It is inevitable that when you are purchasing your first home you might come across some costs that are totally unexpected. It is important when budgeting for your first home that you keep this in mind so that you are prepared in case of emergency. Here are some ways in which you can work to always “expected the unexpected” when it comes to costs associated with the purchase of your very first home!
- Hire a home inspector. Home inspectors are important to hire ahead of purchasing your first home to ensure that there are no obvious or potentially hidden damages inside of the home. Some damages to keep in mind include weak foundations, rotting wood or bad electrical wiring. These home inspectors are trained specifically to find these kinds of damages that are important to find out before the purchase since not all home insurances cover them.
- Account for all appliances in the home. If you are purchasing a home that has been previously lived in, make sure that you touch base with the current owners to align on which appliances they are leaving behind, and which they may be taking with them. At the same time, make sure that all the appliances are in good working condition and will not need to be fixed upon move-in.
- Know what utilities you will be paying. While everyone generally accounts for hot water, heat, electricity, and other basic utilities, know what other bills you will have coming your way. This can include cable, Wi-Fi, any trash/recycling costs within your town and more.