6 Expenses That Might Surprise First Time Home Buyers

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expenses that might surprise first time home buyers
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While moving into a new home is an exciting time, first time home buyers are sometimes surprised of the expenses that come with moving. From property taxes, to homeowner’s insurance, here are 6 expenses that might surprise first time home buyers.

6 Expenses That Might Surprise First Time Home Buyers

Property Tax

Each home’s property tax is different. The property tax is based on the value of the home’s property and land. The property tax is determined by state and local government and usually includes things like city, county and school district taxes. As a first time homer buyer, be sure you look on Redfin at the bottom of the homes you desire and check out the estimated property taxes so you don’t find yourself surprised by the monthly property tax.

Home Maintenance

As a home owner, whether you’re a first time home buyer or not, you need to account for home maintenance expenses. If your furnace all of a sudden stops working in the middle of winter, you’re going to have to call out a professional to fix it which costs you money out of pocket. So make sure you’re prepared with enough savings to cover any home maintenance you need to take care of throughout the month.

Emergency Expenses

What happens when a neighborhood kid throws a baseball through your window? Are you prepared to cover the cost? The thing about emergencies is that you never know what going to happen or when. So it’s bets that you’re saving money each month to prepare for any emergencies.

Home Décor Budget

When moving into a new home, one of the first things you’ll want to do is to fill up the rooms with décor and furniture. Do you have the funds for this? Remember, a house isn’t built in a day. It’s ok to slowly build your house décor. Home décor is one of the most popular expenses that might surprise first time home buyers since it’s a cost they didn’t realize was important upon move in.

Utilities

When moving from an apartment to a house, the utility bill changes, and most likely increases. Before you move homes, be sure to call the utility providers that service the area in which you want to live. This way you will know how much money you’ll need to pay each month and set it aside.

Home Owner’s Insurance

Home owner’s insurance is required if you have a mortgage loan. Pay close attention is you live in a flood zone or if you live in an area prone to hurricanes. You may be required to have additional coverage. Home owner’s insurance is required for your safety and to keep you and your valuables protected. Home owner’s insurance is one of the top expenses that might surprise first time home buyers.

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