The Top 5 Things Home Buyers Don't Consider During Home Purchase
There are a lot of things to consider and put a plan to action when it comes to purchasing a house. It is effortless to overlook the details, which leads to a plan of action falling through the cracks, leaving one to overspend. Falling in love with a house only to find out that the cost of living there will have you over-extended. When buying a home, here is a list of Top 5 things folks forget or don’t consider that can quickly drain their wallet and increase stress levels.
By FLO OGUNLEYE
1. Seasonal Changes
When buying a home, many people do not take into consideration what their new house will need at different times of the year. For example, consider the type of trees on the estate(evergreen equates no need to rake leaves, but sycamore trees might create beautiful autumn in your backyard), gearing up for winter (snow builds up on the roof and plowing), and plenty of summertime on the lawnmower. As you look at purchasing a home, contemplate what it will look like and the resources it may need throughout the year.
2. Future Home Needs
You should be looking into the future, with your home’s long-term needs in mind. Items like the roof, electrical wiring, the foundation, current appliances, garage, and other items deserve much consideration. This can include the long-term needs of your family — will you become an empty-nester in this house? Also, do you consider this to be your forever home as in do you envision retiring and growing old here? Will the house you fell in love with now serve you for all of your future needs? Consider aggregating a list of what you visualize your needs will be throughout homeownership.
3. Maintenance Costs
As a rule, you should assume on paying 1 to 2 percent of the property’s value annually on maintenance and upkeep. But that number fluctuates based on the type of property. Upkeeps for attached townhomes and condominiums tends to be cheaper than single-family homes.
According to Zillow and Thumbtack, some of the most common maintenance requests were house cleaning, yard care, gutter cleaning, and pressure washing. Prices do differ significantly based on location. A real estate agent or home inspector can assist in estimating what customary jobs will cost in your area. Sites like DIY.com and Angie’s List can also help with estimates.
According to NationWide, The national average monthly average for utility bill is $2,060. But to get a great understanding of what to ration, ask someone with a house in the vicinity you’re considering to give you a glimpse at his or her monthly expenditures. Ensure to adjust for the size of their home versus yours. This can also be astonishing when it comes to lawn care, water bills, and even the local price of groceries.
4. Storage Solutions
Especially when you are up-sizing, what initially looks like a ton of space can quickly turn into overfilled closets and attics that looks like a hoarder’s paradise. You should consider selling or donating unwanted items from the old house before moving into your new home. You should plan for future scaling storage needs.
5. Raising Emergency Fund
Being a first-time home-buyer can illuminate a few maintenance surprises. A landlord probably covered plenty of the maintenance issues that were experienced beforehand. Now that you are behind the wheel of this home, those expenses will fall to you. The best thing you can do is augment your emergency fund(if you didn’t create one already) for those moments when the washer makes a loud squeaking sound with every tumble or the upstairs bathtub leaks into the closet below. Hence, you won’t be dipping into groceries money or funds budgeted for monthly bills when something in your home catches you by surprise.
