{"id":11862,"date":"2019-10-24T05:17:23","date_gmt":"2019-10-24T05:17:23","guid":{"rendered":"https:\/\/wp.nootheme.com\/citilights\/?p=11862"},"modified":"2019-10-24T07:31:09","modified_gmt":"2019-10-24T07:31:09","slug":"buying-a-home-plan-for-these-hidden-costs","status":"publish","type":"post","link":"https:\/\/wp.nootheme.com\/citilights\/buying-a-home-plan-for-these-hidden-costs\/","title":{"rendered":"Buying a Home? Plan for These Hidden Costs"},"content":{"rendered":"\n<p>Get those rainy day funds in order \u2014 you&#8217;re going to need them.<\/p>\n\n\n\n<p>You\u2019re excited because you just found the perfect home. The neighborhood is great, the house is charming and the price is right.<\/p>\n\n\n\n<p>But the asking price is just the beginning. Be prepared for additional \u2014 and often unexpected \u2014 home-buying costs that can catch buyers unaware and quickly leave you underwater on your new home.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Expect the unexpected<\/h2>\n\n\n\n<p>For almost every person who buys a home, the spending doesn\u2019t stop with the down payment.&nbsp;Homeowners insurance&nbsp;and&nbsp;closing costs, like appraisal and lender fees, are typically easy to plan for because they\u2019re lumped into the home-buying process, but most costs beyond those vary.<\/p>\n\n\n\n<p>The previous owners of your home are the biggest factor affecting your move-in costs. If they take the refrigerator when they move out, you\u2019ll have to&nbsp;buy one to replace it. The same goes for any large appliance.<\/p>\n\n\n\n<p>And while these may seem like a small purchase compared to buying a home, appliances quickly add up \u2014 especially if you just spent most of your cash on a down payment.<\/p>\n\n\n\n<p>You\u2019ll also be on the hook for any immediate improvements the home needs, unless you negotiate them as part of your home purchase agreement.<\/p>\n\n\n\n<p>Unfortunately, these costs are the least hidden of those you may encounter.<\/p>\n\n\n\n<p>When purchasing a home, definitely hire a&nbsp;home inspector&nbsp;(this costs money too!) to ensure the home isn\u2019t going to collapse the next time it rains. Inspectors look for bad electrical wiring, weak foundations, wood rot and other hidden problems you may not find on your own.<\/p>\n\n\n\n<p>Worse still, these problems are rarely covered by home insurance. If an inspector&nbsp;discovers a serious problem, you\u2019ll then have to decide if you still want to purchase the home. Either way, you\u2019ll be out the cost of hiring the inspector.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Consider the creature comforts<\/h2>\n\n\n\n<p>Another cost is your own comfort. There are a number of smaller considerations you may not think about until after you move in.<\/p>\n\n\n\n<p>Are you used to having cable? If so, is your new home wired for cable? It\u2019s much harder to watch a technician crawling around punching holes in your walls when you&nbsp;<em>own<\/em>&nbsp;those walls.<\/p>\n\n\n\n<p>And if you\u2019re moving from the&nbsp;world of renting&nbsp;to the world of homeownership, you\u2019ll probably be faced with much higher utility bills. Further, you could find yourself paying for utilities once covered by a landlord, like water and garbage pickup.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Plan ahead<\/h2>\n\n\n\n<p>The best way to prepare for the unknown and unexpected is through research and planning. This starts with budgeting before house hunting and throughout your search.<\/p>\n\n\n\n<p>Look at homes in your budget that need improvements, and then research how much those&nbsp;improvements could cost. Nothing is worse than buying a home thinking you can fix the yard for a few hundred dollars and then realizing it will cost thousands.<\/p>\n\n\n\n<p>There\u2019s really no limit to how prepared you can be. Say you find a nice home that\u2019s priced lower than others in the area because of its age.&nbsp;You may save money on the list price, but with&nbsp;an older house, you could be slapped with a much higher home insurance payment, making the house more expensive in the long run.<\/p>\n\n\n\n<p>This is where preparation comes in. Research home insurance and property prices in the areas you\u2019re considering to make more educated decisions before you ever make that first offer.<\/p>\n\n\n\n<p>Clearly define how much you intend to put toward your&nbsp;down payment, and then look at how much cash that leaves for improvements and minor costs, like changing the locks. That way, when you find a house at the high end of your range, you\u2019ll know to walk away if it requires a new washer and dryer or HVAC system upgrade.<\/p>\n\n\n\n<p>Establish a rough estimate for as many costs as you can think of, and be extremely critical of homes at the top of your budget \u2014 otherwise, you could easily end up being house-poor.<\/p>\n\n\n\n<p>Know your budget and plan ahead. Buying a home is a lot less scary when you know what you\u2019re getting into.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Get those rainy day funds in order \u2014 you&#8217;re going to need them. You\u2019re excited because you just found the perfect home. The neighborhood is great, the house is charming and the price is right. But the asking price is just the beginning. Be prepared for additional \u2014 and often unexpected \u2014 home-buying costs that can catch buyers unaware and&#8230;<\/p>\n<div><a href=\"https:\/\/wp.nootheme.com\/citilights\/buying-a-home-plan-for-these-hidden-costs\/\" class=\"read-more\">Read More <i class=\"fa fa-arrow-circle-o-right\"><\/i><\/a><\/div>\n","protected":false},"author":1,"featured_media":6422,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,28],"tags":[86],"class_list":["post-11862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-captions","category-parent-category","tag-interior-design","has-featured"],"_links":{"self":[{"href":"https:\/\/wp.nootheme.com\/citilights\/wp-json\/wp\/v2\/posts\/11862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wp.nootheme.com\/citilights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wp.nootheme.com\/citilights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wp.nootheme.com\/citilights\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wp.nootheme.com\/citilights\/wp-json\/wp\/v2\/comments?post=11862"}],"version-history":[{"count":0,"href":"https:\/\/wp.nootheme.com\/citilights\/wp-json\/wp\/v2\/posts\/11862\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wp.nootheme.com\/citilights\/wp-json\/wp\/v2\/media\/6422"}],"wp:attachment":[{"href":"https:\/\/wp.nootheme.com\/citilights\/wp-json\/wp\/v2\/media?parent=11862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wp.nootheme.com\/citilights\/wp-json\/wp\/v2\/categories?post=11862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wp.nootheme.com\/citilights\/wp-json\/wp\/v2\/tags?post=11862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}