Getting To Know All Costs That Come From Buying A New Home

buying your first houseIf you are considering purchasing a new home, you will need to think about what it will cost. There is of course the purchase price, but then there are also move-in expenses.

Take your monthly payment. Yes, there will be the mortgage payment, that is the purchase cost, but then you also have utilities and maintenance.

It’s a good idea to check with the seller to find out what the utilities generally are.

And if there is a yard, how much will it cost to maintain?

Remember, you have to figure in property taxes and your homeowners insurance too. Sometimes these are rolled together with your mortgage payment and you pay it all as a lump each month, but sometimes you have to remember to pay these separately.

You need to find out if these will be separate from your mortgage payment, and how much they will add to your monthly bills.

What about setting up utilities accounts? If you have not had to open up an account with the electric or water company before, you will likely have to pay a deposit before they will turn on service. You need to budget for this.

Plus, do you have all of the furniture and appliances you will need? You can’t move into an empty house. Don’t forget to figure the cost of this when you do your budget.

If you have to renovate or do any home repairs when you move in, that is also pretty expensive. Before you make a purchase offer, be sure to ask the seller for a property disclosure.

The reason you want a property disclosure is to protect yourself so you don’t end up with a house that looks like it is in better shape than it really is.

A disclosure is a list that tells what the property owner knows about the condition of the house, and what upgrades or repairs have been done. You can check out if you’re in Texas, or just do a search on the internet.

It should specify if there have been recent repairs to the property. Also, if there are any repairs needed these should be specified.

Your Realtor can get this list for you, and can also bring any questions you may have about the property to the seller’s attention.

An honest seller won’t have a problem with your asking questions about the property’s condition and history.

Before you decide to purchase a home, list out all of your monthly budgeted items. Then add the projected total costs of purchasing the new home. Make sure that your monthly cost of living won’t be outside of your means.

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