Being clean and organized goes beyond dealing with your storage unit and in-building storage space. Whether you’re buying a new dream house or your very first home, your want to make sure you have all the potential hidden costs and problems figured out before you commit to such a large purchase. So what type of checklist should you line up before moving forward? Read on to find out!
One of the best things you can do for yourself, and your budget, is to take an honest look at all the closing costs, all the additional bills, and all the special conditions that are going to be potential issues with your new budget. Being organized early means clearly knowing your options so problems don’t sneak up on you later!
Closing costs – including necessary inspections of all kinds
Closing costs can very greatly from location to location. Whether a local area is in a buyer’s or seller’s market can also determine whose responsibility it is to pick up these costs. Make sure when you’re looking for a new place that you include the possibility of needing to pay these costs – including any necessary inspections. This can be a serious amount of money, so don’t overlook it!
Necessary repairs (waterproofing, mold treatment, roofing, window replacement)
Most homes aren’t perfect, and most new home owners don’t expect them to be. However, it’s important to understand just how much those repairs or even upgrades can be. Do you need to add new windows to an old home to keep the air conditioning in during the summer and the heat during the winter?
If you have a basement is it properly water proofed? Is your attic properly insulated? People who haven’t owned a house before are often surprised by just how expensive each of these tasks can be – and how expensive the utilities or damage can be if you don’t take care of them.
There are various options for paying property taxes, including having them included in your mortgage payment – something that is worth considering so you know it’s budgeted and taken care of instead of having to come up with extra money on a quarterly basis.
Shift in utility bills
The shell shock of moving from an apartment to a full-sized house definitely comes out fully when you look at utility bills. This is especially true in homes that use oil furnaces or in climates that have both very hot summers and very cold winters. You may have to more than double your normal utility bills – there might be even bigger jumps than that. Make sure to give yourself plenty of room in figuring out a future budget.
You don’t want to end up in a dream house only to find you can’t afford the lights, heat, and air conditioning.
Do you have storage space – or do you need more?
Maybe you’re down sizing and need to figure out if you have extra room to store everything you have or if you need an additional storage unit. You also might find yourself in the other situation, where you have so much more space you’ll need to look at more furniture to fill out the home.
Required insurance and home owner fees
Yes, these are both things, and they can really add to the monthly expenses. Understanding these expenses will allow you to figure them into the budget and decide just how much it will cost you to maintain your new home. You definitely don’t want to forget these expenses.
If you take all of these costs into consideration and make a clear list early on to go through the process, you’ll have your finances and budget organized and working for you…now if you can just get a weekly chore and cleaning schedule to follow!