|3rd July 2015||No Comments|
What costs do you think about when you buy a new home? If you are like most new homeowners, you might think about closing costs, mortgage rates, and even title insurance. What you might forget, though, is that there are costs surrounding the purchase of your home that don’t factor in to your closing. These costs can represent quite a burden for those who are not prepared.
While renovation costs are easy to plan for, there are also hidden expenses that take cash directly out of your pocket. The hidden fees of home ownership can quickly add up. Perhaps the biggest issue is maintenance.
New Location, New Costs
If you are moving from one area of the country to another, the new expenses that come with your home might surprise you. If you are moving from the west coast to the northeast, for example, you may be shocked the first time you see your winter energy bills. Other costs, like maintaining a septic system, or dealing with well water, can wreak havoc on an unprepared budget.
Credit vs. Price
If you want to avoid higher maintenance fees, you should set money aside. One good way to do this is to get a credit back when you buy a home. Most lenders will give you the option to get a credit from the seller at the closing. This reduction, if structured as a credit, can cut down on your closing expenses and help you keep money in your pockets.
If you reduce the cost of your home by a similar percentage, you will get slight savings when amortized over the life of your home. The credit, on the other hand, will give you the cash you need to deal with maintenance issues immediately.
Establish a Plan
One of the burdens of home ownership is having to perform regular maintenance. When you first look at a property for sale in Hinesville, you can use your home inspection to create a regular maintenance plan. While most look at this inspection as a way to find faults in a home, it is actually a great way to learn about the systems of the property.
Your inspection will let you know exactly which issues will be problematic with your home. You can use this information to create a long-term maintenance plan. From replacing windows to savings up for a new HVAC unit, you will know exactly when many of your major expenses will come due.
Knowledge is Power
If you are looking at homes for sale in Hinesville GA, be sure to find out what you need to know about maintenance and utilities before you buy. For more information homes in your area, simply type your city into the search bar above for great results!