You found the perfect home. It has everything you want from location to bedrooms to that art studio in the back, AND the mortgage payment will be lower than or the same as your current rent. You got qualified for the loan and the agent has all the paperwork ready to go. So that’s it, right? Time to buy!
In all the excitement of finding that new home, it’s easy to ignore the warning signs of “overspending” and forget that there are more costs than just the mortgage payment. This can be a dangerous game because once those papers are signed, you are stuck with your purchase.
Additional Monthly Costs
For the best home-buying experience, calculate ALL your monthly costs and try to budget that into your life before you make any final decisions. Determine what you are willing to give up in order to get that extra bedroom or live in that perfect neighborhood. Some additional monthly charges include:
Other Costs
The most difficult costs to calculate or plan for are maintenance costs. If your landlord currently covers bug treatments, light bulbs, paint, carpeting, landscaping and generally all other maintenance, you will need to try and estimate how much of that you’ll need to pay for in your new home. There is no one else to pitch in, so this can end up being a huge additional cost.
So, How Do I Buy a Home Safely?
First, find yourself a good agent. A well-qualified agent who is familiar with your area and property needs can help you figure most of these costs. All you must do is ask. If your agent is unable or unwilling to help you plan for these, find yourself a new agent.
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Designations for Julie Little Brewer include: 2011 Platinum Club; 2012 Platinum Club; 2013 Platinum Club; 2014 Platinum Club; 2015 Chairmans Club; 2016 Chairmans Club; 2017 Chairmans Club; 2018 Chairmans Club; 2019 Chairmans Club; RE/Max Hall of Fame RE/Max LifeTime Achievement