When I was buying a house a couple years ago there were a lot of things I never considered. Luckily I didn’t end up closing on the house because if I had I would have been overwhelmed by all the extra things I didn’t consider when buying a house.
After watching lots of friends buy houses in the last two years, I’ve learned that there are a lot of little things to consider when buying a house that you might not consider upfront. These are things not immediately considered but ultimately add a lot of expenses to your monthly bills.
Since I’m planning to buy a house within the next two years these are things I’m thinking about as I make my plans to save for the big purchase.
Extra Things To Consider When Buying A House
If you are thinking about buying a house, make sure you consider these extra things that will add to your monthly budget!
This is the first and one of the biggest things to consider when buying a house. It’s not immediately apparent when you are considering a home purchase. You generally are only thinking about the sale price when negotiating. However, the closing fees when buying a house will add several thousand dollars to the total you need to pay.
Even if you DIY your move with family and friends there will be moving costs. You’ll have to pay for the extra gas, moving supplies, and even food and drinks for everyone helping. It’s usually cheaper than paying a company but it’s also harder and most definitely not free. If you are considering a home purchase make sure you consider how much money and time it will take to move you from one location to another.
Most people want to change at least a few things in their new home after it’s purchased. Usually this is as small as changing the paint colors in the rooms, but sometimes it can snowball into a bigger expense. My friends currently renovating their house are realizing the costs add up quickly with new kitchen cabinets, new paint colors, updated flooring, and more on their list. Definitely consider all the changes you want to make and how much they will cost when you are considering a house purchase.
Lawn care and maintenance
This is something that is rarely considered when buying a home but is pretty important to your monthly budget. If you pay someone to cut your grass and keep your yard tidy you can pay anywhere from $50 – $300 a month for these services. If you do it yourself you will save the money but spend hours a month on these tasks. If you are moving to a house with a much bigger yard then you will need to budget for a higher lawn care budget. It’s definitely something to consider because it will affect your monthly bottom line over time.
Make sure you research and know how much you will pay each year in property taxes at your new home. Everyone knows you have to pay property taxes but I’ve seen people be incredibly surprised by the amount when the bill comes due. This is something you need to consider and know before signing to buy a house. It’s an expense that will occur each year and only go up over time so make sure you know the implications for your budget.
Home repairs and maintenance
Just like initial renovations, you need to know how much home repairs will cost you over time. Most experts suggest a percentage like 2% of the home price spent each year in repairs and maintenance. Repair bills can often feel unexpected and be expensive so consider this potential expense each year before buying a home. Will you be able to afford a new water heater or air conditioning repairs?
Decorating your home
Decorating your new house can be very expensive especially if you are working from scratch or moving to a bigger home. There are a lot of rooms to fill and decorate and having a new home often makes you want to purchase new items. You need to know how much you’ll need to spend or at least have a budget set for yourself so you don’t overspend when you are shopping for new items.
These are just a few of the things to consider when buying a new house. I know I didn’t consider all of them when I was buying a home so hopefully you do and are more prepared than I was when buying! I know I’ll be much more ready next time!