Purchasing a home is a goal that many people have. However, homeownership is a lot of work. It’s essential to make a comprehensive budget. When planning for the purchase, you accounted for the money needed for the mortgage, insurance payments, and property taxes. There are other costs of homeownership that can catch a first-time buyer off guard.
Don’t be unprepared for unexpected fees when you are already overwhelmed by moving into a new home. To help you get a better idea of costs associated with property ownership, here is a list of expenses you can expect.
Moving fees vary by location and distance, cargo size, and company. When moving to a new home, you have options, but it’s essential to budget for the move.
You could hire movers to handle the heavy lifting. This service is convenient and straightforward, as you only need to pack your belongings into boxes. It’s also the more expensive option. Alternatively, you could rent a moving truck and load it yourself. Moving companies make the process easy. Packing and unpacking the truck can be exhausting, especially if you’re moving by yourself.
Contact local companies and get several quotes when preparing to move into your new home. Call truck rental companies and inquire about renting a moving truck to do it yourself. Knowing the cost of each will help you choose the best option for your budget.
Costs of Homeownership: Utility Bills
Even if your energy-usage habits do not change in your new home, a new place of residence may be the reason you experience higher monthly utility bills. If you are moving to a house with more square footage, the cost of heating and cooling the home will increase.
Another thing to consider: if you are switching utility companies, the deposits or connection fees might be higher than your previous provider. Contact the power, water, and internet companies to learn about their rates as you plan your move. Ask about deposits and other fees so you can plan your budget.
Landscaping Costs of Homeownership
If you are moving from an apartment into a home, you might not know to factor lawn care into your monthly expenses. Depending on your experience with lawn care, you can hire a landscaping company to manage your yard, or you can do it yourself.
If you choose to handle yard work yourself, you will need the proper equipment. Purchase a mower and an assortment of tools to maintain the grass, prune bushes, and plant flowers.
Maintenance and Repair Costs
Occasionally, homeownership is very costly. Depending on the age of your new home, maintenance and repair expenses can quickly add up to thousands of dollars. Because many repair costs are difficult to predict, starting a savings account specifically for home repairs is helpful.
In case of a burst plumbing pipe and resulting water damage, you’ll have money set aside to handle the repairs. To be a well-prepared homeowner, plan for emergency expenses.