Homeowning Expenses You Need to Know about for the First and Second Year
You are considering buying a new home ‐ or perhaps you are already in the thick of the home buying process (congrats!). Buying a new home is exciting but it does come with some twists and turns that can be financially hard if you are not prepared. To help you through the process, here are some costs you should keep in mind for your first couple of hears of homeownership.
Maintenance and Service
It is easy to buy a home but maintaining it is a different story. There are things that need addressed regularly, such as changing out HVAC filters, cleaning gutters and adding salt to the water softener. Some of these tasks are not complicated but some do require professional help and added cost. It is best to create a budget for home maintenance tasks.
Many homeowners opt to have security systems today. Some real estate agents offer free installation when you buy a home, meaning you just have to pay a monthly fee. Well, that monthly fee adds up. If your home security system is set to cost you $50/month, that lands you in the $600 a year ballpark. It may not sound like much to pay for safety but it is another expense that you may not have mentally budgeted for.
We recommend shopping around for home security systems. Research what is available, what makes you feel safe and price compare. You may be surprised at what a great deal you can get just looking around for other options.
Not all new homeowners think about their landscaping from the get-go. It is normal to care more about the inside of the house before being concerned about the outside. Landscaping costs may come as a surprise when you decide you want to clean up the edges of your shrubbery and raise your beds.
The best way to budget for your homeowner expenses is to save small increments at a time. Saving for the event that you need a new $2100 air conditioner may sound overwhelming until you break it down into smaller chunks at a time.
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