5 Things No New Home Owner Can Afford to Overlook

Buying your first home can be intimidating. Real estate lingo can sound like a foreign language, and your list of things to do to prepare for this new responsibility can seem never ending. In order to make sure that you’re making the right investment while remaining as stress-free as possible, there are a few things that no new homeowner can afford to overlook.

Renovation Costs Versus List Prices

Having a budget is essential, but new home owners need to remember to think long term. For some people, a fixer upper is the answer to their budget restraints, but budgets are often broken by renovation costs. Renovations quickly add up, and by purchasing a home that needs fewer repairs at a higher list price, you may save money in the long run.

HOA Fees

Home Owner’s Association fees often cover services such as trash collection, snow removal, and the upkeep of common areas, but new homeowners need to know that these fees are nonnegotiable and can be raised throughout the year. HOA fees can total up to $700 a month and this extra expense should be considered before purchasing a home.

Heating and Insulation

One of the first things you should do after finding the perfect home is check the attic’s insulation. There should be at least six inches covering unfinished attics, and if there isn’t, your heating bills will reflect that. Installing new installation as soon as you move will keep your heating bills down and save you money in the future.

Running Toilets and Leaking Faucets

Before you settle into your new home, go through and inspect all of the toilets, sinks, and faucets. Fixing leaks can be as easy as hiring a plumber, or digging out your own tool set for simpler jobs. Water bills add up easily, but leaking pipes can also lead to mold, which will end up costing you even more.

Save For the Unexpected

Owning a home means being prepared for the unexpected. Between the forces of nature and general repairs, keeping your home in its top condition requires financial flexibility that only an emergency savings account can give. Water heaters give out, boilers blow, floods happen, roofs leak, and there’s nothing that you can do to prevent them, but you can prepare for them.

Owning your first home may be challenging, but you don’t have to do it alone. Companies such as Companies like Always Plumbing & Heating are there for you to help make your home owning experience as stress-free as possible. Follow these tips and you will be enjoying the freedom and self-satisfaction of owning your home in no time.

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