Most consumers are overwhelmed when they write that big check for a down payment on a home purchase. It’s typically a lot of money, and one of the biggest barriers to home ownership for many people. But as intimidating as the down-payment might be, some homeowners are surprised by other costs associated with owning a home. There are many items that go beyond traditional expenses like mortgage payments, taxes, and insurance.
Many people overlook necessities such as general maintenance and repairs, home improvements, and decorating costs. Experts estimate that homeowners should set aside 1% of the cost of the home for general maintenance and repairs each year. For example, if you buy a $150,000 home, you should set aside at least $1,500 a year.
Buying a home often spurs homeowners to make improvements right off the bat. These costs can add up quickly. Painting a few rooms won’t seriously dent your improvement budget, but it’s easy to go overboard. Talk to your Texas REALTOR® about home improvements that give you more bang for your buck in increasing or maintaining your home’s value.
Finally, there are decorating costs associated with buying a house. Don’t forget things like window treatments, lighting fixtures, carpet or area rugs, and appliances. Budgeting for these necessities will prepare you for what’s to come and help you feel more comfortable with the overall costs of homeownership.
About Ed Neuhaus
Broker and founder of Neuhaus Realty Group. I started working in real estate as soon as I could push a lawnmower and help clean up investment properties for my parents. Investing in real estate has always been a passion and now I have turned that passion into a way to help others. Buying and selling homes for others is just one way I think I can make the world better. No sales pressure, no gimmicks, just an honest work ethic gets the job done. Let me know how I can help you. Give me a call today at 512.366.3720
