Planning to purchase a home is not just taking a realistic look at your budget to see how expensive a home you can afford, and how much the monthly mortgage and property tax payment will be.
There are more expenses involved than these property costs and if you don’t factor them in your planning, you can seriously overrun your budget and run into some unwarranted financial problems.
Here are some of the important home-buying expenses you should keep in mind first and foremost:
Costs directly involved in buying your home:
- Realtor fees
- Home inspection fees
- Lawyers fees
- Packing
- Storing
- Transportation
- Setting up electricity, gas and water
- Transferring your telephone line
- New furniture and fittings
- New appliances
- Painting walls
- Replacing flooring
- Landscaping
- Plumbing updates
- Electrical updates
- Higher insurance costs – if you are moving to a larger home, or from a rental unit