(ThyBlackMan.com) You have done your homework and crunched the numbers. You have calculated the mortgage payments and estimated the payments for taxes. You have been realistic in terms of exactly what price range for a house that you can afford. You even managed to stay within that range while you were house hunting and have been ever so careful to stay within your budget.
However, there are more expenses that are involved when it comes to buying a house. You have to look beyond the costs of the property. These additional costs, when you don’t consider them, might just be high enough to throw your carefully planned dream of home ownership out the proverbial window.
Home Inspection
One of the hidden costs of buying a home comes before you buy it. This inspection works to protect the buyer of a house from purchasing a lemon, so to speak. This is something you definitely don’t want to skip. Home inspectors look for things like leaks, mold, structural issues. They also assess things like the heating and cooling system, water heater, gutters, roof, and more. This inspection can cost anywhere from $300 to $500, and it has to be paid for whether or not you do purchase the property being inspected.
Pest Control
If you see a mouse or bug in an apartment, you would typically just call the landlord. It is a whole different story when you own a home. There is no longer anyone to hear you scream when that mouse runs across your path. Dealing with things like bed bugs, mice, bats, roaches, and termites can cost a lot of money. However, if you opt for routine services from a great pest control services company, a few hundred dollars a year can really save you quite a lot if you have to bomb the place later or throw out some furniture or even replace the floor due to varmints getting to it.
Utilities
One of those little-known costs to consider are the utilities. While most people no longer worry about getting a land line installed, there are still things like power, gas, and water. Some places also charge a fee for garbage collection. Make sure you budget for all of these and don’t forget the deposits when you are crunching the numbers.
Moving
Moving can always end up costing a lot of money. You have to pay for things like packing materials, storage, transporting your stuff, and moving has hidden costs too. No matter if you are moving across town or across the entire country, moving can get quite expensive… especially when you factor in things like professional movers, a truck, gas, etc.
New Stuff
You might need to buy things like furniture or new appliances for the new place. Some things, like those book shelves made from particle board, may not even be worth what you have to pay to move them. Then again, if you are buying a home that is bigger than your old place, you will need to buy the furnishings that you will need to fill it up.
Maintenance and Renovations
Things happen. Trees get knocked down in storms. Gutters need to be cleaned periodically. Driveways need to be repaired. One of the standard rules of thumb when it comes to owning a home is to be sure to include at least a full percent of the purchase price of the home each and every year for the costs associated with home maintenance. This can include (aside from the things already mentioned) fixing or upgrading things like wiring and plumbing, for which you may need to call in a Plumber in Novato (or elsewhere) if you cannot do it yourself, replacing shingles on the roof, or the entire roof itself, painting, and more. What you will actually need to pay for things of this nature can depend on things like the climate, the upkeep the previous owners did, and the actual age of the house.
Insurance
This actually comes before the purchase of the home because you will not be able to get a mortgage without some type of homeowner’s insurance to cover the home and its contents. That being said, insurance doesn’t always cover things like earthquakes, tornadoes, floods, and other types of natural disasters. Depending on the location of the house, you might want to get additional insurance in order to cover things of this nature.
Staff Writer; Larry Jacobs
