Extra Costs New Home Buyers Overlook

It used to be said that owning a home was the very definition of the American dream, and that may still hold true today. The excitement of shopping for that first home, or any home really, can be a thrill.  After all, this is probably the single biggest purchase you are ever going to undertake in your life. However, with any large purchase comes an even larger responsibility, and potential homeowners forget about all the “extras” when shopping for a new house.

They say curb appeal is the first thing that catches a potential buyers eye, so it very well may be that you are seeking out a house with beautiful landscaping. Well, once you buy that house it becomes your job to maintain that landscaping. Who doesn’t love a big yard, plush trees, rows of hedges, and flower beds that seem to go on for miles? This guy right here! Simply because I’ve been there and done that. Maintaining the outside of a home can be more time consuming and costly than keeping up the inside.

When you buy a new car what’s one of the first things you do? If you said check the cost to insure, then you are correct. That’s why it should come as no surprise that you need to pay attention to the cost of insuring your new home. Certain areas that are prone to natural disaster, like flood zones, can contribute to much higher insurance premiums. This is one of those additional costs that homeowners tend to forget when they are considering home affordability.

If you are buying an existing home, so not a new construction, then you have the benefit of asking the current owners what their monthly utility bills are like. Believe it or not, these cost can be vastly different for every home. The cost to heat and cool a house can depend on their energy efficient appliances, the size of the home, and the condition of the windows and insulation. The architecture of the home can even play into the cost as well. Vault and cathedral ceilings can make a room feel more open, but it also creates more space within the home that needs to be heated or cooled as well.

Don’t let my little reminders kill the fun of house hunting, just use them as a guide to assist you while you search for the perfect home!