Posted: Monday February 27, 2023
So, you’re buying your first house. What an exciting time! We bet you’re raring to get started house hunting, aren’t you?
Even if you’ve already found the house of your dreams, reality isn’t too far away. Buying a house isn’t cheap, and it comes with some added expenses you probably don’t even know about. Before you sign on the dotted line, it’s important you understand what you’re getting into. Here are several hidden costs first-time homebuyers should expect.
If the previous owners of your new home take all the appliances with them, you’ll need to buy new ones when you move in. This may seem like small potatoes compared to what you spent on a down payment for the property but having to buy several appliances at once can be a hefty expense.
If the home you’re purchasing needs repairs or improvements, you’ll likely be on the hook for them. That is unless you negotiate a deal with the previous owners to either pay for said repairs or make them themselves before they move out.
Before buying any new home, it’s smart to have an inspection done. This will cost money, but it’s worth it for the peace of mind it gives you.
The inspector will identify any electrical problems, foundation issues, structural weaknesses, and other things you may not be able to see on your own.
If you’re transitioning from tenant to homeowner, you’ll likely experience higher monthly bills. Your electric bill may be higher each month, and it’s possible you’ll become responsible for bills that your landlord used to pay like trash pickup and water.
If you find a home that’s priced lower than other homes in the neighborhood, you may think you’ve gotten a good deal. The reality is, however, that the home is much older than the others, and as such, the insurance premiums may be quite high. This may end up costing you more in the long run.
One of the first things any new homeowner should do (unless they’re buying a brand-new home that no one’s ever lived in) is change the locks on all the doors leading outside. If your home has several outside doors, this could end up being a costly task – albeit worthwhile for the peace of mind it delivers.
Are you used to cable TV? Is your new home wired for it? If your new abode isn’t cable-ready, what about satellite TV? Either one is going to cost you for installation, which is something many new homeowners forget about in the excitement of buying a new home.
The easiest way to ensure you aren’t surprised by any hidden expenses when buying your first home is to do your research. The Internet is chock-full of information about the buying process, and the more you know, the more you can prepare. Hopefully, the list above gives you a good idea of the kinds of hidden expenses you can expect when buying your first home.