I've been working with a Buyer for several months. We've actually written a few offers already but nothing has come together. As with all my Buyers, we've reviewed the process from A to Z but while out looking at a property the other day that he really likes, I realized that some of the things we've reviewed just haven't sunk in yet.
I like check lists and furnish them to my clients. Lists of things they need to do, lists of things they can expect. What I hadn't furnished yet though was a list of costs associated with being a home owner. Now I have one.
There are the obvious costs of the Mortgage Payment, Homeowner's Insurance, and Property Taxes. And there are what I thought were obvious costs but really might not be for the first-time buyer. Plus, if you're renting right now, a lot of things might be included in your rent.
Therefore, here's the list!
o Mortgage payment (which may include your homeowner's insurance and property taxes)
o Electricity
o Fuel (gas, oil, propane or electric powered heat)
o Water (public, private, or well)
o Sewer
o Trash (if not covered by your property taxes)
o Telephone
o Television (cable, via your phone provider, satellite)
o Internet
o Homeowner's Association, Condo Fees, Neighborhood Association
o Security system
o Maintenance (interior and exterior)
o Tools (for interior and exterior... things like a lawnmower, clippers, and tools for minor jobs in the property, too)
o Appliances (if they're not included) and maintenance of them
o Window treatments (if they're not included)
And whenever you move, there are always incidental costs of the move itself plus furnishings. Make your own list and then move forward with confidence in your purchase. With rates as low as they are, if you keep yourself within your buying budget, all the rest will fall into place.
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