Budgeting Basics for First-time Buyers

By
Real Estate Agent with ReMax Center

 

 

Buying your first home is a lot of fun but there is more to it than meets the eye when it comes to budgeting. Most new home owners are financially savvy enough to calculate the mortgage, interest, taxes, and insurance payments; but tend to forget less obvious expenses. Here to help are a few budgeting basics for first time home buyers.

Moving Expenses: Truck rentals, time off of work and, of course, - gasoline … moving takes money whether you do it yourself or pay others to do it for you so plan accordingly.

Maintenance: From lawn care to fixing a door knob, owning your own home involves maintenance. Few first time home buyers remember the expense of maintaining a yard until the neighbors start giving them dirty looks. Don’t be caught by surprise because this is one area where expenses can add up fast. Set aside funds for a lawn service and pool maintenance, or plan to purchase the tools required to do it yourself, including lawnmowers, garden and hand tools plus other general maintenance items.

Utilities & Communication:  New home buyers are frequently surprised by the cost of utilities since many apartments include basics like cable, trash, or water.  Set aside enough funds for deposits and the first payment for utilities, phone, cable and other necessities. Don’t forget to find out if your cell phone, cable, and other services are available in the new area -- otherwise, you may be forced to break a contract to obtain services.

 

Comments (4)

Olympus Executive Realty Inc.
Olympus Executive Realty INC. - Orlando, FL
Home Of The Top Producers

Welcome to AR, Congrats on your first blog, look forward to all your future blog post. Its a great place to share your Real Estate thoughts and experiences. 

Aug 18, 2015 11:17 PM
Matthew Lawrence
ReMax Center - Round Lake, IL

Thanks Vick Pacheco ~ Luxury Homes & Lifestyles  the community has been quite welcoming.

Aug 19, 2015 12:09 AM
Mery Fernandez Empire Network Realty Luxury Brokerage
Empire Network Realty INC. - Orlando, FL
The Rise of An Empire, Let's Build Yours!

Welcome Matthew to the world of Activerain, may your blogging  create a whole new chapter in your Real Estate Career.

Sep 04, 2015 11:26 PM
Jane Chaulklin-Schott
TEAMCONNECT REALTY - (407) 394-9766 - Orlando, FL
TeamConnect Luxury Homes - Orlando, Florida, 32836

Matthew Lawrence - Something to consider in relocating to another area or state is the moving expenses and home maintenance in the new location. One of my buyers from a northern state told me his moving expenses were well over $12,000. In addition, one factor overlooked is the monthly cost of Homeowner's Association Fees, (HOA) fees in many of the communities. For some new first-time home buyers, this can come as quite a surprise.  

Nov 04, 2015 11:27 AM