Buying your first home can feel like a dream. The excitement of owning your own place, making all the decisions and having the freedom to customize to your heart’s desires. As a new homeowner for six months, I’ve learned it is not all positives to look forward to. There are quite a few hidden costs for new homeowners important to keep in mind.
1. Maintenance and Supplies
Gone are the days when you could call up the apartment maintenance contact or submit a request online. Anything that requires upkeep or repair is now your responsibility. This could be as simple as changing a lightbulb ($13). Within this category also includes things such as a step ladder ($40), fire extinguisher ($50), fire detectors ($15), air filters ($30), salt for water softener ($40), shovel for sidewalk or driveway ($25), etc. The list could go on and on! Get ready for many trips to Home Depot.
2. Lawn Care
No matter what time of year you move, you are bound to have some sort of lawn care responsibility to add as part of your budget and list of chores. Whether you decide to buy the tools necessary to handle yourselves, or if you choose to outsource, lawn care costs are no joke. Not only does it take financial resources, but it also takes time to research the type of lawn care needed, along with potential vendors if you choose to hire someone.
3. Home Owners Association
While this is not a cost that every new homeowner needs to account for, it is important to do your due diligence before deciding on your new home purchase if there is an HOA fee. HOAs vary by city and neighborhood and it is important to research what are the annual dues, when they are due, and what they cover. It’s likely that depending on when you move you will pay a pro-rated HOA fee, but know that they can be variable depending on who owns the budget and who votes in the annual budget meeting.
4. Furniture
Of course, the most fun part of a new home is furnishing it! Unfortunately, this is where hidden costs for new homeowners can really sneak up on you. One of the best tips I received was to budget furniture in your max home price so you can prepare for it the way you would closing costs or a down payment. Of course, know that it takes time to make a house your own. Tackle it room by room and don’t be afraid to enjoy some empty space while you have it.
5. Upgrades
Last but not least, home upgrades will start to creep up. And with it, hidden costs. With home upgrades, make a wish list right when you move in and then put it in priority order. For example, if there is a wall that is painted or decorated in a way that will drive you crazy, start there. Space out your dream list in a way that is manageable for your time and finances. Where you can, try to DIY and invest in areas that you know aren’t in your skillset. Shop your own network first, too! You would be surprised to know how many people are willing to help.
Let me know if there are any hidden costs for new homeowners that I might have missed! Otherwise, feel free to check out more home tips.
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