for anything that may come your way like having the cost of a hotel covered if you need to live somewhere else after a fire.

Routine maintenance and improvement

Even if the home you purchase is brand-new or in like new condition it is always wise to keep an extra account for stashing money to pay for routine repairs and improvements. Though some repairs may not cost very much like switching out the front door locks and you can take care of this without a hit to your everyday bank account. There are other repairs that can catch you off guard with their cost. It is always a good idea to save a little bit of money every month to put into a home repair account.

For more information on living in Omaha and surrounding areas please contact us anytime.

More Great Information for Homeowners

  • What is the Most Effective Way to Mow Your Lawn?
  • What Happens After Your Last Mortgage Payment?
  • The Organization Diet: Cut The Clutter & Improve Your Life
  • Free Apps to Help with Your Next Home Renovation
  • Pros and Cons list for the Homeowner: Gas vs. Electric Furnaces
  • Homeowner Choices + Pros and Cons list: Vinyl vs. Wood Windows
  • 6 Tips for Designing the Perfect Patio

Post a Comment