While many families or couples looking to purchase a home consider the obvious cost – the monthly mortgage – our Flower Mound real estate professionals know there are lots of other costs that come along with homeownership that aren’t so obvious to buyers, or don’t immediately come to mind. While many of the costs aren’t substantial on their own, it can result in a hefty sum when you add them all up. In fact, expenses you may not have given much thought to may add up to thousands or even tens of thousands of dollars per year. What are these “hidden” costs?
Maintenance expenses and those costs you can’t avoid account for much of the expense. How much will your monthly utilities be (electric, gas, phone, cable/satellite, water, etc.)? Don’t forget about homeowner’s insurance, along with property taxes. Even the monthly homeowner’s insurance payments can add up to more than you probably imagine.
What do we mean by maintenance expenses? When you purchase a home it isn’t unusual to make upgrades or improvements. You may need to have the carpet professionally cleaned; the deck, patio, or siding power washed; the HVAC equipment replaced eventually; the gutters cleaned; or even the roof replaced. Of course the majority of homes are in good repair when listed for sale, but these are a few examples of the costs you may face in the coming months or years.
Creating a budget is essential. The fact is more than 33% of buyers who purchase a home end up going over budget. Don’t forget about closing costs, HOA fees if applicable, and other expenses that may be related to purchasing a home, in addition to its sale price or estimated monthly mortgage!
At Team Nelson we want those in the market for a new home to be well-informed about the costs associated with purchasing a home in the Dallas Metro area. An educated buyer is a smart buyer! Count on our North Texas real estate experts to help you through the entire process so there are no unexpected and costly surprises.