Don't Forget 10 Extra Expenses when Buying a Home

Don't Forget 10 Extra Expenses when Buying a Home

By SiliconIndia   |   Tuesday, September 30, 2014
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Bangalore : Buying a home is undeniably a serious and costly business. If you are a first time home buyer who’s planning to buy a dream home by utilizing your personal expenses or through home loan then, don’t forget about unexpected additional expenses. There are several extra expenses involved in home buying than just the actual property price. Before planning, make sure that you have sufficient amount for not only the purchase and also for all hidden costs. Here is a list of extra expenses when buying a home.

Moving Costs: Moving into a new home includes major expenses for transporting, stocking and packing. Suppose if you are moving across the town or country, the moving cost will be effectively more than you expected for rental truck. If you are hiring a professional moving company it will cost you more for a vehicle and helpers.

Maintenance and Renovations: As a home buyer, you need to be aware that homes charge maintenance and renovation costs regularly. These costs vary according to the age of the building. Maintenance and renovation cost includes painting, cleaning gutters, repair any cracks, setting up plumbing leaks, wiring, replacing roof shingles and carpets, changing furnace filters, lawn maintenance, restrain the floors and many other.

Utilities: If you are moving from a rental home to a larger home in new place, the utility installation charges will cost you more and utility charges may vary according to the place you live. Utilities include setting up your telephone, Internet, cable, gas, water and electricity.  

Agent’s fees: If you are buying a home through a real estate agent then, there will be a commission to be paid. Usually, commission will be a certain percentage of the actual price of a home.
 
New Stuff: The majority of new homes in this market won’t come out with all the required stuff. As a home owner, you need to purchase all the extra stuff for your home, you may skip to buy, but after a week surely you will pull out a credit card. Some new stuff like book shelves, lamps, mirrors for bathroom, towel bars, shower rods, new furniture to fill the larger space, window curtains and many other.

Home Owner’s Insurance: Home buying bestows home ownership, as a home owner you need to protect your home by acquiring homeowner’s insurance. This insurance will protect your home in case of natural disasters and fire accidents; it will replace the value of your home. If your home is in a flood zone, you will want to obtain additional insurance for hazards depending upon the place you live extra insurances may vary. These insurances are generally being included in your monthly mortgage payment. But the payment will go higher than you expected.

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