Lots of small costs can add up, so let’s discuss what those are, and how to be ready!
If you’ve rented for awhile, it’s easy to overlook the costs of owning a home. There are a lot of aspects to consider, but with a couple easy hacks, you can be prepared. Buying a home is easier when you know what to expect!
Ongoing, predictable costs include property taxes, condo/HOA fees (where applicable), utilities, and insurance.
Expenses that are less predictable include:
- Roof maintenance/replacement
- HVAC, electrical and plumbing upkeep
- Appliance repair
- Yard maintenance
These can vary greatly depending on the home you buy. When I purchased my current home, we knew it would need some repairs and maintenance soon – and that informed our price negotiations. A realtor is a huge help in considering the value of the home, especially when you know that major systems like the roof or HVAC will need replacement soon.
Here are some key ways to prepare for home owner expenses:
- Save 1-2% of your home’s value per year to use on maintenance and repairs
- Find out ahead a time what the ongoing, predictable costs will be, and whether those are paid monthly or yearly
- See if you can arrange for monthly auto-payments
If you’ve been renting or living with others, you might not realize all the expenses that come with owning a home. While there’s a lot to think about, with a few simple tricks, you can get ready. Buying a home is an easier journey when you know what’s coming your way.
Check my other posts for guides on preparing to own a home, knowing what costs to expect with different homes, and setting yourself up for success as a homeowner.
If you live in central Kentucky or are looking in the Campbellsville area, I’d be happy to help you find a home! If you’re outside this region, I can connect you with a great agent. Email me at [email protected] for more info or a free home buying guide.
