7 Costs to Consider When Buying a Home
If you are thinking about owning your own home, you may have a mix of emotions - from excitement to hesitation - this is all normal. Especially if this is your first home, you may not know exactly what to expect, when you buy a home at the Lake of the Ozarks. If you are interested in purchasing property near Osage Beach, MO, I'd love to help you navigate through the real estate process. Provided below are a few costs you should consider, before purchasing a home.
A mortgage lender will help you establish the exact amount you will be required to pay each month. This will likely be the biggest recurring expense associated with owning, and may seem like a given, but I still like to include it in the list of total costs!
A factor that many home buyers don't think about is the cost of moving. From hiring movers to feeding your friends and family who help you move your items, the cost can add up. If you have to buy boxes and totes, tape and labels, and markers to pack and organize your items, there is a small, but added expense.
Likely your mortgage company will required the homeowners insurance to be bundled in with the mortgage payment, but it is an added expense. Making your monthly payment a bit higher, it's important to know the cost of your homeowner insurance.
At the end of each year, property taxes must be paid. Many times the escrow account that you have built up over the year can help pay for the year-end taxes. If you didn't set enough aside in the escrow, you will be responsible for paying the property taxes to your county.
Before your purchase a home, you can inquire about the average utility bill for the property. This can help give you a good idea of how much it will be to heat & cool the space, as well as any trash, water, sewer expenses.
While it's not an expense you usually plan on, it's important to be aware that maintaining a home costs money. From a frozen pipe in the winter to weekly lawn maintenance in the summer, think about the cost to maintain the property, when buying.
While you may have furniture already, there will likely be more you will want or need for your new space. Although this is an exciting time, filling your new home with new furniture and decor, it is also an expense that needs to be considered, when deciding to purchase a home.
While this list may seem overwhelming, it's important to have a good idea of your total costs, before making a purchase decision. While I'm not here to deter you from making a purchase, I want to help you find a home that you are comfortable in affording. To get started on your home search today, contact me at 573-216-8439. I look forward to helping you find your dream home at the Lake of the Ozarks!
1) Mortgage Payment
A mortgage lender will help you establish the exact amount you will be required to pay each month. This will likely be the biggest recurring expense associated with owning, and may seem like a given, but I still like to include it in the list of total costs!
2) Moving Expenses
A factor that many home buyers don't think about is the cost of moving. From hiring movers to feeding your friends and family who help you move your items, the cost can add up. If you have to buy boxes and totes, tape and labels, and markers to pack and organize your items, there is a small, but added expense.
3) Homeowners Insurance
Likely your mortgage company will required the homeowners insurance to be bundled in with the mortgage payment, but it is an added expense. Making your monthly payment a bit higher, it's important to know the cost of your homeowner insurance.
4) Property Taxes
At the end of each year, property taxes must be paid. Many times the escrow account that you have built up over the year can help pay for the year-end taxes. If you didn't set enough aside in the escrow, you will be responsible for paying the property taxes to your county.
5) Utility Bills
Before your purchase a home, you can inquire about the average utility bill for the property. This can help give you a good idea of how much it will be to heat & cool the space, as well as any trash, water, sewer expenses.
6) Home Maintenance
While it's not an expense you usually plan on, it's important to be aware that maintaining a home costs money. From a frozen pipe in the winter to weekly lawn maintenance in the summer, think about the cost to maintain the property, when buying.
7) Furnishing Home
While you may have furniture already, there will likely be more you will want or need for your new space. Although this is an exciting time, filling your new home with new furniture and decor, it is also an expense that needs to be considered, when deciding to purchase a home.
While this list may seem overwhelming, it's important to have a good idea of your total costs, before making a purchase decision. While I'm not here to deter you from making a purchase, I want to help you find a home that you are comfortable in affording. To get started on your home search today, contact me at 573-216-8439. I look forward to helping you find your dream home at the Lake of the Ozarks!
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