Don’t Forget About These Home Expenses

home buying expensesBuying a home is an exciting milestone for many people, and when you see what you can buy for the same price that you’re currently paying in rent, you’ll likely be even more excited! However, just because you can afford an apartment with $1,200 monthly rent doesn’t necessarily mean that you can afford a home with a $1,200 monthly mortgage payment. It’s good to get a full picture of the way your expenses will change before you start house hunting, so you can spend your time looking at viable options that fit your finances.

The first thing to consider is all the “included” features and services of your apartment or rental home. Are utilities (water, sewer, electricity, etc.) included in your rent? If so, you’ll need to account for those in your new homeowner budget. There are lots of other costs to take into account¬†too, like:

  • Buying furniture to furnish your new home
  • Regular home maintenance (HVAC tuneups, etc.)
  • Home repair emergencies (Burst pipe, leaky roof, etc.)
  • Purchasing and maintaining a washer and dryer
  • Maintaining kitchen appliances
  • Homeowners association fees
  • Homeowners insurance
  • Lawncare- or buying and maintaining your own lawn mower, edger, etc.
  • Property taxes

Taking all of these factors into consideration will help you decide what kind of house you can really afford, which will be much more satisfying and less stressful in the long run than scrambling to stay afloat in a house you can’t really afford.

If you’re interested in buying a house in Woodstock, Alpharetta, Roswell, or elsewhere in north metro Atlanta, call The Premier Group today! Our Woodstock real estate team¬†can help you find the perfect place to call home, whether you’re a first time home buyer or a seasoned veteran.

Photo by nongpimmy via