If you are buying your first house, you likely have been focused on saving up for the purchase. Between the down payment and closing costs, you could easily need to drop 20 percent of the sales price or more at the closing table. However, your finances will be impacted in other ways when you buy your first home. What other expenses should you plan for as you prepare to make your purchase?
Moving is understandably expensive. It can cost a few hundred dollars or more with a do-it-yourself move and thousands of dollars if you pay for movers. As you are getting settled, you may need to buy a few new appliances. A washing machine, a dryer and a fridge are common expenses. If the size and layout of your residence are changing because of the move, you may need to buy new furniture as well. Altogether, simply moving into the house and setting up a comfortable home can cost many thousands of dollars.
You also may be responsible for a few extra recurring expenses. For example, many homeowners must pay homeowners’ association dues on a monthly, quarterly or annual basis. In addition, you may have a few extra utilities to contend with if your previous landlord covered some of them for you in the past. Owning a home also means that you are responsible for property insurance and taxes.
Are you ready to buy your first home? At MortgageDepot, we want to help you answer this question, and we are available to tell you about the loan programs you qualify for. Reach out to our lending team today to learn more.
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