John Colby


Posted by John Colby on 5/6/2018

When youíre buying a home, thereís a lot of excitement that surrounds the search and purchase of the property. In the process of buying a home, however, there are many things that buyers forget to take into account during their search and budgeting. Below, youíll find some information to help you be prepared as a buyer to consider your home purchase from all angles without missing a beat.  


The Expense Of Closing Costs


Remember that closing costs will be somewhere in the 3-5 percent range of the purchase price of a home. Amidst all of your savings, youíll need to consider this a part of your expenses. Closing costs need to be paid upfront in most cases. You can roll your closing costs into the financing, but it depends on the circumstances. There are no guarantees that the lender will agree to it. Your realtor can also sometimes negotiate for the sellers to pay the closing costs, but in a sellerís market this is quite rare. Be prepared with your closing costs and understand how much youíll need to spend so that you have an appropriate amount for the downpayment and the other expenses that youíll incur during the process of buying a home.  


The Cost Of Maintaining A House


Many buyers forget about all of the costs that they will need to pay for after they finish buying the house. In addition to a monthly mortgage payment, youíll need to pay for things like utilities, routine home maintenance, furnishings, and more. If you completely deplete your savings for the purchase of the home, thereís not a whole lot of wiggle room for you to pay for additional needs in the house. 


The Cost Of Furnishing And Decorating A Home


You may move into a home with a few pieces that you have previously owned. You could also need a lot of things from a bed to a sofa. All of these items can add up. You may even have to worry about little things like window shades, curtains, lamps, light bulbs, and more. 


Home Repairs Can Cost A Pretty Penny


If something needs to be done in your home, the repairs can cost you quite a bit. If youíre not paying attention during the home inspection, youíll be in for some surprises. Thatís why you need a good realtor to help you through the process. A new roof can cost thousands of dollars. New appliances are an expense you should plan for. Other major work that needs to be done around the house can also dip into your savings significantly. As a buyer, you need to be prepared for any of these expected or completely unexpected costs.           




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