When you buy a new home, you may think it will be smooth sailing…it’s just like renting except you’re actually investing your money now instead of paying a landlord each month, right? Well, unfortunately that’s not the case. Many first-time home buyers learn this lesson the hard way once they move in and find repairs and updates that need to be done and cost a significant amount of money. And sadly, there isn’t the option to call your landlord to come over and fix it! Of course, each repair and update you make goes toward your investment, so it’s not a complete negative, but it is good to be aware of what types of expenses and surprises you might be in for in your new home. Zillow’s blog shares some insight from financial bloggers and what expenses they encountered that they weren’t expecting when owning a home, and they shared the following:
- Lawyer fees within the closing costs for a home purchase in New York
- Seasonal costs like holiday decorations, landscaping, and summer projects
- Condo fees and heat bills
- General maintenance, like buying a new roof, new landscaping and windows
Their main advice – of course – is to save as much as you can, and budget properly to make sure all your expenses are covered, not forgetting those items above to look out for. This will save you some heartache when you get an unexpected bill, because it WILL happen eventually. Just remember, you are not alone! Everyone, from these financial bloggers to your closest friends, will go through this at some point, and we all come out of it more knowledgeable and aware for the future.