Be Prepared for These Expenses That Surprise First-Time Homebuyers
Homeownership costs more than just your mortgage payment. Homeowners insurance, utilities, and property tax are all monthly payments that you need to budget for. Here are some other expenses that surprise first-time homebuyers.
1. New Locks
When you move into a new home, you don’t know how many keys have been duplicated for it in the past. Change out all the locks so that you know exactly how many keys to your house exist. It is a wise investment to pay more for high-quality deadbolts. Although this is one of the expenses that surprise first-time homebuyers, it is a small price to pay for increased home security.
If you are renting a home or apartment, the landlord may be responsible for mowing the lawn, pruning the trees, and weeding the flowerbeds. When you buy a home, it becomes your job to maintain the yard.
If you have time for these projects, your expenses may include lawn equipment, mulch, soil, a garden hose, sprinklers, flowers, shrubs, and bushes. If you don’t have time for landscaping, you will need to pay someone to do it for you. Your yard will grow out of control if it is not maintained, attracting pests to your property.
Your home inspection report will give you an idea of how old the appliances are in your new house. Most appliances last between one and two decades. When you rented, the landlord would fix or replace appliances as needed. Now that you are buying a home, you should plan for replacing older appliances. Professionally service your water heater and HVAC regularly to help these systems last longer.
4. Home Repairs are Expenses That Surprise First-Time Homebuyers
Wear and tear on your home will eventually require repairs. A strong storm may blow shingles off your roof, or your deck may need sanding and resealing. Taking care of little problems as soon as they are apparent will prevent larger problems that require more expensive repairs.
Constant home repairs and upkeep are expenses that initially surprise first-time homebuyers, but you will learn to expect them. All homeowners have a running list of things that need to be done around the house. Refer to your home inspection report to decide what to do first.