by Dana George | Updated July 19, 2021 - First published on July 2, 2021
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You can save yourself stress by planning for these other costs.
It's funny; for me, buying a home is a lot like childbirth -- no matter how traumatic it is in the moment, there's a sweet amnesia that sets in after signing that mortgage. I am always (always) surprised by the number of extra expenses that pop up when we buy a home. There are small costs, like tipping the crew who delivers our furniture, and significant expenses, like closing costs, property taxes, and homeowners insurance. Here, we'll discuss some of the other reasons you may need to pull out your wallet, even if you didn't plan on spending more.
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If you have a yard, you'll need to decide how you're going to take care of it. Will you hire someone to mow and trim, or do you plan to do that yourself? If you don't already have the lawn equipment you need, go ahead and budget those in. Don't forget about a snowblower if you've moved somewhere with a lot of snow. There's also the cost of driveway maintenance to consider. Depending on the type of driveway, yours may need ruts filled, seal coating, or leveling.
There are also plants, flowers, and new garden hoses to buy. If the property is on a septic tank, caring for it will become part of your budget. You may also want to plan for expenses like:
Even if the exterior paint has not chipped, faded, or flaked yet, it's a good idea to put money away each month for the eventual need to paint. The average cost in the U.S. to have a 2,400-square-foot home painted is between $1,800 and $5,000, according to HomeGuide. Putting a little money away each month for big projects like this can take the sting out of paying for them when the time comes.
You have so much to think about when you move. Here are some of the expenses that are easy to forget.
I'm continually surprised by how much more (or less) things cost depending on where you settle. For example, it's easy to pay $200 to $400 per month for water in Kansas City, whereas water in St. Louis is one-tenth of the price. Here are a few of the other miscellaneous costs you should find out about (and budget for).
As exciting as moving into a new place is, it can be stressful. The best thing any of us can do is plan for any eventuality, and that includes spending more than expected once you've closed on the house.
Chances are, interest rates won't stay put at multi-decade lows for much longer. That's why taking action today is crucial, whether you're wanting to refinance and cut your mortgage payment or you're ready to pull the trigger on a new home purchase.
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