Surprise costs for first time home buyers
So, you are thinking about buying your first home. Congratulations! This will be a very exciting, joyful, sometimes scary and stressful time for you. In my experience, many first time buyers under budget for the expenses that come with buying your first home. There are the expected things during the purchase process. You will pay bank fees, home inspection, legal fees and land transfer tax but here are just a few things that you might need to pay for after you move in.
Sometimes the appliances come with the home, if so you are lucky that you have avoided the expense of buying new ones. Appliances that are included are sold “as is” which means that there are no warranties included. These appliances will hopefully last you a long time but what happens if they stop working a few weeks or months after you move in? Repairs and/or replacement can be costly. If appliances are not included it can cost a significant amount to buy new ones. Take a few minutes to research the cost of new appliances before you buy to make sure that you budget the proper amount.
Again, these may be included in the sale. If you can negotiate them it will save you a lot of money as well as time when you first move in. Even if the curtains are not your style, you will be thankful to have something on the windows the first few days when you are so tired for moving furniture and boxes you don’t have the energy to install the new blinds. If the seller will not leave the window treatments make sure that you have enough in your budget to buy new. Costs for these items can add up quickly if you need to cover every window in the house.
Changing the locks
Many people forget this one. You have no way of knowing how many keys the previous owners handed out. They may have given one to everyone in the neighbourhood for emergencies. It is always a good idea to change the locks as soon as possible after moving in. If you can install the new ones yourself you can save a lot but if you need to call someone it can be costly.
Hopefully the previous owner painted in neutral colours that you can live with at least for a little while. Things like paint can seem inexpensive but if you need to paint the entire house it will add up. Don’t forget things like drop clothes, brushes,rollers an painters tape. A simple change of paint colour often leads to replacing other things like light fixtures and trim. Your “cheap” weekend project can get expensive very quickly. Remember that you will also need items like a shower curtain and bath mat.
There will be many other small or unexpected costs when buying a home. Make sure that you have budgeted extra money for any unexpected surprises.
Ask me for a copy of my first time home buyers package filled with my top tips for a stress free buying experience.
EXIT Realty Twin Bridges Brokerage