Buying a home is not just about the money that you spend up front. It’s also about the rest of the money that you have to spend beyond that.
One of the biggest expenses that you’ll have to incur on a monthly basis is your property taxes. You’ll want to find out, then, what your monthly property tax rate will be before you purchase the home. Additionally, it’s also a good idea to ask the seller before you purchase for copies of their utility bills from the previous 12 months so that you know what they will cost, you and you can budget accordingly.
Another thing that might factor into extra ending costs is if there is a homeowners association fee. Whether it’s monthly, quarterly, semiannually, or annually, you’re going to want to know what that will cost as well.
If you’re going to furnish the property, you need to make sure you have a budget for that. Finally, if you’re buying a home that’s a little bit older, you need to budget for more than the normal amount of upkeep. This is why we always recommend that you get a home warranty on a home when you purchase it.
If you’re thinking about buying or selling a home, call or email us today for a free real estate consultation. Have a great day.