Preparing Your Budget for Home Ownership
Affordability is a major factor when buying a home. However, aside from the actual purchase price of the property, there are many other costs associated with the home buying process. Knowing these costs upfront can help you plan your budget wisely and keep extra stress and disappointment out of the purchase decision.
The Blaser Yoakum Team is here to ensure all home buyers know and understand the financial commitment required from home ownership and will help clients through the entire home buying process from start to finish.
Hidden Costs of Buying a Home
A few of the hidden costs of purchasing a home include:
- Title Insurance
- Property Surveys
- Inspections (both structural and termite inspections are highly recommended)
- HOA or Condominium Fees (depending on the location and property type)
In addition, moving companies and/or truck rental companies will charge a hefty fee to get you into a home and should certainly be included in your overall cost assessment. Remember the expense of connecting or transferring utilities as well as the monthly expense of these bills.
Finally, once you are in the home your property will need regular maintenance and minor repairs. It’s advisable to designate approximately 1% of the home’s purchase price for the upkeep of your home. The failure to maintain the property will result in diminished value to your home and will most likely deter buyers, if and when you ever choose to sell.
Blaser Yoakum Can Help
Your real estate agent will be a great resource in determining what costs you can expect. Being mindful of these costs will get you well on your way to determining your budget for owning a home.
To learn more about the hidden costs of buying a home, contact the Blaser Yoakum Team today at 817-328-1128.
The Blaser Yoakum Team
Brenda Blaser, Realtor