When purchasing a home and thinking about budgeting and costs of a home buyers will usually calculate the cost of the loan/monthly mortgage payments, down payment, and maybe even the closing costs. All too often home buyers,more often first time buyers,neglect to add changes in monthly bills and maintenance costs into the purchase of a new home.
If you are smart and meticulous with your finances you may have calculated the cost of monthly utilities into the price of owning a new home. After all it is widely known that a homeowner is responsible for their own utility and garbage costs. Home owners moving to a new part of the nation or even from the city to the wide open spaces of the country may not have thought about extra expenses of moving to these places reflected in monthly bills. If you move from the west coast where central gas or electric heat is the norm to the east coast you may be shocked to find more expenses in heating a cooling bills with more severe climate changes during the seasons. If you are moving from the city to the country you may find yourself paying more for well maintenance, propane tank fill ups, and septic services.
When things around the home go into disrepair they are now your responsibility to fix. There can be a number of maintenance costs that come with home ownership from routine replacement of older parts to emergency fixes of busted pipes. It is a good idea when you are thinking of purchasing a home to set aside a fund for these needed repairs so you can stay on top of home maintenance and keep your home in its best working condition.
One way to save money in the purchase of your home to add to a maintenance fund would be to ask for credits on your loan instead of a lower purchase price. Many lenders will allow a credit back from the seller up to 6 percent which lowers the amount of closing costs the buyer needs to bring to the table. This money can be set aside for a rainy day or home maintenance fund.
A smart idea to help get an idea and form a home maintenance plan is during the home inspection. An inspection does not need to be solely for the purpose of finding any underlying problems in the home. Take the time to learn about the different systems inside the home that keep it running and what each of them need for proper care and maintenance and how much those things cost from your inspector.
Maintenance is a huge part of home ownership. Make sure to have a plan in action of how you will maintain your new dream investment.Many home buyers have made the mistake of not budgeting for home repairs and routine maintenance needs. Home ownership isn’t fun when you cant afford to take care of your home.
For more home buyer tips and information on Sunset Beach NC real estate please browse our website or contact us anytime.
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