First Time homebuyer?  Don’t Forget to Budget for These Hidden Costs.

Finding a home that meets all your criteria, in the location that you want, all at a price you can afford is only part of the overall cost of buying a home.  As the premier agent for all your Vernon real estate needs, I would like to share with you the following hidden costs associated with buying a home.

Unexpected Extras

The closing price of your dream home is not going to be the final price of your home.  Instead, you will need to budget for the hidden costs.  These costs include:

  • Closing fees, such as lawyers’ fees, taxes and any lender fees.
  • Home insurance for your belongings as well as insurance against fire, flood and earthquake damage.
  • Moving costs.
  • Property tax and strata fees, if applicable.

Services

Once you have moved in, you will need to furnish the rooms in your new home.  As a homeowner, you are also responsible for the services, such as cable and the internet.  Other costs that you will need to consider when moving in include:

  • Utilities – electricity and gas.
  • City run services such as garbage collection, recycling and water usage.
  • Any tools or machinery for the upkeep of the exterior of your home – garden hoses, rakes, a lawnmower and perhaps a place to store these items.

Look Ahead

When choosing your perfect home, it is a good idea to look at what maintenance and jobs your home will need in the next few years. The amount of work and the cost associated with this work should definitely be considered a part of the final price of your home and include:

  • What condition the roof of your home is in and when it will need replacing.
  • Whether you will need to repaint the interior or exterior of your home.
  • Whether or not the fence needs fixing or repainted.
  • If any appliances need to repaired or replaced.

By budgeting for these hidden costs, you should be able to gain a better understanding of the total cost of homebuying.  Being better prepared should keep you from being house poor or overstretched financially.  If you would like more information about the hidden costs of buying a home or are interested in the many great real estate options available in Vernon, please contact me today.  I look forward to helping you find your perfect home today.

 

 

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