When buying a new home, many home buyers get stuck on the purchase price of the home and forget about the hidden costs. If you are planning to purchase a new home in Minnetonka, Orono, Edina, Wayzata, Maple Grove or another city in the Minneapolis and Saint Paul area, don’t forget about these hidden costs of owning that home when you set your monthly budget. Otherwise, you could end up in a home that is more than you can actually afford.
- Insurance, Tax & Title – Start with the closing costs on your new home. There’s more to your mortgage than simply a mortgage. You are also paying interest on your home, taxes, title fees, and insurance. Many of these costs are stretched out over the life of your loan. Nevertheless, they are expenses.
- The Roof – Leaky roofs can wreak havoc. That’s why it’s important to maintain your roof at all costs. And that means repairing shingles when they get damaged or wear out. An average life span for a roof is 20 years. If possible, try to ascertain when the last time shingles were replaced or a roof was repaired before you purchase your new home.
- HVAC System – Unless you are a certified HVAC professional, you will have to hire a pro to perform maintenance on your heating and air conditioning system. You should have it inspected once a year. Also, don’t forget about the cost of fuel or electricity to operate your system.
- Electric and Plumbing– Electrical fires cause a lot of fires in the U.S., and they’re preventable. Have your inspected before you move in and periodically after that to ensure that faulty or old wiring is replaced. With plumbing, sometimes pipe burst or freeze. In older homes, pipes can get clogged with mineral deposits. Eventually, they’ll need replacing.
- Mold – Mold is a health hazard. It can grow in damp areas, so if you have a problem with leaks in the home or the climate is such that your home is moist on the inside, try using a dehumidifier.
- Termites – Termites will eat the lumber in your home and cause structural damage. Keep firewood, tree stumps, and other lumber away from the home. Also, combat moisture at the foundation as that attracts termites. You should also have your home exterminated occasionally.
- Natural Disasters – Typical homeowners insurance does not cover “acts of God”. That means you’ll need additional coverage for tornado’s, earthquakes, and hurricanes if you live in areas that are notorious for these types of disasters. These plans can often have very high deductibles.
While considering the costs of buying a new home – don’t forget how important it is to hire a dependable, efficient mover. RJ Moving will come to your Twin Cities home and take care of all your packing, making your move worry-free! Our trained professionals will pack all your items securely in a matter of days. When you’re in the midst of a residential move, there’s enough to think and stress about. Give RJ Moving professionals a call and we’ll help you through the moving process.