Title: 5 expenses new homeowners should plan for
Having a home built is the classic American dream, and for good reason! There is something special about having your own corner of the world where you can make things look and feel exactly like you want. With all of the excitement and thrill of building a home and becoming a homeowner, there are some realities that may get overlooked. These include some common expenses that may sneak up on you if you’re not prepared.
Here are a few expenses you may or may not have considered for after you move into your new home.
- Property taxes: When you rent a home you may not realize that taxes are paid on property every year. When you own a home this bill becomes your responsibility to handle. Each area has their own way to determine property tax, but it often varies based on factors like which city, county, or even school district you live in.
- Homeowner’s insurance: When you get a loan for a home, you are required to take out homeowner’s insurance to protect the asset. If you pay cash for your home, this isn’t required but is a smart way to protect yourself. Policies vary, but they typically cover property damage from things like fire, smoke, theft and damage caused by weather.
- Pest control: When you live in an apartment, pest control is handled for you. Sometimes when you rent homes, it is also handled by the property owner because it benefits them to make sure there are no pests. When you own your own home, this becomes your job and it is important. Regularly spraying for pests keeps critters out of your home and may even help prevent property damage.
- Landscaping and lawn care: Every home has their own needs when it comes to keeping lawns and landscaping looking good. When you first move into your new home, things are usually nice and tidy for you. Afterwards, it is up to you to keep things looking good, which costs you either time or money to maintain. This is a cost you will need to factor into your monthly budget.
- House maintenance: There are many things in a home that have to be maintained on a regular basis, from cleaning gutters to fixing cracks in the driveway. When you rent a place, a good deal of these types of things aren’t something you have to deal with, apart from things like changing air filters. As a homeowner, you have to take care of keeping things operating correctly, including keeping things painted, correctly cleaned and fully operational.
Last but not least, you should consider having savings set aside for emergency repairs. These are expenses that can pop up when you least expect it, which can range from inconvenient to financially difficult. By creating an emergency fund to handle pop up costs from needed repairs, you can relax and enjoy the home ownership experience with a lot less stress!