Purchasing a home can be one of the most exciting as well as the most overwhelming experiences of your life. As you make that initial purchase you are excited about the space, the potential, and the possibilities. Soon after moving in you may begin to realize that simply paying the mortgage is not the only cost of owning a home. When making that purchase consider these other expenses when determining what budget you should allow for the mortgage alone: Read More The Cost Of Owning Your Home
Routine maintenance and upkeep. From heating, air conditioning, & refrigeration maintenance such as changing filters, and annual cleanings or inspections, to other appliance services there you should make sure to budget a set dollar amount per month to cover these costs.
Unexpected repairs. Having a quality home inspection before purchase can help you determine what repairs may be lurking just around the corner. Whether it’s the roof, the plumping or appliance repair, there are many unexpected repairs that might come up when you own a home. You should have a contingency fund or savings amount that can help you deal with these expenses as they arise
Extra home ownership expenses. Insurance, Taxes, HOA fees and more may or may not be included in your mortgage payments. When making your home purchase it’s important to determine all of the expenses as how they will be paid. When you are able to determine what the monthly total of expenses is you’ll know if your purchase budget needs adjustment or not.
While purchasing a home can be overwhelming, it’s important to remember that if you take your time to learn about the details, do the research, and stick to your budget; you’ll find that simply following suggested homeowner tips about repair and maintenance can help you to properly prepare for the additional costs that come with homeownership.
Purchasing certain tools can help you with the basic upkeep and maintenance of your home. Bosch parts for tools like rotary hammers, reciprocating saws, and even cordless drills can prevent a lot of simple projects from turning into a financial disaster. Always have some basic tools to ensure you can properly maintain your home so you can prevent many common household expenses.
Hire maintenance professionals to come out yearly and do inspections of your home and of certain appliances like your furnace and water heater. Large appliances are quite costly and can easily force you into debt and paycheck to paycheck living. When a maintenance company comes out to perform a routine service, they can make you aware of existing problems along with potential problems in the future. This can have a big impact on your ability to plan for such expenses.
Always check on your home warranty before you focus on certain repairs like the replacement of a water heater. Most first-time home buyers are only given a one-year warranty but there are many that have two-year warranties. Find out what things your home warranty covers before you contact a repair company on your own and front the entire cost of a water heater replacement. Owning your home is enjoyable but it does come with a cost! Prepare yourself for the costs that come with homeownership so you do not become house poor.