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 basics such as taxes, insurance payments, etc. 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. The act of moving is an expense 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 they move in. 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 in their new home. 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.
If you’re using a Guidance Realty Homes agent, remember that you’ll receive some extra spending money through Guidance Realty Homes’ commission rebate program which is half a percent (½ %) off the purchase price. That’s $1,500 on a $300,000 home for you to use however you like. And although this can help you offset some expenses early on, you’ll still need to budget wisely for future expenses. Helping home buyers is our passion so call one of our professionals today!