Buying a home is likely one of the biggest purchases you’ll make in your lifetime! Keep in mind, there are often other costs associated with buying a home that you should be prepared for, such as furniture and repairs that need to be done.
Down payment and closing costs
The down payment and closing costs shouldn’t come as a surprise when purchasing your new home! You have likely discussed your down payment amount with your lender, so you know exactly how much will be utilized for that. When it comes to closing costs, it varies by each individual situation. Your lender can also provide you with an estimate for your closing cost amount so you are prepared.
Home repairs and appliances
Home repairs and replacing or purchasing new appliances are other costs you may need to consider when buying a home. Review this list for things to consider.
- Paint: painting is one of the quickest, easiest, and most commonly done home repairs done after a home purchase.
- Replacing a stove, microwave, fridge, washer and dryer, or other appliance: perhaps the home you purchased has no appliances, or they just need replaced. Either way, preparing to purchase appliances is a good thing to be prepared for.
- Flooring: flooring is another common replacement when purchasing a home. You may need to replace flooring in the whole home or part of the home, or you may want to remove carpeting or refinish hardwood. Being prepared for this possibility is great to consider.
- HVAC maintenance: your heating and cooling system is important for your home. Be prepared to replace filters or even get an inspection of the HVAC system if needed.
Furniture and other essentials
Purchasing furniture and other essentials is also a good thing to consider when you buy a new home.
- New furniture: with a new home comes new rooms, and with new rooms may come new furniture! You may have more rooms in your new house to furnish, or you may just want to upgrade, but it is ideal to consider the cost of furniture when you purchase a home.
- Outdoor items: with your new home may come more outdoor space! Keep in mind any purchases you may want to make for the outdoors, such as patio furniture or gardening supplies.
- Lawncare supplies: as you are purchasing your home, you are likely now in charge of lawn care for the home! If you do not already own supplies to care for your lawn, this is another expense to consider around the time of homebuying.
Plus, don’t forget...
Here's a quick list of other items you'll want to remember to have available when moving into your new home!
- Toilet paper and paper towels: these are necessities in any living space, and you will want to ensure you have plenty of both stocked up in your new home!
- Cleaning supplies: you may feel the need to purchase new cleaning supplies as you move in an freshen up your new space.
- Soap: hand soap and dish soap are important things to have on hand in your new home!
- Utility setup: depending on the situation, there may be a fee for setting up utilities in your new home. Be sure to budget for this expense or prepare to pay for your first round of utility payments!
While you may be prepared for many of the costs associated with homebuying, hopefully this list gave you an idea of more items to be prepared for! Homebuying can be a large expense, but know it’s likely the largest, most rewarding expense you will ever make, and it’s worth being prepared for!
